Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | May. 12, 2016 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | WOLVERINE BANCORP, INC. | |
Trading Symbol | wbkc | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 2,150,416 | |
Amendment Flag | false | |
Entity Central Index Key | 1,500,836 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Filer Category | Smaller Reporting Company | |
Entity Well-known Seasoned Issuer | No | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Cash and due from banks | $ 415 | $ 334 |
Interest-earning demand deposits | 11,828 | 52,531 |
Cash and cash equivalents | 12,243 | 52,865 |
Interest-earning time deposits | 38,423 | 39,021 |
Investment securities held to maturity | 498 | 500 |
Loans held for sale | 1,203 | 581 |
Loans, net of allowance for loan losses of $10,024 and $10,061 | 323,552 | 314,613 |
Premises and equipment, net | 1,244 | 1,285 |
Federal Home Loan Bank stock | 2,700 | 2,700 |
Other real estate owned | 197 | 130 |
Accrued interest receivable | 929 | 967 |
Other assets | 4,950 | 5,151 |
Total assets | 385,939 | 417,813 |
Liabilities | ||
Deposits | 274,410 | 281,701 |
Federal Home Loan Bank advances | 47,000 | 47,000 |
Federal funds purchased | 24,000 | |
Interest payable and other liabilities | 3,075 | 4,632 |
Total liabilities | $ 324,485 | $ 357,333 |
Commitments and Contingencies | ||
Authorized – 100,000,000 shares | ||
Issued and outstanding – 2,152,266 and 2,158,034 at March 31, 2016 and December 31, 2015 | $ 22 | $ 22 |
Unearned employee stock ownership plan (ESOP) | (1,384) | (1,410) |
Additional paid-in capital | 16,382 | 16,401 |
Retained earnings | 46,434 | 45,467 |
Total stockholders’ equity | 61,454 | 60,480 |
Total liabilities and stockholders’ equity | $ 385,939 | $ 417,813 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Allowance for loan losses (in Dollars) | $ 10,024 | $ 10,061 |
Common stock, par value (in Dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 2,152,266 | 2,158,034 |
Common stock, share outstanding | 2,152,266 | 2,158,034 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Interest and Dividend Income | ||
Loans | $ 3,932 | $ 3,615 |
Investment securities and other | 129 | 62 |
Total interest and dividend income | 4,061 | 3,677 |
Interest Expense | ||
Deposits | 508 | 325 |
Borrowings | 459 | 525 |
Total interest expense | 967 | 850 |
Net Interest Income | 3,094 | 2,827 |
Provision for Loan Losses | 0 | 250 |
Net Interest Income After Provision for Loan Losses | 3,094 | 2,577 |
Noninterest Income | ||
Service charges and fees | 80 | 67 |
Net gain on loan sales | 96 | 176 |
Net gain (loss) on sale of real estate owned | 27 | (37) |
Other | 80 | 109 |
Total noninterest income | 283 | 315 |
Noninterest Expense | ||
Salaries and employee benefits | 1,090 | 1,028 |
Net occupancy and equipment expense | 207 | 220 |
Information technology expense | 62 | 57 |
Federal deposit insurance corporation premiums | 54 | 46 |
Professional and services fees | 94 | 107 |
Other real estate owned expense | 24 | 12 |
Loan legal expense | 81 | 64 |
Advertising expense | 21 | 20 |
Michigan business tax | 45 | 47 |
Other | 209 | 214 |
Total noninterest expense | 1,887 | 1,815 |
Income Before Income Tax | 1,490 | 1,077 |
Provision for Income Taxes | 523 | 338 |
Net Income and Comprehensive Income | $ 967 | $ 739 |
Earnings Per Share: | ||
Basic (in Dollars per share) | $ 0.48 | $ 0.36 |
Diluted (in Dollars per share) | $ 0.47 | $ 0.36 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Net income | $ 967 | $ 739 |
Items not requiring (providing) cash | ||
Depreciation | 57 | 61 |
Provision for loan losses | 0 | 250 |
Loss (gain) on other real estate owned | (27) | 37 |
Loans originated for sale | (3,716) | (5,928) |
Proceeds from loans sold | 3,186 | 5,714 |
Net gain on sale of loans | (96) | (176) |
Share based compensation | 128 | 78 |
Earned ESOP shares | 26 | 65 |
Changes in | ||
Interest receivable and other assets | (196) | (232) |
Interest payable and other liabilities | (1,107) | 984 |
Net cash provided by (used in) operating activities | (778) | 1,592 |
Investing Activities | ||
Net change in time deposits purchased | 598 | |
Purchase of held to maturity securities | (498) | (499) |
Proceeds from calls, maturities and pay-downs of held to maturity securities | 500 | |
Net change in loans | (9,043) | 9,420 |
Proceeds from sale of real estate owned | 37 | 87 |
Purchase of FHLB stock | (200) | |
Net cash provided by (used in) investing activities | (8,406) | 8,808 |
Financing Activities | ||
Net change in demand deposits, money market, checking and savings accounts | 1,833 | 901 |
Net change in certificates of deposit | (9,124) | 5,174 |
Proceeds from Federal Home Loan Bank advances | 10,000 | |
Net change in Fed funds purchased | (24,000) | |
Purchase of common stock | (147) | (1,390) |
Net cash provided by (used in) financing activities | (31,438) | 14,685 |
Change in Cash and Cash Equivalents | (40,622) | 25,085 |
Cash and Cash Equivalents, Beginning of Period | 52,865 | 29,686 |
Cash and Cash Equivalents, End of Period | 12,243 | 54,771 |
Supplemental Disclosures of Cash Flows Information | ||
Interest paid | 909 | 815 |
Income taxes paid | 895 | 175 |
Loans transferred to real estate owned | $ 104 | $ 42 |
Condensed Consolidated Stateme6
Condensed Consolidated Statement of Change in Stockholders’ Equity (Unaudited) - 3 months ended Mar. 31, 2016 - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Unearned ESOP Shares [Member] | Retained Earnings [Member] | Total |
Balance at Dec. 31, 2015 | $ 22 | $ 16,401 | $ (1,410) | $ 45,467 | $ 60,480 |
Net Income | 967 | 967 | |||
Purchase of 5,700 shares of common stock | (147) | (147) | |||
Share based compensation expense | 87 | 87 | |||
ESOP shares earned | 41 | 26 | 67 | ||
Balance at Mar. 31, 2016 | $ 22 | $ 16,382 | $ (1,384) | $ 46,434 | $ 61,454 |
Condensed Consolidated Stateme7
Condensed Consolidated Statement of Change in Stockholders’ Equity (Unaudited) (Parentheticals) | 3 Months Ended |
Mar. 31, 2016shares | |
Treasury stock, shares purchased | 5,700 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | Note 1: Basis of Presentation The unaudited condensed consolidated financial statements of Wolverine Bancorp, Inc. (the “Company”), the holding company of Wolverine Bank (the "Bank"), have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) believed necessary for a fair presentation have been included. The condensed consolidated balance sheet of the Company as of December 31, 2015 has been derived from the audited consolidated balance sheet of the Company as of that date. Operating results for the three month period ended March 31, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016. These consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto filed as part of our Annual Report on Form 10-K as filed with the Securities and Exchange Commission on March 30, 2015. |
Note 2 - Accounting Development
Note 2 - Accounting Developments | 3 Months Ended |
Mar. 31, 2016 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | Note 2: Accounting Developments FASB Accounting Standards Update No. 2016-09, Compensation – Stock Compensation (Topic 718) The FASB issued ASU No. 2016-09 “ Compensation - Stock Compensation (Topic 7 18) - Improvements to Employee Share-Based Payment Accounting FASB Accounting Standards Update No. 2016-05, Derivatives and Hedging (Topic 815 ) The FASB issued ASU No. 2016-05 “ Derivatives and Hedging (Topic 815) FASB Accounting Standards Updates No. 2016-02, Leases (Topic 842) The FASB has issued this Update to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. To meet that objective, the FASB is amending the FASB Accounting Standards Codification® and creating Topic 842, Leases. The amendments in this Update are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, for any of the following: 1. A public business entity 2. A not-for-profit entity that has issued, or is a conduit bond obligor for, securities that are traded, listed, or quoted on an exchange or an over the-counter market 3. An employee benefit plan that files financial statements with the U.S. Securities and Exchange Commission (SEC). For all other entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early application of the amendments in this Update is permitted for all entities. Adoption of the ASU is not expected to have a significant effect on the Company’s consolidated financial statements. FASB Accounting Standards Updates No. 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities The FASB has issued Accounting Standards Update (ASU) No. 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. The new guidance makes targeted improvements to existing U.S. GAAP by: ● Requiring equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income; ● Requiring public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; ● Requiring separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (i.e., securities or loans and receivables) on the balance sheet or the accompanying notes to the financial statements; ● Eliminating the requirement to disclose the fair value of financial instruments measured at amortized cost for organizations that are not public business entities; ● Eliminating the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet; and ● Requiring a reporting organization to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk (also referred to as “own credit”) when the organization has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. The new guidance is effective for public companies for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The new guidance permits early adoption of the own credit provision. In addition, the new guidance permits early adoption of the provision that exempts private companies and not-for-profit organizations from having to disclose fair value information about financial instruments measured at amortized cost. Adoption of the ASU is not expected to have a significant effect on the Company’s consolidated financial statements. FASB Accounting Standards Update No. 2015- 05 , Intangibles – Goodwill and Other ( Subt opic 350-40 ): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement The FASB issued ASU No. 2015-05 “ Intangibles - Goodwill and Other - Internal Use Software (Subtopic 350-40) - Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement FASB Accounting Standards Update No. 201 4 - 12 , Compensation – Stock Compensation (Topic 718): Accounting For Share Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period The FASB issued ASU No. 2014-12 “ Compensation - Stock Compensation (Topic 718) - Accounting for Share Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period FASB Accounting Standards Update No. 201 4 - 09 , Revenue from Contracts with Customers (Topic 606) The FASB issued ASU No. 2014-09 “ Revenue from Contracts with Customers (Topic 606) |
Note 3 - Securities
Note 3 - Securities | 3 Months Ended |
Mar. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 3: Securities The amortized cost and approximate fair values of securities are as follows: Amortized Gross Gross Approximate Held to Maturity Securities: March 31, 2016 Treasury bond $ 498 $ 2 $ -- $ 500 The amortized cost and fair value of securities at March 31, 2016, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. March 31, 2016 Amortized Fair Within one year $ 498 $ 500 One to five years — — Five to ten years — — After ten years — — Totals $ 498 $ 500 There were no sales of securities during the three months ended March 31, 2016 and 2015. |
Note 4 - Loans and Allowance fo
Note 4 - Loans and Allowance for Loan Losses | 3 Months Ended |
Mar. 31, 2016 | |
Receivables [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Note 4: Loans and Allowance for Loan Losses Categories of loans include: March 31, 2016 December 31, 2015 Real Estate One-to four-family $ 38,898 $ 39,719 Home Equity 5,073 5,459 Commercial mortgage loans Commercial real estate 191,230 183,934 Multifamily 60,166 58,804 Land 12,863 12,543 Construction 11,804 14,785 Commercial Non-mortgage 17,742 14,826 Consumer 1,175 1,221 Total loans 338,951 331,291 Less Net deferred loan costs, premiums and discounts 574 567 Undisbursed portion of loan 4,801 6,050 Allowance for loan losses 10,024 10,061 Net Loans $ 323,552 $ 314,613 The risk characteristics of each loan portfolio segment are as follows: 1-4 Family, Home Equity, and Consumer With respect to residential loans that are secured by one-to four-family residences and are primarily owner-occupied, we generally establish a maximum loan-to-value ratio and require PMI if that ratio is exceeded. Home equity loans are typically secured by a subordinate interest in one-to four-family residences, and consumer loans are typically secured by consumer assets such as automobiles or recreational vehicles. Some consumer loans are unsecured such as small installment loans. Repayment of these loans is primarily dependent on the personal income of the borrowers, which can be impacted by economic conditions in their market areas such as unemployment levels. Repayment can also be impacted by changes in property values on residential properties. Home equity loans secured by second mortgages have greater risk than one- to four-family residential mortgage loans secured by first mortgages. We face the risk that the collateral will be insufficient to compensate us for loan losses and costs of foreclosure. When customers default on their loans, we attempt to foreclose on the property and resell the property as soon as possible to minimize foreclosure and carrying costs. However, the value of the collateral may not be sufficient to compensate us for the amount of the unpaid loan and we may be unsuccessful in recovering the remaining balance from those customers. Particularly with respect to our home equity loans, decreases in real estate values could adversely affect the value of property used as collateral for our loans. Consumer and other loans generally have greater risk compared to longer-term loans secured by improved, owner-occupied real estate, particularly consumer loans that are secured by rapidly depreciable assets, such as automobiles. In these cases, any repossessed collateral for a defaulted loan may not provide an adequate source of repayment of the outstanding loan balance. As a result, consumer loan collections are dependent on the borrower’s continuing financial stability and thus are more likely to be adversely affected by job loss, divorce, illness or personal bankruptcy. Commercial real estate and multifamily Commercial real estate and multifamily loans generally have greater credit risk than the owner-occupied one- to four-family residential mortgage loans that we originate for retention in our loan portfolio. Repayment of these loans generally depends, in large part, on sufficient income from the property securing the loan or the borrower’s business to cover operating expenses and debt service. These types of loans typically involve larger loan balances to single borrowers or groups of related borrowers compared to one- to four-family residential mortgage loans. Changes in economic conditions that are beyond the control of the borrower may affect the value of the security for the loan, the future cash flow of the affected property or business, or the marketability of a construction project with respect to loans originated for the acquisition and development of property. Additionally, due to declining property values in our primary market area and in Michigan, the loan to value ratios of many of our commercial real estate and multifamily loans have increased significantly from the loan to value ratios that were assigned to these loans at the time of origination. Land Land loans generally have greater credit risk than the owner-occupied one-to four-family residential mortgage loans that we originate for retention in our portfolio. Repayment of these loans generally depends, in large part, on the sale of the land. The sale of land can either take place when the land is undeveloped, or developed. Generally, other cash flow sources of the borrower are utilized to make additional payments on land loans. Changes in economic conditions that are beyond the control of the borrower may affect the value of the security for the loan, the future cash flow of the affected property or business, or the marketability of a construction project with respect to loans originated for the acquisition and development of property. Additionally, due to declining property values in our primary market area and in Michigan, the loan to value ratios of many of our land loans have increased significantly from the loan to value ratios that were assigned to these loans at the time of origination. Construction Construction loans include those for one- to four-family residential properties and commercial properties, including multifamily loans and commercial “mixed-use” buildings and homes built by developers on speculation. With respect to construction loans for one- to four-family residential properties and which are primarily owner-occupied, we generally establish a maximum loan-to-value ratio and require PMI if that ratio is exceeded. These are generally “interest-only” loans during the construction period which typically does not exceed nine months. Construction loans for commercial real estate are made in accordance with a schedule reflecting the cost of construction, and are generally limited to a 75% loan-to-completed appraised value ratio. For all construction loans, we generally require that a commitment for permanent financing be in place prior to closing the construction loan Repayment of one-to four-family residential property loans is primarily dependent on the personal income of the borrowers, which can be impacted by economic conditions in their market areas such as unemployment levels. Repayment of commercial property loans and homes built by developers on speculation is normally expected from the property’s eventual rental income, income from the borrower’s operations, the personal resources of the guarantor, or the sale of the subject property. Generally, before making a commitment to fund a construction loan, we require an appraisal of the property by a state-certified or state-licensed appraiser. We generally review and inspect properties before disbursement of funds during the term of the construction loan. Construction financing generally involves greater credit risk than long-term financing on improved, owner-occupied real estate. Risk of loss on a construction loan depends largely upon the accuracy of the initial estimate of the value of the property at completion of construction compared to the estimated cost (including interest) of construction and other assumptions. If the estimate of construction cost is inaccurate, we may be required to advance additional funds beyond the amount originally committed in order to protect the value of the property. Moreover, if the estimated value of the completed project is inaccurate, the borrower may hold a property with a value that is insufficient to assure full repayment of the construction loan upon the sale of the property. Construction loans also expose us to the risk that improvements will not be completed on time in accordance with specifications and projected costs. In addition, the ultimate sale or rental of the property may not occur as anticipated. Commercial non-mortgage Commercial non-mortgage loans generally have a greater credit risk than residential mortgage loans. Unlike residential mortgage loans, which generally are made on the basis of the borrower’s ability to make repayment from his or her employment and other income, and which are secured by real property whose value tends to be more easily ascertainable, commercial non-mortgage loans are of higher risk and typically are made on the basis of the borrower’s ability to make repayment from the cash flow of the borrower’s business. As a result, the availability of funds for the repayment of commercial non-mortgage loans may be substantially dependent on the success of the business itself. Further, the collateral securing the loans may depreciate over time, may be difficult to appraise and may fluctuate in value based on the success of the business. In determining the appropriate level of allowance for loan loss, we analyze various components of our portfolio. The following components are analyzed: all substandard loans on an individual basis; all loans that are designated special mention or closely monitored; loans not classified according to purpose or collateral type; and overdrawn deposit account balances. We also factor in historical loss experience and qualitative considerations, including trends in charge offs and recoveries; trends in delinquencies and impaired/classified loans; effects of credit concentrations; changes in underwriting standards and loan review system; experience in lending staff; current industry conditions; and current market conditions. In instances where risk and loss exposure is clearly identified with a particular asset, the asset or a portion of the asset will be charged off. The following tables present the balance in the allowance for loan losses and the recorded investment in loans based on portfolio segment and impairment method as of March 31, 2016, December 31, 2015 and March 31, 2015: Loan Class 1-4 Family Home Equity Commercial Real Estate Multifamily Land Construction Commercial Non-Mortgage Consumer Total Year to date analysis as of March 31, 2016 Allowance for loan losses: Balance, beginning of period $ 948 $ 108 $ 4,913 $ 1,515 $ 1,605 $ 604 $ 344 $ 24 $ 10,061 Provision charged to expense 23 (9 ) (115 ) (106 ) 28 132 48 (1 ) - Losses charged off (66 ) - - - - - - - (66 ) Recoveries 4 - 24 - 1 - - - 29 Balance, end of period $ 909 $ 99 $ 4,822 $ 1,409 $ 1,634 $ 736 $ 392 $ 23 $ 10,024 Ending Balance: individually evaluated for impairment $ - $ - $ - $ 100 $ 850 $ - $ - $ - $ 950 Ending balance: collectively evaluated for impairment $ 909 $ 99 $ 4,822 $ 1,309 $ 784 $ 736 $ 392 $ 23 $ 9,074 Loans: Ending Balance $ 38,898 $ 5,073 $ 191,230 $ 60,166 $ 12,863 $ 11,804 $ 17,742 $ 1,175 $ 338,951 Ending Balance: individually evaluated for impairment $ 1,241 $ - $ 9,211 $ 7,493 $ 1,769 $ - $ - $ - $ 19,714 Ending balance: collectively evaluated for impairment $ 37,657 $ 5,073 $ 182,019 $ 52,673 $ 11,094 $ 11,804 $ 17,742 $ 1,175 $ 319,237 Loan Class 1-4 Family Home Equity Commercial Real Estate Multifamily Land Construction Commercial Non-Mortgage Consumer Total Year to date analysis as of December 31, 2015 Allowance for loan losses: Balance, beginning of period $ 881 $ 100 $ 3,573 $ 1,391 $ 1,205 $ 539 $ 269 $ 18 $ 7,976 Provision charged to expense 79 8 72 124 374 65 75 3 800 Losses charged off (45 ) - - - - - - (1 ) (46 ) Recoveries 33 - 1,268 - 26 - - 4 1,331 Balance, end of period $ 948 $ 108 $ 4,913 $ 1,515 $ 1,605 $ 604 $ 344 $ 24 $ 10,061 Ending Balance: individually evaluated for impairment $ - $ - $ 200 $ 100 $ 850 $ - $ - $ - $ 1,150 Ending balance: collectively evaluated for impairment $ 948 $ 108 $ 4,713 $ 1,415 $ 755 $ 604 $ 344 $ 24 $ 8,911 Loans: Ending Balance $ 39,719 $ 5,459 $ 183,934 $ 58,804 $ 12,543 $ 14,785 $ 14,826 $ 1,221 $ 331,291 Ending Balance: individually evaluated for impairment $ 1,504 $ - $ 12,280 $ 7,877 $ 1,883 $ - $ 295 $ - $ 23,839 Ending balance: collectively evaluated for impairment $ 38,215 $ 5,459 $ 171,654 $ 50,927 $ 10,660 $ 14,785 $ 14,531 $ 1,221 $ 307,452 Loan Class 1-4 Family Home Equity Commercial Real Estate Multifamily Land Construction Commercial Non-Mortgage Consumer Total Year to date analysis as of March 31, 2015 Allowance for loan losses: Balance, beginning of period $ 881 $ 100 $ 3,573 $ 1,391 $ 1,205 $ 539 $ 269 $ 18 $ 7,976 Provision charged to expense 22 (9 ) 131 (90 ) 156 78 (40 ) 2 250 Losses charged off (45 ) - - - - - - (1 ) (46 ) Recoveries 16 - 39 - - - - - 55 Balance, end of period $ 874 $ 91 $ 3,743 $ 1,301 $ 1,362 $ 617 $ 229 $ 19 $ 8,236 Ending Balance: individually evaluated for impairment $ - $ - $ 200 $ 100 $ 850 $ - $ - $ - $ 1,150 Ending balance: collectively evaluated for impairment $ 874 $ 91 $ 3,543 $ 1,201 $ 512 $ 617 $ 229 $ 19 $ 7,086 Loans: Ending Balance $ 42,337 $ 5,999 $ 155,700 $ 59,374 $ 10,149 $ 20,847 $ 12,073 $ 1,272 $ 307,751 Ending Balance: individually evaluated for impairment $ 1,775 $ 60 $ 13,840 $ 8,125 $ 2,918 $ - $ 325 $ - $ 27,043 Ending balance: collectively evaluated for impairment $ 40,562 $ 5,939 $ 141,860 $ 51,249 $ 7,231 $ 20,847 $ 11,748 $ 1,272 $ 280,708 Consistent with regulatory guidance, charge offs on all loan segments are taken when specific loans, or portions thereof, are considered uncollectible. Our policy is to promptly charge these loans off in the period the uncollectible loss is reasonably determined. For all loan portfolio segments except one-to-four family residential loans and consumer loans, we promptly charge off loans, or portions thereof, when available information confirms that specific loans are uncollectible based on information that includes, but is not limited to, (1) the deteriorating financial condition of the borrower, (2) declining collateral values, and/or (3) legal action, including bankruptcy, that impairs the borrower’s ability to adequately meet its obligations. For impaired loans that are considered to be solely collateral dependent, a partial charge off is recorded when a loss has been confirmed by an updated appraisal or other appropriate valuation of the collateral. We charge off one-to-four family residential and consumer loans, or portions thereof, when we reasonably determine the amount of the loss. We adhere to timeframes established by applicable regulatory guidance which provides for the charge off of one-to-four family first and junior lien mortgages to the net realizable value less costs to sell when the loan is 180 days past due, charge off of unsecured open-end loans when the loan is 180 days past due, and charge down to the net realizable value when other secured loans are 120 days past due. Loans at these respective delinquency thresholds for which we can clearly document that the loan is both well-secured and in the process of collection, such that collection will occur regardless of delinquency status, need not be charged off. The following table presents the credit risk profile of our loan portfolio based on rating category and payment activity as of March 31, 2016 and December 31, 2015: 1-4 Family Home Equity Commercial Real Estate Multifamily 2016 2015 2016 2015 2016 2015 2016 2015 Pass $ 36,346 $ 36,941 $ 5,073 $ 5,459 $ 160,878 $ 150,122 $ 48,040 $ 46,230 Pass (Closely Monitored) 1,184 1,437 - - 19,865 21,156 8,050 8,142 Special Mention 300 225 - - 1,689 751 - - Substandard 1,068 1,116 - - 8,798 11,905 4,076 4,432 Doubtful - - - - - - - - Loss - - - - - - - - $ 38,898 $ 39,719 $ 5,073 $ 5,459 $ 191,230 $ 183,934 $ 60,166 $ 58,804 Land Construction Commercial Non-Mortgage Consumer Total 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 Pass $ 10,112 $ 9,462 $ 11,804 $ 14,785 $ 13,272 $ 9,626 $ 1,175 $ 1,221 $ 286,700 $ 273,846 Pass (Closely Monitored) 1,023 1,239 - - 293 4,904 - - 30,415 36,878 Special Mention - - - - 4,177 - - - 6,166 976 Substandard 1,728 1,842 - - - 296 - - 15,670 19,591 Doubtful - - - - - - - - - - Loss - - - - - - - - - - $ 12,863 $ 12,543 $ 11,804 $ 14,785 $ 17,742 $ 14,826 $ 1,175 $ 1,221 $ 338,951 $ 331,291 The Pass asset quality rating encompasses assets that have performed as expected. These assets generally do not have delinquency or servicing issues. Loans assigned this rating include loans to borrowers possessing solid credit quality with acceptable risk. Borrowers in these grades are differentiated from higher grades on the basis of size (capital and/or revenue), leverage, asset quality, stability of the industry or specific market area and quality/coverage of collateral. These borrowers generally have a history of consistent earnings and reasonable leverage. The Closely Monitored asset quality rating encompasses assets that have been brought to the attention of management and may, if not corrected, warrant a more serious quality rating by management. These assets are usually in the first phase of a deficiency situation and may possess similar criteria as Special Mention assets. This grade includes loans to borrowers which require special monitoring because of deteriorating financial results, declining credit ratings, decreasing cash flow, increasing leverage, marginal collateral coverage or industry stress that has resulted or may result in a changing overall risk profile. The Special Mention asset quality rating encompasses assets that have potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in the institution’s credit position at some future date. Special mention assets are not adversely classified and do not expose an institution to sufficient risk to warrant adverse classification. This grade is intended to include loans to borrowers whose credit quality has clearly deteriorated and where risk of further decline is possible unless active measures are taken to correct the situation. Weaknesses are considered potential at this state and are not yet fully defined. The Substandard asset quality rating encompasses assets that are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any; assets having a well-defined weakness(es) based upon objective evidence; assets characterized by the distinct possibility that we will sustain some loss if the deficiencies are not corrected; or the possibility that liquidation will not be timely. Loans categorized in this grade possess a well-defined credit weakness and the likelihood of repayment from the primary source is uncertain. Significant financial deterioration has occurred and very close attention is warranted to ensure the full repayment without loss. Collateral coverage may be marginal and the accrual of interest has been suspended. The Doubtful asset quality rating encompasses assets that have all of the weaknesses of those classified as Substandard. In addition, these weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. The Loss asset quality rating encompasses assets that are considered uncollectible and of such little value that their continuance as assets of the Bank is not warranted. A loss classification does not mean that an asset has no recovery or salvage value; instead, it means that it is not practical or desirable to defer writing off or reserving all or a portion of a basically worthless asset, even though partial recovery may be realized in the future. The following table is a summary of our past due and non-accrual loans as of March 31, 2016 and December 31, 2015: As of March 31, 2016 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Total Past Due Current Total Loans Receivable Total Loans >90 Days & Accruing Total Nonaccrual 1-4 Family $ 19 $ 43 $ 147 $ 209 $ 38,689 $ 38,898 $ - $ 147 Home Equity - - - - 5,073 5,073 - - Commercial Real Estate 138 381 675 1,194 190,036 191,230 - 5,362 Multifamily - - - - 60,166 60,166 - 977 Land - - 1,728 1,728 11,135 12,863 - 1,728 Construction - - - - 11,804 11,804 - - Commercial Non-Mortgage - - - - 17,742 17,742 - - Consumer - - - - 1,175 1,175 - - Total $ 157 $ 424 $ 2,550 $ 3,131 $ 335,820 $ 338,951 $ - $ 8,214 As of December 31, 2015 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Total Past Due Current Total Loans Receivable Total Loans >90 Days & Accruing Total Nonaccrual 1-4 Family $ 151 $ 152 $ - $ 303 $ 39,416 $ 39,719 $ - $ 99 Home Equity - - - - 5,459 5,459 - - Commercial Real Estate 6 1,011 - 1,017 182,917 183,934 - 5,188 Multifamily 1,291 - - 1,291 57,513 58,804 - - Land - - 1,842 1,842 10,701 12,543 - 1,842 Construction - - - - 14,785 14,785 - - Commercial Non-Mortgage - - - - 14,826 14,826 - - Consumer - - - - 1,221 1,221 - - Total $ 1,448 $ 1,163 $ 1,842 $ 4,453 $ 326,838 $ 331,291 $ - $ 7,129 Nonaccrual Loan and Past Due Loans. The accrual of interest is discontinued on all loan classes at the time the loan is 90 days past due unless the credit is well-secured and in process of collection. In all cases, loans are placed on nonaccrual or charged off at an earlier date if collection of principal or interest is considered doubtful. The entire balance of a loan is considered delinquent if the minimum payment contractually required to be made is not received by the specified due date. All interest accrued but not collected for loans that are placed on nonaccrual or charged off is reversed against interest income. Subsequent payments on non-accrual loans are recorded as a reduction of principal, and interest income is recorded only after principal recovery is reasonably assured. Nonaccrual loans are returned to accrual status when, in the opinion of management, the financial position of the borrower indicates there is no longer any reasonable doubt as to the timely collection of interest or principal. We generally require a period of satisfactory performance of not less than six months before returning a nonaccrual loan to accrual status. A loan is considered impaired, in accordance with the impairment accounting guidance (ASC 310-10-35-16), when based on current information and events, it is probable we will be unable to collect all amounts due from the borrower in accordance with the contractual terms of the loan. Impaired loans include non-performing commercial loans but also include loans modified in troubled debt restructurings where concessions have been granted to borrowers experiencing financial difficulties. These concessions could include a reduction in the interest rate on the loan, payment extensions, forgiveness of principal, forbearance or other actions intended to maximize collection. Interest income on loans individually classified as impaired is recognized on a cash basis after all past due and current principal payments have been made. Unpaid Recorded Principal Specific YTD Average YTD Interest Balance Balance Allowance Balance Income Loans without a specific valuation allowance: 1-4 Family $ 1,241 $ 1,369 $ - $ 1,342 $ 9 Home Equity - - - - - Commercial real estate 9,211 11,177 - 9,561 47 Multi Family 6,516 7,330 - 6,551 76 Land 41 95 - 41 1 Construction - - - - - Commercial Non-Mortgage - - - 148 - Consumer - - - - - Loans with a specific valuation allowance: 1-4 Family $ - $ - $ - $ 30 $ - Home Equity - - - - - Commercial real estate - - - 1,184 - Multi Family 977 997 100 1,134 17 Land 1,728 3,575 850 1,785 - Construction - - - - - Commercial Non-Mortgage - - - - - Consumer - - - - - Totals 1-4 Family $ 1,241 $ 1,369 $ - $ 1,372 $ 9 Home Equity - - - - - Commercial real estate 9,211 11,177 - 10,745 47 Multi Family 7,493 8,327 100 7,685 93 Land 1,769 3,670 850 1,826 1 Construction - - - - - Commercial Non-Mortgage - - - 148 - Consumer - - - - - Total $ 19,714 $ 24,543 $ 950 $ 21,776 $ 150 The following table presents impaired loans at December 31, 2015: Unpaid Recorded Principal Specific YTD Average YTD Interest Balance Balance Allowance Balance Income Loans without a specific valuation allowance: 1-4 Family $ 1,504 $ 1,633 $ - $ 1,791 $ 80 Home Equity - - - 15 - Commercial real estate 9,912 11,820 - 10,508 289 Multi Family 6,586 7,400 - 6,685 359 Land 41 96 - 371 22 Construction - - - - - Commercial Non-Mortgage 295 295 - 311 22 Consumer - - - - - Loans with a specific valuation allowance: 1-4 Family $ - $ - $ - $ - $ - Home Equity - - - - - Commercial real estate 2,368 2,368 200 2,499 175 Multi Family 1,291 1,291 100 1,319 77 Land 1,842 3,640 850 2,115 - Construction - - - - - Commercial Non-Mortgage - - - - - Consumer - - - - - Totals 1-4 Family $ 1,504 $ 1,633 $ - $ 1,791 $ 80 Home Equity - - - 15 - Commercial real estate 12,280 14,188 200 13,007 464 Multi Family 7,877 8,691 100 8,004 436 Land 1,883 3,736 850 2,486 22 Construction - - - - - Commercial Non-Mortgage 295 295 - 311 22 Consumer - - - - - Total $ 23,839 $ 28,543 $ 1,150 $ 25,614 $ 1,024 The following table presents impaired loans at March 31, 2015: Unpaid Recorded Principal Specific YTD Average YTD Interest Balance Balance Allowance Balance Income Loans without a specific valuation allowance: 1-4 Family $ 1,598 $ 1,773 $ - $ 1,525 $ 20 Home Equity 60 60 - 62 - Commercial real estate 11,250 14,118 - 11,314 69 Multi Family 6,782 7,597 - 6,814 81 Land 510 791 - 517 7 Construction - - - 2,674 - Commercial Non-Mortgage - - - 10 - Consumer - - - - - Loans with a specific valuation allowance: 1-4 Family $ 177 $ 177 $ - $ 178 $ 3 Home Equity - - - - - Commercial real estate 2,590 2,590 200 2,758 48 Multi Family 1,343 1,343 100 1,344 20 Land 2,408 3,937 850 2,554 1 Construction - - - - - Commercial Non-Mortgage 325 325 - 329 6 Consumer - - - - - Totals 1-4 Family $ 1,775 $ 1,950 $ - $ 1,703 $ 23 Home Equity 60 60 - 62 - Commercial real estate 13,840 16,708 200 14,072 117 Multi Family 8,125 8,940 100 8,158 101 Land 2,918 4,728 850 3,071 8 Construction - - - 2,674 - Commercial Non-Mortgage 325 325 - 339 6 Consumer - - - - - Total $ 27,043 $ 32,711 $ 1,150 $ 30,079 $ 255 Interest payments on impaired loans are typically applied to principal unless collectability of the principal amount is reasonably assumed, in which case interest is recognized on a cash basis and is reasonable compared to interest income noted above. Troubled Debt Restructuring (TDR) We may grant a concession or modification for economic or legal reasons related to a borrower’s financial condition that we would not otherwise consider resulting in a modified loan which is then identified as a troubled debt restructuring. We may modify loans through rate reductions, short-term extensions of maturity, interest only payments, or payment modifications to better match the timing of cash flows due under the modified terms with the cash flows from the borrowers’ operations. Loan modifications are intended to minimize the economic loss and to avoid foreclosure or repossession of the collateral. We identify loans for potential restructure primarily through direct communication with the borrower and evaluation of the borrower’s financial statements, revenue projections, tax returns, and credit reports. Even if the borrower is not presently in default, management will consider the likelihood that cash flow shortages, adverse economic conditions, and negative trends may result in a payment default in the near future. For one-to-four family residential and home equity lines of credit, a restructure often occurs with past due loans and may be offered as an alternative to foreclosure. There are other situations where borrowers, who are not past due, experience a sudden job loss, become over-extended with credit obligations, or other problems, have indicated that they will be unable to make the required monthly payment and request payment relief. When considering a loan restructure, management will determine if: (i) the financial distress is short or long term; (ii) loan concessions are necessary; and (iii) the restructure is a viable solution. When a loan is restructured, the new terms often require a reduced monthly debt service payment. No TDRs that were on non-accrual status at the time the concessions were granted have been returned to accrual status. For commercial loans, management completes an analysis of the operating entity’s ability to repay the debt. If the operating entity is capable of servicing the new debt service requirements and the underlying collateral value is believed to be sufficient to repay the debt in the event of a future default, the new loan can be placed on accrual status after six months of performance with the new loan terms. To date, there have been no commercial loans restructured and immediately placed on accrual status after the execution of the TDR. For retail loans, an analysis of the individual’s ability to service the new required payments is performed. If the borrower is capable of servicing the newly restructured debt and the underlying collateral value is believed to be sufficient to repay the debt in the event of a future default, the new loan can be placed on accrual status after six months of performance to the new loan terms. The reason for the TDR is also considered, such as paying past due real estate taxes or payments caused by a temporary job loss, when determining whether a retail TDR loan could be returned to accrual status. Retail TDRs remain on nonaccrual status until sufficient payments have been made to bring the past due principal and interest current and/or after six months of performance to the new loan terms at which point the loan could be transferred to accrual status. The following table summarizes the loans that were restructured as TDRs during the three months ended March 31, 2016: Three Months Ended March 31, 2016 Count Balance prior to TDR Balance after TDR Commercial Real Estate 1 $ 996 $ 996 The commercial real estate TDR in 2016 was modified with a forbearance agreement and maturity extension. We had one one-to-four family TDR for $202 that had payment defaults during the three months ended March 31, 2016. Default occurs when a TDR is 90 days or more past due, transferred to nonaccrual status, or transferred to other real estate owned within twelve months of restructuring. Management monitors the TDRs based on the type of modification or concession granted to the borrower. These types of modifications may include rate reductions, payment/term extensions, forgiveness of principal, forbearance, and other applicable actions. Management predominantly utilizes rate reductions and lower monthly payments, either from a longer amortization period or interest only repayment schedule, because these concessions provide needed payment relief without risking the loss of principal. Management will also agree to a forbearance agreement when it is deemed appropriate to avoid foreclosure. There were no loans that were restructured as TDRs during the three months ended March 31, 2015. |
Note 5 - Disclosures about Fair
Note 5 - Disclosures about Fair Value of Assets and Liabilities | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | Note 5: Disclosures About Fair Value of Assets and Liabilities ASC Topic 820, Fair Value Measurements Level 1 Level 2 Level 3 Following is a description of the valuation methodologies used for assets measured at fair value on a nonrecurring basis and recognized in the accompanying condensed consolidated balance sheets, as well as the general classification of such assets under the valuation hierarchy. We have no assets or liabilities measured at fair value on a recurring basis and no liabilities measured at fair value on a nonrecurring basis. Nonrecurring Measurements There were no assets requiring fair value measurement on a nonrecurring basis during the three months ended March 31, 2016 and December 31, 2015. Collateral-dependent Impaired Loans The estimated fair value of collateral-dependent impaired loans is based on the appraised fair value of the collateral, less estimated cost to sell. Collateral-dependent impaired loans are classified within Level 3 of the fair value hierarchy. The Company considers the appraisal or an evaluation as the starting point for determining fair value and then considers other factors and events in the environment that may affect the fair value. Appraisals of the collateral underlying collateral-dependent loans are obtained when the loan is determined to be collateral-dependent or subsequently as deemed necessary and approved by management. Appraisals are reviewed for accuracy and consistency by the Credit Analysis department. Typically, appraisers are selected from the list of approved appraisers maintained by the Underwriting department. The appraised values may be reduced by discounts to consider a lack of marketability or estimated cost to sell if repayment or satisfaction of the loan is dependent on the sale of the collateral. These discounts and estimates are developed by the Credit Analysis department and approved by management. There were no collateral-dependent impaired loans during the three months ended March 31, 2016 and December 31, 2015. Unobservable (Level 3) inputs There were no assets requiring quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements other than good will at March 31, 2016 and December 31, 2015. Fair Value of Financial Instruments The following table presents estimated fair values of our financial instruments recognized in the accompanying consolidated balance sheets at amounts other than fair value at the individual dates. The fair values of certain instruments were calculated by discounting expected cash flows, which involves significant judgments by management and uncertainties. Because no market exists for certain financial instruments and because management does not intend to sell these financial instruments, we do not know whether the fair values shown below represent values at which the respective financial instruments could be sold individually or in the aggregate. Fair Value Measurements Using As of March 31, 2016 Carrying Amount Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial Assets Cash and cash equivalents $ 12,243 $ 12,243 $ - $ - Interest-earning time deposits 38,423 38,423 - - Held to maturity securities 498 - 500 - Loans held for sale 1,203 - 1,208 - Loans, net of allowance for loan losses 323,552 - - 327,190 Federal Home Loan Bank stock 2,700 - 2,887 - Interest receivable 929 - 929 - Financial liabilities Deposits $ 274,410 $ 109,455 $ - $ 167,103 Federal Home Loan Bank advances 47,000 - 46,385 - Interest payable 290 - 290 - Fair Value Measurements Using As of December 31, 2015 Carrying Amount Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial Assets Cash and cash equivalents $ 52,865 $ 52,865 $ - $ - Interest-earning time deposits 39,021 39,021 - - Held to maturity securities 500 - 500 - Loans held for sale 581 - 583 - Loans, net of allowance for loan losses 314,613 - - 318,525 Federal Home Loan Bank stock 2,700 - 2,700 - Interest receivable 967 - 967 - Financial liabilities Deposits $ 281,701 $ 117,916 $ - $ 165,657 Federal Home Loan Bank advances 47,000 - 46,390 - Federal funds purchased 24,000 - 24,000 - Interest payable 233 - 233 - The following methods and assumptions were used to estimate the fair value of all other financial instruments recognized in the accompanying consolidated balance sheets at amounts other than fair value. Cash and Cash Equivalents, Interest-Earning Time Deposits, Federal Home Loan Bank Stock, Federal Funds Purchased, Interest Receivable, and Interest Payable The carrying amount approximates fair value. Held to Maturity Securities Fair values equal quoted market prices, if available. If quoted market prices are not available, fair value is estimated based on quoted market prices of similar securities. Loans Held for Sale Fair value of loans held for sale is estimated by discounting the future cash flows using the market rates at which similar loans would be made to borrowers with similar remaining maturities. Loans The fair value of loans is estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. Loans with similar characteristics were aggregated for purposes of the calculations. Deposits Deposits include demand deposits, savings accounts, checking accounts and certain money market deposits. The carrying amount approximates fair value. The fair value of fixed-maturity time deposits is estimated using a discounted cash flow calculation that applies the rates currently offered for deposits of similar remaining maturities. Federal Home Loan Bank Advances Rates currently available to us for debt with similar terms and remaining maturities are used to estimate the fair value of existing debt. Commitments to Originate Loans, Letters of Credit and Lines of Credit Loan commitments and letters-of-credit generally have short-term, variable rate features and contain clauses which limit our exposure to changes in customer credit quality. Accordingly, their carrying values, which are immaterial at the respective balance sheet dates, are reasonable estimates of fair value. |
Note 6 - Earnings Per Share
Note 6 - Earnings Per Share | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | Note 6: Earnings Per Share (In thousands except per share amounts) Basic earnings per common share (“EPS”) excludes dilution and is computed by dividing net income applicable to common stock by the weighted average number of common shares outstanding for the year. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock (such as stock options) were exercised or converted into additional common shares that would then share in the earnings of the entity. Diluted EPS is computed by dividing net income applicable to common stock by the weighted average number of common shares outstanding for the year, plus an incremental number of common-equivalent shares computed using the treasury stock method. Unvested share-based payment awards, which include the right to receive non-forfeitable dividends or dividend equivalents, are considered to participate with common stock in undistributed earnings for purposes of computing EPS. Accordingly, the Company is required to calculate basic and diluted EPS using the two-class method. Restricted stock awards granted by the Company are considered participating securities. Calculations of EPS under the two-class method (i) exclude from the numerator any dividends paid or owed on participating securities and any undistributed earnings considered to be attributable to participating securities and (ii) exclude from the denominator the dilutive impact of the participating securities. Unearned ESOP shares which are not vested and unvested restricted stock awards are excluded from the computation of average shares outstanding. Earnings per share analysis for the three months ended March 31, 2016 and 2015 is as follows (dollars in thousands, except per share data): Three months ended March 31, 2016 Three months ended March 31, 2015 Net Income $ 967 $ 739 Dividends and undistributed earnings allocated to participating securities (17 ) (15 ) Income attributable to common shareholders 950 725 Weighted average shares outstanding (in thousands) 2,154 2,220 Less: average unearned ESOP and unvested restricted stock (177 ) (195 ) Average Shares 1,977 2,025 Effect of dilutive based awards 32 18 Average common and common-equivalent shares for diluted EPS (in thousands) 2,009 2,043 Basic EPS $ 0.48 $ 0.36 Diluted EPS $ 0.47 $ 0.36 |
Note 7 - Share-based Compensati
Note 7 - Share-based Compensation | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 7: Share-Based Compensation In May 2012, the Company’s stockholders approved the Wolverine Bancorp, Inc. 2012 Equity Incentive Plan (“Plan”) which provides for awards of stock options and restricted stock to key officers and outside directors. The cost of the Plan is based on the fair value of the awards on the grant date. The fair value of restricted stock awards is based on the closing price of the Company’s stock on the grant date. The fair value of stock options is estimated using a Black-Scholes option pricing model using assumptions for dividend yield, stock price volatility, risk-free interest rate, and option term. These assumptions are based on management’s judgments regarding future events, are subjective in nature, and contain uncertainties inherent in an estimate. The cost of the awards are being recognized on a straight-line basis over the five-year vesting period during which participants are required to provide services in exchange for the awards. Until such time as awards of stock are granted and vest or options are exercised, shares of the Company’s common stock under the Plan shall be authorized but unissued shares. The maximum number of shares authorized under the Plan is 351,050. Total shared-based compensation expense for the three months ended March 31, 2016 and 2015 was $87 and $78 respectively. Stock Options The table below presents the stock option activity for the period shown : Options Weighted average exercise price Remaining contractual life (years) Aggregate intrinsic value Options outstanding at January 1, 2016 128,949 $ 17.91 7 $ 1,123 Granted -- -- -- -- Exercised -- -- -- -- Forfeited -- -- -- -- Expired -- -- -- -- Options outstanding at March 31, 2016 128,949 $ 17.91 7 $ 1,123 Exercisable at March 31, 2016 71,912 $ 17.33 7 $ 669 As of March 31, 2016, the Company had $109 of unrecognized compensation expense related to stock options. Stock option expense for the three months ended March 31, 2016 and 2015 was $16 and $15 respectively. Restricted Stock Awards Restricted stock awards are accounted for as fixed grants using the fair value of the Company’s stock at the time of grant. Unvested restricted stock awards may not be disposed of or transferred during the vesting period. Restricted stock awards carry with them the right to receive dividends. The table below presents the restricted stock award activity for the period shown: As of March 31, 2016, the Company had $527 of unrecognized compensation expense related to restricted stock awards. The cost of the restricted stock awards will be amortized in monthly installments over the five-year vesting period. Restricted stock expense for three months ended March 31, 2016 and 2015 was $71 and $63 respectively. Service-Based Restricted stock awards Weighted average grant date fair value Non-vested at January 1, 2016 36,534 $ 19.15 Granted - - Vested - - Forfeited 78 18.82 Non-vested at March 31, 2016 36,456 $ 19.15 |
Note 3 - Securities (Tables)
Note 3 - Securities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Held-to-maturity Securities [Table Text Block] | Amortized Gross Gross Approximate Held to Maturity Securities: March 31, 2016 Treasury bond $ 498 $ 2 $ -- $ 500 |
Summary of Contractual Maturity Information for Securities Held to Maturity [Table Text Block] | March 31, 2016 Amortized Fair Within one year $ 498 $ 500 One to five years — — Five to ten years — — After ten years — — Totals $ 498 $ 500 |
Note 4 - Loans and Allowance 16
Note 4 - Loans and Allowance for Loan Losses (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | March 31, 2016 December 31, 2015 Real Estate One-to four-family $ 38,898 $ 39,719 Home Equity 5,073 5,459 Commercial mortgage loans Commercial real estate 191,230 183,934 Multifamily 60,166 58,804 Land 12,863 12,543 Construction 11,804 14,785 Commercial Non-mortgage 17,742 14,826 Consumer 1,175 1,221 Total loans 338,951 331,291 Less Net deferred loan costs, premiums and discounts 574 567 Undisbursed portion of loan 4,801 6,050 Allowance for loan losses 10,024 10,061 Net Loans $ 323,552 $ 314,613 |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | Loan Class 1-4 Family Home Equity Commercial Real Estate Multifamily Land Construction Commercial Non-Mortgage Consumer Total Year to date analysis as of March 31, 2016 Allowance for loan losses: Balance, beginning of period $ 948 $ 108 $ 4,913 $ 1,515 $ 1,605 $ 604 $ 344 $ 24 $ 10,061 Provision charged to expense 23 (9 ) (115 ) (106 ) 28 132 48 (1 ) - Losses charged off (66 ) - - - - - - - (66 ) Recoveries 4 - 24 - 1 - - - 29 Balance, end of period $ 909 $ 99 $ 4,822 $ 1,409 $ 1,634 $ 736 $ 392 $ 23 $ 10,024 Ending Balance: individually evaluated for impairment $ - $ - $ - $ 100 $ 850 $ - $ - $ - $ 950 Ending balance: collectively evaluated for impairment $ 909 $ 99 $ 4,822 $ 1,309 $ 784 $ 736 $ 392 $ 23 $ 9,074 Loans: Ending Balance $ 38,898 $ 5,073 $ 191,230 $ 60,166 $ 12,863 $ 11,804 $ 17,742 $ 1,175 $ 338,951 Ending Balance: individually evaluated for impairment $ 1,241 $ - $ 9,211 $ 7,493 $ 1,769 $ - $ - $ - $ 19,714 Ending balance: collectively evaluated for impairment $ 37,657 $ 5,073 $ 182,019 $ 52,673 $ 11,094 $ 11,804 $ 17,742 $ 1,175 $ 319,237 Loan Class 1-4 Family Home Equity Commercial Real Estate Multifamily Land Construction Commercial Non-Mortgage Consumer Total Year to date analysis as of December 31, 2015 Allowance for loan losses: Balance, beginning of period $ 881 $ 100 $ 3,573 $ 1,391 $ 1,205 $ 539 $ 269 $ 18 $ 7,976 Provision charged to expense 79 8 72 124 374 65 75 3 800 Losses charged off (45 ) - - - - - - (1 ) (46 ) Recoveries 33 - 1,268 - 26 - - 4 1,331 Balance, end of period $ 948 $ 108 $ 4,913 $ 1,515 $ 1,605 $ 604 $ 344 $ 24 $ 10,061 Ending Balance: individually evaluated for impairment $ - $ - $ 200 $ 100 $ 850 $ - $ - $ - $ 1,150 Ending balance: collectively evaluated for impairment $ 948 $ 108 $ 4,713 $ 1,415 $ 755 $ 604 $ 344 $ 24 $ 8,911 Loans: Ending Balance $ 39,719 $ 5,459 $ 183,934 $ 58,804 $ 12,543 $ 14,785 $ 14,826 $ 1,221 $ 331,291 Ending Balance: individually evaluated for impairment $ 1,504 $ - $ 12,280 $ 7,877 $ 1,883 $ - $ 295 $ - $ 23,839 Ending balance: collectively evaluated for impairment $ 38,215 $ 5,459 $ 171,654 $ 50,927 $ 10,660 $ 14,785 $ 14,531 $ 1,221 $ 307,452 Loan Class 1-4 Family Home Equity Commercial Real Estate Multifamily Land Construction Commercial Non-Mortgage Consumer Total Year to date analysis as of March 31, 2015 Allowance for loan losses: Balance, beginning of period $ 881 $ 100 $ 3,573 $ 1,391 $ 1,205 $ 539 $ 269 $ 18 $ 7,976 Provision charged to expense 22 (9 ) 131 (90 ) 156 78 (40 ) 2 250 Losses charged off (45 ) - - - - - - (1 ) (46 ) Recoveries 16 - 39 - - - - - 55 Balance, end of period $ 874 $ 91 $ 3,743 $ 1,301 $ 1,362 $ 617 $ 229 $ 19 $ 8,236 Ending Balance: individually evaluated for impairment $ - $ - $ 200 $ 100 $ 850 $ - $ - $ - $ 1,150 Ending balance: collectively evaluated for impairment $ 874 $ 91 $ 3,543 $ 1,201 $ 512 $ 617 $ 229 $ 19 $ 7,086 Loans: Ending Balance $ 42,337 $ 5,999 $ 155,700 $ 59,374 $ 10,149 $ 20,847 $ 12,073 $ 1,272 $ 307,751 Ending Balance: individually evaluated for impairment $ 1,775 $ 60 $ 13,840 $ 8,125 $ 2,918 $ - $ 325 $ - $ 27,043 Ending balance: collectively evaluated for impairment $ 40,562 $ 5,939 $ 141,860 $ 51,249 $ 7,231 $ 20,847 $ 11,748 $ 1,272 $ 280,708 |
Financing Receivable Credit Quality Indicators [Table Text Block] | 1-4 Family Home Equity Commercial Real Estate Multifamily 2016 2015 2016 2015 2016 2015 2016 2015 Pass $ 36,346 $ 36,941 $ 5,073 $ 5,459 $ 160,878 $ 150,122 $ 48,040 $ 46,230 Pass (Closely Monitored) 1,184 1,437 - - 19,865 21,156 8,050 8,142 Special Mention 300 225 - - 1,689 751 - - Substandard 1,068 1,116 - - 8,798 11,905 4,076 4,432 Doubtful - - - - - - - - Loss - - - - - - - - $ 38,898 $ 39,719 $ 5,073 $ 5,459 $ 191,230 $ 183,934 $ 60,166 $ 58,804 Land Construction Commercial Non-Mortgage Consumer Total 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 Pass $ 10,112 $ 9,462 $ 11,804 $ 14,785 $ 13,272 $ 9,626 $ 1,175 $ 1,221 $ 286,700 $ 273,846 Pass (Closely Monitored) 1,023 1,239 - - 293 4,904 - - 30,415 36,878 Special Mention - - - - 4,177 - - - 6,166 976 Substandard 1,728 1,842 - - - 296 - - 15,670 19,591 Doubtful - - - - - - - - - - Loss - - - - - - - - - - $ 12,863 $ 12,543 $ 11,804 $ 14,785 $ 17,742 $ 14,826 $ 1,175 $ 1,221 $ 338,951 $ 331,291 |
Past Due Financing Receivables [Table Text Block] | As of March 31, 2016 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Total Past Due Current Total Loans Receivable Total Loans >90 Days & Accruing Total Nonaccrual 1-4 Family $ 19 $ 43 $ 147 $ 209 $ 38,689 $ 38,898 $ - $ 147 Home Equity - - - - 5,073 5,073 - - Commercial Real Estate 138 381 675 1,194 190,036 191,230 - 5,362 Multifamily - - - - 60,166 60,166 - 977 Land - - 1,728 1,728 11,135 12,863 - 1,728 Construction - - - - 11,804 11,804 - - Commercial Non-Mortgage - - - - 17,742 17,742 - - Consumer - - - - 1,175 1,175 - - Total $ 157 $ 424 $ 2,550 $ 3,131 $ 335,820 $ 338,951 $ - $ 8,214 As of December 31, 2015 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Total Past Due Current Total Loans Receivable Total Loans >90 Days & Accruing Total Nonaccrual 1-4 Family $ 151 $ 152 $ - $ 303 $ 39,416 $ 39,719 $ - $ 99 Home Equity - - - - 5,459 5,459 - - Commercial Real Estate 6 1,011 - 1,017 182,917 183,934 - 5,188 Multifamily 1,291 - - 1,291 57,513 58,804 - - Land - - 1,842 1,842 10,701 12,543 - 1,842 Construction - - - - 14,785 14,785 - - Commercial Non-Mortgage - - - - 14,826 14,826 - - Consumer - - - - 1,221 1,221 - - Total $ 1,448 $ 1,163 $ 1,842 $ 4,453 $ 326,838 $ 331,291 $ - $ 7,129 |
Impaired Financing Receivables [Table Text Block] | Unpaid Recorded Principal Specific YTD Average YTD Interest Balance Balance Allowance Balance Income Loans without a specific valuation allowance: 1-4 Family $ 1,241 $ 1,369 $ - $ 1,342 $ 9 Home Equity - - - - - Commercial real estate 9,211 11,177 - 9,561 47 Multi Family 6,516 7,330 - 6,551 76 Land 41 95 - 41 1 Construction - - - - - Commercial Non-Mortgage - - - 148 - Consumer - - - - - Loans with a specific valuation allowance: 1-4 Family $ - $ - $ - $ 30 $ - Home Equity - - - - - Commercial real estate - - - 1,184 - Multi Family 977 997 100 1,134 17 Land 1,728 3,575 850 1,785 - Construction - - - - - Commercial Non-Mortgage - - - - - Consumer - - - - - Totals 1-4 Family $ 1,241 $ 1,369 $ - $ 1,372 $ 9 Home Equity - - - - - Commercial real estate 9,211 11,177 - 10,745 47 Multi Family 7,493 8,327 100 7,685 93 Land 1,769 3,670 850 1,826 1 Construction - - - - - Commercial Non-Mortgage - - - 148 - Consumer - - - - - Total $ 19,714 $ 24,543 $ 950 $ 21,776 $ 150 Unpaid Recorded Principal Specific YTD Average YTD Interest Balance Balance Allowance Balance Income Loans without a specific valuation allowance: 1-4 Family $ 1,504 $ 1,633 $ - $ 1,791 $ 80 Home Equity - - - 15 - Commercial real estate 9,912 11,820 - 10,508 289 Multi Family 6,586 7,400 - 6,685 359 Land 41 96 - 371 22 Construction - - - - - Commercial Non-Mortgage 295 295 - 311 22 Consumer - - - - - Loans with a specific valuation allowance: 1-4 Family $ - $ - $ - $ - $ - Home Equity - - - - - Commercial real estate 2,368 2,368 200 2,499 175 Multi Family 1,291 1,291 100 1,319 77 Land 1,842 3,640 850 2,115 - Construction - - - - - Commercial Non-Mortgage - - - - - Consumer - - - - - Totals 1-4 Family $ 1,504 $ 1,633 $ - $ 1,791 $ 80 Home Equity - - - 15 - Commercial real estate 12,280 14,188 200 13,007 464 Multi Family 7,877 8,691 100 8,004 436 Land 1,883 3,736 850 2,486 22 Construction - - - - - Commercial Non-Mortgage 295 295 - 311 22 Consumer - - - - - Total $ 23,839 $ 28,543 $ 1,150 $ 25,614 $ 1,024 Unpaid Recorded Principal Specific YTD Average YTD Interest Balance Balance Allowance Balance Income Loans without a specific valuation allowance: 1-4 Family $ 1,598 $ 1,773 $ - $ 1,525 $ 20 Home Equity 60 60 - 62 - Commercial real estate 11,250 14,118 - 11,314 69 Multi Family 6,782 7,597 - 6,814 81 Land 510 791 - 517 7 Construction - - - 2,674 - Commercial Non-Mortgage - - - 10 - Consumer - - - - - Loans with a specific valuation allowance: 1-4 Family $ 177 $ 177 $ - $ 178 $ 3 Home Equity - - - - - Commercial real estate 2,590 2,590 200 2,758 48 Multi Family 1,343 1,343 100 1,344 20 Land 2,408 3,937 850 2,554 1 Construction - - - - - Commercial Non-Mortgage 325 325 - 329 6 Consumer - - - - - Totals 1-4 Family $ 1,775 $ 1,950 $ - $ 1,703 $ 23 Home Equity 60 60 - 62 - Commercial real estate 13,840 16,708 200 14,072 117 Multi Family 8,125 8,940 100 8,158 101 Land 2,918 4,728 850 3,071 8 Construction - - - 2,674 - Commercial Non-Mortgage 325 325 - 339 6 Consumer - - - - - Total $ 27,043 $ 32,711 $ 1,150 $ 30,079 $ 255 |
Schedule of Debtor Troubled Debt Restructuring, Current Period [Table Text Block] | Three Months Ended March 31, 2016 Count Balance prior to TDR Balance after TDR Commercial Real Estate 1 $ 996 $ 996 |
Note 5 - Disclosures about Fa17
Note 5 - Disclosures about Fair Value of Assets and Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Fair Value Measurements Using As of March 31, 2016 Carrying Amount Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial Assets Cash and cash equivalents $ 12,243 $ 12,243 $ - $ - Interest-earning time deposits 38,423 38,423 - - Held to maturity securities 498 - 500 - Loans held for sale 1,203 - 1,208 - Loans, net of allowance for loan losses 323,552 - - 327,190 Federal Home Loan Bank stock 2,700 - 2,887 - Interest receivable 929 - 929 - Financial liabilities Deposits $ 274,410 $ 109,455 $ - $ 167,103 Federal Home Loan Bank advances 47,000 - 46,385 - Interest payable 290 - 290 - Fair Value Measurements Using As of December 31, 2015 Carrying Amount Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial Assets Cash and cash equivalents $ 52,865 $ 52,865 $ - $ - Interest-earning time deposits 39,021 39,021 - - Held to maturity securities 500 - 500 - Loans held for sale 581 - 583 - Loans, net of allowance for loan losses 314,613 - - 318,525 Federal Home Loan Bank stock 2,700 - 2,700 - Interest receivable 967 - 967 - Financial liabilities Deposits $ 281,701 $ 117,916 $ - $ 165,657 Federal Home Loan Bank advances 47,000 - 46,390 - Federal funds purchased 24,000 - 24,000 - Interest payable 233 - 233 - |
Note 6 - Earnings Per Share (Ta
Note 6 - Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three months ended March 31, 2016 Three months ended March 31, 2015 Net Income $ 967 $ 739 Dividends and undistributed earnings allocated to participating securities (17 ) (15 ) Income attributable to common shareholders 950 725 Weighted average shares outstanding (in thousands) 2,154 2,220 Less: average unearned ESOP and unvested restricted stock (177 ) (195 ) Average Shares 1,977 2,025 Effect of dilutive based awards 32 18 Average common and common-equivalent shares for diluted EPS (in thousands) 2,009 2,043 Basic EPS $ 0.48 $ 0.36 Diluted EPS $ 0.47 $ 0.36 |
Note 7 - Share-based Compensa19
Note 7 - Share-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Options Weighted average exercise price Remaining contractual life (years) Aggregate intrinsic value Options outstanding at January 1, 2016 128,949 $ 17.91 7 $ 1,123 Granted -- -- -- -- Exercised -- -- -- -- Forfeited -- -- -- -- Expired -- -- -- -- Options outstanding at March 31, 2016 128,949 $ 17.91 7 $ 1,123 Exercisable at March 31, 2016 71,912 $ 17.33 7 $ 669 |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | Service-Based Restricted stock awards Weighted average grant date fair value Non-vested at January 1, 2016 36,534 $ 19.15 Granted - - Vested - - Forfeited 78 18.82 Non-vested at March 31, 2016 36,456 $ 19.15 |
Note 3 - Securities (Details)
Note 3 - Securities (Details) - USD ($) | Mar. 31, 2016 | Mar. 31, 2015 |
Investments, Debt and Equity Securities [Abstract] | ||
Held-to-maturity Securities, Sold Security, at Carrying Value | $ 0 | $ 0 |
Note 3 - Securities (Details) -
Note 3 - Securities (Details) - Summary of Amortized Cost and Approximate Fair Values of Held to Maturity Securities - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Held to Maturity Securities: | ||
Treasury bond | $ 498 | $ 500 |
Treasury bond | 500 | |
US Treasury Bond Securities [Member] | ||
Held to Maturity Securities: | ||
Treasury bond | 498 | |
Treasury bond | 2 | |
Treasury bond | 0 | |
Treasury bond | $ 500 |
Note 3 - Securities (Details)22
Note 3 - Securities (Details) - Summary of Amortization Cost and Fair Value of Held to Maturity Securities by Contractual Maturity - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Summary of Amortization Cost and Fair Value of Held to Maturity Securities by Contractual Maturity [Abstract] | ||
Within one year | $ 498 | |
Within one year | 500 | |
Totals | 498 | $ 500 |
Totals | $ 500 |
Note 4 - Loans and Allowance 23
Note 4 - Loans and Allowance for Loan Losses (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016USD ($) | Mar. 31, 2015 | |
Note 4 - Loans and Allowance for Loan Losses (Details) [Line Items] | ||
Percentage of Construction Loans for Commercial Real Estate of Loan to Completed Appraised Value Ratio | 75.00% | |
Minimum Realizable Period for New Loan into Accrual Status under Performance with New Loan Terms | 6 months | |
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $ 202 | |
Minimum Period for Realizable of Troubled Debt Restructuring Loans into Nonaccrual Status or Default Loans | 90 days | |
Financing Receivable, Modifications, Number of Contracts | 1 | 0 |
Minimum [Member] | ||
Note 4 - Loans and Allowance for Loan Losses (Details) [Line Items] | ||
Period for Discontinuation of Accrual of Interest on All Loan Classes | 6 months |
Note 4 - Loans and Allowance 24
Note 4 - Loans and Allowance for Loan Losses (Details) - Summary of Loans by Categories of Loans Class - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 |
Real Estate | |||
Total loans | $ 338,951 | $ 331,291 | $ 307,751 |
Less | |||
Net deferred loan costs, premiums and discounts | 574 | 567 | |
Undisbursed portion of loan | 4,801 | 6,050 | |
Allowance for loan losses | 10,024 | 10,061 | |
Net Loans | 323,552 | 314,613 | |
Residential Portfolio Segment [Member] | One to Four Family [Member] | |||
Real Estate | |||
Total loans | 38,898 | 39,719 | 42,337 |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Real Estate | |||
Total loans | 5,073 | 5,459 | 5,999 |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | |||
Real Estate | |||
Total loans | 191,230 | 183,934 | 155,700 |
Commercial Real Estate Portfolio Segment [Member] | Multifamily Loan [Member] | |||
Real Estate | |||
Total loans | 60,166 | 58,804 | 59,374 |
Commercial Real Estate Portfolio Segment [Member] | Land Loan [Member] | |||
Real Estate | |||
Total loans | 12,863 | 12,543 | 10,149 |
Construction Portfolio Segment [Member] | |||
Real Estate | |||
Total loans | 11,804 | 14,785 | 20,847 |
Commercial Portfolio Segment [Member] | |||
Real Estate | |||
Total loans | 17,742 | 14,826 | 12,073 |
Less | |||
Allowance for loan losses | 0 | ||
Consumer Portfolio Segment [Member] | |||
Real Estate | |||
Total loans | $ 1,175 | $ 1,221 | $ 1,272 |
Note 4 - Loans and Allowance 25
Note 4 - Loans and Allowance for Loan Losses (Details) - Financing Receivables and Allowance for Credit Losses on Financing Receivables - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Allowance for loan losses: | |||
Balance, beginning of period | $ 10,061 | $ 7,976 | $ 7,976 |
Provision charged to expense | 0 | 250 | 800 |
Losses charged off | (66) | (46) | (46) |
Recoveries | 29 | 55 | 1,331 |
Balance, end of period | 10,024 | 8,236 | 10,061 |
Individually evaluated for impairment | 950 | 1,150 | 1,150 |
Collectively evaluated for impairment | 9,074 | 7,086 | 8,911 |
Loans: | |||
Ending Balance | 338,951 | 307,751 | 331,291 |
Ending Balance: individually evaluated for impairment | 19,714 | 27,043 | 23,839 |
Ending balance: collectively evaluated for impairment | 319,237 | 280,708 | 307,452 |
Residential Portfolio Segment [Member] | One to Four Family [Member] | |||
Allowance for loan losses: | |||
Balance, beginning of period | 948 | 881 | 881 |
Provision charged to expense | 23 | 22 | 79 |
Losses charged off | (66) | (45) | (45) |
Recoveries | 4 | 16 | 33 |
Balance, end of period | 909 | 874 | 948 |
Individually evaluated for impairment | 0 | 0 | 0 |
Collectively evaluated for impairment | 909 | 874 | 948 |
Loans: | |||
Ending Balance | 38,898 | 42,337 | 39,719 |
Ending Balance: individually evaluated for impairment | 1,241 | 1,775 | 1,504 |
Ending balance: collectively evaluated for impairment | 37,657 | 40,562 | 38,215 |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Allowance for loan losses: | |||
Balance, beginning of period | 108 | 100 | 100 |
Provision charged to expense | (9) | (9) | 8 |
Losses charged off | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 |
Balance, end of period | 99 | 91 | 108 |
Individually evaluated for impairment | 0 | 0 | 0 |
Collectively evaluated for impairment | 99 | 91 | 108 |
Loans: | |||
Ending Balance | 5,073 | 5,999 | 5,459 |
Ending Balance: individually evaluated for impairment | 0 | 60 | 0 |
Ending balance: collectively evaluated for impairment | 5,073 | 5,939 | 5,459 |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | |||
Allowance for loan losses: | |||
Balance, beginning of period | 4,913 | 3,573 | 3,573 |
Provision charged to expense | (115) | 131 | 72 |
Losses charged off | 0 | 0 | 0 |
Recoveries | 24 | 39 | 1,268 |
Balance, end of period | 4,822 | 3,743 | 4,913 |
Individually evaluated for impairment | 0 | 200 | 200 |
Collectively evaluated for impairment | 4,822 | 3,543 | 4,713 |
Loans: | |||
Ending Balance | 191,230 | 155,700 | 183,934 |
Ending Balance: individually evaluated for impairment | 9,211 | 13,840 | 12,280 |
Ending balance: collectively evaluated for impairment | 182,019 | 141,860 | 171,654 |
Commercial Real Estate Portfolio Segment [Member] | Multifamily Loan [Member] | |||
Allowance for loan losses: | |||
Balance, beginning of period | 1,515 | 1,391 | 1,391 |
Provision charged to expense | (106) | (90) | 124 |
Losses charged off | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 |
Balance, end of period | 1,409 | 1,301 | 1,515 |
Individually evaluated for impairment | 100 | 100 | 100 |
Collectively evaluated for impairment | 1,309 | 1,201 | 1,415 |
Loans: | |||
Ending Balance | 60,166 | 59,374 | 58,804 |
Ending Balance: individually evaluated for impairment | 7,493 | 8,125 | 7,877 |
Ending balance: collectively evaluated for impairment | 52,673 | 51,249 | 50,927 |
Commercial Real Estate Portfolio Segment [Member] | Land Loan [Member] | |||
Allowance for loan losses: | |||
Balance, beginning of period | 1,605 | 1,205 | 1,205 |
Provision charged to expense | 28 | 156 | 374 |
Losses charged off | 0 | 0 | 0 |
Recoveries | 1 | 0 | 26 |
Balance, end of period | 1,634 | 1,362 | 1,605 |
Individually evaluated for impairment | 850 | 850 | 850 |
Collectively evaluated for impairment | 784 | 512 | 755 |
Loans: | |||
Ending Balance | 12,863 | 10,149 | 12,543 |
Ending Balance: individually evaluated for impairment | 1,769 | 2,918 | 1,883 |
Ending balance: collectively evaluated for impairment | 11,094 | 7,231 | 10,660 |
Construction Portfolio Segment [Member] | |||
Allowance for loan losses: | |||
Balance, beginning of period | 604 | 539 | 539 |
Provision charged to expense | 132 | 78 | 65 |
Losses charged off | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 |
Balance, end of period | 736 | 617 | 604 |
Individually evaluated for impairment | 0 | 0 | 0 |
Collectively evaluated for impairment | 736 | 617 | 604 |
Loans: | |||
Ending Balance | 11,804 | 20,847 | 14,785 |
Ending Balance: individually evaluated for impairment | 0 | 0 | 0 |
Ending balance: collectively evaluated for impairment | 11,804 | 20,847 | 14,785 |
Commercial Portfolio Segment [Member] | |||
Allowance for loan losses: | |||
Balance, beginning of period | 344 | 269 | 269 |
Provision charged to expense | 48 | (40) | 75 |
Losses charged off | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 |
Balance, end of period | 392 | 229 | 344 |
Individually evaluated for impairment | 0 | 0 | 0 |
Collectively evaluated for impairment | 392 | 229 | 344 |
Loans: | |||
Ending Balance | 17,742 | 12,073 | 14,826 |
Ending Balance: individually evaluated for impairment | 0 | 325 | 295 |
Ending balance: collectively evaluated for impairment | 17,742 | 11,748 | 14,531 |
Consumer Portfolio Segment [Member] | |||
Allowance for loan losses: | |||
Balance, beginning of period | 24 | 18 | 18 |
Provision charged to expense | (1) | 2 | 3 |
Losses charged off | 0 | (1) | (1) |
Recoveries | 0 | 0 | 4 |
Balance, end of period | 23 | 19 | 24 |
Individually evaluated for impairment | 0 | 0 | 0 |
Collectively evaluated for impairment | 23 | 19 | 24 |
Loans: | |||
Ending Balance | 1,175 | 1,272 | 1,221 |
Ending Balance: individually evaluated for impairment | 0 | 0 | 0 |
Ending balance: collectively evaluated for impairment | $ 1,175 | $ 1,272 | $ 1,221 |
Note 4 - Loans and Allowance 26
Note 4 - Loans and Allowance for Loan Losses (Details) - Credit Risk Profile of Our Loan Portfolio Based on Rating Category and Payment Activity - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 |
Financing Receivable, Recorded Investment [Line Items] | |||
Credit rating category | $ 338,951 | $ 331,291 | $ 307,751 |
Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit rating category | 286,700 | 273,846 | |
Pass Closely Monitored [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit rating category | 30,415 | 36,878 | |
Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit rating category | 6,166 | 976 | |
Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit rating category | 15,670 | 19,591 | |
Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit rating category | 0 | 0 | |
Loss [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit rating category | 0 | 0 | |
Residential Portfolio Segment [Member] | One to Four Family [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit rating category | 38,898 | 39,719 | 42,337 |
Residential Portfolio Segment [Member] | One to Four Family [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit rating category | 36,346 | 36,941 | |
Residential Portfolio Segment [Member] | One to Four Family [Member] | Pass Closely Monitored [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit rating category | 1,184 | 1,437 | |
Residential Portfolio Segment [Member] | One to Four Family [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit rating category | 300 | 225 | |
Residential Portfolio Segment [Member] | One to Four Family [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit rating category | 1,068 | 1,116 | |
Residential Portfolio Segment [Member] | One to Four Family [Member] | Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit rating category | 0 | 0 | |
Residential Portfolio Segment [Member] | One to Four Family [Member] | Loss [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit rating category | 0 | 0 | |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit rating category | 5,073 | 5,459 | 5,999 |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit rating category | 5,073 | 5,459 | |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Pass Closely Monitored [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit rating category | 0 | 0 | |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit rating category | 0 | 0 | |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit rating category | 0 | 0 | |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit rating category | 0 | 0 | |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Loss [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit rating category | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit rating category | 191,230 | 183,934 | 155,700 |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit rating category | 160,878 | 150,122 | |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | Pass Closely Monitored [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit rating category | 19,865 | 21,156 | |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit rating category | 1,689 | 751 | |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit rating category | 8,798 | 11,905 | |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit rating category | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | Loss [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit rating category | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Multifamily Loan [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit rating category | 60,166 | 58,804 | 59,374 |
Commercial Real Estate Portfolio Segment [Member] | Multifamily Loan [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit rating category | 48,040 | 46,230 | |
Commercial Real Estate Portfolio Segment [Member] | Multifamily Loan [Member] | Pass Closely Monitored [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit rating category | 8,050 | 8,142 | |
Commercial Real Estate Portfolio Segment [Member] | Multifamily Loan [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit rating category | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Multifamily Loan [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit rating category | 4,076 | 4,432 | |
Commercial Real Estate Portfolio Segment [Member] | Multifamily Loan [Member] | Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit rating category | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Multifamily Loan [Member] | Loss [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit rating category | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Land Loan [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit rating category | 12,863 | 12,543 | 10,149 |
Commercial Real Estate Portfolio Segment [Member] | Land Loan [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit rating category | 10,112 | 9,462 | |
Commercial Real Estate Portfolio Segment [Member] | Land Loan [Member] | Pass Closely Monitored [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit rating category | 1,023 | 1,239 | |
Commercial Real Estate Portfolio Segment [Member] | Land Loan [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit rating category | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Land Loan [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit rating category | 1,728 | 1,842 | |
Commercial Real Estate Portfolio Segment [Member] | Land Loan [Member] | Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit rating category | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Land Loan [Member] | Loss [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit rating category | 0 | 0 | |
Construction Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit rating category | 11,804 | 14,785 | 20,847 |
Construction Portfolio Segment [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit rating category | 11,804 | 14,785 | |
Construction Portfolio Segment [Member] | Pass Closely Monitored [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit rating category | 0 | 0 | |
Construction Portfolio Segment [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit rating category | 0 | 0 | |
Construction Portfolio Segment [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit rating category | 0 | ||
Construction Portfolio Segment [Member] | Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit rating category | 0 | 0 | |
Construction Portfolio Segment [Member] | Loss [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit rating category | 0 | 0 | |
Commercial Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit rating category | 17,742 | 14,826 | 12,073 |
Commercial Portfolio Segment [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit rating category | 13,272 | 9,626 | |
Commercial Portfolio Segment [Member] | Pass Closely Monitored [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit rating category | 293 | 4,904 | |
Commercial Portfolio Segment [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit rating category | 4,177 | ||
Commercial Portfolio Segment [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit rating category | 296 | ||
Commercial Portfolio Segment [Member] | Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit rating category | 0 | 0 | |
Commercial Portfolio Segment [Member] | Loss [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit rating category | 0 | 0 | |
Consumer Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit rating category | 1,175 | 1,221 | $ 1,272 |
Consumer Portfolio Segment [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit rating category | 1,175 | 1,221 | |
Consumer Portfolio Segment [Member] | Pass Closely Monitored [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit rating category | 0 | 0 | |
Consumer Portfolio Segment [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit rating category | 0 | 0 | |
Consumer Portfolio Segment [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit rating category | 0 | 0 | |
Consumer Portfolio Segment [Member] | Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit rating category | 0 | 0 | |
Consumer Portfolio Segment [Member] | Loss [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit rating category | $ 0 | $ 0 |
Note 4 - Loans and Allowance 27
Note 4 - Loans and Allowance for Loan Losses (Details) - Summary of Our Past Due and Non-accrual Loans - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | $ 3,131 | $ 4,453 | |
Current | 335,820 | 326,838 | |
Total loans receivable | 338,951 | 331,291 | $ 307,751 |
Total loans > 90 days & Accruing | 0 | 0 | |
Total Nonaccrual | 8,214 | 7,129 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 157 | 1,448 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 424 | 1,163 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 2,550 | 1,842 | |
Residential Portfolio Segment [Member] | One to Four Family [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 209 | 303 | |
Current | 38,689 | 39,416 | |
Total loans receivable | 38,898 | 39,719 | 42,337 |
Total loans > 90 days & Accruing | 0 | 0 | |
Total Nonaccrual | 147 | 99 | |
Residential Portfolio Segment [Member] | One to Four Family [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 19 | 151 | |
Residential Portfolio Segment [Member] | One to Four Family [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 43 | 152 | |
Residential Portfolio Segment [Member] | One to Four Family [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 147 | 0 | |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 0 | 0 | |
Current | 5,073 | 5,459 | |
Total loans receivable | 5,073 | 5,459 | 5,999 |
Total loans > 90 days & Accruing | 0 | 0 | |
Total Nonaccrual | 0 | 0 | |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 0 | 0 | |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 0 | 0 | |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 1,194 | 1,017 | |
Current | 190,036 | 182,917 | |
Total loans receivable | 191,230 | 183,934 | 155,700 |
Total loans > 90 days & Accruing | 0 | 0 | |
Total Nonaccrual | 5,362 | 5,188 | |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 138 | 6 | |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 381 | 1,011 | |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 675 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Multifamily Loan [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 0 | 1,291 | |
Current | 60,166 | 57,513 | |
Total loans receivable | 60,166 | 58,804 | 59,374 |
Total loans > 90 days & Accruing | 0 | 0 | |
Total Nonaccrual | 977 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Multifamily Loan [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 0 | 1,291 | |
Commercial Real Estate Portfolio Segment [Member] | Multifamily Loan [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Multifamily Loan [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Land Loan [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 1,728 | 1,842 | |
Current | 11,135 | 10,701 | |
Total loans receivable | 12,863 | 12,543 | 10,149 |
Total loans > 90 days & Accruing | 0 | 0 | |
Total Nonaccrual | 1,728 | 1,842 | |
Commercial Real Estate Portfolio Segment [Member] | Land Loan [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Land Loan [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Land Loan [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 1,728 | 1,842 | |
Construction Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 0 | ||
Current | 11,804 | 14,785 | |
Total loans receivable | 11,804 | 14,785 | 20,847 |
Total loans > 90 days & Accruing | 0 | 0 | |
Total Nonaccrual | 0 | ||
Construction Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 0 | ||
Construction Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 0 | 0 | |
Construction Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 0 | 0 | |
Commercial Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 0 | ||
Current | 17,742 | 14,826 | |
Total loans receivable | 17,742 | 14,826 | 12,073 |
Total loans > 90 days & Accruing | 0 | 0 | |
Total Nonaccrual | 0 | ||
Commercial Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 0 | 0 | |
Commercial Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 0 | 0 | |
Commercial Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 0 | ||
Consumer Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 0 | 0 | |
Current | 1,175 | 1,221 | |
Total loans receivable | 1,175 | 1,221 | $ 1,272 |
Total loans > 90 days & Accruing | 0 | 0 | |
Total Nonaccrual | 0 | 0 | |
Consumer Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 0 | 0 | |
Consumer Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 0 | 0 | |
Consumer Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | $ 0 | $ 0 |
Note 4 - Loans and Allowance 28
Note 4 - Loans and Allowance for Loan Losses (Details) - Summary of Impaired Loans by Class - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Loans without a specific valuation allowance: | |||
Specific allowance | $ 10,024 | $ 10,061 | |
Loans with a specific valuation allowance: | |||
Specific allowance | 950 | $ 1,150 | 1,150 |
Totals | |||
Recorded balance | 19,714 | 27,043 | 23,839 |
Unpaid principal balance | 24,543 | 32,711 | 28,543 |
Average balance | 21,776 | 30,079 | 25,614 |
Interest Income | 150 | 255 | 1,024 |
Residential Portfolio Segment [Member] | One to Four Family [Member] | |||
Loans without a specific valuation allowance: | |||
Recorded balance-without valuation allowance | 1,241 | 1,598 | 1,504 |
Unpaid principal balance-without valuation allowance | 1,369 | 1,773 | 1,633 |
Average balance-without valuation allowance | 1,342 | 1,525 | 1,791 |
Interest Income-without valuation allowance | 9 | 20 | 80 |
Loans with a specific valuation allowance: | |||
Recorded balance-with valuation allowance | 177 | 0 | |
Unpaid principal balance-with valuation allowance | 177 | 0 | |
Specific allowance | 0 | 0 | 0 |
Average balance-with valuation allowance | 30 | 178 | 0 |
Interest Income-with valuation allowance | 3 | 0 | |
Totals | |||
Recorded balance | 1,241 | 1,775 | 1,504 |
Unpaid principal balance | 1,369 | 1,950 | 1,633 |
Average balance | 1,372 | 1,703 | 1,791 |
Interest Income | 9 | 23 | 80 |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Loans without a specific valuation allowance: | |||
Recorded balance-without valuation allowance | 60 | 0 | |
Unpaid principal balance-without valuation allowance | 60 | 0 | |
Average balance-without valuation allowance | 62 | 15 | |
Interest Income-without valuation allowance | 0 | ||
Loans with a specific valuation allowance: | |||
Recorded balance-with valuation allowance | 0 | 0 | |
Unpaid principal balance-with valuation allowance | 0 | 0 | |
Specific allowance | 0 | 0 | 0 |
Average balance-with valuation allowance | 0 | 0 | |
Interest Income-with valuation allowance | 0 | 0 | |
Totals | |||
Recorded balance | 60 | 0 | |
Unpaid principal balance | 60 | 0 | |
Average balance | 62 | 15 | |
Interest Income | 0 | ||
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | |||
Loans without a specific valuation allowance: | |||
Recorded balance-without valuation allowance | 9,211 | 11,250 | 9,912 |
Unpaid principal balance-without valuation allowance | 11,177 | 14,118 | 11,820 |
Average balance-without valuation allowance | 9,561 | 11,314 | 10,508 |
Interest Income-without valuation allowance | 47 | 69 | 289 |
Loans with a specific valuation allowance: | |||
Recorded balance-with valuation allowance | 2,590 | 2,368 | |
Unpaid principal balance-with valuation allowance | 2,590 | 2,368 | |
Specific allowance | 200 | 200 | |
Average balance-with valuation allowance | 1,184 | 2,758 | 2,499 |
Interest Income-with valuation allowance | 48 | 175 | |
Totals | |||
Recorded balance | 9,211 | 13,840 | 12,280 |
Unpaid principal balance | 11,177 | 16,708 | 14,188 |
Average balance | 10,745 | 14,072 | 13,007 |
Interest Income | 47 | 117 | 464 |
Commercial Real Estate Portfolio Segment [Member] | Multifamily Loan [Member] | |||
Loans without a specific valuation allowance: | |||
Recorded balance-without valuation allowance | 6,516 | 6,782 | 6,586 |
Unpaid principal balance-without valuation allowance | 7,330 | 7,597 | 7,400 |
Average balance-without valuation allowance | 6,551 | 6,814 | 6,685 |
Interest Income-without valuation allowance | 76 | 81 | 359 |
Loans with a specific valuation allowance: | |||
Recorded balance-with valuation allowance | 977 | 1,343 | 1,291 |
Unpaid principal balance-with valuation allowance | 997 | 1,343 | 1,291 |
Specific allowance | 100 | 100 | 100 |
Average balance-with valuation allowance | 1,134 | 1,344 | 1,319 |
Interest Income-with valuation allowance | 17 | 20 | 77 |
Totals | |||
Recorded balance | 7,493 | 7,877 | |
Unpaid principal balance | 8,327 | 8,691 | |
Average balance | 7,685 | 8,004 | |
Interest Income | 93 | 436 | |
Commercial Real Estate Portfolio Segment [Member] | Land Loan [Member] | |||
Loans without a specific valuation allowance: | |||
Recorded balance-without valuation allowance | 41 | 510 | 41 |
Unpaid principal balance-without valuation allowance | 95 | 791 | 96 |
Average balance-without valuation allowance | 41 | 517 | 371 |
Interest Income-without valuation allowance | 1 | 7 | 22 |
Loans with a specific valuation allowance: | |||
Recorded balance-with valuation allowance | 1,728 | 2,408 | 1,842 |
Unpaid principal balance-with valuation allowance | 3,575 | 3,937 | 3,640 |
Specific allowance | 850 | 850 | 850 |
Average balance-with valuation allowance | 1,785 | 2,554 | 2,115 |
Interest Income-with valuation allowance | 1 | 0 | |
Totals | |||
Recorded balance | 1,769 | 1,883 | |
Unpaid principal balance | 3,670 | 3,736 | |
Average balance | 1,826 | 2,486 | |
Interest Income | 1 | 22 | |
Construction Portfolio Segment [Member] | |||
Loans without a specific valuation allowance: | |||
Recorded balance-without valuation allowance | 0 | ||
Unpaid principal balance-without valuation allowance | 0 | ||
Average balance-without valuation allowance | 0 | 2,674 | |
Interest Income-without valuation allowance | 0 | ||
Loans with a specific valuation allowance: | |||
Recorded balance-with valuation allowance | 0 | 0 | |
Unpaid principal balance-with valuation allowance | 0 | 0 | |
Specific allowance | 0 | 0 | |
Average balance-with valuation allowance | 0 | ||
Interest Income-with valuation allowance | 0 | ||
Totals | |||
Recorded balance | 0 | ||
Unpaid principal balance | 0 | ||
Average balance | 0 | 2,674 | |
Interest Income | 0 | ||
Commercial Portfolio Segment [Member] | |||
Loans without a specific valuation allowance: | |||
Recorded balance-without valuation allowance | 295 | ||
Unpaid principal balance-without valuation allowance | 295 | ||
Specific allowance | 0 | ||
Average balance-without valuation allowance | 148 | 10 | 311 |
Interest Income-without valuation allowance | 22 | ||
Loans with a specific valuation allowance: | |||
Recorded balance-with valuation allowance | 0 | 325 | |
Unpaid principal balance-with valuation allowance | 0 | 325 | |
Specific allowance | 0 | 0 | |
Average balance-with valuation allowance | 0 | 329 | |
Interest Income-with valuation allowance | 0 | 6 | |
Totals | |||
Recorded balance | 325 | 295 | |
Unpaid principal balance | 325 | 295 | |
Average balance | 148 | 339 | 311 |
Interest Income | 6 | 22 | |
Commercial Portfolio Segment [Member] | Land Loan [Member] | |||
Loans with a specific valuation allowance: | |||
Specific allowance | 850 | ||
Totals | |||
Recorded balance | 2,918 | ||
Unpaid principal balance | 4,728 | ||
Average balance | 3,071 | ||
Interest Income | 8 | ||
Consumer Portfolio Segment [Member] | |||
Loans without a specific valuation allowance: | |||
Recorded balance-without valuation allowance | 0 | 0 | |
Unpaid principal balance-without valuation allowance | 0 | 0 | |
Average balance-without valuation allowance | 0 | ||
Interest Income-without valuation allowance | 0 | 0 | |
Loans with a specific valuation allowance: | |||
Recorded balance-with valuation allowance | 0 | 0 | |
Unpaid principal balance-with valuation allowance | 0 | 0 | |
Specific allowance | 0 | 0 | |
Average balance-with valuation allowance | 0 | 0 | |
Interest Income-with valuation allowance | 0 | 0 | |
Totals | |||
Recorded balance | 0 | 0 | |
Unpaid principal balance | 0 | 0 | |
Average balance | 0 | ||
Interest Income | $ 0 | $ 0 | |
Consumer Portfolio Segment [Member] | Multifamily Loan [Member] | |||
Loans with a specific valuation allowance: | |||
Specific allowance | 100 | ||
Totals | |||
Recorded balance | 8,125 | ||
Unpaid principal balance | 8,940 | ||
Average balance | 8,158 | ||
Interest Income | $ 101 |
Note 4 - Loans and Allowance 29
Note 4 - Loans and Allowance for Loan Losses (Details) - Summary of Loans Restructured as TDRs $ in Thousands | 3 Months Ended | |
Mar. 31, 2016USD ($) | Mar. 31, 2015 | |
Summary of Loans Restructured as TDRs [Abstract] | ||
Commercial Real Estate | 1 | 0 |
Commercial Real Estate | $ 996 | |
Commercial Real Estate | $ 996 |
Note 5 - Disclosures about Fa30
Note 5 - Disclosures about Fair Value of Assets and Liabilities (Details) - Summary of Estimated Fair Values of Company's Financial Instruments - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Financial Assets | ||
Interest-earning time deposits | $ 38,423 | $ 39,021 |
Held to maturity securities | 500 | |
Interest receivable | 929 | 967 |
Financial liabilities | ||
Federal funds purchased | 24,000 | |
Reported Value Measurement [Member] | ||
Financial Assets | ||
Cash and cash equivalents | 12,243 | 52,865 |
Interest-earning time deposits | 38,423 | 39,021 |
Held to maturity securities | 498 | 500 |
Loans held for sale | 1,203 | 581 |
Loans, net of allowance for loan losses | 323,552 | 314,613 |
Federal Home Loan Bank stock | 2,700 | 2,700 |
Interest receivable | 929 | 967 |
Financial liabilities | ||
Deposits | 274,410 | 281,701 |
Federal Home Loan Bank advances | 47,000 | 47,000 |
Federal funds purchased | 24,000 | |
Interest payable | 290 | 233 |
Portion at Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Financial Assets | ||
Cash and cash equivalents | 12,243 | 52,865 |
Interest-earning time deposits | 38,423 | 39,021 |
Held to maturity securities | 0 | |
Loans held for sale | 0 | 0 |
Loans, net of allowance for loan losses | 0 | 0 |
Federal Home Loan Bank stock | 0 | 0 |
Interest receivable | 0 | 0 |
Financial liabilities | ||
Deposits | 109,455 | 117,916 |
Federal Home Loan Bank advances | 0 | 0 |
Federal funds purchased | 0 | |
Interest payable | 0 | 0 |
Portion at Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Financial Assets | ||
Cash and cash equivalents | 0 | 0 |
Interest-earning time deposits | 0 | |
Held to maturity securities | 500 | 500 |
Loans held for sale | 1,208 | 583 |
Loans, net of allowance for loan losses | 0 | 0 |
Federal Home Loan Bank stock | 2,887 | 2,700 |
Interest receivable | 929 | 967 |
Financial liabilities | ||
Deposits | 0 | 0 |
Federal Home Loan Bank advances | 46,385 | 46,390 |
Federal funds purchased | 24,000 | |
Interest payable | 290 | 233 |
Portion at Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Financial Assets | ||
Cash and cash equivalents | 0 | 0 |
Interest-earning time deposits | 0 | |
Held to maturity securities | 0 | |
Loans held for sale | 0 | 0 |
Loans, net of allowance for loan losses | 327,190 | 318,525 |
Federal Home Loan Bank stock | 0 | 0 |
Interest receivable | 0 | 0 |
Financial liabilities | ||
Deposits | 167,103 | 165,657 |
Federal Home Loan Bank advances | 0 | 0 |
Federal funds purchased | 0 | |
Interest payable | $ 0 | $ 0 |
Note 6 - Earnings Per Share (D
Note 6 - Earnings Per Share (Details) - Earnings Per Share Table - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Earnings Per Share Table [Abstract] | ||
Net Income (in Dollars) | $ 967 | $ 739 |
Dividends and undistributed earnings allocated to participating securities (in Dollars) | (17) | (15) |
Income attributable to common shareholders (in Dollars) | $ 950 | $ 725 |
Weighted average shares outstanding (in thousands) | 2,154 | 2,220 |
Less: average unearned ESOP and unvested restricted stock | (177) | (195) |
Average Shares | 1,977 | 2,025 |
Effect of dilutive based awards | 32 | 18 |
Average common and common-equivalent shares for diluted EPS (in thousands) | 2,009 | 2,043 |
Basic EPS (in Dollars per share) | $ 0.48 | $ 0.36 |
Diluted EPS (in Dollars per share) | $ 0.47 | $ 0.36 |
Note 7 - Share-based Compensa32
Note 7 - Share-based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Note 7 - Share-based Compensation (Details) [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | 351,050 | |
Allocated Share-based Compensation Expense | $ 87 | $ 78 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | 109 | |
Stock or Unit Option Plan Expense | 16 | 15 |
Restricted Stock or Unit Expense | 71 | $ 63 |
Restricted Stock [Member] | ||
Note 7 - Share-based Compensation (Details) [Line Items] | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 527 |
Note 7 - Share-based Compensa33
Note 7 - Share-based Compensation (Details) - Summary of Stock Option Activity $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($)$ / sharesshares | |
Summary of Stock Option Activity [Abstract] | |
Options outstanding at January 1, 2016 | shares | 128,949 |
Options outstanding at January 1, 2016 | $ / shares | $ 17.91 |
Options outstanding at January 1, 2016 | 7 years |
Options outstanding at January 1, 2016 | $ | $ 1,123 |
Exercised | shares | 0 |
Exercised | $ / shares | $ 0 |
Forfeited | shares | 0 |
Forfeited | $ / shares | $ 0 |
Expired | shares | 0 |
Expired | $ / shares | $ 0 |
Options outstanding at March 31, 2016 | shares | 128,949 |
Options outstanding at March 31, 2016 | $ / shares | $ 17.91 |
Options outstanding at March 31, 2016 | 7 years |
Options outstanding at March 31, 2016 | $ | $ 1,123 |
Exercisable at March 31, 2016 | shares | 71,912 |
Exercisable at March 31, 2016 | $ / shares | $ 17.33 |
Exercisable at March 31, 2016 | 7 years |
Exercisable at March 31, 2016 | $ | $ 669 |
Note 7 - Share-based Compensa34
Note 7 - Share-based Compensation (Details) - Summary of Restricted Stock Award Activity - Restricted Stock [Member] | 3 Months Ended |
Mar. 31, 2016$ / sharesshares | |
Note 7 - Share-based Compensation (Details) - Summary of Restricted Stock Award Activity [Line Items] | |
Non-vested at January 1, 2016 | shares | 36,534 |
Non-vested at January 1, 2016 | $ / shares | $ 19.15 |
Forfeited | shares | 78 |
Forfeited | $ / shares | $ 18.82 |
Non-vested at March 31, 2016 | shares | 36,456 |
Non-vested at March 31, 2016 | $ / shares | $ 19.15 |