Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Aug. 11, 2016 | |
Document Information [Line Items] | ||
Entity Registrant Name | QUAINT OAK BANCORP INC | |
Entity Central Index Key | 1,391,933 | |
Trading Symbol | qnto | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 1,878,037 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Due from banks, non-interest-bearing | $ 48 | $ 43 |
Due from banks, interest-bearing | 19,647 | 17,163 |
Cash and cash equivalents | 19,695 | 17,206 |
Investment in interest-earning time deposits | 6,146 | 6,136 |
Investment securities available for sale | 6,502 | 3,005 |
Loans held for sale | 5,625 | 5,064 |
Loans receivable, net of allowance for loan losses (2016 $1,424; 2015 $1,313) | 154,342 | 143,305 |
Accrued interest receivable | 1,098 | 983 |
Investment in Federal Home Loan Bank stock, at cost | 633 | 618 |
Bank-owned life insurance | 3,682 | 3,638 |
Premises and equipment, net | 1,764 | 1,834 |
Other real estate owned, net | 1,446 | 1,410 |
Prepaid expenses and other assets | 1,327 | 969 |
Total Assets | 202,260 | 184,168 |
Liabilities | ||
Non-interest bearing | 3,385 | 2,407 |
Interest-bearing | 163,042 | 146,822 |
Total deposits | 166,427 | 149,229 |
Short-term borrowings | 6,000 | 6,000 |
Total FHLB long-term debt | 7,500 | 7,500 |
Accrued interest payable | 125 | 123 |
Advances from borrowers for taxes and insurance | 1,791 | 1,859 |
Accrued expenses and other liabilities | 564 | 421 |
Total Liabilities | 182,407 | 165,132 |
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; 1,873,133 and 1,841,475 outstanding at June 30, 2016 and December 31, 2015, respectively | 28 | 28 |
Additional paid-in capital | 14,103 | 14,013 |
Treasury stock, at cost: 2016 904,117 shares; 2015 935,775 shares | (4,699) | (4,859) |
Employee Stock Ownership Plan (ESOP) | (353) | (387) |
Recognition & Retention Plan Trust (RRP) | (48) | (70) |
Accumulated other comprehensive income (loss) | 1 | (12) |
Retained earnings | 10,821 | 10,323 |
Total Stockholders' Equity | 19,853 | 19,036 |
Total Liabilities and Stockholders' Equity | $ 202,260 | $ 184,168 |
Consolidated Balance Sheets (C3
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Loans receivable, allowance for loan losses | $ 1,424 | $ 1,313 |
Preferred stock par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 9,000,000 | 9,000,000 |
Common stock, shares issued (in shares) | 2,777,250 | 2,777,250 |
Common stock, shares outstanding (in shares) | 1,873,133 | 1,841,475 |
Treasury stock, shares (in shares) | 904,117 | 935,775 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Interest on loans | $ 2,195,000 | $ 2,083,000 | $ 4,284,000 | $ 4,011,000 |
Interest and dividends on short-term investments and investment securities | 75,000 | 47,000 | 148,000 | 109,000 |
Total Interest Income | 2,270,000 | 2,130,000 | 4,432,000 | 4,120,000 |
Interest Expense | ||||
Interest on deposits | 589,000 | 481,000 | 1,136,000 | 937,000 |
Interest on Federal Home Loan Bank borrowings | 33,000 | 24,000 | 66,000 | 43,000 |
Total Interest Expense | 622,000 | 505,000 | 1,202,000 | 980,000 |
Net Interest Income | 1,648,000 | 1,625,000 | 3,230,000 | 3,140,000 |
Provision for Loan Losses | 66,000 | 121,000 | 111,000 | 209,000 |
Net Interest Income after Provision for Loan Losses | 1,582,000 | 1,504,000 | 3,119,000 | 2,931,000 |
Non-Interest Income | ||||
Mortgage banking and title abstract fees | 147,000 | 116,000 | 280,000 | 220,000 |
Other fees and services charges | 34,000 | 49,000 | 52,000 | 71,000 |
Income from bank-owned life insurance | 22,000 | 22,000 | 44,000 | 43,000 |
Net gain on the sale of residential mortgage loans | 504,000 | 376,000 | 758,000 | 636,000 |
Gain on sale of SBA loans | 57,000 | 7,000 | ||
Gain (loss) on sale of other real estate owned | (2,000) | 1,000 | (2,000) | |
Other | 14,000 | 11,000 | 23,000 | 16,000 |
Total Non-Interest Income | 721,000 | 572,000 | 1,215,000 | 991,000 |
Non-Interest Expense | ||||
Salaries and employee benefits | 1,115,000 | 998,000 | 2,189,000 | 2,038,000 |
Directors' fees and expenses | 51,000 | 52,000 | 107,000 | 104,000 |
Occupancy and equipment | 159,000 | 137,000 | 312,000 | 286,000 |
Professional fees | 106,000 | 95,000 | 197,000 | 172,000 |
FDIC deposit insurance assessment | 36,000 | 30,000 | 68,000 | 58,000 |
Other real estate owned expense | 26,000 | (5,000) | 92,000 | 3,000 |
Advertising | 30,000 | 31,000 | 61,000 | 62,000 |
Other | 139,000 | 138,000 | 267,000 | 253,000 |
Total Non-Interest Expense | 1,662,000 | 1,476,000 | 3,293,000 | 2,976,000 |
Income before Income Taxes | 641,000 | 600,000 | 1,041,000 | 946,000 |
Income Taxes | 239,000 | 226,000 | 400,000 | 363,000 |
Net Income | $ 402,000 | $ 374,000 | $ 641,000 | $ 583,000 |
Earnings per share - basic (in dollars per share) | $ 0.23 | $ 0.22 | $ 0.36 | $ 0.34 |
Average shares outstanding - basic (in shares) | 1,775,829 | 1,714,582 | 1,765,078 | 1,709,114 |
Earnings per share - diluted (in dollars per share) | $ 0.21 | $ 0.20 | $ 0.33 | $ 0.32 |
Average shares outstanding - diluted (in shares) | 1,938,627 | 1,869,558 | 1,930,675 | 1,861,090 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Net Income | $ 402,000 | $ 374,000 | $ 641,000 | $ 583,000 |
Other Comprehensive Income (Loss): | ||||
Unrealized gains (losses) on investment securities available-for-sale | (7,000) | (11,000) | 20,000 | (7,000) |
Income tax effect | 2,000 | 4,000 | (7,000) | 3,000 |
Other comprehensive income (loss) | (5,000) | (7,000) | 13,000 | (4,000) |
Total Comprehensive Income | $ 397,000 | $ 367,000 | $ 654,000 | $ 579,000 |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Equity (Unaudited) - 6 months ended Jun. 30, 2016 - USD ($) | The 401(k) Plan [Member]Common Stock [Member] | The 401(k) Plan [Member]Additional Paid-in Capital [Member] | The 401(k) Plan [Member]Treasury Stock [Member] | The 401(k) Plan [Member]Unallocated Common Stock Held by Benefit Plans[Member] | The 401(k) Plan [Member]AOCI Attributable to Parent [Member] | The 401(k) Plan [Member]Retained Earnings [Member] | The 401(k) Plan [Member] | The 2013 Stock Incentive Plan [Member]Common Stock [Member] | The 2013 Stock Incentive Plan [Member]Additional Paid-in Capital [Member] | The 2013 Stock Incentive Plan [Member]Treasury Stock [Member] | The 2013 Stock Incentive Plan [Member]Unallocated Common Stock Held by Benefit Plans[Member] | The 2013 Stock Incentive Plan [Member]AOCI Attributable to Parent [Member] | The 2013 Stock Incentive Plan [Member]Retained Earnings [Member] | The 2013 Stock Incentive Plan [Member] | The 2008 Stock Option Plan [Member]Common Stock [Member] | The 2008 Stock Option Plan [Member]Additional Paid-in Capital [Member] | The 2008 Stock Option Plan [Member]Treasury Stock [Member] | The 2008 Stock Option Plan [Member]Unallocated Common Stock Held by Benefit Plans[Member] | The 2008 Stock Option Plan [Member]AOCI Attributable to Parent [Member] | The 2008 Stock Option Plan [Member]Retained Earnings [Member] | The 2008 Stock Option Plan [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Unallocated Common Stock Held by Benefit Plans[Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
BALANCE (in shares) at Dec. 31, 2015 | 1,841,475 | 1,841,475 | ||||||||||||||||||||||||||
BALANCE at Dec. 31, 2015 | $ 28,000 | $ 14,013,000 | $ (4,859,000) | $ (457,000) | $ (12,000) | $ 10,323,000 | $ 19,036,000 | |||||||||||||||||||||
Common stock allocated by ESOP | 52,000 | 34,000 | 86,000 | |||||||||||||||||||||||||
Treasury stock purchased (in shares) | (497) | |||||||||||||||||||||||||||
Treasury stock purchased | (6,000) | (6,000) | ||||||||||||||||||||||||||
Reissuance of treasury stock (in shares) | 4,241 | 5,396 | 22,518 | |||||||||||||||||||||||||
Reissuance of treasury stock, value | $ 28,000 | $ 22,000 | $ 50,000 | $ (28,000) | $ 28,000 | $ (4,000) | $ 116,000 | $ 112,000 | ||||||||||||||||||||
Stock based compensation expense | 64,000 | 64,000 | ||||||||||||||||||||||||||
Release of 4,864 vested RRP shares | (22,000) | 22,000 | ||||||||||||||||||||||||||
Cash dividends declared ($0.078 per share) | (143,000) | (143,000) | ||||||||||||||||||||||||||
Net Income | 641,000 | 641,000 | ||||||||||||||||||||||||||
Other comprehensive income, net | 13,000 | $ 13,000 | ||||||||||||||||||||||||||
BALANCE (in shares) at Jun. 30, 2016 | 1,873,133 | 1,873,133 | ||||||||||||||||||||||||||
BALANCE at Jun. 30, 2016 | $ 28,000 | $ 14,103,000 | $ (4,699,000) | $ (401,000) | $ 1,000 | $ 10,821,000 | $ 19,853,000 |
Consolidated Statement of Stoc7
Consolidated Statement of Stockholders' Equity (Unaudited) (Parentheticals) - Common Stock [Member] | 6 Months Ended |
Jun. 30, 2016$ / sharesshares | |
Release of vested shares (in shares) | shares | 4,864 |
Cash dividends declared per share (in dollars per share) | $ / shares | $ 0.078 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Net Income | $ 641,000 | $ 583,000 |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Provision for Loan Losses | 111,000 | 209,000 |
Write-down of OREO properties | 73,000 | |
Depreciation expense | 96,000 | 85,000 |
Net amortization of securities premiums | 9,000 | |
Accretion of deferred loan fees and costs, net | (156,000) | (175,000) |
Stock-based compensation expense | 150,000 | 138,000 |
Net gain on the sale of loans | (758,000) | (636,000) |
Gain on the sale of SBA loans | (57,000) | (7,000) |
Net (gain) loss on sale of other real estate owned | (1,000) | 2,000 |
Increase in the cash surrender value of bank-owned life insurance | (44,000) | (43,000) |
Changes in assets and liabilities which provided (used) cash: | ||
Loans held for sale-originations | (30,142,000) | (23,160,000) |
Loans held for sale-proceeds | 30,339,000 | 21,020,000 |
Accrued interest receivable | (115,000) | (105,000) |
Prepaid expenses and other assets | (365,000) | (275,000) |
Accrued interest payable | 2,000 | 4,000 |
Accrued expenses and other liabilities | 143,000 | (53,000) |
Net Cash Used in Operating Activities | (74,000) | (2,413,000) |
Cash Flows from Investing Activities | ||
Net (increase) decrease in investment in interest-earning time deposits | (10,000) | 776,000 |
Purchase of investment securities available for sale | (3,895,000) | (27,000) |
Principle repayments of investment securities available for sale | 409,000 | |
Net increase in loans receivable | (10,935,000) | (18,418,000) |
Net increase in investment in Federal Home Loan Bank stock | (15,000) | (91,000) |
Proceeds from the sale of other real estate owned | 67,000 | 106,000 |
Capitalized expenditures on other real estate owned | (175,000) | (60,000) |
Purchase of premises and equipment | (26,000) | (175,000) |
Net Cash Used in Investing Activities | (14,580,000) | (17,889,000) |
Cash Flows from Financing Activities | ||
Net increase in demand deposits and savings accounts | 3,180,000 | 473,000 |
Net increase in certificate accounts | 14,018,000 | 9,138,000 |
Proceeds from Federal Home Loan Bank short-term borrowings | 1,000,000 | |
Proceeds from Federal Home Loan Bank long-term borrowings | 1,000,000 | |
Dividends paid | (143,000) | (118,000) |
Purchase of treasury stock | (6,000) | (10,000) |
Proceeds from the reissuance of treasury stock | 50,000 | 33,000 |
Proceeds from the exercise of stock options | 112,000 | |
Decrease in advances from borrowers for taxes and insurance | (68,000) | (104,000) |
Net Cash Provided by Financing Activities | 17,143,000 | 11,412,000 |
Net Increase (Decrease) in Cash and Cash Equivalents | 2,489,000 | (8,890,000) |
Cash and Cash Equivalents – Beginning of Year | 17,206,000 | 13,937,000 |
Cash and Cash Equivalents – End of Year | 19,695,000 | 5,047,000 |
Cash payments for interest | 1,200,000 | 976,000 |
Cash payments for income taxes | 365,000 | 475,000 |
Transfer of loans to other real estate owned | $ 445,000 |
Note 1 - Financial Statement Pr
Note 1 - Financial Statement Presentation and Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
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. On August 1, 2016, Quaint Oak Insurance Agency, LLC began operations by acquiring the renewal rights to the book of business produced and serviced by Signature Insurance Services, LLC, an independent insurance agency located in New Britain, Pennsylvania, that provides a broad range of personal and commercial insurance coverage solutions. 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 regional 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, 2015 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 2015 Annual Report on Form 10-K. The results of operations for the six months ended June 30, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016. 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, commissions 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 six months ended June 30, 2016 and 2015. Bank Owned Life Insurance (BOLl). Other Real Estate Owned. Share-Based Compensation. At June 30, 2016, 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 2014-09, Revenue from Contracts with Customers (a new revenue recognition standard) In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606) In January 2016, the FASB issued ASU 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606) Revenue from Contracts with Customers (Topic 606) Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date In March 2016, the FASB issued ASU 2016-09, Compensation – Stock Compensation (Topic 718) Share-Based Payment In April 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers (Topic 606) Revenue from Contracts with Customers (Topic 606) Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date In May 2016, the FASB issued ASU 2016-12, Revenue from Contracts with Customers (Topic 606) Revenue from Contracts with Customers (Topic 606) Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments ("ASU 2016-13") Reclassifications. |
Note 2 - Stock Split
Note 2 - Stock Split | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
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 the year ended December 31, 2015. |
Note 3 - Earnings Per Share
Note 3 - Earnings Per Share | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
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 six months ended June 30, 2016 and 2015, 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 June 30, For the Six Months Ended June 30, 2016 2015 2016 2015 Net Income $ 402,000 $ 374,000 $ 641,000 $ 583,000 Weighted average shares outstanding – basic 1,775,829 1,714,582 1,765,078 1,709,114 Effect of dilutive common stock equivalents 162,798 154,976 165,597 151,976 Adjusted weighted average shares outstanding – diluted 1,938,627 1,869,558 1,930,675 1,861,090 Basic earnings per share $ 0.23 $ 0.22 $ 0.36 $ 0.34 Diluted earnings per share $ 0.21 $ 0.20 $ 0.33 $ 0.32 |
Note 4 - Accumulated Other Comp
Note 4 - Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | Note 4 – Accumulated Other Comprehensive Income (Loss) The following table presents the changes in accumulated other comprehensive income (loss) by component, net of tax, for the three months and the six months ended June 30, 2016 and 2015 (in thousands): Unrealized Gains (Losses) on Investment Securities Available for Sale (1) For the Three Months Ended June 30, For the Six Months Ended June 30, 2016 2015 2016 2015 Balance at the beginning of the period $ 6 $ (33 ) $ (12 ) $ (36 ) Other comprehensive income (loss) before classifications (5 ) (7 ) 13 (4 ) Amount reclassified from accumulated other comprehensive income (loss) - - - - Total other comprehensive income (loss) 5 (7 ) 13 (4 ) Balance at the end of the period $ 1 $ (40 ) $ 1 $ (40 ) (1) All amounts are net of tax. Amounts in parentheses indicate debits. There were no amounts reclassified out of accumulated other comprehensive income (loss) for the three and six months ended June 30, 2016 and 2015. |
Note 5 - Investment in Interest
Note 5 - Investment in Interest-earning Time Deposits | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Investments and Other Noncurrent Assets [Text Block] | Note 5 – Investment in Interest-Earning Time Deposits The investment in interest-earning time deposits as of June 30, 2016 and December 31, 2015, by contractual maturity, are shown below: June 30, 2016 December 31, 2015 (In Thousands) Due in one year or less $ 4,368 $ 3,585 Due after one year through five years 1,778 2,551 $ 6,146 $ 6,136 |
Note 6 - Investment Securities
Note 6 - Investment Securities Available for Sale | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 6 – Investment Securities Available for Sale The amortized cost, gross unrealized gains and losses, and fair value of investment securities available for sale at June 30, 2016 and December 31, 2015 are summarized below (in thousands): June 30, 2016 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available for Sale: Mortgage-backed securities: Governmental National Mortgage Association securities $ 3,230 $ 2 $ - $ 3,232 Federal Home Loan Mortgage Corporation securities 2,017 3 - 2,020 Federal National Mortgage Association securities 893 - (2 ) 891 Total mortgage-backed securities 6,140 5 (2 ) 6,143 Federal Home Loan Mortgage Corporation Medium Term Note Step 360 - (1 ) 359 Total available-for-sale-securities $ 6,500 $ 5 $ (3 ) $ 6,502 December 31, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available for Sale: Mortgage-backed securities: Governmental National Mortgage Association securities $ 2,003 $ - $ (13 ) $ 1,990 Federal Home Loan Mortgage Corporation securities 1,020 - (5 ) 1,015 Total mortgage-backed securities $ 3,023 $ - $ (18 ) $ 3,005 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 June 30, 2016 and December 31, 2015 (in thousands): June 30, 2016 Less than Twelve Months Twelve Months or Greater Total Number of Securities Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Federal National Mortgage Association mortgage-backed security 1 $ 891 $ (2 ) $ - $ - $ 891 $ (2 ) Federal Home Loan Mortgage Corporation Medium Term Note Step 1 359 (1 ) - - 359 (1 ) 2 $ 1,250 $ (3 ) $ - $ - $ 1,250 $ (3 ) December 31, 2015 Less than Twelve Months Twelve Months or Greater Total Number of Securities Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Governmental National Mortgage Association mortgage-backed securities 2 $ 1,990 $ (13 ) $ - $ - $ 1,990 $ (13 ) Federal Home Loan Mortgage Corporation mortgage-backed security 1 1,015 (5 ) - - 1,015 (5 ) Total 3 $ 3,005 $ (18 ) $ - $ - $ 3,005 $ (18 ) At June 30, 2016, there were two securities in an unrealized loss position that at such date had an aggregate depreciation of 0.24% from the Company's amortized cost basis. Management believes that the estimated fair value of the securities disclosed above is primarily dependent on the movement of market interest rates. Management evaluated the length of time and the extent to which the fair value has been less than cost and the financial condition and near term prospects of the issuer, including any specific events which may influence the operations of the issuer. The Company has the ability and intent to hold the securities until the anticipated recovery of fair value occurs. Management does not believe any individual unrealized loss as of June 30, 2016 represents an other-than-temporary impairment. There were no impairment charges recognized during the three and six months ended June 30, 2016 or 2015. |
Note 7 - Loans Receivable, Net
Note 7 - Loans Receivable, Net and Allowance for Loan Losses | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Financing Receivables [Text Block] | Note 7 - Loans Receivable, Net and Allowance for Loan Losses The composition of net loans receivable is as follows: June 30, 2016 December 31, 2015 (In Thousands) Real estate loans: One-to-four family residential: Owner occupied $ 5,749 $ 5,777 Non-owner occupied 52,140 51,036 Total one-to-four family residential 57,889 56,813 Multi-family (five or more) residential 11,991 12,402 Commercial real estate 59,143 47,550 Commercial lines of credit 2,032 2,215 Construction 15,270 16,100 Home equity loans 5,840 7,409 Total real estate loans 152,165 142,489 Commercial business 4,178 2,576 Other consumer 31 71 Total Loans 156,374 145,136 Deferred loan fees and costs (608 ) (518 ) Allowance for loan losses (1,424 ) (1,313 ) Net Loans $ 154,342 $ 143,305 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 June 30, 2016 and December 31, 2015 (in thousands): June 30, 2016 Pass Special Mention Substandard Doubtful Total One-to-four family residential owner occupied $ 5,749 $ - $ - $ - $ 5,749 One-to-four family residential non-owner occupied 51,019 106 1,015 - 52,140 Multi-family residential 11,991 - - - 11,991 Commercial real estate and lines of credit 59,733 118 1,324 - 61,175 Construction 13,433 - 1,837 - 15,270 Home equity 5,840 - - - 5,840 Commercial business 4,178 - - - 4,178 Other consumer 31 - - - 31 $ 151,974 $ 224 $ 4,176 $ - $ 156,374 December 31, 2015 Pass Special Mention Substandard Doubtful Total One-to-four family residential owner occupied $ 5,777 $ - $ - $ - $ 5,777 One-to-four family residential non-owner occupied 49,457 331 1,248 - 51,036 Multi-family residential 12,402 - - - 12,402 Commercial real estate and lines of credit 48,185 262 1,318 - 49,765 Construction 14,621 - 1,479 - 16,100 Home equity 7,409 - - - 7,409 Commercial business 2,576 - - - 2,576 Other consumer 71 - - - 71 $ 140,498 $ 593 $ 4,045 $ - $ 145,136 The following table presents impaired loans by class, segregated by those for which a specific allowance was required and those for which a specific allowance was not necessary as of June 30, 2016 as well as the average recorded investment and related interest income for the period then ended (in thousands): June 30, 2016 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 $ - $ - $ - $ - $ - One-to-four family residential non-owner occupied 1,121 1,127 - 1,188 15 Multi-family residential - - - - - Commercial real estate and lines of credit 262 262 - 262 - Construction - - - - - Home equity 51 51 - 83 3 Commercial business - - - - - Other consumer - - - - - With an allowance recorded: One-to-four family residential owner occupied $ - $ - $ - $ - $ - One-to-four family residential non-owner occupied 197 197 31 197 8 Multi-family residential - - - - - Commercial real estate and lines of credit 133 133 11 133 5 Construction - - - - - Home equity - - - - - Commercial business - - - - - Other consumer - - - - - Total: One-to-four family residential owner occupied $ - $ - $ - $ - $ - One-to-four family residential non-owner occupied 1,318 1,324 31 1,385 23 Multi-family residential - - - - - Commercial real estate and lines of credit 395 395 11 395 5 Construction - - - - - Home equity 51 51 - 83 3 Commercial business - - - - - Other consumer - - - - - Total $ 1,764 $ 1,770 $ 42 $ 1,863 $ 31 The following table presents impaired loans by class, segregated by those for which a specific allowance was required and those for which a specific allowance was not necessary as of December 31, 2015 as well as the average recorded investment and related interest income for the year then ended (in thousands): December 31, 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 $ - $ - $ - $ 828 $ 15 One-to-four family residential non-owner occupied 653 659 - 1,464 62 Multi-family residential - - - 66 5 Commercial real estate and lines of credit - - - 1,085 77 Construction - - - - - Home equity 84 84 - 87 7 Commercial business - - - - - Other consumer - - - - - With an allowance recorded: One-to-four family residential owner occupied $ - $ - $ - $ - $ - One-to-four family residential non-owner occupied 321 321 33 556 22 Multi-family residential - - - - - Commercial real estate and lines of credit 133 133 7 332 9 Construction - - - - - Home equity - - - 45 4 Commercial business - - - - - Other consumer - - - - - Total: One-to-four family residential owner occupied $ - $ - $ - $ 828 $ 15 One-to-four family residential non-owner occupied 974 980 33 2,020 84 Multi-family residential - - - 66 5 Commercial real estate and lines of credit 133 133 7 1,417 86 Construction - - - - - Home equity 84 84 - 132 11 Commercial business - - - - - Other consumer - - - - - Total $ 1,191 $ 1,197 $ 40 $ 4,463 $ 201 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 June 30, 2016, the Company had eight loans totaling $741,000 that were identified as troubled debt restructurings. All eight of these loans were performing in accordance with their modified terms. At December 31, 2015, the Company had nine loans totaling $781,000 that were identified as troubled debt restructurings. 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 June 30, 2016 and December 31, 2015 (dollar amounts in thousands): June 30, 2016 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 5 557 - 557 28 Multi-family residential - - - - - Commercial real estate and lines of credit 1 133 - 133 11 Construction - - - - - Home equity 2 51 - 51 - Commercial business - - - - - Other consumer - - - - - Total 8 $ 741 $ - $ 741 $ 39 December 31, 2015 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 5 564 - 564 25 Multi-family residential - - - - - Commercial real estate and lines of credit 1 133 - 133 7 Construction - - - - - Home equity 3 84 - 84 - Commercial business - - - - - Other consumer - - - - - Total 9 $ 781 $ - $ 781 $ 32 The contractual aging of the TDRs in the table above as of June 30, 2016 and December 31, 2015 is as follows (in thousands): June 30, 2016 Accruing 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 557 - - - 557 Multi-family residential - - - - - Commercial real estate and lines of credit 133 - - - 133 Construction - - - - - Home equity 51 - - - 51 Commercial business - - - - - Other consumer - - - - - Total $ 741 $ - $ - $ - $ 741 December 31, 2015 Accruing 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 564 - - - 564 Multi-family residential - - - - - Commercial real estate and lines of credit 133 - - - 133 Construction - - - - - Home equity 84 - - - 84 Commercial business - - - - - Other consumer - - - - - Total $ 781 $ - $ - $ - $ 781 During the three and six months ended June 30, 2016 there were no new loans identified as TDRs and one loan previously identified as a TDR was paid-off in the second quarter of 2016. 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 June 30, 2016 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. The Company did not have any troubled debt restructurings default within the six months ended June 30, 2016. Following is a summary, by loan portfolio class, of changes in the allowance for loan losses for the three and six months ended June 30, 2016 and recorded investment in loans receivable as of June 30, 2016 (in thousands): June 30, 2016 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 June 30, 2016 Allowance for loan losses: Beginning balance $ 51 $ 512 $ 56 $ 425 $ 149 $ 52 $ 32 $ 81 $ 1,358 Charge-offs - - - - - - - - - Recoveries - - - - - - - - - Provision (5 ) 13 10 59 (34 ) (1 ) 5 19 66 Ending balance $ 46 $ 525 $ 66 $ 484 $ 115 $ 51 $ 37 $ 100 $ 1,424 For the Six Months Ended June 30, 2016 Allowance for loan losses: Beginning balance $ 55 $ 486 $ 81 $ 389 $ 153 $ 50 $ 18 $ 81 $ 1,313 Charge-offs - - - - - - - - - Recoveries - - - - - - - - - Provision (9 ) 39 (15 ) 95 (38 ) 1 19 19 111 Ending balance $ 46 $ 525 $ 66 $ 484 $ 115 $ 51 $ 37 $ 100 $ 1,424 Ending balance evaluated for impairment: Individually $ - $ 31 $ - $ 11 $ - $ - $ - $ - $ 42 Collectively $ 46 $ 494 $ 66 $ 473 $ 115 $ 51 $ 37 $ 100 $ 1,382 Loans receivable: Ending balance: $ 5,749 $ 52,140 $ 11,991 $ 61,175 $ 15,270 $ 5,840 $ 4,209 $ - $ 156,374 Ending balance evaluated for impairment: Individually $ - $ 1,318 $ - $ 395 $ - $ 51 $ - $ - $ 1,764 Collectively $ 5,749 $ 50,822 $ 11,991 $ 60,780 $ 15,270 $ 5,789 $ 4,209 $ - $ 154,610 Following is a summary, by loan portfolio class, of changes in the allowance for loan losses for the three and six months ended June 30, 2015 (in thousands): June 30, 2015 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 June 30, 2015 Allowance for loan losses: Beginning balance $ 64 $ 412 $ 63 $ 353 $ 160 $ 44 $ 15 $ 74 $ 1,185 Charge-offs - (30 ) - - - - - - (30 ) Recoveries - - - - - - - - - Provision (4 ) (13 ) 2 59 43 29 8 (3 ) 121 Ending balance $ 60 $ 369 $ 65 $ 412 $ 203 $ 73 $ 23 $ 71 $ 1,276 For the Six Months Ended June 30, 2015 Allowance for loan losses: Beginning balance $ 75 $ 418 $ 60 $ 324 $ 122 $ 46 $ 7 $ 96 1,148 Charge-offs - (81 ) - - - - - - (81 ) Recoveries - - - - - - - - - Provision (15 ) 32 5 88 81 27 16 (25 ) 209 Ending balance $ 60 $ 369 $ 65 $ 412 $ 203 $ 73 $ 23 $ 71 $ 1,276 Ending balance evaluated for impairment: Individually $ - $ 13 $ - $ 29 $ - $ 34 $ - $ - $ 76 Collectively $ 60 $ 356 $ 65 $ 383 $ 203 $ 39 $ 23 $ 71 $ 1,200 Following is a summary, by loan portfolio class, of changes in the allowance for loan losses for the year ended December 31, 2015 and recorded investment in loans receivable as of December 31, 2015 (in thousands): December 31, 2015 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 $ 75 $ 418 $ 60 $ 324 $ 122 $ 46 $ 7 $ 96 $ 1,148 Charge-offs - (110 ) - (21 ) - (45 ) - - (176 ) Recoveries - - - 21 - - - - 21 Provision (20 ) 178 21 65 31 49 11 (15 ) 320 Ending balance $ 55 $ 486 $ 81 $ 389 $ 153 $ 50 $ 18 $ 81 $ 1,313 Ending balance evaluated for impairment Individually $ - $ 33 $ - $ 7 $ - $ - $ - $ - $ 40 Collectively $ 55 $ 453 $ 81 $ 382 $ 153 $ 50 $ 18 $ 81 $ 1,273 Loans receivable: Ending balance $ 5,777 $ 51,036 $ 12,402 $ 49,765 $ 16,100 $ 7,409 $ 2,647 $ - $ 145,136 Ending balance evaluated for impairment Individually $ - $ 974 $ - $ 133 $ - $ 84 $ - $ - $ 1,191 Collectively $ 5,777 $ 50,062 $ 12,402 $ 49,632 $ 16,100 $ 7,325 $ 2,647 $ - $ 143,945 The Bank allocated increased allowance for loan loss provisions to the commercial real estate and lines of credit, the 1-4 family residential non-owner occupied, and the commercial business loans portfolio classes for the three and six months ended June 30, 2016, due to increased balances in these portfolio classes. The Bank allocated decreased allowance for loan loss provisions to the construction loan portfolio class for the three and six months ended June 30, 2016, due to decreased activity in this portfolio class. The Bank allocated increased allowance for loan loss provisions to the 1-4 family residential non-owner occupied class for the six months ended June 30, 2015, due to increased charge-off activity in this portfolio class. The Bank allocated increased allowance for loan loss provisions to the commercial real estate and lines of credit and construction portfolio classes for the three and six months ended June 30, 2015, due to increased balances in these portfolio classes. The following table presents nonaccrual loans by classes of the loan portfolio as of June 30, 2016 and December 31, 2015 (in thousands): June 30, 2016 December 31, 2015 One-to-four family residential owner occupied $ - $ - One-to-four family residential non-owner occupied 661 186 Multi-family residential - - Commercial real estate and lines of credit 262 - Construction - - Home equity - - Commercial business - - Other consumer - - $ 923 $ 186 Non-performing loans, which consist of non-accruing loans plus accruing loans 90 days or more past due, amounted to $1.5 million and $852,000 at June 30, 2016 and December 31, 2015, 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 six months ended June 30, 2016 and 2015 there was no interest income recognized on non-accrual loans on a cash basis. Interest income foregone on non-accrual loans was approximately $56,000 and $49,000 for the six months ended June 30, 2016 and 2015, 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 June 30, 2016 and December 31, 2015 (in thousands): June 30, 2016 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 $ 312 $ 171 $ 483 $ 5,266 $ 5,749 $ 171 One-to-four family residential non-owner occupied 493 974 1,467 50,673 52,140 313 Multi-family residential - - - 11,991 11,991 - Commercial real estate and lines of credit 648 364 1,012 60,163 61,175 102 Construction 508 - 508 14,762 15,270 - Home equity 272 - 272 5,568 5,840 - Commercial business - - - 4,178 4,178 - Other consumer - - - 31 31 - $ 2,233 $ 1,509 $ 3,742 $ 152,632 $ 156,374 $ 586 December 31, 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 $ 253 $ - $ 253 $ 5,524 $ 5,777 $ - One-to-four family residential non-owner occupied 1,227 590 1,817 49,219 51,036 404 Multi-family residential - - - 12,402 12,402 - Commercial real estate and lines of credit 894 262 1,156 48,609 49,765 262 Construction 558 - 558 15,542 16,100 - Home equity 55 - 55 7,354 7,409 - Commercial business - - - 2,576 2,576 - Other consumer - - - 71 71 - $ 2,987 $ 852 $ 3,839 $ 141,297 $ 145,136 $ 666 |
Note 8 - Deposits
Note 8 - Deposits | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | Note 8 – Deposits Deposits consist of the following classifications (in thousands): June 30, 2016 December 31, 2015 Non-interest bearing checking accounts $ 3,385 $ 2,407 Passbook accounts 1,273 1,185 Savings accounts 2,189 3,275 Money market accounts 29,771 26,571 Certificates of deposit 129,809 115,791 Total deposits $ 166,427 $ 149,229 |
Note 9 - Borrowings
Note 9 - Borrowings | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 9 – Borrowings Federal Home Loan Bank advances consist of the following at June 30, 2016 and December 31, 2015 (in thousands): June 30, 2016 December 31, 2015 Amount Weighted Interest Rate Amount Weighted Interest Rate Short- term borrowings $ 6,000 0.59 % $ 6,000 0.45 % Fixed rate borrowings maturing: 2016 $ 1,000 0.88 % $ 1,000 0.88 % 2017 2,500 1.15 2,500 1.15 2018 3,000 1.46 3,000 1.46 2019 1,000 2.02 1,000 2.02 Total FHLB long-term debt $ 7,500 1.35 % $ 7,500 1.35 % |
Note 10 - Stock Compensation Pl
Note 10 - Stock Compensation Plans | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
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 then outstanding common stock in the open market at an average price of $4.68 (split-adjusted) for a total 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 six months ended June 30, 2016, the Company recognized $43,000 and $86,000 of ESOP expense, respectively. During the three and six months ended June 30, 2015, the Company recognized $37,000 and $73,000 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 an average price of $4.68 (split adjusted) 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 June 30, 2016, a total of 20,524 awards of restricted stock were unvested under the RRP and Stock Incentive Plan and up to 21,968 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 vesting periods from five to seven years. A summary of the status of the shares under the RRP and Stock Incentive Plan as of June 30, 2016 and 2015 and changes during the six months ended June 30, 2016 and 2015 is as follows: June 30, 2016 June 30, 2015 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 30,784 $ 8.10 41,966 $ 8.09 Granted - - - - Vested (10,260 ) 8.10 (10,582 ) 7.73 Forfeited - - - - Unvested at the end of the period 20,524 $ 8.10 31,384 $ 8.21 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 six months ended June 30, 2016, approximately $21,000 and $42,000 in compensation expense was recognized, respectively. A tax benefit of approximately $7,000 and $14,000, respectively, was recognized during each of these periods. During the three and six months ended June 30, 2015, approximately $21,000 and $43,000 in compensation expense was recognized, respectively. A tax benefit of approximately $7,000 and $15,000, respectively, was recognized during each of these periods. As of June 30, 2016, approximately $157,000 in additional compensation expense will be recognized over the remaining service period of approximately 1.9 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 June 30, 2016, a total of 331,748 grants of stock options were outstanding under the Option Plan and Stock Incentive Plan and 56,276 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 to seven 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 June 30 , 2016 and 2015 and changes during the six months ended June 30 , 2016 and 2015 is as follows: 2016 2015 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 354,266 $ 6.33 4.7 369,140 $ 6.30 5.7 Granted - - - - - - Exercised (22,518 ) (5.00 ) - - - - Forfeited - - - - - - Outstanding at the end of the period 331,748 $ 6.42 4.2 369,140 $ 6.30 5.0 Exercisable at the end of the period 270,148 $ 6.04 1.9 276,740 $ 5.69 2.9 During the three and six months ended June 30, 2016 and 2015, approximately $11,000 and $22,000 in compensation expense was recognized, respectively. A tax benefit of approximately $1,000 and $2,000, respectively, was recognized during each of these periods. As of June 30, 2016, approximately $85,000 in additional compensation expense will be recognized over the remaining service period of approximately 1.9 years. |
Note 11 - Fair Value Measuremen
Note 11 - Fair Value Measurements and Fair Values of Financial Instruments | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 11 – Fair Value Measurements and Fair Values 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 U.S. 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 June 30, 2016 (in thousands): June 30, 2016 Fair Value Measurements Using: Total Fair Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Unobservable Inputs Value (Level 1) (Level 2) (Level 3) Recurring fair value measurements Investment securities available for sale Governmental National Mortgage Association mortgage-backed securities $ 3,232 $ - $ 3,232 $ - Federal Home Loan Mortgage Corporation mortgage-backed securities 2,020 - 2,020 - Federal National Mortgage Association mortgage-backed securities 891 - 891 - Federal Home Loan Mortgage Corporation Medium Term Note Step 359 - 359 - Total investment securities available for sale $ 6,502 $ - $ 6,502 $ - Total recurring fair value measurements $ 6,502 $ - $ 6,502 $ - Nonrecurring fair value measurements Impaired loans $ 1,722 $ - $ - $ 1,722 Other real estate owned 1,446 - - 1,446 Total nonrecurring fair value measurements $ 3,168 $ - $ - $ 3,168 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, 2015 (in thousands): December 31, 2015 Fair Value Measurements Using: Total Fair Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Unobservable Inputs Value (Level 1) (Level 2) (Level 3) Recurring fair value measurements Investment securities available for sale Governmental National Mortgage Association mortgage-backed securities $ 1,990 $ - $ 1,990 $ - Federal Home Loan Mortgage Corporation mortgage-backed securities 1,015 - 1,015 - Total investment securities available for sale $ 3,005 $ - $ 3,005 $ - Total recurring fair value measurements $ 3,005 $ - $ 3,005 $ - Nonrecurring fair value measurements Impaired loans $ 1,151 $ - $ - $ 1,151 Other real estate owned 1,410 - - 1,410 Total nonrecurring fair value measurements $ 2,561 $ - $ - $ 2,561 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 June 30, 2016 and December 31, 2015 (in thousands): June 30, 2016 Quantitative Information About Level 3 Fair Value Measurements Total Fair Value Valuation Techniques Unobservable Input Range (Weighted Average) Impaired loans $ 1,722 Appraisal of collateral (1) Appraisal adjustments (2) 0% - 25% (2%) Other real estate owned $ 1,446 Appraisal of collateral (1) Appraisal adjustments (2) 0% - 29% (4%) December 31, 2015 Quantitative Information About Level 3 Fair Value Measurements Total Fair Value Valuation Techniques Unobservable Input Range (Weighted Average) Impaired loans $ 1,151 Appraisal of collateral (1) Appraisal adjustments (2) 0% - 25% (3%) Other real estate owned $ 1,410 Appraisal of collateral (1) Appraisal adjustments (2) 0% - 29% (5%) (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 June 30, 2016 and December 31, 2015 (in thousands): Fair Value Measurements at June 30, 2016 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 $ 19,695 $ 19,695 $ 19,695 $ - $ - Investment in interest-earning time deposits 6,146 6,202 - - 6,202 Investment securities available for sale 6,502 6,502 - 6,502 - Loans held for sale 5,625 5,870 - 5,870 - Loans receivable, net 154,342 156,040 - - 156,040 Accrued interest receivable 1,098 1,098 1,098 - - Investment in FHLB stock 633 633 633 - - Bank-owned life insurance 3,682 3,682 3,682 - - Financial Liabilities Deposits 166,427 168,627 36,618 - 132,009 FHLB short-term borrowings 6,000 6,000 6,000 - - FHLB long-term borrowings 7,500 7,559 - - 7,559 Accrued interest payable 125 125 125 - - Fair Value Measurements at December 31, 2015 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 $ 17,206 $ 17,206 $ 17,206 $ - $ - Investment in interest-earning time deposits 6,136 6,206 - - 6,206 Investment securities available for sale 3,005 3,005 - 3,005 - Loans held for sale 5,064 5,244 - 5,244 - Loans receivable, net 143,305 145,134 - - 145,134 Accrued interest receivable 983 983 983 - - Investment in FHLB stock 618 618 618 - - Bank-owned life insurance 3,638 3,638 3,638 - - Financial Liabilities Deposits 149,229 150,644 33,438 - 117,206 FHLB short-term borrowings 6,000 6,000 6,000 - - FHLB long-term borrowings 7,500 7,479 - - 7,479 Accrued interest payable 123 123 123 - - 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. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Financial Presentation. On August 1, 2016, Quaint Oak Insurance Agency, LLC began operations by acquiring the renewal rights to the book of business produced and serviced by Signature Insurance Services, LLC, an independent insurance agency located in New Britain, Pennsylvania, that provides a broad range of personal and commercial insurance coverage solutions. 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 regional 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, 2015 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 2015 Annual Report on Form 10-K. The results of operations for the six months ended June 30, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016. |
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, commissions 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 six months ended June 30, 2016 and 2015. |
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 June 30, 2016, 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 2014-09, Revenue from Contracts with Customers (a new revenue recognition standard) In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606) In January 2016, the FASB issued ASU 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606) Revenue from Contracts with Customers (Topic 606) Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date In March 2016, the FASB issued ASU 2016-09, Compensation – Stock Compensation (Topic 718) Share-Based Payment In April 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers (Topic 606) Revenue from Contracts with Customers (Topic 606) Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date In May 2016, the FASB issued ASU 2016-12, Revenue from Contracts with Customers (Topic 606) Revenue from Contracts with Customers (Topic 606) Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments ("ASU 2016-13") Reclassifications. |
Note 3 - Earnings Per Share (Ta
Note 3 - Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Three Months Ended June 30, For the Six Months Ended June 30, 2016 2015 2016 2015 Net Income $ 402,000 $ 374,000 $ 641,000 $ 583,000 Weighted average shares outstanding – basic 1,775,829 1,714,582 1,765,078 1,709,114 Effect of dilutive common stock equivalents 162,798 154,976 165,597 151,976 Adjusted weighted average shares outstanding – diluted 1,938,627 1,869,558 1,930,675 1,861,090 Basic earnings per share $ 0.23 $ 0.22 $ 0.36 $ 0.34 Diluted earnings per share $ 0.21 $ 0.20 $ 0.33 $ 0.32 |
Note 4 - Accumulated Other Co22
Note 4 - Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
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 June 30, For the Six Months Ended June 30, 2016 2015 2016 2015 Balance at the beginning of the period $ 6 $ (33 ) $ (12 ) $ (36 ) Other comprehensive income (loss) before classifications (5 ) (7 ) 13 (4 ) Amount reclassified from accumulated other comprehensive income (loss) - - - - Total other comprehensive income (loss) 5 (7 ) 13 (4 ) Balance at the end of the period $ 1 $ (40 ) $ 1 $ (40 ) |
Note 5 - Investment in Intere23
Note 5 - Investment in Interest-earning Time Deposits (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Investments in Interest-Earning Time Deposits by Contractual Maturity [Table Text Block] | June 30, 2016 December 31, 2015 (In Thousands) Due in one year or less $ 4,368 $ 3,585 Due after one year through five years 1,778 2,551 $ 6,146 $ 6,136 |
Note 6 - Investment Securitie24
Note 6 - Investment Securities Available for Sale (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Available-for-sale Securities [Table Text Block] | June 30, 2016 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available for Sale: Mortgage-backed securities: Governmental National Mortgage Association securities $ 3,230 $ 2 $ - $ 3,232 Federal Home Loan Mortgage Corporation securities 2,017 3 - 2,020 Federal National Mortgage Association securities 893 - (2 ) 891 Total mortgage-backed securities 6,140 5 (2 ) 6,143 Federal Home Loan Mortgage Corporation Medium Term Note Step 360 - (1 ) 359 Total available-for-sale-securities $ 6,500 $ 5 $ (3 ) $ 6,502 December 31, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available for Sale: Mortgage-backed securities: Governmental National Mortgage Association securities $ 2,003 $ - $ (13 ) $ 1,990 Federal Home Loan Mortgage Corporation securities 1,020 - (5 ) 1,015 Total mortgage-backed securities $ 3,023 $ - $ (18 ) $ 3,005 |
Schedule of Unrealized Loss on Investments [Table Text Block] | June 30, 2016 Less than Twelve Months Twelve Months or Greater Total Number of Securities Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Federal National Mortgage Association mortgage-backed security 1 $ 891 $ (2 ) $ - $ - $ 891 $ (2 ) Federal Home Loan Mortgage Corporation Medium Term Note Step 1 359 (1 ) - - 359 (1 ) 2 $ 1,250 $ (3 ) $ - $ - $ 1,250 $ (3 ) December 31, 2015 Less than Twelve Months Twelve Months or Greater Total Number of Securities Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Governmental National Mortgage Association mortgage-backed securities 2 $ 1,990 $ (13 ) $ - $ - $ 1,990 $ (13 ) Federal Home Loan Mortgage Corporation mortgage-backed security 1 1,015 (5 ) - - 1,015 (5 ) Total 3 $ 3,005 $ (18 ) $ - $ - $ 3,005 $ (18 ) |
Note 7 - Loans Receivable, Ne25
Note 7 - Loans Receivable, Net and Allowance for Loan Losses (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | June 30, 2016 December 31, 2015 (In Thousands) Real estate loans: One-to-four family residential: Owner occupied $ 5,749 $ 5,777 Non-owner occupied 52,140 51,036 Total one-to-four family residential 57,889 56,813 Multi-family (five or more) residential 11,991 12,402 Commercial real estate 59,143 47,550 Commercial lines of credit 2,032 2,215 Construction 15,270 16,100 Home equity loans 5,840 7,409 Total real estate loans 152,165 142,489 Commercial business 4,178 2,576 Other consumer 31 71 Total Loans 156,374 145,136 Deferred loan fees and costs (608 ) (518 ) Allowance for loan losses (1,424 ) (1,313 ) Net Loans $ 154,342 $ 143,305 |
Financing Receivable Credit Quality Indicators [Table Text Block] | June 30, 2016 Pass Special Mention Substandard Doubtful Total One-to-four family residential owner occupied $ 5,749 $ - $ - $ - $ 5,749 One-to-four family residential non-owner occupied 51,019 106 1,015 - 52,140 Multi-family residential 11,991 - - - 11,991 Commercial real estate and lines of credit 59,733 118 1,324 - 61,175 Construction 13,433 - 1,837 - 15,270 Home equity 5,840 - - - 5,840 Commercial business 4,178 - - - 4,178 Other consumer 31 - - - 31 $ 151,974 $ 224 $ 4,176 $ - $ 156,374 December 31, 2015 Pass Special Mention Substandard Doubtful Total One-to-four family residential owner occupied $ 5,777 $ - $ - $ - $ 5,777 One-to-four family residential non-owner occupied 49,457 331 1,248 - 51,036 Multi-family residential 12,402 - - - 12,402 Commercial real estate and lines of credit 48,185 262 1,318 - 49,765 Construction 14,621 - 1,479 - 16,100 Home equity 7,409 - - - 7,409 Commercial business 2,576 - - - 2,576 Other consumer 71 - - - 71 $ 140,498 $ 593 $ 4,045 $ - $ 145,136 |
Impaired Financing Receivables [Table Text Block] | June 30, 2016 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 $ - $ - $ - $ - $ - One-to-four family residential non-owner occupied 1,121 1,127 - 1,188 15 Multi-family residential - - - - - Commercial real estate and lines of credit 262 262 - 262 - Construction - - - - - Home equity 51 51 - 83 3 Commercial business - - - - - Other consumer - - - - - With an allowance recorded: One-to-four family residential owner occupied $ - $ - $ - $ - $ - One-to-four family residential non-owner occupied 197 197 31 197 8 Multi-family residential - - - - - Commercial real estate and lines of credit 133 133 11 133 5 Construction - - - - - Home equity - - - - - Commercial business - - - - - Other consumer - - - - - Total: One-to-four family residential owner occupied $ - $ - $ - $ - $ - One-to-four family residential non-owner occupied 1,318 1,324 31 1,385 23 Multi-family residential - - - - - Commercial real estate and lines of credit 395 395 11 395 5 Construction - - - - - Home equity 51 51 - 83 3 Commercial business - - - - - Other consumer - - - - - Total $ 1,764 $ 1,770 $ 42 $ 1,863 $ 31 December 31, 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 $ - $ - $ - $ 828 $ 15 One-to-four family residential non-owner occupied 653 659 - 1,464 62 Multi-family residential - - - 66 5 Commercial real estate and lines of credit - - - 1,085 77 Construction - - - - - Home equity 84 84 - 87 7 Commercial business - - - - - Other consumer - - - - - With an allowance recorded: One-to-four family residential owner occupied $ - $ - $ - $ - $ - One-to-four family residential non-owner occupied 321 321 33 556 22 Multi-family residential - - - - - Commercial real estate and lines of credit 133 133 7 332 9 Construction - - - - - Home equity - - - 45 4 Commercial business - - - - - Other consumer - - - - - Total: One-to-four family residential owner occupied $ - $ - $ - $ 828 $ 15 One-to-four family residential non-owner occupied 974 980 33 2,020 84 Multi-family residential - - - 66 5 Commercial real estate and lines of credit 133 133 7 1,417 86 Construction - - - - - Home equity 84 84 - 132 11 Commercial business - - - - - Other consumer - - - - - Total $ 1,191 $ 1,197 $ 40 $ 4,463 $ 201 |
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | June 30, 2016 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 5 557 - 557 28 Multi-family residential - - - - - Commercial real estate and lines of credit 1 133 - 133 11 Construction - - - - - Home equity 2 51 - 51 - Commercial business - - - - - Other consumer - - - - - Total 8 $ 741 $ - $ 741 $ 39 December 31, 2015 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 5 564 - 564 25 Multi-family residential - - - - - Commercial real estate and lines of credit 1 133 - 133 7 Construction - - - - - Home equity 3 84 - 84 - Commercial business - - - - - Other consumer - - - - - Total 9 $ 781 $ - $ 781 $ 32 |
Contractual Aging of Troubled Debt Restructurings [Table Text Block] | June 30, 2016 Accruing 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 557 - - - 557 Multi-family residential - - - - - Commercial real estate and lines of credit 133 - - - 133 Construction - - - - - Home equity 51 - - - 51 Commercial business - - - - - Other consumer - - - - - Total $ 741 $ - $ - $ - $ 741 December 31, 2015 Accruing 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 564 - - - 564 Multi-family residential - - - - - Commercial real estate and lines of credit 133 - - - 133 Construction - - - - - Home equity 84 - - - 84 Commercial business - - - - - Other consumer - - - - - Total $ 781 $ - $ - $ - $ 781 |
Schedule of Credit Losses for Financing Receivables, Current [Table Text Block] | June 30, 2016 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 June 30, 2016 Allowance for loan losses: Beginning balance $ 51 $ 512 $ 56 $ 425 $ 149 $ 52 $ 32 $ 81 $ 1,358 Charge-offs - - - - - - - - - Recoveries - - - - - - - - - Provision (5 ) 13 10 59 (34 ) (1 ) 5 19 66 Ending balance $ 46 $ 525 $ 66 $ 484 $ 115 $ 51 $ 37 $ 100 $ 1,424 For the Six Months Ended June 30, 2016 Allowance for loan losses: Beginning balance $ 55 $ 486 $ 81 $ 389 $ 153 $ 50 $ 18 $ 81 $ 1,313 Charge-offs - - - - - - - - - Recoveries - - - - - - - - - Provision (9 ) 39 (15 ) 95 (38 ) 1 19 19 111 Ending balance $ 46 $ 525 $ 66 $ 484 $ 115 $ 51 $ 37 $ 100 $ 1,424 Ending balance evaluated for impairment: Individually $ - $ 31 $ - $ 11 $ - $ - $ - $ - $ 42 Collectively $ 46 $ 494 $ 66 $ 473 $ 115 $ 51 $ 37 $ 100 $ 1,382 Loans receivable: Ending balance: $ 5,749 $ 52,140 $ 11,991 $ 61,175 $ 15,270 $ 5,840 $ 4,209 $ - $ 156,374 Ending balance evaluated for impairment: Individually $ - $ 1,318 $ - $ 395 $ - $ 51 $ - $ - $ 1,764 Collectively $ 5,749 $ 50,822 $ 11,991 $ 60,780 $ 15,270 $ 5,789 $ 4,209 $ - $ 154,610 June 30, 2015 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 June 30, 2015 Allowance for loan losses: Beginning balance $ 64 $ 412 $ 63 $ 353 $ 160 $ 44 $ 15 $ 74 $ 1,185 Charge-offs - (30 ) - - - - - - (30 ) Recoveries - - - - - - - - - Provision (4 ) (13 ) 2 59 43 29 8 (3 ) 121 Ending balance $ 60 $ 369 $ 65 $ 412 $ 203 $ 73 $ 23 $ 71 $ 1,276 For the Six Months Ended June 30, 2015 Allowance for loan losses: Beginning balance $ 75 $ 418 $ 60 $ 324 $ 122 $ 46 $ 7 $ 96 1,148 Charge-offs - (81 ) - - - - - - (81 ) Recoveries - - - - - - - - - Provision (15 ) 32 5 88 81 27 16 (25 ) 209 Ending balance $ 60 $ 369 $ 65 $ 412 $ 203 $ 73 $ 23 $ 71 $ 1,276 Ending balance evaluated for impairment: Individually $ - $ 13 $ - $ 29 $ - $ 34 $ - $ - $ 76 Collectively $ 60 $ 356 $ 65 $ 383 $ 203 $ 39 $ 23 $ 71 $ 1,200 December 31, 2015 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 $ 75 $ 418 $ 60 $ 324 $ 122 $ 46 $ 7 $ 96 $ 1,148 Charge-offs - (110 ) - (21 ) - (45 ) - - (176 ) Recoveries - - - 21 - - - - 21 Provision (20 ) 178 21 65 31 49 11 (15 ) 320 Ending balance $ 55 $ 486 $ 81 $ 389 $ 153 $ 50 $ 18 $ 81 $ 1,313 Ending balance evaluated for impairment Individually $ - $ 33 $ - $ 7 $ - $ - $ - $ - $ 40 Collectively $ 55 $ 453 $ 81 $ 382 $ 153 $ 50 $ 18 $ 81 $ 1,273 Loans receivable: Ending balance $ 5,777 $ 51,036 $ 12,402 $ 49,765 $ 16,100 $ 7,409 $ 2,647 $ - $ 145,136 Ending balance evaluated for impairment Individually $ - $ 974 $ - $ 133 $ - $ 84 $ - $ - $ 1,191 Collectively $ 5,777 $ 50,062 $ 12,402 $ 49,632 $ 16,100 $ 7,325 $ 2,647 $ - $ 143,945 |
Schedule of Financing Receivables, Non Accrual Status [Table Text Block] | June 30, 2016 December 31, 2015 One-to-four family residential owner occupied $ - $ - One-to-four family residential non-owner occupied 661 186 Multi-family residential - - Commercial real estate and lines of credit 262 - Construction - - Home equity - - Commercial business - - Other consumer - - $ 923 $ 186 |
Past Due Financing Receivables [Table Text Block] | June 30, 2016 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 $ 312 $ 171 $ 483 $ 5,266 $ 5,749 $ 171 One-to-four family residential non-owner occupied 493 974 1,467 50,673 52,140 313 Multi-family residential - - - 11,991 11,991 - Commercial real estate and lines of credit 648 364 1,012 60,163 61,175 102 Construction 508 - 508 14,762 15,270 - Home equity 272 - 272 5,568 5,840 - Commercial business - - - 4,178 4,178 - Other consumer - - - 31 31 - $ 2,233 $ 1,509 $ 3,742 $ 152,632 $ 156,374 $ 586 December 31, 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 $ 253 $ - $ 253 $ 5,524 $ 5,777 $ - One-to-four family residential non-owner occupied 1,227 590 1,817 49,219 51,036 404 Multi-family residential - - - 12,402 12,402 - Commercial real estate and lines of credit 894 262 1,156 48,609 49,765 262 Construction 558 - 558 15,542 16,100 - Home equity 55 - 55 7,354 7,409 - Commercial business - - - 2,576 2,576 - Other consumer - - - 71 71 - $ 2,987 $ 852 $ 3,839 $ 141,297 $ 145,136 $ 666 |
Note 8 - Deposits (Tables)
Note 8 - Deposits (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Summary of Deposits [Table Text Block] | June 30, 2016 December 31, 2015 Non-interest bearing checking accounts $ 3,385 $ 2,407 Passbook accounts 1,273 1,185 Savings accounts 2,189 3,275 Money market accounts 29,771 26,571 Certificates of deposit 129,809 115,791 Total deposits $ 166,427 $ 149,229 |
Note 9 - Borrowings (Tables)
Note 9 - Borrowings (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Federal Home Loan Bank Advances [Member] | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | June 30, 2016 December 31, 2015 Amount Weighted Interest Rate Amount Weighted Interest Rate Short- term borrowings $ 6,000 0.59 % $ 6,000 0.45 % Fixed rate borrowings maturing: 2016 $ 1,000 0.88 % $ 1,000 0.88 % 2017 2,500 1.15 2,500 1.15 2018 3,000 1.46 3,000 1.46 2019 1,000 2.02 1,000 2.02 Total FHLB long-term debt $ 7,500 1.35 % $ 7,500 1.35 % |
Note 10 - Stock Compensation 28
Note 10 - Stock Compensation Plans (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Schedule of Share-based Compensation, Activity [Table Text Block] | June 30, 2016 June 30, 2015 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 30,784 $ 8.10 41,966 $ 8.09 Granted - - - - Vested (10,260 ) 8.10 (10,582 ) 7.73 Forfeited - - - - Unvested at the end of the period 20,524 $ 8.10 31,384 $ 8.21 |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | 2016 2015 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 354,266 $ 6.33 4.7 369,140 $ 6.30 5.7 Granted - - - - - - Exercised (22,518 ) (5.00 ) - - - - Forfeited - - - - - - Outstanding at the end of the period 331,748 $ 6.42 4.2 369,140 $ 6.30 5.0 Exercisable at the end of the period 270,148 $ 6.04 1.9 276,740 $ 5.69 2.9 |
Note 11 - Fair Value Measurem29
Note 11 - Fair Value Measurements and Fair Values of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | June 30, 2016 Fair Value Measurements Using: Total Fair Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Unobservable Inputs Value (Level 1) (Level 2) (Level 3) Recurring fair value measurements Investment securities available for sale Governmental National Mortgage Association mortgage-backed securities $ 3,232 $ - $ 3,232 $ - Federal Home Loan Mortgage Corporation mortgage-backed securities 2,020 - 2,020 - Federal National Mortgage Association mortgage-backed securities 891 - 891 - Federal Home Loan Mortgage Corporation Medium Term Note Step 359 - 359 - Total investment securities available for sale $ 6,502 $ - $ 6,502 $ - Total recurring fair value measurements $ 6,502 $ - $ 6,502 $ - Nonrecurring fair value measurements Impaired loans $ 1,722 $ - $ - $ 1,722 Other real estate owned 1,446 - - 1,446 Total nonrecurring fair value measurements $ 3,168 $ - $ - $ 3,168 December 31, 2015 Fair Value Measurements Using: Total Fair Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Unobservable Inputs Value (Level 1) (Level 2) (Level 3) Recurring fair value measurements Investment securities available for sale Governmental National Mortgage Association mortgage-backed securities $ 1,990 $ - $ 1,990 $ - Federal Home Loan Mortgage Corporation mortgage-backed securities 1,015 - 1,015 - Total investment securities available for sale $ 3,005 $ - $ 3,005 $ - Total recurring fair value measurements $ 3,005 $ - $ 3,005 $ - Nonrecurring fair value measurements Impaired loans $ 1,151 $ - $ - $ 1,151 Other real estate owned 1,410 - - 1,410 Total nonrecurring fair value measurements $ 2,561 $ - $ - $ 2,561 |
Fair Value Inputs, Assets, Quantitative Information [Table Text Block] | June 30, 2016 Quantitative Information About Level 3 Fair Value Measurements Total Fair Value Valuation Techniques Unobservable Input Range (Weighted Average) Impaired loans $ 1,722 Appraisal of collateral (1) Appraisal adjustments (2) 0% - 25% (2%) Other real estate owned $ 1,446 Appraisal of collateral (1) Appraisal adjustments (2) 0% - 29% (4%) December 31, 2015 Quantitative Information About Level 3 Fair Value Measurements Total Fair Value Valuation Techniques Unobservable Input Range (Weighted Average) Impaired loans $ 1,151 Appraisal of collateral (1) Appraisal adjustments (2) 0% - 25% (3%) Other real estate owned $ 1,410 Appraisal of collateral (1) Appraisal adjustments (2) 0% - 29% (5%) |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Fair Value Measurements at June 30, 2016 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 $ 19,695 $ 19,695 $ 19,695 $ - $ - Investment in interest-earning time deposits 6,146 6,202 - - 6,202 Investment securities available for sale 6,502 6,502 - 6,502 - Loans held for sale 5,625 5,870 - 5,870 - Loans receivable, net 154,342 156,040 - - 156,040 Accrued interest receivable 1,098 1,098 1,098 - - Investment in FHLB stock 633 633 633 - - Bank-owned life insurance 3,682 3,682 3,682 - - Financial Liabilities Deposits 166,427 168,627 36,618 - 132,009 FHLB short-term borrowings 6,000 6,000 6,000 - - FHLB long-term borrowings 7,500 7,559 - - 7,559 Accrued interest payable 125 125 125 - - Fair Value Measurements at December 31, 2015 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 $ 17,206 $ 17,206 $ 17,206 $ - $ - Investment in interest-earning time deposits 6,136 6,206 - - 6,206 Investment securities available for sale 3,005 3,005 - 3,005 - Loans held for sale 5,064 5,244 - 5,244 - Loans receivable, net 143,305 145,134 - - 145,134 Accrued interest receivable 983 983 983 - - Investment in FHLB stock 618 618 618 - - Bank-owned life insurance 3,638 3,638 3,638 - - Financial Liabilities Deposits 149,229 150,644 33,438 - 117,206 FHLB short-term borrowings 6,000 6,000 6,000 - - FHLB long-term borrowings 7,500 7,479 - - 7,479 Accrued interest payable 123 123 123 - - |
Note 1 - Financial Statement 30
Note 1 - Financial Statement Presentation and Significant Accounting Policies (Details Textual) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | ||||
Number of Mortgage Loans in Foreclosure Proceedings | 1 | 1 | ||
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | ||||
Number of Mortgage Loans in Foreclosure Proceedings | 1 | 1 | ||
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 | $ 500,000 | ||
Asset Impairment Charges | 0 | $ 0 | 0 | $ 0 |
Mortgage Loans in Process of Foreclosure, Amount | $ 387,000 | $ 387,000 | ||
Number of Share-Based Plans | 3 |
Note 2 - Stock Split (Details T
Note 2 - Stock Split (Details Textual) | Aug. 13, 2015 |
Stockholders' Equity Note, Stock Split, Conversion Ratio | 2 |
Common Stock, Dividend Rate, Percentage | 100.00% |
Note 3 - Weighted Average Share
Note 3 - Weighted Average Shares Used in Basic and Dilutive Earnings Per Share Computations (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Net Income | $ 402,000 | $ 374,000 | $ 641,000 | $ 583,000 |
Weighted average shares outstanding – basic (in shares) | 1,775,829 | 1,714,582 | 1,765,078 | 1,709,114 |
Effect of dilutive common stock equivalents (in shares) | 162,798 | 154,976 | 165,597 | 151,976 |
Adjusted weighted average shares outstanding – diluted (in shares) | 1,938,627 | 1,869,558 | 1,930,675 | 1,861,090 |
Basic earnings per share (in dollars per share) | $ 0.23 | $ 0.22 | $ 0.36 | $ 0.34 |
Diluted earnings per share (in dollars per share) | $ 0.21 | $ 0.20 | $ 0.33 | $ 0.32 |
Note 4 - Accumulated Other Co33
Note 4 - Accumulated Other Comprehensive Income (Loss) (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | $ 0 | $ 0 | $ 0 | $ 0 |
Note 4 - Changes in Accumulated
Note 4 - Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | ||
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | |||||
Balance at the beginning of the period | [1] | $ 6,000 | $ (33,000) | $ (12,000) | $ (36,000) |
Other comprehensive income (loss) before classifications | [1] | 5,000 | 7,000 | (13,000) | 4,000 |
Total other comprehensive income (loss) | [1] | 5,000 | (7,000) | 13,000 | (4,000) |
Balance at the end of the period | [1] | 1,000 | (40,000) | 1,000 | (40,000) |
Balance at the beginning of the period | (12,000) | ||||
Amount reclassified from accumulated other comprehensive income (loss) | 0 | $ 0 | 0 | $ 0 | |
Balance at the end of the period | $ 1,000 | $ 1,000 | |||
[1] | All amounts are net of tax. Amounts in parentheses indicate debits. |
Note 5 - Investment in Intere35
Note 5 - Investment in Interest-earnings Time Deposits (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Due in one year or less | $ 4,368 | $ 3,585 |
Due after one year through five years | 1,778 | 2,551 |
$ 6,146 | $ 6,136 |
Note 6 - Investment Securitie36
Note 6 - Investment Securities Available for Sale (Details Textual) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Dec. 31, 2015 | |
Other than Temporary Impairment Losses, Investments | $ 0 | ||||
Asset Impairment Charges | $ 0 | $ 0 | $ 0 | $ 0 | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 2 | 2 | 3 | ||
Percentage of Aggregate Depreciation Held by Debt Securities | 0.24% | 0.24% |
Note 6 - Amortized Cost and Fai
Note 6 - Amortized Cost and Fair Value of Investment Securities Available for Sale (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Government National Mortgage Association (GNMA) Insured Loans [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Available for Sale: | ||
Amortized cost | $ 3,230 | $ 2,003 |
Gross unrealized gains | 2 | |
Gross unrealized losses | (13) | |
Fair value | 3,232 | 1,990 |
Federal Home Loan Mortgage Corporation (FHLMC) Insured Loans [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Available for Sale: | ||
Amortized cost | 2,017 | 1,020 |
Gross unrealized gains | 3 | |
Gross unrealized losses | (5) | |
Fair value | 2,020 | 1,015 |
Federal National Mortgage Association (FNMA) Insured Loans [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Available for Sale: | ||
Amortized cost | 893 | |
Gross unrealized gains | ||
Gross unrealized losses | (2) | |
Fair value | 891 | |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Available for Sale: | ||
Amortized cost | 6,140 | |
Gross unrealized gains | 5 | |
Gross unrealized losses | (2) | |
Fair value | 6,143 | |
Federal Home Loan Mortgage Corporation Medium Term Note [Member] | ||
Available for Sale: | ||
Amortized cost | 360 | |
Gross unrealized gains | ||
Gross unrealized losses | (1) | |
Fair value | 359 | |
Amortized cost | 6,500 | 3,023 |
Gross unrealized gains | 5 | |
Gross unrealized losses | (3) | (18) |
Fair value | $ 6,502 | $ 3,005 |
Note 6 - Gross Unrealized Losse
Note 6 - Gross Unrealized Losses and Fair Value (Details) $ in Thousands | Jun. 30, 2016USD ($) | Dec. 31, 2015USD ($) |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Federal National Mortgage Association (FNMA) Insured Loans [Member] | ||
Number of securities | 1 | |
Fair value, less than twelve months | $ 891 | |
Gross unrealized losses, less than twelve months | (2) | |
Fair value, twelve months or greater | ||
Gross unrealized losses, twelve months or greater | ||
Fair value | 891 | |
Gross unrealized losses | $ (2) | |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Government National Mortgage Association (GNMA) Insured Loans [Member] | ||
Number of securities | 2 | |
Fair value, less than twelve months | $ 1,990 | |
Gross unrealized losses, less than twelve months | (13) | |
Fair value, twelve months or greater | ||
Gross unrealized losses, twelve months or greater | ||
Fair value | 1,990 | |
Gross unrealized losses | $ (13) | |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Federal Home Loan Mortgage Corporation (FHLMC) Insured Loans [Member] | ||
Number of securities | 1 | |
Fair value, less than twelve months | $ 1,015 | |
Gross unrealized losses, less than twelve months | (5) | |
Fair value, twelve months or greater | ||
Gross unrealized losses, twelve months or greater | ||
Fair value | 1,015 | |
Gross unrealized losses | $ (5) | |
Federal Home Loan Mortgage Corporation Medium Term Note [Member] | ||
Number of securities | 1 | |
Fair value, less than twelve months | $ 359 | |
Gross unrealized losses, less than twelve months | (1) | |
Fair value, twelve months or greater | ||
Gross unrealized losses, twelve months or greater | ||
Fair value | 359 | |
Gross unrealized losses | $ (1) | |
Number of securities | 2 | 3 |
Fair value, less than twelve months | $ 1,250 | $ 3,005 |
Gross unrealized losses, less than twelve months | (3) | (18) |
Fair value, twelve months or greater | ||
Gross unrealized losses, twelve months or greater | ||
Fair value | 1,250 | 3,005 |
Gross unrealized losses | $ (3) | $ (18) |
Note 7 - Loans Receivable, Ne39
Note 7 - Loans Receivable, Net and Allowance for Loan Losses (Details Textual) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Dec. 31, 2015USD ($) | |
Performing Financial Instruments [Member] | |||||
Financing Receivable, Modifications, Number of Contracts | 9 | ||||
Financing Receivable, Modifications, Recorded Investment | $ 741,000 | $ 741,000 | $ 781,000 | ||
Nonperforming Financial Instruments [Member] | |||||
Loans and Leases Receivable, Gross | $ 1,500,000 | $ 1,500,000 | 852,000 | ||
Financing Receivable, Modifications, Number of Contracts | 0 | 0 | |||
Impaired Financing Receivable, Interest Income, Cash Basis Method | $ 0 | $ 0 | $ 0 | $ 0 | |
Loans and Leases Receivable, Impaired, Commitment to Lend | 0 | $ 0 | |||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 0 | ||||
Financing Receivable, Modifications, Recorded Investment | $ 741,000 | $ 741,000 | 781,000 | ||
Financing Receivable, Modifications, Number of Contracts Paid-off | 6 | ||||
Loans and Leases Receivable, Gross | $ 156,374,000 | 156,374,000 | $ 145,136,000 | ||
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans | $ 56,000 | $ 49,000 |
Note 7 - Composition of Net Loa
Note 7 - Composition of Net Loans Receivable (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | ||||||
Real estate loans: | ||||||
Loans | $ 5,749 | $ 5,777 | ||||
Allowance for loan losses | (46) | $ (51) | (55) | $ (60) | $ (64) | $ (75) |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | ||||||
Real estate loans: | ||||||
Loans | 52,140 | 51,036 | ||||
Allowance for loan losses | (525) | (512) | (486) | (369) | (412) | (418) |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Loans [Member] | ||||||
Real estate loans: | ||||||
Loans | 57,889 | 56,813 | ||||
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | ||||||
Real estate loans: | ||||||
Loans | 11,991 | 12,402 | ||||
Allowance for loan losses | (66) | (56) | (81) | (65) | (63) | (60) |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | ||||||
Real estate loans: | ||||||
Loans | 59,143 | 47,550 | ||||
Real Estate Portfolio Segment [Member] | Commercial Lines of Credit [Member] | ||||||
Real estate loans: | ||||||
Loans | 2,032 | 2,215 | ||||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||||||
Real estate loans: | ||||||
Loans | 15,270 | 16,100 | ||||
Allowance for loan losses | (115) | (149) | (153) | (203) | (160) | (122) |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | ||||||
Real estate loans: | ||||||
Loans | 5,840 | 7,409 | ||||
Allowance for loan losses | (51) | (52) | (50) | (73) | (44) | (46) |
Real Estate Portfolio Segment [Member] | ||||||
Real estate loans: | ||||||
Loans | 152,165 | 142,489 | ||||
Commercial Portfolio Segment [Member] | ||||||
Real estate loans: | ||||||
Loans | 4,178 | 2,576 | ||||
Consumer Portfolio Segment [Member] | ||||||
Real estate loans: | ||||||
Loans | 31 | 71 | ||||
Loans | 156,374 | 145,136 | ||||
Deferred loan fees and costs | (608) | (518) | ||||
Allowance for loan losses | (1,424) | $ (1,358) | (1,313) | $ (1,276) | $ (1,185) | $ (1,148) |
Net Loans | $ 154,342 | $ 143,305 |
Note 7 - Loan Portfolio by Cred
Note 7 - Loan Portfolio by Credit Rating (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | Pass [Member] | ||
Loans and Leases Receivable, Gross | $ 5,749 | $ 5,777 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | Special Mention [Member] | ||
Loans and Leases Receivable, Gross | ||
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | Substandard [Member] | ||
Loans and Leases Receivable, Gross | ||
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | Doubtful [Member] | ||
Loans and Leases Receivable, Gross | ||
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | ||
Loans and Leases Receivable, Gross | 5,749 | 5,777 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | Pass [Member] | ||
Loans and Leases Receivable, Gross | 51,019 | 49,457 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | Special Mention [Member] | ||
Loans and Leases Receivable, Gross | 106 | 331 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | Substandard [Member] | ||
Loans and Leases Receivable, Gross | 1,015 | 1,248 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | Doubtful [Member] | ||
Loans and Leases Receivable, Gross | ||
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | ||
Loans and Leases Receivable, Gross | 52,140 | 51,036 |
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | Pass [Member] | ||
Loans and Leases Receivable, Gross | 11,991 | 12,402 |
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | Special Mention [Member] | ||
Loans and Leases Receivable, Gross | ||
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | Substandard [Member] | ||
Loans and Leases Receivable, Gross | ||
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | Doubtful [Member] | ||
Loans and Leases Receivable, Gross | ||
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | ||
Loans and Leases Receivable, Gross | 11,991 | 12,402 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate and Lines of Credit [Member] | Pass [Member] | ||
Loans and Leases Receivable, Gross | 59,733 | 48,185 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate and Lines of Credit [Member] | Special Mention [Member] | ||
Loans and Leases Receivable, Gross | 118 | 262 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate and Lines of Credit [Member] | Substandard [Member] | ||
Loans and Leases Receivable, Gross | 1,324 | 1,318 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate and Lines of Credit [Member] | Doubtful [Member] | ||
Loans and Leases Receivable, Gross | ||
Real Estate Portfolio Segment [Member] | Commercial Real Estate and Lines of Credit [Member] | ||
Loans and Leases Receivable, Gross | 61,175 | 49,765 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Pass [Member] | ||
Loans and Leases Receivable, Gross | 13,433 | 14,621 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Special Mention [Member] | ||
Loans and Leases Receivable, Gross | ||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Substandard [Member] | ||
Loans and Leases Receivable, Gross | 1,837 | 1,479 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Doubtful [Member] | ||
Loans and Leases Receivable, Gross | ||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans and Leases Receivable, Gross | 15,270 | 16,100 |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Pass [Member] | ||
Loans and Leases Receivable, Gross | 5,840 | 7,409 |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Special Mention [Member] | ||
Loans and Leases Receivable, Gross | ||
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Substandard [Member] | ||
Loans and Leases Receivable, Gross | ||
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Doubtful [Member] | ||
Loans and Leases Receivable, Gross | ||
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Loans and Leases Receivable, Gross | 5,840 | 7,409 |
Real Estate Portfolio Segment [Member] | ||
Loans and Leases Receivable, Gross | 152,165 | 142,489 |
Commercial Portfolio Segment [Member] | Pass [Member] | ||
Loans and Leases Receivable, Gross | 4,178 | 2,576 |
Commercial Portfolio Segment [Member] | Special Mention [Member] | ||
Loans and Leases Receivable, Gross | ||
Commercial Portfolio Segment [Member] | Substandard [Member] | ||
Loans and Leases Receivable, Gross | ||
Commercial Portfolio Segment [Member] | Doubtful [Member] | ||
Loans and Leases Receivable, Gross | ||
Commercial Portfolio Segment [Member] | ||
Loans and Leases Receivable, Gross | 4,178 | 2,576 |
Consumer Portfolio Segment [Member] | Pass [Member] | ||
Loans and Leases Receivable, Gross | 31 | 71 |
Consumer Portfolio Segment [Member] | Special Mention [Member] | ||
Loans and Leases Receivable, Gross | ||
Consumer Portfolio Segment [Member] | Substandard [Member] | ||
Loans and Leases Receivable, Gross | ||
Consumer Portfolio Segment [Member] | Doubtful [Member] | ||
Loans and Leases Receivable, Gross | ||
Consumer Portfolio Segment [Member] | ||
Loans and Leases Receivable, Gross | 31 | 71 |
Pass [Member] | ||
Loans and Leases Receivable, Gross | 151,974 | 140,498 |
Special Mention [Member] | ||
Loans and Leases Receivable, Gross | 224 | 593 |
Substandard [Member] | ||
Loans and Leases Receivable, Gross | 4,176 | 4,045 |
Doubtful [Member] | ||
Loans and Leases Receivable, Gross | ||
Loans and Leases Receivable, Gross | $ 156,374 | $ 145,136 |
Note 7 - Impaired Loans by Loan
Note 7 - Impaired Loans by Loan Portfolio Class (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Dec. 31, 2015 | |
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 | ||
Unpaid principal balance, with no related allowance recorded | ||
Average recorded investment, with no related allowance recorded | 828 | |
Interest income recognized, with no related allowance recorded | 15 | |
With an allowance recorded: | ||
Recorded investment, with an allowance recorded | ||
Unpaid principal balance, with an allowance recorded | ||
Related allowance | ||
Average recorded investment, with an allowance recorded | ||
Interest income recognized, with an allowance recorded | ||
Total: | ||
Recorded investment | ||
Unpaid principal balance | ||
Related allowance | ||
Average recorded investment | 828 | |
Interest income recognized | 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 | 1,121 | 653 |
Unpaid principal balance, with no related allowance recorded | 1,127 | 659 |
Average recorded investment, with no related allowance recorded | 1,188 | 1,464 |
Interest income recognized, with no related allowance recorded | 15 | 62 |
With an allowance recorded: | ||
Recorded investment, with an allowance recorded | 197 | 321 |
Unpaid principal balance, with an allowance recorded | 197 | 321 |
Related allowance | 31 | 33 |
Average recorded investment, with an allowance recorded | 197 | 556 |
Interest income recognized, with an allowance recorded | 8 | 22 |
Total: | ||
Recorded investment | 1,318 | 974 |
Unpaid principal balance | 1,324 | 980 |
Related allowance | 31 | 33 |
Average recorded investment | 1,385 | 2,020 |
Interest income recognized | 23 | 84 |
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 | ||
Unpaid principal balance, with no related allowance recorded | ||
Average recorded investment, with no related allowance recorded | 66 | |
Interest income recognized, with no related allowance recorded | 5 | |
With an allowance recorded: | ||
Recorded investment, with an allowance recorded | ||
Unpaid principal balance, with an allowance recorded | ||
Related allowance | ||
Average recorded investment, with an allowance recorded | ||
Interest income recognized, with an allowance recorded | ||
Total: | ||
Recorded investment | ||
Unpaid principal balance | ||
Related allowance | ||
Average recorded investment | 66 | |
Interest income recognized | 5 | |
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 | 262 | |
Unpaid principal balance, with no related allowance recorded | 262 | |
Average recorded investment, with no related allowance recorded | 262 | 1,085 |
Interest income recognized, with no related allowance recorded | 77 | |
With an allowance recorded: | ||
Recorded investment, with an allowance recorded | 133 | 133 |
Unpaid principal balance, with an allowance recorded | 133 | 133 |
Related allowance | 11 | 7 |
Average recorded investment, with an allowance recorded | 133 | 332 |
Interest income recognized, with an allowance recorded | 5 | 9 |
Total: | ||
Recorded investment | 395 | 133 |
Unpaid principal balance | 395 | 133 |
Related allowance | 11 | 7 |
Average recorded investment | 395 | 1,417 |
Interest income recognized | 5 | 86 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
With no related allowance recorded: | ||
Recorded investment, with no related allowance recorded | ||
Unpaid principal balance, with no related allowance recorded | ||
Average recorded investment, with no related allowance recorded | ||
Interest income recognized, with no related allowance recorded | ||
With an allowance recorded: | ||
Recorded investment, with an allowance recorded | ||
Unpaid principal balance, with an allowance recorded | ||
Related allowance | ||
Average recorded investment, with an allowance recorded | ||
Interest income recognized, with an allowance recorded | ||
Total: | ||
Recorded investment | ||
Unpaid principal balance | ||
Related allowance | ||
Average recorded investment | ||
Interest income recognized | ||
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | ||
With no related allowance recorded: | ||
Recorded investment, with no related allowance recorded | 51 | 84 |
Unpaid principal balance, with no related allowance recorded | 51 | 84 |
Average recorded investment, with no related allowance recorded | 83 | 87 |
Interest income recognized, with no related allowance recorded | 3 | 7 |
With an allowance recorded: | ||
Recorded investment, with an allowance recorded | ||
Unpaid principal balance, with an allowance recorded | ||
Related allowance | ||
Average recorded investment, with an allowance recorded | 45 | |
Interest income recognized, with an allowance recorded | 4 | |
Total: | ||
Recorded investment | 51 | 84 |
Unpaid principal balance | 51 | 84 |
Related allowance | ||
Average recorded investment | 83 | 132 |
Interest income recognized | 3 | 11 |
Commercial Portfolio Segment [Member] | ||
With no related allowance recorded: | ||
Recorded investment, with no related allowance recorded | ||
Unpaid principal balance, with no related allowance recorded | ||
Average recorded investment, with no related allowance recorded | ||
Interest income recognized, with no related allowance recorded | ||
With an allowance recorded: | ||
Recorded investment, with an allowance recorded | ||
Unpaid principal balance, with an allowance recorded | ||
Related allowance | ||
Average recorded investment, with an allowance recorded | ||
Interest income recognized, with an allowance recorded | ||
Total: | ||
Recorded investment | ||
Unpaid principal balance | ||
Related allowance | ||
Average recorded investment | ||
Interest income recognized | ||
Consumer Portfolio Segment [Member] | ||
With no related allowance recorded: | ||
Recorded investment, with no related allowance recorded | ||
Unpaid principal balance, with no related allowance recorded | ||
Average recorded investment, with no related allowance recorded | ||
Interest income recognized, with no related allowance recorded | ||
With an allowance recorded: | ||
Recorded investment, with an allowance recorded | ||
Unpaid principal balance, with an allowance recorded | ||
Related allowance | ||
Average recorded investment, with an allowance recorded | ||
Interest income recognized, with an allowance recorded | ||
Total: | ||
Recorded investment | ||
Unpaid principal balance | ||
Related allowance | ||
Average recorded investment | ||
Interest income recognized | ||
Related allowance | 42 | 40 |
Recorded investment | 1,764 | 1,191 |
Unpaid principal balance | 1,770 | 1,197 |
Related allowance | 42 | 40 |
Average recorded investment | 1,863 | 4,463 |
Interest income recognized | $ 31 | $ 201 |
Note 7 - Troubled Debt Restruct
Note 7 - Troubled Debt Restructuring Loans (Details) $ in Thousands | Jun. 30, 2016USD ($) | Dec. 31, 2015USD ($) |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | Nonaccruing Instrument [Member] | ||
Troubled debt restructuring, recorded investment | ||
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | Accruing Instrument [Member] | ||
Troubled debt restructuring, recorded investment | ||
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | ||
Troubled debt restructuring, number of contracts | ||
Troubled debt restructuring, recorded investment | ||
Troubled debt restructuring, related allowance | ||
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | Nonaccruing Instrument [Member] | ||
Troubled debt restructuring, recorded investment | ||
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | Accruing Instrument [Member] | ||
Troubled debt restructuring, recorded investment | $ 557 | $ 564 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | ||
Troubled debt restructuring, number of contracts | 5 | 5 |
Troubled debt restructuring, recorded investment | $ 557 | $ 564 |
Troubled debt restructuring, related allowance | 28 | 25 |
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | Nonaccruing Instrument [Member] | ||
Troubled debt restructuring, recorded investment | ||
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | Accruing Instrument [Member] | ||
Troubled debt restructuring, recorded investment | ||
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | ||
Troubled debt restructuring, number of contracts | ||
Troubled debt restructuring, recorded investment | ||
Troubled debt restructuring, related allowance | ||
Real Estate Portfolio Segment [Member] | Commercial Real Estate and Lines of Credit [Member] | Nonaccruing Instrument [Member] | ||
Troubled debt restructuring, recorded investment | ||
Real Estate Portfolio Segment [Member] | Commercial Real Estate and Lines of Credit [Member] | Accruing Instrument [Member] | ||
Troubled debt restructuring, recorded investment | $ 133 | $ 133 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate and Lines of Credit [Member] | ||
Troubled debt restructuring, number of contracts | 1 | 1 |
Troubled debt restructuring, recorded investment | $ 133 | $ 133 |
Troubled debt restructuring, related allowance | 11 | 7 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Nonaccruing Instrument [Member] | ||
Troubled debt restructuring, recorded investment | ||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Accruing Instrument [Member] | ||
Troubled debt restructuring, recorded investment | ||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Troubled debt restructuring, number of contracts | ||
Troubled debt restructuring, recorded investment | ||
Troubled debt restructuring, related allowance | ||
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Nonaccruing Instrument [Member] | ||
Troubled debt restructuring, recorded investment | ||
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Accruing Instrument [Member] | ||
Troubled debt restructuring, recorded investment | $ 51 | $ 84 |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Troubled debt restructuring, number of contracts | 2 | 3 |
Troubled debt restructuring, recorded investment | $ 51 | $ 84 |
Troubled debt restructuring, related allowance | ||
Commercial Portfolio Segment [Member] | Nonaccruing Instrument [Member] | ||
Troubled debt restructuring, recorded investment | ||
Commercial Portfolio Segment [Member] | Accruing Instrument [Member] | ||
Troubled debt restructuring, recorded investment | ||
Commercial Portfolio Segment [Member] | ||
Troubled debt restructuring, number of contracts | ||
Troubled debt restructuring, recorded investment | ||
Troubled debt restructuring, related allowance | ||
Consumer Portfolio Segment [Member] | Nonaccruing Instrument [Member] | ||
Troubled debt restructuring, recorded investment | ||
Consumer Portfolio Segment [Member] | Accruing Instrument [Member] | ||
Troubled debt restructuring, recorded investment | ||
Consumer Portfolio Segment [Member] | ||
Troubled debt restructuring, number of contracts | ||
Troubled debt restructuring, recorded investment | ||
Troubled debt restructuring, related allowance | ||
Nonaccruing Instrument [Member] | ||
Troubled debt restructuring, recorded investment | ||
Accruing Instrument [Member] | ||
Troubled debt restructuring, recorded investment | $ 741 | $ 781 |
Troubled debt restructuring, number of contracts | 8 | 9 |
Troubled debt restructuring, recorded investment | $ 741 | $ 781 |
Troubled debt restructuring, related allowance | $ 39 | $ 32 |
Note 7 - Contractual Aging of t
Note 7 - Contractual Aging of the TDRs (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | ||
Troubled debt restructurings, current & past due less than 30 Day | ||
Troubled debt restructurings, past due 30-89 days | ||
Troubled debt restructurings, greater than 90 days | ||
Troubled debt restructurings, non-accrual | ||
Troubled debt restructuring, recorded investment | ||
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | ||
Troubled debt restructurings, current & past due less than 30 Day | 557 | 564 |
Troubled debt restructurings, past due 30-89 days | ||
Troubled debt restructurings, greater than 90 days | ||
Troubled debt restructurings, non-accrual | ||
Troubled debt restructuring, recorded investment | 557 | 564 |
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | ||
Troubled debt restructurings, current & past due less than 30 Day | ||
Troubled debt restructurings, past due 30-89 days | ||
Troubled debt restructurings, greater than 90 days | ||
Troubled debt restructurings, non-accrual | ||
Troubled debt restructuring, recorded investment | ||
Real Estate Portfolio Segment [Member] | Commercial Real Estate and Lines of Credit [Member] | ||
Troubled debt restructurings, current & past due less than 30 Day | 133 | 133 |
Troubled debt restructurings, past due 30-89 days | ||
Troubled debt restructurings, greater than 90 days | ||
Troubled debt restructurings, non-accrual | ||
Troubled debt restructuring, recorded investment | 133 | 133 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Troubled debt restructurings, current & past due less than 30 Day | ||
Troubled debt restructurings, past due 30-89 days | ||
Troubled debt restructurings, greater than 90 days | ||
Troubled debt restructurings, non-accrual | ||
Troubled debt restructuring, recorded investment | ||
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Troubled debt restructurings, current & past due less than 30 Day | 51 | 84 |
Troubled debt restructurings, past due 30-89 days | ||
Troubled debt restructurings, greater than 90 days | ||
Troubled debt restructurings, non-accrual | ||
Troubled debt restructuring, recorded investment | 51 | 84 |
Commercial Portfolio Segment [Member] | ||
Troubled debt restructurings, current & past due less than 30 Day | ||
Troubled debt restructurings, past due 30-89 days | ||
Troubled debt restructurings, greater than 90 days | ||
Troubled debt restructurings, non-accrual | ||
Troubled debt restructuring, recorded investment | ||
Consumer Portfolio Segment [Member] | ||
Troubled debt restructurings, current & past due less than 30 Day | ||
Troubled debt restructurings, past due 30-89 days | ||
Troubled debt restructurings, greater than 90 days | ||
Troubled debt restructurings, non-accrual | ||
Troubled debt restructuring, recorded investment | ||
Troubled debt restructurings, current & past due less than 30 Day | 741 | 781 |
Troubled debt restructurings, past due 30-89 days | ||
Troubled debt restructurings, greater than 90 days | ||
Troubled debt restructurings, non-accrual | ||
Troubled debt restructuring, recorded investment | $ 741 | $ 781 |
Note 7 - Changes in the Allowan
Note 7 - Changes in the Allowance for Loan Losses and Recorded Investment in Loans Receivable (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | |||||
Allowance for loan losses, beginning balance | $ 51 | $ 64 | $ 55 | $ 75 | $ 75 |
Charge-offs | |||||
Recoveries | |||||
Provision | (5) | (4) | (9) | (15) | (20) |
Allowance for loan losses, ending balance | 46 | 60 | 46 | 60 | 55 |
Ending balance evaluated for impairment: | |||||
Allowance for loan losses, individually evaluated for impairment | |||||
Allowance for loan losses, collectively evaluated for impairment | 46 | 60 | 46 | 60 | 55 |
Loans receivable | 5,749 | 5,749 | 5,777 | ||
Loans receivable, individually evaluated for impairment | |||||
Loans receivable, collectively evaluated for impairment | 5,749 | 5,749 | 5,777 | ||
Allowance for loan losses, beginning balance | 51 | 64 | 55 | 75 | 75 |
Charge-offs | |||||
Recoveries | |||||
Provision | (5) | (4) | (9) | (15) | (20) |
Allowance for loan losses, ending balance | 46 | 60 | 46 | 60 | 55 |
Allowance for loan losses, individually evaluated for impairment | |||||
Allowance for loan losses, collectively evaluated for impairment | 46 | 60 | 46 | 60 | 55 |
Loans receivable: | |||||
Loans receivable | 5,749 | 5,749 | 5,777 | ||
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | |||||
Allowance for loan losses, beginning balance | 512 | 412 | 486 | 418 | 418 |
Charge-offs | (30) | (81) | (110) | ||
Recoveries | |||||
Provision | 13 | (13) | 39 | 32 | 178 |
Allowance for loan losses, ending balance | 525 | 369 | 525 | 369 | 486 |
Ending balance evaluated for impairment: | |||||
Allowance for loan losses, individually evaluated for impairment | 31 | 13 | 31 | 13 | 33 |
Allowance for loan losses, collectively evaluated for impairment | 494 | 356 | 494 | 356 | 453 |
Loans receivable | 52,140 | 52,140 | 51,036 | ||
Loans receivable, individually evaluated for impairment | 1,318 | 1,318 | 974 | ||
Loans receivable, collectively evaluated for impairment | 50,822 | 50,822 | 50,062 | ||
Allowance for loan losses, beginning balance | 512 | 412 | 486 | 418 | 418 |
Charge-offs | (30) | (81) | (110) | ||
Recoveries | |||||
Provision | 13 | (13) | 39 | 32 | 178 |
Allowance for loan losses, ending balance | 525 | 369 | 525 | 369 | 486 |
Allowance for loan losses, individually evaluated for impairment | 31 | 13 | 31 | 13 | 33 |
Allowance for loan losses, collectively evaluated for impairment | 494 | 356 | 494 | 356 | 453 |
Loans receivable: | |||||
Loans receivable | 52,140 | 52,140 | 51,036 | ||
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | |||||
Allowance for loan losses, beginning balance | 56 | 63 | 81 | 60 | 60 |
Charge-offs | |||||
Recoveries | |||||
Provision | 10 | 2 | (15) | 5 | 21 |
Allowance for loan losses, ending balance | 66 | 65 | 66 | 65 | 81 |
Ending balance evaluated for impairment: | |||||
Allowance for loan losses, individually evaluated for impairment | |||||
Allowance for loan losses, collectively evaluated for impairment | 66 | 65 | 66 | 65 | 81 |
Loans receivable | 11,991 | 11,991 | 12,402 | ||
Loans receivable, individually evaluated for impairment | |||||
Loans receivable, collectively evaluated for impairment | 11,991 | 11,991 | 12,402 | ||
Allowance for loan losses, beginning balance | 56 | 63 | 81 | 60 | 60 |
Charge-offs | |||||
Recoveries | |||||
Provision | 10 | 2 | (15) | 5 | 21 |
Allowance for loan losses, ending balance | 66 | 65 | 66 | 65 | 81 |
Allowance for loan losses, individually evaluated for impairment | |||||
Allowance for loan losses, collectively evaluated for impairment | 66 | 65 | 66 | 65 | 81 |
Loans receivable: | |||||
Loans receivable | 11,991 | 11,991 | 12,402 | ||
Real Estate Portfolio Segment [Member] | Commercial Real Estate and Lines of Credit [Member] | |||||
Allowance for loan losses, beginning balance | 425 | 353 | 389 | 324 | 324 |
Charge-offs | (21) | ||||
Recoveries | 21 | ||||
Provision | 59 | 59 | 95 | 88 | 65 |
Allowance for loan losses, ending balance | 484 | 412 | 484 | 412 | 389 |
Ending balance evaluated for impairment: | |||||
Allowance for loan losses, individually evaluated for impairment | 11 | 29 | 11 | 29 | 7 |
Allowance for loan losses, collectively evaluated for impairment | 473 | 383 | 473 | 383 | 382 |
Loans receivable | 61,175 | 61,175 | 49,765 | ||
Loans receivable, individually evaluated for impairment | 395 | 395 | 133 | ||
Loans receivable, collectively evaluated for impairment | 60,780 | 60,780 | 49,632 | ||
Allowance for loan losses, beginning balance | 425 | 353 | 389 | 324 | 324 |
Charge-offs | (21) | ||||
Recoveries | 21 | ||||
Provision | 59 | 59 | 95 | 88 | 65 |
Allowance for loan losses, ending balance | 484 | 412 | 484 | 412 | 389 |
Allowance for loan losses, individually evaluated for impairment | 11 | 29 | 11 | 29 | 7 |
Allowance for loan losses, collectively evaluated for impairment | 473 | 383 | 473 | 383 | 382 |
Loans receivable: | |||||
Loans receivable | 61,175 | 61,175 | 49,765 | ||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||||
Allowance for loan losses, beginning balance | 149 | 160 | 153 | 122 | 122 |
Charge-offs | |||||
Recoveries | |||||
Provision | (34) | 43 | (38) | 81 | 31 |
Allowance for loan losses, ending balance | 115 | 203 | 115 | 203 | 153 |
Ending balance evaluated for impairment: | |||||
Allowance for loan losses, individually evaluated for impairment | |||||
Allowance for loan losses, collectively evaluated for impairment | 115 | 203 | 115 | 203 | 153 |
Loans receivable | 15,270 | 15,270 | 16,100 | ||
Loans receivable, individually evaluated for impairment | |||||
Loans receivable, collectively evaluated for impairment | 15,270 | 15,270 | 16,100 | ||
Allowance for loan losses, beginning balance | 149 | 160 | 153 | 122 | 122 |
Charge-offs | |||||
Recoveries | |||||
Provision | (34) | 43 | (38) | 81 | 31 |
Allowance for loan losses, ending balance | 115 | 203 | 115 | 203 | 153 |
Allowance for loan losses, individually evaluated for impairment | |||||
Allowance for loan losses, collectively evaluated for impairment | 115 | 203 | 115 | 203 | 153 |
Loans receivable: | |||||
Loans receivable | 15,270 | 15,270 | 16,100 | ||
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | |||||
Allowance for loan losses, beginning balance | 52 | 44 | 50 | 46 | 46 |
Charge-offs | (45) | ||||
Recoveries | |||||
Provision | (1) | 29 | 1 | 27 | 49 |
Allowance for loan losses, ending balance | 51 | 73 | 51 | 73 | 50 |
Ending balance evaluated for impairment: | |||||
Allowance for loan losses, individually evaluated for impairment | 34 | 34 | |||
Allowance for loan losses, collectively evaluated for impairment | 51 | 39 | 51 | 39 | 50 |
Loans receivable | 5,840 | 5,840 | 7,409 | ||
Loans receivable, individually evaluated for impairment | 51 | 51 | 84 | ||
Loans receivable, collectively evaluated for impairment | 5,789 | 5,789 | 7,325 | ||
Allowance for loan losses, beginning balance | 52 | 44 | 50 | 46 | 46 |
Charge-offs | (45) | ||||
Recoveries | |||||
Provision | (1) | 29 | 1 | 27 | 49 |
Allowance for loan losses, ending balance | 51 | 73 | 51 | 73 | 50 |
Allowance for loan losses, individually evaluated for impairment | 34 | 34 | |||
Allowance for loan losses, collectively evaluated for impairment | 51 | 39 | 51 | 39 | 50 |
Loans receivable: | |||||
Loans receivable | 5,840 | 5,840 | 7,409 | ||
Real Estate Portfolio Segment [Member] | |||||
Ending balance evaluated for impairment: | |||||
Loans receivable | 152,165 | 152,165 | 142,489 | ||
Loans receivable: | |||||
Loans receivable | 152,165 | 152,165 | 142,489 | ||
Commercial and Consumer Portfolio Segments [Member] | |||||
Allowance for loan losses, beginning balance | 32 | 15 | 18 | 7 | 7 |
Charge-offs | |||||
Recoveries | |||||
Provision | 5 | 8 | 19 | 16 | 11 |
Allowance for loan losses, ending balance | 37 | 23 | 37 | 23 | 18 |
Ending balance evaluated for impairment: | |||||
Allowance for loan losses, individually evaluated for impairment | |||||
Allowance for loan losses, collectively evaluated for impairment | 37 | 23 | 37 | 23 | 18 |
Loans receivable | 4,209 | 4,209 | 2,647 | ||
Loans receivable, individually evaluated for impairment | |||||
Loans receivable, collectively evaluated for impairment | 4,209 | 4,209 | 2,647 | ||
Allowance for loan losses, beginning balance | 32 | 15 | 18 | 7 | 7 |
Charge-offs | |||||
Recoveries | |||||
Provision | 5 | 8 | 19 | 16 | 11 |
Allowance for loan losses, ending balance | 37 | 23 | 37 | 23 | 18 |
Allowance for loan losses, individually evaluated for impairment | |||||
Allowance for loan losses, collectively evaluated for impairment | 37 | 23 | 37 | 23 | 18 |
Loans receivable: | |||||
Loans receivable | 4,209 | 4,209 | 2,647 | ||
Unallocated Financing Receivables [Member] | |||||
Allowance for loan losses, beginning balance | 81 | 74 | 81 | 96 | 96 |
Charge-offs | |||||
Recoveries | |||||
Provision | 19 | (3) | 19 | (25) | (15) |
Allowance for loan losses, ending balance | 100 | 71 | 100 | 71 | 81 |
Ending balance evaluated for impairment: | |||||
Allowance for loan losses, individually evaluated for impairment | |||||
Allowance for loan losses, collectively evaluated for impairment | 100 | 71 | 100 | 71 | 81 |
Loans receivable | |||||
Loans receivable, individually evaluated for impairment | |||||
Loans receivable, collectively evaluated for impairment | |||||
Allowance for loan losses, beginning balance | 81 | 74 | 81 | 96 | 96 |
Charge-offs | |||||
Recoveries | |||||
Provision | 19 | (3) | 19 | (25) | (15) |
Allowance for loan losses, ending balance | 100 | 71 | 100 | 71 | 81 |
Allowance for loan losses, individually evaluated for impairment | |||||
Allowance for loan losses, collectively evaluated for impairment | 100 | 71 | 100 | 71 | 81 |
Loans receivable: | |||||
Loans receivable | |||||
Allowance for loan losses, beginning balance | 1,358 | 1,185 | 1,313 | 1,148 | 1,148 |
Charge-offs | (30) | (81) | (176) | ||
Recoveries | 21 | ||||
Provision | 66 | 121 | 111 | 209 | 320 |
Allowance for loan losses, ending balance | 1,424 | 1,276 | 1,424 | 1,276 | 1,313 |
Allowance for loan losses, individually evaluated for impairment | 42 | 76 | 42 | 76 | 40 |
Allowance for loan losses, collectively evaluated for impairment | 1,382 | 1,200 | 1,382 | 1,200 | 1,273 |
Loans receivable | 156,374 | 156,374 | 145,136 | ||
Loans receivable, individually evaluated for impairment | 1,764 | 1,764 | 1,191 | ||
Loans receivable, collectively evaluated for impairment | 154,610 | 154,610 | 143,945 | ||
Allowance for loan losses, beginning balance | 1,358 | 1,185 | 1,313 | 1,148 | 1,148 |
Charge-offs | (30) | (81) | (176) | ||
Recoveries | 21 | ||||
Provision | 66 | 121 | 111 | 209 | 320 |
Allowance for loan losses, ending balance | 1,424 | 1,276 | 1,424 | 1,276 | 1,313 |
Allowance for loan losses, individually evaluated for impairment | 42 | 76 | 42 | 76 | 40 |
Allowance for loan losses, collectively evaluated for impairment | 1,382 | $ 1,200 | 1,382 | $ 1,200 | 1,273 |
Loans receivable | $ 156,374 | $ 156,374 | $ 145,136 |
Note 7 - Non-accrual Loans by C
Note 7 - Non-accrual Loans by Class of Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | ||
Loans | ||
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | ||
Loans | 661 | 186 |
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | ||
Loans | ||
Real Estate Portfolio Segment [Member] | Commercial Real Estate and Lines of Credit [Member] | ||
Loans | 262 | |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans | ||
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Loans | ||
Commercial Portfolio Segment [Member] | ||
Loans | ||
Consumer Portfolio Segment [Member] | ||
Loans | ||
Loans | $ 923 | $ 186 |
Note 7 - Loan Portfolio Summari
Note 7 - Loan Portfolio Summarized by Past Due Status (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | 30 to 89 Days Delinquent [Member] | ||
Loans, past due | $ 312 | $ 253 |
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] | ||
Loans, past due | 171 | |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | ||
Loans, past due | 483 | 253 |
Loans, current | 5,266 | 5,524 |
Loans and Leases Receivable, Gross | 5,749 | 5,777 |
Loans > 90 days and accruing | 171 | |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | 30 to 89 Days Delinquent [Member] | ||
Loans, past due | 493 | 1,227 |
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] | ||
Loans, past due | 974 | 590 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | ||
Loans, past due | 1,467 | 1,817 |
Loans, current | 50,673 | 49,219 |
Loans and Leases Receivable, Gross | 52,140 | 51,036 |
Loans > 90 days and accruing | 313 | 404 |
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | 30 to 89 Days Delinquent [Member] | ||
Loans, past due | ||
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans, past due | ||
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | ||
Loans, past due | ||
Loans, current | 11,991 | 12,402 |
Loans and Leases Receivable, Gross | 11,991 | 12,402 |
Loans > 90 days and accruing | ||
Real Estate Portfolio Segment [Member] | Commercial Real Estate and Lines of Credit [Member] | 30 to 89 Days Delinquent [Member] | ||
Loans, past due | 648 | 894 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate and Lines of Credit [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans, past due | 364 | 262 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate and Lines of Credit [Member] | ||
Loans, past due | 1,012 | 1,156 |
Loans, current | 60,163 | 48,609 |
Loans and Leases Receivable, Gross | 61,175 | 49,765 |
Loans > 90 days and accruing | 102 | 262 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | 30 to 89 Days Delinquent [Member] | ||
Loans, past due | 508 | 558 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans, past due | ||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans, past due | 508 | 558 |
Loans, current | 14,762 | 15,542 |
Loans and Leases Receivable, Gross | 15,270 | 16,100 |
Loans > 90 days and accruing | ||
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | 30 to 89 Days Delinquent [Member] | ||
Loans, past due | 272 | 55 |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans, past due | ||
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Loans, past due | 272 | 55 |
Loans, current | 5,568 | 7,354 |
Loans and Leases Receivable, Gross | 5,840 | 7,409 |
Loans > 90 days and accruing | ||
Real Estate Portfolio Segment [Member] | ||
Loans and Leases Receivable, Gross | 152,165 | 142,489 |
Commercial Portfolio Segment [Member] | 30 to 89 Days Delinquent [Member] | ||
Loans, past due | ||
Commercial Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans, past due | ||
Commercial Portfolio Segment [Member] | ||
Loans, past due | ||
Loans, current | 4,178 | 2,576 |
Loans and Leases Receivable, Gross | 4,178 | 2,576 |
Loans > 90 days and accruing | ||
Consumer Portfolio Segment [Member] | 30 to 89 Days Delinquent [Member] | ||
Loans, past due | ||
Consumer Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans, past due | ||
Consumer Portfolio Segment [Member] | ||
Loans, past due | ||
Loans, current | 31 | 71 |
Loans and Leases Receivable, Gross | 31 | 71 |
Loans > 90 days and accruing | ||
30 to 89 Days Delinquent [Member] | ||
Loans, past due | 2,233 | 2,987 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans, past due | 1,509 | 852 |
Loans, past due | 3,742 | 3,839 |
Loans, current | 152,632 | 141,297 |
Loans and Leases Receivable, Gross | 156,374 | 145,136 |
Loans > 90 days and accruing | $ 586 | $ 666 |
Note 8 - Summary of Deposits (D
Note 8 - Summary of Deposits (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Passbook Accounts [Member] | ||
Passbook accounts | $ 1,273 | $ 1,185 |
Savings Accounts [Member] | ||
Passbook accounts | 2,189 | 3,275 |
Non-interest bearing checking accounts | 3,385 | 2,407 |
Money market accounts | 29,771 | 26,571 |
Certificates of deposit | 129,809 | 115,791 |
Total deposits | $ 166,427 | $ 149,229 |
Note 9 - Federal Home Loan Bank
Note 9 - Federal Home Loan Bank Long-term Borrowings (Details) - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 |
Short-term borrowings | $ 6 | $ 6 |
Short-term borrowings | 0.59% | 0.45% |
Fixed rate borrowings maturing: | ||
2,016 | $ 1 | $ 1 |
2,016 | 0.88% | 0.88% |
2,017 | $ 2.5 | $ 2.5 |
2,017 | 1.15% | 1.15% |
2,018 | $ 3 | $ 3 |
2,018 | 1.46% | 1.46% |
2,019 | $ 1 | $ 1 |
2,019 | 2.02% | 2.02% |
Total FHLB long-term debt | $ 7.5 | $ 7.5 |
Total FHLB long-term debt | 1.35% | 1.35% |
Note 10 - Stock Compensation 50
Note 10 - Stock Compensation Plans (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
May 31, 2013 | May 31, 2008 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2007 | Dec. 31, 2015 | Dec. 31, 2014 | |
Employee Stock Option [Member] | The 2008 Stock Option Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 0 | 0 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 277,726 | ||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 5 | ||||||||
Employee Stock Option [Member] | The 2013 Stock Incentive Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 146,250 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 56,276 | 56,276 | |||||||
Employee Stock Option [Member] | The Option Plan and Stock Incentive Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 331,748 | 331,748 | |||||||
Employee Stock Option [Member] | Minimum [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | ||||||||
Employee Stock Option [Member] | Maximum [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 7 years | ||||||||
Employee Stock Option [Member] | |||||||||
Allocated Share-based Compensation Expense | $ 11,000 | $ 11,000 | $ 22,000 | $ 22,000 | |||||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 1,000 | $ 1,000 | $ 2,000 | $ 2,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | |||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 328 days | ||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 5 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 331,748 | 369,140 | 331,748 | 369,140 | 354,266 | 369,140 | |||
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 | $ 85,000 | $ 85,000 | |||||||
Restricted Stock [Member] | The 2008 Recognition and Retention Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 0 | 0 | |||||||
Restricted Stock [Member] | The 2013 Stock Incentive Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 21,968 | 21,968 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 48,750 | ||||||||
Percentage of Shares May Be Granted As Restricted Stock Awards | 25.00% | ||||||||
Restricted Stock [Member] | The RRP and Stock Incentive Plan [Member] | Minimum [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | ||||||||
Restricted Stock [Member] | The RRP and Stock Incentive Plan [Member] | Maximum [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 7 years | ||||||||
Restricted Stock [Member] | The RRP and Stock Incentive Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 20,524 | 20,524 | |||||||
Restricted Stock [Member] | Minimum [Member] | |||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 5 years | ||||||||
Restricted Stock [Member] | Maximum [Member] | |||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 7 years | ||||||||
Restricted Stock [Member] | |||||||||
Allocated Share-based Compensation Expense | $ 21,000 | $ 21,000 | $ 42,000 | $ 43,000 | |||||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 7,000 | $ 7,000 | $ 14,000 | $ 15,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 20,524 | 31,384 | 20,524 | 31,384 | 30,784 | 41,966 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 328 days | ||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 157,000 | $ 157,000 | |||||||
The 2008 Recognition and Retention Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Purchased for Award | 111,090 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Per Share Weighted Average Price of Shares Purchased | $ 4.68 | ||||||||
Employee Service Share-based Compensation, Cash Flow Effect, Cash Used to Settle Awards | $ 520,000 | ||||||||
The 2013 Stock Incentive Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 195,000 | ||||||||
Employee Stock Ownership Plan [Member] | |||||||||
Percentage of Company Shares Purchased by ESOP | 8.00% | ||||||||
Employee Stock Ownership Plan (ESOP), Shares Contributed to ESOP | 222,180 | ||||||||
Employee Stock Ownership Plan (ESOP), Weighted Average Purchase Price of Shares Purchased | $ 4.68 | ||||||||
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 | ||||||||
Employee Stock Ownership Plan (ESOP), Compensation Expense | $ 43,000 | $ 37,000 | $ 86,000 | $ 73,000 |
Note 10 - Status of Shares unde
Note 10 - Status of Shares under the RRP and Stock Incentive Plan (Details) - Restricted Stock [Member] - $ / shares | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Unvested at the beginning of the period (in shares) | 30,784 | 41,966 |
Unvested at the beginning of the period (in dollars per share) | $ 8.10 | $ 8.09 |
Granted (in shares) | ||
Granted (in dollars per share) | ||
Vested (in shares) | (10,260) | (10,582) |
Vested (in dollars per share) | $ 8.10 | $ 7.73 |
Forfeited (in shares) | ||
Forfeited (in dollars per share) | ||
Unvested at the end of the period (in shares) | 20,524 | 31,384 |
Unvested at the end of the period (in dollars per share) | $ 8.10 | $ 8.21 |
Note 10 - Summary of Option Act
Note 10 - Summary of Option Activity (Details) - Employee Stock Option [Member] - $ / shares | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Outstanding at the beginning of the year (in shares) | 354,266 | 369,140 | 369,140 | |
Outstanding at the beginning of the year (in dollars per share) | $ 6.33 | $ 6.30 | $ 6.30 | |
Outstanding at the beginning of the year | 4 years 73 days | 5 years | 4 years 255 days | 5 years 255 days |
Granted (in shares) | ||||
Granted (in dollars per share) | ||||
Granted | ||||
Exercised (in shares) | (22,518) | |||
Exercised (in dollars per share) | $ (5) | |||
Exercised | ||||
Forfeited (in shares) | ||||
Forfeited (in dollars per share) | ||||
Outstanding at the end of the period (in shares) | 331,748 | 369,140 | 354,266 | 369,140 |
Outstanding at the end of the period (in dollars per share) | $ 6.42 | $ 6.30 | $ 6.33 | $ 6.30 |
Exercisable at the end of the period (in shares) | 270,148 | 276,740 | ||
Exercisable at the end of the period (in dollars per share) | $ 6.04 | $ 5.69 | ||
Exercisable at the end of the period | 1 year 328 days | 2 years 328 days |
Note 11 - Financial Assets and
Note 11 - Financial Assets and Liabilities on a Recurring and Nonrecurring (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Government National Mortgage Association (GNMA) Insured Loans [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Recurring fair value measurements | ||
Fair value | ||
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Government National Mortgage Association (GNMA) Insured Loans [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Recurring fair value measurements | ||
Fair value | 3,232 | 1,990 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Government National Mortgage Association (GNMA) Insured Loans [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Recurring fair value measurements | ||
Fair value | ||
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Government National Mortgage Association (GNMA) Insured Loans [Member] | Fair Value, Measurements, Recurring [Member] | ||
Recurring fair value measurements | ||
Fair value | 3,232 | 1,990 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Government National Mortgage Association (GNMA) Insured Loans [Member] | ||
Recurring fair value measurements | ||
Fair value | 3,232 | 1,990 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Federal Home Loan Mortgage Corporation (FHLMC) Insured Loans [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Recurring fair value measurements | ||
Fair value | ||
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Federal Home Loan Mortgage Corporation (FHLMC) Insured Loans [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Recurring fair value measurements | ||
Fair value | 2,020 | 1,015 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Federal Home Loan Mortgage Corporation (FHLMC) Insured Loans [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Recurring fair value measurements | ||
Fair value | ||
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Federal Home Loan Mortgage Corporation (FHLMC) Insured Loans [Member] | Fair Value, Measurements, Recurring [Member] | ||
Recurring fair value measurements | ||
Fair value | 2,020 | 1,015 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Federal Home Loan Mortgage Corporation (FHLMC) Insured Loans [Member] | ||
Recurring fair value measurements | ||
Fair value | 2,020 | 1,015 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Federal National Mortgage Association (FNMA) Insured Loans [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Recurring fair value measurements | ||
Fair value | ||
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Federal National Mortgage Association (FNMA) Insured Loans [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Recurring fair value measurements | ||
Fair value | 891 | |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Federal National Mortgage Association (FNMA) Insured Loans [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Recurring fair value measurements | ||
Fair value | ||
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Federal National Mortgage Association (FNMA) Insured Loans [Member] | Fair Value, Measurements, Recurring [Member] | ||
Recurring fair value measurements | ||
Fair value | 891 | |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Federal National Mortgage Association (FNMA) Insured Loans [Member] | ||
Recurring fair value measurements | ||
Fair value | 891 | |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Recurring fair value measurements | ||
Fair value | ||
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Recurring fair value measurements | ||
Fair value | 3,005 | |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Recurring fair value measurements | ||
Fair value | ||
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Fair Value, Measurements, Recurring [Member] | ||
Recurring fair value measurements | ||
Fair value | 3,005 | |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Recurring fair value measurements | ||
Fair value | 6,143 | |
Federal Home Loan Mortgage Corporation Medium Term Note [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Recurring fair value measurements | ||
Fair value | ||
Federal Home Loan Mortgage Corporation Medium Term Note [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Recurring fair value measurements | ||
Fair value | 359 | |
Federal Home Loan Mortgage Corporation Medium Term Note [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Recurring fair value measurements | ||
Fair value | ||
Federal Home Loan Mortgage Corporation Medium Term Note [Member] | Fair Value, Measurements, Recurring [Member] | ||
Recurring fair value measurements | ||
Fair value | 359 | |
Federal Home Loan Mortgage Corporation Medium Term Note [Member] | ||
Recurring fair value measurements | ||
Fair value | 359 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Recurring fair value measurements | ||
Fair value | ||
Total recurring fair value measurements | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Recurring fair value measurements | ||
Fair value | 6,502 | |
Total recurring fair value measurements | 6,502 | 3,005 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Recurring fair value measurements | ||
Fair value | ||
Total recurring fair value measurements | ||
Fair Value, Measurements, Recurring [Member] | ||
Recurring fair value measurements | ||
Fair value | 6,502 | |
Total recurring fair value measurements | 6,502 | 3,005 |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Nonrecurring fair value measurements | ||
Impaired loans | ||
Other real estate owned | ||
Total nonrecurring fair value measurements | ||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Nonrecurring fair value measurements | ||
Impaired loans | ||
Other real estate owned | ||
Total nonrecurring fair value measurements | ||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Nonrecurring fair value measurements | ||
Impaired loans | 1,722 | 1,151 |
Other real estate owned | 1,446 | 1,410 |
Total nonrecurring fair value measurements | 3,168 | 2,561 |
Fair Value, Measurements, Nonrecurring [Member] | ||
Nonrecurring fair value measurements | ||
Impaired loans | 1,722 | 1,151 |
Other real estate owned | 1,446 | 1,410 |
Total nonrecurring fair value measurements | 3,168 | 2,561 |
Fair value | $ 6,502 | $ 3,005 |
Note 11 - Additional Quantitati
Note 11 - Additional Quantitative Information About Assets Measured at Fair Value on a Nonrecurring Basis (Details) - Appraisal of Collateral [Member] - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2016 | Dec. 31, 2015 | ||
Impaired Loans [Member] | Minimum [Member] | |||
Unobservable input, range | 0.00% | 0.00% | |
Impaired Loans [Member] | Maximum [Member] | |||
Unobservable input, range | 25.00% | 25.00% | |
Impaired Loans [Member] | Weighted Average [Member] | |||
Unobservable input, range | 2.00% | 3.00% | |
Impaired Loans [Member] | |||
Total fair value | $ 1,722 | $ 1,151 | |
Valuation techniques | [1] | Appraisal of collateral (1) | Appraisal of collateral (1) |
Unobservable input | [2] | Appraisal adjustments (2) | Appraisal adjustments (2) |
Unobservable input, range | |||
Other Real Estate Owned [Member] | Minimum [Member] | |||
Unobservable input, range | 0.00% | 0.00% | |
Other Real Estate Owned [Member] | Maximum [Member] | |||
Unobservable input, range | 29.00% | 29.00% | |
Other Real Estate Owned [Member] | Weighted Average [Member] | |||
Unobservable input, range | 4.00% | 5.00% | |
Other Real Estate Owned [Member] | |||
Total fair value | $ 1,446 | $ 1,410 | |
Valuation techniques | [1] | Appraisal of collateral (1) | Appraisal of collateral (1) |
Unobservable input | [2] | Appraisal adjustments (2) | Appraisal adjustments (2) |
Unobservable input, range | |||
[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 - Estimated Fair Values
Note 11 - Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Reported Value Measurement [Member] | ||
Financial Assets | ||
Cash and cash equivalents | $ 19,695 | $ 17,206 |
Investment in interest-earning time deposits | 6,146 | 6,136 |
Fair value | 6,502 | 3,005 |
Loans held for sale | 5,625 | 5,064 |
Loans receivable, net | 154,342 | 143,305 |
Accrued interest receivable | 1,098 | 983 |
Investment in FHLB stock | 633 | 618 |
Bank-owned life insurance | 3,682 | 3,638 |
Financial Liabilities | ||
Deposits | 166,427 | 149,229 |
FHLB short-term borrowings | 6,000 | 6,000 |
FHLB long-term borrowings | 7,500 | 7,500 |
Accrued interest payable | 125 | 123 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Financial Assets | ||
Cash and cash equivalents | 19,695 | 17,206 |
Investment in interest-earning time deposits | ||
Fair value | ||
Loans held for sale | ||
Loans receivable, net | ||
Accrued interest receivable | 1,098 | 983 |
Investment in FHLB stock | 633 | 618 |
Bank-owned life insurance | 3,682 | 3,638 |
Financial Liabilities | ||
Deposits | 36,618 | 33,438 |
FHLB short-term borrowings | 6,000 | 6,000 |
FHLB long-term borrowings | ||
Accrued interest payable | 125 | 123 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Financial Assets | ||
Cash and cash equivalents | ||
Investment in interest-earning time deposits | ||
Fair value | 6,502 | 3,005 |
Loans held for sale | 5,870 | 5,244 |
Loans receivable, net | ||
Accrued interest receivable | ||
Investment in FHLB stock | ||
Bank-owned life insurance | ||
Financial Liabilities | ||
Deposits | ||
FHLB short-term borrowings | ||
FHLB long-term borrowings | ||
Accrued interest payable | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Financial Assets | ||
Cash and cash equivalents | ||
Investment in interest-earning time deposits | 6,202 | 6,206 |
Fair value | ||
Loans held for sale | ||
Loans receivable, net | 156,040 | 145,134 |
Accrued interest receivable | ||
Investment in FHLB stock | ||
Bank-owned life insurance | ||
Financial Liabilities | ||
Deposits | 132,009 | 117,206 |
FHLB short-term borrowings | ||
FHLB long-term borrowings | 7,559 | 7,479 |
Accrued interest payable | ||
Estimate of Fair Value Measurement [Member] | ||
Financial Assets | ||
Cash and cash equivalents | 19,695 | 17,206 |
Investment in interest-earning time deposits | 6,202 | 6,206 |
Fair value | 6,502 | 3,005 |
Loans held for sale | 5,870 | 5,244 |
Loans receivable, net | 156,040 | 145,134 |
Accrued interest receivable | 1,098 | 983 |
Investment in FHLB stock | 633 | 618 |
Bank-owned life insurance | 3,682 | 3,638 |
Financial Liabilities | ||
Deposits | 168,627 | 150,644 |
FHLB short-term borrowings | 6,000 | 6,000 |
FHLB long-term borrowings | 7,559 | 7,479 |
Accrued interest payable | 125 | 123 |
Fair value | 6,502 | 3,005 |
Accrued interest receivable | 1,098 | 983 |
Bank-owned life insurance | $ 3,682 | $ 3,638 |