Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Mar. 27, 2017 | Jun. 30, 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) | 2,106,153 | ||
Entity Public Float | $ 44.5 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Assets | ||
Cash and due from banks | $ 318 | $ 334 |
Interest-earning demand deposits | 103,316 | 52,531 |
Cash and cash equivalents | 103,634 | 52,865 |
Interest-earning time deposits | 39,021 | |
Investment securities held to maturity | 499 | 500 |
Loans held for sale | 238 | 581 |
Loans, net of allowance for loan losses of $9,326 and $10,061 | 320,606 | 314,613 |
Premises and equipment, net | 1,127 | 1,285 |
Federal Home Loan Bank stock | 2,700 | 2,700 |
Other real estate owned | 86 | 130 |
Accrued interest receivable | 846 | 967 |
Other assets | 4,699 | 5,151 |
Total assets | 434,435 | 417,813 |
Liabilities and Stockholders’ Equity | ||
Deposits | 280,548 | 281,701 |
Federal Home Loan Bank advances | 60,000 | 47,000 |
Federal funds purchased | 27,000 | 24,000 |
Interest payable and other liabilities | 5,913 | 4,632 |
Total liabilities | 373,461 | 357,333 |
Commitments and Contingencies | ||
Common Stock, $0.01 par value per share: Authorized – 100,000,000 shares Issued and outstanding – 2,106,153 and 2,158,034 at December 31, 2016 and December 31, 2015 | 21 | 22 |
Unearned employee stock ownership plan (ESOP) | (1,215) | (1,410) |
Additional paid-in capital | 15,577 | 16,401 |
Retained earnings | 46,591 | 45,467 |
Total stockholders’ equity | 60,974 | 60,480 |
Total liabilities and stockholders’ equity | $ 434,435 | $ 417,813 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Allowance for loan losses | $ 9,326 | $ 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) | 2,106,153 | 2,158,034 |
Common stock, shares outstanding (in shares) | 2,106,153 | 2,158,034 |
Consolidated Statements of Inco
Consolidated Statements of Income and Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Interest and Dividend Income | ||
Loans | $ 16,435 | $ 15,372 |
Investment securities and other | 384 | 244 |
Total interest and dividend income | 16,819 | 15,616 |
Interest Expense | ||
Deposits | 2,033 | 1,451 |
Borrowings | 1,850 | 2,000 |
Total interest expense | 3,883 | 3,451 |
Net Interest Income | 12,936 | 12,165 |
Provision (credit) for loan losses | (760) | 800 |
Net Interest Income After Provision for Loan Losses | 13,696 | 11,365 |
Noninterest Income | ||
Service charges and fees | 260 | 297 |
Net gain on loan sales | 469 | 660 |
Net gain (loss) on sale of real estate owned | 32 | (116) |
Other | 296 | 382 |
Total noninterest income | 1,057 | 1,223 |
Noninterest Expense | ||
Salaries and employee benefits | 4,953 | 4,541 |
Net occupancy and equipment expense | 818 | 811 |
Information technology expense | 240 | 236 |
Federal deposit insurance corporation premiums | 214 | 217 |
Professional and services fees | 584 | 398 |
Other real estate owned expense | 25 | 50 |
Loan legal expense (recovery) | (74) | 322 |
Advertising expense | 126 | 144 |
Michigan business tax | 195 | 186 |
Other | 915 | 953 |
Total noninterest expense | 7,996 | 7,858 |
Income Before Income Tax | 6,757 | 4,730 |
Provision for Income Taxes | 2,404 | 1,544 |
Net Income and Comprehensive Income | $ 4,353 | $ 3,186 |
Earnings Per Share: | ||
Basic (in dollars per share) | $ 2.20 | $ 1.57 |
Diluted (in dollars per share) | $ 2.16 | $ 1.55 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Unearned ESOP Shares [Member] | Retained Earnings [Member] | Total |
Balances at Dec. 31, 2014 | $ 23 | $ 18,640 | $ (1,564) | $ 44,439 | $ 61,538 |
Net income | 3,186 | 3,186 | |||
Purchase of common stock shares | (1) | (2,795) | (2,796) | ||
Share based compensation expense | 319 | 319 | |||
ESOP shares earned | 237 | 154 | 391 | ||
Dividends | (2,158) | (2,158) | |||
Balances at Dec. 31, 2015 | 22 | 16,401 | (1,410) | 45,467 | 60,480 |
Net income | 4,353 | 4,353 | |||
Purchase of common stock shares | (1) | (1,517) | (1,518) | ||
Share based compensation expense | 334 | 334 | |||
ESOP shares earned | 333 | 195 | 528 | ||
Dividends | (3,229) | (3,229) | |||
Balances at Dec. 31, 2016 | $ 21 | 15,577 | $ (1,215) | $ 46,591 | 60,974 |
Exercised options | $ 26 | $ 26 |
Consolidated Statements of Cha6
Consolidated Statements of Changes in Stockholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Additional Paid-in Capital [Member] | ||
Treasury stock, shares purchased (in shares) | 57,557 | 112,814 |
Retained Earnings [Member] | ||
Dividends, per share (in dollars per share) | $ 1.60 | $ 1 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Activities | ||
Net income | $ 4,353 | $ 3,186 |
Items not requiring (providing) cash | ||
Depreciation | 223 | 232 |
Provision (credit) for loan losses | (760) | 800 |
(Gain) loss on other real estate owned | (32) | 116 |
Loans originated for sale | (17,309) | (20,073) |
Deferred income taxes | 348 | (215) |
Proceeds from loans sold | 18,121 | 20,722 |
Net gain on sale of loans | (469) | (660) |
Share based compensation | 334 | 319 |
Earned ESOP shares | 528 | 391 |
Changes in | ||
Interest receivable and other assets | 225 | 249 |
Interest payable and other liabilities | 210 | 429 |
Net cash provided by operating activities | 5,772 | 5,496 |
Investing Activities | ||
Net change in interest-earning time deposits | 39,021 | (39,021) |
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 | (5,425) | (19,111) |
Proceeds from sale of real estate owned | 268 | 272 |
Purchase of FHLB stock | (200) | |
Purchase of premises and equipment | (65) | (133) |
Net cash provided by (used in) investing activities | 33,800 | (58,693) |
Financing Activities | ||
Net change in demand deposits, money market, checking and savings accounts | 35,413 | 3,499 |
Net change in certificates of deposit | (36,566) | 54,673 |
Repayment of Federal Home Loan Bank advances | (13,000) | |
Proceeds from Federal Home Loan Bank advances | 13,000 | 10,000 |
Net change in Fed funds purchased | 3,000 | 24,000 |
Proceeds from stock options exercised | 26 | |
Purchase of common stock | (1,518) | (2,796) |
Dividends paid | (2,158) | |
Net cash provided by financing activities | 11,197 | 76,376 |
Change in Cash and Cash Equivalents | 50,769 | 23,179 |
Cash and Cash Equivalents, Beginning of Period | 52,865 | 29,686 |
Cash and Cash Equivalents, End of Period | 103,634 | 52,865 |
Supplemental Disclosures of Cash Flows Information | ||
Interest paid | 3,937 | 3,375 |
Income taxes paid | 1,981 | 1,847 |
Loans transferred to real estate owned | 192 | 176 |
Dividends declared, not paid | $ 2,305 | $ 2,158 |
Note 1 - Nature of Operations a
Note 1 - Nature of Operations and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Nature of Operations and Accounting Policies Disclosure [Text Block] | Note 1: Nature of Operations and Summary of Significant Accounting Policies Nature of Operations Wolverine Bank (the “Bank”), a wholly owned subsidiary of Wolverine Bancorp, Inc. (the “Company”), is a federally chartered savings bank primarily engaged in providing a full range of banking and financial services to individual and business customers in the Great Lakes Bay Region and beyond. The Company is subject to competition from other financial institutions. The Company is subject to the regulation of the Federal Reserve Board and the Bank is subject to the regulation of the Officer of the Comptroller of the Currency, and both undergo periodic examinations. The Bank’s additional wholly owned subsidiaries, Wolserv Corporation, a Michigan corporation which has a membership interest in a title company, and Wolverine Commercial Holdings LLC, a Michigan LLC owned by Wolverine Bank which holds certain real estate, are included in the consolidated financial statements. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses, valuation of real estate acquired in connection with foreclosures or in satisfaction of loans and financial instruments. Cash Equivalents We consider all liquid investments with original maturities of three Securities Held-to-maturity securities, which include any security for which we have the positive intent and ability to hold until maturity, are carried at historical cost adjusted for amortization of premiums and accretion of discounts. Amortization of premiums and accretion of discounts are recorded as interest income from securities. Realized gains and losses are recorded as net security gains (losses). Gains and losses on securities are determined on the specific-identification method. Loans Held for Sale Mortgage loans originated and intended for sale in the secondary Loans Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoffs are reported at their outstanding principal balances adjusted for any charge-offs, the allowance for loan losses, any deferred fees or costs on originated loans and unamortized premiums or discounts on purchased loans. Interest income is reported on the interest method and includes amortization of net deferred loan fees and costs over the loan term. Generally, loans are placed on nonaccrual status at ninety Allowance for Loan Losses The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses charged to income. Loan losses are charged against the allowance when management believes the uncollectability of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. The allowance for loan losses is evaluated on a regular basis by management and is based upon management’s periodic review of the collectability of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may The allowance consists of allocated and general components. The allocated component relates to loans that are classified as impaired. For those loans that are classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The general component covers non-classified loans and is based on historical charge-off experience and expected loss given default derived from our internal risk rating process. Other adjustments may A loan is considered impaired when, based on current information and events, it is probable that we will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan-by-loan basis for commercial and construction loans by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price or the fair value of the collateral if the loan is collateral dependent. Groups of loans with similar risk characteristics are collectively evaluated for impairment based on the group’s historical loss experience adjusted for changes in trends, conditions and other relevant factors that affect repayment of the loans. Accordingly, we do not separately identify individual consumer and residential loans for impairment measurements, unless such loans are the subject of a restructuring agreement due to financial difficulties of the borrower. Premises and Equipment Depreciable assets are stated at cost less accumulated depreciation. Depreciation is charged to expense using the straight-line and accelerated methods over the estimated useful lives of the assets ranging from 3 39 Federal Home Loan Bank Stock Federal Home Loan Bank stock is a required investment for institutions that are members of the Federal Home Loan Bank system. The required investment in the common stock is based on a predetermined formula, carried at cost, and evaluated for impairment. Real Estate Owned Assets acquired through, or in lieu of, loan foreclosure are held for sale and are initially recorded at fair value less cost to sell at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less cost to sell. Revenue and expenses from operations and changes in the valuation allowance are included in net income or expense from foreclosed assets. Earnings Per Common Share 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 two Unearned ESOP shares, which are not vested, and unvested restricted stock awards are excluded from the computation of average shares outstanding. Income Taxes We account for income taxes in accordance with income tax accounting guidance (ASC 740, Income Taxes two Deferred income tax expense results from changes in deferred tax assets and liabilities between periods. Deferred tax assets are recognized if it is more likely than not, based on the technical merits, that the tax position will be realized or sustained upon examination. The term more likely than not means a likelihood of more than 50 50 We recognize interest and penalties on income taxes as a component of income tax expense. We file consolidated income tax returns with our subsidiaries. Recently Issued Accounting Standards FASB Accounting Standards Updates No. 2017 04, 350) The FASB has issued Accounting Standards Update (ASU) No. 2017 04, 350): 2 The annual, or interim, goodwill impairment test is performed by comparing the fair value of a reporting unit with its carrying amount. An impairment charge should be recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. In addition, the income tax effects of tax deductible goodwill on the carrying amount of the reporting unit should be considered when measuring the goodwill impairment loss, if applicable. The amendments also eliminate the requirements for any reporting unit with a zero 2 The amendments in this update should be adopted for annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. January 1, 2017. FASB Accounting Standards Updates No. 2017 01, 805) The FASB has issued Accounting Standards Update (ASU) No. 2017 01, Business Combinations (Topic 805): The amendments in this update become effective for annual periods and interim periods within those annual periods beginning after December 15, 2017. FASB ASU No. 2016 15, 230): The FASB has issued Accounting Standards Update (ASU) No. 2016 15, Statement of Cash Flows (Topic 230). eight November 2016, 2016 18, The amendments are effective for public business entities for fiscal years beginning after December 15, 2017, December 15, 2018, December 15, 2019. FASB ASU No. 2016 13, 326): The FASB has issued Accounting Standards Update (ASU) No. 2016 13, Financial Instruments – Credit Losses (Topic 326): 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, December 15, 2020, December 15, 2020, December 15, 2021. may December 15, 2018, FASB ASU No. 2016 09, 718) The FASB issued ASU No. 2016 09, Compensation–Stock Compensation 718): Improvements to Employee Share-Based Payment Accounting The ASU is intended to improve the accounting for employee shared-base payments and affects all organizations that issue share-based payment awards to their employees. Several aspects of the accounting for share-based payment award transactions are simplified, including the income tax consequences, the classification of awards as either equity or liabilities, and the classification on the statement of cash flows. The amendments in this update became effective on January 1, 2017 For public business entities, the amendments are effective for annual periods beginning after December 15, 2016, December 15, 2017, December 15, 2018. January 1, 2017 FASB ASU No. 2016 08, 2016 10, 2016 12, 606) In May 2014, 2014 09, Revenue from Contracts with Customers March 2016, 2016 08, Principal versus Agent Considerations (Reporting Revenue Gross versus Net) April 2016, 2016 10, Identifying Performance Obligations and Licensing May 2016, 2016 12, Narrow-Scope Improvements and Practical Expedients For public business entities, the amendments are effective for annual reporting periods beginning after December 15, 2017, 2015 14. December 15, 2016, All other entities should apply the guidance to annual reporting periods beginning after December 15, 2018, December 15, 2019. December 15, 2016, one first 2014 09. FASB ASU No. 2016 07, 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. FASB ASU No. 2016 06, 815): The FASB has issued Accounting Standards Update (ASU) No. 2016 05, Derivatives and Hedging (Topic 815): 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 This standard will be effective for pubic business entities for fiscal year beginning after December 15, 2016 December 15, 2017, December 15, 2018. FASB ASU No. 2016 02 842) The FASB has issued Accounting Standards Update (ASU) No. 2016 02, Leases ● 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 December 15, 2019 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 Adoption of the ASU is not expected to have a significant effect on the Company’s consolidated financial statements. FASB Accounting Standards Updates No. 2016 01, Financial Instruments – Overall (Subtopic 825 10): Recognition and Measurement of Financial Assets and Financial Liabilities The FASB has issued Accounting Standards Update (ASU) No. 2016 01, Financial Instruments – Overall (Subtopic 825 10): The new guidance makes targeted improvements to existing U.S. GAAP by: ● Requiring equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income; ● Requiring public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; ● Requiring separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (i.e., securities or loans and receivables) on the balance sheet or the accompanying notes to the financial statements; ● Eliminating the requirement to disclose the fair value of financial instruments measured at amortized cost for organizations that are not public business entities; ● Eliminating the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet; and ● Requiring a reporting organization to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk (also referred to as “own credit”) when the organization has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. The new guidance is effective for public companies for fiscal years beginning after December 15, 2017, ASU is not expected to have a significant effect on the Company’s consolidated financial statements. |
Note 2 - Restriction on Cash an
Note 2 - Restriction on Cash and Due From Banks | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Summary of Cash and Due From Banks [Text Block] | Note 2: Restriction on Cash and Due From Banks We are required to maintain reserve funds in cash and/or on deposit with the Federal Reserve Bank. The reserve required at December 31, 2016 $459. At December 31, 2016, $391. $1,733 $98,665 December 31, 2016, |
Note 3 - Securities
Note 3 - Securities | 12 Months Ended |
Dec. 31, 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 Approximate Held to Maturity Securities: December 31, 2016 Treasury bond $ 499 $ 1 $ – $ 500 December 31, 2015 Treasury bond $ 500 $ – $ – $ 500 The treasury bond held at December 31, 2016 January 5 th 2017. There were no 2016 2015. |
Note 4 - Loans and Allowance fo
Note 4 - Loans and Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 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: December 31, 2016 December 31, 2015 Real Estate One-to four-family $ 35,389 $ 39,719 Home equity 4,031 5,459 Commercial mortgage loans Commercial real estate 195,924 183,934 Multifamily 54,827 58,804 Land 11,547 12,543 Construction 13,475 14,785 Commercial non-mortgage 20,047 14,826 Consumer 1,074 1,221 Total loans 336,314 331,291 Less Net deferred loan costs, premiums and discounts 563 567 Undisbursed portion of loan 5,819 6,050 Allowance for loan losses 9,326 10,061 Net Loans $ 320,606 $ 314,613 The risk characteristics of each loan portfolio segment are as follows: 1 4 With respect to residential loans that are secured by 1 4 1 4 Home equity loans secured by second one four first may may 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 Commercial real estate and multi-family Commercial real estate and multi-family loans generally have greater credit risk than the owner-occupied one four one four may Land Land loans generally have greater credit risk than the owner-occupied one four 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 Construction Construction loans include those for one four one four 70% nine 70% Repayment of one four 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 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 may may 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 may may may may 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; current market conditions; and change in regional employment conditions. In instances where risk and loss exposure is clearly identified with a particular asset, a specific valuation allowance will be established or 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 December 31, 2016 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 December 31, 2016 Allowance for loan losses: Balance, beginning of period $ 948 $ 108 $ 4,913 $ 1,515 $ 1,605 $ 604 $ 344 $ 24 $ 10,061 Provision charged to expense (137 ) (59 ) 555 (431 ) (544 ) (310 ) 180 (14 ) (760 ) Losses charged off (67 ) - (85 ) - - - - (1 ) (153 ) Recoveries 54 - 39 - 81 - - 4 178 Balance, end of period $ 798 $ 49 $ 5,422 $ 1,084 $ 1,142 $ 294 $ 524 $ 13 $ 9,326 Ending Balance: individually evaluated for impairment $ - $ - $ 235 $ - $ 550 $ - $ - $ - $ 785 Ending balance: collectively evaluated for impairment $ 798 $ 49 $ 5,187 $ 1,084 $ 592 $ 294 $ 524 $ 13 $ 8,541 Loans: Ending Balance $ 35,389 $ 4,031 $ 195,924 $ 54,827 $ 11,547 $ 13,475 $ 20,047 $ 1,074 $ 336,314 Ending Balance: individually evaluated for impairment $ 1,500 $ - $ 8,103 $ 6,311 $ 1,061 $ - $ - $ - $ 16,975 Ending balance: collectively evaluated for impairment $ 33,889 $ 4,031 $ 187,821 $ 48,516 $ 10,486 $ 13,475 $ 20,047 $ 1,074 $ 319,339 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 (credit) 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 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 four (1) (2) (3) We charge off one four one four first 180 180 120 The following table presents the credit risk profile of our loan portfolio based on rating category and payment activity as of December 31, 2016 2015: 1-4 Family Home Equity Commercial Real Estate Multifamily 2016 2015 2016 2015 2016 2015 2016 2015 Pass $ 33,787 $ 36,941 $ 4,031 $ 5,459 $ 173,375 $ 150,122 $ 48,241 $ 46,230 Pass (Closely Monitored) 490 1,437 - - 14,349 21,156 6,586 8,142 Special Mention 241 225 - - 2,630 751 - - Substandard 871 1,116 - - 5,570 11,905 - 4,432 Doubtful - - - - - - - - Loss - - - - - - - - $ 35,389 $ 39,719 $ 4,031 $ 5,459 $ 195,924 $ 183,934 $ 54,827 $ 58,804 Land Construction Commercial Non-Mortgage Consumer Total 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 Pass $ 9,631 $ 9,462 $ 13,475 $ 14,785 $ 16,500 $ 9,626 $ 1,074 $ 1,221 $ 300,114 $ 273,846 Pass (Closely Monitored) 855 1,239 - - 658 4,904 - - 22,938 36,878 Special Mention - - - - 2,889 - - - 5,760 976 Substandard 1,061 1,842 - - - 296 - - 7,502 19,591 Doubtful - - - - - - - - - - Loss - - - - - - - - - - $ 11,547 $ 12,543 $ 13,475 $ 14,785 $ 20,047 $ 14,826 $ 1,074 $ 1,221 $ 336,314 $ 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, first may may 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 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 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 The following table is a summary of our past due and non-accrual loans as of December 31, 2016 2015: As of December 31, 2016 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Total Past Due Current Total Loans Receivable Total Loans >90 Days & Accruing Total Nonaccrual 1-4 Family $ 165 $ 94 $ 137 $ 396 $ 34,993 $ 35,389 $ - $ 137 Home Equity - - - - 4,031 4,031 - - Commercial Real Estate - 648 100 748 195,176 195,924 - 4,872 Multifamily - - - - 54,827 54,827 - - Land - - 1,061 1,061 10,486 11,547 - 1,061 Construction - - - - 13,475 13,475 - - Commercial Non-Mortgage - - - - 20,047 20,047 - - Consumer - - - - 1,074 1,074 - - Total $ 165 $ 742 $ 1,298 $ 2,205 $ 334,109 $ 336,314 $ - $ 6,070 As of December 31, 2015 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Total Past Due Current Total Loans Receivable Total Loans >90 Days & Accruing Total Nonaccrual 1-4 Family $ 151 $ 152 $ - $ 303 $ 39,416 $ 39,719 $ - $ 99 Home Equity - - - - 5,459 5,459 - - Commercial Real Estate 6 1,011 - 1,017 182,917 183,934 - 5,188 Multifamily 1,291 - - 1,291 57,513 58,804 - - Land - - 1,842 1,842 10,701 12,543 - 1,842 Construction - - - - 14,785 14,785 - - Commercial Non-Mortgage - - - - 14,826 14,826 - - Consumer - - - - 1,221 1,221 - - Total $ 1,448 $ 1,163 $ 1,842 $ 4,453 $ 326,838 $ 331,291 $ - $ 7,129 Nonaccrual Loan and Past Due Loans. The accrual of interest is discontinued on all loan classes at the time the loan is 90 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 A loan is considered impaired, in accordance with the impairment accounting guidance (ASC 310 10 35 16), The following table present impaired loans for the year ended December 31, 2016: Unpaid Recorded Principal Specific YTD Average YTD Interest Balance Balance Allowance Balance Income Loans without a specific valuation allowance: 1-4 Family $ 1,500 $ 1,620 $ - $ 1,311 $ 70 Home Equity - - - - - Commercial real estate 7,494 9,669 - 8,296 426 Multi Family 6,311 7,125 - 6,884 402 Land - - - 24 - Construction - - - - - Commercial Non-Mortgage - - - - - Consumer - - - - - Loans with a specific valuation allowance: 1-4 Family $ - $ - $ - $ - $ - Home Equity - - - - - Commercial real estate 609 695 235 385 41 Multi Family - - - - - Land 1,061 3,158 550 1,832 123 Construction - - - - - Commercial Non-Mortgage - - - - - Consumer - - - - - Totals 1-4 Family $ 1,500 $ 1,620 $ - $ 1,311 $ 70 Home Equity - - - - - Commercial real estate 8,103 10,364 235 8,681 467 Multi Family 6,311 7,125 - 6,884 402 Land 1,061 3,158 550 1,856 123 Construction - - - - - Commercial Non-Mortgage - - - - - Consumer - - - - - Total $ 16,975 $ 22,267 $ 785 $ 18,733 $ 1,062 The following table present impaired loans for the year ended December 31, 2015: Unpaid Recorded Principal Specific YTD Average YTD Interest Balance Balance Allowance Balance Income Loans without a specific valuation allowance: 1-4 Family $ 1,504 $ 1,633 $ - $ 1,791 $ 80 Home Equity - - - 15 - Commercial real estate 9,912 11,820 - 10,508 289 Multi Family 6,586 7,400 - 6,685 359 Land 41 96 - 371 22 Construction - - - - - Commercial Non-Mortgage 295 295 - 311 22 Consumer - - - - - Loans with a specific valuation allowance: 1-4 Family $ - $ - $ - $ - $ - Home Equity - - - - - Commercial real estate 2,368 2,368 200 2,499 175 Multi Family 1,291 1,291 100 1,319 77 Land 1,842 3,640 850 2,115 - Construction - - - - - Commercial Non-Mortgage - - - - - Consumer - - - - - Totals 1-4 Family $ 1,504 $ 1,633 $ - $ 1,791 $ 80 Home Equity - - - 15 - Commercial real estate 12,280 14,188 200 13,007 464 Multi Family 7,877 8,691 100 8,004 436 Land 1,883 3,736 850 2,486 22 Construction - - - - - Commercial Non-Mortgage 295 295 - 311 22 Consumer - - - - - Total $ 23,839 $ 28,543 $ 1,150 $ 25,614 $ 1,024 Loans to related parties totaled $8,083 $7,248 December 31, 2016 2015, $3,148 $2,313 Troubled Debt Restructuring (TDR) We may may 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 For one four may 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 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 six The following tables summarize the loans that have been restructured as TDRs during the twelve December 31, 2016 2015: Twelve Months Ended December 31, 2016 Count Balance prior to TDR Balance after (Amounts in Thousands, except per share data) Commercial real estate 2 $ 826 $ 826 Total 2 $ 826 $ 826 Twelve Months Ended December 31, 2015 Count Balance prior to TDR Balance after (Amounts in Thousands, except per share data) Commercial real estate 3 $ 817 $ 817 Total 3 $ 817 $ 817 The TDRs described above for the twelve December 31, 2016 A default on a TDR occurs when a TDR is 90 not 12 2016. The following tables summarize the loans that have been restructured as TDRs based on the type of modification or concession granted to the borrower during the twelve December 31, 2016 2015: As of December 31, 2016 Payment Extension Rate Reduction Combination Totals Number Amount Number Amount Number Amount Commercial Real Estate 2 826 - - - - 826 Total 2 $ 826 - $ - - $ - $ 826 As of December 31, 2015 Payment Extension Rate Reduction Combination Totals Number Amount Number Amount Number Amount Commercial Real Estate - - - - 3 817 817 Total - $ - - $ - 3 $ 817 $ 817 Management monitors the TDRs based on the type of modification or concession granted to the borrower. These types of modifications may December 31, 2016 2015, |
Note 5 - Premises and Equipment
Note 5 - Premises and Equipment | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Note 5: Premises and Equipment Major classifications of premises and equipment, stated at cost, are as follows: 2016 2015 Land $ 514 $ 514 Buildings and improvements 3,156 3,146 Furniture, fixtures, and equipment 3,021 3,308 6,691 6,968 Less accumulated depreciation (5,564 ) (5,683 ) Net premises and equipment $ 1,127 $ 1,285 |
Note 6 - Deposits
Note 6 - Deposits | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | Note 6: Deposits at year-end are summarized as follows: 2016 2015 Savings accounts $ 13,923 $ 13,626 Checking accounts 34,608 33,934 Money market accounts 104,798 70,356 Certificates of deposit 127,219 163,785 Total Deposits $ 280,548 $ 281,701 Brokered certificates of deposit totaled $20,955 $43,612 December 31, 2016 2015. At December 31, 2016, 2017 75,405 2018 23,134 2019 17,749 2020 10,143 2021 676 Thereafter 112 Total 127,219 Time deposits of $250 $33,402 $39,061 December 31, 2016 2015. |
Note 7 - Federal Home Loan Bank
Note 7 - Federal Home Loan Bank Advances | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Federal Home Loan Bank Advances, Disclosure [Text Block] | Note 7: Federal Home Loan Bank Advances Federal Home Loan Bank advances totaled $60,000 $47,000 December 31, 2016 2015. December 31, 2016, 0.90% 5.25% $148,999. Aggregate annual maturities of our Federal Home Loan Bank advances at December 31, 2016, 2017 $ 23,000,000 2018 5,000,000 2019 - 2020 10,000,000 2021 - Thereafter 22,000,000 Total $ 60,000,000 |
Note 8 - Income Taxes
Note 8 - Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 8: Income Taxes The provision for income taxes includes these components: 2016 2015 Taxes currently payable $ 2,056 $ 1,759 Deferred income taxes 348 (215 ) Income tax expense $ 2,404 $ 1,544 A reconciliation of income tax expense at the statutory rate to the Company’s actual income tax expense is shown below: 2016 2015 Computed at the statutory rate (34%) $ 2,297 $ 1,608 Increase (decrease) resulting from Tax exempt interest (49 ) (49 ) Other (156 ) (15 ) Actual tax expense $ 2,404 $ 1,544 The tax effects of temporary differences related to deferred taxes shown on the consolidated balance sheets were: 2016 2015 Deferred tax asset Allowance for loan losses $ 2,725 $ 2,984 Depreciation 142 134 Deferred loan fees 195 195 Deferred compensation 186 197 Real estate owned 3 27 Other - 62 3,251 3,599 Deferred tax liabilities FHLB stock dividends 31 31 Net deferred tax asset $ 3,220 $ 3,568 Retained earnings at December 31, 2016 $2,019 no $686 December 31, 2016. ASC Topic 740 10 |
Note 9 - Regulatory Matters
Note 9 - Regulatory Matters | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | Note 9: Regulatory Matters We are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on our financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, we must meet specific capital guidelines that involve quantitative measures of our assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. Our capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Basel III Capital Rules In July 2013, three Capital Rules) establishing a new comprehensive capital framework for U.S. banking organizations. The rules implement the Basel Committee’s December 2010 “Basel III” for strengthening international capital standards as well as certain provisions of the Dodd-Frank Act. These rules substantially revise the risk-based capital requirements applicable to bank holding companies and depository institutions, compared to the current U.S. risk-based capital rules. The Basel III Capital Rules define the components of capital and address other issues affecting the numerator in banking institutions’ regulatory capital ratios. These rules also address risk weights and other issues affecting the denominator in banking institutions’ regulatory capital ratios and replace the existing risk-weighting approach with a more risk-sensitive approach. The Basel III Capital Rules were effective for the Bank on January 1, 2015 four 1” (CET1), 1 CET1 1 CET1 CET1 January 1, 2015, 4.5% CET1 6.0% 1 8.0% 4.0% Implementation of the deductions and other adjustments to CET1 January 1, 2015, four 40% January 1, 2015, 20% including dividend payments and certain discretionary bonus payments to executive officers, a banking organization must hold a capital conservation buffer composed of CET1 minimum risk-based capital requirements. The implementation of the capital conservation buffer began on January 1, 2016, 0.625% four January 1 2.5% January 1, 2019). Quantitative measures established by regulation to ensure capital adequacy require us to maintain minimum amounts and ratios (set forth in the table below). Management believes, as of December 31, 2016 2015, Our actual capital amounts and ratios are also presented in the table. Actual For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio As of December 31, 2016 Total risk-based capital (to risk-weighted assets) 63,829 22.02 % 23,188 8.0 % 28,985 10.0 % Tier I capital (to risk-weighted assets) 60,131 20.75 17,391 6.0 23,188 8.0 Common equity tier 1 capital (to risk-weighted assets) 60,131 20.75 16,650 4.5 24,050 6.5 Tier I capital (to adjusted total assets) 60,131 16.25 14,800 4.0 18,500 5.0 As of December 31, 2015 Total risk-based capital (to risk-weighted assets) 61,810 20.7 % 23,848 8.0 % 29,810 10.0 % Tier I capital (to risk-weighted assets) 57,990 19.45 17,886 6.0 23,848 8.0 Common equity tier 1 capital (to risk-weighted assets) 57,990 19.45 16,172 4.5 23,360 6.5 Tier I capital (to adjusted total assets) 57,990 16.14 14,375 4.0 17,969 5.0 Dividend Restriction The Bank is subject to certain restrictions on the amount of dividends that it may December 31, 2016 may |
Note 10 - Employee Benefits
Note 10 - Employee Benefits | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | Note 10: Employee Benefits We have a retirement savings 401(k) may 100% 100% first 3% 50% 3% 5%. 401 2016 2015 $83 $75 Employee Stock Ownership Plan (ESOP) As part of the conversion, we established an ESOP covering substantially all of our employees. The ESOP acquired 200,600 $10.00 $2,006 ESOP expense for the years ended December 31, 2016 2015 $555 $391, The ESOP shares as of December 31 2016 2015 Allocated shares 73,220 55,665 Unearned shares 121,755 141,255 Total ESOP shares 194,975 196,920 Fair value of unearned shares at December 31 $ 3,847 $ 3,763 We are obligated at the option of each beneficiary to repurchase shares of the ESOP upon the beneficiary’s termination or after retirement. At December 31, 2016 2015, 73,220 55,665 $2,314 $1,483. |
Note 11 - Disclosures About Fai
Note 11 - Disclosures About Fair Value of Assets and Liabilities | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 11: Disclosures About Fair Value of Assets and Liabilities ASC Topic 820, Fair Value Measurements 820 three may Level 1 Level 2 1 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 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. Impaired Loans (Collateral Dependent) 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 The Company considers the appraisal or evaluation as the starting point for determining fair value and then considers other factors and events in the environment that may Appraisals of the collateral underlying collateral-dependent loans are obtained when the loan is determined to be collateral-dependent and subsequently as deemed necessary by management. Appraisals are reviewed for accuracy and consistency by management. Appraisers are selected from the list of approved appraisers maintained by management. The appraised values are reduced by discounts to consider lack of marketability and 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 management by comparison to historical results. The following table presents the fair value measurements of assets 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 December 31, 2016 2015: Fair Value Measurements Using Fair Quoted Prices Significant Significant December 31, 2016 Collateral-dependent Impaired loans $ 885 $ – $ – $ 885 Unobservable (Level 3) The following table presents quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 Fair Value at December 31, 2016 Valuation Technique Unobservable Inputs Range December 31, 2016 Collateral-dependent Impaired loans $ 885 Market comparable properties Marketability discount 3% - 13% (6%) There were no December 31, 2015. Fair Value of Financial Instruments The following table presents estimated fair values of the Company’s financial instruments and the level within the fair value hierarchy in which the fair value measurements fall at December 31, 2016. Fair Value Measurements Using As of December 31, 2016 Carrying Amount Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial Assets Cash and cash equivalents $ 103,634 $ 103,634 $ - $ - Held to maturity securities 499 - 500 - Loans held for sale 238 - 239 - Loans, net of allowance for loan losses 320,606 - - 323,601 Federal Home Loan Bank stock 2,700 - 2,700 - Interest receivable 846 - 846 - Financial liabilities Deposits $ 280,548 $ 153,290 $ - $ 128,655 Federal Home Loan Bank advances 60,000 - 59,187 - Federal funds purchased 27,000 - 27,000 - Interest payable 249 - 249 - 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, 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 and Loans held for sale 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, NOW 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 the Company 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 the Company’s 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 12 - Commitments and Conti
Note 12 - Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 12: Commitments and Contingent Liabilities Some financial instruments, such as loan commitments, credit lines, letters of credit and overdraft protection, are issued to meet customer financing needs. These are agreements to provide credit or to support the credit of others, as long as conditions established in the contract are met, and usually have expiration dates. Commitments may At year-end, these financial instruments are summarized as follows: 2016 2015 Commitments to extend credit $ 6,111 $ 7,133 Unused portions of lines of credit 6,268 6,778 Standby letters of credit 787 990 Commitments to make loans generally expire within thirty ninety |
Note 13 - Earnings Per Share
Note 13 - Earnings Per Share | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 13: Earnings Per Share (In thousands except per share amounts) Years ended December 31 2016 2015 Net Income $ 4,353 $ 3,186 Dividends and undistributed earnings allocated to participating securities (47 ) (50 ) Income attributable to common shareholders 4,306 3,136 Weighted average shares outstanding (in thousands) 2,132 2,200 Less: average unearned ESOP and unvested restricted stock (171 ) (203 ) Average Shares 1,961 1,997 Effect of dilutive based awards 32 25 Average common and common-equivalent shares for diluted EPS (in thousands) 1,993 2,022 Basic EPS $ 2.20 $ 1.57 Diluted EPS $ 2.16 $ 1.55 |
Note 14 - Share Based Compensat
Note 14 - Share Based Compensation | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 14: Share Based Compensation In May 2012, 2012 five 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 are authorized but unissued shares. The maximum number of shares authorized under the Plan is 351,050. December 31, 2016 2015 $334 $319, 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 60,000 26.66 10 -- Exercised (1,503 ) 17.30 -- -- Forfeited (3,888 ) 19.58 -- -- Expired (1,973 ) 18.42 -- -- Options outstanding at December 31, 2016 181,585 $ 20.76 7 $ 1,956 Exercisable at December 31, 2016 92,748 $ 17.44 6 $ 1,305 The fair value of the Company’s stock options granted on September 9, 2016 Expected volatility 17.80 % Risk-free interest rate 1.59 % Expected dividend yield 5.00 % Expected life (in years) 7.50 Exercise price for the stock options $ 26.75 Grant date fair value $ 1.91 The fair value of the Company’s stock options granted on December 15, 2016 Expected volatility 18.10 % Risk-free interest rate 2.51 % Expected dividend yield 5.00 % Expected life (in years) 7.50 Exercise price for the stock options $ 26.03 Grant date fair value $ 2.58 Expected volatility — Based on the historical volatility of share price. Risk-free interest rate — Based on the U.S. Treasury yield curve and expected life of the options at the time of grant. Expected dividend yield — The Company currently has a Cash Dividend Policy whereby the Company expects to pay a cash dividend to shareholders on an annual basis. The expected dividend yield was estimated for the portion of the life of the options that the Company expects to pay a dividend. Expected life — Based on an average of the five ten Exercise price for the stock options — Based on the closing price of the Company’s stock on the date of grant. As of December 31, 2016, $179 8.96 December 31, 2016 $768. December 31, 2016 2015 $62 $62, 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 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 7,500 28.61 Vested (14,745 ) 18.14 Forfeited (2,717 ) 19.02 Non-vested at December 31, 2016 26,572 22.38 As of December 31, 2016, $505 five December 31, 2016 2015 $272 $257, |
Note 15 - Condensed Financial I
Note 15 - Condensed Financial Information (Parent Company Only) | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | Note 15: Condensed Financial Information (Parent Company Only) Presented below is condensed financial information as to financial position, results of operations and cash flows of the Company: Condensed Balance Sheets December 31, December 31, Assets 2016 2015 Cash and cash equivalents $ 3,190 $ 2,386 Investment in subsidiary 61,127 60,073 Other assets 205 199 Total assets $ 64,522 $ 62,658 Liabilities - Other $ 3,548 $ 2,178 Stockholders' Equity 60,974 60,480 Total liabilities and stockholders' equity $ 64,522 $ 62,658 Condensed Statements of Income and Comprehensive Income December 31, December 31, 2016 2015 Income - Dividends from subsidiary $ 4,500 $ 4,500 Expense 344 260 Income Before Income Tax and Equity in Undistributed Income (Distribution in Excess of Income) of Subsidiaries 4,156 4,240 Income Tax Benefit 5 73 Income (Loss) Before Equity in Undistributed Income (Distribution in Excess of Income) of Subsidiaries 4,161 4,313 Equity in Undistributed Income (Distribution in Excess of Income) of Subsidiaries 192 (1,127 ) Net Income and Comprehensive Income $ 4,353 $ 3,186 Condensed Statements of Cash Flows December 31, December 31, 2015 2015 Operating Activities Net income $ 4,353 $ 3,186 Items not requiring (providing) cash: (Equity in undistributed income) distributions in excess of income of subsidiaries (192 ) 1,127 Change in other assets (6 ) (74 ) Change in other liabilities 299 (47 ) Net cash provided by operating activities 4,454 4,192 Financing Activities Purchase of common stock (1,518 ) (2,796 ) Dividends paid (2,158 ) - Proceeds from stock options exercised 26 - Net cash used in financing activities (3,650 ) (2,796 ) Net Change in Cash and Cash Equivalents 804 1,396 Cash and Cash Equivalents, Beginning of Period 2,386 990 Cash and Cash Equivalents, End of Period $ 3,190 $ 2,386 Supplemental Disclosures of Cash Flows Information Dividends Declared, not paid $ 3,229 $ 2,158 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Nature of Operations [Policy Text Block] | Nature of Operations Wolverine Bank (the “Bank”), a wholly owned subsidiary of Wolverine Bancorp, Inc. (the “Company”), is a federally chartered savings bank primarily engaged in providing a full range of banking and financial services to individual and business customers in the Great Lakes Bay Region and beyond. The Company is subject to competition from other financial institutions. The Company is subject to the regulation of the Federal Reserve Board and the Bank is subject to the regulation of the Officer of the Comptroller of the Currency, and both undergo periodic examinations. The Bank’s additional wholly owned subsidiaries, Wolserv Corporation, a Michigan corporation which has a membership interest in a title company, and Wolverine Commercial Holdings LLC, a Michigan LLC owned by Wolverine Bank which holds certain real estate, are included in the consolidated financial statements. |
Basis of Accounting, Policy [Policy Text Block] | Principles of Consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses, valuation of real estate acquired in connection with foreclosures or in satisfaction of loans and financial instruments. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash Equivalents We consider all liquid investments with original maturities of three |
Marketable Securities, Policy [Policy Text Block] | Securities Held-to-maturity securities, which include any security for which we have the positive intent and ability to hold until maturity, are carried at historical cost adjusted for amortization of premiums and accretion of discounts. Amortization of premiums and accretion of discounts are recorded as interest income from securities. Realized gains and losses are recorded as net security gains (losses). Gains and losses on securities are determined on the specific-identification method. |
Finance, Loan and Lease Receivables, Held-for-sale, Policy [Policy Text Block] | Loans Held for Sale Mortgage loans originated and intended for sale in the secondary |
Finance, Loans and Leases Receivable, Policy [Policy Text Block] | Loans Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoffs are reported at their outstanding principal balances adjusted for any charge-offs, the allowance for loan losses, any deferred fees or costs on originated loans and unamortized premiums or discounts on purchased loans. Interest income is reported on the interest method and includes amortization of net deferred loan fees and costs over the loan term. Generally, loans are placed on nonaccrual status at ninety |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for Loan Losses The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses charged to income. Loan losses are charged against the allowance when management believes the uncollectability of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. The allowance for loan losses is evaluated on a regular basis by management and is based upon management’s periodic review of the collectability of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may The allowance consists of allocated and general components. The allocated component relates to loans that are classified as impaired. For those loans that are classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The general component covers non-classified loans and is based on historical charge-off experience and expected loss given default derived from our internal risk rating process. Other adjustments may A loan is considered impaired when, based on current information and events, it is probable that we will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan-by-loan basis for commercial and construction loans by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price or the fair value of the collateral if the loan is collateral dependent. Groups of loans with similar risk characteristics are collectively evaluated for impairment based on the group’s historical loss experience adjusted for changes in trends, conditions and other relevant factors that affect repayment of the loans. Accordingly, we do not separately identify individual consumer and residential loans for impairment measurements, unless such loans are the subject of a restructuring agreement due to financial difficulties of the borrower. |
Property, Plant and Equipment, Policy [Policy Text Block] | Premises and Equipment Depreciable assets are stated at cost less accumulated depreciation. Depreciation is charged to expense using the straight-line and accelerated methods over the estimated useful lives of the assets ranging from 3 39 |
Federal Home Loan Bank Stock [Policy Text Block] | Federal Home Loan Bank Stock Federal Home Loan Bank stock is a required investment for institutions that are members of the Federal Home Loan Bank system. The required investment in the common stock is based on a predetermined formula, carried at cost, and evaluated for impairment. |
Real Estate Owned [Policy Text Block] | Real Estate Owned Assets acquired through, or in lieu of, loan foreclosure are held for sale and are initially recorded at fair value less cost to sell at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less cost to sell. Revenue and expenses from operations and changes in the valuation allowance are included in net income or expense from foreclosed assets. |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Common Share 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 two Unearned ESOP shares, which are not vested, and unvested restricted stock awards are excluded from the computation of average shares outstanding. |
Income Tax, Policy [Policy Text Block] | Income Taxes We account for income taxes in accordance with income tax accounting guidance (ASC 740, Income Taxes two Deferred income tax expense results from changes in deferred tax assets and liabilities between periods. Deferred tax assets are recognized if it is more likely than not, based on the technical merits, that the tax position will be realized or sustained upon examination. The term more likely than not means a likelihood of more than 50 50 We recognize interest and penalties on income taxes as a component of income tax expense. We file consolidated income tax returns with our subsidiaries. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Standards FASB Accounting Standards Updates No. 2017 04, 350) The FASB has issued Accounting Standards Update (ASU) No. 2017 04, 350): 2 The annual, or interim, goodwill impairment test is performed by comparing the fair value of a reporting unit with its carrying amount. An impairment charge should be recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. In addition, the income tax effects of tax deductible goodwill on the carrying amount of the reporting unit should be considered when measuring the goodwill impairment loss, if applicable. The amendments also eliminate the requirements for any reporting unit with a zero 2 The amendments in this update should be adopted for annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. January 1, 2017. FASB Accounting Standards Updates No. 2017 01, 805) The FASB has issued Accounting Standards Update (ASU) No. 2017 01, Business Combinations (Topic 805): The amendments in this update become effective for annual periods and interim periods within those annual periods beginning after December 15, 2017. FASB ASU No. 2016 15, 230): The FASB has issued Accounting Standards Update (ASU) No. 2016 15, Statement of Cash Flows (Topic 230). eight November 2016, 2016 18, The amendments are effective for public business entities for fiscal years beginning after December 15, 2017, December 15, 2018, December 15, 2019. FASB ASU No. 2016 13, 326): The FASB has issued Accounting Standards Update (ASU) No. 2016 13, Financial Instruments – Credit Losses (Topic 326): 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, December 15, 2020, December 15, 2020, December 15, 2021. may December 15, 2018, FASB ASU No. 2016 09, 718) The FASB issued ASU No. 2016 09, Compensation–Stock Compensation 718): Improvements to Employee Share-Based Payment Accounting The ASU is intended to improve the accounting for employee shared-base payments and affects all organizations that issue share-based payment awards to their employees. Several aspects of the accounting for share-based payment award transactions are simplified, including the income tax consequences, the classification of awards as either equity or liabilities, and the classification on the statement of cash flows. The amendments in this update became effective on January 1, 2017 For public business entities, the amendments are effective for annual periods beginning after December 15, 2016, December 15, 2017, December 15, 2018. January 1, 2017 FASB ASU No. 2016 08, 2016 10, 2016 12, 606) In May 2014, 2014 09, Revenue from Contracts with Customers March 2016, 2016 08, Principal versus Agent Considerations (Reporting Revenue Gross versus Net) April 2016, 2016 10, Identifying Performance Obligations and Licensing May 2016, 2016 12, Narrow-Scope Improvements and Practical Expedients For public business entities, the amendments are effective for annual reporting periods beginning after December 15, 2017, 2015 14. December 15, 2016, All other entities should apply the guidance to annual reporting periods beginning after December 15, 2018, December 15, 2019. December 15, 2016, one first 2014 09. FASB ASU No. 2016 07, 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. FASB ASU No. 2016 06, 815): The FASB has issued Accounting Standards Update (ASU) No. 2016 05, Derivatives and Hedging (Topic 815): 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 This standard will be effective for pubic business entities for fiscal year beginning after December 15, 2016 December 15, 2017, December 15, 2018. FASB ASU No. 2016 02 842) The FASB has issued Accounting Standards Update (ASU) No. 2016 02, Leases ● 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 December 15, 2019 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 Adoption of the ASU is not expected to have a significant effect on the Company’s consolidated financial statements. FASB Accounting Standards Updates No. 2016 01, Financial Instruments – Overall (Subtopic 825 10): Recognition and Measurement of Financial Assets and Financial Liabilities The FASB has issued Accounting Standards Update (ASU) No. 2016 01, Financial Instruments – Overall (Subtopic 825 10): The new guidance makes targeted improvements to existing U.S. GAAP by: ● Requiring equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income; ● Requiring public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; ● Requiring separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (i.e., securities or loans and receivables) on the balance sheet or the accompanying notes to the financial statements; ● Eliminating the requirement to disclose the fair value of financial instruments measured at amortized cost for organizations that are not public business entities; ● Eliminating the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet; and ● Requiring a reporting organization to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk (also referred to as “own credit”) when the organization has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. The new guidance is effective for public companies for fiscal years beginning after December 15, 2017, ASU is not expected to have a significant effect on the Company’s consolidated financial statements. |
Note 3 - Securities (Tables)
Note 3 - Securities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Held-to-maturity Securities [Table Text Block] | Amortized Gross Gross Approximate Held to Maturity Securities: December 31, 2016 Treasury bond $ 499 $ 1 $ – $ 500 December 31, 2015 Treasury bond $ 500 $ – $ – $ 500 |
Note 4 - Loans and Allowance 25
Note 4 - Loans and Allowance for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | December 31, 2016 December 31, 2015 Real Estate One-to four-family $ 35,389 $ 39,719 Home equity 4,031 5,459 Commercial mortgage loans Commercial real estate 195,924 183,934 Multifamily 54,827 58,804 Land 11,547 12,543 Construction 13,475 14,785 Commercial non-mortgage 20,047 14,826 Consumer 1,074 1,221 Total loans 336,314 331,291 Less Net deferred loan costs, premiums and discounts 563 567 Undisbursed portion of loan 5,819 6,050 Allowance for loan losses 9,326 10,061 Net Loans $ 320,606 $ 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 December 31, 2016 Allowance for loan losses: Balance, beginning of period $ 948 $ 108 $ 4,913 $ 1,515 $ 1,605 $ 604 $ 344 $ 24 $ 10,061 Provision charged to expense (137 ) (59 ) 555 (431 ) (544 ) (310 ) 180 (14 ) (760 ) Losses charged off (67 ) - (85 ) - - - - (1 ) (153 ) Recoveries 54 - 39 - 81 - - 4 178 Balance, end of period $ 798 $ 49 $ 5,422 $ 1,084 $ 1,142 $ 294 $ 524 $ 13 $ 9,326 Ending Balance: individually evaluated for impairment $ - $ - $ 235 $ - $ 550 $ - $ - $ - $ 785 Ending balance: collectively evaluated for impairment $ 798 $ 49 $ 5,187 $ 1,084 $ 592 $ 294 $ 524 $ 13 $ 8,541 Loans: Ending Balance $ 35,389 $ 4,031 $ 195,924 $ 54,827 $ 11,547 $ 13,475 $ 20,047 $ 1,074 $ 336,314 Ending Balance: individually evaluated for impairment $ 1,500 $ - $ 8,103 $ 6,311 $ 1,061 $ - $ - $ - $ 16,975 Ending balance: collectively evaluated for impairment $ 33,889 $ 4,031 $ 187,821 $ 48,516 $ 10,486 $ 13,475 $ 20,047 $ 1,074 $ 319,339 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 (credit) 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 |
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 $ 33,787 $ 36,941 $ 4,031 $ 5,459 $ 173,375 $ 150,122 $ 48,241 $ 46,230 Pass (Closely Monitored) 490 1,437 - - 14,349 21,156 6,586 8,142 Special Mention 241 225 - - 2,630 751 - - Substandard 871 1,116 - - 5,570 11,905 - 4,432 Doubtful - - - - - - - - Loss - - - - - - - - $ 35,389 $ 39,719 $ 4,031 $ 5,459 $ 195,924 $ 183,934 $ 54,827 $ 58,804 Land Construction Commercial Non-Mortgage Consumer Total 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 Pass $ 9,631 $ 9,462 $ 13,475 $ 14,785 $ 16,500 $ 9,626 $ 1,074 $ 1,221 $ 300,114 $ 273,846 Pass (Closely Monitored) 855 1,239 - - 658 4,904 - - 22,938 36,878 Special Mention - - - - 2,889 - - - 5,760 976 Substandard 1,061 1,842 - - - 296 - - 7,502 19,591 Doubtful - - - - - - - - - - Loss - - - - - - - - - - $ 11,547 $ 12,543 $ 13,475 $ 14,785 $ 20,047 $ 14,826 $ 1,074 $ 1,221 $ 336,314 $ 331,291 |
Past Due Financing Receivables [Table Text Block] | As of December 31, 2016 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Total Past Due Current Total Loans Receivable Total Loans >90 Days & Accruing Total Nonaccrual 1-4 Family $ 165 $ 94 $ 137 $ 396 $ 34,993 $ 35,389 $ - $ 137 Home Equity - - - - 4,031 4,031 - - Commercial Real Estate - 648 100 748 195,176 195,924 - 4,872 Multifamily - - - - 54,827 54,827 - - Land - - 1,061 1,061 10,486 11,547 - 1,061 Construction - - - - 13,475 13,475 - - Commercial Non-Mortgage - - - - 20,047 20,047 - - Consumer - - - - 1,074 1,074 - - Total $ 165 $ 742 $ 1,298 $ 2,205 $ 334,109 $ 336,314 $ - $ 6,070 As of December 31, 2015 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Total Past Due Current Total Loans Receivable Total Loans >90 Days & Accruing Total Nonaccrual 1-4 Family $ 151 $ 152 $ - $ 303 $ 39,416 $ 39,719 $ - $ 99 Home Equity - - - - 5,459 5,459 - - Commercial Real Estate 6 1,011 - 1,017 182,917 183,934 - 5,188 Multifamily 1,291 - - 1,291 57,513 58,804 - - Land - - 1,842 1,842 10,701 12,543 - 1,842 Construction - - - - 14,785 14,785 - - Commercial Non-Mortgage - - - - 14,826 14,826 - - Consumer - - - - 1,221 1,221 - - Total $ 1,448 $ 1,163 $ 1,842 $ 4,453 $ 326,838 $ 331,291 $ - $ 7,129 |
Impaired Financing Receivables [Table Text Block] | Unpaid Recorded Principal Specific YTD Average YTD Interest Balance Balance Allowance Balance Income Loans without a specific valuation allowance: 1-4 Family $ 1,500 $ 1,620 $ - $ 1,311 $ 70 Home Equity - - - - - Commercial real estate 7,494 9,669 - 8,296 426 Multi Family 6,311 7,125 - 6,884 402 Land - - - 24 - Construction - - - - - Commercial Non-Mortgage - - - - - Consumer - - - - - Loans with a specific valuation allowance: 1-4 Family $ - $ - $ - $ - $ - Home Equity - - - - - Commercial real estate 609 695 235 385 41 Multi Family - - - - - Land 1,061 3,158 550 1,832 123 Construction - - - - - Commercial Non-Mortgage - - - - - Consumer - - - - - Totals 1-4 Family $ 1,500 $ 1,620 $ - $ 1,311 $ 70 Home Equity - - - - - Commercial real estate 8,103 10,364 235 8,681 467 Multi Family 6,311 7,125 - 6,884 402 Land 1,061 3,158 550 1,856 123 Construction - - - - - Commercial Non-Mortgage - - - - - Consumer - - - - - Total $ 16,975 $ 22,267 $ 785 $ 18,733 $ 1,062 Unpaid Recorded Principal Specific YTD Average YTD Interest Balance Balance Allowance Balance Income Loans without a specific valuation allowance: 1-4 Family $ 1,504 $ 1,633 $ - $ 1,791 $ 80 Home Equity - - - 15 - Commercial real estate 9,912 11,820 - 10,508 289 Multi Family 6,586 7,400 - 6,685 359 Land 41 96 - 371 22 Construction - - - - - Commercial Non-Mortgage 295 295 - 311 22 Consumer - - - - - Loans with a specific valuation allowance: 1-4 Family $ - $ - $ - $ - $ - Home Equity - - - - - Commercial real estate 2,368 2,368 200 2,499 175 Multi Family 1,291 1,291 100 1,319 77 Land 1,842 3,640 850 2,115 - Construction - - - - - Commercial Non-Mortgage - - - - - Consumer - - - - - Totals 1-4 Family $ 1,504 $ 1,633 $ - $ 1,791 $ 80 Home Equity - - - 15 - Commercial real estate 12,280 14,188 200 13,007 464 Multi Family 7,877 8,691 100 8,004 436 Land 1,883 3,736 850 2,486 22 Construction - - - - - Commercial Non-Mortgage 295 295 - 311 22 Consumer - - - - - Total $ 23,839 $ 28,543 $ 1,150 $ 25,614 $ 1,024 |
Schedule of Debtor Troubled Debt Restructuring, Current Period [Table Text Block] | Twelve Months Ended December 31, 2016 Count Balance prior to TDR Balance after (Amounts in Thousands, except per share data) Commercial real estate 2 $ 826 $ 826 Total 2 $ 826 $ 826 Twelve Months Ended December 31, 2015 Count Balance prior to TDR Balance after (Amounts in Thousands, except per share data) Commercial real estate 3 $ 817 $ 817 Total 3 $ 817 $ 817 |
Summary of Troubled Debt Restructuring Note, Debtor [Table Text Block] | As of December 31, 2016 Payment Extension Rate Reduction Combination Totals Number Amount Number Amount Number Amount Commercial Real Estate 2 826 - - - - 826 Total 2 $ 826 - $ - - $ - $ 826 As of December 31, 2015 Payment Extension Rate Reduction Combination Totals Number Amount Number Amount Number Amount Commercial Real Estate - - - - 3 817 817 Total - $ - - $ - 3 $ 817 $ 817 |
Note 5 - Premises and Equipme26
Note 5 - Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | 2016 2015 Land $ 514 $ 514 Buildings and improvements 3,156 3,146 Furniture, fixtures, and equipment 3,021 3,308 6,691 6,968 Less accumulated depreciation (5,564 ) (5,683 ) Net premises and equipment $ 1,127 $ 1,285 |
Note 6 - Deposits (Tables)
Note 6 - Deposits (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Deposits [Table Text Block] | 2016 2015 Savings accounts $ 13,923 $ 13,626 Checking accounts 34,608 33,934 Money market accounts 104,798 70,356 Certificates of deposit 127,219 163,785 Total Deposits $ 280,548 $ 281,701 |
Scheduled Maturities of Certificates of Deposits [Table Text Block] | 2017 75,405 2018 23,134 2019 17,749 2020 10,143 2021 676 Thereafter 112 Total 127,219 |
Note 7 - Federal Home Loan Ba28
Note 7 - Federal Home Loan Bank Advances (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Contractual Maturity Dates for Federal Home Loan Bank Advances [Table Text Block] | 2017 $ 23,000,000 2018 5,000,000 2019 - 2020 10,000,000 2021 - Thereafter 22,000,000 Total $ 60,000,000 |
Note 8 - Income Taxes (Tables)
Note 8 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2016 2015 Taxes currently payable $ 2,056 $ 1,759 Deferred income taxes 348 (215 ) Income tax expense $ 2,404 $ 1,544 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2016 2015 Computed at the statutory rate (34%) $ 2,297 $ 1,608 Increase (decrease) resulting from Tax exempt interest (49 ) (49 ) Other (156 ) (15 ) Actual tax expense $ 2,404 $ 1,544 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2016 2015 Deferred tax asset Allowance for loan losses $ 2,725 $ 2,984 Depreciation 142 134 Deferred loan fees 195 195 Deferred compensation 186 197 Real estate owned 3 27 Other - 62 3,251 3,599 Deferred tax liabilities FHLB stock dividends 31 31 Net deferred tax asset $ 3,220 $ 3,568 |
Note 9 - Regulatory Matters (Ta
Note 9 - Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | Actual For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio As of December 31, 2016 Total risk-based capital (to risk-weighted assets) 63,829 22.02 % 23,188 8.0 % 28,985 10.0 % Tier I capital (to risk-weighted assets) 60,131 20.75 17,391 6.0 23,188 8.0 Common equity tier 1 capital (to risk-weighted assets) 60,131 20.75 16,650 4.5 24,050 6.5 Tier I capital (to adjusted total assets) 60,131 16.25 14,800 4.0 18,500 5.0 As of December 31, 2015 Total risk-based capital (to risk-weighted assets) 61,810 20.7 % 23,848 8.0 % 29,810 10.0 % Tier I capital (to risk-weighted assets) 57,990 19.45 17,886 6.0 23,848 8.0 Common equity tier 1 capital (to risk-weighted assets) 57,990 19.45 16,172 4.5 23,360 6.5 Tier I capital (to adjusted total assets) 57,990 16.14 14,375 4.0 17,969 5.0 |
Note 10 - Employee Benefits (Ta
Note 10 - Employee Benefits (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Employee Stock Ownership Plan, ESOP Share Allocation [Table Text Block] | 2016 2015 Allocated shares 73,220 55,665 Unearned shares 121,755 141,255 Total ESOP shares 194,975 196,920 Fair value of unearned shares at December 31 $ 3,847 $ 3,763 |
Note 11 - Disclosures About F32
Note 11 - Disclosures About Fair Value of Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Fair Value Measurements, Nonrecurring [Table Text Block] | Fair Value Measurements Using Fair Quoted Prices Significant Significant December 31, 2016 Collateral-dependent Impaired loans $ 885 $ – $ – $ 885 |
Fair Value Inputs, Assets, Quantitative Information [Table Text Block] | Fair Value at December 31, 2016 Valuation Technique Unobservable Inputs Range December 31, 2016 Collateral-dependent Impaired loans $ 885 Market comparable properties Marketability discount 3% - 13% (6%) |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Fair Value Measurements Using As of December 31, 2016 Carrying Amount Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial Assets Cash and cash equivalents $ 103,634 $ 103,634 $ - $ - Held to maturity securities 499 - 500 - Loans held for sale 238 - 239 - Loans, net of allowance for loan losses 320,606 - - 323,601 Federal Home Loan Bank stock 2,700 - 2,700 - Interest receivable 846 - 846 - Financial liabilities Deposits $ 280,548 $ 153,290 $ - $ 128,655 Federal Home Loan Bank advances 60,000 - 59,187 - Federal funds purchased 27,000 - 27,000 - Interest payable 249 - 249 - 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 12 - Commitments and Con33
Note 12 - Commitments and Contingent Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Financial Instruments Owned and Pledged as Collateral [Table Text Block] | 2016 2015 Commitments to extend credit $ 6,111 $ 7,133 Unused portions of lines of credit 6,268 6,778 Standby letters of credit 787 990 |
Note 13 - Earnings Per Share (T
Note 13 - Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Years ended December 31 2016 2015 Net Income $ 4,353 $ 3,186 Dividends and undistributed earnings allocated to participating securities (47 ) (50 ) Income attributable to common shareholders 4,306 3,136 Weighted average shares outstanding (in thousands) 2,132 2,200 Less: average unearned ESOP and unvested restricted stock (171 ) (203 ) Average Shares 1,961 1,997 Effect of dilutive based awards 32 25 Average common and common-equivalent shares for diluted EPS (in thousands) 1,993 2,022 Basic EPS $ 2.20 $ 1.57 Diluted EPS $ 2.16 $ 1.55 |
Note 14 - Share Based Compens35
Note 14 - Share Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 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 60,000 26.66 10 -- Exercised (1,503 ) 17.30 -- -- Forfeited (3,888 ) 19.58 -- -- Expired (1,973 ) 18.42 -- -- Options outstanding at December 31, 2016 181,585 $ 20.76 7 $ 1,956 Exercisable at December 31, 2016 92,748 $ 17.44 6 $ 1,305 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Expected volatility 17.80 % Risk-free interest rate 1.59 % Expected dividend yield 5.00 % Expected life (in years) 7.50 Exercise price for the stock options $ 26.75 Grant date fair value $ 1.91 Expected volatility 18.10 % Risk-free interest rate 2.51 % Expected dividend yield 5.00 % Expected life (in years) 7.50 Exercise price for the stock options $ 26.03 Grant date fair value $ 2.58 |
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 7,500 28.61 Vested (14,745 ) 18.14 Forfeited (2,717 ) 19.02 Non-vested at December 31, 2016 26,572 22.38 |
Note 15 - Condensed Financial36
Note 15 - Condensed Financial Information (Parent Company Only) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | December 31, December 31, Assets 2016 2015 Cash and cash equivalents $ 3,190 $ 2,386 Investment in subsidiary 61,127 60,073 Other assets 205 199 Total assets $ 64,522 $ 62,658 Liabilities - Other $ 3,548 $ 2,178 Stockholders' Equity 60,974 60,480 Total liabilities and stockholders' equity $ 64,522 $ 62,658 |
Condensed Income Statement [Table Text Block] | December 31, December 31, 2016 2015 Income - Dividends from subsidiary $ 4,500 $ 4,500 Expense 344 260 Income Before Income Tax and Equity in Undistributed Income (Distribution in Excess of Income) of Subsidiaries 4,156 4,240 Income Tax Benefit 5 73 Income (Loss) Before Equity in Undistributed Income (Distribution in Excess of Income) of Subsidiaries 4,161 4,313 Equity in Undistributed Income (Distribution in Excess of Income) of Subsidiaries 192 (1,127 ) Net Income and Comprehensive Income $ 4,353 $ 3,186 |
Condensed Cash Flow Statement [Table Text Block] | December 31, December 31, 2015 2015 Operating Activities Net income $ 4,353 $ 3,186 Items not requiring (providing) cash: (Equity in undistributed income) distributions in excess of income of subsidiaries (192 ) 1,127 Change in other assets (6 ) (74 ) Change in other liabilities 299 (47 ) Net cash provided by operating activities 4,454 4,192 Financing Activities Purchase of common stock (1,518 ) (2,796 ) Dividends paid (2,158 ) - Proceeds from stock options exercised 26 - Net cash used in financing activities (3,650 ) (2,796 ) Net Change in Cash and Cash Equivalents 804 1,396 Cash and Cash Equivalents, Beginning of Period 2,386 990 Cash and Cash Equivalents, End of Period $ 3,190 $ 2,386 Supplemental Disclosures of Cash Flows Information Dividends Declared, not paid $ 3,229 $ 2,158 |
Note 1 - Nature of Operations37
Note 1 - Nature of Operations and Summary of Significant Accounting Policies (Details Textual) | 12 Months Ended |
Dec. 31, 2016 | |
Minimum [Member] | |
Property, Plant and Equipment, Useful Life | 3 years |
Maximum [Member] | |
Property, Plant and Equipment, Useful Life | 39 years |
Note 2 - Restriction on Cash 38
Note 2 - Restriction on Cash and Due From Banks (Details Textual) $ in Thousands | Dec. 31, 2016USD ($) |
Cash, FDIC Insured Amount | $ 459 |
Cash, Uninsured Amount | 391 |
Federal Home Loan Bank of Indianapolis [Member] | |
Cash Deposits in Affiliated Bank | 1,733 |
Federal Home Loan Bank of Chicago [Member] | |
Cash Deposits in Affiliated Bank | $ 98,665 |
Note 3 - Securities (Details Te
Note 3 - Securities (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Proceeds from Sale of Held-to-maturity Securities | $ 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 | Dec. 31, 2016 | Dec. 31, 2015 |
Held to maturity securities, amortized cost | $ 499 | $ 500 |
Held to maturity securities, gross unrealized gains | 1 | 0 |
Held to maturity securities, fair value | $ 500 | $ 500 |
Note 4 - Loans and Allowance 41
Note 4 - Loans and Allowance for Loan Losses (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Percentage of Construction Loans for Commercial Real Estate of Loan to Completed Appraised Value, Ratio | 70.00% | |
Charge Down to Net Realizable Value | 120 days | |
Period for Discontinuation of Accrual of Interest on All Loan Classes | 180 days | |
Loans and Leases Receivable, Related Parties | $ 8,083 | $ 7,248 |
Loans and Leases Receivable, Related Parties, Additions | 3,148 | |
Loans and Leases Receivable, Related Parties, Proceeds | $ 2,313 | |
Minimum Realizable Period for New Loan into Accrual Status Under Performance With New Loan Terms | 180 days | |
Minimum Period for Realizable of Troubled Debt Restructuring Loans into Nonaccrual Status or Default Loans | 90 days | |
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $ 0 | |
Minimum [Member] | ||
Period for Discontinuation of Accrual of Interest on All Loan Classes | 180 days |
Note 4 - Loans and Allowance 42
Note 4 - Loans and Allowance for Loan Losses - Summary of Loans by Categories of Loans Class (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Total loans | $ 336,314 | $ 331,291 |
Net deferred loan costs, premiums and discounts | 563 | 567 |
Undisbursed portion of loan | 5,819 | 6,050 |
Allowance for loan losses | 9,326 | 10,061 |
Net Loans | 320,606 | 314,613 |
Residential Portfolio Segment [Member] | One- to Four-family [Member] | ||
Total loans | 35,389 | 39,719 |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Total loans | 4,031 | 5,459 |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Total loans | 195,924 | 183,934 |
Commercial Real Estate Portfolio Segment [Member] | Multifamily Loan [Member] | ||
Total loans | 54,827 | 58,804 |
Commercial Real Estate Portfolio Segment [Member] | Land Loan [Member] | ||
Total loans | 11,547 | 12,543 |
Construction Portfolio Segment [Member] | ||
Total loans | 13,475 | 14,785 |
Commercial Portfolio Segment [Member] | ||
Total loans | 20,047 | 14,826 |
Consumer Portfolio Segment [Member] | ||
Total loans | $ 1,074 | $ 1,221 |
Note 4 - Loans and Allowance 43
Note 4 - Loans and Allowance for Loan Losses - Financing Receivables and Allowance for Credit Losses on Financing Receivables (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Balance, beginning of period | $ 10,061 | $ 7,976 |
Provision charged to expense | (760) | 800 |
Losses charged off | (153) | (46) |
Recoveries | 178 | 1,331 |
Balance, end of period | 9,326 | 10,061 |
Allowance for loan losses: individually evaluated for impairment | 785 | 1,150 |
Allowance for loan losses: collectively evaluated for impairment | 8,541 | 8,911 |
Loans | 336,314 | 331,291 |
Loans: individually evaluated for impairment | 16,975 | 23,839 |
Loans: collectively evaluated for impairment | 319,339 | 307,452 |
Residential Portfolio Segment [Member] | One- to Four-family [Member] | ||
Balance, beginning of period | 948 | 881 |
Provision charged to expense | (137) | 79 |
Losses charged off | (67) | (45) |
Recoveries | 54 | 33 |
Balance, end of period | 798 | 948 |
Allowance for loan losses: individually evaluated for impairment | 0 | 0 |
Allowance for loan losses: collectively evaluated for impairment | 798 | 948 |
Loans | 35,389 | 39,719 |
Loans: individually evaluated for impairment | 1,500 | 1,504 |
Loans: collectively evaluated for impairment | 33,889 | 38,215 |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Balance, beginning of period | 108 | 100 |
Provision charged to expense | (59) | 8 |
Losses charged off | 0 | 0 |
Recoveries | 0 | 0 |
Balance, end of period | 49 | 108 |
Allowance for loan losses: individually evaluated for impairment | 0 | 0 |
Allowance for loan losses: collectively evaluated for impairment | 49 | 108 |
Loans | 4,031 | 5,459 |
Loans: individually evaluated for impairment | 0 | |
Loans: collectively evaluated for impairment | 4,031 | 5,459 |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Balance, beginning of period | 4,913 | 3,573 |
Provision charged to expense | 555 | 72 |
Losses charged off | (85) | 0 |
Recoveries | 39 | 1,268 |
Balance, end of period | 5,422 | 4,913 |
Allowance for loan losses: individually evaluated for impairment | 235 | 200 |
Allowance for loan losses: collectively evaluated for impairment | 5,187 | 4,713 |
Loans | 195,924 | 183,934 |
Loans: individually evaluated for impairment | 8,103 | 12,280 |
Loans: collectively evaluated for impairment | 187,821 | 171,654 |
Commercial Real Estate Portfolio Segment [Member] | Multifamily Loan [Member] | ||
Balance, beginning of period | 1,515 | 1,391 |
Provision charged to expense | (431) | 124 |
Losses charged off | 0 | 0 |
Recoveries | 0 | 0 |
Balance, end of period | 1,084 | 1,515 |
Allowance for loan losses: individually evaluated for impairment | 100 | |
Allowance for loan losses: collectively evaluated for impairment | 1,084 | 1,415 |
Loans | 54,827 | 58,804 |
Loans: individually evaluated for impairment | 6,311 | 7,877 |
Loans: collectively evaluated for impairment | 48,516 | 50,927 |
Commercial Real Estate Portfolio Segment [Member] | Land Loan [Member] | ||
Balance, beginning of period | 1,605 | 1,205 |
Provision charged to expense | (544) | 374 |
Losses charged off | 0 | 0 |
Recoveries | 81 | 26 |
Balance, end of period | 1,142 | 1,605 |
Allowance for loan losses: individually evaluated for impairment | 550 | 850 |
Allowance for loan losses: collectively evaluated for impairment | 592 | 755 |
Loans | 11,547 | 12,543 |
Loans: individually evaluated for impairment | 1,061 | 1,883 |
Loans: collectively evaluated for impairment | 10,486 | 10,660 |
Construction Portfolio Segment [Member] | ||
Balance, beginning of period | 604 | 539 |
Provision charged to expense | (310) | 65 |
Losses charged off | 0 | |
Recoveries | 0 | 0 |
Balance, end of period | 294 | 604 |
Allowance for loan losses: individually evaluated for impairment | 0 | 0 |
Allowance for loan losses: collectively evaluated for impairment | 294 | 604 |
Loans | 13,475 | 14,785 |
Loans: individually evaluated for impairment | 0 | 0 |
Loans: collectively evaluated for impairment | 13,475 | 14,785 |
Commercial Portfolio Segment [Member] | ||
Balance, beginning of period | 344 | 269 |
Provision charged to expense | 180 | 75 |
Losses charged off | 0 | 0 |
Recoveries | 0 | 0 |
Balance, end of period | 524 | 344 |
Allowance for loan losses: individually evaluated for impairment | 0 | 0 |
Allowance for loan losses: collectively evaluated for impairment | 524 | 344 |
Loans | 20,047 | 14,826 |
Loans: individually evaluated for impairment | 0 | 295 |
Loans: collectively evaluated for impairment | 20,047 | 14,531 |
Consumer Portfolio Segment [Member] | ||
Balance, beginning of period | 24 | 18 |
Provision charged to expense | (14) | 3 |
Losses charged off | (1) | (1) |
Recoveries | 4 | 4 |
Balance, end of period | 13 | 24 |
Allowance for loan losses: individually evaluated for impairment | 0 | 0 |
Allowance for loan losses: collectively evaluated for impairment | 13 | 24 |
Loans | 1,074 | 1,221 |
Loans: individually evaluated for impairment | 0 | 0 |
Loans: collectively evaluated for impairment | $ 1,074 | $ 1,221 |
Note 4 - Loans and Allowance 44
Note 4 - Loans and Allowance for Loan Losses - Credit Risk Profile of Our Loan Portfolio Based on Rating Category and Payment Activity (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Total loans | $ 336,314 | $ 331,291 |
Residential Portfolio Segment [Member] | One- to Four-family [Member] | ||
Total loans | 35,389 | 39,719 |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Total loans | 4,031 | 5,459 |
Commercial Real Estate Portfolio Segment [Member] | Land Loan [Member] | ||
Total loans | 11,547 | 12,543 |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Total loans | 195,924 | 183,934 |
Commercial Real Estate Portfolio Segment [Member] | Multifamily Loan [Member] | ||
Total loans | 54,827 | 58,804 |
Construction Portfolio Segment [Member] | ||
Total loans | 13,475 | 14,785 |
Commercial Portfolio Segment [Member] | ||
Total loans | 20,047 | 14,826 |
Consumer Portfolio Segment [Member] | ||
Total loans | 1,074 | 1,221 |
Pass [Member] | ||
Total loans | 300,114 | 273,846 |
Pass [Member] | Residential Portfolio Segment [Member] | One- to Four-family [Member] | ||
Total loans | 33,787 | 36,941 |
Pass [Member] | Residential Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Total loans | 4,031 | 5,459 |
Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | Land Loan [Member] | ||
Total loans | 9,631 | 9,462 |
Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Total loans | 173,375 | 150,122 |
Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | Multifamily Loan [Member] | ||
Total loans | 48,241 | 46,230 |
Pass [Member] | Construction Portfolio Segment [Member] | ||
Total loans | 13,475 | 14,785 |
Pass [Member] | Commercial Portfolio Segment [Member] | ||
Total loans | 16,500 | 9,626 |
Pass [Member] | Consumer Portfolio Segment [Member] | ||
Total loans | 1,074 | 1,221 |
Pass Closely Monitored [Member] | ||
Total loans | 22,938 | 36,878 |
Pass Closely Monitored [Member] | Residential Portfolio Segment [Member] | One- to Four-family [Member] | ||
Total loans | 490 | 1,437 |
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 | 855 | 1,239 |
Pass Closely Monitored [Member] | Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Total loans | 14,349 | 21,156 |
Pass Closely Monitored [Member] | Commercial Real Estate Portfolio Segment [Member] | Multifamily Loan [Member] | ||
Total loans | 6,586 | 8,142 |
Pass Closely Monitored [Member] | Construction Portfolio Segment [Member] | ||
Total loans | 0 | 0 |
Pass Closely Monitored [Member] | Commercial Portfolio Segment [Member] | ||
Total loans | 658 | 4,904 |
Pass Closely Monitored [Member] | Consumer Portfolio Segment [Member] | ||
Total loans | 0 | 0 |
Special Mention [Member] | ||
Total loans | 5,760 | 976 |
Special Mention [Member] | Residential Portfolio Segment [Member] | One- to Four-family [Member] | ||
Total loans | 241 | 225 |
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 | 0 | 0 |
Special Mention [Member] | Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Total loans | 2,630 | 751 |
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 | 0 | 0 |
Special Mention [Member] | Commercial Portfolio Segment [Member] | ||
Total loans | 2,889 | 0 |
Special Mention [Member] | Consumer Portfolio Segment [Member] | ||
Total loans | 0 | 0 |
Substandard [Member] | ||
Total loans | 7,502 | 19,591 |
Substandard [Member] | Residential Portfolio Segment [Member] | One- to Four-family [Member] | ||
Total loans | 871 | 1,116 |
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 | 1,061 | 1,842 |
Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Total loans | 5,570 | 11,905 |
Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | Multifamily Loan [Member] | ||
Total loans | 0 | 4,432 |
Substandard [Member] | Construction Portfolio Segment [Member] | ||
Total loans | 0 | 0 |
Substandard [Member] | Commercial Portfolio Segment [Member] | ||
Total loans | 0 | 296 |
Substandard [Member] | Consumer Portfolio Segment [Member] | ||
Total loans | 0 | 0 |
Doubtful [Member] | ||
Total loans | 0 | 0 |
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 | 0 | 0 |
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 | 0 | 0 |
Doubtful [Member] | Commercial Portfolio Segment [Member] | ||
Total loans | 0 | 0 |
Doubtful [Member] | Consumer Portfolio Segment [Member] | ||
Total loans | 0 | 0 |
Loss [Member] | ||
Total loans | 0 | 0 |
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 | 0 | 0 |
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 | 0 | 0 |
Loss [Member] | Commercial Portfolio Segment [Member] | ||
Total loans | 0 | 0 |
Loss [Member] | Consumer Portfolio Segment [Member] | ||
Total loans | $ 0 | $ 0 |
Note 4 - Loans and Allowance 45
Note 4 - Loans and Allowance for Loan Losses - Summary of Our Past Due and Non-accrual Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Past Due | $ 2,205 | $ 4,453 |
Current | 334,109 | 326,838 |
Total loans | 336,314 | 331,291 |
Total Loans > 90 Days & Accruing | 0 | 0 |
Total Nonaccrual | 6,070 | 7,129 |
Residential Portfolio Segment [Member] | One- to Four-family [Member] | ||
Financing Receivable, Past Due | 396 | 303 |
Current | 34,993 | 39,416 |
Total loans | 35,389 | 39,719 |
Total Loans > 90 Days & Accruing | 0 | 0 |
Total Nonaccrual | 137 | 99 |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Financing Receivable, Past Due | 0 | 0 |
Current | 4,031 | 5,459 |
Total loans | 4,031 | 5,459 |
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 | 748 | 1,017 |
Current | 195,176 | 182,917 |
Total loans | 195,924 | 183,934 |
Total Loans > 90 Days & Accruing | 0 | 0 |
Total Nonaccrual | 4,872 | 5,188 |
Commercial Real Estate Portfolio Segment [Member] | Multifamily Loan [Member] | ||
Financing Receivable, Past Due | 0 | 1,291 |
Current | 54,827 | 57,513 |
Total loans | 54,827 | 58,804 |
Total Loans > 90 Days & Accruing | 0 | 0 |
Total Nonaccrual | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Land Loan [Member] | ||
Financing Receivable, Past Due | 1,061 | 1,842 |
Current | 10,486 | 10,701 |
Total loans | 11,547 | 12,543 |
Total Loans > 90 Days & Accruing | 0 | 0 |
Total Nonaccrual | 1,061 | 1,842 |
Construction Portfolio Segment [Member] | ||
Financing Receivable, Past Due | 0 | 0 |
Current | 13,475 | 14,785 |
Total loans | 13,475 | 14,785 |
Total Loans > 90 Days & Accruing | 0 | 0 |
Total Nonaccrual | 0 | 0 |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Past Due | 0 | 0 |
Current | 20,047 | 14,826 |
Total loans | 20,047 | 14,826 |
Total Loans > 90 Days & Accruing | 0 | 0 |
Total Nonaccrual | 0 | 0 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Past Due | 0 | 0 |
Current | 1,074 | 1,221 |
Total loans | 1,074 | 1,221 |
Total Loans > 90 Days & Accruing | 0 | 0 |
Total Nonaccrual | 0 | 0 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due | 165 | 1,448 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Residential Portfolio Segment [Member] | One- to Four-family [Member] | ||
Financing Receivable, Past Due | 165 | 151 |
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 | 0 | 6 |
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 |
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 | 0 | 0 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due | 742 | 1,163 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Residential Portfolio Segment [Member] | One- to Four-family [Member] | ||
Financing Receivable, Past Due | 94 | 152 |
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 | 648 | 1,011 |
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, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due | 1,298 | 1,842 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Residential Portfolio Segment [Member] | One- to Four-family [Member] | ||
Financing Receivable, Past Due | 137 | 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 | 100 | 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 | 1,061 | 1,842 |
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 |
Note 4 - Loans and Allowance 46
Note 4 - Loans and Allowance for Loan Losses - Summary of Impaired Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Specific allowance | $ 785 | $ 1,150 |
Recorded balance | 16,975 | 23,839 |
Unpaid principal balance | 22,267 | 28,543 |
Average balance | 18,733 | 25,614 |
Interest Income | 1,062 | 1,024 |
Residential Portfolio Segment [Member] | One- to Four-family [Member] | ||
Recorded balance, without valuation allowance | 1,500 | 1,504 |
Unpaid principal balance, without valuation allowance | 1,620 | 1,633 |
Average balance, without valuation allowance | 1,311 | 1,791 |
Interest Income, without valuation allowance | 70 | 80 |
Recorded balance, with valuation allowance | 0 | 0 |
Unpaid principal balance, with valuation allowance | 0 | 0 |
Specific allowance | 0 | 0 |
Average balance, with valuation allowance | 0 | 0 |
Interest Income, with valuation allowance | 0 | 0 |
Recorded balance | 1,500 | 1,504 |
Unpaid principal balance | 1,620 | 1,633 |
Average balance | 1,311 | 1,791 |
Interest Income | 70 | 80 |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Recorded balance, without valuation allowance | 0 | 0 |
Unpaid principal balance, without valuation allowance | 0 | 0 |
Average balance, without valuation allowance | 0 | 15 |
Interest Income, without valuation allowance | 0 | 0 |
Recorded balance, with valuation allowance | 0 | 0 |
Unpaid principal balance, with valuation allowance | 0 | 0 |
Specific allowance | 0 | 0 |
Average balance, with valuation allowance | 0 | 0 |
Interest Income, with valuation allowance | 0 | 0 |
Recorded balance | 0 | 0 |
Unpaid principal balance | 0 | 0 |
Average balance | 0 | 15 |
Interest Income | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Recorded balance, without valuation allowance | 7,494 | 9,912 |
Unpaid principal balance, without valuation allowance | 9,669 | 11,820 |
Average balance, without valuation allowance | 8,296 | 10,508 |
Interest Income, without valuation allowance | 426 | 289 |
Recorded balance, with valuation allowance | 609 | 2,368 |
Unpaid principal balance, with valuation allowance | 695 | 2,368 |
Specific allowance | 235 | 200 |
Average balance, with valuation allowance | 385 | 2,499 |
Interest Income, with valuation allowance | 41 | 175 |
Recorded balance | 8,103 | 12,280 |
Unpaid principal balance | 10,364 | 14,188 |
Average balance | 8,681 | 13,007 |
Interest Income | 467 | 464 |
Commercial Real Estate Portfolio Segment [Member] | Multifamily Loan [Member] | ||
Recorded balance, without valuation allowance | 6,311 | 6,586 |
Unpaid principal balance, without valuation allowance | 7,125 | 7,400 |
Average balance, without valuation allowance | 6,884 | 6,685 |
Interest Income, without valuation allowance | 402 | 359 |
Recorded balance, with valuation allowance | 0 | 1,291 |
Unpaid principal balance, with valuation allowance | 0 | 1,291 |
Specific allowance | 0 | 100 |
Average balance, with valuation allowance | 0 | 1,319 |
Interest Income, with valuation allowance | 0 | 77 |
Recorded balance | 6,311 | 7,877 |
Unpaid principal balance | 7,125 | 8,691 |
Average balance | 6,884 | 8,004 |
Interest Income | 402 | 436 |
Commercial Real Estate Portfolio Segment [Member] | Land Loan [Member] | ||
Recorded balance, without valuation allowance | 0 | 41 |
Unpaid principal balance, without valuation allowance | 0 | 96 |
Average balance, without valuation allowance | 24 | 371 |
Interest Income, without valuation allowance | 0 | 22 |
Recorded balance, with valuation allowance | 1,061 | 1,842 |
Unpaid principal balance, with valuation allowance | 3,158 | 3,640 |
Specific allowance | 550 | 850 |
Average balance, with valuation allowance | 1,832 | 2,115 |
Interest Income, with valuation allowance | 123 | 0 |
Recorded balance | 1,061 | 1,883 |
Unpaid principal balance | 3,158 | 3,736 |
Average balance | 1,856 | 2,486 |
Interest Income | 123 | 22 |
Construction Portfolio Segment [Member] | ||
Recorded balance, without valuation allowance | 0 | 0 |
Unpaid principal balance, without valuation allowance | 0 | 0 |
Average balance, without valuation allowance | 0 | 0 |
Interest Income, without valuation allowance | 0 | 0 |
Recorded balance, with valuation allowance | 0 | 0 |
Unpaid principal balance, with valuation allowance | 0 | 0 |
Specific allowance | 0 | 0 |
Average balance, with valuation allowance | 0 | 0 |
Interest Income, with valuation allowance | 0 | 0 |
Recorded balance | 0 | 0 |
Unpaid principal balance | 0 | 0 |
Average balance | 0 | |
Interest Income | 0 | 0 |
Commercial Portfolio Segment [Member] | ||
Recorded balance, without valuation allowance | 0 | 295 |
Unpaid principal balance, without valuation allowance | 0 | 295 |
Average balance, without valuation allowance | 0 | 311 |
Interest Income, without valuation allowance | 0 | 22 |
Recorded balance, with valuation allowance | 0 | 0 |
Unpaid principal balance, with valuation allowance | 0 | 0 |
Specific allowance | 0 | 0 |
Average balance, with valuation allowance | 0 | 0 |
Interest Income, with valuation allowance | 0 | 0 |
Recorded balance | 0 | 295 |
Unpaid principal balance | 0 | 295 |
Average balance | 0 | 311 |
Interest Income | 0 | 22 |
Consumer Portfolio Segment [Member] | ||
Recorded balance, without valuation allowance | 0 | 0 |
Unpaid principal balance, without valuation allowance | 0 | 0 |
Average balance, without valuation allowance | 0 | 0 |
Interest Income, without valuation allowance | 0 | 0 |
Recorded balance, with valuation allowance | 0 | 0 |
Unpaid principal balance, with valuation allowance | 0 | 0 |
Specific allowance | 0 | 0 |
Average balance, with valuation allowance | 0 | 0 |
Interest Income, with valuation allowance | 0 | 0 |
Recorded balance | 0 | 0 |
Unpaid principal balance | 0 | 0 |
Average balance | 0 | 0 |
Interest Income | $ 0 | $ 0 |
Note 4 - Loans and Allowance 47
Note 4 - Loans and Allowance for Loan Losses - Summary of Loans Restructured as TDRs (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Count | 2 | 3 |
Balance prior to TDR | $ 826 | $ 817 |
Balance after TDR | $ 826 | $ 817 |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Count | 2 | 3 |
Balance prior to TDR | $ 826 | $ 817 |
Balance after TDR | $ 826 | $ 817 |
Note 4 - Loans and Allowance 48
Note 4 - Loans and Allowance for Loan Losses - Summary of Loans Restructured as TDRs Based on Type of Modification (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Number of contracts | 2 | 3 |
Amount | $ 826 | $ 817 |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Number of contracts | 2 | 3 |
Amount | $ 826 | $ 817 |
Payment Deferral [Member] | ||
Number of contracts | 2 | 0 |
Amount | $ 826 | $ 0 |
Payment Deferral [Member] | Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Number of contracts | 2 | 0 |
Amount | $ 826 | $ 0 |
Contractual Interest Rate Reduction [Member] | ||
Number of contracts | 0 | 0 |
Amount | $ 0 | $ 0 |
Contractual Interest Rate Reduction [Member] | Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Number of contracts | 0 | 0 |
Amount | $ 0 | $ 0 |
Combination [Member] | ||
Number of contracts | 0 | 3 |
Amount | $ 0 | $ 817 |
Combination [Member] | Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Number of contracts | 0 | 3 |
Amount | $ 0 | $ 817 |
Note 5 - Premises and Equipme49
Note 5 - Premises and Equipment - Major Classifications of Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Property, plant and equipment | $ 6,691 | $ 6,968 |
Less accumulated depreciation | (5,564) | (5,683) |
Net premises and equipment | 1,127 | 1,285 |
Land [Member] | ||
Property, plant and equipment | 514 | 514 |
Building and Building Improvements [Member] | ||
Property, plant and equipment | 3,156 | 3,146 |
Furniture and Fixtures [Member] | ||
Property, plant and equipment | $ 3,021 | $ 3,308 |
Note 6 - Deposits (Details Text
Note 6 - Deposits (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Interest-bearing Domestic Deposit, Brokered | $ 20,955 | $ 43,612 |
Time Deposits, at or Above FDIC Insurance Limit | $ 33,402 | $ 39,061 |
Note 6 - Deposits - Deposits at
Note 6 - Deposits - Deposits at Year End (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Savings accounts | $ 13,923 | $ 13,626 |
Checking accounts | 34,608 | 33,934 |
Money market accounts | 104,798 | 70,356 |
Certificates of deposit | 127,219 | 163,785 |
Total Deposits | $ 280,548 | $ 281,701 |
Note 6 - Deposits - Maturities
Note 6 - Deposits - Maturities of Certificates of Deposit (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
2,017 | $ 75,405 | |
2,018 | 23,134 | |
2,019 | 17,749 | |
2,020 | 10,143 | |
2,021 | 676 | |
Thereafter | 112 | |
Total | $ 127,219 | $ 163,785 |
Note 7 - Federal Home Loan Ba53
Note 7 - Federal Home Loan Bank Advances (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Advances from Federal Home Loan Banks | $ 60,000 | $ 47,000 |
Deposits with Other Federal Home Loan Banks | $ 148,999 | |
Minimum [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Interest Rate | 0.90% | |
Maximum [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Interest Rate | 5.25% |
Note 7 - Federal Home Loan Ba54
Note 7 - Federal Home Loan Bank Advances - Aggregate Annual Maturities of Federal Home Loan Bank Advances (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
2,017 | $ 23,000,000 | |
2,018 | 5,000,000 | |
2,019 | 0 | |
2,020 | 10,000,000 | |
2,021 | 0 | |
Thereafter | 22,000,000 | |
Total | $ 60,000,000 | $ 47,000,000 |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) $ in Thousands | Dec. 31, 2016USD ($) |
Deferred Tax Liability Not Recognized, Amount of Unrecognized Deferred Tax Liability, Bad Debt Reserve for Tax Purposes of Qualified Lender | $ 2,019 |
Reversal of Deferred Tax Liability | 686 |
Deferred Tax Liabilities, Net | $ 0 |
Note 8 - Income Taxes - Compone
Note 8 - Income Taxes - Components Included as Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Taxes currently payable | $ 2,056 | $ 1,759 |
Deferred income taxes | 348 | (215) |
Income tax expense | $ 2,404 | $ 1,544 |
Note 8 - Income Taxes - Reconci
Note 8 - Income Taxes - Reconciliation of Income Tax Expense at Statutory Rate to Company's Actual Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Computed at the statutory rate (34%) | $ 2,297 | $ 1,608 |
Increase (decrease) resulting from Tax exempt interest | (49) | (49) |
Other | (156) | (15) |
Income tax expense | $ 2,404 | $ 1,544 |
Note 8 - Income Taxes - Recon58
Note 8 - Income Taxes - Reconciliation of Income Tax Expense at Statutory Rate to Company's Actual Income Tax Expense (Details) (Parentheticals) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Statutory rate | 34.00% | 34.00% |
Note 8 - Income Taxes - Tax Eff
Note 8 - Income Taxes - Tax Effects of Temporary Differences Related to Deferred Taxes (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred tax asset | ||
Allowance for loan losses | $ 2,725 | $ 2,984 |
Depreciation | 142 | 134 |
Deferred loan fees | 195 | 195 |
Deferred compensation | 186 | 197 |
Real estate owned | 3 | 27 |
Other | 0 | 62 |
3,251 | 3,599 | |
Deferred tax liabilities | ||
FHLB stock dividends | 31 | 31 |
Net deferred tax asset | $ 3,220 | $ 3,568 |
Note 9 - Regulatory Matters (De
Note 9 - Regulatory Matters (Details Textual) | Dec. 31, 2016 | Jan. 01, 2016 | Dec. 31, 2015 | Jan. 01, 2015 |
Common Equity Tier 1 Capital Required for Capital Adequacy to Risk Weighted Assets | 4.50% | 4.50% | 4.50% | |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 6.00% | 6.00% | 6.00% | |
Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | 8.00% | 8.00% | |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 4.00% | |||
Deductions and Adjustments To CET1 Initial Phase-in Percentage | 40.00% | |||
Deductions and Adjustments to CET1 Annual Phase-in Percent | 20.00% | |||
Capital Conservation Buffer Annual Phase-in | 0.625% | |||
Capital Conservation Buffer | 2.50% |
Note 9 - Regulatory Matters - Q
Note 9 - Regulatory Matters - Quantitative Measures (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Jan. 01, 2015 |
Total risk-based capital, actual, amount | $ 63,829 | $ 61,810 | |
Total risk-based capital, actual, ratio | 22.02% | 20.70% | |
Total risk-based capital, for capital adequacy purposes, amount | $ 23,188 | $ 23,848 | |
Total risk-based capital, for capital adequacy purposes, ratio | 8.00% | 8.00% | 8.00% |
Total risk-based capital, to be well capitalized, amount | $ 28,985 | $ 29,810 | |
Total risk-based capital, to be well capitalized, ratio | 10.00% | 10.00% | |
Tier I capital, actual, amount | $ 60,131 | $ 57,990 | |
Tier I capital, actual, ratio | 20.75% | 19.45% | |
Tier I capital, for capital adequacy purposes, amount | $ 17,391 | $ 17,886 | |
Tier I capital, for capital adequacy purposes, ratio | 6.00% | 6.00% | 6.00% |
Tier I capital, to be well capitalized, amount | $ 23,188 | $ 23,848 | |
Tier I capital, to be well capitalized, ratio | 8.00% | 8.00% | |
Common equity tier 1 capital, actual, amount | $ 60,131 | $ 57,990 | |
Common equity tier 1 capital, actual, ratio | 20.75% | 19.45% | |
Common equity tier 1 capital, for capital adequacy purposes, amount | $ 16,650 | $ 16,172 | |
Common equity tier 1 capital, for capital adequacy purposes, ratio | 4.50% | 4.50% | 4.50% |
Common equity tier 1 capital, to be well capitalized, amount | $ 24,050 | $ 23,360 | |
Common equity tier 1 capital, to be well capitalized, ratio | 6.50% | 6.50% | |
Tier I capital (to adjusted total assets), actual, amount | $ 60,131 | $ 57,990 | |
Tier I capital (to adjusted total assets), actual, ratio | 16.25% | 16.14% | |
Tier I capital (to adjusted total assets), for capital adequacy purposes, amount | $ 14,800 | $ 14,375 | |
Tier I capital (to adjusted total assets), for capital adequacy purposes, ratio | 4.00% | 4.00% | |
Tier I capital (to adjusted total assets), to be well capitalized, amount | $ 18,500 | $ 17,969 | |
Tier I capital (to adjusted total assets), to be well capitalized, ratio | 5.00% | 5.00% |
Note 10 - Employee Benefits (De
Note 10 - Employee Benefits (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 100.00% | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 100.00% | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 3.00% | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match, Additional | 50.00% | |
Defined Contribution Plan, Cost Recognized | $ 83 | $ 75 |
Employee Stock Ownership Plan Shares Purchased by ESOP | 200,600 | |
Common Stock Purchased, Value Per Share | $ 10 | |
Common Stock Shares Originally Acquired by ESOP | 2,006 | |
Employee Stock Ownership Plan (ESOP), Compensation Expense | $ 555 | $ 391 |
Employee Stock Ownership Plan (ESOP), Number of Allocated Shares | 73,220 | 55,665 |
Employee Stock Ownership Plan (ESOP), Deferred Shares, Fair Value | $ 2,314 | $ 1,483 |
Minimum [Member] | ||
Defined Contribution Plan, Employee Contribution, Additional Percentage | 3.00% | |
Maximum [Member] | ||
Defined Contribution Plan, Employee Contribution, Additional Percentage | 5.00% |
Note 10 - Employee Benefits - E
Note 10 - Employee Benefits - Employee Stock Ownership Plan (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Allocated shares (in shares) | 73,220 | 55,665 |
Unearned shares (in shares) | 121,755 | 141,255 |
Total ESOP shares (in shares) | 194,975 | 196,920 |
Fair value of unearned shares at December 31 | $ 1,215 | $ 1,410 |
Employee Stock Option [Member] | ||
Fair value of unearned shares at December 31 | $ 3,847 | $ 3,763 |
Note 11 - Disclosures About F64
Note 11 - Disclosures About Fair Value of Assets and Liabilities (Details Textual) $ in Thousands | Dec. 31, 2015USD ($) |
Collateral-dependent Impaired Loans, Fair Value Disclosure | $ 0 |
Note 11 - Disclosures About F65
Note 11 - Disclosures About Fair Value of Assets and Liabilities - Summary of Fair Value Measurements of Assets and Liabilities on Nonrecurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Collateral-dependent Impaired loans | $ 0 | |
Fair Value, Measurements, Nonrecurring [Member] | Estimate of Fair Value Measurement [Member] | ||
Collateral-dependent Impaired loans | $ 885 | |
Fair Value, Measurements, Nonrecurring [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Collateral-dependent Impaired loans | $ 885 |
Note 11 - Disclosures About F66
Note 11 - Disclosures About Fair Value of Assets and Liabilities - Summary of Quantitative Information About Unobservable Inputs (Details) - USD ($) $ in Thousands | Dec. 15, 2016 | Sep. 09, 2016 | Dec. 31, 2016 | Dec. 31, 2015 |
Collateral-dependent Impaired loans | $ 0 | |||
Expected volatility | 18.10% | 17.80% | ||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Market Approach Valuation Technique [Member] | ||||
Collateral-dependent Impaired loans | $ 885 | |||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Market Approach Valuation Technique [Member] | Minimum [Member] | ||||
Expected volatility | 3.00% | |||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Market Approach Valuation Technique [Member] | Maximum [Member] | ||||
Expected volatility | 13.00% | |||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Market Approach Valuation Technique [Member] | Weighted Average [Member] | ||||
Expected volatility | 6.00% |
Note 11 - Disclosures About F67
Note 11 - Disclosures About Fair Value of Assets and Liabilities - Summary of Estimated Fair Values of Company's Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Held to maturity securities | $ 500 | $ 500 |
Federal funds purchased | 27,000 | 24,000 |
Interest-earning time deposits | 39,021 | |
Reported Value Measurement [Member] | ||
Cash and cash equivalents | 103,634 | 52,865 |
Held to maturity securities | 499 | 500 |
Loans held for sale | 238 | 581 |
Loans, net of allowance for loan losses | 320,606 | 314,613 |
Federal Home Loan Bank stock | 2,700 | 2,700 |
Interest receivable | 846 | 967 |
Deposits | 280,548 | 281,701 |
Federal Home Loan Bank advances | 60,000 | 47,000 |
Federal funds purchased | 27,000 | 24,000 |
Interest payable | 249 | 233 |
Interest-earning time deposits | 39,021 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 103,634 | 52,865 |
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 | 153,290 | 117,916 |
Federal Home Loan Bank advances | 0 | 0 |
Federal funds purchased | 0 | 0 |
Interest payable | 0 | 0 |
Interest-earning time deposits | 39,021 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Cash and cash equivalents | 0 | 0 |
Held to maturity securities | 500 | 500 |
Loans held for sale | 239 | 583 |
Loans, net of allowance for loan losses | 0 | 0 |
Federal Home Loan Bank stock | 2,700 | 2,700 |
Interest receivable | 846 | 967 |
Deposits | 0 | 0 |
Federal Home Loan Bank advances | 59,187 | 46,390 |
Federal funds purchased | 27,000 | 24,000 |
Interest payable | 249 | 233 |
Interest-earning time deposits | 0 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Cash and cash equivalents | 0 | 0 |
Held to maturity securities | 0 | 0 |
Loans held for sale | 0 | 0 |
Loans, net of allowance for loan losses | 323,601 | 318,525 |
Federal Home Loan Bank stock | 0 | 0 |
Interest receivable | 0 | 0 |
Deposits | 128,655 | 165,657 |
Federal Home Loan Bank advances | 0 | 0 |
Federal funds purchased | 0 | 0 |
Interest payable | $ 0 | 0 |
Interest-earning time deposits | $ 0 |
Note 12 - Commitments and Con68
Note 12 - Commitments and Contingent Liabilities (Details Textual) | 12 Months Ended |
Dec. 31, 2016 | |
Minimum [Member] | |
Commitments Expiration Period | 30 days |
Maximum [Member] | |
Commitments Expiration Period | 90 days |
Note 12 - Commitments and Con69
Note 12 - Commitments and Contingent Liabilities - Summary of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Commitments to extend credit | $ 6,111 | $ 7,133 |
Unused portions of lines of credit | 6,268 | 6,778 |
Standby letters of credit | $ 787 | $ 990 |
Note 13 - Earnings Per Share -
Note 13 - Earnings Per Share - Earnings Per Share Table (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Net income | $ 4,353 | $ 3,186 |
Dividends and undistributed earnings allocated to participating securities | (47) | (50) |
Income attributable to common shareholders | $ 4,306 | $ 3,136 |
Weighted average shares outstanding (in thousands) (in shares) | 2,132 | 2,200 |
Less: average unearned ESOP and unvested restricted stock (in shares) | (171) | (203) |
Average Shares (in shares) | 1,961 | 1,997 |
Effect of dilutive based awards (in shares) | 32 | 25 |
Average common and common-equivalent shares for diluted EPS (in thousands) (in shares) | 1,993 | 2,022 |
Basic EPS (in dollars per share) | $ 2.20 | $ 1.57 |
Diluted EPS (in dollars per share) | $ 2.16 | $ 1.55 |
Note 14 - Share Based Compens71
Note 14 - Share Based Compensation (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 351,050 | |
Allocated Share-based Compensation Expense | $ 334 | $ 319 |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 179 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 8 years 350 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 768 | |
Stock or Unit Option Plan Expense | 62 | 62 |
Restricted Stock or Unit Expense | 272 | $ 257 |
Restricted Stock [Member] | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 505 |
Note 14 - Share Based Compens72
Note 14 - Share Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Options outstanding (in shares) | 128,949 | |
Options outstanding (in dollars per share) | $ 17.91 | |
Options outstanding (Year) | 7 years | 7 years |
Options outstanding | $ 1,956 | $ 1,123 |
Granted (in shares) | 60,000 | |
Granted (in dollars per share) | $ 26.66 | |
Granted (Year) | 10 years | |
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) | (1,973) | |
Expired (in dollars per share) | $ 18.42 | |
Options outstanding (in shares) | 181,585 | 128,949 |
Options outstanding (in dollars per share) | $ 20.76 | $ 17.91 |
Exercisable (in shares) | 92,748 | |
Exercisable (in dollars per share) | $ 17.44 | |
Exercisable (Year) | 6 years | |
Exercisable | $ 1,305 |
Note 14 - Share Based Compens73
Note 14 - Share Based Compensation - Assumptions Used in Black-scholes Option Pricing Formula (Details) - $ / shares | Dec. 15, 2016 | Sep. 09, 2016 |
Expected volatility | 18.10% | 17.80% |
Risk-free interest rate | 2.51% | 1.59% |
Expected dividend yield | 5.00% | 5.00% |
Expected life (in years) (Year) | 7 years 182 days | 7 years 182 days |
Exercise price for the stock options (in dollars per share) | $ 26.03 | $ 26.75 |
Grant date fair value (in dollars per share) | $ 2.58 | $ 1.91 |
Note 14 - Share Based Compens74
Note 14 - Share Based Compensation - Summary of Restricted Stock Award Activity (Details) - Restricted Stock [Member] | 12 Months Ended |
Dec. 31, 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 | 7,500 |
Granted (in dollars per share) | $ / shares | $ 28.61 |
Vested (in shares) | shares | (14,745) |
Vested (in dollars per share) | $ / shares | $ 18.14 |
Forfeited (in shares) | shares | (2,717) |
Forfeited (in dollars per share) | $ / shares | $ 19.02 |
Non-vested at December 31, 2016 (in shares) | shares | 26,572 |
Non-vested at December 31, 2016 (in dollars per share) | $ / shares | $ 22.38 |
Note 15 - Condensed Financial75
Note 15 - Condensed Financial Information (Parent Company Only) - Condensed Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Cash and cash equivalents | $ 103,634 | $ 52,865 | $ 29,686 |
Other assets | 4,699 | 5,151 | |
Total assets | 434,435 | 417,813 | |
Stockholders' Equity | 60,974 | 60,480 | 61,538 |
Total liabilities and stockholders' equity | 434,435 | 417,813 | |
Parent Company [Member] | |||
Cash and cash equivalents | 3,190 | 2,386 | $ 990 |
Investment in subsidiary | 61,127 | 60,073 | |
Other assets | 205 | 199 | |
Total assets | 64,522 | 62,658 | |
Liabilities - Other | 3,548 | 2,178 | |
Stockholders' Equity | 60,974 | 60,480 | |
Total liabilities and stockholders' equity | $ 64,522 | $ 62,658 |
Note 15 - Condensed Financial76
Note 15 - Condensed Financial Information (Parent Company Only) - Condensed Statements of Income and Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Income - Dividends from subsidiary | $ 16,819 | $ 15,616 |
Expense | 3,883 | 3,451 |
Income Before Income Tax and Equity in Undistributed Income (Distribution in Excess of Income) of Subsidiaries | 6,757 | 4,730 |
Income Tax Benefit | (2,404) | (1,544) |
Net income | 4,353 | 3,186 |
Parent Company [Member] | ||
Income - Dividends from subsidiary | 4,500 | 4,500 |
Expense | 344 | 260 |
Income Before Income Tax and Equity in Undistributed Income (Distribution in Excess of Income) of Subsidiaries | 4,156 | 4,240 |
Income Tax Benefit | 5 | 73 |
Income (Loss) Before Equity in Undistributed Income (Distribution in Excess of Income) of Subsidiaries | 4,161 | 4,313 |
Equity in Undistributed Income (Distribution in Excess of Income) of Subsidiaries | 192 | (1,127) |
Net income | $ 4,353 | $ 3,186 |
Note 15 - Condensed Financial77
Note 15 - Condensed Financial Information (Parent Company Only) - Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Activities | ||
Net income | $ 4,353 | $ 3,186 |
Net cash provided by operating activities | 5,772 | 5,496 |
Financing Activities | ||
Purchase of common stock | (1,518) | (2,796) |
Proceeds from stock options exercised | 26 | |
Net cash used in financing activities | 11,197 | 76,376 |
Cash and Cash Equivalents, Beginning of Period | 52,865 | 29,686 |
Cash and Cash Equivalents, End of Period | 103,634 | 52,865 |
Supplemental Disclosures of Cash Flows Information | ||
Dividends Declared, not paid | 2,305 | 2,158 |
Parent Company [Member] | ||
Operating Activities | ||
Net income | 4,353 | 3,186 |
(Equity in undistributed income) distributions in excess of income of subsidiaries | (192) | 1,127 |
Change in other assets | (6) | (74) |
Change in other liabilities | 299 | (47) |
Net cash provided by operating activities | 4,454 | 4,192 |
Financing Activities | ||
Purchase of common stock | (1,518) | (2,796) |
Dividends paid | (2,158) | 0 |
Proceeds from stock options exercised | 26 | 0 |
Net cash used in financing activities | (3,650) | (2,796) |
Net Change in Cash and Cash Equivalents | 804 | 1,396 |
Cash and Cash Equivalents, Beginning of Period | 2,386 | 990 |
Cash and Cash Equivalents, End of Period | 3,190 | 2,386 |
Supplemental Disclosures of Cash Flows Information | ||
Dividends Declared, not paid | $ 3,229 | $ 2,158 |