Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Oct. 31, 2016 | |
Document Information [Line Items] | ||
Entity Registrant Name | WOLVERINE BANCORP, INC. | |
Entity Central Index Key | 1,500,836 | |
Trading Symbol | wbkc | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 2,098,807 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Assets | ||
Cash and due from banks | $ 343 | $ 334 |
Interest-earning demand deposits | 42,527 | 52,531 |
Cash and cash equivalents | 42,870 | 52,865 |
Interest-earning time deposits | 996 | 39,021 |
Investment securities held to maturity | 499 | 500 |
Loans held for sale | 224 | 581 |
Loans, net of allowance for loan losses of $9,320 and $10,061 | 315,622 | 314,613 |
Premises and equipment, net | 1,167 | 1,285 |
Federal Home Loan Bank stock | 2,700 | 2,700 |
Other real estate owned | 89 | 130 |
Accrued interest receivable | 853 | 967 |
Other assets | 4,124 | 5,151 |
Total assets | 369,144 | 417,813 |
Liabilities | ||
Deposits | 255,621 | 281,701 |
Federal Home Loan Bank advances | 47,000 | 47,000 |
Federal funds purchased | 24,000 | |
Interest payable and other liabilities | 3,029 | 4,632 |
Total liabilities | 305,650 | 357,333 |
Commitments and Contingencies | ||
Stockholders’ Equity | ||
Issued and outstanding – 2,118,707 and 2,158,034 at September 30, 2016 and December 31, 2015 | 21 | 22 |
Unearned employee stock ownership plan (ESOP) | (1,333) | (1,410) |
Additional paid-in capital | 15,805 | 16,401 |
Retained earnings | 49,001 | 45,467 |
Total stockholders’ equity | 63,494 | 60,480 |
Total liabilities and stockholders’ equity | $ 369,144 | $ 417,813 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Allowance for loan losses | $ 9,320 | $ 10,061 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 2,118,707 | 2,158,034 |
Common stock, shares outstanding (in shares) | 2,118,707 | 2,158,034 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Interest and Dividend Income | ||||
Loans | $ 4,445,000 | $ 4,055,000 | $ 12,446,000 | $ 11,340,000 |
Investment securities and other | 75,000 | 51,000 | 304,000 | 176,000 |
Total interest and dividend income | 4,520,000 | 4,106,000 | 12,750,000 | 11,516,000 |
Interest Expense | ||||
Deposits | 509,000 | 369,000 | 1,525,000 | 1,044,000 |
Borrowings | 462,000 | 484,000 | 1,386,000 | 1,538,000 |
Total interest expense | 971,000 | 853,000 | 2,911,000 | 2,582,000 |
Net Interest Income | 3,549,000 | 3,253,000 | 9,839,000 | 8,934,000 |
Provision (Credit) for Loan Losses | (560,000) | 150,000 | (760,000) | 650,000 |
Net Interest Income After Provision for Loan Losses | 4,109,000 | 3,103,000 | 10,599,000 | 8,284,000 |
Noninterest Income | ||||
Service charges and fees | 57,000 | 85,000 | 196,000 | 227,000 |
Net gain on loan sales | 151,000 | 197,000 | 359,000 | 509,000 |
Net gain (loss) on sale of real estate owned | (16,000) | (97,000) | 21,000 | (134,000) |
Other | 49,000 | 86,000 | 226,000 | 283,000 |
Total noninterest income | 241,000 | 271,000 | 802,000 | 885,000 |
Noninterest Expense | ||||
Salaries and employee benefits | 1,387,000 | 1,108,000 | 3,642,000 | 3,184,000 |
Net occupancy and equipment expense | 217,000 | 200,000 | 620,000 | 624,000 |
Information technology expense | 64,000 | 60,000 | 185,000 | 175,000 |
Federal deposit insurance corporation premiums | 57,000 | 58,000 | 166,000 | 162,000 |
Professional and services fees | 167,000 | 104,000 | 390,000 | 293,000 |
Other real estate owned expense | 3,000 | 12,000 | 36,000 | 42,000 |
Loan legal expense (recovery) | (70,000) | 95,000 | 208,000 | |
Advertising expense | 32,000 | 34,000 | 86,000 | 101,000 |
Michigan business tax | 60,000 | 47,000 | 150,000 | 140,000 |
Other | 252,000 | 271,000 | 684,000 | 724,000 |
Total noninterest expense | 2,169,000 | 1,989,000 | 5,959,000 | 5,653,000 |
Income Before Income Tax | 2,181,000 | 1,385,000 | 5,442,000 | 3,516,000 |
Provision for Income Taxes | 798,000 | 470,000 | 1,908,000 | 1,131,000 |
Net Income and Comprehensive Income | $ 1,383,000 | $ 915,000 | $ 3,534,000 | $ 2,385,000 |
Earnings Per Share: | ||||
Basic (in dollars per share) | $ 0.70 | $ 0.45 | $ 1.77 | $ 1.17 |
Diluted (in dollars per share) | $ 0.69 | $ 0.44 | $ 1.74 | $ 1.15 |
Condensed Consolidated Stateme5
Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Operating Activities | ||
Net income | $ 3,534 | $ 2,385 |
Items not requiring (providing) cash | ||
Depreciation | 169 | 173 |
Provision (credit) for loan losses | (760) | 650 |
Loss (gain) on other real estate owned | (21) | 134 |
Loans originated for sale | (13,033) | (16,572) |
Proceeds from loans sold | 13,750 | 16,142 |
Net gain on sale of loans | (359) | (509) |
Share based compensation | 256 | 238 |
Earned ESOP shares | 200 | 195 |
Changes in | ||
Interest receivable and other assets | 1,107 | 80 |
Interest payable and other liabilities | 555 | 1,375 |
Net cash provided by operating activities | 5,398 | 4,291 |
Investing Activities | ||
Net change in interest-bearing time deposits | 38,025 | (13,223) |
Purchase of held to maturity securities | (499) | (500) |
Proceeds from calls, maturities and pay-downs of held to maturity securities | 500 | |
Net change in loans | (441) | (11,168) |
Proceeds from sale of real estate owned | 287 | 87 |
Purchase of FHLB stock | (200) | |
Purchase of premises and equipment | (51) | (104) |
Net cash provided by investing activities | 37,821 | (25,108) |
Financing Activities | ||
Net change in demand deposits, money market, checking and savings accounts | (20,108) | 8,224 |
Net change in certificates of deposit | (5,972) | (703) |
Repayment of Federal Home Loan Bank advances | (13,000) | |
Proceeds from Federal Home Loan Bank advances | 10,000 | |
Net change in Fed funds purchased | (24,000) | |
Proceeds from stock options exercised | 26 | |
Purchase of common stock | (1,002) | (1,828) |
Dividends paid | (2,158) | |
Net cash provided by (used in) financing activities | (53,214) | 2,693 |
Change in Cash and Cash Equivalents | (9,995) | (18,124) |
Cash and Cash Equivalents, Beginning of Period | 52,865 | 29,686 |
Cash and Cash Equivalents, End of Period | 42,870 | 11,562 |
Supplemental Disclosures of Cash Flows Information | ||
Interest paid | 2,819 | 2,542 |
Income taxes paid | 1,125 | 895 |
Loans transferred to real estate owned | $ 192 | $ 176 |
Condensed Consolidated Stateme6
Condensed Consolidated Statement of Change in Stockholders' Equity (Unaudited) - 9 months ended Sep. 30, 2016 - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Unearned ESOP Shares [Member] | Retained Earnings [Member] | Total |
Balances at Dec. 31, 2015 | $ 22 | $ 16,401 | $ (1,410) | $ 45,467 | $ 60,480 |
Net income | 3,534 | 3,534 | |||
Purchase of 38,103 shares of common stock | (1) | (1,001) | (1,002) | ||
Exercised options | 26 | 26 | |||
Share based compensation expense | 256 | 256 | |||
ESOP shares earned | 123 | 77 | 200 | ||
Balances at Sep. 30, 2016 | $ 21 | $ 15,805 | $ (1,333) | $ 49,001 | $ 63,494 |
Condensed Consolidated Stateme7
Condensed Consolidated Statement of Change in Stockholders' Equity (Unaudited) (Parentheticals) | 9 Months Ended |
Sep. 30, 2016shares | |
Additional Paid-in Capital [Member] | |
Treasury stock, shares purchased (in shares) | 38,103 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
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 and nine month periods ended September 30, 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, 2016. |
Note 2 - Accounting Development
Note 2 - Accounting Developments | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | Note 2: Accounting Developments FASB issued ASU 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. ASU 2016-01 affects public and private companies, not-for-profit organizations and employee benefit plans that hold financial assets or owe financial liabilities. It makes targeted improvements to current guidance on financial instruments, including: ● Most equity investments will be measured at fair value through net income (equity ● Impairment testing for equity investments without readily determinable fair value will be ● Valuation allowances on deferred tax assets (DTAs) related to available-for-sale debt ● Disclosure of the method(s) and significant assumptions used in fair value estimates for ● Exit price, rather than entry price, for certain fair value disclosures by public business ● Separate presentation of financial assets and financial liabilities by measurement category and form of financial asset, i.e. balance sheet or in financial statement notes will be required. This standard will be effective for public business entities for fiscal years beginning after December 15, 2017, including interim periods. All other entities would have an additional year to adopt for annual financial statements and two years for interim financial statements. Nonpublic business entities can early adopt as of December 15, 2017, including interim periods. Adoption of the ASU is not expected to have a significant effect on the Company's consolidated financial statements. FASB ASU No. 2016-02 – Leases (Topic 842) Under the new guidance, lessees will be required to recognize the following for all leases (with the exception of short-term leases) at the commencement date: ● A lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and ● A right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Under the new guidance, lessor accounting is largely unchanged. Certain targeted improvements were made to align, where necessary, lessor accounting with the lessee accounting model and Topic 606, Revenue from Contracts with Customers The new lease guidance simplified the accounting for sale and leaseback transactions primarily because lessees must recognize lease assets and lease liabilities. Lessees will no longer be provided with a source of off-balance sheet financing. This standard will be effective for pubic business entities for fiscal year beginning after December 15, 2018 including interim periods within those fiscal years. Nonpublic business entities should apply the amendments for fiscal years beginning after December 15, 2019 and interim periods within fiscal years beginning after December 15, 2020. Early application is permitted for all public business entities and all nonpublic business entities upon issuance. Lessees (for capital and operating leases) and lessors (for sales-type, direct financing and operating leases) must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The modified retrospective approach would not require any transition accounting for leases that expired before the earliest comparative period presented. Lessees and lessors may not apply a full retrospective transition approach. Adoption of the ASU is not expected to have a significant effect on the Company’s consolidated financial statements. FASB ASU No. 2016-06, Derivatives and Hedging (Topic 815): Contingent Put and Call Options in Debt Instruments Topic 815, Derivatives and Hedging, requires that embedded derivatives be separated from the host contract and accounted for separately as derivatives if certain criteria are met. One of those criteria is that the economic characteristics and risks of the embedded derivatives are not clearly and closely related to the economic characteristics and risks of the host contract (the “clearly and closely related” criterion). U.S. GAAP provides specific guidance for assessing whether call (put) options that can accelerate the repayment of principal on a debt instrument meet the clearly and closely related criterion. The guidance states that for contingent call (put) options to be considered clearly and closely related, they can be indexed only to interest rates or credit risk. The amendments clarify what steps are required when assessing whether the economic characteristics and risks of call (put) options are clearly and closely related to the economic characteristics and risks of their debt hosts, which is one of the criteria for bifurcating an embedded derivative. Consequently, when a call (put) option is contingently exercisable, an entity does not have to assess whether the event that triggers the ability to exercise a call (put) option is related to interest rates or credit risks. This standard will be effective for pubic business entities for fiscal year beginning after December 15, 2016 including interim periods within those fiscal years. Nonpublic business entities should apply the amendments for fiscal years beginning after December 15, 2017, and interim periods within fiscal years beginning after December 15, 2018. Early application is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. Adoption of the ASU is not expected to have a significant effect on the Company’s consolidated financial statements. FASB ASU No. 2016-07, Investments – Equity Method and Joint Ventures (Topic 323) The amendments eliminate the requirement that when an investment qualifies for use of the equity method as a result of an increase in the level of ownership interest or degree of influence, an investor must adjust the investment, results of operations, and retained earnings retroactively on a step-by-step basis as if the equity method had been in effect during all previous periods that the investment had been held. The amendments require that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor’s previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. Therefore, upon qualifying for the equity method of accounting, no retroactive adjustment of the investment is required. The amendments require that an entity that has an available-for-sale equity security that becomes qualified for the equity method of accounting recognize through earnings the unrealized holding gain or loss in accumulated other comprehensive income at the date the investment becomes qualified for use of the equity method. The amendments are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. The amendments should be applied prospectively upon their effective date to increases in the level of ownership interest or degree of influence that result in the adoption of the equity method. Earlier application is permitted. Adoption of the ASU is not expected to have a significant effect on the Company’s consolidated financial statements. FASB ASU No. 2016-08, 2016-10, 2016-12, Revenue from Contracts with Customers (Topic 606) In May 2014, the FASB issued ASU 2014-09, “ Revenue from Contracts with Customers Principal versus Agent Considerations (Reporting Revenue Gross versus Net) Identifying Performance Obligations and Licensing Narrow-Scope Improvements and Practical Expedients For public business entities, the amendments are effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods with that reporting period, as deferred by ASU 2015-14. Early application is permitted as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within the reporting period. All other entities should apply the guidance to annual reporting periods beginning after December 15, 2018, and interim reporting periods within annual reporting periods beginning after December 15, 2019. Early application is permitted for all other entities as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within annual reporting periods beginning one year after the annual reporting period in which the entity first applies the guidance in Update 2014-09. The Company will be evaluating the impact of adopting this ASU. FASB ASU No. 2016-09, Compensation—Stock Compensation (Topic 718) In March 2016, as part of its Simplification Initiative, the FASB issued ASU No. 2016-09, Compensation–Stock Compensation Improvements to Employee Share-Based Payment Accounting If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. An entity that elects early adoption must adopt all of the amendments in the same period. The Company will be evaluating the impact of adopting this ASU. FASB ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments This ASU is intended to improve financial reporting by requiring timelier recording of credit losses on loans and other financial instruments held by financial institutions and other organizations. The ASU requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better inform their credit loss estimates. Many of the loss estimation techniques applied today will still be permitted, although the inputs to those techniques will change to reflect the full amount of expected credit losses. Organizations will continue to use judgment to determine which loss estimation method is appropriate for their circumstances. The ASU requires enhanced disclosures to help investors and other financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an organization’s portfolio. These disclosures include qualitative and quantitative requirements that provide additional information about the amounts recorded in the financial statements. In addition, the ASU amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. For public business entities that are U.S. Securities and Exchange Commission (SEC) filers, the amendments in this Update are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. For all other public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. For all other entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2020, and interim periods within fiscal years beginning after December 15, 2021. All entities may adopt the amendments in this Update earlier as of the fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company will be evaluating the impact of adopting this ASU. FASB ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force) The amendments in this Update provide guidance on eight cash flow issues where current Generally Accepted Accounting Principles is either unclear or does not include specific guidance. The eight cash flow issues are as follows: 1. Debt prepayment or debt extinguishment costs 2. Settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing 3. Contingent consideration payments made after a business combination 4. Proceeds from the settlement of insurance claims 5. Proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies 6. Distribution received from equity method investees 7. Beneficial interest in securitization transactions 8. Separately identifiable cash flows and application of the predominance principle The amendments are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. An entity that elects early adoption must adopt all of the amendments in the same period. The Company will be evaluating the impact of adopting this ASU. |
Note 3 - Securities
Note 3 - Securities | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 3: Securities The amortized cost and approximate fair values of securities are as follows: Amortized Gross Gross Held to Maturity Securities: September 30, 2016 Treasury bond $ 499 $ 1 $ -- $ 500 Amortized Gross Gross Held to Maturity Securities: December 31, 2015 Treasury bond $ 500 $ -- $ -- $ 500 The amortized cost and fair value of securities at September 30, 2016, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. September 30, 2016 Amortized Fair Within one year $ 499 $ 500 One to five years — — Five to ten years — — After ten years — — Totals $ 499 $ 500 There were no sales of securities during the three or nine months ended September 30, 2016 and 2015. |
Note 4 - Loans and Allowance fo
Note 4 - Loans and Allowance for Loan Losses | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Note 4: Loans and Allowance for Loan Losses Categories of loans include: September 30, 2016 December 31, 2015 Real Estate One-to four-family $ 37,135 $ 39,719 Home equity 4,316 5,459 Commercial mortgage loans Commercial real estate 186,228 183,934 Multifamily 55,122 58,804 Land 11,907 12,543 Construction 12,893 14,785 Commercial non-mortgage 20,431 14,826 Consumer 1,061 1,221 Total loans 329,093 331,291 Less Net deferred loan costs, premiums and discounts 547 567 Undisbursed portion of loan 3,604 6,050 Allowance for loan losses 9,320 10,061 Net Loans $ 315,622 $ 314,613 The risk characteristics of each loan portfolio segment are as follows: 1-4 f amily, h ome e quity, and c onsumer 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. n 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 September 30, 2016, December 31, 2015 and September 30, 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 September 30, 2016 Allowance for loan losses: Balance, beginning of period $ 948 $ 108 $ 4,913 $ 1,515 $ 1,605 $ 604 $ 344 $ 24 $ 10,061 Provision (credit) charged to expense (206 ) (61 ) 776 (451 ) (461 ) (391 ) 49 (15 ) (760 ) Losses charged off (67 ) - (85 ) - - - - - (152 ) Recoveries 49 - 38 - 81 - - 3 171 Balance, end of period $ 724 $ 47 $ 5,642 $ 1,064 $ 1,225 $ 213 $ 393 $ 12 $ 9,320 Ending Balance: individually evaluated for impairment $ - $ - $ 360 $ - $ 550 $ - $ - $ - $ 910 Ending balance: collectively evaluated for impairment $ 724 $ 47 $ 5,282 $ 1,064 $ 675 $ 213 $ 393 $ 12 $ 8,410 Loans: Ending Balance $ 37,135 $ 4,316 $ 186,228 $ 55,122 $ 11,907 $ 12,893 $ 20,431 $ 1,061 $ 329,093 Ending Balance: individually evaluated for impairment $ 1,363 $ - $ 8,661 $ 6,740 $ 1,176 $ - $ - $ - $ 17,940 Ending balance: collectively evaluated for impairment $ 35,772 $ 4,316 $ 177,567 $ 48,382 $ 10,731 $ 12,893 $ 20,431 $ 1,061 $ 311,153 Loan Class 1-4 Family Home Equity Commercial Real Estate Multifamily Land Construction Commercial Non- Mortgage Consumer Total Quarter to date analysis as of September 30, 2016 Allowance for loan losses: Balance, beginning of period $ 718 $ 63 $ 5,668 $ 1,265 $ 1,466 $ 250 $ 387 $ 12 $ 9,829 Provision (credit) charged to expense (16 ) (16 ) (2 ) (201 ) (294 ) (37 ) 6 - (560 ) Losses charged off - - (85 ) - - - - - (85 ) Recoveries 22 - 61 - 53 - - - 136 Balance, end of period $ 724 $ 47 $ 5,642 $ 1,064 $ 1,225 $ 213 $ 393 $ 12 $ 9,320 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 September 30, 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 220 24 (85 ) 22 366 52 49 2 650 Losses charged off (45 ) - - - - - - (1 ) (46 ) Recoveries 28 - 864 - 7 - - 3 902 Balance, end of period $ 1,084 $ 124 $ 4,352 $ 1,413 $ 1,578 $ 591 $ 318 $ 22 $ 9,482 Ending Balance: individually evaluated for impairment $ 150 $ - $ 200 $ 100 $ 850 $ - $ - $ - $ 1,300 Ending balance: collectively evaluated for impairment $ 934 $ 124 $ 4,152 $ 1,313 $ 728 $ 591 $ 318 $ 22 $ 8,182 Loans: Ending Balance $ 43,008 $ 6,897 $ 174,044 $ 58,961 $ 13,014 $ 13,966 $ 14,806 $ 1,216 $ 325,912 Ending Balance: individually evaluated for impairment $ 2,293 $ - $ 12,558 $ 7,956 $ 2,507 $ - $ 308 $ - $ 25,622 Ending balance: collectively evaluated for impairment $ 40,715 $ 6,897 $ 161,486 $ 51,005 $ 10,507 $ 13,966 $ 14,498 $ 1,216 $ 300,290 Loan Class 1-4 Family Home Equity Commercial Real Estate Multifamily Land Construction Commercial Non- Mortgage Consumer Total Quarter to date analysis as of September 30, 2015 Allowance for loan losses: Balance, beginning of period $ 1,000 $ 112 $ 4,291 $ 1,522 $ 1,289 $ 622 $ 317 $ 23 $ 9,176 Provision charged to expense 78 12 (87 ) (109 ) 288 (31 ) 1 (2 ) 150 Losses charged off - - - - - - - - - Recoveries 6 - 148 - 1 - - 1 156 Balance, end of period $ 1,084 $ 124 $ 4,352 $ 1,413 $ 1,578 $ 591 $ 318 $ 22 $ 9,482 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 September 30, 2016 and December 31, 2015: 1-4 Family Home Equity Commercial Real Estate Multifamily 2016 2015 2016 2015 2016 2015 2016 2015 Pass $ 34,515 $ 36,941 $ 4,316 $ 5,459 $ 157,265 $ 150,122 $ 43,590 $ 46,230 Pass (Closely Monitored) 1,179 1,437 - - 19,468 21,156 8,157 8,142 Special Mention 296 225 - - 2,199 751 - - Substandard 1,145 1,116 - - 7,296 11,905 3,375 4,432 Doubtful - - - - - - - - Loss - - - - - - - - $ 37,135 $ 39,719 $ 4,316 $ 5,459 $ 186,228 $ 183,934 $ 55,122 $ 58,804 Land Construction Commercial Non- Mortgage Consumer Total 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 Pass $ 9,759 $ 9,462 $ 12,893 $ 14,785 $ 17,017 $ 9,626 $ 1,061 $ 1,221 $280,416 $273,846 Pass (Closely Monitored) 972 1,239 - - 211 4,904 - - 29,987 36,878 Special Mention - - - - 3,203 - - - 5,698 976 Substandard 1,176 1,842 - - - 296 - - 12,992 19,591 Doubtful - - - - - - - - - - Loss - - - - - - - - - - $ 11,907 $ 12,543 $ 12,893 $ 14,785 $ 20,431 $ 14,826 $ 1,061 $ 1,221 $329,093 $331,291 We categorize loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation and current economic trends, among other factors. We analyze loans individually by classifying the loans as to credit risk. This analysis is performed during the loan approval process and is updated as circumstances warrant. 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 September 30, 2016 and December 31, 2015: As of September 30, 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 $ 182 $ - $ 146 $ 328 $ 36,807 $ 37,135 $ - $ 146 Home Equity - - - - 4,316 4,316 - - Commercial Real Estate 679 656 161 1,496 184,732 186,228 - 5,137 Multifamily - - - - 55,122 55,122 - 359 Land - - 1,176 1,176 10,731 11,907 - 1,176 Construction - - - - 12,893 12,893 - - Commercial Non-Mortgage - - - - 20,431 20,431 - - Consumer 6 - - 6 1,055 1,061 - - Total $ 867 $ 656 $ 1,483 $ 3,006 $ 326,087 $ 329,093 $ - $ 6,818 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 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 QTD YTD QTD YTD Recorded Principal Specific Average Average Interest Interest Balance Balance Allowance Balance Balance Income Income Loans without a specific valuation allowance: 1-4 Family $ 1,363 $ 1,488 $ - $ 1,217 $ 1,245 $ 18 $ 42 Home Equity - - - - - - - Commercial real estate 7,900 10,000 - 7,749 8,570 17 116 Multi Family 6,740 7,597 - 6,872 7,075 103 307 Land - - - - 32 - - Construction - - - - - - - Commercial Non-Mortgage - - - - - - - Consumer - - - - - - - Loans with a specific valuation allowance: 1-4 Family $ - $ - $ - $ - $ - $ - $ - Home Equity - - - - - - - Commercial real estate 761 846 360 465 310 2 6 Multi Family - - - - - - - Land 1,176 3,249 550 1,348 2,090 - - Construction - - - - - - - Commercial Non-Mortgage - - - - - - - Consumer - - - - - - - Totals 1-4 Family $ 1,363 $ 1,488 $ - $ 1,217 $ 1,245 $ 18 $ 42 Home Equity - - - - - - - Commercial real estate 8,661 10,846 360 8,214 8,880 19 122 Multi Family 6,740 7,597 - 6,872 7,075 103 307 Land 1,176 3,249 550 1,348 2,122 - - Construction - - - - - - - Commercial Non-Mortgage - - - - - - - Consumer - - - - - - - Total $ 17,940 $ 23,180 $ 910 $ 17,651 $ 19,322 $ 140 $ 471 The following table presents impaired loans at December 31, 2015: Recorded Unpaid 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 September 30, 2015: Unpaid QTD YTD QTD YTD Recorded Principal Specific Average Average Interest Interest Balance Balance Allowance Balance Balance Income Income Loans without a specific valuation allowance: 1-4 Family $ 1,155 $ 1,286 $ - $ 1,390 $ 1,398 $ 16 $ 52 Home Equity - - - 20 31 - - Commercial real estate 10,064 11,888 - 10,706 10,865 79 199 Multi Family 6,654 7,468 - 6,718 6,750 117 279 Land 467 739 - 481 492 7 21 Construction - 2 - - 1,783 - - Commercial Non-Mortgage - - - - 5 - - Consumer - - - - - - - Loans with a specific valuation allowance: 1-4 Family $ 1,138 $ 1,138 $ 150 $ 498 $ 148 $ 1 $ 7 Home Equity - - - - - - - Commercial real estate 2,494 2,494 200 2,543 2,639 43 134 Multi Family 1,302 1,302 100 1,328 1,332 21 61 Land 2,040 3,811 850 2,205 2,329 - - Construction - - - - - - - Commercial Non-Mortgage 308 308 - 317 321 5 17 Consumer - - - - - - - Totals 1-4 Family $ 2,293 $ 2,424 $ 150 $ 1,888 $ 1,546 $ 17 $ 59 Home Equity - - - 20 31 - - Commercial real estate 12,558 14,382 200 13,249 13,504 122 333 Multi Family 7,956 8,770 100 8,046 8,082 138 340 Land 2,507 4,550 850 2,686 2,821 7 21 Construction - 2 - - 1,783 - - Commercial Non-Mortgage 308 308 - 317 326 5 17 Consumer - - - - - - - Total $ 25,622 $ 30,436 $ 1,300 $ 26,206 $ 28,093 $ 289 $ 770 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 and nine months ended September 30, 2016: Three m onths e nded Nine months ended September 30, 2016 September 30, 2016 Balance Balance Balance Balance prior to after prior to after Count TDR TDR Count TDR TDR (Dollars in thousands) Commercial real estate 2 681 681 3 1,677 1,677 Total loans 2 $ 681 $ 681 3 $ 1,677 $ 1,677 In 2016, one commercial real estate TDR totaling $996 was modified with a forbearance agreement and maturity extension. Two other commercial real estate TDRs totaling $681 were modified with interest only payments. We had one one-to-four family TDR for $202 that had payment defaults during the nine months ended September 30, 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 f |
Note 5 - Disclosures About Fair
Note 5 - Disclosures About Fair Value of Assets and Liabilities | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
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. Recurring and Nonrecurring Measurements The following table presents the fair value measurements of assets and liabilities recognized in the accompanying consolidated balance sheets measured at fair value on a nonrecurring basis and the level within the fair value hierarchy in which the fair value measurements fall at September 30, 2016. There were no assets or liabilities requiring fair value measurement on a recurring or nonrecurring basis as of December 31, 2015. Fair Value Measurements Using Fair Quoted Prices Significant Significant September 30, 2016 Collateral-dependent Impaired loans $ 2,122 $ -- $ -- $ 2,122 December 31, 2015 Collateral-dependent Impaired loans $ -- $ -- $ -- $ -- 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. Unobservable (Level 3) inputs The following table presents quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements other than goodwill at September 30, 2016 and December 31, 2015. Collateral-dependent Impaired Loans Fair Value Valuation Technique Unobservable Inputs Range (Weighted Average) As of September 30, 2016 Collateral-dependent impaired loans $ 2,122 Market comparable properties Marketability discount 0 - 23% (16%) December 31, 2015 Collateral-dependent impaired loans $ -- Market comparable properties Marketability discount -- 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 September 30, 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 $ 42,870 $ 42,870 $ - $ - Interest-earning time deposits 996 996 - - Held to maturity securities 499 - 500 - Loans held for sale 224 - 224 - Loans, net of allowance for loan losses 315,622 - - 319,390 Federal Home Loan Bank stock 2,700 - 2,700 - Interest receivable 853 - 853 - Financial liabilities Deposits $ 255,621 $ 109,978 $ - $ 147,178 Federal Home Loan Bank advances 47,000 - 46,375 - Interest payable 187 - 187 - 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 | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
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 September 30, 2016 and 2015 is as follows (dollars in thousands, except per share data): Three months ended September 30, 2016 Three months ended September 30, 2015 Net Income $ 1,383 $ 915 Dividends and undistributed earnings allocated to participating securities (20 ) (18 ) Income attributable to common shareholders 1,363 897 Weighted average shares outstanding (in thousands) 2,121 2,202 Less: average unearned ESOP and unvested restricted stock (174 ) (207 ) Average Shares 1,947 1,995 Effect of dilutive based awards 32 23 Average common and common-equivalent shares for diluted EPS (in thousands) 1,979 2,018 Basic EPS $ 0.70 $ 0.45 Diluted EPS $ 0.69 $ 0.44 Nine months ended September 30, 2016 and 2015 as follows (dollars in thousands, except per share data): Nine months ended September 30, 2016 Nine months ended September 30, 2015 Net Income $ 3,534 $ 2,385 Dividends and undistributed earnings allocated to participating securities (50 ) (46 ) Income attributable to common shareholders 3,484 2,339 Weighted average shares outstanding (in thousands) 2,142 2,210 Less: average unearned ESOP and unvested restricted stock (174 ) (207 ) Average Shares 1,968 2,003 Effect of dilutive based awards 32 23 Average common and common-equivalent shares for diluted EPS (in thousands) 2,000 2,026 Basic EPS $ 1.77 $ 1.17 Diluted EPS $ 1.74 $ 1.15 |
Note 7 - Share-based Compensati
Note 7 - Share-based Compensation | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
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 nine months ended September 30, 2016 and 2015 was $256 and $238, respectively. Total shared-based compensation expense for the three months ended September 30, 2016 and 2015 was $83 and $81, 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 (1,503 ) 17.30 -- -- Forfeited (3,888 ) 19.58 -- -- Expired -- -- -- -- Options outstanding at September 30, 2016 123,558 $ 17.86 6 $ 1,103 Exercisable at September 30, 2016 93,721 $ 17.37 6 $ 885 As of September 30, 2016, the Company had $71 of unrecognized compensation expense related to stock options. Stock option expense for the three and nine months ended September 30, 2016 was $16 and $47, respectively. Stock option expense for the three and nine months ended September 30, 2015 was $16 and $46, 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: Service-Based Restricted stock awards Weighted average grant date fair value Non-vested at January 1, 2016 36,534 $ 19.16 Granted - - Vested (13,745 ) 17.57 Forfeited (2,717 ) 19.02 Non-vested at September 30, 2016 20,072 20.24 As of September 30, 2016, the Company had $356 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 the three and nine months ended September 30, 2016 was $68 and $209, respectively. Restricted stock expense for the three and nine months ended September 30, 2015 was $66 and $192, respectively. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | FASB issued ASU 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. ASU 2016-01 affects public and private companies, not-for-profit organizations and employee benefit plans that hold financial assets or owe financial liabilities. It makes targeted improvements to current guidance on financial instruments, including: ● Most equity investments will be measured at fair value through net income (equity ● Impairment testing for equity investments without readily determinable fair value will be ● Valuation allowances on deferred tax assets (DTAs) related to available-for-sale debt ● Disclosure of the method(s) and significant assumptions used in fair value estimates for ● Exit price, rather than entry price, for certain fair value disclosures by public business ● Separate presentation of financial assets and financial liabilities by measurement category and form of financial asset, i.e. balance sheet or in financial statement notes will be required. This standard will be effective for public business entities for fiscal years beginning after December 15, 2017, including interim periods. All other entities would have an additional year to adopt for annual financial statements and two years for interim financial statements. Nonpublic business entities can early adopt as of December 15, 2017, including interim periods. Adoption of the ASU is not expected to have a significant effect on the Company's consolidated financial statements. FASB ASU No. 2016-02 – Leases (Topic 842) Under the new guidance, lessees will be required to recognize the following for all leases (with the exception of short-term leases) at the commencement date: ● A lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and ● A right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Under the new guidance, lessor accounting is largely unchanged. Certain targeted improvements were made to align, where necessary, lessor accounting with the lessee accounting model and Topic 606, Revenue from Contracts with Customers The new lease guidance simplified the accounting for sale and leaseback transactions primarily because lessees must recognize lease assets and lease liabilities. Lessees will no longer be provided with a source of off-balance sheet financing. This standard will be effective for pubic business entities for fiscal year beginning after December 15, 2018 including interim periods within those fiscal years. Nonpublic business entities should apply the amendments for fiscal years beginning after December 15, 2019 and interim periods within fiscal years beginning after December 15, 2020. Early application is permitted for all public business entities and all nonpublic business entities upon issuance. Lessees (for capital and operating leases) and lessors (for sales-type, direct financing and operating leases) must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The modified retrospective approach would not require any transition accounting for leases that expired before the earliest comparative period presented. Lessees and lessors may not apply a full retrospective transition approach. Adoption of the ASU is not expected to have a significant effect on the Company’s consolidated financial statements. FASB ASU No. 2016-06, Derivatives and Hedging (Topic 815): Contingent Put and Call Options in Debt Instruments Topic 815, Derivatives and Hedging, requires that embedded derivatives be separated from the host contract and accounted for separately as derivatives if certain criteria are met. One of those criteria is that the economic characteristics and risks of the embedded derivatives are not clearly and closely related to the economic characteristics and risks of the host contract (the “clearly and closely related” criterion). U.S. GAAP provides specific guidance for assessing whether call (put) options that can accelerate the repayment of principal on a debt instrument meet the clearly and closely related criterion. The guidance states that for contingent call (put) options to be considered clearly and closely related, they can be indexed only to interest rates or credit risk. The amendments clarify what steps are required when assessing whether the economic characteristics and risks of call (put) options are clearly and closely related to the economic characteristics and risks of their debt hosts, which is one of the criteria for bifurcating an embedded derivative. Consequently, when a call (put) option is contingently exercisable, an entity does not have to assess whether the event that triggers the ability to exercise a call (put) option is related to interest rates or credit risks. This standard will be effective for pubic business entities for fiscal year beginning after December 15, 2016 including interim periods within those fiscal years. Nonpublic business entities should apply the amendments for fiscal years beginning after December 15, 2017, and interim periods within fiscal years beginning after December 15, 2018. Early application is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. Adoption of the ASU is not expected to have a significant effect on the Company’s consolidated financial statements. FASB ASU No. 2016-07, Investments – Equity Method and Joint Ventures (Topic 323) The amendments eliminate the requirement that when an investment qualifies for use of the equity method as a result of an increase in the level of ownership interest or degree of influence, an investor must adjust the investment, results of operations, and retained earnings retroactively on a step-by-step basis as if the equity method had been in effect during all previous periods that the investment had been held. The amendments require that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor’s previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. Therefore, upon qualifying for the equity method of accounting, no retroactive adjustment of the investment is required. The amendments require that an entity that has an available-for-sale equity security that becomes qualified for the equity method of accounting recognize through earnings the unrealized holding gain or loss in accumulated other comprehensive income at the date the investment becomes qualified for use of the equity method. The amendments are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. The amendments should be applied prospectively upon their effective date to increases in the level of ownership interest or degree of influence that result in the adoption of the equity method. Earlier application is permitted. Adoption of the ASU is not expected to have a significant effect on the Company’s consolidated financial statements. FASB ASU No. 2016-08, 2016-10, 2016-12, Revenue from Contracts with Customers (Topic 606) In May 2014, the FASB issued ASU 2014-09, “ Revenue from Contracts with Customers Principal versus Agent Considerations (Reporting Revenue Gross versus Net) Identifying Performance Obligations and Licensing Narrow-Scope Improvements and Practical Expedients For public business entities, the amendments are effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods with that reporting period, as deferred by ASU 2015-14. Early application is permitted as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within the reporting period. All other entities should apply the guidance to annual reporting periods beginning after December 15, 2018, and interim reporting periods within annual reporting periods beginning after December 15, 2019. Early application is permitted for all other entities as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within annual reporting periods beginning one year after the annual reporting period in which the entity first applies the guidance in Update 2014-09. The Company will be evaluating the impact of adopting this ASU. FASB ASU No. 2016-09, Compensation—Stock Compensation (Topic 718) In March 2016, as part of its Simplification Initiative, the FASB issued ASU No. 2016-09, Compensation–Stock Compensation Improvements to Employee Share-Based Payment Accounting If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. An entity that elects early adoption must adopt all of the amendments in the same period. The Company will be evaluating the impact of adopting this ASU. FASB ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments This ASU is intended to improve financial reporting by requiring timelier recording of credit losses on loans and other financial instruments held by financial institutions and other organizations. The ASU requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better inform their credit loss estimates. Many of the loss estimation techniques applied today will still be permitted, although the inputs to those techniques will change to reflect the full amount of expected credit losses. Organizations will continue to use judgment to determine which loss estimation method is appropriate for their circumstances. The ASU requires enhanced disclosures to help investors and other financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an organization’s portfolio. These disclosures include qualitative and quantitative requirements that provide additional information about the amounts recorded in the financial statements. In addition, the ASU amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. For public business entities that are U.S. Securities and Exchange Commission (SEC) filers, the amendments in this Update are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. For all other public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. For all other entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2020, and interim periods within fiscal years beginning after December 15, 2021. All entities may adopt the amendments in this Update earlier as of the fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company will be evaluating the impact of adopting this ASU. FASB ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force) The amendments in this Update provide guidance on eight cash flow issues where current Generally Accepted Accounting Principles is either unclear or does not include specific guidance. The eight cash flow issues are as follows: 1. Debt prepayment or debt extinguishment costs 2. Settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing 3. Contingent consideration payments made after a business combination 4. Proceeds from the settlement of insurance claims 5. Proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies 6. Distribution received from equity method investees 7. Beneficial interest in securitization transactions 8. Separately identifiable cash flows and application of the predominance principle The amendments are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. An entity that elects early adoption must adopt all of the amendments in the same period. The Company will be evaluating the impact of adopting this ASU. |
Note 3 - Securities (Tables)
Note 3 - Securities (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Held-to-maturity Securities [Table Text Block] | Amortized Gross Gross Held to Maturity Securities: September 30, 2016 Treasury bond $ 499 $ 1 $ -- $ 500 Amortized Gross Gross Held to Maturity Securities: December 31, 2015 Treasury bond $ 500 $ -- $ -- $ 500 |
Summary of Contractual Maturity Information for Securities Held to Maturity [Table Text Block] | September 30, 2016 Amortized Fair Within one year $ 499 $ 500 One to five years — — Five to ten years — — After ten years — — Totals $ 499 $ 500 |
Note 4 - Loans and Allowance 17
Note 4 - Loans and Allowance for Loan Losses (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | September 30, 2016 December 31, 2015 Real Estate One-to four-family $ 37,135 $ 39,719 Home equity 4,316 5,459 Commercial mortgage loans Commercial real estate 186,228 183,934 Multifamily 55,122 58,804 Land 11,907 12,543 Construction 12,893 14,785 Commercial non-mortgage 20,431 14,826 Consumer 1,061 1,221 Total loans 329,093 331,291 Less Net deferred loan costs, premiums and discounts 547 567 Undisbursed portion of loan 3,604 6,050 Allowance for loan losses 9,320 10,061 Net Loans $ 315,622 $ 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 September 30, 2016 Allowance for loan losses: Balance, beginning of period $ 948 $ 108 $ 4,913 $ 1,515 $ 1,605 $ 604 $ 344 $ 24 $ 10,061 Provision (credit) charged to expense (206 ) (61 ) 776 (451 ) (461 ) (391 ) 49 (15 ) (760 ) Losses charged off (67 ) - (85 ) - - - - - (152 ) Recoveries 49 - 38 - 81 - - 3 171 Balance, end of period $ 724 $ 47 $ 5,642 $ 1,064 $ 1,225 $ 213 $ 393 $ 12 $ 9,320 Ending Balance: individually evaluated for impairment $ - $ - $ 360 $ - $ 550 $ - $ - $ - $ 910 Ending balance: collectively evaluated for impairment $ 724 $ 47 $ 5,282 $ 1,064 $ 675 $ 213 $ 393 $ 12 $ 8,410 Loans: Ending Balance $ 37,135 $ 4,316 $ 186,228 $ 55,122 $ 11,907 $ 12,893 $ 20,431 $ 1,061 $ 329,093 Ending Balance: individually evaluated for impairment $ 1,363 $ - $ 8,661 $ 6,740 $ 1,176 $ - $ - $ - $ 17,940 Ending balance: collectively evaluated for impairment $ 35,772 $ 4,316 $ 177,567 $ 48,382 $ 10,731 $ 12,893 $ 20,431 $ 1,061 $ 311,153 Loan Class 1-4 Family Home Equity Commercial Real Estate Multifamily Land Construction Commercial Non- Mortgage Consumer Total Quarter to date analysis as of September 30, 2016 Allowance for loan losses: Balance, beginning of period $ 718 $ 63 $ 5,668 $ 1,265 $ 1,466 $ 250 $ 387 $ 12 $ 9,829 Provision (credit) charged to expense (16 ) (16 ) (2 ) (201 ) (294 ) (37 ) 6 - (560 ) Losses charged off - - (85 ) - - - - - (85 ) Recoveries 22 - 61 - 53 - - - 136 Balance, end of period $ 724 $ 47 $ 5,642 $ 1,064 $ 1,225 $ 213 $ 393 $ 12 $ 9,320 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 September 30, 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 220 24 (85 ) 22 366 52 49 2 650 Losses charged off (45 ) - - - - - - (1 ) (46 ) Recoveries 28 - 864 - 7 - - 3 902 Balance, end of period $ 1,084 $ 124 $ 4,352 $ 1,413 $ 1,578 $ 591 $ 318 $ 22 $ 9,482 Ending Balance: individually evaluated for impairment $ 150 $ - $ 200 $ 100 $ 850 $ - $ - $ - $ 1,300 Ending balance: collectively evaluated for impairment $ 934 $ 124 $ 4,152 $ 1,313 $ 728 $ 591 $ 318 $ 22 $ 8,182 Loans: Ending Balance $ 43,008 $ 6,897 $ 174,044 $ 58,961 $ 13,014 $ 13,966 $ 14,806 $ 1,216 $ 325,912 Ending Balance: individually evaluated for impairment $ 2,293 $ - $ 12,558 $ 7,956 $ 2,507 $ - $ 308 $ - $ 25,622 Ending balance: collectively evaluated for impairment $ 40,715 $ 6,897 $ 161,486 $ 51,005 $ 10,507 $ 13,966 $ 14,498 $ 1,216 $ 300,290 Loan Class 1-4 Family Home Equity Commercial Real Estate Multifamily Land Construction Commercial Non- Mortgage Consumer Total Quarter to date analysis as of September 30, 2015 Allowance for loan losses: Balance, beginning of period $ 1,000 $ 112 $ 4,291 $ 1,522 $ 1,289 $ 622 $ 317 $ 23 $ 9,176 Provision charged to expense 78 12 (87 ) (109 ) 288 (31 ) 1 (2 ) 150 Losses charged off - - - - - - - - - Recoveries 6 - 148 - 1 - - 1 156 Balance, end of period $ 1,084 $ 124 $ 4,352 $ 1,413 $ 1,578 $ 591 $ 318 $ 22 $ 9,482 |
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 $ 34,515 $ 36,941 $ 4,316 $ 5,459 $ 157,265 $ 150,122 $ 43,590 $ 46,230 Pass (Closely Monitored) 1,179 1,437 - - 19,468 21,156 8,157 8,142 Special Mention 296 225 - - 2,199 751 - - Substandard 1,145 1,116 - - 7,296 11,905 3,375 4,432 Doubtful - - - - - - - - Loss - - - - - - - - $ 37,135 $ 39,719 $ 4,316 $ 5,459 $ 186,228 $ 183,934 $ 55,122 $ 58,804 Land Construction Commercial Non- Mortgage Consumer Total 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 Pass $ 9,759 $ 9,462 $ 12,893 $ 14,785 $ 17,017 $ 9,626 $ 1,061 $ 1,221 $280,416 $273,846 Pass (Closely Monitored) 972 1,239 - - 211 4,904 - - 29,987 36,878 Special Mention - - - - 3,203 - - - 5,698 976 Substandard 1,176 1,842 - - - 296 - - 12,992 19,591 Doubtful - - - - - - - - - - Loss - - - - - - - - - - $ 11,907 $ 12,543 $ 12,893 $ 14,785 $ 20,431 $ 14,826 $ 1,061 $ 1,221 $329,093 $331,291 |
Past Due Financing Receivables [Table Text Block] | As of September 30, 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 $ 182 $ - $ 146 $ 328 $ 36,807 $ 37,135 $ - $ 146 Home Equity - - - - 4,316 4,316 - - Commercial Real Estate 679 656 161 1,496 184,732 186,228 - 5,137 Multifamily - - - - 55,122 55,122 - 359 Land - - 1,176 1,176 10,731 11,907 - 1,176 Construction - - - - 12,893 12,893 - - Commercial Non-Mortgage - - - - 20,431 20,431 - - Consumer 6 - - 6 1,055 1,061 - - Total $ 867 $ 656 $ 1,483 $ 3,006 $ 326,087 $ 329,093 $ - $ 6,818 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 QTD YTD QTD YTD Recorded Principal Specific Average Average Interest Interest Balance Balance Allowance Balance Balance Income Income Loans without a specific valuation allowance: 1-4 Family $ 1,363 $ 1,488 $ - $ 1,217 $ 1,245 $ 18 $ 42 Home Equity - - - - - - - Commercial real estate 7,900 10,000 - 7,749 8,570 17 116 Multi Family 6,740 7,597 - 6,872 7,075 103 307 Land - - - - 32 - - Construction - - - - - - - Commercial Non-Mortgage - - - - - - - Consumer - - - - - - - Loans with a specific valuation allowance: 1-4 Family $ - $ - $ - $ - $ - $ - $ - Home Equity - - - - - - - Commercial real estate 761 846 360 465 310 2 6 Multi Family - - - - - - - Land 1,176 3,249 550 1,348 2,090 - - Construction - - - - - - - Commercial Non-Mortgage - - - - - - - Consumer - - - - - - - Totals 1-4 Family $ 1,363 $ 1,488 $ - $ 1,217 $ 1,245 $ 18 $ 42 Home Equity - - - - - - - Commercial real estate 8,661 10,846 360 8,214 8,880 19 122 Multi Family 6,740 7,597 - 6,872 7,075 103 307 Land 1,176 3,249 550 1,348 2,122 - - Construction - - - - - - - Commercial Non-Mortgage - - - - - - - Consumer - - - - - - - Total $ 17,940 $ 23,180 $ 910 $ 17,651 $ 19,322 $ 140 $ 471 Recorded Unpaid 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 QTD YTD QTD YTD Recorded Principal Specific Average Average Interest Interest Balance Balance Allowance Balance Balance Income Income Loans without a specific valuation allowance: 1-4 Family $ 1,155 $ 1,286 $ - $ 1,390 $ 1,398 $ 16 $ 52 Home Equity - - - 20 31 - - Commercial real estate 10,064 11,888 - 10,706 10,865 79 199 Multi Family 6,654 7,468 - 6,718 6,750 117 279 Land 467 739 - 481 492 7 21 Construction - 2 - - 1,783 - - Commercial Non-Mortgage - - - - 5 - - Consumer - - - - - - - Loans with a specific valuation allowance: 1-4 Family $ 1,138 $ 1,138 $ 150 $ 498 $ 148 $ 1 $ 7 Home Equity - - - - - - - Commercial real estate 2,494 2,494 200 2,543 2,639 43 134 Multi Family 1,302 1,302 100 1,328 1,332 21 61 Land 2,040 3,811 850 2,205 2,329 - - Construction - - - - - - - Commercial Non-Mortgage 308 308 - 317 321 5 17 Consumer - - - - - - - Totals 1-4 Family $ 2,293 $ 2,424 $ 150 $ 1,888 $ 1,546 $ 17 $ 59 Home Equity - - - 20 31 - - Commercial real estate 12,558 14,382 200 13,249 13,504 122 333 Multi Family 7,956 8,770 100 8,046 8,082 138 340 Land 2,507 4,550 850 2,686 2,821 7 21 Construction - 2 - - 1,783 - - Commercial Non-Mortgage 308 308 - 317 326 5 17 Consumer - - - - - - - Total $ 25,622 $ 30,436 $ 1,300 $ 26,206 $ 28,093 $ 289 $ 770 |
Schedule of Debtor Troubled Debt Restructuring, Current Period [Table Text Block] | Three m onths e nded Nine months ended September 30, 2016 September 30, 2016 Balance Balance Balance Balance prior to after prior to after Count TDR TDR Count TDR TDR (Dollars in thousands) Commercial real estate 2 681 681 3 1,677 1,677 Total loans 2 $ 681 $ 681 3 $ 1,677 $ 1,677 Three months ended Nine months ended September 30, 2015 September 30, 2015 Balance Balance Balance Balance prior to after prior to after Count TDR TDR Count TDR TDR (Dollars in thousands) Commercial real estate 2 745 745 2 745 745 Total loans 2 $ 745 $ 745 2 $ 745 $ 745 |
Note 5 - Disclosures About Fa18
Note 5 - Disclosures About Fair Value of Assets and Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Fair Value Measurements, Nonrecurring [Table Text Block] | Fair Value Measurements Using Fair Quoted Prices Significant Significant September 30, 2016 Collateral-dependent Impaired loans $ 2,122 $ -- $ -- $ 2,122 December 31, 2015 Collateral-dependent Impaired loans $ -- $ -- $ -- $ -- |
Fair Value Inputs, Assets, Quantitative Information [Table Text Block] | Collateral-dependent Impaired Loans Fair Value Valuation Technique Unobservable Inputs Range (Weighted Average) As of September 30, 2016 Collateral-dependent impaired loans $ 2,122 Market comparable properties Marketability discount 0 - 23% (16%) December 31, 2015 Collateral-dependent impaired loans $ -- Market comparable properties Marketability discount -- |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Fair Value Measurements Using As of September 30, 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 $ 42,870 $ 42,870 $ - $ - Interest-earning time deposits 996 996 - - Held to maturity securities 499 - 500 - Loans held for sale 224 - 224 - Loans, net of allowance for loan losses 315,622 - - 319,390 Federal Home Loan Bank stock 2,700 - 2,700 - Interest receivable 853 - 853 - Financial liabilities Deposits $ 255,621 $ 109,978 $ - $ 147,178 Federal Home Loan Bank advances 47,000 - 46,375 - Interest payable 187 - 187 - 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) | 9 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three months ended September 30, 2016 Three months ended September 30, 2015 Net Income $ 1,383 $ 915 Dividends and undistributed earnings allocated to participating securities (20 ) (18 ) Income attributable to common shareholders 1,363 897 Weighted average shares outstanding (in thousands) 2,121 2,202 Less: average unearned ESOP and unvested restricted stock (174 ) (207 ) Average Shares 1,947 1,995 Effect of dilutive based awards 32 23 Average common and common-equivalent shares for diluted EPS (in thousands) 1,979 2,018 Basic EPS $ 0.70 $ 0.45 Diluted EPS $ 0.69 $ 0.44 Nine months ended September 30, 2016 Nine months ended September 30, 2015 Net Income $ 3,534 $ 2,385 Dividends and undistributed earnings allocated to participating securities (50 ) (46 ) Income attributable to common shareholders 3,484 2,339 Weighted average shares outstanding (in thousands) 2,142 2,210 Less: average unearned ESOP and unvested restricted stock (174 ) (207 ) Average Shares 1,968 2,003 Effect of dilutive based awards 32 23 Average common and common-equivalent shares for diluted EPS (in thousands) 2,000 2,026 Basic EPS $ 1.77 $ 1.17 Diluted EPS $ 1.74 $ 1.15 |
Note 7 - Share-based Compensa20
Note 7 - Share-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
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 (1,503 ) 17.30 -- -- Forfeited (3,888 ) 19.58 -- -- Expired -- -- -- -- Options outstanding at September 30, 2016 123,558 $ 17.86 6 $ 1,103 Exercisable at September 30, 2016 93,721 $ 17.37 6 $ 885 |
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 $ 19.16 Granted - - Vested (13,745 ) 17.57 Forfeited (2,717 ) 19.02 Non-vested at September 30, 2016 20,072 20.24 |
Note 3 - Securities (Details Te
Note 3 - Securities (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Proceeds from Sale of Held-to-maturity Securities | $ 0 | $ 0 | $ 0 | $ 0 |
Note 3 - Securities - Summary o
Note 3 - Securities - Summary of Amortized Cost and Approximate Fair Values of Held to Maturity Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Held to maturity securities, amortized cost | $ 499 | $ 500 |
Held to maturity securities, gross unrealized gains | 1 | |
Held to maturity securities, gross unrealized losses | ||
Held to maturity securities, fair value | $ 500 | $ 500 |
Note 3 - Securities - Summary23
Note 3 - Securities - Summary of Amortization Cost and Fair Value of Held to Maturity Securities by Contractual Maturity (Details) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Within one year | $ 499,000 | |
Within one year | 500,000 | |
One to five years | 0 | |
One to five years | 0 | |
Five to ten years | 0 | |
Five to ten years | 0 | |
After ten years | 0 | |
After ten years | 0 | |
Totals | 499,000 | $ 500,000 |
Totals | $ 500,000 | $ 500,000 |
Note 4 - Loans and Allowance 24
Note 4 - Loans and Allowance for Loan Losses (Details Textual) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016USD ($) | Sep. 30, 2015 | Sep. 30, 2016USD ($) | Sep. 30, 2015 | |
Residential Portfolio Segment [Member] | One- to Four-family [Member] | ||||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 1 | |||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $ 202 | |||
Commercial Real Estate Portfolio Segment [Member] | Forbearance Agreement and Extended Maturity [Member] | ||||
Financing Receivable, Modifications, Number of Contracts | 1 | |||
Financing Receivable, Modifications, Recorded Investment | $ 996 | $ 996 | ||
Commercial Real Estate Portfolio Segment [Member] | Interest Payments [Member] | ||||
Financing Receivable, Modifications, Number of Contracts | 2 | |||
Financing Receivable, Modifications, Recorded Investment | $ 681 | $ 681 | ||
Minimum [Member] | ||||
Period for Discontinuation of Accrual of Interest on All Loan Classes | 180 days | |||
Charge Down to Net Realizable Value | 120 days | |||
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 | 180 days | |||
Financing Receivable, Modifications, Number of Contracts | 2 | 2 | 3 | 2 |
Minimum Period for Realizable of Troubled Debt Restructuring Loans into Nonaccrual Status or Default Loans | 90 days |
Note 4 - Loans and Allowance 25
Note 4 - Loans and Allowance for Loan Losses - Summary of Loans by Categories of Loans Class (Details) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 |
Residential Portfolio Segment [Member] | One- to Four-family [Member] | |||
Total loans | $ 37,135,000 | $ 39,719,000 | $ 43,008,000 |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Total loans | 4,316,000 | 5,459,000 | 6,897,000 |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | |||
Total loans | 186,228,000 | 183,934,000 | 174,044,000 |
Commercial Real Estate Portfolio Segment [Member] | Multifamily Loan [Member] | |||
Total loans | 55,122,000 | 58,804,000 | 58,961,000 |
Commercial Real Estate Portfolio Segment [Member] | Land Loan [Member] | |||
Total loans | 11,907,000 | 12,543,000 | 13,014,000 |
Construction Portfolio Segment [Member] | |||
Total loans | 12,893,000 | 14,785,000 | 13,966,000 |
Commercial Portfolio Segment [Member] | |||
Total loans | 20,431,000 | 14,826,000 | 14,806,000 |
Consumer Portfolio Segment [Member] | |||
Total loans | 1,061,000 | 1,221,000 | 1,216,000 |
Total loans | 329,093,000 | 331,291,000 | $ 325,912,000 |
Net deferred loan costs, premiums and discounts | 547,000 | 567,000 | |
Undisbursed portion of loan | 3,604,000 | 6,050,000 | |
Allowance for loan losses | 9,320,000 | 10,061,000 | |
Net Loans | $ 315,622,000 | $ 314,613,000 |
Note 4 - Loans and Allowance 26
Note 4 - Loans and Allowance for Loan Losses - Financing Receivables and Allowance for Credit Losses on Financing Receivables (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Residential Portfolio Segment [Member] | One- to Four-family [Member] | |||||
Balance, beginning of period | $ 718,000 | $ 1,000,000 | $ 948,000 | $ 881,000 | $ 881,000 |
Provision (credit) charged to expense | (16,000) | 78,000 | (206,000) | 220,000 | 79,000 |
Losses charged off | 0 | (67,000) | (45,000) | (45,000) | |
Recoveries | 22,000 | 6,000 | 49,000 | 28,000 | 33,000 |
Balance, end of period | 724,000 | 1,084,000 | 724,000 | 1,084,000 | 948,000 |
Allowance for loan losses: individually evaluated for impairment | 0 | 150,000 | 0 | 150,000 | 0 |
Allowance for loan losses: collectively evaluated for impairment | 724,000 | 934,000 | 724,000 | 934,000 | 948,000 |
Loans | 37,135,000 | 43,008,000 | 37,135,000 | 43,008,000 | 39,719,000 |
Loans: individually evaluated for impairment | 1,363,000 | 2,293,000 | 1,363,000 | 2,293,000 | 1,504,000 |
Loans: collectively evaluated for impairment | 35,772,000 | 40,715,000 | 35,772,000 | 40,715,000 | 38,215,000 |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | |||||
Balance, beginning of period | 63,000 | 112,000 | 108,000 | 100,000 | 100,000 |
Provision (credit) charged to expense | (16,000) | 12,000 | (61,000) | 24,000 | 8,000 |
Losses charged off | 0 | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 | 0 |
Balance, end of period | 47,000 | 124,000 | 47,000 | 124,000 | 108,000 |
Allowance for loan losses: individually evaluated for impairment | 0 | 0 | 0 | 0 | 0 |
Allowance for loan losses: collectively evaluated for impairment | 47,000 | 124,000 | 47,000 | 124,000 | 108,000 |
Loans | 4,316,000 | 6,897,000 | 4,316,000 | 6,897,000 | 5,459,000 |
Loans: individually evaluated for impairment | 0 | 0 | 0 | 0 | 0 |
Loans: collectively evaluated for impairment | 4,316,000 | 6,897,000 | 4,316,000 | 6,897,000 | 5,459,000 |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | |||||
Balance, beginning of period | 5,668,000 | 4,291,000 | 4,913,000 | 3,573,000 | 3,573,000 |
Provision (credit) charged to expense | (2,000) | (87,000) | 776,000 | (85,000) | 72,000 |
Losses charged off | (85,000) | 0 | (85,000) | 0 | 0 |
Recoveries | 61,000 | 148,000 | 38,000 | 864,000 | 1,268,000 |
Balance, end of period | 5,642,000 | 4,352,000 | 5,642,000 | 4,352,000 | 4,913,000 |
Allowance for loan losses: individually evaluated for impairment | 360,000 | 200,000 | 360,000 | 200,000 | 200,000 |
Allowance for loan losses: collectively evaluated for impairment | 5,282,000 | 4,152,000 | 5,282,000 | 4,152,000 | 4,713,000 |
Loans | 186,228,000 | 174,044,000 | 186,228,000 | 174,044,000 | 183,934,000 |
Loans: individually evaluated for impairment | 8,661,000 | 12,558,000 | 8,661,000 | 12,558,000 | 12,280,000 |
Loans: collectively evaluated for impairment | 177,567,000 | 161,486,000 | 177,567,000 | 161,486,000 | 171,654,000 |
Commercial Real Estate Portfolio Segment [Member] | Multifamily Loan [Member] | |||||
Balance, beginning of period | 1,265,000 | 1,522,000 | 1,515,000 | 1,391,000 | 1,391,000 |
Provision (credit) charged to expense | (201,000) | (109,000) | (451,000) | 22,000 | 124,000 |
Losses charged off | 0 | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 | 0 |
Balance, end of period | 1,064,000 | 1,413,000 | 1,064,000 | 1,413,000 | 1,515,000 |
Allowance for loan losses: individually evaluated for impairment | 0 | 100,000 | 0 | 100,000 | 100,000 |
Allowance for loan losses: collectively evaluated for impairment | 1,064,000 | 1,313,000 | 1,064,000 | 1,313,000 | 1,415,000 |
Loans | 55,122,000 | 58,961,000 | 55,122,000 | 58,961,000 | 58,804,000 |
Loans: individually evaluated for impairment | 6,740,000 | 7,956,000 | 6,740,000 | 7,956,000 | 7,877,000 |
Loans: collectively evaluated for impairment | 48,382,000 | 51,005,000 | 48,382,000 | 51,005,000 | 50,927,000 |
Commercial Real Estate Portfolio Segment [Member] | Land Loan [Member] | |||||
Balance, beginning of period | 1,466,000 | 1,289,000 | 1,605,000 | 1,205,000 | 1,205,000 |
Provision (credit) charged to expense | (294,000) | 288,000 | (461,000) | 366,000 | 374,000 |
Losses charged off | 0 | 0 | 0 | 0 | 0 |
Recoveries | 53,000 | 1,000 | 81,000 | 7,000 | 26,000 |
Balance, end of period | 1,225,000 | 1,578,000 | 1,225,000 | 1,578,000 | 1,605,000 |
Allowance for loan losses: individually evaluated for impairment | 550,000 | 850,000 | 550,000 | 850,000 | 850,000 |
Allowance for loan losses: collectively evaluated for impairment | 675,000 | 728,000 | 675,000 | 728,000 | 755,000 |
Loans | 11,907,000 | 13,014,000 | 11,907,000 | 13,014,000 | 12,543,000 |
Loans: individually evaluated for impairment | 1,176,000 | 2,507,000 | 1,176,000 | 2,507,000 | 1,883,000 |
Loans: collectively evaluated for impairment | 10,731,000 | 10,507,000 | 10,731,000 | 10,507,000 | 10,660,000 |
Construction Portfolio Segment [Member] | |||||
Balance, beginning of period | 250,000 | 622,000 | 604,000 | 539,000 | 539,000 |
Provision (credit) charged to expense | (37,000) | (31,000) | (391,000) | 52,000 | 65,000 |
Losses charged off | 0 | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 | 0 |
Balance, end of period | 213,000 | 591,000 | 213,000 | 591,000 | 604,000 |
Allowance for loan losses: individually evaluated for impairment | 0 | 0 | 0 | 0 | 0 |
Allowance for loan losses: collectively evaluated for impairment | 213,000 | 591,000 | 213,000 | 591,000 | 604,000 |
Loans | 12,893,000 | 13,966,000 | 12,893,000 | 13,966,000 | 14,785,000 |
Loans: individually evaluated for impairment | 0 | 0 | 0 | 0 | 0 |
Loans: collectively evaluated for impairment | 12,893,000 | 13,966,000 | 12,893,000 | 13,966,000 | 14,785,000 |
Commercial Portfolio Segment [Member] | |||||
Balance, beginning of period | 387,000 | 317,000 | 344,000 | 269,000 | 269,000 |
Provision (credit) charged to expense | 6,000 | 1,000 | 49,000 | 49,000 | 75,000 |
Losses charged off | 0 | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 | 0 |
Balance, end of period | 393,000 | 318,000 | 393,000 | 318,000 | 344,000 |
Allowance for loan losses: individually evaluated for impairment | 0 | 0 | 0 | 0 | 0 |
Allowance for loan losses: collectively evaluated for impairment | 393,000 | 318,000 | 393,000 | 318,000 | 344,000 |
Loans | 20,431,000 | 14,806,000 | 20,431,000 | 14,806,000 | 14,826,000 |
Loans: individually evaluated for impairment | 0 | 308,000 | 0 | 308,000 | 295,000 |
Loans: collectively evaluated for impairment | 20,431,000 | 14,498,000 | 20,431,000 | 14,498,000 | 14,531,000 |
Consumer Portfolio Segment [Member] | |||||
Balance, beginning of period | 12,000 | 23,000 | 24,000 | 18,000 | 18,000 |
Provision (credit) charged to expense | (2,000) | (15,000) | 2,000 | 3,000 | |
Losses charged off | 0 | 0 | 0 | (1,000) | (1,000) |
Recoveries | 0 | 1,000 | 3,000 | 3,000 | 4,000 |
Balance, end of period | 12,000 | 22,000 | 12,000 | 22,000 | 24,000 |
Allowance for loan losses: individually evaluated for impairment | 0 | 0 | 0 | 0 | 0 |
Allowance for loan losses: collectively evaluated for impairment | 12,000 | 22,000 | 12,000 | 22,000 | 24,000 |
Loans | 1,061,000 | 1,216,000 | 1,061,000 | 1,216,000 | 1,221,000 |
Loans: individually evaluated for impairment | 0 | 0 | 0 | 0 | 0 |
Loans: collectively evaluated for impairment | 1,061,000 | 1,216,000 | 1,061,000 | 1,216,000 | 1,221,000 |
Balance, beginning of period | 9,829,000 | 9,176,000 | 10,061,000 | 7,976,000 | 7,976,000 |
Provision (credit) charged to expense | (560,000) | 150,000 | (760,000) | 650,000 | 800,000 |
Losses charged off | (85,000) | 0 | (152,000) | (46,000) | (46,000) |
Recoveries | 136,000 | 156,000 | 171,000 | 902,000 | 1,331,000 |
Balance, end of period | 9,320,000 | 9,482,000 | 9,320,000 | 9,482,000 | 10,061,000 |
Allowance for loan losses: individually evaluated for impairment | 910,000 | 1,300,000 | 910,000 | 1,300,000 | 1,150,000 |
Allowance for loan losses: collectively evaluated for impairment | 8,410,000 | 8,182,000 | 8,410,000 | 8,182,000 | 8,911,000 |
Loans | 329,093,000 | 325,912,000 | 329,093,000 | 325,912,000 | 331,291,000 |
Loans: individually evaluated for impairment | 17,940,000 | 25,622,000 | 17,940,000 | 25,622,000 | 23,839,000 |
Loans: collectively evaluated for impairment | $ 311,153,000 | $ 300,290,000 | $ 311,153,000 | $ 300,290,000 | $ 307,452,000 |
Note 4 - Loans and Allowance 27
Note 4 - Loans and Allowance for Loan Losses - Credit Risk Profile of Our Loan Portfolio Based on Rating Category and Payment Activity (Details) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 |
Pass [Member] | Residential Portfolio Segment [Member] | One- to Four-family [Member] | |||
Total loans | $ 34,515,000 | $ 36,941,000 | |
Pass [Member] | Residential Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Total loans | 4,316,000 | 5,459,000 | |
Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | Land Loan [Member] | |||
Total loans | 9,759,000 | 9,462,000 | |
Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | |||
Total loans | 157,265,000 | 150,122,000 | |
Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | Multifamily Loan [Member] | |||
Total loans | 43,590,000 | 46,230,000 | |
Pass [Member] | Construction Portfolio Segment [Member] | |||
Total loans | 12,893,000 | 14,785,000 | |
Pass [Member] | Commercial Portfolio Segment [Member] | |||
Total loans | 17,017,000 | 9,626,000 | |
Pass [Member] | Consumer Portfolio Segment [Member] | |||
Total loans | 1,061,000 | 1,221,000 | |
Pass [Member] | |||
Total loans | 280,416,000 | 273,846,000 | |
Pass Closely Monitored [Member] | Residential Portfolio Segment [Member] | One- to Four-family [Member] | |||
Total loans | 1,179,000 | 1,437,000 | |
Pass Closely Monitored [Member] | Residential Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Total loans | 0 | 0 | |
Pass Closely Monitored [Member] | Commercial Real Estate Portfolio Segment [Member] | Land Loan [Member] | |||
Total loans | 972,000 | 1,239,000 | |
Pass Closely Monitored [Member] | Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | |||
Total loans | 19,468,000 | 21,156,000 | |
Pass Closely Monitored [Member] | Commercial Real Estate Portfolio Segment [Member] | Multifamily Loan [Member] | |||
Total loans | 8,157,000 | 8,142,000 | |
Pass Closely Monitored [Member] | Construction Portfolio Segment [Member] | |||
Total loans | |||
Pass Closely Monitored [Member] | Commercial Portfolio Segment [Member] | |||
Total loans | 211,000 | 4,904,000 | |
Pass Closely Monitored [Member] | Consumer Portfolio Segment [Member] | |||
Total loans | |||
Pass Closely Monitored [Member] | |||
Total loans | 29,987,000 | 36,878,000 | |
Special Mention [Member] | Residential Portfolio Segment [Member] | One- to Four-family [Member] | |||
Total loans | 296,000 | 225,000 | |
Special Mention [Member] | Residential Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Total loans | 0 | 0 | |
Special Mention [Member] | Commercial Real Estate Portfolio Segment [Member] | Land Loan [Member] | |||
Total loans | |||
Special Mention [Member] | Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | |||
Total loans | 2,199,000 | 751,000 | |
Special Mention [Member] | Commercial Real Estate Portfolio Segment [Member] | Multifamily Loan [Member] | |||
Total loans | 0 | 0 | |
Special Mention [Member] | Construction Portfolio Segment [Member] | |||
Total loans | |||
Special Mention [Member] | Commercial Portfolio Segment [Member] | |||
Total loans | 3,203,000 | ||
Special Mention [Member] | Consumer Portfolio Segment [Member] | |||
Total loans | |||
Special Mention [Member] | |||
Total loans | 5,698,000 | 976,000 | |
Substandard [Member] | Residential Portfolio Segment [Member] | One- to Four-family [Member] | |||
Total loans | 1,145,000 | 1,116,000 | |
Substandard [Member] | Residential Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Total loans | 0 | 0 | |
Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | Land Loan [Member] | |||
Total loans | 1,176,000 | 1,842,000 | |
Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | |||
Total loans | 7,296,000 | 11,905,000 | |
Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | Multifamily Loan [Member] | |||
Total loans | 3,375,000 | 4,432,000 | |
Substandard [Member] | Construction Portfolio Segment [Member] | |||
Total loans | |||
Substandard [Member] | Commercial Portfolio Segment [Member] | |||
Total loans | 296,000 | ||
Substandard [Member] | Consumer Portfolio Segment [Member] | |||
Total loans | |||
Substandard [Member] | |||
Total loans | 12,992,000 | 19,591,000 | |
Doubtful [Member] | Residential Portfolio Segment [Member] | One- to Four-family [Member] | |||
Total loans | 0 | 0 | |
Doubtful [Member] | Residential Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Total loans | 0 | 0 | |
Doubtful [Member] | Commercial Real Estate Portfolio Segment [Member] | Land Loan [Member] | |||
Total loans | |||
Doubtful [Member] | Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | |||
Total loans | 0 | 0 | |
Doubtful [Member] | Commercial Real Estate Portfolio Segment [Member] | Multifamily Loan [Member] | |||
Total loans | 0 | 0 | |
Doubtful [Member] | Construction Portfolio Segment [Member] | |||
Total loans | |||
Doubtful [Member] | Commercial Portfolio Segment [Member] | |||
Total loans | |||
Doubtful [Member] | Consumer Portfolio Segment [Member] | |||
Total loans | |||
Doubtful [Member] | |||
Total loans | |||
Loss [Member] | Residential Portfolio Segment [Member] | One- to Four-family [Member] | |||
Total loans | 0 | 0 | |
Loss [Member] | Residential Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Total loans | 0 | 0 | |
Loss [Member] | Commercial Real Estate Portfolio Segment [Member] | Land Loan [Member] | |||
Total loans | |||
Loss [Member] | Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | |||
Total loans | 0 | 0 | |
Loss [Member] | Commercial Real Estate Portfolio Segment [Member] | Multifamily Loan [Member] | |||
Total loans | 0 | 0 | |
Loss [Member] | Construction Portfolio Segment [Member] | |||
Total loans | |||
Loss [Member] | Commercial Portfolio Segment [Member] | |||
Total loans | |||
Loss [Member] | Consumer Portfolio Segment [Member] | |||
Total loans | |||
Loss [Member] | |||
Total loans | |||
Residential Portfolio Segment [Member] | One- to Four-family [Member] | |||
Total loans | 37,135,000 | 39,719,000 | $ 43,008,000 |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Total loans | 4,316,000 | 5,459,000 | 6,897,000 |
Commercial Real Estate Portfolio Segment [Member] | Land Loan [Member] | |||
Total loans | 11,907,000 | 12,543,000 | 13,014,000 |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | |||
Total loans | 186,228,000 | 183,934,000 | 174,044,000 |
Commercial Real Estate Portfolio Segment [Member] | Multifamily Loan [Member] | |||
Total loans | 55,122,000 | 58,804,000 | 58,961,000 |
Construction Portfolio Segment [Member] | |||
Total loans | 12,893,000 | 14,785,000 | 13,966,000 |
Commercial Portfolio Segment [Member] | |||
Total loans | 20,431,000 | 14,826,000 | 14,806,000 |
Consumer Portfolio Segment [Member] | |||
Total loans | 1,061,000 | 1,221,000 | 1,216,000 |
Total loans | $ 329,093,000 | $ 331,291,000 | $ 325,912,000 |
Note 4 - Loans and Allowance 28
Note 4 - Loans and Allowance for Loan Losses - Summary of Our Past Due and Non-accrual Loans (Details) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Residential Portfolio Segment [Member] | One- to Four-family [Member] | |||
Financing Receivable, Past Due | $ 182,000 | $ 151,000 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Residential Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Financing Receivable, Past Due | 0 | 0 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | |||
Financing Receivable, Past Due | 679,000 | 6,000 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Multifamily Loan [Member] | |||
Financing Receivable, Past Due | 0 | 1,291,000 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Land Loan [Member] | |||
Financing Receivable, Past Due | 0 | 0 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Construction Portfolio Segment [Member] | |||
Financing Receivable, Past Due | 0 | 0 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial Portfolio Segment [Member] | |||
Financing Receivable, Past Due | 0 | 0 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Consumer Portfolio Segment [Member] | |||
Financing Receivable, Past Due | 6,000 | 0 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Past Due | 867,000 | 1,448,000 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Residential Portfolio Segment [Member] | One- to Four-family [Member] | |||
Financing Receivable, Past Due | 0 | 152,000 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Residential Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Financing Receivable, Past Due | 0 | 0 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | |||
Financing Receivable, Past Due | 656,000 | 1,011,000 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Multifamily Loan [Member] | |||
Financing Receivable, Past Due | 0 | 0 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Land Loan [Member] | |||
Financing Receivable, Past Due | 0 | 0 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Construction Portfolio Segment [Member] | |||
Financing Receivable, Past Due | 0 | 0 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial Portfolio Segment [Member] | |||
Financing Receivable, Past Due | 0 | 0 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Consumer Portfolio Segment [Member] | |||
Financing Receivable, Past Due | 0 | 0 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Past Due | 656,000 | 1,163,000 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Residential Portfolio Segment [Member] | One- to Four-family [Member] | |||
Financing Receivable, Past Due | 146,000 | 0 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Residential Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Financing Receivable, Past Due | 0 | 0 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | |||
Financing Receivable, Past Due | 161,000 | 0 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Multifamily Loan [Member] | |||
Financing Receivable, Past Due | 0 | 0 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Land Loan [Member] | |||
Financing Receivable, Past Due | 1,176,000 | 1,842,000 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Construction Portfolio Segment [Member] | |||
Financing Receivable, Past Due | 0 | 0 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial Portfolio Segment [Member] | |||
Financing Receivable, Past Due | 0 | 0 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Consumer Portfolio Segment [Member] | |||
Financing Receivable, Past Due | 0 | 0 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Past Due | 1,483,000 | 1,842,000 | |
Residential Portfolio Segment [Member] | One- to Four-family [Member] | |||
Financing Receivable, Past Due | 328,000 | 303,000 | |
Current | 36,807,000 | 39,416,000 | |
Total loans | 37,135,000 | 39,719,000 | $ 43,008,000 |
Total Loans > 90 Days & Accruing | 0 | 0 | |
Total Nonaccrual | 146,000 | 99,000 | |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Financing Receivable, Past Due | 0 | 0 | |
Current | 4,316,000 | 5,459,000 | |
Total loans | 4,316,000 | 5,459,000 | 6,897,000 |
Total Loans > 90 Days & Accruing | 0 | 0 | |
Total Nonaccrual | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | |||
Financing Receivable, Past Due | 1,496,000 | 1,017,000 | |
Current | 184,732,000 | 182,917,000 | |
Total loans | 186,228,000 | 183,934,000 | 174,044,000 |
Total Loans > 90 Days & Accruing | 0 | 0 | |
Total Nonaccrual | 5,137,000 | 5,188,000 | |
Commercial Real Estate Portfolio Segment [Member] | Multifamily Loan [Member] | |||
Financing Receivable, Past Due | 0 | 1,291,000 | |
Current | 55,122,000 | 57,513,000 | |
Total loans | 55,122,000 | 58,804,000 | 58,961,000 |
Total Loans > 90 Days & Accruing | 0 | 0 | |
Total Nonaccrual | 359,000 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Land Loan [Member] | |||
Financing Receivable, Past Due | 1,176,000 | 1,842,000 | |
Current | 10,731,000 | 10,701,000 | |
Total loans | 11,907,000 | 12,543,000 | 13,014,000 |
Total Loans > 90 Days & Accruing | 0 | 0 | |
Total Nonaccrual | 1,176,000 | 1,842,000 | |
Construction Portfolio Segment [Member] | |||
Financing Receivable, Past Due | 0 | 0 | |
Current | 12,893,000 | 14,785,000 | |
Total loans | 12,893,000 | 14,785,000 | 13,966,000 |
Total Loans > 90 Days & Accruing | 0 | 0 | |
Total Nonaccrual | 0 | 0 | |
Commercial Portfolio Segment [Member] | |||
Financing Receivable, Past Due | 0 | 0 | |
Current | 20,431,000 | 14,826,000 | |
Total loans | 20,431,000 | 14,826,000 | 14,806,000 |
Total Loans > 90 Days & Accruing | 0 | 0 | |
Total Nonaccrual | 0 | 0 | |
Consumer Portfolio Segment [Member] | |||
Financing Receivable, Past Due | 6,000 | 0 | |
Current | 1,055,000 | 1,221,000 | |
Total loans | 1,061,000 | 1,221,000 | 1,216,000 |
Total Loans > 90 Days & Accruing | 0 | 0 | |
Total Nonaccrual | 0 | 0 | |
Financing Receivable, Past Due | 3,006,000 | 4,453,000 | |
Current | 326,087,000 | 326,838,000 | |
Total loans | 329,093,000 | 331,291,000 | $ 325,912,000 |
Total Loans > 90 Days & Accruing | 0 | 0 | |
Total Nonaccrual | $ 6,818,000 | $ 7,129,000 |
Note 4 - Loans and Allowance 29
Note 4 - Loans and Allowance for Loan Losses - Summary of Impaired Loans (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Residential Portfolio Segment [Member] | One- to Four-family [Member] | |||||
Recorded balance, without valuation allowance | $ 1,363,000 | $ 1,155,000 | $ 1,363,000 | $ 1,155,000 | $ 1,504,000 |
Unpaid principal balance, without valuation allowance | 1,488,000 | 1,286,000 | 1,488,000 | 1,286,000 | 1,633,000 |
Average balance, without valuation allowance | 1,217,000 | 1,390,000 | 1,245,000 | 1,398,000 | 1,791,000 |
Interest income, without valuation allowance | 18,000 | 16,000 | 42,000 | 52,000 | 80,000 |
Recorded balance, with valuation allowance | 0 | 1,138,000 | 0 | 1,138,000 | 0 |
Unpaid principal balance, with valuation allowance | 0 | 1,138,000 | 0 | 1,138,000 | 0 |
Specific allowance | 0 | 150,000 | 0 | 150,000 | 0 |
Average balance, with valuation allowance | 0 | 498,000 | 0 | 148,000 | 0 |
Interest income, with valuation allowance | 0 | 1,000 | 0 | 7,000 | 0 |
Recorded balance | 1,363,000 | 2,293,000 | 1,363,000 | 2,293,000 | 1,504,000 |
Unpaid principal balance | 1,488,000 | 2,424,000 | 1,488,000 | 2,424,000 | 1,633,000 |
Average balance | 1,217,000 | 1,888,000 | 1,245,000 | 1,546,000 | 1,791,000 |
Interest income | 18,000 | 17,000 | 42,000 | 59,000 | 80,000 |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | |||||
Recorded balance, without valuation allowance | 0 | 0 | 0 | 0 | 0 |
Unpaid principal balance, without valuation allowance | 0 | 0 | 0 | ||
Average balance, without valuation allowance | 0 | 20,000 | 0 | 31,000 | 15,000 |
Interest income, without valuation allowance | 0 | 0 | 0 | 0 | 0 |
Recorded balance, with valuation allowance | 0 | 0 | 0 | 0 | 0 |
Unpaid principal balance, with valuation allowance | 0 | 0 | 0 | 0 | 0 |
Specific allowance | 0 | 0 | 0 | 0 | 0 |
Average balance, with valuation allowance | 0 | 0 | 0 | 0 | 0 |
Interest income, with valuation allowance | 0 | 0 | 0 | 0 | 0 |
Recorded balance | 0 | 0 | 0 | 0 | 0 |
Unpaid principal balance | 0 | 0 | 0 | 0 | 0 |
Average balance | 0 | 20,000 | 0 | 31,000 | 15,000 |
Interest income | 0 | 0 | 0 | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | |||||
Recorded balance, without valuation allowance | 7,900,000 | 10,064,000 | 7,900,000 | 10,064,000 | 9,912,000 |
Unpaid principal balance, without valuation allowance | 10,000,000 | 11,888,000 | 10,000,000 | 11,888,000 | 11,820,000 |
Average balance, without valuation allowance | 7,749,000 | 10,706,000 | 8,570,000 | 10,865,000 | 10,508,000 |
Interest income, without valuation allowance | 17,000 | 79,000 | 116,000 | 199,000 | 289,000 |
Recorded balance, with valuation allowance | 761,000 | 2,494,000 | 761,000 | 2,494,000 | 2,368,000 |
Unpaid principal balance, with valuation allowance | 846,000 | 2,494,000 | 846,000 | 2,494,000 | 2,368,000 |
Specific allowance | 360,000 | 200,000 | 360,000 | 200,000 | 200,000 |
Average balance, with valuation allowance | 465,000 | 2,543,000 | 310,000 | 2,639,000 | 2,499,000 |
Interest income, with valuation allowance | 2,000 | 43,000 | 6,000 | 134,000 | 175,000 |
Recorded balance | 8,661,000 | 12,558,000 | 8,661,000 | 12,558,000 | 12,280,000 |
Unpaid principal balance | 10,846,000 | 14,382,000 | 10,846,000 | 14,382,000 | 14,188,000 |
Average balance | 8,214,000 | 13,249,000 | 8,880,000 | 13,504,000 | 13,007,000 |
Interest income | 19,000 | 122,000 | 122,000 | 333,000 | 464,000 |
Commercial Real Estate Portfolio Segment [Member] | Multifamily Loan [Member] | |||||
Recorded balance, without valuation allowance | 6,740,000 | 6,654,000 | 6,740,000 | 6,654,000 | 6,586,000 |
Unpaid principal balance, without valuation allowance | 7,597,000 | 7,468,000 | 7,597,000 | 7,468,000 | 7,400,000 |
Average balance, without valuation allowance | 6,872,000 | 6,718,000 | 7,075,000 | 6,750,000 | 6,685,000 |
Interest income, without valuation allowance | 103,000 | 117,000 | 307,000 | 279,000 | 359,000 |
Recorded balance, with valuation allowance | 0 | 1,302,000 | 0 | 1,302,000 | 1,291,000 |
Unpaid principal balance, with valuation allowance | 0 | 1,302,000 | 0 | 1,302,000 | 1,291,000 |
Specific allowance | 0 | 100,000 | 0 | 100,000 | 100,000 |
Average balance, with valuation allowance | 0 | 1,328,000 | 0 | 1,332,000 | 1,319,000 |
Interest income, with valuation allowance | 0 | 21,000 | 0 | 61,000 | 77,000 |
Recorded balance | 6,740,000 | 7,956,000 | 6,740,000 | 7,956,000 | 7,877,000 |
Unpaid principal balance | 7,597,000 | 8,770,000 | 7,597,000 | 8,770,000 | 8,691,000 |
Average balance | 6,872,000 | 8,046,000 | 7,075,000 | 8,082,000 | 8,004,000 |
Interest income | 103,000 | 138,000 | 307,000 | 340,000 | 436,000 |
Commercial Real Estate Portfolio Segment [Member] | Land Loan [Member] | |||||
Recorded balance, without valuation allowance | 0 | 467,000 | 0 | 467,000 | 41,000 |
Unpaid principal balance, without valuation allowance | 0 | 739,000 | 0 | 739,000 | 96,000 |
Average balance, without valuation allowance | 0 | 481,000 | 32,000 | 492,000 | 371,000 |
Interest income, without valuation allowance | 0 | 7,000 | 0 | 21,000 | 22,000 |
Recorded balance, with valuation allowance | 1,176,000 | 2,040,000 | 1,176,000 | 2,040,000 | 1,842,000 |
Unpaid principal balance, with valuation allowance | 3,249,000 | 3,811,000 | 3,249,000 | 3,811,000 | 3,640,000 |
Specific allowance | 550,000 | 850,000 | 550,000 | 850,000 | 850,000 |
Average balance, with valuation allowance | 1,348,000 | 2,205,000 | 2,090,000 | 2,329,000 | 2,115,000 |
Interest income, with valuation allowance | 0 | 0 | 0 | 0 | 0 |
Recorded balance | 1,176,000 | 2,507,000 | 1,176,000 | 2,507,000 | 1,883,000 |
Unpaid principal balance | 3,249,000 | 4,550,000 | 3,249,000 | 4,550,000 | 3,736,000 |
Average balance | 1,348,000 | 2,686,000 | 2,122,000 | 2,821,000 | 2,486,000 |
Interest income | 0 | 7,000 | 0 | 21,000 | 22,000 |
Construction Portfolio Segment [Member] | |||||
Recorded balance, without valuation allowance | 0 | 0 | 0 | 0 | 0 |
Unpaid principal balance, without valuation allowance | 0 | 2,000 | 0 | 2,000 | 0 |
Average balance, without valuation allowance | 0 | 0 | 0 | 1,783,000 | 0 |
Interest income, without valuation allowance | 0 | 0 | 0 | 0 | 0 |
Recorded balance, with valuation allowance | 0 | 0 | 0 | 0 | 0 |
Unpaid principal balance, with valuation allowance | 0 | 0 | 0 | 0 | 0 |
Specific allowance | 0 | 0 | 0 | 0 | 0 |
Average balance, with valuation allowance | 0 | 0 | 0 | 0 | 0 |
Interest income, with valuation allowance | 0 | 0 | 0 | 0 | 0 |
Recorded balance | 0 | 0 | 0 | 0 | 0 |
Unpaid principal balance | 0 | 2,000 | 0 | 2,000 | 0 |
Average balance | 0 | 0 | 0 | 1,783,000 | 0 |
Interest income | 0 | 0 | 0 | 0 | 0 |
Commercial Portfolio Segment [Member] | |||||
Recorded balance, without valuation allowance | 0 | 0 | 0 | 0 | 295,000 |
Unpaid principal balance, without valuation allowance | 0 | 0 | 0 | 0 | 295,000 |
Average balance, without valuation allowance | 0 | 0 | 0 | 5,000 | 311,000 |
Interest income, without valuation allowance | 0 | 0 | 0 | 0 | 22,000 |
Recorded balance, with valuation allowance | 0 | 308,000 | 0 | 308,000 | 0 |
Unpaid principal balance, with valuation allowance | 0 | 308,000 | 0 | 308,000 | 0 |
Specific allowance | 0 | 0 | 0 | 0 | 0 |
Average balance, with valuation allowance | 0 | 317,000 | 0 | 321,000 | 0 |
Interest income, with valuation allowance | 0 | 5,000 | 0 | 17,000 | 0 |
Recorded balance | 0 | 308,000 | 0 | 308,000 | 295,000 |
Unpaid principal balance | 0 | 308,000 | 0 | 308,000 | 295,000 |
Average balance | 0 | 317,000 | 0 | 326,000 | 311,000 |
Interest income | 0 | 5,000 | 0 | 17,000 | 22,000 |
Consumer Portfolio Segment [Member] | |||||
Recorded balance, without valuation allowance | 0 | 0 | 0 | 0 | 0 |
Unpaid principal balance, without valuation allowance | 0 | 0 | 0 | 0 | 0 |
Average balance, without valuation allowance | 0 | 0 | 0 | 0 | 0 |
Interest income, without valuation allowance | 0 | 0 | 0 | 0 | 0 |
Recorded balance, with valuation allowance | 0 | 0 | 0 | 0 | 0 |
Unpaid principal balance, with valuation allowance | 0 | 0 | 0 | 0 | 0 |
Specific allowance | 0 | 0 | 0 | 0 | 0 |
Average balance, with valuation allowance | 0 | 0 | 0 | 0 | 0 |
Interest income, with valuation allowance | 0 | 0 | 0 | 0 | 0 |
Recorded balance | 0 | 0 | 0 | 0 | 0 |
Unpaid principal balance | 0 | 0 | 0 | 0 | 0 |
Average balance | 0 | 0 | 0 | 0 | 0 |
Interest income | 0 | 0 | 0 | 0 | 0 |
Specific allowance | 910,000 | 1,300,000 | 910,000 | 1,300,000 | 1,150,000 |
Recorded balance | 17,940,000 | 25,622,000 | 17,940,000 | 25,622,000 | 23,839,000 |
Unpaid principal balance | 23,180,000 | 30,436,000 | 23,180,000 | 30,436,000 | 28,543,000 |
Average balance | 17,651,000 | 26,206,000 | 19,322,000 | 28,093,000 | 25,614,000 |
Interest income | $ 140,000 | $ 289,000 | $ 471,000 | $ 770,000 | $ 1,024,000 |
Note 4 - Loans and Allowance 30
Note 4 - Loans and Allowance for Loan Losses - Summary of Loans Restructured as TDRs (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | ||||
Financing Receivable, Modifications, Number of Contracts | 2 | 2 | 3 | 2 |
Balance prior to TDR | $ 681 | $ 745 | $ 1,677 | $ 745 |
Balance after TDR | $ 681 | $ 745 | $ 1,677 | $ 745 |
Financing Receivable, Modifications, Number of Contracts | 2 | 2 | 3 | 2 |
Balance prior to TDR | $ 681 | $ 745 | $ 1,677 | $ 745 |
Balance after TDR | $ 681 | $ 745 | $ 1,677 | $ 745 |
Note 5 - Disclosures About Fa31
Note 5 - Disclosures About Fair Value of Assets and Liabilities (Details Textual) | Dec. 31, 2015USD ($) |
Assets, Fair Value Disclosure, Recurring | $ 0 |
Liabilities, Fair Value Disclosure, Recurring | 0 |
Assets, Fair Value Disclosure, Nonrecurring | 0 |
Liabilities, Fair Value Disclosure, Nonrecurring | $ 0 |
Note 5 - Disclosures About Fa32
Note 5 - Disclosures About Fair Value of Assets and Liabilities - Summary of Fair Value Measurements of Assets and Liabilities on Nonrecurring Basis (Details) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Fair Value, Inputs, Level 1 [Member] | ||
Collateral-dependent Impaired loans | $ 0 | $ 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Collateral-dependent Impaired loans | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Collateral-dependent Impaired loans | 2,122,000 | 0 |
Collateral-dependent Impaired loans | $ 2,122,000 | $ 0 |
Note 5 - Disclosures About Fa33
Note 5 - Disclosures About Fair Value of Assets and Liabilities - Summary of Quantitative Information about Unobservable Inputs (Details) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) | 9 Months Ended | |
Sep. 30, 2016 | Dec. 31, 2015 | |
Fair Value, Inputs, Level 3 [Member] | Market Approach Valuation Technique [Member] | Minimum [Member] | ||
Range | 0.00% | |
Fair Value, Inputs, Level 3 [Member] | Market Approach Valuation Technique [Member] | Maximum [Member] | ||
Range | 23.00% | |
Fair Value, Inputs, Level 3 [Member] | Market Approach Valuation Technique [Member] | Weighted Average [Member] | ||
Range | 16.00% | |
Fair Value, Inputs, Level 3 [Member] | Market Approach Valuation Technique [Member] | ||
Collateral-dependent Impaired loans | $ 2,122,000 | $ 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Collateral-dependent Impaired loans | 2,122,000 | 0 |
Collateral-dependent Impaired loans | $ 2,122,000 | $ 0 |
Note 5 - Disclosures About Fa34
Note 5 - Disclosures About Fair Value of Assets and Liabilities - Summary of Estimated Fair Values of Company's Financial Instruments (Details) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Reported Value Measurement [Member] | ||
Cash and cash equivalents | $ 42,870,000 | $ 52,865,000 |
Interest-earning time deposits | 996,000 | 39,021,000 |
Held to maturity securities | 499,000 | 500,000 |
Loans held for sale | 224,000 | 581,000 |
Loans, net of allowance for loan losses | 315,622,000 | 314,613,000 |
Federal Home Loan Bank stock | 2,700,000 | 2,700,000 |
Interest receivable | 853,000 | 967,000 |
Deposits | 255,621,000 | 281,701,000 |
Federal Home Loan Bank advances | 47,000,000 | 47,000,000 |
Interest payable | 187,000 | 233,000 |
Federal funds purchased | 24,000,000 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 42,870,000 | 52,865,000 |
Interest-earning time deposits | 996,000 | 39,021,000 |
Held to maturity securities | 0 | 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 |
Deposits | 109,978,000 | 117,916,000 |
Federal Home Loan Bank advances | 0 | 0 |
Interest payable | 0 | 0 |
Federal funds purchased | 0 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Cash and cash equivalents | 0 | 0 |
Interest-earning time deposits | 0 | 0 |
Held to maturity securities | 500,000 | 500,000 |
Loans held for sale | 224,000 | 583,000 |
Loans, net of allowance for loan losses | 0 | 0 |
Federal Home Loan Bank stock | 2,700,000 | 2,700,000 |
Interest receivable | 853,000 | 967,000 |
Deposits | 0 | 0 |
Federal Home Loan Bank advances | 46,375,000 | 46,390,000 |
Interest payable | 187,000 | 233,000 |
Federal funds purchased | 24,000,000 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Cash and cash equivalents | 0 | 0 |
Interest-earning time deposits | 0 | 0 |
Held to maturity securities | 0 | 0 |
Loans held for sale | 0 | 0 |
Loans, net of allowance for loan losses | 319,390,000 | 318,525,000 |
Federal Home Loan Bank stock | 0 | 0 |
Interest receivable | 0 | 0 |
Deposits | 147,178,000 | 165,657,000 |
Federal Home Loan Bank advances | 0 | 0 |
Interest payable | 0 | 0 |
Federal funds purchased | 0 | |
Held to maturity securities | 500,000 | 500,000 |
Federal funds purchased | $ 24,000,000 |
Note 6 - Earnings Per Share - E
Note 6 - Earnings Per Share - Earnings Per Share Table (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Net income | $ 1,383 | $ 915 | $ 3,534 | $ 2,385 |
Dividends and undistributed earnings allocated to participating securities | (20) | (18) | (50) | (46) |
Income attributable to common shareholders | $ 1,363 | $ 897 | $ 3,484 | $ 2,339 |
Weighted average shares outstanding (in thousands) (in shares) | 2,121 | 2,202 | 2,142 | 2,210 |
Less: average unearned ESOP and unvested restricted stock (in shares) | (174) | (207) | (174) | (207) |
Average Shares (in shares) | 1,947 | 1,995 | 1,968 | 2,003 |
Effect of dilutive based awards (in shares) | 32 | 23 | 32 | 23 |
Average common and common-equivalent shares for diluted EPS (in thousands) (in shares) | 1,979 | 2,018 | 2,000 | 2,026 |
Basic EPS (in dollars per share) | $ 0.70 | $ 0.45 | $ 1.77 | $ 1.17 |
Diluted EPS (in dollars per share) | $ 0.69 | $ 0.44 | $ 1.74 | $ 1.15 |
Note 7 - Share-based Compensa36
Note 7 - Share-based Compensation (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Restricted Stock [Member] | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 356 | $ 356 | ||
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 | 351,050 | 351,050 | ||
Allocated Share-based Compensation Expense | $ 83 | $ 81 | $ 256 | $ 238 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | 71 | 71 | ||
Stock or Unit Option Plan Expense | 16 | 16 | 47 | 46 |
Restricted Stock or Unit Expense | $ 68 | $ 66 | $ 209 | $ 192 |
Note 7 - Share-based Compensa37
Note 7 - Share-based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Dec. 31, 2015 | |
Options outstanding (in shares) | 128,949 | |
Options outstanding (in dollars per share) | $ 17.91 | |
Options outstanding | 6 years | 7 years |
Options outstanding | $ 1,103 | $ 1,123 |
Granted (in shares) | 0 | |
Granted (in dollars per share) | $ 0 | |
Exercised (in shares) | (1,503) | |
Exercised (in dollars per share) | $ 17.30 | |
Forfeited (in shares) | (3,888) | |
Forfeited (in dollars per share) | $ 19.58 | |
Expired (in shares) | 0 | |
Expired (in dollars per share) | $ 0 | |
Options outstanding (in shares) | 123,558 | 128,949 |
Options outstanding (in dollars per share) | $ 17.86 | $ 17.91 |
Exercisable (in shares) | 93,721 | |
Exercisable (in dollars per share) | $ 17.37 | |
Exercisable | 6 years | |
Exercisable | $ 885 |
Note 7 - Share-based Compensa38
Note 7 - Share-based Compensation - Summary of Restricted Stock Award Activity (Details) - Restricted Stock [Member] | 9 Months Ended |
Sep. 30, 2016$ / sharesshares | |
Non-vested at January 1, 2016 (in shares) | shares | 36,534 |
Non-vested at January 1, 2016 (in dollars per share) | $ / shares | $ 19.16 |
Granted (in shares) | shares | |
Granted (in dollars per share) | $ / shares | |
Vested (in shares) | shares | (13,745) |
Vested (in dollars per share) | $ / shares | $ 17.57 |
Forfeited (in shares) | shares | (2,717) |
Forfeited (in dollars per share) | $ / shares | $ 19.02 |
Non-vested at September 30, 2016 (in shares) | shares | 20,072 |
Non-vested at September 30, 2016 (in dollars per share) | $ / shares | $ 20.24 |