Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Nov. 09, 2016 | |
Document Information [Line Items] | ||
Entity Registrant Name | Eagle Bancorp Montana, Inc. | |
Entity Central Index Key | 1,478,454 | |
Trading Symbol | ebmt | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 3,779,464 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition (Current Period Unaudited) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
ASSETS: | ||
Cash and due from banks | $ 6,802,000 | $ 6,468,000 |
Interest-bearing deposits in banks | 1,029,000 | 970,000 |
Total cash and cash equivalents | 7,831,000 | 7,438,000 |
Securities available-for-sale | 133,754,000 | 145,738,000 |
Federal Home Loan Bank stock | 3,870,000 | 3,397,000 |
Federal Reserve Bank stock | 871,000 | 887,000 |
Investment in Eagle Bancorp Statutory Trust I | 155,000 | 155,000 |
Mortgage loans held-for-sale | 19,415,000 | 18,702,000 |
Loans receivable, net of deferred loan fees of $919 at September 30, 2016 and $795 at December 31, 2015 and allowance for loan losses of $4,650 at September 30, 2016 and $3,550 at December 31, 2015 | 456,849,000 | 403,734,000 |
Accrued interest and dividends receivable | 2,138,000 | 2,278,000 |
Mortgage servicing rights, net | 5,439,000 | 4,968,000 |
Premises and equipment, net | 19,543,000 | 18,217,000 |
Cash surrender value of life insurance | 13,996,000 | 12,514,000 |
Real estate and other repossessed assets acquired in settlement of loans, net | 513,000 | 595,000 |
Goodwill | 7,034,000 | 7,034,000 |
Core deposit intangible, net | 416,000 | 514,000 |
Deferred tax asset, net | 462,000 | 1,490,000 |
Other assets | 2,209,000 | 2,686,000 |
Total assets | 674,495,000 | 630,347,000 |
LIABILITIES: | ||
Noninterest bearing | 89,242,000 | 77,031,000 |
Interest bearing | 426,035,000 | 406,151,000 |
Total deposits | 515,277,000 | 483,182,000 |
Accrued expenses and other liabilities | 5,363,000 | 4,050,000 |
Federal Home Loan Bank advances and other borrowings | 78,855,000 | 72,716,000 |
Subordinated debentures: | ||
Principal amount | 15,155,000 | 15,155,000 |
Unamortized debt issuance costs | (190,000) | (206,000) |
Total subordinated debentures less unamortized debt issuance costs | 14,965,000 | 14,949,000 |
Total liabilities | 614,460,000 | 574,897,000 |
SHAREHOLDERS' EQUITY: | ||
Preferred stock (no par value; 1,000,000 shares authorized; no shares issued or outstanding) | 0 | 0 |
Common stock (par value $0.01 per share; 8,000,000 shares authorized; 4,083,127 shares issued; 3,779,464 shares outstanding at September 30, 2016 and December 31, 2015) | 41,000 | 41,000 |
Additional paid-in capital | 22,184,000 | 22,152,000 |
Unallocated common stock held by Employee Stock Ownership Plan | (850,000) | (975,000) |
Treasury stock, at cost | (3,321,000) | (3,321,000) |
Retained earnings | 40,096,000 | 37,301,000 |
Net accumulated other comprehensive income | 1,885,000 | 252,000 |
Total shareholders' equity | 60,035,000 | 55,450,000 |
Total liabilities and shareholders' equity | $ 674,495,000 | $ 630,347,000 |
Consolidated Statements of Fin3
Consolidated Statements of Financial Condition (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Loans receivable, deferred loan fees | $ 919 | $ 795 |
Loans receivable, allowance for loan losses | $ 4,650 | $ 3,550 |
Preferred stock, par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 8,000,000 | 8,000,000 |
Common stock, shares issued (in shares) | 4,083,127 | 4,083,127 |
Common stock, shares outstanding (in shares) | 3,779,464 | 3,779,464 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
INTEREST AND DIVIDEND INCOME: | ||||
Interest and fees on loans | $ 5,461,000 | $ 4,390,000 | $ 15,253,000 | $ 12,607,000 |
Securities available-for-sale | 709,000 | 759,000 | 2,196,000 | 2,255,000 |
Federal Home Loan Bank and Federal Reserve Bank dividends | 37,000 | 5,000 | 103,000 | 25,000 |
Interest on deposits in banks | 1,000 | 1,000 | ||
Other interest income | 1,000 | 4,000 | 5,000 | |
Total interest and dividend income | 6,208,000 | 5,154,000 | 17,557,000 | 14,893,000 |
INTEREST EXPENSE: | ||||
Deposits | 383,000 | 400,000 | 1,119,000 | 1,093,000 |
Federal Home Loan Bank advances and other borrowings | 209,000 | 130,000 | 622,000 | 401,000 |
Subordinated debentures | 195,000 | 191,000 | 584,000 | 254,000 |
Total interest expense | 787,000 | 721,000 | 2,325,000 | 1,748,000 |
NET INTEREST INCOME | 5,421,000 | 4,433,000 | 15,232,000 | 13,145,000 |
Loan loss provision | 472,000 | 310,000 | 1,381,000 | 960,000 |
NET INTEREST INCOME AFTER LOAN LOSS PROVISION | 4,949,000 | 4,123,000 | 13,851,000 | 12,185,000 |
NONINTEREST INCOME: | ||||
Service charges on deposit accounts | 229,000 | 317,000 | 639,000 | 783,000 |
Net gain on sale of loans (includes $859 and $462 for the three months ended September 30, 2016 and 2015, respectively, and $2,130 and $1,487 for the nine months ended September 30, 2016 and 2015, respectively, related to accumulated other comprehensive earnings reclassification) | 3,164,000 | 1,639,000 | 7,320,000 | 5,126,000 |
Mortgage loan servicing fees | 462,000 | 523,000 | 1,267,000 | 1,360,000 |
Wealth management income | 166,000 | 174,000 | 461,000 | 470,000 |
Interchange and ATM fees | 227,000 | 146,000 | 652,000 | 436,000 |
Appreciation in cash surrender value of life insurance | 133,000 | 105,000 | 358,000 | 315,000 |
Net gain on sale of available-for-sale securities (includes $110 and $0 for the three months ended September 30, 2016 and 2015, respectively, and $194 and $234 for the nine months ended September 30, 2016 and 2015, respectively, related to accumulated other comprehensive earnings reclassification) | 110,000 | 194,000 | 234,000 | |
Net (loss) gain on sale of real estate owned and other repossessed property | (6,000) | (2,000) | 6,000 | (4,000) |
Net loss on fair value hedge | 0 | (93,000) | ||
Other noninterest income | 204,000 | 10,000 | 494,000 | 442,000 |
Total noninterest income | 4,689,000 | 2,912,000 | 11,391,000 | 9,069,000 |
NONINTEREST EXPENSE: | ||||
Salaries and employee benefits | 4,177,000 | 3,660,000 | 11,783,000 | 10,678,000 |
Occupancy and equipment expense | 698,000 | 838,000 | 2,158,000 | 2,307,000 |
Data processing | 456,000 | 560,000 | 1,467,000 | 1,605,000 |
Advertising | 192,000 | 170,000 | 530,000 | 563,000 |
Amortization of mortgage servicing rights | 326,000 | 218,000 | 839,000 | 640,000 |
Amortization of core deposit intangible and tax credits | 112,000 | 116,000 | 335,000 | 317,000 |
Federal insurance premiums | 99,000 | 83,000 | 305,000 | 251,000 |
Postage | 60,000 | 63,000 | 148,000 | 152,000 |
Legal, accounting and examination fees | 120,000 | 126,000 | 279,000 | 415,000 |
Consulting fees | 44,000 | 72,000 | 161,000 | 523,000 |
Other noninterest expense | 875,000 | 586,000 | 2,388,000 | 1,874,000 |
Total noninterest expense | 7,159,000 | 6,492,000 | 20,393,000 | 19,325,000 |
INCOME BEFORE INCOME TAXES | 2,479,000 | 543,000 | 4,849,000 | 1,929,000 |
Income tax expense (includes ($341) and $671 for the three months ended September 30, 2016 and 2015, respectively, and $1,124 and $71 for the nine months ended September 30, 2016 and 2015, respectively related to income tax (benefit) expense from reclassification items) | 707,000 | 22,000 | 1,166,000 | 230,000 |
NET INCOME | $ 1,772,000 | $ 521,000 | $ 3,683,000 | $ 1,699,000 |
BASIC EARNINGS PER SHARE (in dollars per share) | $ 0.46 | $ 0.14 | $ 0.97 | $ 0.44 |
DILUTED EARNINGS PER SHARE (in dollars per share) | $ 0.46 | $ 0.14 | $ 0.95 | $ 0.44 |
WEIGHTED AVERAGE SHARES OUTSTANDING (BASIC EPS) (in shares) | 3,779,464 | 3,804,532 | 3,779,464 | 3,823,896 |
WEIGHTED AVERAGE SHARES OUTSTANDING (DILUTED EPS) (in shares) | 3,873,171 | 3,841,787 | 3,873,171 | 3,861,151 |
Consolidated Statements of Inc5
Consolidated Statements of Income (Unaudited) (Parentheticals) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Gain on sale of loans, accumulated other comprehensive earnings reclassification | $ 859,000 | $ 462,000 | $ 2,130,000 | $ 1,487,000 | ||
Net gain on sale of available-for-sale securities, accumulated other comprehensive earnings reclassification | 110,000 | 0 | 194,000 | 234,000 | ||
Income tax expense (benefit), reclassification items | $ (341,000) | $ 671,000 | $ 1,465,000 | $ (600,000) | $ 1,124,000 | $ 71,000 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Net income | $ 1,772,000 | $ 521,000 | $ 3,683,000 | $ 1,699,000 |
OTHER ITEMS OF COMPREHENSIVE (LOSS) INCOME: | ||||
Change in fair value of investment securities available for sale, before income taxes | (676,000) | 1,688,000 | 2,778,000 | 485,000 |
Reclassification for realized gains and losses on investment securities included in income, before income tax | (110,000) | 0 | (194,000) | (234,000) |
Change in fair value of derivatives designated as cash flow hedges, before income taxes | 808,000 | 420,000 | 2,303,000 | 1,411,000 |
Reclassification for realized gains on derivatives designated as cash flow hedges, before income taxes | (859,000) | (462,000) | (2,130,000) | (1,487,000) |
Total other items of comprehensive (loss) income | (837,000) | 1,646,000 | 2,757,000 | 175,000 |
Income tax benefit (expense) related to: | ||||
Investment securities | 320,000 | (688,000) | (1,053,000) | (102,000) |
Derivatives designated as cash flow hedges | 21,000 | 17,000 | (71,000) | 31,000 |
Total income tax benefit (expense) | 341,000 | (671,000) | (1,124,000) | (71,000) |
COMPREHENSIVE INCOME | $ 1,276,000 | $ 1,496,000 | $ 5,316,000 | $ 1,803,000 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Unallocated ESOP Shares [Member] | Treasury Stock [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance, beginning at Dec. 31, 2014 | $ 41,000 | $ 22,122,000 | $ (1,141,000) | $ (2,194,000) | $ 35,885,000 | $ (215,000) | $ 54,498,000 | |
Net income | 1,699,000 | 1,699,000 | ||||||
Other comprehensive income | 104,000 | 104,000 | ||||||
Dividends paid | (870,000) | (870,000) | ||||||
Employee Stock Ownership Plan shares allocated or committed to be released for allocation (12,462 shares) | 12,000 | 125,000 | 137,000 | |||||
Treasury stock purchased (101,865 shares at $11.23 average cost per share) | (1,144,000) | (1,144,000) | ||||||
Balance, ending at Sep. 30, 2015 | 41,000 | 22,134,000 | (1,016,000) | (3,338,000) | 36,714,000 | (111,000) | 54,424,000 | |
Balance, beginning at Dec. 31, 2015 | 41,000 | 22,152,000 | (975,000) | (3,321,000) | 37,301,000 | 252,000 | 55,450,000 | |
Net income | 3,683,000 | 3,683,000 | ||||||
Other comprehensive income | 1,633,000 | 1,633,000 | ||||||
Dividends paid | (888,000) | (888,000) | ||||||
Employee Stock Ownership Plan shares allocated or committed to be released for allocation (12,462 shares) | 32,000 | 125,000 | 157,000 | |||||
Balance, ending at Sep. 30, 2016 | $ 41,000 | $ 22,184,000 | $ (850,000) | $ (3,321,000) | $ 40,096,000 | $ 1,885,000 | $ 60,035,000 |
Consolidated Statements of Cha8
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parentheticals) - $ / shares | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Unallocated ESOP Shares [Member] | ||
ESOP shares allocated or committed to be released for allocation, shares (in shares) | 12,462 | 12,462 |
Treasury Stock [Member] | ||
Treasury stock purchased, shares (in shares) | 101,865 | |
Treasury stock purchased, cost per share (in dollars per share) | $ 11.23 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 3,683,000 | $ 1,699,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Loan loss provision | 1,381,000 | 960,000 |
Depreciation | 797,000 | 924,000 |
Net amortization of investment securities premiums and discounts | 1,419,000 | 1,530,000 |
Amortization of mortgage servicing rights | 839,000 | 640,000 |
Amortization of core deposit intangible and tax credits | 335,000 | 317,000 |
Deferred income tax benefit | (96,000) | (207,000) |
Net gain on sale of loans | (7,320,000) | (5,126,000) |
Net gain on sale of available-for-sale securities | (194,000) | (234,000) |
Net (gain) loss on sale of real estate owned and other repossessed assets | (6,000) | 4,000 |
Net loss on fair value hedge | 93,000 | |
Net loss (gain) on sale/disposal of premises and equipment | 6,000 | (304,000) |
Net appreciation in cash surrender value of life insurance | (367,000) | (244,000) |
Net change in: | ||
Accrued interest and dividends receivable | 140,000 | (14,000) |
Loans held-for-sale | 6,780,000 | 7,906,000 |
Other assets | 256,000 | (1,311,000) |
Accrued expenses and other liabilities | 1,470,000 | 1,326,000 |
Net cash provided by operating activities | 9,123,000 | 7,959,000 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Sales | 20,248,000 | 31,043,000 |
Maturities, principal payments and calls | 8,093,000 | 8,851,000 |
Purchases | (14,998,000) | (26,612,000) |
Federal Home Loan Bank stock purchased | (473,000) | (885,000) |
Federal Reserve Bank stock redeemed | 16,000 | (1,000) |
Loan origination and principal collection, net | (55,840,000) | (74,276,000) |
Proceeds from Bank owned life insurance | 885,000 | |
Purchases of Bank owned life insurance | (2,000,000) | (450,000) |
Proceeds from sale of real estate and other repossessed assets acquired in settlement of loans | 122,000 | 23,000 |
Proceeds from sale of premises and equipment | 7,000 | 1,437,000 |
Additions to premises and equipment | (2,136,000) | (396,000) |
Net cash used in investing activities | (46,076,000) | (61,266,000) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net increase in deposits | 32,095,000 | 39,728,000 |
Net short-term advances (payments) on Federal Home Loan Bank and other borrowings | 9,601,000 | (4,747,000) |
Long-term advances from Federal Home Loan Bank and other borrowings | 5,000,000 | 13,000,000 |
Payments on long-term Federal Home Loan Bank and other borrowings | (8,462,000) | (7,712,000) |
Proceeds from issuance of subordinated debentures | 10,000,000 | |
Payment for debt issuance costs | (204,000) | |
Dividends paid | (888,000) | (870,000) |
Purchase of treasury stock, at cost | 0 | (1,144,000) |
Net cash provided by financing activities | 37,346,000 | 48,051,000 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 393,000 | (5,256,000) |
CASH AND CASH EQUIVALENTS, beginning of period | 7,438,000 | 12,502,000 |
CASH AND CASH EQUIVALENTS, end of period | 7,831,000 | 7,246,000 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Cash paid during the period for interest | 2,341,000 | 1,742,000 |
Cash paid during the period for income taxes | 1,315,000 | 142,000 |
NON-CASH INVESTING ACTIVITIES: | ||
Increase in market value of securities available-for-sale | 2,584,000 | 251,000 |
Mortgage servicing rights recognized | 1,310,000 | 1,333,000 |
Loans transferred to real estate and other assets acquired in foreclosure | 34,000 | 9,000 |
Employee Stock Ownership Plan shares released | $ 157,000 | $ 137,000 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | 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 financial statements. 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 nine month period ended September 30, 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 September 30, 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 and nine months ended September 30, 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 November 9, 2016 the date the unaudited consolidated financial statements were issued. |
Note 2 - Investment Securities
Note 2 - Investment Securities | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | NOTE 2. INVESTMENT SECURITIES Investment securities are summarized as follows: September 30, 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 $ 5,875 $ 105 $ (4 ) $ 5,976 $ 10,684 $ 26 $ (95 ) $ 10,615 Municipal obligations 68,253 1,987 (71 ) 70,169 66,606 1,041 (578 ) 67,069 Corporate obligations 9,495 10 (170 ) 9,335 9,615 - (165 ) 9,450 MBSs - government-backed 30,745 417 (113 ) 31,049 32,810 111 (186 ) 32,735 CMOs - government backed 17,012 218 (5 ) 17,225 26,233 40 (404 ) 25,869 Total $ 131,380 $ 2,737 $ (363 ) $ 133,754 $ 145,948 $ 1,218 $ (1,428 ) $ 145,738 Proceeds from sales of available-for-sale securities and the associated gross realized gains and losses were as follows: Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 (In Thousands) Proceeds from sale of available-for-sale securities $ 17,086 $ - $ 20,248 $ 31,043 Gross realized gain on sale of available-for-sale securities $ 133 $ - $ 217 $ 534 Gross realized loss on sale of available-for-sale securities (23 ) - (23 ) (300 ) Net realized gain on sale of available-for-sale securities $ 110 $ - $ 194 $ 234 The amortized cost and fair value of securities at September 30, 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 9,205 9,215 Due from five to ten years 15,735 15,914 Due after ten years 58,683 60,351 83,623 85,480 MBSs - government-backed 30,745 31,049 CMOs - government-backed 17,012 17,225 Total $ 131,380 $ 133,754 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: September 30, 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 $ 1,012 $ (4 ) $ - $ - Municipal obligations 7,242 (66 ) 452 (5 ) Corporate obligations 1,565 (1 ) 4,908 (169 ) MBSs and CMOs - government-backed 6,207 (40 ) 7,263 (78 ) Total $ 16,026 $ (111 ) $ 12,623 $ (252 ) 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 September 30, 2016 and December 31, 2015, there were 32 and 85, respectively, securities in an unrealized loss position and that were considered to be temporarily impaired and therefore an impairment charge has not been recorded. At September 30, 2016, 15 U.S. government and agency securities and municipal obligations had unrealized losses with aggregate depreciation of approximately 0.85% 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 September 30, 2016, 9 corporate obligations had unrealized losses of approximately 2.56% from the Company’s amortized cost basis of these securities. At December 31, 2015, 13 corporate obligations had unrealized losses with aggregate depreciation of approximately 1.76% from the Company's amortized cost basis of these securities. These unrealized losses are 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 September 30, 2016, 8 mortgage-backed securities (“MBSs”) and collateralized mortgage obligations (“CMOs”) had unrealized losses with aggregate depreciation of approximately 0.87% from the Company’s amortized cost basis of these securities. At December 31, 2015, 20 MBSs and CMOs had unrealized losses with aggregate depreciation of approximately 1.57% from the Company’s amortized cost basis of these securities. 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 September 30, 2016 revealed no expected credit losses on the securities and therefore, declines are not deemed to be other than temporary. |
Note 3 - Loans Receivable
Note 3 - Loans Receivable | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE 3. LOANS RECEIVABLE Loans receivable consisted of the following: September 30, December 31, 2016 2015 (In Thousands) First mortgage loans: Residential mortgage (1-4 family) $ 113,287 $ 118,133 Commercial real estate 205,819 167,930 Real estate construction 20,649 22,958 Other loans: Home equity 47,694 45,345 Consumer 14,867 14,641 Commercial 60,102 39,072 Total 462,418 408,079 Allowance for loan losses (4,650 ) (3,550 ) Deferred loan fees, net (919 ) (795 ) Total loans, net $ 456,849 $ 403,734 Within the commercial real estate loan category above, $11,723,000 and $12,117,000 was guaranteed by the United States Department of Agriculture Rural Development, at September 30, 2016 and December 31, 2015, respectively. In addition, within the commercial loan category above, $1,631,000 and $1,917,000 were in loans originated through a syndication program where the business resides outside of Montana, at September 30, 2016, and December 31, 2015, respectively. The following table includes information regarding nonperforming assets. September 30, December 31, 2016 2015 (Dollars in Thousands) Non-accrual loans $ 1,421 $ 2,030 Accruing loans delinquent 90 days or more 301 472 Restructured loans, net 44 46 Total nonperforming loans 1,766 2,548 Real estate owned and other repossessed assets, net 513 595 Total nonperforming assets $ 2,279 $ 3,143 Total non-performing assets as a percentage of total assets 0.34 % 0.50 % Allowance for loan losses $ 4,650 $ 3,550 Percent of allowance for loan losses to non-performing loans 263.31 % 139.32 % Percent of allowance for loan losses to non-performing assets 204.04 % 112.95 % Allowance for loan losses activity was as follows: Residential Mortgage Commercial Real Estate Home (1-4 Family) Real Estate Construction Equity Consumer Commercial Total (In Thousands) Allowance for loan losses: Beginning balance, July 1, 2016 $ 981 $ 2,007 $ 244 $ 365 $ 174 $ 489 $ 4,260 Charge-offs (4 ) - - - (79 ) - (83 ) Recoveries - - - - 1 - 1 Provision - 170 - 28 74 200 472 Ending balance, September 30, 2016 $ 977 $ 2,177 $ 244 $ 393 $ 170 $ 689 $ 4,650 Allowance for loan losses: Beginning balance, January 1, 2016 $ 911 $ 1,593 $ 184 $ 342 $ 66 $ 454 $ 3,550 Charge-offs (4 ) - - (7 ) (179 ) (104 ) (294 ) Recoveries - - - - 13 - 13 Provision 70 584 60 58 270 339 1,381 Ending balance, September 30, 2016 $ 977 $ 2,177 $ 244 $ 393 $ 170 $ 689 $ 4,650 Ending balance, September 30, 2016 allocated to loans individually evaluated for impairment $ - $ - $ - $ - $ 14 $ 15 $ 29 Ending balance, September 30, 2016 allocated to loans collectively evaluated for impairment $ 977 $ 2,177 $ 244 $ 393 $ 156 $ 674 $ 4,621 Loans receivable: Ending balance, September 30, 2016 $ 113,287 $ 205,819 $ 20,649 $ 47,694 $ 14,867 $ 60,102 $ 462,418 Ending balance, September 30, 2016 of loans individually evaluated for impairment $ 423 $ 374 $ - $ 339 $ 68 $ 261 $ 1,465 Ending balance, September 30, 2016 of loans collectively evaluated for impairment $ 112,864 $ 205,445 $ 20,649 $ 47,355 $ 14,799 $ 59,841 $ 460,953 Residential Mortgage Commercial Real Estate Home (1-4 Family) Real Estate Construction Equity Consumer Commercial Total (In Thousands) Allowance for loan losses: Beginning balance, July 1, 2015 $ 685 $ 1,425 $ 45 $ 326 $ 52 $ 417 $ 2,950 Charge-offs - - - - (14 ) (25 ) (39 ) Recoveries - - - - 8 1 9 Provision 67 168 34 10 16 15 310 Ending balance, September 30, 2015 $ 752 $ 1,593 $ 79 $ 336 $ 62 $ 408 $ 3,230 Allowance for loan losses: Beginning balance, January 1, 2015 $ 684 $ 1,098 $ 35 $ 270 $ 46 $ 317 $ 2,450 Charge-offs (137 ) - - - (29 ) (25 ) (191 ) Recoveries - - - - 10 1 11 Provision 205 495 44 66 35 115 960 Ending balance, September 30, 2015 $ 752 $ 1,593 $ 79 $ 336 $ 62 $ 408 $ 3,230 Ending balance, September 30, 2015 allocated to loans individually evaluated for impairment $ - $ - $ - $ - $ 15 $ - $ 15 Ending balance, September 30, 2015 allocated to loans collectively evaluated for impairment $ 752 $ 1,593 $ 79 $ 336 $ 47 $ 408 $ 3,215 Loans receivable: Ending balance, September 30, 2015 $ 117,320 $ 156,293 $ 23,210 $ 46,632 $ 14,885 $ 33,884 $ 392,224 Ending balance, September 30, 2015 of loans individually evaluated for impairment $ 1,207 $ 668 $ 731 $ 282 $ 61 $ 616 $ 3,565 Ending balance, September 30, 2015 of loans collectively evaluated for impairment $ 116,113 $ 155,625 $ 22,479 $ 46,350 $ 14,824 $ 33,268 $ 388,659 The Company utilizes a 5 point internal loan rating system, largely based on regulatory classifications, 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: September 30, 2016 Residential Mortgage Commercial Real Estate Home (1-4 Family) Real Estate Construction Equity Consumer Commercial Total (In Thousands) Grade: Pass $ 112,285 $ 204,964 $ 20,193 $ 47,356 $ 14,785 $ 59,681 $ 459,264 Special mention - 30 456 - - 146 632 Substandard 1,002 825 - 338 68 260 2,493 Doubtful - - - - - - - Loss - - - - 14 15 29 Total $ 113,287 $ 205,819 $ 20,649 $ 47,694 $ 14,867 $ 60,102 $ 462,418 Credit risk profile based on payment activity Performing $ 112,567 $ 205,441 $ 20,649 $ 47,355 $ 14,799 $ 59,841 $ 460,652 Restructured loans - - - 44 - - 44 Nonperforming 720 378 - 295 68 261 1,722 Total $ 113,287 $ 205,819 $ 20,649 $ 47,694 $ 14,867 $ 60,102 $ 462,418 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. September 30, 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) $ 1,282 $ 720 $ 2,002 $ 111,285 $ 113,287 $ 297 Commercial real estate 224 378 602 205,217 205,819 4 Real estate construction 727 - 727 19,922 20,649 - Home equity 432 295 727 46,967 47,694 - Consumer 128 68 196 14,671 14,867 - Commercial 246 261 507 59,595 60,102 - Total $ 3,039 $ 1,722 $ 4,761 $ 457,657 $ 462,418 $ 301 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. September 30, 2016 Unpaid Recorded Principal Related Investment Balance Allowance (In Thousands) With no related allowance: Residential mortgage (1-4 family) $ 423 $ 423 $ - Commercial real estate 374 374 - Construction - - - Home equity 339 386 - Consumer 54 101 - Commercial 246 246 - With a related allowance: Residential mortgage (1-4 family) - - - Commercial real estate - - - Construction - - - Home equity - - - Consumer 14 14 14 Commercial 15 15 15 Total: Residential mortgage (1-4 family) 423 423 - Commercial real estate 374 374 - Construction - - - Home equity 339 386 - Consumer 68 115 14 Commercial 261 261 15 Total $ 1,465 $ 1,559 $ 29 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 Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Average Recorded Investment (In Thousands) Residential mortgage (1-4 family) $ 711 $ 919 $ 576 $ 1,340 Commercial real estate 374 334 521 333 Construction - 653 - 365 Home equity 336 272 273 305 Consumer 93 52 107 58 Commercial 261 602 294 423 Total $ 1,775 $ 2,832 $ 1,771 $ 2,824 Interest income recognized on impaired loans for the three and nine months ended September 30, 2016 and 2015 is considered insignificant. |
Note 4 - Troubled Debt Restruct
Note 4 - Troubled Debt Restructurings | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Troubled Debt Restructurings [Text Block] | 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 450-20). Upon identifying the reassessed receivables as troubled debt restructurings, the Company also identified them as impaired under the guidance in ASC 310-10-35. The amendments in the guidance require prospective application of the impairment measurement for those receivables newly identified as impaired. As of September 30, 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 Section 310-10-35 was $44,000 (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. September 30, 2016 Accrual Non-Accrual Total Status Status Modification (In Thousands) Residential mortgage (1-4 family) $ - $ - $ - Commercial real estate - - - Real estate construction - - - Home equity 44 - 44 Consumer - - - Commercial - - - Total $ 44 $ - $ 44 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 and nine months ended September 30, 2016 and 2015, there were no new restructured loans. There were no loans modified as a troubled debt restructured loan within the previous nine months for which there was a payment default during the nine months ended September 30, 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 September 30, 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. |
Note 5 - Deposits
Note 5 - Deposits | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | NOTE 5. DEPOSITS Deposits are summarized as follows: September 30, December 31, 2016 2015 (In Thousands) Noninterest checking $ 89,242 $ 77,031 Interest bearing checking 89,873 87,350 Savings 80,669 71,474 Money market 85,880 94,880 Time certificates of deposit 169,613 152,447 Total $ 515,277 $ 483,182 |
Note 6 - Subordinated Debenture
Note 6 - Subordinated Debentures | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Subordinated Borrowings Disclosure [Text Block] | NOTE 6. SUBORDINATED DEBENTURES Subordinated debentures consisted of the following: September 30, 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 (190 ) 10,000 (206 ) Total $ 15,155 $ (190 ) $ 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 2.274% and 2.033% as of September 30, 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. |
Note 7 - Earnings Per Share
Note 7 - Earnings Per Share | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 7 . EARNINGS PER SHARE Basic earnings per share for the three months ended September 30, 2016 was computed using 3,779,464 weighted average shares outstanding. Basic earnings per share for the three months ended September 30, 2015 was computed using 3,804,532 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 September 30, 2016 and 3,841,787 for the three months ended September 30, 2015. Basic earnings per share for the nine months ended September 30, 2016 was computed using 3,779,464 weighted average shares outstanding. Basic earnings per share for the nine months ended September 30, 2015 was computed using 3,823,896 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 nine months ended September 30, 2016 and 3,861,151 for the nine months ended September 30, 2015. |
Note 8 - Dividends and Stock Re
Note 8 - Dividends and Stock Repurchase Program | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 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. A dividend of $0.08 per share was declared on July 21, 2016, payable on September 2, 2016 to shareholders of record on August 12, 2016. A dividend of $0.08 per share was declared on October 20, 2016, payable on December 2, 2016 to shareholders of record on November 11, 2016. On July 21, 2016, the Board 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. No shares were purchased under this plan during the three months ended September 30, 2016. The plan expires on July 21, 2017. On July 23, 2015, the Board authorized the repurchase of up to 100,000 shares of its common stock. Under the plan, shares could be purchased by the Company on the open market or in privately negotiated transactions. 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 expired on July 23, 2016. On July 1, 2014, the 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. |
Note 9 - Accumulated Other Comp
Note 9 - Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 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 (In Thousands) Balance, January 1, 2016 $ 376 $ (124 ) $ 252 Other comprehensive income, before reclassifications and income taxes 1,495 3,454 4,949 Amounts reclassified from accumulated other comprehensive income (loss), before income taxes (1,271 ) (84 ) (1,355 ) Income tax expense (92 ) (1,373 ) (1,465 ) Total other comprehensive income 132 1,997 2,129 Balance, June 30, 2016 508 1,873 2,381 Other comprehensive income (loss), before reclassifications and income taxes 808 (676 ) 132 Amounts reclassified from accumulated other comprehensive income, before income taxes (859 ) (110 ) (969 ) Income tax benefit 21 320 341 Total other comprehensive loss (30 ) (466 ) (496 ) Balance, September 30, 2016 $ 478 $ 1,407 $ 1,885 Balance, January 1, 2015 $ 294 $ (509 ) $ (215 ) Other comprehensive income (loss), before reclassifications and income taxes 991 (1,203 ) (212 ) Amounts reclassified from accumulated other comprehensive income (loss), before income taxes (1,025 ) (234 ) (1,259 ) Income tax benefit 14 586 600 Total other comprehensive loss (20 ) (851 ) (871 ) Balance, June 30, 2015 274 (1,360 ) (1,086 ) Other comprehensive income, before reclassifications and income taxes 420 1,688 2,108 Amounts reclassified from accumulated other comprehensive income (loss), before income taxes (462 ) - (462 ) Income tax benefit (expense) 17 (688 ) (671 ) Total other comprehensive (loss) income (25 ) 1,000 975 Balance, September 30, 2015 $ 249 $ (360 ) $ (111 ) |
Note 10 - Derivatives and Hedgi
Note 10 - Derivatives and Hedging Activities | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | NOTE 10. D ERIVATIVES 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 guidance (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 that the derivative is hedging a fixed-rate item, that the hedge exposure is to the changes in the fair value of the hedged item, and that 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 was 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 $125,000 at September 30, 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 $39,246,000 and $24,378,000 at September 30, 2016 and December 31, 2015, respectively. The fair value of such commitments was insignificant. 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. |
Note 11 - Fair Value Disclosure
Note 11 - Fair Value Disclosures | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Fair Value, Measurement Inputs, Disclosure [Text Block] | 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 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. September 30, 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 $ - $ 5,976 $ - $ 5,976 Municipal obligations - 70,169 - 70,169 Corporate obligations - 9,335 - 9,335 MBSs - government-backed - 31,049 - 31,049 CMOs - government backed - 17,225 - 17,225 Loans held-for-sale - 19,415 - 19,415 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 tables 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: September 30, 2016 Level 1 Level 2 Level 3 Total Fair Inputs Inputs Inputs Value (In Thousands) Impaired loans $ - $ - $ 1,436 $ 1,436 Repossessed assets - - 513 513 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 September 30, 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 $1,465,000 were reduced by specific valuation allowance allocations totaling $29,000 to a total reported fair value of $1,436,000 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 September 30, December 31, Valuation Unobservable Signficant Input Instrument 2016 2015 Technique Inputs Values (Dollars In Thousands) Impaired loans $ 1,436 $ 2,028 Appraisal of collateral (1) Appraisal adjustments 10 - 30% Repossessed Assets $ 513 $ 595 Appraisal of collateral (1)(3) Liquidation 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 by management 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 September 30, 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 estimated 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. September 30, 2016 Total Level 1 Level 2 Level 3 Estimated Carrying Inputs Inputs Inputs Fair Value Amount (In Thousands) Financial Assets: Cash and cash equivalents $ 7,831 $ - $ - $ 7,831 $ 7,831 Federal Home Loan Bank stock 3,870 - - 3,870 3,870 Federal Reserve Bank stock 871 - - 871 871 Loans receivable, net - - 463,337 463,337 455,413 Accrued interest and dividends receivable 2,138 - - 2,138 2,138 Mortgage servicing rights - - 6,319 6,319 5,439 Cash surrender value of life insurance 13,996 - - 13,996 13,996 Financial Liabilities: Non-maturing interest bearing deposits - 256,422 - 256,422 256,422 Noninterest bearing deposits 89,242 - - 89,242 89,242 Time certificates of deposit - - 169,952 169,952 169,613 Accrued expenses and other liabilities 5,363 - - 5,363 5,363 Federal Home Loan Bank advances and other borrowings - - 79,076 79,076 78,855 Subordinated debentures - - 14,774 14,774 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 Dividends Receivable and Accrued Expenses and Other Liabilities Stock in the F ederal Home L oan B ank of Des Moines (“FHLB”) and F ederal R eserve B ank (“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 S ervicing R ights Cash Surrender Value of Life I nsurance Deposits and Time Certificates of Deposit Advances from the FHLB and Subordinated Debentures Off-Balance-Sheet Instruments |
Note 12 - Recent Accounting Pro
Note 12 - Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 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. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326) intended to improve financial reporting by requiring timelier recording of credit losses on loans and other financial instruments held by financial institutions and other organizations. The standard requires an organization to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better inform their credit loss estimates. The standard also requires enhanced disclosures to help investors and other financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an organization’s portfolio. These disclosures include qualitative and quantitative requirements that provide additional information about the amounts recorded in the financial statements. Additionally, the standard amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. The amendments in this update are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. All entities may adopt the amendments in this update earlier as of the fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. An entity will apply the amendments in this update through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (that is, a modified-retrospective approach). The Company believes the amendments in this update will have an impact on the Company’s financial statements and is working to evaluate the significance of that impact. |
Note 2 - Investment Securities
Note 2 - Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Marketable Securities [Table Text Block] | September 30, 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 $ 5,875 $ 105 $ (4 ) $ 5,976 $ 10,684 $ 26 $ (95 ) $ 10,615 Municipal obligations 68,253 1,987 (71 ) 70,169 66,606 1,041 (578 ) 67,069 Corporate obligations 9,495 10 (170 ) 9,335 9,615 - (165 ) 9,450 MBSs - government-backed 30,745 417 (113 ) 31,049 32,810 111 (186 ) 32,735 CMOs - government backed 17,012 218 (5 ) 17,225 26,233 40 (404 ) 25,869 Total $ 131,380 $ 2,737 $ (363 ) $ 133,754 $ 145,948 $ 1,218 $ (1,428 ) $ 145,738 |
Schedule of Realized Gain (Loss) [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 (In Thousands) Proceeds from sale of available-for-sale securities $ 17,086 $ - $ 20,248 $ 31,043 Gross realized gain on sale of available-for-sale securities $ 133 $ - $ 217 $ 534 Gross realized loss on sale of available-for-sale securities (23 ) - (23 ) (300 ) Net realized gain on sale of available-for-sale securities $ 110 $ - $ 194 $ 234 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Amortized Fair Cost Value (In Thousands) Due in one year or less $ - $ - Due from one to five years 9,205 9,215 Due from five to ten years 15,735 15,914 Due after ten years 58,683 60,351 83,623 85,480 MBSs - government-backed 30,745 31,049 CMOs - government-backed 17,012 17,225 Total $ 131,380 $ 133,754 |
Schedule of Unrealized Loss on Investments [Table Text Block] | September 30, 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 $ 1,012 $ (4 ) $ - $ - Municipal obligations 7,242 (66 ) 452 (5 ) Corporate obligations 1,565 (1 ) 4,908 (169 ) MBSs and CMOs - government-backed 6,207 (40 ) 7,263 (78 ) Total $ 16,026 $ (111 ) $ 12,623 $ (252 ) 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 ) |
Note 3 - Loans Receivable (Tabl
Note 3 - Loans Receivable (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | September 30, December 31, 2016 2015 (In Thousands) First mortgage loans: Residential mortgage (1-4 family) $ 113,287 $ 118,133 Commercial real estate 205,819 167,930 Real estate construction 20,649 22,958 Other loans: Home equity 47,694 45,345 Consumer 14,867 14,641 Commercial 60,102 39,072 Total 462,418 408,079 Allowance for loan losses (4,650 ) (3,550 ) Deferred loan fees, net (919 ) (795 ) Total loans, net $ 456,849 $ 403,734 |
Schedule of Information Regarding Non-performing Assets [Table Text Block] | September 30, December 31, 2016 2015 (Dollars in Thousands) Non-accrual loans $ 1,421 $ 2,030 Accruing loans delinquent 90 days or more 301 472 Restructured loans, net 44 46 Total nonperforming loans 1,766 2,548 Real estate owned and other repossessed assets, net 513 595 Total nonperforming assets $ 2,279 $ 3,143 Total non-performing assets as a percentage of total assets 0.34 % 0.50 % Allowance for loan losses $ 4,650 $ 3,550 Percent of allowance for loan losses to non-performing loans 263.31 % 139.32 % Percent of allowance for loan losses to non-performing assets 204.04 % 112.95 % |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | Residential Mortgage Commercial Real Estate Home (1-4 Family) Real Estate Construction Equity Consumer Commercial Total (In Thousands) Allowance for loan losses: Beginning balance, July 1, 2016 $ 981 $ 2,007 $ 244 $ 365 $ 174 $ 489 $ 4,260 Charge-offs (4 ) - - - (79 ) - (83 ) Recoveries - - - - 1 - 1 Provision - 170 - 28 74 200 472 Ending balance, September 30, 2016 $ 977 $ 2,177 $ 244 $ 393 $ 170 $ 689 $ 4,650 Allowance for loan losses: Beginning balance, January 1, 2016 $ 911 $ 1,593 $ 184 $ 342 $ 66 $ 454 $ 3,550 Charge-offs (4 ) - - (7 ) (179 ) (104 ) (294 ) Recoveries - - - - 13 - 13 Provision 70 584 60 58 270 339 1,381 Ending balance, September 30, 2016 $ 977 $ 2,177 $ 244 $ 393 $ 170 $ 689 $ 4,650 Ending balance, September 30, 2016 allocated to loans individually evaluated for impairment $ - $ - $ - $ - $ 14 $ 15 $ 29 Ending balance, September 30, 2016 allocated to loans collectively evaluated for impairment $ 977 $ 2,177 $ 244 $ 393 $ 156 $ 674 $ 4,621 Loans receivable: Ending balance, September 30, 2016 $ 113,287 $ 205,819 $ 20,649 $ 47,694 $ 14,867 $ 60,102 $ 462,418 Ending balance, September 30, 2016 of loans individually evaluated for impairment $ 423 $ 374 $ - $ 339 $ 68 $ 261 $ 1,465 Ending balance, September 30, 2016 of loans collectively evaluated for impairment $ 112,864 $ 205,445 $ 20,649 $ 47,355 $ 14,799 $ 59,841 $ 460,953 Residential Mortgage Commercial Real Estate Home (1-4 Family) Real Estate Construction Equity Consumer Commercial Total (In Thousands) Allowance for loan losses: Beginning balance, July 1, 2015 $ 685 $ 1,425 $ 45 $ 326 $ 52 $ 417 $ 2,950 Charge-offs - - - - (14 ) (25 ) (39 ) Recoveries - - - - 8 1 9 Provision 67 168 34 10 16 15 310 Ending balance, September 30, 2015 $ 752 $ 1,593 $ 79 $ 336 $ 62 $ 408 $ 3,230 Allowance for loan losses: Beginning balance, January 1, 2015 $ 684 $ 1,098 $ 35 $ 270 $ 46 $ 317 $ 2,450 Charge-offs (137 ) - - - (29 ) (25 ) (191 ) Recoveries - - - - 10 1 11 Provision 205 495 44 66 35 115 960 Ending balance, September 30, 2015 $ 752 $ 1,593 $ 79 $ 336 $ 62 $ 408 $ 3,230 Ending balance, September 30, 2015 allocated to loans individually evaluated for impairment $ - $ - $ - $ - $ 15 $ - $ 15 Ending balance, September 30, 2015 allocated to loans collectively evaluated for impairment $ 752 $ 1,593 $ 79 $ 336 $ 47 $ 408 $ 3,215 Loans receivable: Ending balance, September 30, 2015 $ 117,320 $ 156,293 $ 23,210 $ 46,632 $ 14,885 $ 33,884 $ 392,224 Ending balance, September 30, 2015 of loans individually evaluated for impairment $ 1,207 $ 668 $ 731 $ 282 $ 61 $ 616 $ 3,565 Ending balance, September 30, 2015 of loans collectively evaluated for impairment $ 116,113 $ 155,625 $ 22,479 $ 46,350 $ 14,824 $ 33,268 $ 388,659 |
Financing Receivable Credit Quality Indicators [Table Text Block] | September 30, 2016 Residential Mortgage Commercial Real Estate Home (1-4 Family) Real Estate Construction Equity Consumer Commercial Total (In Thousands) Grade: Pass $ 112,285 $ 204,964 $ 20,193 $ 47,356 $ 14,785 $ 59,681 $ 459,264 Special mention - 30 456 - - 146 632 Substandard 1,002 825 - 338 68 260 2,493 Doubtful - - - - - - - Loss - - - - 14 15 29 Total $ 113,287 $ 205,819 $ 20,649 $ 47,694 $ 14,867 $ 60,102 $ 462,418 Credit risk profile based on payment activity Performing $ 112,567 $ 205,441 $ 20,649 $ 47,355 $ 14,799 $ 59,841 $ 460,652 Restructured loans - - - 44 - - 44 Nonperforming 720 378 - 295 68 261 1,722 Total $ 113,287 $ 205,819 $ 20,649 $ 47,694 $ 14,867 $ 60,102 $ 462,418 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 |
Past Due Financing Receivables [Table Text Block] | September 30, 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) $ 1,282 $ 720 $ 2,002 $ 111,285 $ 113,287 $ 297 Commercial real estate 224 378 602 205,217 205,819 4 Real estate construction 727 - 727 19,922 20,649 - Home equity 432 295 727 46,967 47,694 - Consumer 128 68 196 14,671 14,867 - Commercial 246 261 507 59,595 60,102 - Total $ 3,039 $ 1,722 $ 4,761 $ 457,657 $ 462,418 $ 301 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 |
Impaired Financing Receivables [Table Text Block] | September 30, 2016 Unpaid Recorded Principal Related Investment Balance Allowance (In Thousands) With no related allowance: Residential mortgage (1-4 family) $ 423 $ 423 $ - Commercial real estate 374 374 - Construction - - - Home equity 339 386 - Consumer 54 101 - Commercial 246 246 - With a related allowance: Residential mortgage (1-4 family) - - - Commercial real estate - - - Construction - - - Home equity - - - Consumer 14 14 14 Commercial 15 15 15 Total: Residential mortgage (1-4 family) 423 423 - Commercial real estate 374 374 - Construction - - - Home equity 339 386 - Consumer 68 115 14 Commercial 261 261 15 Total $ 1,465 $ 1,559 $ 29 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 |
Impaired Financing Receivables, Average Recorded Investment [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Average Recorded Investment (In Thousands) Residential mortgage (1-4 family) $ 711 $ 919 $ 576 $ 1,340 Commercial real estate 374 334 521 333 Construction - 653 - 365 Home equity 336 272 273 305 Consumer 93 52 107 58 Commercial 261 602 294 423 Total $ 1,775 $ 2,832 $ 1,771 $ 2,824 |
Note 4 - Troubled Debt Restru24
Note 4 - Troubled Debt Restructurings (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | September 30, 2016 Accrual Non-Accrual Total Status Status Modification (In Thousands) Residential mortgage (1-4 family) $ - $ - $ - Commercial real estate - - - Real estate construction - - - Home equity 44 - 44 Consumer - - - Commercial - - - Total $ 44 $ - $ 44 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 |
Note 5 - Deposits (Tables)
Note 5 - Deposits (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Deposits [Table Text Block] | September 30, December 31, 2016 2015 (In Thousands) Noninterest checking $ 89,242 $ 77,031 Interest bearing checking 89,873 87,350 Savings 80,669 71,474 Money market 85,880 94,880 Time certificates of deposit 169,613 152,447 Total $ 515,277 $ 483,182 |
Note 6 - Subordinated Debentu26
Note 6 - Subordinated Debentures (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Subordinated Borrowing [Table Text Block] | September 30, 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 (190 ) 10,000 (206 ) Total $ 15,155 $ (190 ) $ 15,155 $ (206 ) |
Note 9 - Accumulated Other Co27
Note 9 - Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Unrealized Unrealized Gains (Losses) (Losses) Gains on Derivatives on Investment Designated as Securities Cash Flow Hedges Available-for-Sale Total (In Thousands) Balance, January 1, 2016 $ 376 $ (124 ) $ 252 Other comprehensive income, before reclassifications and income taxes 1,495 3,454 4,949 Amounts reclassified from accumulated other comprehensive income (loss), before income taxes (1,271 ) (84 ) (1,355 ) Income tax expense (92 ) (1,373 ) (1,465 ) Total other comprehensive income 132 1,997 2,129 Balance, June 30, 2016 508 1,873 2,381 Other comprehensive income (loss), before reclassifications and income taxes 808 (676 ) 132 Amounts reclassified from accumulated other comprehensive income, before income taxes (859 ) (110 ) (969 ) Income tax benefit 21 320 341 Total other comprehensive loss (30 ) (466 ) (496 ) Balance, September 30, 2016 $ 478 $ 1,407 $ 1,885 Balance, January 1, 2015 $ 294 $ (509 ) $ (215 ) Other comprehensive income (loss), before reclassifications and income taxes 991 (1,203 ) (212 ) Amounts reclassified from accumulated other comprehensive income (loss), before income taxes (1,025 ) (234 ) (1,259 ) Income tax benefit 14 586 600 Total other comprehensive loss (20 ) (851 ) (871 ) Balance, June 30, 2015 274 (1,360 ) (1,086 ) Other comprehensive income, before reclassifications and income taxes 420 1,688 2,108 Amounts reclassified from accumulated other comprehensive income (loss), before income taxes (462 ) - (462 ) Income tax benefit (expense) 17 (688 ) (671 ) Total other comprehensive (loss) income (25 ) 1,000 975 Balance, September 30, 2015 $ 249 $ (360 ) $ (111 ) |
Note 11 - Fair Value Disclosu28
Note 11 - Fair Value Disclosures (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | September 30, 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 $ - $ 5,976 $ - $ 5,976 Municipal obligations - 70,169 - 70,169 Corporate obligations - 9,335 - 9,335 MBSs - government-backed - 31,049 - 31,049 CMOs - government backed - 17,225 - 17,225 Loans held-for-sale - 19,415 - 19,415 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 |
Fair Value Measurements, Nonrecurring [Table Text Block] | September 30, 2016 Level 1 Level 2 Level 3 Total Fair Inputs Inputs Inputs Value (In Thousands) Impaired loans $ - $ - $ 1,436 $ 1,436 Repossessed assets - - 513 513 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 |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block] | Fair Value at Principal Significant Range of September 30, December 31, Valuation Unobservable Signficant Input Instrument 2016 2015 Technique Inputs Values (Dollars In Thousands) Impaired loans $ 1,436 $ 2,028 Appraisal of collateral (1) Appraisal adjustments 10 - 30% Repossessed Assets $ 513 $ 595 Appraisal of collateral (1)(3) Liquidation expenses (2) 10 - 30% |
Fair Value, by Balance Sheet Grouping [Table Text Block] | September 30, 2016 Total Level 1 Level 2 Level 3 Estimated Carrying Inputs Inputs Inputs Fair Value Amount (In Thousands) Financial Assets: Cash and cash equivalents $ 7,831 $ - $ - $ 7,831 $ 7,831 Federal Home Loan Bank stock 3,870 - - 3,870 3,870 Federal Reserve Bank stock 871 - - 871 871 Loans receivable, net - - 463,337 463,337 455,413 Accrued interest and dividends receivable 2,138 - - 2,138 2,138 Mortgage servicing rights - - 6,319 6,319 5,439 Cash surrender value of life insurance 13,996 - - 13,996 13,996 Financial Liabilities: Non-maturing interest bearing deposits - 256,422 - 256,422 256,422 Noninterest bearing deposits 89,242 - - 89,242 89,242 Time certificates of deposit - - 169,952 169,952 169,613 Accrued expenses and other liabilities 5,363 - - 5,363 5,363 Federal Home Loan Bank advances and other borrowings - - 79,076 79,076 78,855 Subordinated debentures - - 14,774 14,774 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 - - - - - |
Note 2 - Investment Securitie29
Note 2 - Investment Securities (Details Textual) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Corporate Debt Securities [Member] | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 9 | 13 |
Available for Sale Securities, Continuous Unrealized Loss Position, Aggregate Depreciation from Amortized Cost Basis | 2.56% | 1.76% |
Mortgage-backed Securities and Collateralized Mortgage Obligations [Member] | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 8 | 20 |
Available for Sale Securities, Continuous Unrealized Loss Position, Aggregate Depreciation from Amortized Cost Basis | 0.87% | 1.57% |
US Government Agencies Debt Securities [Member] | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 15 | 52 |
Available for Sale Securities, Continuous Unrealized Loss Position, Aggregate Depreciation from Amortized Cost Basis | 0.85% | 1.43% |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 32 | 85 |
Expected Credit Loss on Securities | $ 0 |
Note 2 - Investment Securitie30
Note 2 - Investment Securities - Summary of Investment Securities (Details) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
US Government Agencies Debt Securities [Member] | ||
Securities available-for-sale, amortized cost | $ 5,875,000 | $ 10,684,000 |
Securities available-for-sale, gross unrealized gains | 105,000 | 26,000 |
Securities available-for-sale, gross unrealized losses | (4,000) | (95,000) |
Securities available-for-sale | 5,976,000 | 10,615,000 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities available-for-sale, amortized cost | 68,253,000 | 66,606,000 |
Securities available-for-sale, gross unrealized gains | 1,987,000 | 1,041,000 |
Securities available-for-sale, gross unrealized losses | (71,000) | (578,000) |
Securities available-for-sale | 70,169,000 | 67,069,000 |
Corporate Debt Securities [Member] | ||
Securities available-for-sale, amortized cost | 9,495,000 | 9,615,000 |
Securities available-for-sale, gross unrealized gains | 10,000 | |
Securities available-for-sale, gross unrealized losses | (170,000) | (165,000) |
Securities available-for-sale | 9,335,000 | 9,450,000 |
Mortgage-backed Securities, Government Backed [Member] | ||
Securities available-for-sale, amortized cost | 30,745,000 | 32,810,000 |
Securities available-for-sale, gross unrealized gains | 417,000 | 111,000 |
Securities available-for-sale, gross unrealized losses | (113,000) | (186,000) |
Securities available-for-sale | 31,049,000 | 32,735,000 |
Collateralized Mortgage Obligations, Government Backed [Member] | ||
Securities available-for-sale, amortized cost | 17,012,000 | 26,233,000 |
Securities available-for-sale, gross unrealized gains | 218,000 | 40,000 |
Securities available-for-sale, gross unrealized losses | (5,000) | (404,000) |
Securities available-for-sale | 17,225,000 | 25,869,000 |
Securities available-for-sale, amortized cost | 131,380,000 | 145,948,000 |
Securities available-for-sale, gross unrealized gains | 2,737,000 | 1,218,000 |
Securities available-for-sale, gross unrealized losses | (363,000) | (1,428,000) |
Securities available-for-sale | $ 133,754,000 | $ 145,738,000 |
Note 2 - Investment Securitie31
Note 2 - Investment Securities - Proceeds from Sales of Available-for-sale Securities and the Associated Gross Realized Gains and Losses (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Proceeds from sale of available-for-sale securities | $ 17,086,000 | $ 20,248,000 | $ 31,043,000 | |
Gross realized gain on sale of available-for-sale securities | 133,000 | 217,000 | 534,000 | |
Gross realized loss on sale of available-for-sale securities | (23,000) | (23,000) | (300,000) | |
Net realized gain on sale of available-for-sale securities | $ 110,000 | $ 194,000 | $ 234,000 |
Note 2 - Investment Securitie32
Note 2 - Investment Securities - Amortized Cost and Fair Value of Securities by Contractual Maturity (Details) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Mortgage-backed Securities, Government Backed [Member] | ||
Securities available-for-sale, amortized cost | $ 30,745,000 | $ 32,810,000 |
Securities available-for-sale | 31,049,000 | 32,735,000 |
Collateralized Mortgage Obligations, Government Backed [Member] | ||
Securities available-for-sale, amortized cost | 17,012,000 | 26,233,000 |
Securities available-for-sale | 17,225,000 | 25,869,000 |
Available for sale securities, due in one year or less, amortized cost | 0 | |
Available for sale securities, due in one year or less, fair value | 0 | |
Available for sale securities, due from one to five years, amortized cost | 9,205,000 | |
Available for sale securities, due from one to five years, fair value | 9,215,000 | |
Available for sale securities, due from five to ten years, amortized cost | 15,735,000 | |
Available for sale securities, due from five to ten years, fair value | 15,914,000 | |
Available for sale securities, due after ten years, amortized cost | 58,683,000 | |
Available for sale securities, due after ten years, fair value | 60,351,000 | |
Total available for sale securities debt maturities, amortized cost | 83,623,000 | |
Total available for sale securities, debt maturities, fair value | 85,480,000 | |
Securities available-for-sale, amortized cost | 131,380,000 | 145,948,000 |
Securities available-for-sale | $ 133,754,000 | $ 145,738,000 |
Note 2 - Investment Securitie33
Note 2 - Investment Securities - Investment Securities in a Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
US Government Corporations and Agencies Securities [Member] | ||
Available for sale securities, continuous unrealized loss position less than 12 months, fair value | $ 1,012 | $ 3,173 |
Available for sale securities, continuous unrealized loss position less than 12 months, gross unrealized losses | (4) | (24) |
Available for sale securities, continuous unrealized loss position for 12 months or longer, fair value | 5,986 | |
Available for sale securities, continuous unrealized loss position for 12 months or longer, gross unrealized losses | (71) | |
US States and Political Subdivisions Debt Securities [Member] | ||
Available for sale securities, continuous unrealized loss position less than 12 months, fair value | 7,242 | 15,913 |
Available for sale securities, continuous unrealized loss position less than 12 months, gross unrealized losses | (66) | (132) |
Available for sale securities, continuous unrealized loss position for 12 months or longer, fair value | 452 | 21,163 |
Available for sale securities, continuous unrealized loss position for 12 months or longer, gross unrealized losses | (5) | (446) |
Corporate Debt Securities [Member] | ||
Available for sale securities, continuous unrealized loss position less than 12 months, fair value | 1,565 | 5,283 |
Available for sale securities, continuous unrealized loss position less than 12 months, gross unrealized losses | (1) | (80) |
Available for sale securities, continuous unrealized loss position for 12 months or longer, fair value | 4,908 | 3,915 |
Available for sale securities, continuous unrealized loss position for 12 months or longer, gross unrealized losses | (169) | (85) |
Mortgage-backed Securities and Collateralized Mortgage Obligations [Member] | ||
Available for sale securities, continuous unrealized loss position less than 12 months, fair value | 6,207 | 23,164 |
Available for sale securities, continuous unrealized loss position less than 12 months, gross unrealized losses | (40) | (249) |
Available for sale securities, continuous unrealized loss position for 12 months or longer, fair value | 7,263 | 13,886 |
Available for sale securities, continuous unrealized loss position for 12 months or longer, gross unrealized losses | (78) | (341) |
Available for sale securities, continuous unrealized loss position less than 12 months, fair value | 16,026 | 47,533 |
Available for sale securities, continuous unrealized loss position less than 12 months, gross unrealized losses | (111) | (485) |
Available for sale securities, continuous unrealized loss position for 12 months or longer, fair value | 12,623 | 44,950 |
Available for sale securities, continuous unrealized loss position for 12 months or longer, gross unrealized losses | $ (252) | $ (943) |
Note 3 - Loans Receivable (Deta
Note 3 - Loans Receivable (Details Textual) - USD ($) | 9 Months Ended | ||
Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | |
Commercial Real Estate Portfolio Segment [Member] | United States Department of Agriculture Rural Development [Member] | |||
Loans and Leases Receivable, Gross | $ 11,723,000 | $ 12,117,000 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Loans and Leases Receivable, Gross | 205,819,000 | 167,930,000 | $ 156,293,000 |
Commercial Portfolio Segment [Member] | Syndicated Loan Facility [Member] | |||
Loans and Leases Receivable, Gross | $ 1,631,000 | 1,917,000 | |
Commercial Portfolio Segment [Member] | Minimum [Member] | |||
Quarterly Review Criteria, Period of Delinquency on Loans | 60 days | ||
Commercial Portfolio Segment [Member] | |||
Loans and Leases Receivable, Gross | $ 60,102,000 | 39,072,000 | 33,884,000 |
Consumer Portfolio Segment [Member] | Minimum [Member] | |||
Quarterly Review Criteria, Period of Delinquency on Loans | 90 days | ||
Consumer Portfolio Segment [Member] | |||
Loans and Leases Receivable, Gross | $ 14,867,000 | 14,641,000 | 14,885,000 |
Loans and Leases Receivable, Gross | 462,418,000 | $ 408,079,000 | $ 392,224,000 |
Minimum Principal Balance of Loans for Quarterly Rating Review | $ 750,000 |
Note 3 - Loans Receivable - Sum
Note 3 - Loans Receivable - Summary of Loans Receivable (Details) - USD ($) | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Residential Portfolio Segment [Member] | One-to-Four Family Loans [Member] | ||||||
Loans receivable | $ 113,287,000 | $ 118,133,000 | $ 117,320,000 | |||
Allowance for loan losses | (977,000) | $ (981,000) | (911,000) | (752,000) | $ (685,000) | $ (684,000) |
Commercial Real Estate Portfolio Segment [Member] | ||||||
Loans receivable | 205,819,000 | 167,930,000 | 156,293,000 | |||
Allowance for loan losses | (2,177,000) | (2,007,000) | (1,593,000) | (1,593,000) | (1,425,000) | (1,098,000) |
Real Estate Construction Portfolio Segment [Member] | ||||||
Loans receivable | 20,649,000 | 22,958,000 | 23,210,000 | |||
Allowance for loan losses | (244,000) | (244,000) | (184,000) | (79,000) | (45,000) | (35,000) |
Home Equity Portfolio Segment [Member] | ||||||
Loans receivable | 47,694,000 | 45,345,000 | 46,632,000 | |||
Allowance for loan losses | (393,000) | (365,000) | (342,000) | (336,000) | (326,000) | (270,000) |
Consumer Portfolio Segment [Member] | ||||||
Loans receivable | 14,867,000 | 14,641,000 | 14,885,000 | |||
Allowance for loan losses | (170,000) | (174,000) | (66,000) | (62,000) | (52,000) | (46,000) |
Commercial Portfolio Segment [Member] | ||||||
Loans receivable | 60,102,000 | 39,072,000 | 33,884,000 | |||
Allowance for loan losses | (689,000) | (489,000) | (454,000) | (408,000) | (417,000) | (317,000) |
Loans receivable | 462,418,000 | 408,079,000 | 392,224,000 | |||
Allowance for loan losses | (4,650,000) | $ (4,260,000) | (3,550,000) | $ (3,230,000) | $ (2,950,000) | $ (2,450,000) |
Deferred loan fees, net | (919,000) | (795,000) | ||||
Total loans, net | $ 456,849,000 | $ 403,734,000 |
Note 3 - Loans Receivable - Non
Note 3 - Loans Receivable - Nonperforming Assets (Details) - USD ($) | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Non-accrual loans | $ 1,421,000 | $ 2,030,000 | ||||
Accruing loans delinquent 90 days or more | 301,000 | 472,000 | ||||
Restructured loans, net | 44,000 | 46,000 | ||||
Total nonperforming loans | 1,766,000 | 2,548,000 | ||||
Real estate and other repossessed assets acquired in settlement of loans, net | 513,000 | 595,000 | ||||
Total nonperforming assets | $ 2,279,000 | $ 3,143,000 | ||||
Total non-performing assets as a percentage of total assets | 0.34% | 0.50% | ||||
Loans and Leases Receivable, Allowance | $ 4,650,000 | $ 4,260,000 | $ 3,550,000 | $ 3,230,000 | $ 2,950,000 | $ 2,450,000 |
Percent of allowance for loan losses to non-performing loans | 263.31% | 139.32% | ||||
Percent of allowance for loan losses to non-performing assets | 204.04% | 112.95% |
Note 3 - Loans Receivable - All
Note 3 - Loans Receivable - Allowance for Loan Losses Activity (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Residential Portfolio Segment [Member] | One-to-Four Family Loans [Member] | |||||
Allowance for loan losses, beginning balance | $ 981,000 | $ 685,000 | $ 911,000 | $ 684,000 | |
Charge-offs | (4,000) | (4,000) | (137,000) | ||
Recoveries | |||||
Loan loss provision | 67,000 | 70,000 | 205,000 | ||
Allowance for loan losses, ending balance | 977,000 | 752,000 | 977,000 | 752,000 | |
Allowance for loan losses, ending balance, allocated to loans individually evaluated for impairment | |||||
Allowance for loan losses, ending balance, allocated to loans collectively evaluated for impairment | 977,000 | 752,000 | 977,000 | 752,000 | |
Loans receivable | 113,287,000 | 117,320,000 | 113,287,000 | 117,320,000 | $ 118,133,000 |
Loans receivable, ending balance, loans individually evaluated for impairment | 423,000 | 1,207,000 | 423,000 | 1,207,000 | |
Loans receivable, ending balance, loans collectively evaluated for impairment | 112,864,000 | 116,113,000 | 112,864,000 | 116,113,000 | |
Commercial Real Estate Portfolio Segment [Member] | |||||
Allowance for loan losses, beginning balance | 2,007,000 | 1,425,000 | 1,593,000 | 1,098,000 | |
Charge-offs | |||||
Recoveries | |||||
Loan loss provision | 170,000 | 168,000 | 584,000 | 495,000 | |
Allowance for loan losses, ending balance | 2,177,000 | 1,593,000 | 2,177,000 | 1,593,000 | |
Allowance for loan losses, ending balance, allocated to loans individually evaluated for impairment | |||||
Allowance for loan losses, ending balance, allocated to loans collectively evaluated for impairment | 2,177,000 | 1,593,000 | 2,177,000 | 1,593,000 | |
Loans receivable | 205,819,000 | 156,293,000 | 205,819,000 | 156,293,000 | 167,930,000 |
Loans receivable, ending balance, loans individually evaluated for impairment | 374,000 | 668,000 | 374,000 | 668,000 | |
Loans receivable, ending balance, loans collectively evaluated for impairment | 205,445,000 | 155,625,000 | 205,445,000 | 155,625,000 | |
Real Estate Construction Portfolio Segment [Member] | |||||
Allowance for loan losses, beginning balance | 244,000 | 45,000 | 184,000 | 35,000 | |
Charge-offs | |||||
Recoveries | |||||
Loan loss provision | 34,000 | 60,000 | 44,000 | ||
Allowance for loan losses, ending balance | 244,000 | 79,000 | 244,000 | 79,000 | |
Allowance for loan losses, ending balance, allocated to loans individually evaluated for impairment | |||||
Allowance for loan losses, ending balance, allocated to loans collectively evaluated for impairment | 244,000 | 79,000 | 244,000 | 79,000 | |
Loans receivable | 20,649,000 | 23,210,000 | 20,649,000 | 23,210,000 | 22,958,000 |
Loans receivable, ending balance, loans individually evaluated for impairment | 731,000 | 731,000 | |||
Loans receivable, ending balance, loans collectively evaluated for impairment | 20,649,000 | 22,479,000 | 20,649,000 | 22,479,000 | |
Home Equity Portfolio Segment [Member] | |||||
Allowance for loan losses, beginning balance | 365,000 | 326,000 | 342,000 | 270,000 | |
Charge-offs | (7,000) | ||||
Recoveries | |||||
Loan loss provision | 28,000 | 10,000 | 58,000 | 66,000 | |
Allowance for loan losses, ending balance | 393,000 | 336,000 | 393,000 | 336,000 | |
Allowance for loan losses, ending balance, allocated to loans individually evaluated for impairment | |||||
Allowance for loan losses, ending balance, allocated to loans collectively evaluated for impairment | 393,000 | 336,000 | 393,000 | 336,000 | |
Loans receivable | 47,694,000 | 46,632,000 | 47,694,000 | 46,632,000 | 45,345,000 |
Loans receivable, ending balance, loans individually evaluated for impairment | 339,000 | 282,000 | 339,000 | 282,000 | |
Loans receivable, ending balance, loans collectively evaluated for impairment | 47,355,000 | 46,350,000 | 47,355,000 | 46,350,000 | |
Consumer Portfolio Segment [Member] | |||||
Allowance for loan losses, beginning balance | 174,000 | 52,000 | 66,000 | 46,000 | |
Charge-offs | (79,000) | (14,000) | (179,000) | (29,000) | |
Recoveries | 1,000 | 8,000 | 13,000 | 10,000 | |
Loan loss provision | 74,000 | 16,000 | 270,000 | 35,000 | |
Allowance for loan losses, ending balance | 170,000 | 62,000 | 170,000 | 62,000 | |
Allowance for loan losses, ending balance, allocated to loans individually evaluated for impairment | 14,000 | 15,000 | 14,000 | 15,000 | |
Allowance for loan losses, ending balance, allocated to loans collectively evaluated for impairment | 156,000 | 47,000 | 156,000 | 47,000 | |
Loans receivable | 14,867,000 | 14,885,000 | 14,867,000 | 14,885,000 | 14,641,000 |
Loans receivable, ending balance, loans individually evaluated for impairment | 68,000 | 61,000 | 68,000 | 61,000 | |
Loans receivable, ending balance, loans collectively evaluated for impairment | 14,799,000 | 14,824,000 | 14,799,000 | 14,824,000 | |
Commercial Portfolio Segment [Member] | |||||
Allowance for loan losses, beginning balance | 489,000 | 417,000 | 454,000 | 317,000 | |
Charge-offs | (25,000) | (104,000) | (25,000) | ||
Recoveries | 1,000 | 1,000 | |||
Loan loss provision | 200,000 | 15,000 | 339,000 | 115,000 | |
Allowance for loan losses, ending balance | 689,000 | 408,000 | 689,000 | 408,000 | |
Allowance for loan losses, ending balance, allocated to loans individually evaluated for impairment | 15,000 | 15,000 | |||
Allowance for loan losses, ending balance, allocated to loans collectively evaluated for impairment | 674,000 | 408,000 | 674,000 | 408,000 | |
Loans receivable | 60,102,000 | 33,884,000 | 60,102,000 | 33,884,000 | 39,072,000 |
Loans receivable, ending balance, loans individually evaluated for impairment | 261,000 | 616,000 | 261,000 | 616,000 | |
Loans receivable, ending balance, loans collectively evaluated for impairment | 59,841,000 | 33,268,000 | 59,841,000 | 33,268,000 | |
Allowance for loan losses, beginning balance | 4,260,000 | 2,950,000 | 3,550,000 | 2,450,000 | |
Charge-offs | (83,000) | (39,000) | (294,000) | (191,000) | |
Recoveries | 1,000 | 9,000 | 13,000 | 11,000 | |
Loan loss provision | 472,000 | 310,000 | 1,381,000 | 960,000 | |
Allowance for loan losses, ending balance | 4,650,000 | 3,230,000 | 4,650,000 | 3,230,000 | |
Allowance for loan losses, ending balance, allocated to loans individually evaluated for impairment | 29,000 | 15,000 | 29,000 | 15,000 | |
Allowance for loan losses, ending balance, allocated to loans collectively evaluated for impairment | 4,621,000 | 3,215,000 | 4,621,000 | 3,215,000 | |
Loans receivable | 462,418,000 | 392,224,000 | 462,418,000 | 392,224,000 | $ 408,079,000 |
Loans receivable, ending balance, loans individually evaluated for impairment | 1,465,000 | 3,565,000 | 1,465,000 | 3,565,000 | |
Loans receivable, ending balance, loans collectively evaluated for impairment | $ 460,953,000 | $ 388,659,000 | $ 460,953,000 | $ 388,659,000 |
Note 3 - Loans Receivable - Int
Note 3 - Loans Receivable - Internal Classification of the Loan Portfolio (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 |
Pass [Member] | Residential Portfolio Segment [Member] | One-to-Four Family Loans [Member] | |||
Loans receivable | $ 112,285 | $ 116,711 | |
Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Loans receivable | 204,964 | 167,263 | |
Pass [Member] | Real Estate Construction Portfolio Segment [Member] | |||
Loans receivable | 20,193 | 22,176 | |
Pass [Member] | Home Equity Portfolio Segment [Member] | |||
Loans receivable | 47,356 | 45,100 | |
Pass [Member] | Consumer Portfolio Segment [Member] | |||
Loans receivable | 14,785 | 14,486 | |
Pass [Member] | Commercial Portfolio Segment [Member] | |||
Loans receivable | 59,681 | 38,675 | |
Pass [Member] | |||
Loans receivable | 459,264 | 404,411 | |
Special Mention [Member] | Residential Portfolio Segment [Member] | One-to-Four Family Loans [Member] | |||
Loans receivable | |||
Special Mention [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Loans receivable | 30 | ||
Special Mention [Member] | Real Estate Construction Portfolio Segment [Member] | |||
Loans receivable | 456 | ||
Special Mention [Member] | Home Equity Portfolio Segment [Member] | |||
Loans receivable | |||
Special Mention [Member] | Consumer Portfolio Segment [Member] | |||
Loans receivable | |||
Special Mention [Member] | Commercial Portfolio Segment [Member] | |||
Loans receivable | 146 | ||
Special Mention [Member] | |||
Loans receivable | 632 | ||
Substandard [Member] | Residential Portfolio Segment [Member] | One-to-Four Family Loans [Member] | |||
Loans receivable | 1,002 | 1,422 | |
Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Loans receivable | 825 | 667 | |
Substandard [Member] | Real Estate Construction Portfolio Segment [Member] | |||
Loans receivable | 782 | ||
Substandard [Member] | Home Equity Portfolio Segment [Member] | |||
Loans receivable | 338 | 156 | |
Substandard [Member] | Consumer Portfolio Segment [Member] | |||
Loans receivable | 68 | 140 | |
Substandard [Member] | Commercial Portfolio Segment [Member] | |||
Loans receivable | 260 | 367 | |
Substandard [Member] | |||
Loans receivable | 2,493 | 3,534 | |
Doubtful [Member] | Residential Portfolio Segment [Member] | One-to-Four Family Loans [Member] | |||
Loans receivable | |||
Doubtful [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Loans receivable | |||
Doubtful [Member] | Real Estate Construction Portfolio Segment [Member] | |||
Loans receivable | |||
Doubtful [Member] | Home Equity Portfolio Segment [Member] | |||
Loans receivable | 82 | ||
Doubtful [Member] | Consumer Portfolio Segment [Member] | |||
Loans receivable | 4 | ||
Doubtful [Member] | Commercial Portfolio Segment [Member] | |||
Loans receivable | |||
Doubtful [Member] | |||
Loans receivable | 86 | ||
Unlikely to be Collected Financing Receivable [Member] | Residential Portfolio Segment [Member] | One-to-Four Family Loans [Member] | |||
Loans receivable | |||
Unlikely to be Collected Financing Receivable [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Loans receivable | |||
Unlikely to be Collected Financing Receivable [Member] | Real Estate Construction Portfolio Segment [Member] | |||
Loans receivable | |||
Unlikely to be Collected Financing Receivable [Member] | Home Equity Portfolio Segment [Member] | |||
Loans receivable | 7 | ||
Unlikely to be Collected Financing Receivable [Member] | Consumer Portfolio Segment [Member] | |||
Loans receivable | 14 | 11 | |
Unlikely to be Collected Financing Receivable [Member] | Commercial Portfolio Segment [Member] | |||
Loans receivable | 15 | 30 | |
Unlikely to be Collected Financing Receivable [Member] | |||
Loans receivable | 29 | 48 | |
Residential Portfolio Segment [Member] | One-to-Four Family Loans [Member] | Performing Financial Instruments [Member] | |||
Loans receivable | 112,567 | 117,182 | |
Residential Portfolio Segment [Member] | One-to-Four Family Loans [Member] | Restructured Loans [Member] | |||
Loans receivable | |||
Residential Portfolio Segment [Member] | One-to-Four Family Loans [Member] | Nonperforming Financial Instruments [Member] | |||
Loans receivable | 720 | 951 | |
Residential Portfolio Segment [Member] | One-to-Four Family Loans [Member] | |||
Loans receivable | 113,287 | 118,133 | $ 117,320 |
Commercial Real Estate Portfolio Segment [Member] | Performing Financial Instruments [Member] | |||
Loans receivable | 205,441 | 167,259 | |
Commercial Real Estate Portfolio Segment [Member] | Restructured Loans [Member] | |||
Loans receivable | |||
Commercial Real Estate Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | |||
Loans receivable | 378 | 671 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Loans receivable | 205,819 | 167,930 | 156,293 |
Real Estate Construction Portfolio Segment [Member] | Performing Financial Instruments [Member] | |||
Loans receivable | 20,649 | 22,711 | |
Real Estate Construction Portfolio Segment [Member] | Restructured Loans [Member] | |||
Loans receivable | |||
Real Estate Construction Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | |||
Loans receivable | 247 | ||
Real Estate Construction Portfolio Segment [Member] | |||
Loans receivable | 20,649 | 22,958 | 23,210 |
Home Equity Portfolio Segment [Member] | Performing Financial Instruments [Member] | |||
Loans receivable | 47,355 | 45,138 | |
Home Equity Portfolio Segment [Member] | Restructured Loans [Member] | |||
Loans receivable | 44 | 46 | |
Home Equity Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | |||
Loans receivable | 295 | 161 | |
Home Equity Portfolio Segment [Member] | |||
Loans receivable | 47,694 | 45,345 | 46,632 |
Consumer Portfolio Segment [Member] | Performing Financial Instruments [Member] | |||
Loans receivable | 14,799 | 14,496 | |
Consumer Portfolio Segment [Member] | Restructured Loans [Member] | |||
Loans receivable | |||
Consumer Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | |||
Loans receivable | 68 | 145 | |
Consumer Portfolio Segment [Member] | |||
Loans receivable | 14,867 | 14,641 | 14,885 |
Commercial Portfolio Segment [Member] | Performing Financial Instruments [Member] | |||
Loans receivable | 59,841 | 38,745 | |
Commercial Portfolio Segment [Member] | Restructured Loans [Member] | |||
Loans receivable | |||
Commercial Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | |||
Loans receivable | 261 | 327 | |
Commercial Portfolio Segment [Member] | |||
Loans receivable | 60,102 | 39,072 | 33,884 |
Performing Financial Instruments [Member] | |||
Loans receivable | 460,652 | 405,531 | |
Restructured Loans [Member] | |||
Loans receivable | 44 | 46 | |
Nonperforming Financial Instruments [Member] | |||
Loans receivable | 1,722 | 2,502 | |
Loans receivable | $ 462,418 | $ 408,079 | $ 392,224 |
Note 3 - Loans Receivable - Del
Note 3 - Loans Receivable - Delinquencies Within the Loan Portfolio (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 |
Residential Portfolio Segment [Member] | One-to-Four Family Loans [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | |||
Past due | $ 1,282 | $ 1,163 | |
Residential Portfolio Segment [Member] | One-to-Four Family Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Past due | 720 | 951 | |
Residential Portfolio Segment [Member] | One-to-Four Family Loans [Member] | |||
Past due | 2,002 | 2,114 | |
Current | 111,285 | 116,019 | |
Loans receivable | 113,287 | 118,133 | $ 117,320 |
Recorded investment > 90 days and still accruing | 297 | 221 | |
Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | |||
Past due | 224 | 177 | |
Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Past due | 378 | 671 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Past due | 602 | 848 | |
Current | 205,217 | 167,082 | |
Loans receivable | 205,819 | 167,930 | 156,293 |
Recorded investment > 90 days and still accruing | 4 | 4 | |
Real Estate Construction Portfolio Segment [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | |||
Past due | 727 | 662 | |
Real Estate Construction Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Past due | 247 | ||
Real Estate Construction Portfolio Segment [Member] | |||
Past due | 727 | 909 | |
Current | 19,922 | 22,049 | |
Loans receivable | 20,649 | 22,958 | 23,210 |
Recorded investment > 90 days and still accruing | 247 | ||
Home Equity Portfolio Segment [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | |||
Past due | 432 | 319 | |
Home Equity Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Past due | 295 | 161 | |
Home Equity Portfolio Segment [Member] | |||
Past due | 727 | 480 | |
Current | 46,967 | 44,865 | |
Loans receivable | 47,694 | 45,345 | 46,632 |
Recorded investment > 90 days and still accruing | |||
Consumer Portfolio Segment [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | |||
Past due | 128 | 184 | |
Consumer Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Past due | 68 | 145 | |
Consumer Portfolio Segment [Member] | |||
Past due | 196 | 329 | |
Current | 14,671 | 14,312 | |
Loans receivable | 14,867 | 14,641 | 14,885 |
Recorded investment > 90 days and still accruing | |||
Commercial Portfolio Segment [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | |||
Past due | 246 | 173 | |
Commercial Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Past due | 261 | 327 | |
Commercial Portfolio Segment [Member] | |||
Past due | 507 | 500 | |
Current | 59,595 | 38,572 | |
Loans receivable | 60,102 | 39,072 | 33,884 |
Recorded investment > 90 days and still accruing | |||
Financing Receivables, 30 to 89 Days Past Due [Member] | |||
Past due | 3,039 | 2,678 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Past due | 1,722 | 2,502 | |
Past due | 4,761 | 5,180 | |
Current | 457,657 | 402,899 | |
Loans receivable | 462,418 | 408,079 | $ 392,224 |
Recorded investment > 90 days and still accruing | $ 301 | $ 472 |
Note 3 - Loans Receivable - Imp
Note 3 - Loans Receivable - Impaired Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Residential Portfolio Segment [Member] | One-to-Four Family Loans [Member] | ||
Recorded investment, with no related allowance | $ 423 | $ 730 |
Unpaid principal balance, with no related allowance | 423 | 730 |
Recorded investment, with a related allowance | ||
Unpaid principal balance, with a related allowance | ||
Related allowance | ||
Recorded investment | 423 | 730 |
Unpaid principal balance | 423 | 730 |
Commercial Real Estate Portfolio Segment [Member] | ||
Recorded investment, with no related allowance | 374 | 667 |
Unpaid principal balance, with no related allowance | 374 | 667 |
Recorded investment, with a related allowance | ||
Unpaid principal balance, with a related allowance | ||
Related allowance | ||
Recorded investment | 374 | 667 |
Unpaid principal balance | 374 | 667 |
Real Estate Construction Portfolio Segment [Member] | ||
Recorded investment, with no related allowance | ||
Unpaid principal balance, with no related allowance | ||
Recorded investment, with a related allowance | ||
Unpaid principal balance, with a related allowance | ||
Related allowance | ||
Recorded investment | ||
Unpaid principal balance | ||
Home Equity Portfolio Segment [Member] | ||
Recorded investment, with no related allowance | 339 | 200 |
Unpaid principal balance, with no related allowance | 386 | 234 |
Recorded investment, with a related allowance | 7 | |
Unpaid principal balance, with a related allowance | 7 | |
Related allowance | 7 | |
Recorded investment | 339 | 207 |
Unpaid principal balance | 386 | 241 |
Consumer Portfolio Segment [Member] | ||
Recorded investment, with no related allowance | 54 | 134 |
Unpaid principal balance, with no related allowance | 101 | 134 |
Recorded investment, with a related allowance | 14 | 11 |
Unpaid principal balance, with a related allowance | 14 | 11 |
Related allowance | 14 | 11 |
Recorded investment | 68 | 145 |
Unpaid principal balance | 115 | 145 |
Commercial Portfolio Segment [Member] | ||
Recorded investment, with no related allowance | 246 | 297 |
Unpaid principal balance, with no related allowance | 246 | 297 |
Recorded investment, with a related allowance | 15 | 30 |
Unpaid principal balance, with a related allowance | 15 | 30 |
Related allowance | 15 | 30 |
Recorded investment | 261 | 327 |
Unpaid principal balance | 261 | 327 |
Related allowance | 29 | 48 |
Recorded investment | 1,465 | 2,076 |
Unpaid principal balance | $ 1,559 | $ 2,110 |
Note 3 - Loans Receivable - I41
Note 3 - Loans Receivable - Impaired Loans, Average Recorded Investment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Residential Portfolio Segment [Member] | One-to-Four Family Loans [Member] | ||||
Average recorded investment | $ 711 | $ 919 | $ 576 | $ 1,340 |
Commercial Real Estate Portfolio Segment [Member] | ||||
Average recorded investment | 374 | 334 | 521 | 333 |
Real Estate Construction Portfolio Segment [Member] | ||||
Average recorded investment | 653 | 365 | ||
Home Equity Portfolio Segment [Member] | ||||
Average recorded investment | 336 | 272 | 273 | 305 |
Consumer Portfolio Segment [Member] | ||||
Average recorded investment | 93 | 52 | 107 | 58 |
Commercial Portfolio Segment [Member] | ||||
Average recorded investment | 261 | 602 | 294 | 423 |
Average recorded investment | $ 1,775 | $ 2,832 | $ 1,771 | $ 2,824 |
Note 4 - Troubled Debt Restru42
Note 4 - Troubled Debt Restructurings (Details Textual) | 6 Months Ended | 9 Months Ended | |||
Sep. 30, 2016USD ($) | Sep. 30, 2015 | Sep. 30, 2016USD ($) | Sep. 30, 2015 | Dec. 31, 2015USD ($) | |
Allowance for Credit Losses, Change in Method of Calculating Impairment | $ 0 | $ 0 | |||
Financing Receivable, Modifications, Number of Contracts | 0 | 0 | 0 | 0 | |
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $ 0 | ||||
Loans and Leases Receivable, Impaired, Commitment to Lend | $ 0 | 0 | $ 0 | ||
Receivables, Change in Method of Calculating Impairment, Recorded Investment | $ 44,000 | 44,000 | |||
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | $ 34,000 |
Note 4 - Troubled Debt Restru43
Note 4 - Troubled Debt Restructurings - Summary of Troubled Debt Restructurings (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Residential Portfolio Segment [Member] | One-to-Four Family Loans [Member] | Accrual Status [Member] | ||
Troubled debt restructuring | ||
Residential Portfolio Segment [Member] | One-to-Four Family Loans [Member] | Non-Accrual Status [Member] | ||
Troubled debt restructuring | ||
Residential Portfolio Segment [Member] | One-to-Four Family Loans [Member] | ||
Troubled debt restructuring | ||
Commercial Real Estate Portfolio Segment [Member] | Accrual Status [Member] | ||
Troubled debt restructuring | ||
Commercial Real Estate Portfolio Segment [Member] | Non-Accrual Status [Member] | ||
Troubled debt restructuring | ||
Commercial Real Estate Portfolio Segment [Member] | ||
Troubled debt restructuring | ||
Real Estate Construction Portfolio Segment [Member] | Accrual Status [Member] | ||
Troubled debt restructuring | ||
Real Estate Construction Portfolio Segment [Member] | Non-Accrual Status [Member] | ||
Troubled debt restructuring | ||
Real Estate Construction Portfolio Segment [Member] | ||
Troubled debt restructuring | ||
Home Equity Portfolio Segment [Member] | Accrual Status [Member] | ||
Troubled debt restructuring | 44 | 46 |
Home Equity Portfolio Segment [Member] | Non-Accrual Status [Member] | ||
Troubled debt restructuring | ||
Home Equity Portfolio Segment [Member] | ||
Troubled debt restructuring | 44 | 46 |
Consumer Portfolio Segment [Member] | Accrual Status [Member] | ||
Troubled debt restructuring | ||
Consumer Portfolio Segment [Member] | Non-Accrual Status [Member] | ||
Troubled debt restructuring | ||
Consumer Portfolio Segment [Member] | ||
Troubled debt restructuring | ||
Commercial Portfolio Segment [Member] | Accrual Status [Member] | ||
Troubled debt restructuring | ||
Commercial Portfolio Segment [Member] | Non-Accrual Status [Member] | ||
Troubled debt restructuring | ||
Commercial Portfolio Segment [Member] | ||
Troubled debt restructuring | ||
Accrual Status [Member] | ||
Troubled debt restructuring | 44 | 46 |
Non-Accrual Status [Member] | ||
Troubled debt restructuring | ||
Troubled debt restructuring | $ 44 | $ 46 |
Note 5 - Deposits - Summary of
Note 5 - Deposits - Summary of Deposits (Details) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Noninterest bearing | $ 89,242,000 | $ 77,031,000 |
Interest bearing checking | 89,873,000 | 87,350,000 |
Savings | 80,669,000 | 71,474,000 |
Money market | 85,880,000 | 94,880,000 |
Time certificates of deposit | 169,613,000 | 152,447,000 |
Total | $ 515,277,000 | $ 483,182,000 |
Note 6 - Subordinated Debentu45
Note 6 - Subordinated Debentures (Details Textual) - USD ($) | 1 Months Ended | 9 Months Ended | 12 Months Ended | |
Jun. 30, 2015 | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2005 | |
6.75% Subordinated Notes Due in 2025 [Member] | ||||
Debt Instrument, Face Amount | $ 10,000,000 | $ 10,000,000 | $ 10,000,000 | |
Debt Instrument, Maturity Year | 2,025 | 2,025 | 2,025 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.75% | 6.75% | 6.75% | |
Eagle Bancorp Statutory Trust I [Member] | Subordinated Debt [Member] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 6.02% | |||
Eagle Bancorp Statutory Trust I [Member] | Variable Interest Rate Subordinated Debentures Due in 2035 [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.42% | |||
Eagle Bancorp Statutory Trust I [Member] | Variable Interest Rate Subordinated Debentures Due in 2035 [Member] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 2.274% | 2.033% | ||
Eagle Bancorp Statutory Trust I [Member] | ||||
Subordinated Debt | $ 5,155,000 | |||
First Tennessee Bank, N.A. [Member] | ||||
Temporary Equity, Liquidation Preference | $ 5,155,000 | |||
Trust Preferred Securities, Maximum Dividend Deferring Period | 5 years | |||
Trust Preferred Securities, Maturity Month and Year | 2035-12 | |||
Debt Instrument, Face Amount | $ 15,155,000 | $ 15,155,000 | ||
Subordinated Debt | $ 14,965,000 | $ 14,949,000 |
Note 6 - Subordinated Debentu46
Note 6 - Subordinated Debentures - Summary of Subordinated Debentures (Details) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 |
Variable Interest Rate Subordinated Debentures Due in 2035 [Member] | |||
Principal amount | $ 5,155,000 | $ 5,155,000 | |
Unamortized debt issuance costs | |||
6.75% Subordinated Notes Due in 2025 [Member] | |||
Principal amount | 10,000,000 | 10,000,000 | $ 10,000,000 |
Unamortized debt issuance costs | (190,000) | (206,000) | |
Principal amount | 15,155,000 | 15,155,000 | |
Unamortized debt issuance costs | $ (190,000) | $ (206,000) |
Note 6 - Subordinated Debentu47
Note 6 - Subordinated Debentures - Summary of Subordinated Debentures (Details) (Parentheticals) | 1 Months Ended | 9 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Sep. 30, 2016 | Dec. 31, 2015 | |
Variable Interest Rate Subordinated Debentures Due in 2035 [Member] | |||
Debt instrument, interest rate above LIBOR rate | 1.42% | 1.42% | |
Debt instrument, maturity year | 2,035 | 2,035 | |
6.75% Subordinated Notes Due in 2025 [Member] | |||
Debt instrument, maturity year | 2,025 | 2,025 | 2,025 |
Debt instrument, fixed interest rate | 6.75% | 6.75% | 6.75% |
Note 7 - Earnings Per Share (De
Note 7 - Earnings Per Share (Details Textual) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Weighted Average Number of Shares Outstanding, Basic | 3,779,464 | 3,804,532 | 3,779,464 | 3,823,896 |
Weighted Average Number of Shares Outstanding, Diluted | 3,873,171 | 3,841,787 | 3,873,171 | 3,861,151 |
Note 8 - Dividends and Stock 49
Note 8 - Dividends and Stock Repurchase Program (Details Textual) - $ / shares | Oct. 20, 2016 | Jul. 21, 2016 | Apr. 28, 2016 | Mar. 04, 2016 | Jan. 21, 2016 | Jul. 23, 2015 | Jul. 01, 2014 | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Subsequent Event [Member] | ||||||||||||||
Dividends Payable, Date Declared | Oct. 20, 2016 | |||||||||||||
Dividends Payable, Date of Record | Nov. 11, 2016 | |||||||||||||
Dividends Payable, Date to be Paid | Dec. 2, 2016 | |||||||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.08 | |||||||||||||
Common Stock Repurchase Plan Announced on July 21, 2016 [Member] | ||||||||||||||
Treasury Stock, Shares, Acquired | 0 | |||||||||||||
Stock Repurchase Program Expiration Date | Jul. 21, 2017 | |||||||||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 100,000 | |||||||||||||
Common Stock Repurchase Plan Announced on July 23, 2015 [Member] | ||||||||||||||
Treasury Stock, Shares, Acquired | 15,000 | 46,065 | ||||||||||||
Stock Repurchase Program Expiration Date | Jul. 23, 2016 | |||||||||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 100,000 | |||||||||||||
Treasury Stock Acquired, Average Cost Per Share | $ 11.75 | $ 11.47 | ||||||||||||
Common Stock Repurchase Plan Announced on July 1, 2014 [Member] | ||||||||||||||
Treasury Stock, Shares, Acquired | 55,800 | 55,000 | ||||||||||||
Stock Repurchase Program Expiration Date | Jun. 30, 2015 | |||||||||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 200,000 | |||||||||||||
Treasury Stock Acquired, Average Cost Per Share | $ 11.03 | $ 10.66 | ||||||||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.0775 | $ 0.0775 | $ 0.0775 | $ 0.075 | $ 0.075 | |||||||||
Dividends Payable, Date Declared | Jul. 21, 2016 | Apr. 28, 2016 | Jan. 21, 2016 | |||||||||||
Dividends Payable, Date of Record | Aug. 12, 2016 | May 13, 2016 | Feb. 12, 2016 | |||||||||||
Dividends Payable, Date to be Paid | Sep. 2, 2016 | Jun. 3, 2016 | Mar. 4, 2016 | |||||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.08 | $ 0.0775 | $ 0.0775 |
Note 9 - Accumulated Other Co50
Note 9 - Accumulated Other Comprehensive Income (Loss) - Activity in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | ||||||
Beginning balance | $ 508,000 | $ 274,000 | $ 376,000 | $ 294,000 | $ 376,000 | $ 294,000 |
Other comprehensive income (loss), before reclassifications and income taxes | 808,000 | 420,000 | 1,495,000 | 991,000 | ||
Amounts reclassified from accumulated other comprehensive income (loss), before income taxes | (859,000) | (462,000) | (1,271,000) | (1,025,000) | ||
Income tax benefit (expense) | 21,000 | 17,000 | (92,000) | 14,000 | ||
Total other comprehensive (loss) income | (30,000) | (25,000) | 132,000 | (20,000) | ||
Ending balance | 478,000 | 249,000 | 508,000 | 274,000 | 478,000 | 249,000 |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||||||
Beginning balance | 1,873,000 | (1,360,000) | (124,000) | (509,000) | (124,000) | (509,000) |
Other comprehensive income (loss), before reclassifications and income taxes | (676,000) | 1,688,000 | 3,454,000 | (1,203,000) | ||
Amounts reclassified from accumulated other comprehensive income (loss), before income taxes | (110,000) | (84,000) | (234,000) | |||
Income tax benefit (expense) | 320,000 | (688,000) | (1,373,000) | 586,000 | ||
Total other comprehensive (loss) income | (466,000) | 1,000,000 | 1,997,000 | (851,000) | ||
Ending balance | 1,407,000 | (360,000) | 1,873,000 | (1,360,000) | 1,407,000 | (360,000) |
Beginning balance | 2,381,000 | (1,086,000) | 252,000 | (215,000) | 252,000 | (215,000) |
Other comprehensive income (loss), before reclassifications and income taxes | 132,000 | 2,108,000 | 4,949,000 | (212,000) | ||
Amounts reclassified from accumulated other comprehensive income (loss), before income taxes | (969,000) | (462,000) | (1,355,000) | (1,259,000) | ||
Income tax benefit (expense) | 341,000 | (671,000) | (1,465,000) | 600,000 | (1,124,000) | (71,000) |
Total other comprehensive (loss) income | (496,000) | 975,000 | 2,129,000 | (871,000) | 1,633,000 | 104,000 |
Ending balance | $ 1,885,000 | $ (111,000) | $ 2,381,000 | $ (1,086,000) | $ 1,885,000 | $ (111,000) |
Note 10 - Derivatives and Hed51
Note 10 - Derivatives and Hedging Activities (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2016 | Dec. 31, 2015 | |
Interest Rate Swap [Member] | Noninterest Income [Member] | ||||
Derivative, Net Hedge Ineffectiveness Gain (Loss) | $ (93,000) | $ (317,000) | ||
Interest Rate Swap [Member] | ||||
Loan Facility Maturity | Sep. 1, 2030 | |||
Loans Receivable with Fixed Rates of Interest | $ 125,000 | |||
Derivative, Notional Amount | 10,673,000 | |||
Interest Rate Contract [Member] | ||||
Derivative, Notional Amount | $ 39,246,000 | $ 24,378,000 | ||
Fixed Rate Loan Hedged, Original Maturity Term | 20 years | |||
Loans Receivable with Fixed Rates of Interest | $ 10,641,000 | |||
Assets, Fair Value Adjustment | $ 138,000 |
Note 11 - Fair Value Disclosu52
Note 11 - Fair Value Disclosures (Details Textual) - USD ($) | 9 Months Ended | |||||
Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | |
Impaired Loans [Member] | ||||||
Loans and Leases Receivable, Gross | $ 1,465,000 | $ 2,076,000 | ||||
Loans and Leases Receivable, Allowance | 29,000 | 48,000 | ||||
Loans Receivable, Fair Value Disclosure | $ 1,436,000 | 2,028,000 | ||||
Mortgage Servicing Rights [Member] | Minimum [Member] | ||||||
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value, Discount Rate | 10.00% | |||||
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value, Prepayment Speed | 105.00% | |||||
Mortgage Servicing Rights [Member] | Maximum [Member] | ||||||
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value, Discount Rate | 12.00% | |||||
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value, Prepayment Speed | 369.00% | |||||
Loans and Leases Receivable, Gross | $ 462,418,000 | 408,079,000 | $ 392,224,000 | |||
Loans and Leases Receivable, Allowance | $ 4,650,000 | $ 4,260,000 | $ 3,550,000 | $ 3,230,000 | $ 2,950,000 | $ 2,450,000 |
Note 11 - Fair Value Disclosu53
Note 11 - Fair Value Disclosures - Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Financial Assets : | ||
Securities available-for-sale | ||
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Financial Assets : | ||
Securities available-for-sale | 5,976 | 10,615 |
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Financial Assets : | ||
Securities available-for-sale | ||
US Government Agencies Debt Securities [Member] | ||
Financial Assets : | ||
Securities available-for-sale | 5,976 | 10,615 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Financial Assets : | ||
Securities available-for-sale | ||
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Financial Assets : | ||
Securities available-for-sale | 70,169 | 67,069 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Financial Assets : | ||
Securities available-for-sale | ||
US States and Political Subdivisions Debt Securities [Member] | ||
Financial Assets : | ||
Securities available-for-sale | 70,169 | 67,069 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Financial Assets : | ||
Securities available-for-sale | ||
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Financial Assets : | ||
Securities available-for-sale | 9,335 | 9,450 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Financial Assets : | ||
Securities available-for-sale | ||
Corporate Debt Securities [Member] | ||
Financial Assets : | ||
Securities available-for-sale | 9,335 | 9,450 |
Mortgage-backed Securities, Government Backed [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Financial Assets : | ||
Securities available-for-sale | ||
Mortgage-backed Securities, Government Backed [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Financial Assets : | ||
Securities available-for-sale | 31,049 | 32,735 |
Mortgage-backed Securities, Government Backed [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Financial Assets : | ||
Securities available-for-sale | ||
Mortgage-backed Securities, Government Backed [Member] | ||
Financial Assets : | ||
Securities available-for-sale | 31,049 | 32,735 |
Collateralized Mortgage Obligations, Government Backed [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Financial Assets : | ||
Securities available-for-sale | ||
Collateralized Mortgage Obligations, Government Backed [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Financial Assets : | ||
Securities available-for-sale | 17,225 | 25,869 |
Collateralized Mortgage Obligations, Government Backed [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Financial Assets : | ||
Securities available-for-sale | ||
Collateralized Mortgage Obligations, Government Backed [Member] | ||
Financial Assets : | ||
Securities available-for-sale | 17,225 | 25,869 |
Fair Value, Inputs, Level 1 [Member] | ||
Financial Assets : | ||
Loans held-for-sale | ||
Fair Value, Inputs, Level 2 [Member] | ||
Financial Assets : | ||
Loans held-for-sale | 19,415 | 18,702 |
Fair Value, Inputs, Level 3 [Member] | ||
Financial Assets : | ||
Loans held-for-sale | ||
Loans held-for-sale | $ 19,415 | $ 18,702 |
Note 11 - Fair Value Disclosu54
Note 11 - Fair Value Disclosures - Financial Assets and Financial Liabilities Measured at Fair Value on a Nonrecurring Basis (Details) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Fair Value, Inputs, Level 1 [Member] | ||
Impaired loans, fair value | ||
Repossessed assets, fair value | ||
Fair Value, Inputs, Level 2 [Member] | ||
Impaired loans, fair value | ||
Repossessed assets, fair value | ||
Fair Value, Inputs, Level 3 [Member] | ||
Impaired loans, fair value | 1,436 | 2,028 |
Repossessed assets, fair value | 513 | 595 |
Impaired loans, fair value | 1,436 | 2,028 |
Repossessed assets, fair value | $ 513 | $ 595 |
Note 11 - Fair Value Disclosu55
Note 11 - Fair Value Disclosures - Financial Assets and Liabilities, Valuation Techniques and Significant Unobservable Inputs (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2016 | Dec. 31, 2015 | ||
Impaired Loans [Member] | Minimum [Member] | |||
Range of significant input values | 10.00% | ||
Impaired Loans [Member] | Maximum [Member] | |||
Range of significant input values | 30.00% | ||
Impaired Loans [Member] | |||
Fair value | $ 1,436 | $ 2,028 | |
Principal valuation technique | [1] | Appraisal of collateral (1) | |
Significant unobservable inputs | Appraisal adjustments | ||
Repossessed Assets [Member] | Minimum [Member] | |||
Range of significant input values | 10.00% | ||
Repossessed Assets [Member] | Maximum [Member] | |||
Range of significant input values | 30.00% | ||
Repossessed Assets [Member] | |||
Fair value | $ 513 | $ 595 | |
Principal valuation technique | [1],[2] | Appraisal of collateral (1)(3) | |
Significant unobservable inputs | [3] | Liquidation expenses (2) | |
[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 by management 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. |
Note 11 - Fair Value Disclosu56
Note 11 - Fair Value Disclosures - Estimated Fair Value and Carrying Amounts of Financial Instruments (Details) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Fair Value, Inputs, Level 1 [Member] | Estimate of Fair Value Measurement [Member] | Forward Contracts [Member] | ||
Off-balance-sheet instruments | ||
Off-balance sheet instruments | $ 0 | $ 0 |
Fair Value, Inputs, Level 1 [Member] | Estimate of Fair Value Measurement [Member] | Commitments to Extend Credit [Member] | ||
Off-balance-sheet instruments | ||
Off-balance sheet instruments | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Estimate of Fair Value Measurement [Member] | Interest Rate Lock Commitments [Member] | ||
Off-balance-sheet instruments | ||
Off-balance sheet instruments | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Estimate of Fair Value Measurement [Member] | ||
Financial Assets: | ||
Cash and cash equivalents | 7,831,000 | 7,438,000 |
Federal Home Loan Bank stock | 3,870,000 | 3,397,000 |
Federal Reserve Bank stock | 871,000 | 887,000 |
Loans receivable, net | 0 | 0 |
Accrued interest and dividends receivable | 2,138,000 | 2,278,000 |
Mortgage servicing rights | 0 | 0 |
Cash surrender value of life insurance | 13,996,000 | 12,514,000 |
Financial Liabilities: | ||
Non-maturing interest bearing deposits | 0 | 0 |
Noninterest bearing deposits | 89,242,000 | 77,031,000 |
Time certificates of deposit | 0 | 0 |
Accrued expenses and other liabilities | 5,363,000 | 4,050,000 |
Federal Home Loan Bank advances and other borrowings | 0 | 0 |
Subordinated debentures | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | Forward Contracts [Member] | ||
Off-balance-sheet instruments | ||
Off-balance sheet instruments | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | Commitments to Extend Credit [Member] | ||
Off-balance-sheet instruments | ||
Off-balance sheet instruments | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | Interest Rate Lock Commitments [Member] | ||
Off-balance-sheet instruments | ||
Off-balance sheet instruments | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | ||
Financial Assets: | ||
Cash and cash equivalents | 0 | 0 |
Federal Home Loan Bank stock | 0 | 0 |
Federal Reserve Bank stock | 0 | 0 |
Loans receivable, net | 0 | 0 |
Accrued interest and dividends receivable | 0 | 0 |
Mortgage servicing rights | 0 | 0 |
Cash surrender value of life insurance | 0 | 0 |
Financial Liabilities: | ||
Non-maturing interest bearing deposits | 256,422,000 | 253,704,000 |
Noninterest bearing deposits | 0 | 0 |
Time certificates of deposit | 0 | 0 |
Accrued expenses and other liabilities | 0 | 0 |
Federal Home Loan Bank advances and other borrowings | 0 | 0 |
Subordinated debentures | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member] | Forward Contracts [Member] | ||
Off-balance-sheet instruments | ||
Off-balance sheet instruments | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member] | Commitments to Extend Credit [Member] | ||
Off-balance-sheet instruments | ||
Off-balance sheet instruments | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member] | Interest Rate Lock Commitments [Member] | ||
Off-balance-sheet instruments | ||
Off-balance sheet instruments | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member] | ||
Financial Assets: | ||
Cash and cash equivalents | 0 | 0 |
Federal Home Loan Bank stock | 0 | 0 |
Federal Reserve Bank stock | 0 | 0 |
Loans receivable, net | 463,337,000 | 408,414,000 |
Accrued interest and dividends receivable | 0 | 0 |
Mortgage servicing rights | 6,319,000 | 6,452,000 |
Cash surrender value of life insurance | 0 | 0 |
Financial Liabilities: | ||
Non-maturing interest bearing deposits | 0 | 0 |
Noninterest bearing deposits | 0 | 0 |
Time certificates of deposit | 169,952,000 | 152,691,000 |
Accrued expenses and other liabilities | 0 | 0 |
Federal Home Loan Bank advances and other borrowings | 79,076,000 | 72,811,000 |
Subordinated debentures | 14,774,000 | 14,306,000 |
Estimate of Fair Value Measurement [Member] | Forward Contracts [Member] | ||
Off-balance-sheet instruments | ||
Off-balance sheet instruments | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Commitments to Extend Credit [Member] | ||
Off-balance-sheet instruments | ||
Off-balance sheet instruments | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Interest Rate Lock Commitments [Member] | ||
Off-balance-sheet instruments | ||
Off-balance sheet instruments | 0 | 0 |
Estimate of Fair Value Measurement [Member] | ||
Financial Assets: | ||
Cash and cash equivalents | 7,831,000 | 7,438,000 |
Federal Home Loan Bank stock | 3,870,000 | 3,397,000 |
Federal Reserve Bank stock | 871,000 | 887,000 |
Loans receivable, net | 463,337,000 | 408,414,000 |
Accrued interest and dividends receivable | 2,138,000 | 2,278,000 |
Mortgage servicing rights | 6,319,000 | 6,452,000 |
Cash surrender value of life insurance | 13,996,000 | 12,514,000 |
Financial Liabilities: | ||
Non-maturing interest bearing deposits | 256,422,000 | 253,704,000 |
Noninterest bearing deposits | 89,242,000 | 77,031,000 |
Time certificates of deposit | 169,952,000 | 152,691,000 |
Accrued expenses and other liabilities | 5,363,000 | 4,050,000 |
Federal Home Loan Bank advances and other borrowings | 79,076,000 | 72,811,000 |
Subordinated debentures | 14,774,000 | 14,306,000 |
Reported Value Measurement [Member] | Forward Contracts [Member] | ||
Off-balance-sheet instruments | ||
Off-balance sheet instruments | 0 | 0 |
Reported Value Measurement [Member] | Commitments to Extend Credit [Member] | ||
Off-balance-sheet instruments | ||
Off-balance sheet instruments | 0 | 0 |
Reported Value Measurement [Member] | Interest Rate Lock Commitments [Member] | ||
Off-balance-sheet instruments | ||
Off-balance sheet instruments | 0 | 0 |
Reported Value Measurement [Member] | ||
Financial Assets: | ||
Cash and cash equivalents | 7,831,000 | 7,438,000 |
Federal Home Loan Bank stock | 3,870,000 | 3,397,000 |
Federal Reserve Bank stock | 871,000 | 887,000 |
Loans receivable, net | 455,413,000 | 401,706,000 |
Accrued interest and dividends receivable | 2,138,000 | 2,278,000 |
Mortgage servicing rights | 5,439,000 | 4,968,000 |
Cash surrender value of life insurance | 13,996,000 | 12,514,000 |
Financial Liabilities: | ||
Non-maturing interest bearing deposits | 256,422,000 | 253,704,000 |
Noninterest bearing deposits | 89,242,000 | 77,031,000 |
Time certificates of deposit | 169,613,000 | 152,447,000 |
Accrued expenses and other liabilities | 5,363,000 | 4,050,000 |
Federal Home Loan Bank advances and other borrowings | 78,855,000 | 72,716,000 |
Subordinated debentures | $ 15,155,000 | $ 15,155,000 |