Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | May. 11, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | EBMT | |
Entity Registrant Name | Eagle Bancorp Montana, Inc. | |
Entity Central Index Key | 1,478,454 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 3,779,464 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
ASSETS: | ||
Cash and due from banks | $ 5,620 | $ 6,468 |
Interest-bearing deposits in banks | 993 | 970 |
Total cash and cash equivalents | 6,613 | 7,438 |
Securities available-for-sale | 145,070 | 145,738 |
Federal Home Loan Bank stock | 3,564 | 3,397 |
Federal Reserve Bank stock | 871 | 887 |
Investment in Eagle Bancorp Statutory Trust I | 155 | 155 |
Mortgage loans held-for-sale | 18,284 | 18,702 |
Loans receivable, net of deferred loan fees of $882 at March 31, 2016 and $795 at December 31, 2015 and allowance for loan losses of $3,940 at March 31, 2016 and $3,550 at December 31, 2015 | 418,941 | 403,734 |
Accrued interest and dividends receivable | 2,213 | 2,278 |
Mortgage servicing rights, net | 4,988 | 4,968 |
Premises and equipment, net | 18,145 | 18,217 |
Cash surrender value of life insurance | 12,598 | 12,514 |
Real estate and other repossessed assets acquired in settlement of loans, net | 606 | 595 |
Goodwill | 7,034 | 7,034 |
Core deposit intangible, net | 481 | 514 |
Deferred tax asset, net | 1,198 | 1,490 |
Other assets | 2,210 | 2,686 |
Total assets | 642,971 | 630,347 |
Deposit accounts: | ||
Noninterest bearing | 90,308 | 77,031 |
Interest bearing | 403,877 | 406,151 |
Total deposits | 494,185 | 483,182 |
Accrued expenses and other liabilities | 5,933 | 4,050 |
Federal Home Loan Bank advances and other borrowings | 71,204 | 72,716 |
Subordinated debentures | ||
Principal Amount | 15,155 | 15,155 |
Unamortized debt issuance costs | (201) | (206) |
Total subordinated debentures less unamortized debt issuance costs | 14,954 | 14,949 |
Total liabilities | $ 586,276 | $ 574,897 |
SHAREHOLDERS' EQUITY: | ||
Preferred stock (no par value; 1,000,000 shares authorized; no shares issued or outstanding) | ||
Common stock (par value $0.01 per share; 8,000,000 shares authorized; 4,083,127 shares issued; 3,779,464 shares outstanding at March and December 31, 2015) | $ 41 | $ 41 |
Additional paid-in capital | 22,157 | 22,152 |
Unallocated common stock held by Employee Stock Ownership Plan | (933) | (975) |
Treasury stock, at cost | (3,321) | (3,321) |
Retained earnings | 37,831 | 37,301 |
Net accumulated other comprehensive income | 920 | 252 |
Total shareholders' equity | 56,695 | 55,450 |
Total liabilities and shareholders' equity | $ 642,971 | $ 630,347 |
Consolidated Statements of Fin3
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Loans receivable, deferred loan fees | $ 882 | $ 795 |
Loans receivable, allowance for loan losses | $ 3,940 | $ 3,550 |
Preferred stock, par value | ||
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 8,000,000 | 8,000,000 |
Common stock, shares issued | 4,083,127 | 4,083,127 |
Common stock, shares outstanding | 3,779,464 | 3,779,464 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
INTEREST AND DIVIDEND INCOME: | ||
Interest and fees on loans | $ 5,063 | $ 3,962 |
Securities available-for-sale | 747 | 759 |
Federal Home Loan Bank dividends | 31 | |
Interest on deposits in banks | 0 | 0 |
Other interest income | 3 | 3 |
Total interest and dividend income | 5,844 | 4,724 |
INTEREST EXPENSE: | ||
Deposits | 355 | 337 |
Federal Home Loan Bank advances and other borrowings | 201 | 143 |
Subordinated debentures | 194 | 21 |
Total interest expense | 750 | 501 |
NET INTEREST INCOME | 5,094 | 4,223 |
Loan loss provision | 450 | 322 |
NET INTEREST INCOME AFTER LOAN LOSS PROVISION | 4,644 | 3,901 |
NONINTEREST INCOME: | ||
Service charges on deposit accounts | 199 | 223 |
Net gain on sale of loans (includes $635 and $496 for the three months ended March 31, 2016 and 2015, respectively, related to accumulated other comprehensive earnings reclassification) | 1,718 | 1,631 |
Mortgage loan servicing fees | 346 | 415 |
Wealth management income | 136 | 185 |
Interchange and ATM fees | 202 | 126 |
Appreciation in cash surrender value of life insurance | 112 | 105 |
Net gain on sale of available-for-sale securities (includes $0 and $186 for the three months ended March 31, 2016 and 2015, respectively, related to accumulated other comprehensive earnings reclassification) | 186 | |
Net loss on sale of real estate owned and other repossessed property | (1) | |
Net loss on fair value hedge | (93) | |
Other noninterest income | 166 | 105 |
Total noninterest income | 2,879 | 2,882 |
NONINTEREST EXPENSE: | ||
Salaries and employee benefits | 3,690 | 3,379 |
Occupancy and equipment expense | 789 | 736 |
Data processing | 548 | 509 |
Advertising | 188 | 219 |
Amortization of mortgage servicing rights | 228 | 217 |
Amortization of core deposit intangible and tax credits | 112 | 100 |
Federal insurance premiums | 83 | 95 |
Postage | 54 | 46 |
Legal, accounting and examination fees | 98 | 156 |
Consulting fees | 83 | 240 |
Other noninterest expense | 675 | 664 |
Total noninterest expense | 6,548 | 6,361 |
INCOME BEFORE INCOME TAXES | 975 | 422 |
Income tax expense (includes $460 and $547 for the three months ended March 31, 2016 and 2015, respectively, related to income tax expense from reclassification items) | 152 | 36 |
NET INCOME | $ 823 | $ 386 |
BASIC EARNINGS PER SHARE | $ 0.22 | $ 0.10 |
DILUTED EARNINGS PER SHARE | $ 0.21 | $ 0.10 |
WEIGHTED AVERAGE SHARES OUTSTANDING (BASIC EPS) | 3,779,464 | 3,844,617 |
WEIGHTED AVERAGE SHARES OUTSTANDING (DILUTED EPS) | 3,873,171 | 3,881,872 |
Consolidated Statements of Inc5
Consolidated Statements of Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Statement [Abstract] | ||
Gain on sale of loans, accumulated other comprehensive earnings reclassification | $ 635 | $ 496 |
Net gain on sale of available-for-sale securities, accumulated other comprehensive earnings reclassification | 0 | 186 |
Income tax expense, reclassification items | $ 460 | $ 547 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 823 | $ 386 |
OTHER ITEMS OF COMPREHENSIVE INCOME (LOSS): | ||
Change in fair value of investment securities available-for-sale, before income taxes | 1,127 | 1,495 |
Reclassification for realized gains and losses on investment securities included in income, before income tax | 0 | (186) |
Change in fair value of derivatives designated as cash flow hedges, before income taxes | 636 | 529 |
Reclassification for realized gains on derivatives designated as cash flow hedges, before income taxes | (635) | (496) |
Total other items of comprehensive income | 1,128 | 1,342 |
Income tax expense related to: | ||
Investment securities | (460) | (534) |
Derivatives designated as cash flow hedges | (13) | |
Income tax expense | (460) | (547) |
COMPREHENSIVE INCOME | $ 1,491 | $ 1,181 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Total | PREFERRED STOCK | COMMON STOCK | PAID-IN CAPITAL | UNALLOCATED ESOP SHARES | TREASURY STOCK | RETAINED EARNINGS | ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME |
Balance at Dec. 31, 2014 | $ 54,498 | $ 41 | $ 22,122 | $ (1,141) | $ (2,194) | $ 35,885 | $ (215) | |
Net income | 386 | 386 | ||||||
Other comprehensive income | 795 | 795 | ||||||
Dividends paid | (288) | (288) | ||||||
Treasury stock purchased | (616) | (616) | ||||||
Employee Stock Ownership Plan shares allocated or committed to be released for allocation | 46 | 4 | 42 | |||||
Balance at Mar. 31, 2015 | 54,821 | 41 | 22,126 | (1,099) | (2,810) | 35,983 | 580 | |
Balance at Dec. 31, 2015 | 55,450 | 41 | 22,152 | (975) | (3,321) | 37,301 | 252 | |
Net income | 823 | 823 | ||||||
Other comprehensive income | 668 | 668 | ||||||
Dividends paid | (293) | (293) | ||||||
Employee Stock Ownership Plan shares allocated or committed to be released for allocation | 47 | 5 | 42 | |||||
Balance at Mar. 31, 2016 | $ 56,695 | $ 41 | $ 22,157 | $ (933) | $ (3,321) | $ 37,831 | $ 920 |
Consolidated Statements of Cha8
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Stockholders' Equity [Abstract] | ||
Dividends paid, per share | $ 0.0775 | $ 0.075 |
Treasury stock purchased, shares | 55,800 | |
Treasury stock purchased, cost per share | $ 11.03 | |
ESOP shares allocated or committed to be released for allocation, shares | 4,154 | 4,154 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 823 | $ 386 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Loan loss provision | 450 | 322 |
Depreciation | 284 | 296 |
Net amortization of investment securities premium and discounts | 503 | 533 |
Amortization of mortgage servicing rights | 228 | 217 |
Amortization of core deposit intangible and tax credits | 112 | 100 |
Deferred income tax (benefit) expense | (168) | 121 |
Net gain on sale of loans | (1,718) | (1,631) |
Net gain on sale of available-for-sale securities | (186) | |
Net loss on sale of real estate owned and other repossessed assets | 1 | |
Net loss on fair value hedge | 93 | |
Net gain on sale/disposal of premises and equipment | (6) | |
Net appreciation in cash surrender value of life insurance | (84) | (81) |
Net change in: | ||
Accrued interest and dividends receivable | 65 | 172 |
Loans held-for-sale | 2,137 | 2,230 |
Other assets | 402 | (473) |
Accrued expenses and other liabilities | 1,930 | (575) |
Net cash provided by operating activities | 4,958 | 1,525 |
Activity in available-for-sale securities: | ||
Sales | 0 | 8,947 |
Maturities, principal payments and calls | 2,823 | 2,612 |
Purchases | (1,531) | (1,049) |
Federal Home Loan Bank stock (purchased) redeemed | (167) | 1 |
Federal Reserve Bank stock redeemed | 16 | |
Loan origination and principal collection, net | (15,931) | (18,224) |
Proceeds from sale of real estate and other repossessed assets acquired in settlement of loans | 15 | 3 |
Proceeds from sale of premises and equipment | 6 | |
Additions to premises and equipment | (212) | (26) |
Net cash used in investing activities | (14,981) | (7,736) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net increase in deposits | 11,003 | 11,716 |
Net short-term advances (payments) on Federal Home Loan Bank and other borrowings | 642 | (12,303) |
Long-term advances from Federal Home Loan Bank and other borrowings | 5,000 | |
Payments on long-term Federal Home Loan Bank and other borrowings | (2,154) | (5,050) |
Dividends paid | (293) | (288) |
Purchase of treasury stock, at cost | (616) | |
Net cash provided by (used in) financing activities | 9,198 | (1,541) |
NET DECREASE IN CASH AND CASH EQUIVALENTS | (825) | (7,752) |
CASH AND CASH EQUIVALENTS, beginning of period | 7,438 | 12,502 |
CASH AND CASH EQUIVALENTS, end of period | 6,613 | 4,750 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Cash paid during the period for interest | 734 | 490 |
Cash paid during the period for income taxes | 27 | |
NON-CASH INVESTING ACTIVITIES: | ||
Increase in market value of securities available-for-sale | 1,127 | 1,309 |
Mortgage servicing rights recognized | 248 | 373 |
Loans transferred to real estate and other assets acquired in foreclosure | 26 | 9 |
Employee Stock Ownership Plan shares released | $ 47 | $ 46 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | NOTE 1. BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for annual reports. However, such information reflects all adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary for a fair presentation of our financial position, results of operations, changes in comprehensive income and cash flows for the unaudited interim periods. The results of operations for the three month period ended March 31, 2016 are not necessarily indicative of the results to be expected for the year ending December 31, 2016 or any other period. The unaudited consolidated financial statements and notes presented herein should be read in conjunction with the audited consolidated financial statements and related notes thereto included in Eagle’s Form 10-K for the year ended December 31, 2015. Certain prior period amounts have been reclassified to conform to the presentation for 2016. These reclassifications had no impact on net income or total shareholders’ equity. Certain loan amounts were reclassified for prior periods to be consistent with loan category classification for March 31, 2016. Interchange and ATM fees and appreciation in cash surrender value of life insurance were previously included in other noninterest income on the Consolidated Statements of Income. These amounts were presented on their own lines for the three months ended March 31, 2016 and prior year amounts were reclassed to be consistent with the current year presentation. The Company evaluated subsequent events for potential recognition and/or disclosure through the date the consolidated financial statements were issued. |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | NOTE 2. INVESTMENT SECURITIES Investment securities are summarized as follows: March 31, 2016 December 31, 2015 Gross Gross Amortized Unrealized Fair Amortized Unrealized Fair Cost Gains (Losses) Value Cost Gains (Losses) Value (In Thousands) Available-for-Sale: U.S. government and agency obligations $ 9,968 $ 63 $ (7 ) $ 10,024 $ 10,684 $ 26 $ (95 ) $ 10,615 Municipal obligations 65,763 1,252 (312 ) 66,703 66,606 1,041 (578 ) 67,069 Corporate obligations 9,575 5 (208 ) 9,372 9,615 - (165 ) 9,450 MBSs - government-backed 33,221 307 (155 ) 33,373 32,810 111 (186 ) 32,735 CMOs - government backed 25,626 61 (89 ) 25,598 26,233 40 (404 ) 25,869 Total $ 144,153 $ 1,688 $ (771 ) $ 145,070 $ 145,948 $ 1,218 $ (1,428 ) $ 145,738 There were no sales of securities available-for-sale during the three months ended March 31, 2016. For the three months ended March 31, 2015, net proceeds from sales of securities available-for-sale were $8,947,000. For the three months ended March 31, 2015, gross realized gains were $242,000 and gross realized losses were $56,000. The amortized cost and fair value of securities at March 31, 2016 by contractual maturity are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Amortized Fair Cost Value (In Thousands) Due in one year or less $ - $ - Due from one to five years 8,279 8,267 Due from five to ten years 14,881 14,899 Due after ten years 62,146 62,933 85,306 86,099 MBSs - government-backed 33,221 33,373 CMOs - government-backed 25,626 25,598 Total $ 144,153 $ 145,070 Maturities of securities do not reflect repricing opportunities present in adjustable rate securities. The Company’s investment securities that have been in a continuous unrealized loss position for less than twelve months and those that have been in a continuous unrealized loss position for twelve or more months were as follows: March 31, 2016 Less Than 12 Months 12 Months or Longer Gross Gross Fair Unrealized Fair Unrealized Value Losses Value Losses (In Thousands) U.S. government and agency $ 6,636 $ (7 ) $ - $ - Municipal obligations 9,924 (54 ) 12,344 (258 ) Corporate obligations 2,016 (27 ) 6,009 (181 ) MBSs and CMOs - government-backed 24,849 (192 ) 5,981 (52 ) Total $ 43,425 $ (280 ) $ 24,334 $ (491 ) December 31, 2015 Less Than 12 Months 12 Months or Longer Gross Gross Fair Unrealized Fair Unrealized Value Losses Value Losses (In Thousands) U.S. government and agency $ 3,173 $ (24 ) $ 5,986 $ (71 ) Municipal obligations 15,913 (132 ) 21,163 (446 ) Corporate obligations 5,283 (80 ) 3,915 (85 ) MBSs and CMOs - government-backed 23,164 (249 ) 13,886 (341 ) Total $ 47,533 $ (485 ) $ 44,950 $ (943 ) Management evaluates securities for other-than-temporary impairment at least quarterly, and more frequently when economic or market concerns warrant such evaluation. Consideration is given to (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer and (3) the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. As of March 31, 2016 and December 31, 2015, there were, respectively, 57 and 85 securities in an unrealized loss position and that were considered to be temporarily impaired and therefore an impairment charge has not been recorded. At March 31, 2016, 32 U.S. government and agency securities and municipal obligations had unrealized losses with aggregate depreciation of approximately 1.09% from the Company’s amortized cost basis of these securities. At December 31, 2015, 52 U.S. government and agency securities and municipal obligations had unrealized losses with aggregate depreciation of approximately 1.43% from the Company’s amortized cost basis of these securities. These unrealized losses are principally due to changes in interest rates and credit spreads. In analyzing an issuer's financial condition, management considers whether the securities are issued by the federal government or its agencies, whether downgrades by bond rating agencies have occurred and industry analysts' reports. As management has the ability to hold debt securities until maturity, or for the foreseeable future, no declines are deemed to be other than temporary. At March 31, 2016, 11 corporate obligations had an unrealized loss of approximately 2.53% from the Company’s amortized cost basis of this security. At December 31, 2015, 13 corporate obligations had an unrealized loss with aggregate depreciation of approximately 1.76% from the Company's cost basis. This unrealized loss is principally due to changes in interest rates. No credit issues have been identified that cause management to believe the declines in market value are other than temporary. In analyzing the issuer's financial condition, management considers industry analysts' reports, financial performance and projected target prices of investment analysts within a one-year time frame. As management has the ability to hold debt securities until maturity, or for the foreseeable future, no declines are deemed to be other than temporary. At March 31, 2016, 14 mortgage-backed securities (“MBSs”) and collateralized mortgage obligations (“CMOs”) had unrealized losses with aggregate depreciation of approximately 0.79% from the Company’s cost basis of these securities. At December 31, 2015, 20 MBSs and CMOs have unrealized losses with aggregate depreciation of approximately 1.57% from the Company’s cost basis. We believe these unrealized losses are principally due to the credit market’s concerns regarding the stability of the mortgage market, changes in interest rates and credit spreads and uncertainty of future prepayment speeds. Management considers available evidence to assess whether it is more likely-than-not that all amounts due would not be collected. In such assessment, management considers the severity and duration of the impairment, the credit ratings of the security, the overall deal and payment structure, including the Company's position within the structure, underlying obligor, financial condition and near term prospects of the issuer, delinquencies, defaults, loss severities, recoveries, prepayments, cumulative loss projections, discounted cash flows and fair value estimates. There has been no disruption of the scheduled cash flows on any of the securities. Management’s analysis as of March 31, 2016 revealed no expected credit losses on the securities and therefore, declines are not deemed to be other than temporary. |
Loans Receivable
Loans Receivable | 3 Months Ended |
Mar. 31, 2016 | |
Receivables [Abstract] | |
Loans Receivable | NOTE 3. LOANS RECEIVABLE Loans receivable consisted of the following: March 31, December 31, 2016 2015 (In Thousands) First mortgage loans: Residential mortgage (1-4 family) $ 113,364 $ 118,133 Commercial real estate 194,479 167,930 Real estate construction 15,673 22,958 Other loans: Home equity 45,404 45,345 Consumer 14,229 14,641 Commercial 40,614 39,072 Total 423,763 408,079 Allowance for loan losses (3,940 ) (3,550 ) Deferred loan fees, net (882 ) (795 ) Total loans, net $ 418,941 $ 403,734 Within the commercial real estate loan category above, $11,987,000 and $12,117,000 was guaranteed by the United States Department of Agriculture Rural Development, at March 31, 2016 and December 31, 2015, respectively. In addition, within the commercial loan category above, $1,878,000 and $1,917,000 were in loans originated through a syndication program where the business resides outside of Montana, at March 31, 2016, and December 31, 2015, respectively. The following table includes information regarding nonperforming assets. March 31, December 31, 2016 2015 (Dollars in Thousands) Non-accrual loans $ 1,580 $ 2,030 Accruing loans delinquent 90 days or more 710 472 Restructured loans, net 45 46 Total nonperforming loans 2,335 2,548 Real estate owned and other repossessed assets, net 606 595 Total nonperforming assets $ 2,941 $ 3,143 Total non-performing assets as a percentage of total assets 0.46 % 0.50 % Allowance for loan losses $ 3,940 $ 3,550 Percent of allowance for loan losses to non-performing loans 168.74 % 139.32 % Percent of allowance for loan losses to non-performing assets 133.97 % 112.95 % Allowance for loan losses activity was as follows: Three Months Ended March 31, 2016 Residential Mortgage Commercial Real Estate Home (1-4 Family) Real Estate Construction Equity Consumer Commercial Total (In Thousands) Allowance for loan losses: Beginning balance, January 1, 2016 $ 911 $ 1,593 $ 184 $ 342 $ 66 $ 454 $ 3,550 Charge-offs - - - (7 ) (24 ) (32 ) (63 ) Recoveries - - - - 3 - 3 Provision 70 142 60 30 120 28 450 Ending balance, March 31, 2016 $ 981 $ 1,735 $ 244 $ 365 $ 165 $ 450 $ 3,940 Ending balance, March 31, 2016 allocated to loans individually evaluated for impairment $ - $ - $ - $ - $ 76 $ 5 $ 81 Ending balance, March 31, 2016 allocated to loans collectively evaluated for impairment $ 981 $ 1,735 $ 244 $ 365 $ 89 $ 445 $ 3,859 Loans receivable: Ending balance, March 31, 2016 $ 113,364 $ 194,479 $ 15,673 $ 45,404 $ 14,229 $ 40,614 $ 423,763 Ending balance, March 31, 2016 of loans individually evaluated for impairment $ 605 $ 658 $ - $ 265 $ 92 $ 5 $ 1,625 Ending balance, March 31, 2016 of loans collectively evaluated for impairment $ 112,759 $ 193,821 $ 15,673 $ 45,139 $ 14,137 $ 40,609 $ 422,138 Three Months Ended March 31, 2015 Residential Mortgage Commercial Real Estate Home (1-4 Family) Real Estate Construction Equity Consumer Commercial Total (In Thousands) Allowance for loan losses: Beginning balance, January 1, 2015 $ 684 $ 1,098 $ 35 $ 270 $ 46 $ 317 $ 2,450 Charge-offs (137 ) - - - (11 ) - (148 ) Recoveries - - - - 1 - 1 Provision 98 128 5 36 14 41 322 Ending balance, March 31, 2015 $ 645 $ 1,226 $ 40 $ 306 $ 50 $ 358 $ 2,625 Ending balance, March 31, 2015 allocated to loans individually evaluated for impairment $ - $ - $ - $ - $ 5 $ - $ 5 Ending balance, March 31, 2015 allocated to loans collectively evaluated for impairment $ 645 $ 1,226 $ 40 $ 306 $ 45 $ 358 $ 2,620 Loans receivable: Ending balance, March 31, 2015 $ 105,428 $ 130,374 $ 10,313 $ 40,312 $ 13,664 $ 36,877 $ 336,968 Ending balance, March 31, 2015 of loans individually evaluated for impairment $ 648 $ - $ - $ 224 $ 53 $ 566 $ 1,491 Ending balance, March 31, 2015 of loans collectively evaluated for impairment $ 104,780 $ 130,374 $ 10,313 $ 40,088 $ 13,611 $ 36,311 $ 335,477 The Company utilizes a 5 point internal loan rating system, largely based on regulatory classifications, for 1-4 family real estate, commercial real estate, construction, home equity and commercial loans as follows: Loans rated Pass Loans rated Special Mention Loans rated Substandard Loans rated Doubtful Loans rated Loss On an annual basis, or more often if needed, the Company formally reviews the ratings of all commercial real estate, construction, and commercial business loans that have a principal balance of $750,000 or more. Quarterly, the Company reviews the rating of any consumer loan, broadly defined, that is delinquent 90 days or more. Likewise, quarterly, the Company reviews the rating of any commercial loan, broadly defined, that is delinquent 60 days or more. Annually, the Company engages an independent third-party to review a significant portion of loans within these segments. Management uses the results of these reviews as part of its annual review process. Internal classification of the loan portfolio was as follows: March 31, 2016 Residential Mortgage Commercial Real Estate Home (1-4 Family) Real Estate Construction Equity Consumer Commercial Total (In Thousands) Grade: Pass $ 111,955 $ 193,438 $ 14,875 $ 45,035 $ 14,118 $ 40,202 $ 419,623 Special mention - - - - - 46 46 Substandard 1,409 1,041 798 287 32 294 3,861 Doubtful - - - 82 3 67 152 Loss - - - - 76 5 81 Total $ 113,364 $ 194,479 $ 15,673 $ 45,404 $ 14,229 $ 40,614 $ 423,763 Credit risk profile based on payment activity Performing $ 112,538 $ 193,817 $ 15,409 $ 45,059 $ 14,137 $ 40,468 $ 421,428 Restructured loans - - - 45 - - 45 Nonperforming 826 662 264 300 92 146 2,290 Total $ 113,364 $ 194,479 $ 15,673 $ 45,404 $ 14,229 $ 40,614 $ 423,763 December 31, 2015 Residential Mortgage Commercial Home (1-4 Family) Real Estate Construction Equity Consumer Commercial Total (In Thousands) Grade: Pass $ 116,711 $ 167,263 $ 22,176 $ 45,100 $ 14,486 $ 38,675 $ 404,411 Special mention - - - - - - - Substandard 1,422 667 782 156 140 367 3,534 Doubtful - - - 82 4 - 86 Loss - - - 7 11 30 48 Total $ 118,133 $ 167,930 $ 22,958 $ 45,345 $ 14,641 $ 39,072 $ 408,079 Credit risk profile based on payment activity Performing $ 117,182 $ 167,259 $ 22,711 $ 45,138 $ 14,496 $ 38,745 $ 405,531 Restructured loans - - - 46 - - 46 Nonperforming 951 671 247 161 145 327 2,502 Total $ 118,133 $ 167,930 $ 22,958 $ 45,345 $ 14,641 $ 39,072 $ 408,079 The following tables include information regarding delinquencies within the loan portfolio. March 31, 2016 Recorded 90 Days Investment 30-89 Days and Total Total > 90 Days and Past Due Greater Past Due Current Loans Still Accruing (In Thousands) Residential mortgage (1-4 family) $ 1,988 $ 826 $ 2,814 $ 110,550 $ 113,364 $ 221 Commercial real estate 869 662 1,531 192,948 194,479 4 Real estate construction 1,183 264 1,447 14,226 15,673 264 Home equity 474 300 774 44,630 45,404 80 Consumer 205 92 297 13,932 14,229 - Commercial 445 146 591 40,023 40,614 141 Total $ 5,164 $ 2,290 $ 7,454 $ 416,309 $ 423,763 $ 710 December 31, 2015 Recorded 90 Days Investment 30-89 Days and Total Total >90 Days and Past Due Greater Past Due Current Loans Still Accruing (In Thousands) Residential mortgage (1-4 family) $ 1,163 $ 951 $ 2,114 $ 116,019 $ 118,133 $ 221 Commercial real estate 177 671 848 167,082 167,930 4 Real estate construction 662 247 909 22,049 22,958 247 Home equity 319 161 480 44,865 45,345 - Consumer 184 145 329 14,312 14,641 - Commercial 173 327 500 38,572 39,072 - Total $ 2,678 $ 2,502 $ 5,180 $ 402,899 $ 408,079 $ 472 The following tables include information regarding impaired loans. March 31, 2016 Unpaid Recorded Principal Related Investment Balance Allowance (In Thousands) With no related allowance: Residential mortgage (1-4 family) $ 605 $ 607 $ - Commercial real estate 658 667 - Construction - - - Home equity 265 299 - Consumer 16 16 - Commercial - - - With a related allowance: Residential mortgage (1-4 family) - - - Commercial real estate - - - Construction - - - Home equity - - - Consumer 76 76 76 Commercial 5 5 5 Total: Residential mortgage (1-4 family) 605 607 - Commercial real estate 658 667 - Construction - - - Home equity 265 299 - Consumer 92 92 76 Commercial 5 5 5 Total $ 1,625 $ 1,670 $ 81 December 31, 2015 Unpaid Recorded Principal Related Investment Balance Allowance (In Thousands) With no related allowance: Residential mortgage (1-4 family) $ 730 $ 730 $ - Commercial real estate 667 667 - Construction - - - Home equity 200 234 - Consumer 134 134 - Commercial 297 297 - With a related allowance: Residential mortgage (1-4 family) - - - Commercial real estate - - - Construction - - - Home equity 7 7 7 Consumer 11 11 11 Commercial 30 30 30 Total: Residential mortgage (1-4 family) 730 730 - Commercial real estate 667 667 - Construction - - - Home equity 207 241 7 Consumer 145 145 11 Commercial 327 327 30 Total $ 2,076 $ 2,110 $ 48 Three Months Ended March 31, 2016 2015 Average Recorded Investment (In Thousands) Residential mortgage (1-4 family) $ 668 $ 1,060 Commercial real estate 662 - Construction - - Home equity 236 276 Consumer 119 54 Commercial 166 398 Total $ 1,851 $ 1,788 Interest income recognized on impaired loans for the three months ended March 31, 2016 and 2015 are considered insignificant. |
Troubled Debt Restructurings
Troubled Debt Restructurings | 3 Months Ended |
Mar. 31, 2016 | |
Text Block [Abstract] | |
Troubled Debt Restructurings | NOTE 4. TROUBLED DEBT RESTRUCTURINGS The Company adopted the amendments in Accounting Standards Update No. 2011-02 during the quarter ended September 30, 2011. As required, the Company reassessed all restructurings that occurred on or after the beginning of the previous fiscal year (July 1, 2011) for identification as troubled debt restructurings. The Company identified as troubled debt restructurings certain receivables for which the allowance for credit losses had previously been measured under a general allowance for credit losses methodology (ASC Subtopic 450-20). Upon identifying the reassessed receivables as troubled debt restructurings, the Company also identified them as impaired under the guidance in ASC Subtopic 310-10-35. The amendments in Accounting Standards Update No. 2011-02 require prospective application of the impairment measurement guidance in Section 310-10-35 for those receivables newly identified as impaired. As of March 31, 2016, the recorded investment in receivables for which the allowance for credit losses was previously measured under a general allowance for credit losses methodology and are now impaired under ASC Subtopic 310-10-35 was $45,000 (ASC Subtopic 310-40-65-1(b)), and there was no allowance for credit losses associated with these receivables, on the basis of a current evaluation of loss (310-40-65-1(b)). There was $34,000 charged-off at the time of restructure related to these receivables. The Company offers a variety of modifications to borrowers. The modification categories offered can generally be described in the following categories: Rate Modification Term Modification Interest Only Modification Payment Modification Combination Modification The following tables present troubled debt restructurings. March 31, 2016 Accrual Non-Accrual Total Status Status Modification (In Thousands) Residential mortgage (1-4 family) $ - $ - $ - Commercial real estate - - - Real estate construction - - - Home equity 45 - 45 Consumer - - - Commercial - - - Total $ 45 $ - $ 45 December 31, 2015 Accrual Non-Accrual Total Status Status Modification (In Thousands) Residential mortgage (1-4 family) $ - $ - $ - Commercial real estate - - - Real estate construction - - - Home equity 46 - 46 Consumer - - - Commercial - - - Total $ 46 $ - $ 46 The Bank’s policy is that loans placed on non-accrual will typically remain on non-accrual status until all principal and interest payments are brought current and the prospect for future payment in accordance with the loan agreement appears relatively certain. The Bank’s policy generally refers to six months of payment performance as sufficient to warrant a return to accrual status. During the three months ended March 31, 2016 and 2015, there were no new restructured loans. There were no loans modified as a troubled debt restructured loan within the previous three months for which there was a payment default during the three months ended March 31, 2016. A default for purposes of this disclosure is a troubled debt restructured loan in which the borrower is 90 days past due or results in the foreclosure and repossession of the applicable collateral. As of March 31, 2016 and December 31, 2015, the Company had no commitments to lend additional funds to loan customers whose terms had been modified in trouble debt restructures. |
Deposits
Deposits | 3 Months Ended |
Mar. 31, 2016 | |
Banking and Thrift [Abstract] | |
Deposits | NOTE 5. DEPOSITS Deposits are summarized as follows: March 31, December 31, 2016 2015 (In Thousands) Noninterest checking $ 90,308 $ 77,031 Interest bearing checking 86,373 87,350 Savings 74,538 71,474 Money market 91,560 94,880 Time certificates of deposit 151,406 152,447 Total $ 494,185 $ 483,182 |
Subordinated Debentures
Subordinated Debentures | 3 Months Ended |
Mar. 31, 2016 | |
Brokers and Dealers [Abstract] | |
Subordinated Debentures | NOTE 6. SUBORDINATED DEBENTURES Subordinated debentures consisted of the following: March 31, 2016 December 31, 2015 Unamortized Unamortized Debt Debt Principal Issuance Principal Issuance Amount Costs Amount Costs (In Thousands) Subordinated debentures: Variable at 3-Month Libor plus 1.42%, due 2035 $ 5,155 $ - $ 5,155 $ - Fixed at 6.75%, due 2025 10,000 (201 ) 10,000 (206 ) Total $ 15,155 $ (201 ) $ 15,155 $ (206 ) In June 2015, the Company completed the issuance of $10,000,000 in aggregate principal amount of subordinated notes due in 2025 in a private placement transaction to an institutional accredited investor. The notes will bear interest at an annual fixed rate of 6.75% and interest will be paid quarterly through maturity date or earlier redemption. In September 2005, the Company completed the private placement of $5,155,000 in subordinated debentures to Eagle Bancorp Statutory Trust I (“the Trust”). The Trust funded the purchase of the subordinated debentures through the sale of trust preferred securities to First Tennessee Bank, N.A. with a liquidation value of $5,155,000. Using interest payments made by the Company on the debentures, the Trust began paying quarterly dividends to preferred security holders in December 2005. The annual percentage rate of the interest payable on the subordinated debentures and distributions payable on the preferred securities was fixed at 6.02% until December 2010 then became variable at 3-Month LIBOR plus 1.42%, making the rate 2.049% and 2.033% as of March 31, 2016 and December 31, 2015, respectively. Dividends on the preferred securities are cumulative and the Trust may defer the payments for up to five years. The preferred securities mature in December 2035 unless the Company elects and obtains regulatory approval to accelerate the maturity date. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | NOTE 7. EARNINGS PER SHARE Basic earnings per share for the three months ended March 31, 2016 was computed using 3,779,464 weighted average shares outstanding. Basic earnings per share for the three months ended March 31, 2015 was computed using 3,844,617 weighted average shares outstanding. Diluted earnings per share was computed using the treasury stock method by adjusting the number of shares outstanding by the shares purchased. The weighted average shares outstanding for the diluted earnings per share calculations was 3,873,171 for the three months ended March 31, 2016 and 3,881,872 for the three months ended March 31, 2015. |
Dividends and Stock Repurchase
Dividends and Stock Repurchase Program | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Dividends and Stock Repurchase Program | NOTE 8. DIVIDENDS AND STOCK REPURCHASE PROGRAM For the year ended December 31, 2015, Eagle paid dividends of $0.075 per share for the quarters ended March 31 and June 30, 2015. Eagle paid dividends of $0.0775 per share for the quarters ended September 30 and December 31, 2015. A dividend of $0.0775 per share was declared on January 21, 2016, and paid March 4, 2016 to shareholders of record on February 12, 2016. A dividend of $0.0775 per share was declared on April 28, 2016, payable on June 3, 2016 to shareholders of record on May 13, 2016. On July 23, 2015, the Board of Directors authorized the repurchase of up to 100,000 shares of its common stock. Under the plan, shares may be purchased by the Company on the open market or in privately negotiated transactions. The extent to which the company repurchases its shares and the timing of such repurchase will depend upon market conditions and other corporate considerations. During the three months ended December 31, 2015, 15,000 shares were purchased at an average price of $11.75 per share. During the three months ended September 30, 2015, 46,065 shares were purchased at an average price of $11.47 per share. The plan expires on July 23, 2016 and 38,935 shares remain for purchase under this plan. On July 1, 2014, the Company announced that its Board authorized the repurchase of up to 200,000 shares of its common stock. Under this plan, shares could be purchased on the open market or in privately negotiated transactions. Under this plan, 55,800 shares were purchased at an average price of $11.03 per share during the six months ended June 30, 2015. In addition, under this plan, 55,000 shares were purchased at an average price of $10.66 per share during the six month transition period ended December 31, 2014. The plan expired on June 30, 2015. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | NOTE 9. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following table includes information regarding the activity in accumulated other comprehensive income (loss). Unrealized Unrealized Gains (Losses) (Losses) Gains on Derivatives on Investment Designated as Securities Cash Flow Hedges Available-for-Sale Total Balance, January 1, 2016 $ 376 $ (124 ) $ 252 Other comprehensive income before, reclassifications and income taxes 636 1,127 1,763 Amounts reclassified from accumulated other comprehensive income (loss), before income taxes (635 ) - (635 ) Income tax expense - (460 ) (460 ) Total other comprehensive income 1 667 668 Balance, March 31, 2016 $ 377 $ 543 $ 920 Balance, January 1, 2015 $ 294 $ (509 ) $ (215 ) Other comprehensive income before, reclassifications and income taxes 529 1,495 2,024 Amounts reclassified from accumulated other comprehensive income (loss), before income taxes (496 ) (186 ) (682 ) Income tax expense (13 ) (534 ) (547 ) Total other comprehensive income 20 775 795 Balance, March 31, 2015 $ 314 $ 266 $ 580 |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 3 Months Ended |
Mar. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activities | NOTE 10. DERIVATIVES AND HEDGING ACTIVITIES The Company is exposed to certain risks relating to its ongoing business operations. The primary risk managed by using derivative instruments is interest rate risk. The Company entered into an interest rate swap agreement on August 27, 2010 with a third party to manage interest rate risk associated with a fixed-rate loan. The interest rate swap agreement effectively converted the loan’s fixed rate into a variable rate. The derivatives and hedging accounting (ASC Subtopic 815-10) requires that the Company recognize all derivative instruments as either assets or liabilities at fair value in the statement of financial position. In accordance with this guidance, the Company designated the interest rate swap on this fixed-rate loan as a fair value hedge. The Company was exposed to credit-related losses in the event of nonperformance by the counterparties to this agreement. The Company controlled the credit risk of its financial contracts through credit approvals, limits and monitoring procedures, and did not expect any counterparties to fail their obligations. The Company deals only with primary dealers. If certain hedging criteria specified in derivatives and hedging accounting guidance are met, including testing for hedge effectiveness, hedge accounting may be applied. The hedge effectiveness assessment methodologies for similar hedges are performed in a similar manner and are used consistently throughout the hedging relationships. The hedge documentation specifies the terms of the hedged item and the interest rate swap. The documentation also indicates the derivative is hedging a fixed-rate item, the hedge exposure is to the changes in the fair value of the hedged item and the strategy is to eliminate fair value variability by converting fixed-rate interest payments to variable-rate interest payments. For derivative instruments that are designated and qualify as a fair value hedge, the gain or loss on the derivative as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in current earnings. The Company includes the gain or loss on the hedged items in the same line item—noninterest income—as the offsetting loss or gain on the related interest rate swap. The fixed rate loan hedged had an original maturity of 20 years and was not callable. This loan was hedged with a “pay fixed rate, receive variable rate” swap with a similar notional amount, maturity and fixed rate coupons. The swap is not callable. At December 31, 2014, the loan had an outstanding principal balance of $10,641,000 and the interest rate swap had a notional value of $10,673,000. At December 31, 2014, the interest rate swap on the fixed-rate loan was ineffective. The Bank recorded a loss of $317,000 in noninterest income during the quarter ended December 31, 2014 related to the ineffectiveness. The interest rate swap was terminated during the quarter ended March 31, 2015. The Bank recorded a loss of $93,000 in noninterest income during the quarter ended March 31, 2015 related to the swap termination. The loan fair value adjustment of $138,000 at March 31, 2015 will be amortized over the remaining life of the loan which matures September 1, 2030. The remaining balance was $129,000 at March 31, 2016. Mortgage loan commitments are referred to as derivative loan commitments if the loan that will result from exercise of the commitment will be held-for-sale upon funding. The Company enters into commitments to fund residential mortgage loans at specified times in the future, with the intention that these loans will subsequently be sold in the secondary market. A mortgage loan commitment binds the Company to lend funds to a potential borrower at a specified interest rate and within a specified period of time, generally up to 60 days after inception of the rate lock. Outstanding derivative loan commitments expose the Company to the risk that the price of the loans arising from exercise of the loan commitment might decline from inception of the rate lock to funding of the loan due to increases in mortgage interest rates. If interest rates increase, the value of these loan commitments decreases. Conversely, if interest rates decrease, the value of these loan commitments increases. The notional amount of interest rate lock commitments was $33,441,000 and $24,378,000 at March 31, 2016 and December 31, 2015, respectively. The Company has no other off-balance-sheet arrangements or transactions with unconsolidated, special purpose entities that would expose the Company to liability that is not reflected on the face of the financial statements. |
Fair Value Disclosures
Fair Value Disclosures | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | NOTE 11. FAIR VALUE DISCLOSURES FASB ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. The price in the principal (or most advantageous) market used to measure the fair value of the asset or liability shall not be adjusted for transaction costs. An orderly transaction is a transaction that assumes exposure to the market for a period prior to the measurement date to allow for marketing activities that are usual and customary for transactions involving such assets and liabilities; it is not a forced transaction. Market participants are buyers and sellers in the principal market that are (i) independent, (ii) knowledgeable, (iii) able to transact and, (iv) willing to transact. FASB ASC 820 requires the use of valuation techniques that are consistent with the market approach, the income approach and/or the cost approach. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets and liabilities. The income approach uses valuation techniques to convert future amounts, such as cash flows or earnings, to a single present amount on a discounted basis. The cost approach is based on the amount that currently would be required to replace the service capacity of an asset (replacement costs). Valuation techniques should be consistently applied. Inputs to valuation techniques refer to the assumptions that market participants would use in pricing the asset or liability. Inputs may be observable, meaning those that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from independent sources, or unobservable, meaning those that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. In that regard, FASB ASC 820 establishes a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows: Level 1 Inputs – Level 2 Inputs – Level 3 Inputs – A description of the valuation methodologies used for assets and liabilities measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. In general, fair value is based upon quoted market prices, where available. If such quoted market prices are not available, fair value is based upon internally developed models that primarily use, as inputs, observable market-based parameters. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value. While management believes the Company’s valuation methodologies are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. Available-for-Sale Securities Impaired Loans Loans Held-for-Sale Repossessed Assets Loan Subject to Fair Value Hedge Derivative Financial Instruments The following tables summarize financial assets and financial liabilities measured at fair value on a recurring basis, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value. March 31, 2016 Level 1 Level 2 Level 3 Total Fair Inputs Inputs Inputs Value (In Thousands) Financial Assets: Available-for-sale securities U.S. government and agency $ - $ 10,024 $ - $ 10,024 Municipal obligations - 66,703 - 66,703 Corporate obligations - 9,372 - 9,372 MBSs - government-backed - 33,373 - 33,373 CMOs - government backed - 25,598 - 25,598 Loans held-for-sale - 18,284 - 18,284 December 31, 2015 Level 1 Level 2 Level 3 Total Fair Inputs Inputs Inputs Value (In Thousands) Financial Assets: Available-for-sale securities U.S. government and agency $ - $ 10,615 $ - $ 10,615 Municipal obligations - 67,069 - 67,069 Corporate obligations - 9,450 - 9,450 MBSs - government-backed - 32,735 - 32,735 CMOs - government backed - 25,869 - 25,869 Loans held-for-sale - 18,702 - 18,702 Certain financial assets and financial liabilities are measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment). The following table summarizes financial assets and financial liabilities measured at fair value on a nonrecurring basis, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value: March 31, 2016 Level 1 Level 2 Level 3 Total Fair Inputs Inputs Inputs Value (In Thousands) Impaired loans $ - $ - $ 1,544 $ 1,544 Repossessed assets - - 606 606 December 31, 2015 Level 1 Level 2 Level 3 Total Fair Inputs Inputs Inputs Value (In Thousands) Impaired loans $ - $ - $ 2,028 $ 2,028 Repossessed assets - - 595 595 As of March 31, 2016, certain impaired loans were remeasured and reported at fair value through a specific valuation allowance allocation of the allowance for possible loan losses based upon the fair value of the underlying collateral. Impaired loans with a carrying value of $1,625,000 were reduced by specific valuation allowance allocations totaling $81,000 to a total reported fair value of $1,544,000 based on collateral valuations utilizing Level 3 valuation inputs. As of December 31, 2015, certain impaired loans were remeasured and reported at fair value through a specific valuation allowance allocation of the allowance for possible loan losses based upon the fair value of the underlying collateral. Impaired loans with a carrying value of $2,076,000 were reduced by specific valuation allowance allocations totaling $48,000 to a total reported fair value of $2,028,000 based on collateral valuations utilizing Level 3 valuation inputs. The following table represents the Banks’s Level 3 financial assets and liabilities, the valuation techniques used to measure the fair value of those financial assets and liabilities, and the significant unobservable inputs and the ranges of values for those inputs. Fair Value at Principal Significant Range of March 31, December 31, Valuation Unobservable Signficant Input Instrument 2016 2015 Technique Inputs Values (Dollars In Thousands) Appraisal of Appraisal Impaired loans $ 1,544 $ 2,028 collateral (1) adjustments 10-30 % Appraisal of Liquidation Repossessed Assets $ 606 $ 595 collateral (1)(3) expenses (2) 10-30 % (1) Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are not identifiable, less associated allowance. (2) Appraisals may be adjusted for qualitative factors such as economic conditions and estimated liquidation expenses. The range of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal. (3) Includes qualitative adjustments by management and estimated liquidation expenses. FASB ASC Topic 825 requires disclosure of the fair value of financial instruments, both assets and liabilities recognized and not recognized in the statement of financial position, for which it is practicable to estimate fair value. Below is a table that summarizes the fair market values of all financial instruments of the Company at March 31, 2016 and December 31, 2015, followed by methods and assumptions that were used by the Company in estimating the fair value of the classes of financial instruments. The fair value amounts of financial instruments have been determined by the Company using available market information and appropriate valuation methodologies. However, considerable judgment is required to interpret data to develop the estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize in a current market exchange. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. March 31, 2016 Total Level 1 Level 2 Level 3 Estimated Carrying Inputs Inputs Inputs Fair Value Amount (In Thousands) Financial Assets: Cash and cash equivalents $ 6,613 $ - $ - $ 6,613 $ 6,613 Federal Home Loan Bank stock 3,564 - - 3,564 3,564 Federal Reserve Bank stock 871 - - 871 871 Loans receivable, net - - 425,828 425,828 417,397 Accrued interest and dividends receivable 2,213 - - 2,213 2,213 Mortgage servicing rights - - 6,255 6,255 4,988 Cash surrender value of life insurance 12,598 - - 12,598 12,598 Financial Liabilities: Non-maturing interest bearing deposits - 252,471 - 252,471 252,471 Noninterest bearing deposits 90,308 - - 90,308 90,308 Time certificates of deposit - - 151,800 151,800 151,406 Accrued expenses and other liabilities 5,933 - - 5,933 5,933 Federal Home Loan Bank advances and other borrowings - - 71,482 71,482 71,204 Subordinated debentures - - 14,690 14,690 15,155 Off-balance-sheet instruments - Forward loan sales commitments - - - - - Commitments to extend credit - - - - - Rate lock commitments - - - - - December 31, 2015 Total Level 1 Level 2 Level 3 Estimated Carrying Inputs Inputs Inputs Fair Value Amount (In Thousands) Financial Assets: Cash and cash equivalents $ 7,438 $ - $ - $ 7,438 $ 7,438 Federal Home Loan Bank stock 3,397 - - 3,397 3,397 Federal Reserve Bank stock 887 - - 887 887 Loans receivable, net - - 408,414 408,414 401,706 Accrued interest and dividends receivable 2,278 - - 2,278 2,278 Mortgage servicing rights - - 6,452 6,452 4,968 Cash surrender value of life insurance 12,514 - - 12,514 12,514 Financial Liabilities: Non-maturing interest bearing deposits - 253,704 - 253,704 253,704 Noninterest bearing deposits 77,031 - - 77,031 77,031 Time certificates of deposit - - 152,691 152,691 152,447 Accrued expenses and other liabilities 4,050 - - 4,050 4,050 Federal Home Loan Bank advances and other borrowings - - 72,811 72,811 72,716 Subordinated debentures 14,306 14,306 15,155 Off-balance-sheet instruments Forward loan sales commitments - - - - - Commitments to extend credit - - - - - Rate lock commitments - - - - - The following methods and assumptions were used by the Company in estimating the fair value of the following classes of financial instruments. However, the Form 10-K for the year ended December 31, 2015 provides additional description of valuation methodologies used in estimating fair value of these financial instruments. Cash, interest-bearing accounts, accrued interest and dividend receivable and accrued expenses and other liabilities Stock in the Federal Home Loan Bank of Des Moines (“FHLB”) and Federal Reserve Bank (“FRB”) Loans receivable Fair values are adjusted for credit risk based on assessment of risk identified with specific loans, and risk adjustments on the remaining portfolio based on credit loss experience. Assumptions regarding credit risk are judgmentally determined using specific borrower information, internal credit quality analysis, and historical information on segmented loan categories for non-specific borrowers. Mortgage servicing rights Cash surrender value of life insurance Deposits and time certificates of deposit Advances from the FHLB & Subordinated Debentures Off-balance-sheet instruments |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | NOTE 12. RECENT ACCOUNTING PRONOUNCEMENTS In May 2014, the FASB issued Accounting Standards Update No. 2014-9, Revenue from Contracts with Customers (Topic 606). This guidance is a comprehensive new revenue recognition standard that will supersede substantially all existing revenue recognition guidance. The new standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under existing guidance. These may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. On July 9, 2015, the FASB agreed to delay the effective date of the standard by one year. Therefore, the new standard will be effective in the first quarter of 2018 and is not expected to have a significant impact to the Company’s financial statements. In September 2015, the FASB issued ASU No. 2015-16, “Business Combinations: Simplifying the Accounting for Measurement-Period Adjustments.” The amendments in ASU 2015-16 require that an acquirer recognize adjustments to estimated amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The amendments require that the acquirer record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the estimated amounts, calculated as if the accounting had been completed at the acquisition date. The amendments also require an entity to present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the estimated amounts had been recognized as of the acquisition date. The amendment is effective for annual and interim reporting periods beginning after December 15, 2015 and is not expected to have a significant impact to the Company’s financial statements. In January 2016, the FASB issued ASU No. 2016-01 “Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities.” The amendment has a number of provisions including the requirements that public business entities use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, a separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (i.e. securities or loans receivables), and eliminating the requirement for public business entities to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost. The amendment is effective for annual and interim reporting periods beginning after December 15, 2017. The Company is evaluating the potential impact of the amendment on the Company’s financial statements. In February 2016, the FASB issued ASU No. 2016-2, Leases (Topic 842) intended to improve financial reporting regarding leasing transactions. The new standard affects all companies and organizations that lease assets. The standard will require organizations to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases if the lease terms are more than 12 months. The guidance also will require qualitative and quantitative disclosures providing additional information about the amounts recorded in the financial statements. The amendments in this update are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company is evaluating the potential impact of the amendment on the Company’s financial statements. |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Amortized Cost, Estimated Fair values and Unrealized Gains and Losses | Investment securities are summarized as follows: March 31, 2016 December 31, 2015 Gross Gross Amortized Unrealized Fair Amortized Unrealized Fair Cost Gains (Losses) Value Cost Gains (Losses) Value (In Thousands) Available-for-Sale: U.S. government and agency obligations $ 9,968 $ 63 $ (7 ) $ 10,024 $ 10,684 $ 26 $ (95 ) $ 10,615 Municipal obligations 65,763 1,252 (312 ) 66,703 66,606 1,041 (578 ) 67,069 Corporate obligations 9,575 5 (208 ) 9,372 9,615 - (165 ) 9,450 MBSs - government-backed 33,221 307 (155 ) 33,373 32,810 111 (186 ) 32,735 CMOs - government backed 25,626 61 (89 ) 25,598 26,233 40 (404 ) 25,869 Total $ 144,153 $ 1,688 $ (771 ) $ 145,070 $ 145,948 $ 1,218 $ (1,428 ) $ 145,738 |
Schedule of Amortized Cost and Estimated Fair Value by Contractual Maturity | The amortized cost and fair value of securities at March 31, 2016 by contractual maturity are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Amortized Fair Cost Value (In Thousands) Due in one year or less $ - $ - Due from one to five years 8,279 8,267 Due from five to ten years 14,881 14,899 Due after ten years 62,146 62,933 85,306 86,099 MBSs - government-backed 33,221 33,373 CMOs - government-backed 25,626 25,598 Total $ 144,153 $ 145,070 |
Schedule of Investment Securities That Have Been in a Continuous Unrealized-Loss Position | The Company’s investment securities that have been in a continuous unrealized loss position for less than twelve months and those that have been in a continuous unrealized loss position for twelve or more months were as follows: March 31, 2016 Less Than 12 Months 12 Months or Longer Gross Gross Fair Unrealized Fair Unrealized Value Losses Value Losses (In Thousands) U.S. government and agency $ 6,636 $ (7 ) $ - $ - Municipal obligations 9,924 (54 ) 12,344 (258 ) Corporate obligations 2,016 (27 ) 6,009 (181 ) MBSs and CMOs - government-backed 24,849 (192 ) 5,981 (52 ) Total $ 43,425 $ (280 ) $ 24,334 $ (491 ) December 31, 2015 Less Than 12 Months 12 Months or Longer Gross Gross Fair Unrealized Fair Unrealized Value Losses Value Losses (In Thousands) U.S. government and agency $ 3,173 $ (24 ) $ 5,986 $ (71 ) Municipal obligations 15,913 (132 ) 21,163 (446 ) Corporate obligations 5,283 (80 ) 3,915 (85 ) MBSs and CMOs - government-backed 23,164 (249 ) 13,886 (341 ) Total $ 47,533 $ (485 ) $ 44,950 $ (943 ) |
Loans Receivable (Tables)
Loans Receivable (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Receivables [Abstract] | |
Schedule of Loans Receivable | Loans receivable consisted of the following: March 31, December 31, 2016 2015 (In Thousands) First mortgage loans: Residential mortgage (1-4 family) $ 113,364 $ 118,133 Commercial real estate 194,479 167,930 Real estate construction 15,673 22,958 Other loans: Home equity 45,404 45,345 Consumer 14,229 14,641 Commercial 40,614 39,072 Total 423,763 408,079 Allowance for loan losses (3,940 ) (3,550 ) Deferred loan fees, net (882 ) (795 ) Total loans, net $ 418,941 $ 403,734 |
Schedule of Information Regarding Non-Performing Assets | The following table includes information regarding nonperforming assets. March 31, December 31, 2016 2015 (Dollars in Thousands) Non-accrual loans $ 1,580 $ 2,030 Accruing loans delinquent 90 days or more 710 472 Restructured loans, net 45 46 Total nonperforming loans 2,335 2,548 Real estate owned and other repossessed assets, net 606 595 Total nonperforming assets $ 2,941 $ 3,143 Total non-performing assets as a percentage of total assets 0.46 % 0.50 % Allowance for loan losses $ 3,940 $ 3,550 Percent of allowance for loan losses to non-performing loans 168.74 % 139.32 % Percent of allowance for loan losses to non-performing assets 133.97 % 112.95 % |
Schedule of Allowance for Loan Losses Activity | Allowance for loan losses activity was as follows: Three Months Ended March 31, 2016 Residential Mortgage Commercial Real Estate Home (1-4 Family) Real Estate Construction Equity Consumer Commercial Total (In Thousands) Allowance for loan losses: Beginning balance, January 1, 2016 $ 911 $ 1,593 $ 184 $ 342 $ 66 $ 454 $ 3,550 Charge-offs - - - (7 ) (24 ) (32 ) (63 ) Recoveries - - - - 3 - 3 Provision 70 142 60 30 120 28 450 Ending balance, March 31, 2016 $ 981 $ 1,735 $ 244 $ 365 $ 165 $ 450 $ 3,940 Ending balance, March 31, 2016 allocated to loans individually evaluated for impairment $ - $ - $ - $ - $ 76 $ 5 $ 81 Ending balance, March 31, 2016 allocated to loans collectively evaluated for impairment $ 981 $ 1,735 $ 244 $ 365 $ 89 $ 445 $ 3,859 Loans receivable: Ending balance, March 31, 2016 $ 113,364 $ 194,479 $ 15,673 $ 45,404 $ 14,229 $ 40,614 $ 423,763 Ending balance, March 31, 2016 of loans individually evaluated for impairment $ 605 $ 658 $ - $ 265 $ 92 $ 5 $ 1,625 Ending balance, March 31, 2016 of loans collectively evaluated for impairment $ 112,759 $ 193,821 $ 15,673 $ 45,139 $ 14,137 $ 40,609 $ 422,138 Three Months Ended March 31, 2015 Residential Mortgage Commercial Real Estate Home (1-4 Family) Real Estate Construction Equity Consumer Commercial Total (In Thousands) Allowance for loan losses: Beginning balance, January 1, 2015 $ 684 $ 1,098 $ 35 $ 270 $ 46 $ 317 $ 2,450 Charge-offs (137 ) - - - (11 ) - (148 ) Recoveries - - - - 1 - 1 Provision 98 128 5 36 14 41 322 Ending balance, March 31, 2015 $ 645 $ 1,226 $ 40 $ 306 $ 50 $ 358 $ 2,625 Ending balance, March 31, 2015 allocated to loans individually evaluated for impairment $ - $ - $ - $ - $ 5 $ - $ 5 Ending balance, March 31, 2015 allocated to loans collectively evaluated for impairment $ 645 $ 1,226 $ 40 $ 306 $ 45 $ 358 $ 2,620 Loans receivable: Ending balance, March 31, 2015 $ 105,428 $ 130,374 $ 10,313 $ 40,312 $ 13,664 $ 36,877 $ 336,968 Ending balance, March 31, 2015 of loans individually evaluated for impairment $ 648 $ - $ - $ 224 $ 53 $ 566 $ 1,491 Ending balance, March 31, 2015 of loans collectively evaluated for impairment $ 104,780 $ 130,374 $ 10,313 $ 40,088 $ 13,611 $ 36,311 $ 335,477 |
Schedule of Information Regarding the Internal Classification of the Loan Portfolio | Internal classification of the loan portfolio was as follows: March 31, 2016 Residential Mortgage Commercial Real Estate Home (1-4 Family) Real Estate Construction Equity Consumer Commercial Total (In Thousands) Grade: Pass $ 111,955 $ 193,438 $ 14,875 $ 45,035 $ 14,118 $ 40,202 $ 419,623 Special mention - - - - - 46 46 Substandard 1,409 1,041 798 287 32 294 3,861 Doubtful - - - 82 3 67 152 Loss - - - - 76 5 81 Total $ 113,364 $ 194,479 $ 15,673 $ 45,404 $ 14,229 $ 40,614 $ 423,763 Credit risk profile based on payment activity Performing $ 112,538 $ 193,817 $ 15,409 $ 45,059 $ 14,137 $ 40,468 $ 421,428 Restructured loans - - - 45 - - 45 Nonperforming 826 662 264 300 92 146 2,290 Total $ 113,364 $ 194,479 $ 15,673 $ 45,404 $ 14,229 $ 40,614 $ 423,763 December 31, 2015 Residential Mortgage Commercial Home (1-4 Family) Real Estate Construction Equity Consumer Commercial Total (In Thousands) Grade: Pass $ 116,711 $ 167,263 $ 22,176 $ 45,100 $ 14,486 $ 38,675 $ 404,411 Special mention - - - - - - - Substandard 1,422 667 782 156 140 367 3,534 Doubtful - - - 82 4 - 86 Loss - - - 7 11 30 48 Total $ 118,133 $ 167,930 $ 22,958 $ 45,345 $ 14,641 $ 39,072 $ 408,079 Credit risk profile based on payment activity Performing $ 117,182 $ 167,259 $ 22,711 $ 45,138 $ 14,496 $ 38,745 $ 405,531 Restructured loans - - - 46 - - 46 Nonperforming 951 671 247 161 145 327 2,502 Total $ 118,133 $ 167,930 $ 22,958 $ 45,345 $ 14,641 $ 39,072 $ 408,079 |
Schedule of Delinquencies Within the Loan Portfolio | The following tables include information regarding delinquencies within the loan portfolio. March 31, 2016 Recorded 90 Days Investment 30-89 Days and Total Total > 90 Days and Past Due Greater Past Due Current Loans Still Accruing (In Thousands) Residential mortgage (1-4 family) $ 1,988 $ 826 $ 2,814 $ 110,550 $ 113,364 $ 221 Commercial real estate 869 662 1,531 192,948 194,479 4 Real estate construction 1,183 264 1,447 14,226 15,673 264 Home equity 474 300 774 44,630 45,404 80 Consumer 205 92 297 13,932 14,229 - Commercial 445 146 591 40,023 40,614 141 Total $ 5,164 $ 2,290 $ 7,454 $ 416,309 $ 423,763 $ 710 December 31, 2015 Recorded 90 Days Investment 30-89 Days and Total Total >90 Days and Past Due Greater Past Due Current Loans Still Accruing (In Thousands) Residential mortgage (1-4 family) $ 1,163 $ 951 $ 2,114 $ 116,019 $ 118,133 $ 221 Commercial real estate 177 671 848 167,082 167,930 4 Real estate construction 662 247 909 22,049 22,958 247 Home equity 319 161 480 44,865 45,345 - Consumer 184 145 329 14,312 14,641 - Commercial 173 327 500 38,572 39,072 - Total $ 2,678 $ 2,502 $ 5,180 $ 402,899 $ 408,079 $ 472 |
Schedule of Impaired Loans | The following tables include information regarding impaired loans. March 31, 2016 Unpaid Recorded Principal Related Investment Balance Allowance (In Thousands) With no related allowance: Residential mortgage (1-4 family) $ 605 $ 607 $ - Commercial real estate 658 667 - Construction - - - Home equity 265 299 - Consumer 16 16 - Commercial - - - With a related allowance: Residential mortgage (1-4 family) - - - Commercial real estate - - - Construction - - - Home equity - - - Consumer 76 76 76 Commercial 5 5 5 Total: Residential mortgage (1-4 family) 605 607 - Commercial real estate 658 667 - Construction - - - Home equity 265 299 - Consumer 92 92 76 Commercial 5 5 5 Total $ 1,625 $ 1,670 $ 81 December 31, 2015 Unpaid Recorded Principal Related Investment Balance Allowance (In Thousands) With no related allowance: Residential mortgage (1-4 family) $ 730 $ 730 $ - Commercial real estate 667 667 - Construction - - - Home equity 200 234 - Consumer 134 134 - Commercial 297 297 - With a related allowance: Residential mortgage (1-4 family) - - - Commercial real estate - - - Construction - - - Home equity 7 7 7 Consumer 11 11 11 Commercial 30 30 30 Total: Residential mortgage (1-4 family) 730 730 - Commercial real estate 667 667 - Construction - - - Home equity 207 241 7 Consumer 145 145 11 Commercial 327 327 30 Total $ 2,076 $ 2,110 $ 48 Three Months Ended March 31, 2016 2015 Average Recorded Investment (In Thousands) Residential mortgage (1-4 family) $ 668 $ 1,060 Commercial real estate 662 - Construction - - Home equity 236 276 Consumer 119 54 Commercial 166 398 Total $ 1,851 $ 1,788 |
Troubled Debt Restructurings (T
Troubled Debt Restructurings (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Text Block [Abstract] | |
Schedule of Troubled Debt Restructurings | The following tables present troubled debt restructurings. March 31, 2016 Accrual Non-Accrual Total Status Status Modification (In Thousands) Residential mortgage (1-4 family) $ - $ - $ - Commercial real estate - - - Real estate construction - - - Home equity 45 - 45 Consumer - - - Commercial - - - Total $ 45 $ - $ 45 December 31, 2015 Accrual Non-Accrual Total Status Status Modification (In Thousands) Residential mortgage (1-4 family) $ - $ - $ - Commercial real estate - - - Real estate construction - - - Home equity 46 - 46 Consumer - - - Commercial - - - Total $ 46 $ - $ 46 |
Deposits (Tables)
Deposits (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Banking and Thrift [Abstract] | |
Schedule of Composition of Deposits | Deposits are summarized as follows: March 31, December 31, 2016 2015 (In Thousands) Noninterest checking $ 90,308 $ 77,031 Interest bearing checking 86,373 87,350 Savings 74,538 71,474 Money market 91,560 94,880 Time certificates of deposit 151,406 152,447 Total $ 494,185 $ 483,182 |
Subordinated Debentures (Tables
Subordinated Debentures (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Brokers and Dealers [Abstract] | |
Schedule of Subordinated Debentures | Subordinated debentures consisted of the following: March 31, 2016 December 31, 2015 Unamortized Unamortized Debt Debt Principal Issuance Principal Issuance Amount Costs Amount Costs (In Thousands) Subordinated debentures: Variable at 3-Month Libor plus 1.42%, due 2035 $ 5,155 $ - $ 5,155 $ - Fixed at 6.75%, due 2025 10,000 (201 ) 10,000 (206 ) Total $ 15,155 $ (201 ) $ 15,155 $ (206 ) |
Accumulated Other Comprehensi27
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Activity in Accumulated Other Comprehensive Income (Loss) | The following table includes information regarding the activity in accumulated other comprehensive income (loss). Unrealized Unrealized Gains (Losses) (Losses) Gains on Derivatives on Investment Designated as Securities Cash Flow Hedges Available-for-Sale Total Balance, January 1, 2016 $ 376 $ (124 ) $ 252 Other comprehensive income before, reclassifications and income taxes 636 1,127 1,763 Amounts reclassified from accumulated other comprehensive income (loss), before income taxes (635 ) - (635 ) Income tax expense - (460 ) (460 ) Total other comprehensive income 1 667 668 Balance, March 31, 2016 $ 377 $ 543 $ 920 Balance, January 1, 2015 $ 294 $ (509 ) $ (215 ) Other comprehensive income before, reclassifications and income taxes 529 1,495 2,024 Amounts reclassified from accumulated other comprehensive income (loss), before income taxes (496 ) (186 ) (682 ) Income tax expense (13 ) (534 ) (547 ) Total other comprehensive income 20 775 795 Balance, March 31, 2015 $ 314 $ 266 $ 580 |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis | The following tables summarize financial assets and financial liabilities measured at fair value on a recurring basis, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value. March 31, 2016 Level 1 Level 2 Level 3 Total Fair Inputs Inputs Inputs Value (In Thousands) Financial Assets: Available-for-sale securities U.S. government and agency $ - $ 10,024 $ - $ 10,024 Municipal obligations - 66,703 - 66,703 Corporate obligations - 9,372 - 9,372 MBSs - government-backed - 33,373 - 33,373 CMOs - government backed - 25,598 - 25,598 Loans held-for-sale - 18,284 - 18,284 December 31, 2015 Level 1 Level 2 Level 3 Total Fair Inputs Inputs Inputs Value (In Thousands) Financial Assets: Available-for-sale securities U.S. government and agency $ - $ 10,615 $ - $ 10,615 Municipal obligations - 67,069 - 67,069 Corporate obligations - 9,450 - 9,450 MBSs - government-backed - 32,735 - 32,735 CMOs - government backed - 25,869 - 25,869 Loans held-for-sale - 18,702 - 18,702 |
Schedule of Financial Assets and Financial Liabilities Measured at Fair Value on a Nonrecurring Basis | The following table summarizes financial assets and financial liabilities measured at fair value on a nonrecurring basis, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value: March 31, 2016 Level 1 Level 2 Level 3 Total Fair Inputs Inputs Inputs Value (In Thousands) Impaired loans $ - $ - $ 1,544 $ 1,544 Repossessed assets - - 606 606 December 31, 2015 Level 1 Level 2 Level 3 Total Fair Inputs Inputs Inputs Value (In Thousands) Impaired loans $ - $ - $ 2,028 $ 2,028 Repossessed assets - - 595 595 |
Schedule of Financial Assets and Liabilities, Valuation Techniques used to Measure Fair Value of Financial Assets and Liabilities | The following table represents the Banks’s Level 3 financial assets and liabilities, the valuation techniques used to measure the fair value of those financial assets and liabilities, and the significant unobservable inputs and the ranges of values for those inputs. Fair Value at Principal Significant Range of March 31, December 31, Valuation Unobservable Signficant Input Instrument 2016 2015 Technique Inputs Values (Dollars In Thousands) Appraisal of Appraisal Impaired loans $ 1,544 $ 2,028 collateral (1) adjustments 10-30 % Appraisal of Liquidation Repossessed Assets $ 606 $ 595 collateral (1)(3) expenses (2) 10-30 % (1) Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are not identifiable, less associated allowance. (2) Appraisals may be adjusted for qualitative factors such as economic conditions and estimated liquidation expenses. The range of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal. (3) Includes qualitative adjustments by management and estimated liquidation expenses. |
Schedule of Estimated Fair Value and Carrying Amounts of Financial Instruments | The fair value amounts of financial instruments have been determined by the Company using available market information and appropriate valuation methodologies. However, considerable judgment is required to interpret data to develop the estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize in a current market exchange. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. March 31, 2016 Total Level 1 Level 2 Level 3 Estimated Carrying Inputs Inputs Inputs Fair Value Amount (In Thousands) Financial Assets: Cash and cash equivalents $ 6,613 $ - $ - $ 6,613 $ 6,613 Federal Home Loan Bank stock 3,564 - - 3,564 3,564 Federal Reserve Bank stock 871 - - 871 871 Loans receivable, net - - 425,828 425,828 417,397 Accrued interest and dividends receivable 2,213 - - 2,213 2,213 Mortgage servicing rights - - 6,255 6,255 4,988 Cash surrender value of life insurance 12,598 - - 12,598 12,598 Financial Liabilities: Non-maturing interest bearing deposits - 252,471 - 252,471 252,471 Noninterest bearing deposits 90,308 - - 90,308 90,308 Time certificates of deposit - - 151,800 151,800 151,406 Accrued expenses and other liabilities 5,933 - - 5,933 5,933 Federal Home Loan Bank advances and other borrowings - - 71,482 71,482 71,204 Subordinated debentures - - 14,690 14,690 15,155 Off-balance-sheet instruments - Forward loan sales commitments - - - - - Commitments to extend credit - - - - - Rate lock commitments - - - - - December 31, 2015 Total Level 1 Level 2 Level 3 Estimated Carrying Inputs Inputs Inputs Fair Value Amount (In Thousands) Financial Assets: Cash and cash equivalents $ 7,438 $ - $ - $ 7,438 $ 7,438 Federal Home Loan Bank stock 3,397 - - 3,397 3,397 Federal Reserve Bank stock 887 - - 887 887 Loans receivable, net - - 408,414 408,414 401,706 Accrued interest and dividends receivable 2,278 - - 2,278 2,278 Mortgage servicing rights - - 6,452 6,452 4,968 Cash surrender value of life insurance 12,514 - - 12,514 12,514 Financial Liabilities: Non-maturing interest bearing deposits - 253,704 - 253,704 253,704 Noninterest bearing deposits 77,031 - - 77,031 77,031 Time certificates of deposit - - 152,691 152,691 152,447 Accrued expenses and other liabilities 4,050 - - 4,050 4,050 Federal Home Loan Bank advances and other borrowings - - 72,811 72,811 72,716 Subordinated debentures 14,306 14,306 15,155 Off-balance-sheet instruments Forward loan sales commitments - - - - - Commitments to extend credit - - - - - Rate lock commitments - - - - - |
Investment Securities (Schedule
Investment Securities (Schedule of Amortized Cost, Estimated Fair Values and Unrealized Gains and Losses) (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available for sale securities, amortized cost | $ 144,153 | $ 145,948 |
Available for sale securities, gross unrealized gains | 1,688 | 1,218 |
Available for sale securities, gross unrealized (losses) | (771) | (1,428) |
Available for sale securities, fair value | 145,070 | 145,738 |
MBSs - Government Backed [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available for sale securities, amortized cost | 33,221 | 32,810 |
Available for sale securities, gross unrealized gains | 307 | 111 |
Available for sale securities, gross unrealized (losses) | (155) | (186) |
Available for sale securities, fair value | 33,373 | 32,735 |
CMOs - Government Backed [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available for sale securities, amortized cost | 25,626 | 26,233 |
Available for sale securities, gross unrealized gains | 61 | 40 |
Available for sale securities, gross unrealized (losses) | (89) | (404) |
Available for sale securities, fair value | 25,598 | 25,869 |
U.S. Government and Agency Obligations [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available for sale securities, amortized cost | 9,968 | 10,684 |
Available for sale securities, gross unrealized gains | 63 | 26 |
Available for sale securities, gross unrealized (losses) | (7) | (95) |
Available for sale securities, fair value | 10,024 | 10,615 |
Municipal Obligations [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available for sale securities, amortized cost | 65,763 | 66,606 |
Available for sale securities, gross unrealized gains | 1,252 | 1,041 |
Available for sale securities, gross unrealized (losses) | (312) | (578) |
Available for sale securities, fair value | 66,703 | 67,069 |
Corporate Obligations [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available for sale securities, amortized cost | 9,575 | 9,615 |
Available for sale securities, gross unrealized gains | 5 | |
Available for sale securities, gross unrealized (losses) | (208) | (165) |
Available for sale securities, fair value | $ 9,372 | $ 9,450 |
Investment Securities (Narrativ
Investment Securities (Narrative) (Detail) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016USD ($)Investment | Mar. 31, 2015USD ($) | Dec. 31, 2015Investment | |
Schedule of Available-for-sale Securities [Line Items] | |||
Proceeds from sale of available for sale securities | $ | $ 0 | $ 8,947 | |
Available for sale securities gross realized gains | $ | 242 | ||
Available for sale securities gross realized losses | $ | $ 56 | ||
Number of available for sale securities in unrealized loss position | 57 | 85 | |
U.S. Government and Agency Obligations [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Number of available for sale securities in unrealized loss position | 32 | 52 | |
Securities in an unrealized loss position, aggregate depreciation from amortized cost basis | 1.09% | 1.43% | |
Corporate Obligations [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Number of available for sale securities in unrealized loss position | 11 | 13 | |
Securities in an unrealized loss position, aggregate depreciation from amortized cost basis | 2.53% | 1.76% | |
Mortgage-Backed and CMOs [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Number of available for sale securities in unrealized loss position | 14 | 20 | |
Securities in an unrealized loss position, aggregate depreciation from amortized cost basis | 0.79% | 1.57% |
Investment Securities (Schedu31
Investment Securities (Schedule of Amortized Cost and Estimated Fair Value by Contractual Maturity (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities due in one year or less, amortized cost | $ 0 | |
Available for sale securities due from one to five years, amortized cost | 8,279 | |
Available for sale securities due from five to ten years, amortized cost | 14,881 | |
Available for sale securities due after ten years, amortized cost | 62,146 | |
Total available for sale securities debt maturities, amortized cost | 85,306 | |
Available for sale securities, amortized cost | 144,153 | $ 145,948 |
Available for sale securities due in one year or less, fair value | 0 | |
Available for sale securities due from one to five years, fair value | 8,267 | |
Available for sale securities due from five to ten years, fair value | 14,899 | |
Available for sale securities due after ten years, fair value | 62,933 | |
Total available for sale securities debt maturities, fair value | 86,099 | |
Available for sale securities, fair value | 145,070 | 145,738 |
MBSs - Government Backed [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, amortized cost | 33,221 | 32,810 |
Available for sale securities, fair value | 33,373 | 32,735 |
CMOs - Government Backed [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, amortized cost | 25,626 | 26,233 |
Available for sale securities, fair value | $ 25,598 | $ 25,869 |
Investment Securities (Schedu32
Investment Securities (Schedule of Investment Securities that Have Been in a Continuous Unrealized-Loss Position) (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities that have been in a continuous unrealized loss position for less than 12 months, estimated market value | $ 43,425 | $ 47,533 |
Available for sale securities that have been in a continuous unrealized loss position for less than 12 months, gross unrealized losses | (280) | (485) |
Available for sale securities that have been in a continuous unrealized loss position for 12 months or more, estimated market value | 24,334 | 44,950 |
Available for sale securities that have been in a continuous unrealized loss position for less 12 months or more, gross unrealized losses | (491) | (943) |
U.S. Government and Agency Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities that have been in a continuous unrealized loss position for less than 12 months, estimated market value | 6,636 | 3,173 |
Available for sale securities that have been in a continuous unrealized loss position for less than 12 months, gross unrealized losses | (7) | (24) |
Available for sale securities that have been in a continuous unrealized loss position for 12 months or more, estimated market value | 5,986 | |
Available for sale securities that have been in a continuous unrealized loss position for less 12 months or more, gross unrealized losses | (71) | |
Municipal Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities that have been in a continuous unrealized loss position for less than 12 months, estimated market value | 9,924 | 15,913 |
Available for sale securities that have been in a continuous unrealized loss position for less than 12 months, gross unrealized losses | (54) | (132) |
Available for sale securities that have been in a continuous unrealized loss position for 12 months or more, estimated market value | 12,344 | 21,163 |
Available for sale securities that have been in a continuous unrealized loss position for less 12 months or more, gross unrealized losses | (258) | (446) |
Corporate Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities that have been in a continuous unrealized loss position for less than 12 months, estimated market value | 2,016 | 5,283 |
Available for sale securities that have been in a continuous unrealized loss position for less than 12 months, gross unrealized losses | (27) | (80) |
Available for sale securities that have been in a continuous unrealized loss position for 12 months or more, estimated market value | 6,009 | 3,915 |
Available for sale securities that have been in a continuous unrealized loss position for less 12 months or more, gross unrealized losses | (181) | (85) |
Mortgage-Backed and CMOs [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities that have been in a continuous unrealized loss position for less than 12 months, estimated market value | 24,849 | 23,164 |
Available for sale securities that have been in a continuous unrealized loss position for less than 12 months, gross unrealized losses | (192) | (249) |
Available for sale securities that have been in a continuous unrealized loss position for 12 months or more, estimated market value | 5,981 | 13,886 |
Available for sale securities that have been in a continuous unrealized loss position for less 12 months or more, gross unrealized losses | $ (52) | $ (341) |
Loans (Schedule of Summary of t
Loans (Schedule of Summary of the Balances of Loans) (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Receivables [Abstract] | ||||
Residential Mortgage (1-4 Family) | $ 113,364 | $ 118,133 | ||
Commercial Real Estate | 194,479 | 167,930 | ||
Real estate construction | 15,673 | 22,958 | ||
Home equity | 45,404 | 45,345 | ||
Consumer | 14,229 | 14,641 | ||
Commercial | 40,614 | 39,072 | ||
Total | 423,763 | 408,079 | $ 336,968 | |
Allowance for loan losses | (3,940) | (3,550) | $ (2,625) | $ (2,450) |
Deferred loan fees, net | (882) | (795) | ||
Total loans, net | $ 418,941 | $ 403,734 |
Loans Receivable (Narrative) (D
Loans Receivable (Narrative) (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial real estate loans | $ 194,479,000 | $ 167,930,000 |
Commercial loans | 40,614,000 | 39,072,000 |
Minimum principal balance of loans for quarterly rating review | $ 750,000 | |
Minimum number of days consumer loans are delinquent for quarterly rating review | 90 days | |
Minimum number of days commercial loans are delinquent for quarterly rating review | 60 days | |
Syndicated Loan Facility [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial loans | $ 1,878,000 | 1,917,000 |
United States Department of Agriculture Rural Development [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial real estate loans | $ 11,987,000 | $ 12,117,000 |
Loans (Schedule of Information
Loans (Schedule of Information Regarding Non-Performing Assets) (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Receivables [Abstract] | ||||
Non-accrual loans | $ 1,580 | $ 2,030 | ||
Accruing loans delinquent 90 days or more | 710 | 472 | ||
Restructured loans, net | 45 | 46 | ||
Total nonperforming loans | 2,335 | 2,548 | ||
Real estate owned and other repossessed assets, net | 606 | 595 | ||
Total | $ 2,941 | $ 3,143 | ||
Total non-performing assets as a percentage of total assets | 0.46% | 0.50% | ||
Allowance for loan losses | $ 3,940 | $ 3,550 | $ 2,625 | $ 2,450 |
Percent of allowance for loan losses to non-performing loans | 168.74% | 139.32% | ||
Percent of allowance for loan losses to non-performing assets | 133.97% | 112.95% |
Loans (Schedule of Informatio36
Loans (Schedule of Information Regarding the Activity in the Allowance for Loan Losses) (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance for loan losses, beginning balance | $ 3,550 | $ 2,450 | |
Charge-offs | (63) | (148) | |
Recoveries | 3 | 1 | |
Provision | 450 | 322 | |
Allowance for loan losses, ending balance | 3,940 | 2,625 | |
Allowance for loan losses, allocated to loans individually evaluated for impairment | 81 | 5 | |
Allowance for loan losses, allocated to loans collectively evaluated for impairment | 3,859 | 2,620 | |
Loans receivable, total | 423,763 | 336,968 | $ 408,079 |
Loans receivable, individually evaluated for impairment | 1,625 | 1,491 | |
Loans receivable, collectively evaluated for impairment | 422,138 | 335,477 | |
Real Estate Construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance for loan losses, beginning balance | 184 | 35 | |
Provision | 60 | 5 | |
Allowance for loan losses, ending balance | 244 | 40 | |
Allowance for loan losses, allocated to loans collectively evaluated for impairment | 244 | 40 | |
Loans receivable, total | 15,673 | 10,313 | 22,958 |
Loans receivable, collectively evaluated for impairment | 15,673 | 10,313 | |
Home Equity [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance for loan losses, beginning balance | 342 | 270 | |
Charge-offs | (7) | ||
Provision | 30 | 36 | |
Allowance for loan losses, ending balance | 365 | 306 | |
Allowance for loan losses, allocated to loans collectively evaluated for impairment | 365 | 306 | |
Loans receivable, total | 45,404 | 40,312 | 45,345 |
Loans receivable, individually evaluated for impairment | 265 | 224 | |
Loans receivable, collectively evaluated for impairment | 45,139 | 40,088 | |
Residential Mortgage (1-4 Family) [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance for loan losses, beginning balance | 911 | 684 | |
Charge-offs | (137) | ||
Provision | 70 | 98 | |
Allowance for loan losses, ending balance | 981 | 645 | |
Allowance for loan losses, allocated to loans collectively evaluated for impairment | 981 | 645 | |
Loans receivable, total | 113,364 | 105,428 | 118,133 |
Loans receivable, individually evaluated for impairment | 605 | 648 | |
Loans receivable, collectively evaluated for impairment | 112,759 | 104,780 | |
Commercial Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance for loan losses, beginning balance | 1,593 | 1,098 | |
Provision | 142 | 128 | |
Allowance for loan losses, ending balance | 1,735 | 1,226 | |
Allowance for loan losses, allocated to loans collectively evaluated for impairment | 1,735 | 1,226 | |
Loans receivable, total | 194,479 | 130,374 | 167,930 |
Loans receivable, individually evaluated for impairment | 658 | ||
Loans receivable, collectively evaluated for impairment | 193,821 | 130,374 | |
Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance for loan losses, beginning balance | 66 | 46 | |
Charge-offs | (24) | (11) | |
Recoveries | 3 | 1 | |
Provision | 120 | 14 | |
Allowance for loan losses, ending balance | 165 | 50 | |
Allowance for loan losses, allocated to loans individually evaluated for impairment | 76 | 5 | |
Allowance for loan losses, allocated to loans collectively evaluated for impairment | 89 | 45 | |
Loans receivable, total | 14,229 | 13,664 | 14,641 |
Loans receivable, individually evaluated for impairment | 92 | 53 | |
Loans receivable, collectively evaluated for impairment | 14,137 | 13,611 | |
Commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance for loan losses, beginning balance | 454 | 317 | |
Charge-offs | (32) | ||
Provision | 28 | 41 | |
Allowance for loan losses, ending balance | 450 | 358 | |
Allowance for loan losses, allocated to loans individually evaluated for impairment | 5 | ||
Allowance for loan losses, allocated to loans collectively evaluated for impairment | 445 | 358 | |
Loans receivable, total | 40,614 | 36,877 | $ 39,072 |
Loans receivable, individually evaluated for impairment | 5 | 566 | |
Loans receivable, collectively evaluated for impairment | $ 40,609 | $ 36,311 |
Loans (Schedule of Informatio37
Loans (Schedule of Information Regarding the Internal Classification of the Loan Portfolio) (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Residential Mortgage (1-4 Family) | $ 113,364 | $ 118,133 | |
Commercial Real Estate | 194,479 | 167,930 | |
Real estate construction | 15,673 | 22,958 | |
Home equity | 45,404 | 45,345 | |
Consumer | 14,229 | 14,641 | |
Commercial | 40,614 | 39,072 | |
Loans receivable, total | 423,763 | 408,079 | $ 336,968 |
Performing [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Residential Mortgage (1-4 Family) | 112,538 | 117,182 | |
Commercial Real Estate | 193,817 | 167,259 | |
Real estate construction | 15,409 | 22,711 | |
Home equity | 45,059 | 45,138 | |
Consumer | 14,137 | 14,496 | |
Commercial | 40,468 | 38,745 | |
Loans receivable, total | 421,428 | 405,531 | |
Restructured Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Home equity | 45 | 46 | |
Loans receivable, total | 45 | 46 | |
Nonperforming [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Residential Mortgage (1-4 Family) | 826 | 951 | |
Commercial Real Estate | 662 | 671 | |
Real estate construction | 264 | 247 | |
Home equity | 300 | 161 | |
Consumer | 92 | 145 | |
Commercial | 146 | 327 | |
Loans receivable, total | 2,290 | 2,502 | |
Pass [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Residential Mortgage (1-4 Family) | 111,955 | 116,711 | |
Commercial Real Estate | 193,438 | 167,263 | |
Real estate construction | 14,875 | 22,176 | |
Home equity | 45,035 | 45,100 | |
Consumer | 14,118 | 14,486 | |
Commercial | 40,202 | 38,675 | |
Loans receivable, total | 419,623 | 404,411 | |
Special Mention [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial | 46 | ||
Loans receivable, total | 46 | ||
Substandard [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Residential Mortgage (1-4 Family) | 1,409 | 1,422 | |
Commercial Real Estate | 1,041 | 667 | |
Real estate construction | 798 | 782 | |
Home equity | 287 | 156 | |
Consumer | 32 | 140 | |
Commercial | 294 | 367 | |
Loans receivable, total | 3,861 | 3,534 | |
Doubtful [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Home equity | 82 | 82 | |
Consumer | 3 | 4 | |
Commercial | 67 | ||
Loans receivable, total | 152 | 86 | |
Loss [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Home equity | 7 | ||
Consumer | 76 | 11 | |
Commercial | 5 | 30 | |
Loans receivable, total | $ 81 | $ 48 |
Loans (Schedule of Delinquencie
Loans (Schedule of Delinquencies Within the Loan Portfolio) (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | $ 7,454 | $ 5,180 | |
Current | 416,309 | 402,899 | |
Loans receivable, total | 423,763 | 408,079 | $ 336,968 |
Recorded Investment > 90 Days and Still Accruing | 710 | 472 | |
Real Estate Construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 1,447 | 909 | |
Current | 14,226 | 22,049 | |
Loans receivable, total | 15,673 | 22,958 | 10,313 |
Recorded Investment > 90 Days and Still Accruing | 264 | 247 | |
Home Equity [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 774 | 480 | |
Current | 44,630 | 44,865 | |
Loans receivable, total | 45,404 | 45,345 | 40,312 |
Recorded Investment > 90 Days and Still Accruing | 80 | ||
Residential Mortgage (1-4 Family) [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 2,814 | 2,114 | |
Current | 110,550 | 116,019 | |
Loans receivable, total | 113,364 | 118,133 | 105,428 |
Recorded Investment > 90 Days and Still Accruing | 221 | 221 | |
Commercial Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 1,531 | 848 | |
Current | 192,948 | 167,082 | |
Loans receivable, total | 194,479 | 167,930 | 130,374 |
Recorded Investment > 90 Days and Still Accruing | 4 | 4 | |
Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 297 | 329 | |
Current | 13,932 | 14,312 | |
Loans receivable, total | 14,229 | 14,641 | 13,664 |
Commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 591 | 500 | |
Current | 40,023 | 38,572 | |
Loans receivable, total | 40,614 | 39,072 | $ 36,877 |
Recorded Investment > 90 Days and Still Accruing | 141 | ||
30-89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 5,164 | 2,678 | |
30-89 Days Past Due [Member] | Real Estate Construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 1,183 | 662 | |
30-89 Days Past Due [Member] | Home Equity [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 474 | 319 | |
30-89 Days Past Due [Member] | Residential Mortgage (1-4 Family) [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 1,988 | 1,163 | |
30-89 Days Past Due [Member] | Commercial Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 869 | 177 | |
30-89 Days Past Due [Member] | Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 205 | 184 | |
30-89 Days Past Due [Member] | Commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 445 | 173 | |
90 Days and Greater Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 2,290 | 2,502 | |
90 Days and Greater Past Due [Member] | Real Estate Construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 264 | 247 | |
90 Days and Greater Past Due [Member] | Home Equity [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 300 | 161 | |
90 Days and Greater Past Due [Member] | Residential Mortgage (1-4 Family) [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 826 | 951 | |
90 Days and Greater Past Due [Member] | Commercial Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 662 | 671 | |
90 Days and Greater Past Due [Member] | Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 92 | 145 | |
90 Days and Greater Past Due [Member] | Commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | $ 146 | $ 327 |
Loans (Schedule of Informatio39
Loans (Schedule of Information Regarding Impaired Loans) (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total recorded investment | $ 1,625 | $ 2,076 | |
Total unpaid principal balance | 1,670 | 2,110 | |
Total related allowance | 81 | 48 | |
Average Recorded Investment | 1,851 | $ 1,788 | |
Home Equity [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
With no related allowance, recorded investment | 265 | 200 | |
With no related allowance, principal balance | 299 | 234 | |
With related allowance, recorded investment | 7 | ||
With related allowance, principal balance | 7 | ||
Total recorded investment | 265 | 207 | |
Total unpaid principal balance | 299 | 241 | |
Total related allowance | 7 | ||
Average Recorded Investment | 236 | 276 | |
Residential Mortgage (1-4 Family) [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
With no related allowance, recorded investment | 605 | 730 | |
With no related allowance, principal balance | 607 | 730 | |
Total recorded investment | 605 | 730 | |
Total unpaid principal balance | 607 | 730 | |
Average Recorded Investment | 668 | 1,060 | |
Commercial Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
With no related allowance, recorded investment | 658 | 667 | |
With no related allowance, principal balance | 667 | 667 | |
Total recorded investment | 658 | 667 | |
Total unpaid principal balance | 667 | 667 | |
Average Recorded Investment | 662 | ||
Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
With no related allowance, recorded investment | 16 | 134 | |
With no related allowance, principal balance | 16 | 134 | |
With related allowance, recorded investment | 76 | 11 | |
With related allowance, principal balance | 76 | 11 | |
Total recorded investment | 92 | 145 | |
Total unpaid principal balance | 92 | 145 | |
Total related allowance | 76 | 11 | |
Average Recorded Investment | 119 | 54 | |
Commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
With no related allowance, recorded investment | 297 | ||
With no related allowance, principal balance | 297 | ||
With related allowance, recorded investment | 5 | 30 | |
With related allowance, principal balance | 5 | 30 | |
Total recorded investment | 5 | 327 | |
Total unpaid principal balance | 5 | 327 | |
Total related allowance | 5 | $ 30 | |
Average Recorded Investment | $ 166 | $ 398 |
Trouble Debt Restructurings (Na
Trouble Debt Restructurings (Narrative) (Detail) | 3 Months Ended | ||
Mar. 31, 2016USD ($)Loan | Mar. 31, 2015Loan | Dec. 31, 2015USD ($) | |
Receivables [Abstract] | |||
Impaired receivables | $ 45,000 | ||
Impaired receivables, allowance for credit losses | 0 | ||
Impaired receivables, charged-off at time of restructure | $ 34,000 | ||
Number of newly restructured loans | Loan | 0 | 0 | |
Loans modified as a troubled debt restructured loan within the previous 3 months and for which there was a payment default | $ 0 | ||
Number of days past due for a troubled debt restructured loan to be categorized as default | 90 days | ||
Commitments to lend additional funds to loan customers whose terms had been modified in trouble debt restructures | $ 0 | $ 0 |
Trouble Debt Restructurings (Sc
Trouble Debt Restructurings (Schedule of Trouble Debt Restructurings by Accrual Status) (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructuring | $ 45 | $ 46 |
Home Equity [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructuring | 45 | 46 |
Accrual Status [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructuring | 45 | 46 |
Accrual Status [Member] | Home Equity [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructuring | $ 45 | $ 46 |
Deposits (Schedule of Compositi
Deposits (Schedule of Composition of Deposits) (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Other Liabilities Disclosure [Abstract] | ||
Noninterest checking | $ 90,308 | $ 77,031 |
Interest bearing checking | 86,373 | 87,350 |
Savings | 74,538 | 71,474 |
Money market | 91,560 | 94,880 |
Time certificates of deposit | 151,406 | 152,447 |
Total deposits | $ 494,185 | $ 483,182 |
Subordinated Debentures (Schedu
Subordinated Debentures (Schedule of Subordinated Debentures) (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2015 |
Subordinated Borrowing [Line Items] | |||
Principal Amount | $ 15,155 | $ 15,155 | |
Unamortized debt issuance costs | (201) | (206) | |
Variable Interest Rate Subordinated Debentures Due in 2035 [Member] | |||
Subordinated Borrowing [Line Items] | |||
Principal Amount | 5,155 | 5,155 | |
6.75% Subordinated Notes Due in 2025 [Member] | |||
Subordinated Borrowing [Line Items] | |||
Principal Amount | 10,000 | 10,000 | $ 10,000 |
Unamortized debt issuance costs | $ (201) | $ (206) |
Subordinated Debentures (Sche44
Subordinated Debentures (Schedule of Subordinated Debentures) (Parenthetical) (Detail) | 3 Months Ended | |
Mar. 31, 2016 | Jun. 30, 2015 | |
Variable Interest Rate Subordinated Debentures Due in 2035 [Member] | ||
Subordinated Borrowing [Line Items] | ||
Debt instrument, variable interest rate | 3-Month Libor | |
Debt instrument, interest rate above LIBOR rate | 1.42% | |
Debt instrument, maturity year | 2,035 | |
6.75% Subordinated Notes Due in 2025 [Member] | ||
Subordinated Borrowing [Line Items] | ||
Debt instrument, maturity year | 2,025 | |
Debt instrument, fixed interest rate | 6.75% | 6.75% |
Subordinated Debentures (Detail
Subordinated Debentures (Detail) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Sep. 30, 2005 | |
Subordinated Borrowing [Line Items] | ||||
Debt instrument, aggregate principal amount | $ 15,155 | $ 15,155 | ||
Subordinated debentures | $ 14,954 | $ 14,949 | ||
Eagle Bancorp Statutory Trust I [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Subordinated debentures | $ 5,155 | |||
Eagle Bancorp Statutory Trust I [Member] | Subordinated Debt [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Debt instrument, fixed interest rate | 6.02% | |||
Eagle Bancorp Statutory Trust I [Member] | Variable Interest Rate Subordinated Debentures Due in 2035 [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Debt instrument, interest rate above LIBOR rate | 1.42% | |||
Debt instrument, interest rate at year end | 2.049% | 2.033% | ||
First Tennessee Bank, N.A. [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Trust preferred securities, liquidation value | $ 5,155 | |||
Trust preferred securities, maximum dividend deferring period in years | 5 years | |||
Trust preferred securities, maturity date | 2035-12 | |||
6.75% Subordinated Notes Due in 2025 [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Debt instrument, aggregate principal amount | $ 10,000 | $ 10,000 | $ 10,000 | |
Debt instrument, maturity year | 2,025 | |||
Debt instrument, fixed interest rate | 6.75% | 6.75% | ||
Debt instrument, payment term | Interest will be paid quarterly through maturity date or earlier redemption |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Detail) - shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Earnings Per Share [Abstract] | ||
Weighted average shares outstanding during the year on which basic earnings per share is calculated | 3,779,464 | 3,844,617 |
Average outstanding shares on which diluted earnings per share is calculated | 3,873,171 | 3,881,872 |
Dividends and Stock Repurchas47
Dividends and Stock Repurchase Program (Narrative) (Detail) - $ / shares | Apr. 28, 2016 | Jan. 21, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | Jul. 23, 2015 | Jul. 01, 2014 |
Common Stock Equity [Line Items] | |||||||||||
Dividends, cash paid per share | $ 0.0775 | $ 0.0775 | $ 0.0775 | $ 0.0750 | $ 0.075 | ||||||
Dividends declared per share | $ 0.0775 | ||||||||||
Dividends, date of declaration | Jan. 21, 2016 | ||||||||||
Dividends, date of record | Feb. 12, 2016 | ||||||||||
Dividends, date of distribution | Mar. 4, 2016 | ||||||||||
Treasury stock purchased, shares | 55,800 | ||||||||||
Treasury stock purchased, cost per share | $ 11.03 | ||||||||||
Subsequent Event [Member] | |||||||||||
Common Stock Equity [Line Items] | |||||||||||
Dividends declared per share | $ 0.0775 | ||||||||||
Dividends, date of declaration | Apr. 28, 2016 | ||||||||||
Dividends, date of record | May 13, 2016 | ||||||||||
Dividends, date of distribution | Jun. 3, 2016 | ||||||||||
Common Stock Repurchase Plan Announced on July 23, 2015 [Member] | |||||||||||
Common Stock Equity [Line Items] | |||||||||||
Shares authorized for repurchase under common stock repurchase program | 100,000 | ||||||||||
Treasury stock purchased, shares | 15,000 | 46,065 | |||||||||
Treasury stock shares, remaining shares to be purchased | 38,935 | ||||||||||
Treasury stock purchased, cost per share | $ 11.75 | $ 11.47 | |||||||||
Common Stock Repurchase Plan Announced on July 1, 2014 [Member] | |||||||||||
Common Stock Equity [Line Items] | |||||||||||
Shares authorized for repurchase under common stock repurchase program | 200,000 | ||||||||||
Treasury stock purchased, shares | 55,800 | 55,000 | |||||||||
Treasury stock purchased, cost per share | $ 11.03 | $ 10.66 | |||||||||
Stock repurchase plan, expiration date | Jun. 30, 2015 |
Accumulated Other Comprehensi48
Accumulated Other Comprehensive Income (Loss) (Schedule of Activity Accumulated Other Comprehensive Income (Loss)) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | $ 252 | $ (215) |
Other comprehensive income before, reclassifications and income taxes | 1,763 | 2,024 |
Amounts reclassified from accumulated other comprehensive income (loss), before income taxes | (635) | (682) |
Income tax expense | (460) | (547) |
Total other comprehensive income | 668 | 795 |
Ending Balance | 920 | 580 |
Unrealized Gains (Losses) on Derivatives Designated as Cash Flow Hedges [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | 376 | 294 |
Other comprehensive income before, reclassifications and income taxes | 636 | 529 |
Amounts reclassified from accumulated other comprehensive income (loss), before income taxes | (635) | (496) |
Income tax expense | (13) | |
Total other comprehensive income | 1 | 20 |
Ending Balance | 377 | 314 |
Unrealized (Losses) Gains on Investment Securities Available for Sale [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (124) | (509) |
Other comprehensive income before, reclassifications and income taxes | 1,127 | 1,495 |
Amounts reclassified from accumulated other comprehensive income (loss), before income taxes | (186) | |
Income tax expense | (460) | (534) |
Total other comprehensive income | 667 | 775 |
Ending Balance | $ 543 | $ 266 |
Derivatives and Hedging Activ49
Derivatives and Hedging Activities (Narrative) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | |
Derivative [Line Items] | ||||
Fixed rate loan hedged, original maturity term | 20 years | |||
Loans receivable, outstanding principal balance | $ 10,641 | |||
Loan fair value adjustment | $ 138 | |||
Loan maturity date | Sep. 1, 2030 | |||
Commitments to extend credit, maximum binding period | 60 months | |||
Notional amount of interest rate lock commitments | $ 33,441 | $ 24,378 | ||
Interest Rate Swap [Member] | ||||
Derivative [Line Items] | ||||
Loans receivable, outstanding principal balance | $ 129 | |||
Notional amount | 10,673 | |||
Interest Rate Swap [Member] | Noninterest Income [Member] | ||||
Derivative [Line Items] | ||||
Gain (loss) recognized in income, related to ineffectiveness | $ (93) | $ (317) |
Fair Value Disclosures (Schedul
Fair Value Disclosures (Schedule of Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis) (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Financial Assets: | ||
Loans held-for-sale | $ 18,284 | $ 18,702 |
Available-for-sale Securities [Member] | ||
Financial Assets: | ||
U.S. government and agency | 10,024 | 10,615 |
Municipal obligations | 66,703 | 67,069 |
Corporate obligations | 9,372 | 9,450 |
MBSs - government-backed | 33,373 | 32,735 |
CMOs - government backed | 25,598 | 25,869 |
Fair Value, Inputs, Level 2 [Member] | ||
Financial Assets: | ||
Loans held-for-sale | 18,284 | 18,702 |
Fair Value, Inputs, Level 2 [Member] | Available-for-sale Securities [Member] | ||
Financial Assets: | ||
U.S. government and agency | 10,024 | 10,615 |
Municipal obligations | 66,703 | 67,069 |
Corporate obligations | 9,372 | 9,450 |
MBSs - government-backed | 33,373 | 32,735 |
CMOs - government backed | $ 25,598 | $ 25,869 |
Fair Value Disclosures (Sched51
Fair Value Disclosures (Schedule of Financial Assets and Financial Liabilities Measured at Fair Value on Nonrecurring Basis) (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Impaired Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets measured at fair value on nonrecurring basis | $ 1,544 | $ 2,028 |
Repossessed Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets measured at fair value on nonrecurring basis | 606 | 595 |
Fair Value, Inputs, Level 3 [Member] | Impaired Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets measured at fair value on nonrecurring basis | 1,544 | 2,028 |
Fair Value, Inputs, Level 3 [Member] | Repossessed Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets measured at fair value on nonrecurring basis | $ 606 | $ 595 |
Fair Value Disclosures (Narrati
Fair Value Disclosures (Narrative) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Loans receivable, carrying value | $ 423,763 | $ 408,079 | $ 336,968 | |
Loans receivable, valuation allowance | 3,940 | 3,550 | $ 2,625 | $ 2,450 |
Loans receivable, fair value | 425,828 | |||
Impaired Loans [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Loans receivable, carrying value | 1,625 | 2,076 | ||
Loans receivable, valuation allowance | 81 | 48 | ||
Loans receivable, fair value | $ 1,544 | $ 2,028 | ||
Mortgage Servicing Rights [Member] | Minimum [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair value of servicing rights, discount rates | 10.00% | |||
Fair value of servicing rights, repayment speed | 105.00% | |||
Mortgage Servicing Rights [Member] | Maximum [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair value of servicing rights, discount rates | 12.00% | |||
Fair value of servicing rights, repayment speed | 369.00% |
Fair Value Disclosures (Sched53
Fair Value Disclosures (Schedule of Quantitative Information about Significant Unobservable Inputs Used in Level 3 Fair Value Measurements) (Detail) - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | ||
Impaired Loans [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value | $ 1,544 | $ 2,028 | |
Principal Valuation Technique | [1] | Appraisal of collateral | Appraisal of collateral |
Significant Unobservable Inputs | Appraisal adjustments | Appraisal adjustments | |
Repossessed Assets [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value | $ 606 | $ 595 | |
Principal Valuation Technique | [1],[2] | Appraisal of collateral | Appraisal of collateral |
Significant Unobservable Inputs | [3] | Liquidation expenses | Liquidation expenses |
Minimum [Member] | Impaired Loans [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Range of Significant Input Values | 10.00% | 10.00% | |
Minimum [Member] | Repossessed Assets [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Range of Significant Input Values | 10.00% | 10.00% | |
Maximum [Member] | Impaired Loans [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Range of Significant Input Values | 30.00% | 30.00% | |
Maximum [Member] | Repossessed Assets [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Range of Significant Input Values | 30.00% | 30.00% | |
[1] | Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are not identifiable, less associated allowance. | ||
[2] | Includes qualitative adjustments by management and estimated liquidation expenses. | ||
[3] | Appraisals may be adjusted for qualitative factors such as economic conditions and estimated liquidation expenses. The range of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal. |
Fair Value Disclosures (Sched54
Fair Value Disclosures (Schedule of Estimated Fair Value and Carrying Amounts of Financial Instruments) (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Financial assets: | ||||
Cash and cash equivalents | $ 6,613 | |||
Federal Home Loan Bank stock | 3,564 | |||
Federal Reserve Bank stock | 871 | |||
Loans receivable, net | 425,828 | |||
Accrued interest and dividends receivable | 2,213 | |||
Mortgage servicing rights | 6,255 | |||
Cash surrender value of life insurance | 12,598 | |||
Financial Liabilities: | ||||
Non-maturing interest bearing deposits | 252,471 | |||
Noninterest bearing deposits | 90,308 | |||
Time certificates of deposit | 151,800 | |||
Accrued expenses and other liabilities | 5,933 | |||
Federal Home Loan Bank advances and other borrowings | 71,482 | |||
Subordinated debentures | 14,690 | |||
Financial assets: | ||||
Cash and cash equivalents | 6,613 | $ 7,438 | $ 4,750 | $ 12,502 |
Federal Home Loan Bank stock | 3,564 | 3,397 | ||
Federal Reserve Bank stock | 871 | 887 | ||
Loans receivable, net | 417,397 | 401,706 | ||
Accrued interest and dividends receivable | 2,213 | 2,278 | ||
Mortgage servicing rights | 4,988 | 4,968 | ||
Cash surrender value of life insurance | 12,598 | 12,514 | ||
Financial Liabilities: | ||||
Non-maturing interest bearing deposits | 252,471 | 253,704 | ||
Noninterest bearing deposits | 90,308 | 77,031 | ||
Time certificates of deposit | 151,406 | 152,447 | ||
Accrued expenses and other liabilities | 5,933 | 4,050 | ||
Federal Home Loan Bank advances and other borrowings | 71,204 | 72,716 | ||
Subordinated debentures | 15,155 | 15,155 | ||
Fair Value, Inputs, Level 1 [Member] | ||||
Financial assets: | ||||
Cash and cash equivalents | 6,613 | 7,438 | ||
Federal Home Loan Bank stock | 3,564 | 3,397 | ||
Federal Reserve Bank stock | 871 | 887 | ||
Accrued interest and dividends receivable | 2,213 | 2,278 | ||
Cash surrender value of life insurance | 12,598 | 12,514 | ||
Financial Liabilities: | ||||
Noninterest bearing deposits | 90,308 | 77,031 | ||
Accrued expenses and other liabilities | 5,933 | 4,050 | ||
Fair Value, Inputs, Level 2 [Member] | ||||
Financial Liabilities: | ||||
Non-maturing interest bearing deposits | 252,471 | 253,704 | ||
Fair Value, Inputs, Level 3 [Member] | ||||
Financial assets: | ||||
Loans receivable, net | 425,828 | 408,414 | ||
Mortgage servicing rights | 6,255 | 6,452 | ||
Financial Liabilities: | ||||
Time certificates of deposit | 151,800 | 152,691 | ||
Federal Home Loan Bank advances and other borrowings | 71,482 | 72,811 | ||
Subordinated debentures | 14,690 | 14,306 | ||
Forward Loan Sales Commitments [Member] | ||||
Off-balance-sheet instruments | ||||
Off-balance-sheet instruments | 0 | |||
Off-balance-sheet instruments | ||||
Off-balance-sheet instruments | 0 | 0 | ||
Forward Loan Sales Commitments [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Off-balance-sheet instruments | ||||
Off-balance-sheet instruments | 0 | 0 | ||
Forward Loan Sales Commitments [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Off-balance-sheet instruments | ||||
Off-balance-sheet instruments | 0 | 0 | ||
Forward Loan Sales Commitments [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Off-balance-sheet instruments | ||||
Off-balance-sheet instruments | 0 | 0 | ||
Commitments to Extend Credit [Member] | ||||
Off-balance-sheet instruments | ||||
Off-balance-sheet instruments | 0 | |||
Off-balance-sheet instruments | ||||
Off-balance-sheet instruments | 0 | 0 | ||
Commitments to Extend Credit [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Off-balance-sheet instruments | ||||
Off-balance-sheet instruments | 0 | 0 | ||
Commitments to Extend Credit [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Off-balance-sheet instruments | ||||
Off-balance-sheet instruments | 0 | 0 | ||
Commitments to Extend Credit [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Off-balance-sheet instruments | ||||
Off-balance-sheet instruments | 0 | 0 | ||
Rate Lock Commitments [Member] | ||||
Off-balance-sheet instruments | ||||
Off-balance-sheet instruments | 0 | |||
Off-balance-sheet instruments | ||||
Off-balance-sheet instruments | 0 | 0 | ||
Rate Lock Commitments [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Off-balance-sheet instruments | ||||
Off-balance-sheet instruments | 0 | 0 | ||
Rate Lock Commitments [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Off-balance-sheet instruments | ||||
Off-balance-sheet instruments | 0 | 0 | ||
Rate Lock Commitments [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Off-balance-sheet instruments | ||||
Off-balance-sheet instruments | $ 0 | $ 0 |