Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Aug. 01, 2017 | |
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) | 2,105,981 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Assets | ||
Cash and due from banks | $ 395 | $ 318 |
Interest-earning demand deposits | 61,753 | 103,316 |
Cash and cash equivalents | 62,148 | 103,634 |
Investment securities held to maturity | 0 | 499 |
Loans held for sale | 238 | |
Loans, net of allowance for loan losses of $7,288 and $9,326 | 314,432 | 320,606 |
Premises and equipment, net | 1,051 | 1,127 |
Federal Home Loan Bank stock | 2,700 | 2,700 |
Other real estate owned | 198 | 86 |
Accrued interest receivable | 865 | 846 |
Other assets | 4,495 | 4,699 |
Total assets | 385,889 | 434,435 |
Liabilities | ||
Deposits | 262,673 | 280,548 |
Federal Home Loan Bank advances | 42,000 | 60,000 |
Federal funds purchased | 12,000 | 27,000 |
Interest payable and other liabilities | 7,003 | 5,913 |
Total liabilities | 323,676 | 373,461 |
Commitments and Contingencies | ||
Stockholders’ Equity | ||
Common Stock, $0.01 par value per share: Authorized – 100,000,000 shares Issued and outstanding – 2,105,981 and 2,106,153 at June 30, 2017 and December 31, 2016, respectively | 21 | 21 |
Unearned employee stock ownership plan (ESOP) | (1,164) | (1,215) |
Additional paid-in capital | 15,842 | 15,577 |
Retained earnings | 47,514 | 46,591 |
Total stockholders’ equity | 62,213 | 60,974 |
Total liabilities and stockholders’ equity | $ 385,889 | $ 434,435 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Allowance for loan losses | $ 7,288 | $ 9,326 |
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) | 2,105,981 | 2,106,153 |
Common stock, shares outstanding (in shares) | 2,105,981 | 2,106,153 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Interest and Dividend Income | ||||
Loans | $ 4,210 | $ 4,069 | $ 8,216 | $ 8,001 |
Investment securities and other | 126 | 100 | 262 | 229 |
Total interest and dividend income | 4,336 | 4,169 | 8,478 | 8,230 |
Interest Expense | ||||
Deposits | 548 | 508 | 1,103 | 1,016 |
Borrowings | 391 | 465 | 826 | 924 |
Total interest expense | 939 | 973 | 1,929 | 1,940 |
Net Interest Income | 3,397 | 3,196 | 6,549 | 6,290 |
Credit for Loan Losses | (1,450) | (200) | (2,050) | (200) |
Net Interest Income After Provision for Loan Losses | 4,847 | 3,396 | 8,599 | 6,490 |
Noninterest Income | ||||
Service charges and fees | 60 | 59 | 129 | 139 |
Net gain on loan sales | 51 | 112 | 83 | 208 |
Net gain on sale of real estate owned | 10 | 1 | 37 | |
Other | 186 | 97 | 254 | 177 |
Total noninterest income | 297 | 278 | 467 | 561 |
Noninterest Expense | ||||
Salaries and employee benefits | 1,426 | 1,165 | 2,500 | 2,255 |
Net occupancy and equipment expense | 194 | 196 | 385 | 403 |
Information technology expense | 59 | 59 | 116 | 121 |
Federal deposit insurance corporation premiums (recovery) | (24) | 55 | 6 | 109 |
Professional and services fees | 826 | 129 | 1,024 | 223 |
Other real estate owned expense (recovery) | 1 | 9 | (2) | 33 |
Loan legal expense | 64 | (11) | 80 | 70 |
Advertising expense | 27 | 33 | 58 | 54 |
Michigan business tax | 45 | 45 | 90 | 90 |
Other | 318 | 223 | 565 | 432 |
Total noninterest expense | 2,936 | 1,903 | 4,822 | 3,790 |
Income Before Income Tax | 2,208 | 1,771 | 4,244 | 3,261 |
Provision for Income Taxes | 932 | 587 | 1,636 | 1,110 |
Net Income and Comprehensive Income | $ 1,276 | $ 1,184 | $ 2,608 | $ 2,151 |
Earnings Per Share: | ||||
Basic (in dollars per share) | $ 0.65 | $ 0.59 | $ 1.32 | $ 1.07 |
Diluted (in dollars per share) | $ 0.63 | $ 0.58 | $ 1.28 | $ 1.05 |
Condensed Consolidated Stateme5
Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Operating Activities | ||
Net income | $ 2,608 | $ 2,151 |
Items not requiring (providing) cash | ||
Depreciation | 102 | 114 |
Provision credited to expense | (2,050) | (200) |
Gain on other real estate owned | (1) | (37) |
Loans originated for sale | (3,551) | (6,826) |
Proceeds from loans sold | 3,871 | 6,758 |
Net gain on sale of loans | (83) | (208) |
Share based compensation | 154 | 173 |
Earned ESOP shares | 168 | 131 |
Changes in | ||
Interest receivable and other assets | 162 | (263) |
Interest payable and other liabilities | 2,468 | 355 |
Net cash provided by operating activities | 3,848 | 2,148 |
Investing Activities | ||
Net change in interest-bearing time deposits | 22,850 | |
Purchase of held to maturity securities | (498) | |
Proceeds from calls, maturities and pay-downs of held to maturity securities | 500 | 500 |
Net change in loans | 8,224 | (17,210) |
Proceeds from sale of real estate owned | 79 | 119 |
Purchase of premises and equipment | (26) | (35) |
Net cash provided by investing activities | 8,777 | 5,726 |
Financing Activities | ||
Net change in demand deposits, money market, checking and savings accounts | (16,775) | (11,567) |
Net change in certificates of deposit | (1,100) | (5,633) |
Repayment of Federal Home Loan Bank advances | (18,000) | |
Net change in Fed funds purchased | (15,000) | (24,000) |
Proceeds from stock options exercised | 27 | |
Purchase of common stock | (6) | (268) |
Dividends paid | (3,229) | |
Net cash used in financing activities | (54,110) | (41,441) |
Change in Cash and Cash Equivalents | (41,485) | (33,567) |
Cash and Cash Equivalents, Beginning of Period | 103,634 | 52,865 |
Cash and Cash Equivalents, End of Period | 62,148 | 19,298 |
Supplemental Disclosures of Cash Flows Information | ||
Interest paid | 1,906 | 1,876 |
Income taxes paid | 875 | 600 |
Loans transferred to real estate owned | 190 | 192 |
Dividends declared, not paid | $ 1,685 |
Condensed Consolidated Stateme6
Condensed Consolidated Statement of Change in Stockholders' Equity (Unaudited) - 6 months ended Jun. 30, 2017 - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Unearned ESOP Shares [Member] | Retained Earnings [Member] | Total |
Balances at Dec. 31, 2016 | $ 21 | $ 15,577 | $ (1,215) | $ 46,591 | $ 60,974 |
Net income | 2,608 | 2,608 | |||
Purchase of 172 shares of common stock | (6) | (6) | |||
Share based compensation expense | 154 | 154 | |||
ESOP shares earned | 117 | 51 | 168 | ||
Dividends | (1,685) | (1,685) | |||
Balances at June 30, 2017 at Jun. 30, 2017 | $ 21 | $ 15,842 | $ (1,164) | $ 47,514 | $ 62,213 |
Condensed Consolidated Stateme7
Condensed Consolidated Statement of Change in Stockholders' Equity (Unaudited) (Parentheticals) | 6 Months Ended |
Jun. 30, 2017$ / sharesshares | |
Additional Paid-in Capital [Member] | |
Treasury stock, shares purchased (in shares) | shares | 172 |
Retained Earnings [Member] | |
Dividends (in dollars per share) | $ / shares | $ 0.80 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | Note 1: Basis of Presentation The unaudited condensed consolidated financial statements of Wolverine Bancorp, Inc. (the “Company”), the holding company of Wolverine Bank (the "Bank"), have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and the instructions to Form 10 10 01 X. not December 31, 2016 three six June 30, 2017 not may December 31, 2017 10 March 31, 2017. |
Note 2 - Accounting Development
Note 2 - Accounting Developments | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | Note 2: Accounting Developments FASB Accounti ng Standards Update No. 2017 09 , Compensation – Stock Compensation (Topic 718 ) , Scope Modification The Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2017 09, Compensation - Stock Compensation (Topic 718 718. December 15, 2017. 2017 09 not FASB ASU No. 2017 08 , Receivable – Nonrefundable Fees and Other Costs (Subtopic 31 0 - 20 ) The FASB issued ASU No. 2017 08, Receivables - Nonrefundable Fees and Other Costs (Subtopic 310 20 not The guidance is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Adoption of the ASU is not FASB ASU No. 2017 04, 350 The FASB has issued ASU No. 2017 04, Intangibles – Goodwill and Other (Topic 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 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. not FASB ASU No. 2017 01, 805 The FASB has issued ASU No. 2017 01, Business Combinations (Topic 805 not The amendments in this update become effective for annual periods and interim periods within those annual periods beginning after December 15, 2017. not FASB ASU No. 2016 15, 230 The FASB has issued ASU No. 2016 15, Statement of Cash Flows (Topic 230 eight November 2016, No. 2016 18, The amendments are effective for public business entities for fiscal years beginning after December 15, 2017, December 15, 2018, December 15, 2019. not FASB ASU No. 2016 13, 326 The FASB has issued 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, not 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. For public business entities, the amendments became effective for annual periods beginning after December 15, 2016, December 15, 2017, December 15, 2018. January 1, 2017 not 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. not FASB ASU No. 2016 07, 323 In March 2016, 2016 07, Investments - Equity Method and Joint Ventures: Simplifying the Transition to the Equity Method of Accounting 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 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 became effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. not FASB ASU No. 2016 06, 815 The FASB has issued 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 not This standard became effective for pubic business entities for fiscal year beginning after December 15, 2016 December 15, 2017, December 15, 2018. not FASB ASU No. 2016 02 842 The FASB has issued 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 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 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 may not Adoption of the ASU is not 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 ASU No. 2016 01, Financial Instruments – Overall (Subtopic 825 10 not 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 ● 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, not ASU is not |
Note 3 - Securities
Note 3 - Securities | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 3: Securities There were no June 30, 2017. The amortized cost and approximate fair values of securities are as follows: Amortized Gross Gross Held to Maturity Securities: June 30, 2017 Treasury bond $ -- $ -- $ -- $ -- December 31, 2016 Treasury bond $ 499 $ 1 $ -- $ 500 There were no three six June 30, 2017 2016. |
Note 4 - Loans and Allowance fo
Note 4 - Loans and Allowance for Loan Losses | 6 Months Ended |
Jun. 30, 2017 | |
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: June 30, 2017 December 31, 2016 Real Estate One-to four-family $ 32,185 $ 35,389 Home equity 3,567 4,031 Commercial mortgage loans Commercial real estate 202,513 195,924 Multifamily 52,896 54,827 Land 11,075 11,547 Construction 10,417 13,475 Commercial non-mortgage 14,850 20,047 Consumer 1,044 1,074 Total loans 328,547 336,314 Less Net deferred loan costs, premiums and discounts 540 563 Undisbursed portion of loan 6,287 5,819 Allowance for loan losses 7,288 9,326 Net Loans $ 314,432 $ 320,606 The risk characteristics of each loan portfolio segment are as follows: 1 4 f amily, h ome e quity, and c onsumer With respect to residential loans that are secured by one four one four Home equity loans secured by second one four first may not may Particularly with respect to our home equity loans, decreases in real estate values could adversely affect the value of property used as collateral for our loans. Consumer and other loans generally have greater risk compared to longer-term loans secured by improved, owner-occupied real estate, particularly consumer loans that are secured by rapidly depreciable assets, such as automobiles. In these cases, any repossessed collateral for a defaulted loan may not Commercial real estate and multifamily Commercial real estate and multifamily 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 may Construction Construction loans include those for one four one four not nine 75% 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 generally review and inspect properties before disbursement of funds during the term of the construction loan. Construction financing generally involves greater credit risk than long-term financing on improved, owner-occupied real estate. Risk of loss on a construction loan depends largely upon the accuracy of the initial estimate of the value of the property at completion of construction compared to the estimated cost (including interest) of construction and other assumptions. If the estimate of construction cost is inaccurate, we may may not may not Commercial non-mortgage Commercial non-mortgage loans generally have a greater credit risk than residential mortgage loans. Unlike residential mortgage loans, which generally are made on the basis of the borrower’s ability to make repayment from his or her employment and other income, and which are secured by real property whose value tends to be more easily ascertainable, commercial non-mortgage loans are of higher risk and typically are made on the basis of the borrower’s ability to make repayment from the cash flow of the borrower’s business. As a result, the availability of funds for the repayment of commercial non-mortgage loans may 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 We also factor in historical loss experience and qualitative considerations, including trends in charge offs and recoveries; trends in delinquencies and impaired/classified loans; effects of credit concentrations; changes in underwriting standards and loan review system; experience in lending staff; current industry conditions; and current market conditions. 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 June 30, 2017, December 31, 2016 June 30, 2016: Loan Class 1-4 Family Home Equity Commercial Real Estate Multifamily Land Construction Commercial Non- Mortgage Consumer Total Year to date analysis as of June 30, 2017 Allowance for loan losses: Balance, beginning of period $ 798 $ 49 $ 5,422 $ 1,084 $ 1,142 $ 294 $ 524 $ 13 $ 9,326 Provision credited to expense (214 ) (13 ) (317 ) (337 ) (889 ) (86 ) (191 ) (3 ) (2,050 ) Losses charged off - - - - - - - - - Recoveries 11 - - - - - - 1 12 Balance, end of period $ 595 $ 36 $ 5,105 $ 747 $ 253 $ 208 $ 333 $ 11 $ 7,288 Ending Balance: individually evaluated for impairment $ - $ - $ 250 $ - $ - $ - $ - $ - $ 250 Ending balance: collectively evaluated for impairment $ 595 $ 36 $ 4,855 $ 747 $ 253 $ 208 $ 333 $ 11 $ 7,038 Loans: Ending Balance $ 32,185 $ 3,567 $ 202,513 $ 52,896 $ 11,075 $ 10,417 $ 14,850 $ 1,044 $ 328,547 Ending Balance: individually evaluated for impairment $ 943 $ - $ 6,486 $ 6,150 $ 343 $ - $ - $ - $ 13,922 Ending balance: collectively evaluated for impairment $ 31,242 $ 3,567 $ 190,027 $ 46,746 $ 10,732 $ 10,417 $ 14,850 $ 1,044 $ 314,625 Loan Class 1-4 Family Home Equity Commercial Real Estate Multifamily Land Construction Commercial Non- Mortgage Consumer Total Quarter to date analysis as of June 30, 2017 Allowance for loan losses: Balance, beginning of period $ 753 $ 40 $ 5,870 $ 872 $ 540 $ 270 $ 375 $ 14 $ 8,734 Provision credited to expense (162 ) (4 ) (765 ) (125 ) (287 ) (62 ) (42 ) (3 ) (1,450 ) Losses charged off - - - - - - - - - Recoveries 4 - - - - - - - 4 Balance, end of period $ 595 $ 36 $ 5,105 $ 747 $ 253 $ 208 $ 333 $ 11 $ 7,288 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 (credit) 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 June 30, 2016 Allowance for loan losses: Balance, beginning of period $ 948 $ 108 $ 4,913 $ 1,515 $ 1,605 $ 604 $ 344 $ 24 $ 10,061 Provision charged (credited) to expense (190 ) (45 ) 777 (250 ) (168 ) (354 ) 43 (13 ) (200 ) Losses charged off (67 ) - (61 ) - - - - - (128 ) Recoveries 27 - 39 - 29 - - 1 96 Balance, end of period $ 718 $ 63 $ 5,668 $ 1,265 $ 1,466 $ 250 $ 387 $ 12 $ 9,829 Ending Balance: individually evaluated for impairment $ - $ - $ 315 $ - $ 750 $ - $ - $ - $ 1,065 Ending balance: collectively evaluated for impairment $ 718 $ 63 $ 5,353 $ 1,265 $ 716 $ 250 $ 387 $ 12 $ 8,764 Loans: Ending Balance $ 38,088 $ 4,622 $ 198,480 $ 59,823 $ 12,197 $ 12,764 $ 19,135 $ 1,071 $ 346,180 Ending Balance: individually evaluated for impairment $ 1,071 $ - $ 8,095 $ 7,003 $ 1,520 $ - $ - $ - $ 17,689 Ending balance: collectively evaluated for impairment $ 37,017 $ 4,622 $ 190,385 $ 52,820 $ 10,677 $ 12,764 $ 19,135 $ 1,071 $ 328,491 Loan Class 1-4 Family Home Equity Commercial Real Estate Multifamily Land Construction Commercial Non- Mortgage Consumer Total Quarter to date analysis as of June 30, 2016 Allowance for loan losses: Balance, beginning of period $ 909 $ 99 $ 4,822 $ 1,409 $ 1,634 $ 736 $ 392 $ 23 $ 10,024 Provision charged (credited) to expense (213 ) (36 ) 891 (144 ) (196 ) (486 ) (5 ) (11 ) (200 ) Losses charged off (1 ) - (45 ) - - - - - (46 ) Recoveries 23 - - - 28 - - - 51 Balance, end of period $ 718 $ 63 $ 5,668 $ 1,265 $ 1,466 $ 250 $ 387 $ 12 $ 9,829 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 not 1 2 3 We charge off one four one four first 180 180 120 not The following table presents the credit risk profile of our loan portfolio based on rating category and payment activity as of June 30, 2017 December 31, 2016: 1-4 Family Home Equity Commercial Real Estate 2017 2016 2017 2016 2017 2016 Pass $ 30,888 $ 33,787 $ 3,567 $ 4,031 $ 181,794 $ 173,375 Pass (Closely Monitored) 331 490 - - 14,438 14,349 Special Mention 239 241 - - 1,247 2,630 Substandard 727 871 - - 5,034 5,570 Doubtful - - - - - - Loss - - - - - - $ 32,185 $ 35,389 $ 3,567 $ 4,031 $ 202,513 $ 195,924 Multifamily Land Construction 2017 2016 2017 2016 2017 2016 Pass $ 49,741 $ 48,241 $ 9,932 $ 9,631 $ 10,417 $ 13,475 Pass (Closely Monitored) 3,155 6,586 801 855 - - Special Mention - - - - - - Substandard - - 342 1,061 - - Doubtful - - - - - - Loss - - - - - - $ 52,896 $ 54,827 $ 11,075 $ 11,547 $ 10,417 $ 13,475 Commercial Non-Mortgage Consumer Total 2017 2016 2017 2016 2017 2016 Pass $ 12,152 $ 16,500 $ 1,044 $ 1,074 $ 299,535 $ 300,114 Pass (Closely Monitored) 488 658 - - 19,213 22,938 Special Mention 2,210 2,889 - - 3,696 5,760 Substandard - - - - 6,103 7,502 Doubtful - - - - - - Loss - - - - - - $ 14,850 $ 20,047 $ 1,044 $ 1,074 $ 328,547 $ 336,314 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 The Closely Monitored asset quality rating encompasses assets that have been brought to the attention of management and may, not 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 not not not 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 not 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 not no not may The following table is a summary of our past due and non-accrual loans as of June 30, 2017 December 31, 2016: As of June 30, 2017 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 $ - $ 70 $ 219 $ 289 $ 31,896 $ 32,185 $ - $ 335 Home Equity 11 - - 11 3,556 3,567 - - Commercial Real Estate 184 635 - 819 201,694 202,513 - 3,789 Multifamily - - - - 52,896 52,896 - - Land - - 343 343 10,732 11,075 - 343 Construction - - - - 10,417 10,417 - - Commercial Non-Mortgage - - - - 14,850 14,850 - - Consumer - - - - 1,044 1,044 - - Total $ 195 $ 705 $ 562 $ 1,462 $ 327,085 $ 328,547 $ - $ 4,467 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 The accrual of interest is discontinued on all loan classes at the time the loan is 90 not All interest accrued but not no not six A loan is considered impaired, in accordance with the impairment accounting guidance (ASC 310 10 35 16 These concessions could include a reduction in the interest rate on the loan, payment extensions, forgiveness of principal, forbearance or other actions intended to maximize collection. Interest income on loans individually classified as impaired is recognized on a cash basis after all past due and current principal payments have been made. June 30, 2017: Unpaid QTD YTD QTD YTD Recorded Principal Specific Average Average Interest Interest Balance Balance Allowance Balance Balance Income Income Loans without a specific valuation allowance: 1-4 Family $ 943 $ 1,067 $ - $ 1,155 $ 1,181 $ 4 $ 13 Home Equity - - - - - - - Commercial real estate 5,780 7,838 - 6,308 6,850 17 56 Multi Family 6,150 6,964 - 6,195 6,234 129 168 Land 343 2,507 - 510 694 31 31 Construction - - - - - - - Commercial Non-Mortgage - - - - - - - Consumer - - - - - - - Loans with a specific valuation allowance: 1-4 Family $ - $ - $ - $ 120 $ 80 $ - $ 2 Home Equity - - - - - - - Commercial real estate 706 706 250 1,397 855 2 10 Multi Family - - - - - - - Land - - - - - - - Construction - - - - - - - Commercial Non-Mortgage - - - 1,264 842 - 35 Consumer - - - - - - - Totals 1-4 Family $ 943 $ 1,067 $ - $ 1,275 $ 1,261 $ 4 $ 15 Home Equity - - - - - - - Commercial real estate 6,486 8,544 250 7,705 7,705 19 66 Multi Family 6,150 6,964 - 6,195 6,234 129 168 Land 343 2,507 - 510 694 31 31 Construction - - - - - - - Commercial Non-Mortgage - - - 1,264 842 - 35 Consumer - - - - - - - Total $ 13,922 $ 19,082 $ 250 $ 16,949 $ 16,736 $ 183 $ 315 The following table presents impaired loans at December 31, 2016: Unpaid YTD YTD Recorded Principal Specific Average 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 $ 18,773 $ 1,062 The following table presents impaired loans at June 30, 2016: Unpaid QTD YTD QTD YTD Recorded Principal Specific Average Average Interest Interest Balance Balance Allowance Balance Balance Income Income Loans without a specific valuation allowance: 1-4 Family $ 1,071 $ 1,198 $ - $ 1,184 $ 1,271 $ 14 $ 24 Home Equity - - - - - - - Commercial real estate 7,599 9,575 - 8,941 9,265 52 99 Multi Family 7,003 7,850 - 7,242 7,454 129 204 Land - - - 48 45 - - Construction - - - - - - - Commercial Non-Mortgage - - - - - - - Consumer - - - - - - - Loans with a specific valuation allowance: 1-4 Family $ - $ - $ - $ - $ - $ - $ - Home Equity - - - - - - - Commercial real estate 496 550 315 248 165 4 4 Multi Family - - - - - - - Land 1,520 3,417 750 1,598 1,680 - - Construction - - - - - - - Commercial Non-Mortgage - - - - - - - Consumer - - - - - - - Totals 1-4 Family $ 1,071 $ 1,198 $ - $ 1,184 $ 1,271 $ 14 $ 24 Home Equity - - - - - - - Commercial real estate 8,095 10,125 315 9,189 9,430 56 103 Multi Family 7,003 7,850 - 7,242 7,454 129 204 Land 1,520 3,417 750 1,646 1,725 - - Construction - - - - - - - Commercial Non-Mortgage - - - - - - - Consumer - - - - - - - Total $ 17,689 $ 22,590 $ 1,065 $ 19,261 $ 19,880 $ 199 $ 331 Interest payments on impaired loans are typically applied to principal unless collectability of the principal amount is reasonably assumed, in which case interest is recognized on a cash basis and is reasonable compared to interest income noted above. Troubled Debt Restructuring (TDR) We may not 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 may For one four may not 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 six no 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 There were no six June 30, 2017. 90 twelve Management monitors the TDRs based on the type of modification or concession granted to the borrower. These types of modifications may The following table summarizes the loans that were restructured as TDRs during the three six June 30, 2017 2016: Three m onths e nded Six months ended June 30, 201 7 June 30, 201 7 Balance Balance Balance Balance prior to after prior to after Count TDR TDR Count TDR TDR (Dollars in thousands) One-to four Family 2 116 116 2 116 116 Total loans 2 $ 116 $ 116 2 $ 116 $ 116 The one four 2017 Three months ended Six months ended June 30, 2016 June 30, 2016 Balance Balance Balance Balance prior to after prior to after Count TDR TDR Count TDR TDR (Dollars in thousands) Commercial real estate - - - 1 996 996 Total loans - $ - $ - 1 $ 996 $ 996 The commercial real estate TDR in 2016 |
Note 5 - Disclosures About Fair
Note 5 - Disclosures About Fair Value of Assets and Liabilities | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 5: Disclosures About Fair Value of Assets and Liabilities ASC Topic 820, Fair Value Measurements 820 three may Level 1 Quoted prices in active markets for identical assets or liabilities. Level 2 1 not Level 3 no Following is a description of the valuation methodologies used for assets measured at fair value on a nonrecurring basis and recognized in the accompanying condensed consolidated balance sheets, as well as the general classification of such assets under the valuation hierarchy. We have no no Recurring and Nonrecurring Measurements 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 June 30, 2017 December 31, 2016. Fair Value Measurements Using Fair Quoted Prices Significant Significant June 30, 2017 Collateral-dependent i mpaired loans $ 461 $ -- $ -- $ 461 December 31, 2016 Collateral-dependent i mpaired loans $ 885 $ -- $ -- $ 885 Collateral-dependent Impaired Loans The estimated fair value of collateral-dependent impaired loans is based on the appraised fair value of the collateral, less estimated cost to sell. Collateral-dependent impaired loans are classified within Level 3 The Company considers the appraisal or an evaluation as the starting point for determining fair value and then considers other factors and events in the environment that may may Unobservable (Level 3 The following table presents quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 June 30, 2017 December 31, 2016. Collateral-dependent Impaired Loans Fair Value Valuation Technique Unobservable Inputs Range (Weighted Average) As of June 30, 2017 Collateral-dependent impaired loans $ 461 Market comparable properties Marketability discount 0 - 17.5% (3%) December 31, 2016 Collateral-dependent impaired loans $ 885 Market comparable properties Marketability discount 3 - 13% (6%) Fair Value of Financial Instruments The following table presents estimated fair values of our financial instruments recognized in the accompanying consolidated balance sheets at amounts other than fair value at the individual dates. The fair values of certain instruments were calculated by discounting expected cash flows, which involves significant judgments by management and uncertainties. Because no not not Fair Value Measurements Using As of June 30, 2017 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 $ 62,148 $ 62,148 $ - $ - Loans, net of allowance for loan losses 314,432 - - 317,161 Federal Home Loan Bank stock 2,700 - 2,700 - Interest receivable 865 - 865 - Financial liabilities Deposits $ 262,673 $ 152,139 $ - $ 111,646 Federal Home Loan Bank advances 42,000 - 41,381 - Federal funds purchased 12,000 - 12,000 - Interest payable 85 - 85 - 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 - 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 Loans Held for Sale Fair value of loans held for sale is estimated by discounting the future cash flows using the market rates at which similar loans would be made to borrowers with similar remaining maturities. Loans The fair value of loans is estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. Loans with similar characteristics were aggregated for purposes of the calculations. Deposits Deposits include demand deposits, savings accounts, checking accounts and certain money market deposits. The carrying amount approximates fair value. The fair value of fixed-maturity time deposits is estimated using a discounted cash flow calculation that applies the rates currently offered for deposits of similar remaining maturities. Federal Home Loan Bank Advances Rates currently available to us for debt with similar terms and remaining maturities are used to estimate the fair value of existing debt. Commitments to Originate Loans, Letters of Credit and Lines of Credit Loan commitments and letters-of-credit generally have short-term, variable rate features and contain clauses, which limit our exposure to changes in customer credit quality. Accordingly, their carrying values, which are immaterial at the respective balance sheet dates, are reasonable estimates of fair value. |
Note 6 - Earnings Per Share
Note 6 - Earnings Per Share | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 6: Earnings Per Share (In thousands except per share amounts) Basic earnings per common share (“EPS”) excludes dilution and is computed by dividing net income applicable to common stock by the weighted average number of common shares outstanding for the year. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock (such as stock options) were exercised or converted into additional common shares that would then share in the earnings of the entity. Diluted EPS is computed by dividing net income applicable to common stock by the weighted average number of common shares outstanding for the year, plus an incremental number of common-equivalent shares computed using the treasury stock method. Unvested share-based payment awards, which include the right to receive non-forfeitable dividends or dividend equivalents, are considered to participate with common stock in undistributed earnings for purposes of computing EPS. Accordingly, the Company is required to calculate basic and diluted EPS using the two two Unearned ESOP shares, which are not Earnings per share analysis for the three six June 30, 2017 2016 Three months ended June 30, Three months ended June 30, 2017 2016 Net Income $ 1,276 $ 1,184 Dividends and undistributed earnings allocated to participating securities (12 ) (20 ) Income attributable to common shareholders $ 1,264 $ 1,164 Weighted average shares outstanding (in thousands) 2,106 2,152 Less: average unearned ESOP and unvested restricted stock (148 ) (177 ) Average Shares 1,958 1,975 Effect of dilutive based awards 55 32 Average common and common-equivalent shares for diluted EPS (in thousands) 2,013 2,007 Basic EPS $ 0.65 $ 0.59 Diluted EPS $ 0.63 $ 0.58 Six months ended June 30, Six months ended June 30, 2017 2016 Net Income $ 2,608 $ 2,151 Dividends and undistributed earnings allocated to participating securities (25 ) (37 ) Income attributable to common shareholders $ 2,583 $ 2,114 Weighted average shares outstanding (in thousands) 2,106 2,154 Less: average unearned ESOP and unvested restricted stock (148 ) (177 ) Average Shares 1,958 1,977 Effect of dilutive based awards 54 32 Average common and common-equivalent shares for diluted EPS (in thousands) 2,012 2,009 Basic EPS $ 1.32 $ 1.07 Diluted EPS $ 1.28 $ 1.05 |
Note 7 - Share-based Compensati
Note 7 - Share-based Compensation | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 7: 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 shall be authorized but unissued shares. The maximum number of shares authorized under the Plan is 351,050. six June 30, 2017 2016 $154 $173, Stock Options The table below presents the stock option activity for the period shown : Options Weighted a verage exercise price Remaining contractual life (years) Aggregate intrinsic value (in thousands) Options outstanding at January 1, 2017 181,585 $ 20.76 7 $ 1,956 Granted -- -- -- -- Exercised -- -- -- -- Forfeited -- -- -- -- Expired -- -- -- -- Options outstanding at June 30, 2017 181,585 $ 20.87 7 $ 3,496 Exercisable at June 30, 2017 93,248 $ 17.49 5 $ 2,110 As of June 30, 2017, $140 three six June 30, 2017 $16 $33 three six June 30, 2016 $17 $33 Restricted Stock Awards Restricted stock awards are accounted for as fixed grants using the fair value of the Company’s stock at the time of grant. Unvested restricted stock awards may not 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, 2017 26,572 $ 22.38 Granted - - Vested (509 ) 24.97 Forfeited - - Non-vested at June 30, 2017 26,063 22.33 As of June 30, 2017, $391 five three six June 30, 2017 $58 $121 three six June 30, 2016 $69 $140 |
Note 8 - Pending Merger
Note 8 - Pending Merger | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | Note 8: Pending Merger On June 13, 2017, Subject to the terms and conditions of the Merger Agreement, upon the completion of the Merger, each share of outstanding Company common stock, $0.01 1.0152 no $14.00 June 13, 2017 $27.50 $91.8 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | FASB Accounti ng Standards Update No. 2017 09 , Compensation – Stock Compensation (Topic 718 ) , Scope Modification The Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2017 09, Compensation - Stock Compensation (Topic 718 718. December 15, 2017. 2017 09 not FASB ASU No. 2017 08 , Receivable – Nonrefundable Fees and Other Costs (Subtopic 31 0 - 20 ) The FASB issued ASU No. 2017 08, Receivables - Nonrefundable Fees and Other Costs (Subtopic 310 20 not The guidance is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Adoption of the ASU is not FASB ASU No. 2017 04, 350 The FASB has issued ASU No. 2017 04, Intangibles – Goodwill and Other (Topic 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 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. not FASB ASU No. 2017 01, 805 The FASB has issued ASU No. 2017 01, Business Combinations (Topic 805 not The amendments in this update become effective for annual periods and interim periods within those annual periods beginning after December 15, 2017. not FASB ASU No. 2016 15, 230 The FASB has issued ASU No. 2016 15, Statement of Cash Flows (Topic 230 eight November 2016, No. 2016 18, The amendments are effective for public business entities for fiscal years beginning after December 15, 2017, December 15, 2018, December 15, 2019. not FASB ASU No. 2016 13, 326 The FASB has issued 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, not 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. For public business entities, the amendments became effective for annual periods beginning after December 15, 2016, December 15, 2017, December 15, 2018. January 1, 2017 not 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. not FASB ASU No. 2016 07, 323 In March 2016, 2016 07, Investments - Equity Method and Joint Ventures: Simplifying the Transition to the Equity Method of Accounting 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 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 became effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. not FASB ASU No. 2016 06, 815 The FASB has issued 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 not This standard became effective for pubic business entities for fiscal year beginning after December 15, 2016 December 15, 2017, December 15, 2018. not FASB ASU No. 2016 02 842 The FASB has issued 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 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 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 may not Adoption of the ASU is not 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 ASU No. 2016 01, Financial Instruments – Overall (Subtopic 825 10 not 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 ● 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, not ASU is not |
Note 3 - Securities (Tables)
Note 3 - Securities (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Held-to-maturity Securities [Table Text Block] | Amortized Gross Gross Held to Maturity Securities: June 30, 2017 Treasury bond $ -- $ -- $ -- $ -- December 31, 2016 Treasury bond $ 499 $ 1 $ -- $ 500 |
Note 4 - Loans and Allowance 18
Note 4 - Loans and Allowance for Loan Losses (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | June 30, 2017 December 31, 2016 Real Estate One-to four-family $ 32,185 $ 35,389 Home equity 3,567 4,031 Commercial mortgage loans Commercial real estate 202,513 195,924 Multifamily 52,896 54,827 Land 11,075 11,547 Construction 10,417 13,475 Commercial non-mortgage 14,850 20,047 Consumer 1,044 1,074 Total loans 328,547 336,314 Less Net deferred loan costs, premiums and discounts 540 563 Undisbursed portion of loan 6,287 5,819 Allowance for loan losses 7,288 9,326 Net Loans $ 314,432 $ 320,606 |
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 June 30, 2017 Allowance for loan losses: Balance, beginning of period $ 798 $ 49 $ 5,422 $ 1,084 $ 1,142 $ 294 $ 524 $ 13 $ 9,326 Provision credited to expense (214 ) (13 ) (317 ) (337 ) (889 ) (86 ) (191 ) (3 ) (2,050 ) Losses charged off - - - - - - - - - Recoveries 11 - - - - - - 1 12 Balance, end of period $ 595 $ 36 $ 5,105 $ 747 $ 253 $ 208 $ 333 $ 11 $ 7,288 Ending Balance: individually evaluated for impairment $ - $ - $ 250 $ - $ - $ - $ - $ - $ 250 Ending balance: collectively evaluated for impairment $ 595 $ 36 $ 4,855 $ 747 $ 253 $ 208 $ 333 $ 11 $ 7,038 Loans: Ending Balance $ 32,185 $ 3,567 $ 202,513 $ 52,896 $ 11,075 $ 10,417 $ 14,850 $ 1,044 $ 328,547 Ending Balance: individually evaluated for impairment $ 943 $ - $ 6,486 $ 6,150 $ 343 $ - $ - $ - $ 13,922 Ending balance: collectively evaluated for impairment $ 31,242 $ 3,567 $ 190,027 $ 46,746 $ 10,732 $ 10,417 $ 14,850 $ 1,044 $ 314,625 Loan Class 1-4 Family Home Equity Commercial Real Estate Multifamily Land Construction Commercial Non- Mortgage Consumer Total Quarter to date analysis as of June 30, 2017 Allowance for loan losses: Balance, beginning of period $ 753 $ 40 $ 5,870 $ 872 $ 540 $ 270 $ 375 $ 14 $ 8,734 Provision credited to expense (162 ) (4 ) (765 ) (125 ) (287 ) (62 ) (42 ) (3 ) (1,450 ) Losses charged off - - - - - - - - - Recoveries 4 - - - - - - - 4 Balance, end of period $ 595 $ 36 $ 5,105 $ 747 $ 253 $ 208 $ 333 $ 11 $ 7,288 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 (credit) 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 June 30, 2016 Allowance for loan losses: Balance, beginning of period $ 948 $ 108 $ 4,913 $ 1,515 $ 1,605 $ 604 $ 344 $ 24 $ 10,061 Provision charged (credited) to expense (190 ) (45 ) 777 (250 ) (168 ) (354 ) 43 (13 ) (200 ) Losses charged off (67 ) - (61 ) - - - - - (128 ) Recoveries 27 - 39 - 29 - - 1 96 Balance, end of period $ 718 $ 63 $ 5,668 $ 1,265 $ 1,466 $ 250 $ 387 $ 12 $ 9,829 Ending Balance: individually evaluated for impairment $ - $ - $ 315 $ - $ 750 $ - $ - $ - $ 1,065 Ending balance: collectively evaluated for impairment $ 718 $ 63 $ 5,353 $ 1,265 $ 716 $ 250 $ 387 $ 12 $ 8,764 Loans: Ending Balance $ 38,088 $ 4,622 $ 198,480 $ 59,823 $ 12,197 $ 12,764 $ 19,135 $ 1,071 $ 346,180 Ending Balance: individually evaluated for impairment $ 1,071 $ - $ 8,095 $ 7,003 $ 1,520 $ - $ - $ - $ 17,689 Ending balance: collectively evaluated for impairment $ 37,017 $ 4,622 $ 190,385 $ 52,820 $ 10,677 $ 12,764 $ 19,135 $ 1,071 $ 328,491 Loan Class 1-4 Family Home Equity Commercial Real Estate Multifamily Land Construction Commercial Non- Mortgage Consumer Total Quarter to date analysis as of June 30, 2016 Allowance for loan losses: Balance, beginning of period $ 909 $ 99 $ 4,822 $ 1,409 $ 1,634 $ 736 $ 392 $ 23 $ 10,024 Provision charged (credited) to expense (213 ) (36 ) 891 (144 ) (196 ) (486 ) (5 ) (11 ) (200 ) Losses charged off (1 ) - (45 ) - - - - - (46 ) Recoveries 23 - - - 28 - - - 51 Balance, end of period $ 718 $ 63 $ 5,668 $ 1,265 $ 1,466 $ 250 $ 387 $ 12 $ 9,829 |
Financing Receivable Credit Quality Indicators [Table Text Block] | 1-4 Family Home Equity Commercial Real Estate 2017 2016 2017 2016 2017 2016 Pass $ 30,888 $ 33,787 $ 3,567 $ 4,031 $ 181,794 $ 173,375 Pass (Closely Monitored) 331 490 - - 14,438 14,349 Special Mention 239 241 - - 1,247 2,630 Substandard 727 871 - - 5,034 5,570 Doubtful - - - - - - Loss - - - - - - $ 32,185 $ 35,389 $ 3,567 $ 4,031 $ 202,513 $ 195,924 Multifamily Land Construction 2017 2016 2017 2016 2017 2016 Pass $ 49,741 $ 48,241 $ 9,932 $ 9,631 $ 10,417 $ 13,475 Pass (Closely Monitored) 3,155 6,586 801 855 - - Special Mention - - - - - - Substandard - - 342 1,061 - - Doubtful - - - - - - Loss - - - - - - $ 52,896 $ 54,827 $ 11,075 $ 11,547 $ 10,417 $ 13,475 Commercial Non-Mortgage Consumer Total 2017 2016 2017 2016 2017 2016 Pass $ 12,152 $ 16,500 $ 1,044 $ 1,074 $ 299,535 $ 300,114 Pass (Closely Monitored) 488 658 - - 19,213 22,938 Special Mention 2,210 2,889 - - 3,696 5,760 Substandard - - - - 6,103 7,502 Doubtful - - - - - - Loss - - - - - - $ 14,850 $ 20,047 $ 1,044 $ 1,074 $ 328,547 $ 336,314 |
Past Due Financing Receivables [Table Text Block] | As of June 30, 2017 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 $ - $ 70 $ 219 $ 289 $ 31,896 $ 32,185 $ - $ 335 Home Equity 11 - - 11 3,556 3,567 - - Commercial Real Estate 184 635 - 819 201,694 202,513 - 3,789 Multifamily - - - - 52,896 52,896 - - Land - - 343 343 10,732 11,075 - 343 Construction - - - - 10,417 10,417 - - Commercial Non-Mortgage - - - - 14,850 14,850 - - Consumer - - - - 1,044 1,044 - - Total $ 195 $ 705 $ 562 $ 1,462 $ 327,085 $ 328,547 $ - $ 4,467 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 |
Impaired Financing Receivables [Table Text Block] | Unpaid QTD YTD QTD YTD Recorded Principal Specific Average Average Interest Interest Balance Balance Allowance Balance Balance Income Income Loans without a specific valuation allowance: 1-4 Family $ 943 $ 1,067 $ - $ 1,155 $ 1,181 $ 4 $ 13 Home Equity - - - - - - - Commercial real estate 5,780 7,838 - 6,308 6,850 17 56 Multi Family 6,150 6,964 - 6,195 6,234 129 168 Land 343 2,507 - 510 694 31 31 Construction - - - - - - - Commercial Non-Mortgage - - - - - - - Consumer - - - - - - - Loans with a specific valuation allowance: 1-4 Family $ - $ - $ - $ 120 $ 80 $ - $ 2 Home Equity - - - - - - - Commercial real estate 706 706 250 1,397 855 2 10 Multi Family - - - - - - - Land - - - - - - - Construction - - - - - - - Commercial Non-Mortgage - - - 1,264 842 - 35 Consumer - - - - - - - Totals 1-4 Family $ 943 $ 1,067 $ - $ 1,275 $ 1,261 $ 4 $ 15 Home Equity - - - - - - - Commercial real estate 6,486 8,544 250 7,705 7,705 19 66 Multi Family 6,150 6,964 - 6,195 6,234 129 168 Land 343 2,507 - 510 694 31 31 Construction - - - - - - - Commercial Non-Mortgage - - - 1,264 842 - 35 Consumer - - - - - - - Total $ 13,922 $ 19,082 $ 250 $ 16,949 $ 16,736 $ 183 $ 315 Unpaid YTD YTD Recorded Principal Specific Average 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 $ 18,773 $ 1,062 Unpaid QTD YTD QTD YTD Recorded Principal Specific Average Average Interest Interest Balance Balance Allowance Balance Balance Income Income Loans without a specific valuation allowance: 1-4 Family $ 1,071 $ 1,198 $ - $ 1,184 $ 1,271 $ 14 $ 24 Home Equity - - - - - - - Commercial real estate 7,599 9,575 - 8,941 9,265 52 99 Multi Family 7,003 7,850 - 7,242 7,454 129 204 Land - - - 48 45 - - Construction - - - - - - - Commercial Non-Mortgage - - - - - - - Consumer - - - - - - - Loans with a specific valuation allowance: 1-4 Family $ - $ - $ - $ - $ - $ - $ - Home Equity - - - - - - - Commercial real estate 496 550 315 248 165 4 4 Multi Family - - - - - - - Land 1,520 3,417 750 1,598 1,680 - - Construction - - - - - - - Commercial Non-Mortgage - - - - - - - Consumer - - - - - - - Totals 1-4 Family $ 1,071 $ 1,198 $ - $ 1,184 $ 1,271 $ 14 $ 24 Home Equity - - - - - - - Commercial real estate 8,095 10,125 315 9,189 9,430 56 103 Multi Family 7,003 7,850 - 7,242 7,454 129 204 Land 1,520 3,417 750 1,646 1,725 - - Construction - - - - - - - Commercial Non-Mortgage - - - - - - - Consumer - - - - - - - Total $ 17,689 $ 22,590 $ 1,065 $ 19,261 $ 19,880 $ 199 $ 331 |
Schedule of Debtor Troubled Debt Restructuring, Current Period [Table Text Block] | Three m onths e nded Six months ended June 30, 201 7 June 30, 201 7 Balance Balance Balance Balance prior to after prior to after Count TDR TDR Count TDR TDR (Dollars in thousands) One-to four Family 2 116 116 2 116 116 Total loans 2 $ 116 $ 116 2 $ 116 $ 116 Three months ended Six months ended June 30, 2016 June 30, 2016 Balance Balance Balance Balance prior to after prior to after Count TDR TDR Count TDR TDR (Dollars in thousands) Commercial real estate - - - 1 996 996 Total loans - $ - $ - 1 $ 996 $ 996 |
Note 5 - Disclosures About Fa19
Note 5 - Disclosures About Fair Value of Assets and Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Fair Value Measurements, Nonrecurring [Table Text Block] | Fair Value Measurements Using Fair Quoted Prices Significant Significant June 30, 2017 Collateral-dependent i mpaired loans $ 461 $ -- $ -- $ 461 December 31, 2016 Collateral-dependent i mpaired loans $ 885 $ -- $ -- $ 885 |
Fair Value Inputs, Assets, Quantitative Information [Table Text Block] | Collateral-dependent Impaired Loans Fair Value Valuation Technique Unobservable Inputs Range (Weighted Average) As of June 30, 2017 Collateral-dependent impaired loans $ 461 Market comparable properties Marketability discount 0 - 17.5% (3%) 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 June 30, 2017 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 $ 62,148 $ 62,148 $ - $ - Loans, net of allowance for loan losses 314,432 - - 317,161 Federal Home Loan Bank stock 2,700 - 2,700 - Interest receivable 865 - 865 - Financial liabilities Deposits $ 262,673 $ 152,139 $ - $ 111,646 Federal Home Loan Bank advances 42,000 - 41,381 - Federal funds purchased 12,000 - 12,000 - Interest payable 85 - 85 - 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 - |
Note 6 - Earnings Per Share (Ta
Note 6 - Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three months ended June 30, Three months ended June 30, 2017 2016 Net Income $ 1,276 $ 1,184 Dividends and undistributed earnings allocated to participating securities (12 ) (20 ) Income attributable to common shareholders $ 1,264 $ 1,164 Weighted average shares outstanding (in thousands) 2,106 2,152 Less: average unearned ESOP and unvested restricted stock (148 ) (177 ) Average Shares 1,958 1,975 Effect of dilutive based awards 55 32 Average common and common-equivalent shares for diluted EPS (in thousands) 2,013 2,007 Basic EPS $ 0.65 $ 0.59 Diluted EPS $ 0.63 $ 0.58 Six months ended June 30, Six months ended June 30, 2017 2016 Net Income $ 2,608 $ 2,151 Dividends and undistributed earnings allocated to participating securities (25 ) (37 ) Income attributable to common shareholders $ 2,583 $ 2,114 Weighted average shares outstanding (in thousands) 2,106 2,154 Less: average unearned ESOP and unvested restricted stock (148 ) (177 ) Average Shares 1,958 1,977 Effect of dilutive based awards 54 32 Average common and common-equivalent shares for diluted EPS (in thousands) 2,012 2,009 Basic EPS $ 1.32 $ 1.07 Diluted EPS $ 1.28 $ 1.05 |
Note 7 - Share-based Compensa21
Note 7 - Share-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Options Weighted a verage exercise price Remaining contractual life (years) Aggregate intrinsic value (in thousands) Options outstanding at January 1, 2017 181,585 $ 20.76 7 $ 1,956 Granted -- -- -- -- Exercised -- -- -- -- Forfeited -- -- -- -- Expired -- -- -- -- Options outstanding at June 30, 2017 181,585 $ 20.87 7 $ 3,496 Exercisable at June 30, 2017 93,248 $ 17.49 5 $ 2,110 |
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, 2017 26,572 $ 22.38 Granted - - Vested (509 ) 24.97 Forfeited - - Non-vested at June 30, 2017 26,063 22.33 |
Note 3 - Securities (Details Te
Note 3 - Securities (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Held-to-maturity Securities | $ 0 | $ 0 | $ 499 | ||
Proceeds from Sale of Held-to-maturity Securities | $ 0 | $ 0 | $ 0 | $ 0 |
Note 3 - Securities - Held to M
Note 3 - Securities - Held to Maturity Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Held to maturity securities, fair value | $ 500 | |
Held to maturity securities, amortized cost | 0 | 499 |
Held to maturity securities, gross unrealized gains | $ 1 |
Note 4 - Loans and Allowance 24
Note 4 - Loans and Allowance for Loan Losses (Details Textual) $ in Thousands | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Percentage of Construction Loans for Commercial Real Estate of Loan to Completed Appraised Value, Ratio | 75.00% |
Charge Down to Net Realizable Value | 120 days |
Period for Discontinuation of Accrual of Interest on All Loan Classes | 180 days |
Minimum Realizable Period for New Loan into Accrual Status Under Performance With New Loan Terms | 180 days |
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $ 0 |
Minimum Period for Realizable of Troubled Debt Restructuring Loans into Nonaccrual Status or Default Loans | 90 days |
Minimum [Member] | |
Period for Discontinuation of Accrual of Interest on All Loan Classes | 180 days |
Note 4 - Loans and Allowance 25
Note 4 - Loans and Allowance for Loan Losses - Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 |
Total loans | $ 328,547 | $ 336,314 | $ 346,180 |
Net deferred loan costs, premiums and discounts | 540 | 563 | |
Undisbursed portion of loan | 6,287 | 5,819 | |
Allowance for loan losses | 7,288 | 9,326 | |
Net Loans | 314,432 | 320,606 | |
Residential Portfolio Segment [Member] | One- to Four-family [Member] | |||
Total loans | 32,185 | 35,389 | 38,088 |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Total loans | 3,567 | 4,031 | 4,622 |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | |||
Total loans | 202,513 | 195,924 | 198,480 |
Commercial Real Estate Portfolio Segment [Member] | Multifamily Loan [Member] | |||
Total loans | 52,896 | 54,827 | 59,823 |
Commercial Real Estate Portfolio Segment [Member] | Land Loan [Member] | |||
Total loans | 11,075 | 11,547 | 12,197 |
Construction Portfolio Segment [Member] | |||
Total loans | 10,417 | 13,475 | 12,764 |
Commercial Portfolio Segment [Member] | |||
Total loans | 14,850 | 20,047 | 19,135 |
Consumer Portfolio Segment [Member] | |||
Total loans | $ 1,044 | $ 1,074 | $ 1,071 |
Note 4 - Loans and Allowance 26
Note 4 - Loans and Allowance for Loan Losses - Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Balance, end of period | $ 7,288 | $ 9,829 | $ 7,288 | $ 9,829 | $ 9,326 |
Ending Balance: individually evaluated for impairment | 250 | 1,065 | 250 | 1,065 | 785 |
Ending balance: collectively evaluated for impairment | 7,038 | 8,764 | 7,038 | 8,764 | 8,541 |
Ending Balance | 328,547 | 346,180 | 328,547 | 346,180 | 336,314 |
Ending Balance: individually evaluated for impairment | 13,922 | 17,689 | 13,922 | 17,689 | 16,975 |
Ending balance: collectively evaluated for impairment | 314,625 | 328,491 | 314,625 | 328,491 | 319,339 |
Balance, beginning of period | 8,734 | 10,024 | 9,326 | 10,061 | 10,061 |
Provision credited to expense | (1,450) | (200) | (2,050) | (200) | (760) |
Provision (credit) charged to expense | (1,450) | (200) | (2,050) | (200) | (760) |
Losses charged off | (46) | (128) | (153) | ||
Recoveries | 4 | 51 | 12 | 96 | 178 |
Residential Portfolio Segment [Member] | One- to Four-family [Member] | |||||
Balance, end of period | 595 | 718 | 595 | 718 | 798 |
Ending Balance: individually evaluated for impairment | 0 | 0 | 0 | ||
Ending balance: collectively evaluated for impairment | 595 | 718 | 595 | 718 | 798 |
Ending Balance | 32,185 | 38,088 | 32,185 | 38,088 | 35,389 |
Ending Balance: individually evaluated for impairment | 943 | 1,071 | 943 | 1,071 | 1,500 |
Ending balance: collectively evaluated for impairment | 31,242 | 37,017 | 31,242 | 37,017 | 33,889 |
Balance, beginning of period | 753 | 909 | 798 | 948 | 948 |
Provision credited to expense | (162) | (213) | (214) | (190) | (137) |
Provision (credit) charged to expense | (162) | (213) | (214) | (190) | (137) |
Losses charged off | (1) | (67) | (67) | ||
Recoveries | 4 | 23 | 11 | 27 | 54 |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | |||||
Balance, end of period | 36 | 63 | 36 | 63 | 49 |
Ending Balance: individually evaluated for impairment | 0 | 0 | 0 | ||
Ending balance: collectively evaluated for impairment | 36 | 63 | 36 | 63 | 49 |
Ending Balance | 3,567 | 4,622 | 3,567 | 4,622 | 4,031 |
Ending Balance: individually evaluated for impairment | 0 | 0 | |||
Ending balance: collectively evaluated for impairment | 3,567 | 4,622 | 3,567 | 4,622 | 4,031 |
Balance, beginning of period | 40 | 99 | 49 | 108 | 108 |
Provision credited to expense | (4) | (36) | (13) | (45) | (59) |
Provision (credit) charged to expense | (4) | (36) | (13) | (45) | (59) |
Losses charged off | 0 | 0 | 0 | ||
Recoveries | 0 | 0 | 0 | ||
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | |||||
Balance, end of period | 5,105 | 5,668 | 5,105 | 5,668 | 5,422 |
Ending Balance: individually evaluated for impairment | 250 | 315 | 250 | 315 | 235 |
Ending balance: collectively evaluated for impairment | 4,855 | 5,353 | 4,855 | 5,353 | 5,187 |
Ending Balance | 202,513 | 198,480 | 202,513 | 198,480 | 195,924 |
Ending Balance: individually evaluated for impairment | 6,486 | 8,095 | 6,486 | 8,095 | 8,103 |
Ending balance: collectively evaluated for impairment | 190,027 | 190,385 | 190,027 | 190,385 | 187,821 |
Balance, beginning of period | 5,870 | 4,822 | 5,422 | 4,913 | 4,913 |
Provision credited to expense | (765) | 891 | (317) | 777 | 555 |
Provision (credit) charged to expense | (765) | 891 | (317) | 777 | 555 |
Losses charged off | (45) | (61) | (85) | ||
Recoveries | 39 | 39 | |||
Commercial Real Estate Portfolio Segment [Member] | Multifamily Loan [Member] | |||||
Balance, end of period | 747 | 1,265 | 747 | 1,265 | 1,084 |
Ending Balance: individually evaluated for impairment | |||||
Ending balance: collectively evaluated for impairment | 747 | 1,265 | 747 | 1,265 | 1,084 |
Ending Balance | 52,896 | 59,823 | 52,896 | 59,823 | 54,827 |
Ending Balance: individually evaluated for impairment | 6,150 | 7,003 | 6,150 | 7,003 | 6,311 |
Ending balance: collectively evaluated for impairment | 46,746 | 52,820 | 46,746 | 52,820 | 48,516 |
Balance, beginning of period | 872 | 1,409 | 1,084 | 1,515 | 1,515 |
Provision credited to expense | (125) | (144) | (337) | (250) | (431) |
Provision (credit) charged to expense | (125) | (144) | (337) | (250) | (431) |
Losses charged off | 0 | 0 | 0 | ||
Recoveries | 0 | 0 | 0 | ||
Commercial Real Estate Portfolio Segment [Member] | Land Loan [Member] | |||||
Balance, end of period | 253 | 1,466 | 253 | 1,466 | 1,142 |
Ending Balance: individually evaluated for impairment | 750 | 750 | 550 | ||
Ending balance: collectively evaluated for impairment | 253 | 716 | 253 | 716 | 592 |
Ending Balance | 11,075 | 12,197 | 11,075 | 12,197 | 11,547 |
Ending Balance: individually evaluated for impairment | 343 | 1,520 | 343 | 1,520 | 1,061 |
Ending balance: collectively evaluated for impairment | 10,732 | 10,677 | 10,732 | 10,677 | 10,486 |
Balance, beginning of period | 540 | 1,634 | 1,142 | 1,605 | 1,605 |
Provision credited to expense | (287) | (196) | (889) | (168) | (544) |
Provision (credit) charged to expense | (287) | (196) | (889) | (168) | (544) |
Losses charged off | 0 | 0 | 0 | ||
Recoveries | 28 | 29 | 81 | ||
Construction Portfolio Segment [Member] | |||||
Balance, end of period | 208 | 250 | 208 | 250 | 294 |
Ending Balance: individually evaluated for impairment | 0 | 0 | 0 | ||
Ending balance: collectively evaluated for impairment | 208 | 250 | 208 | 250 | 294 |
Ending Balance | 10,417 | 12,764 | 10,417 | 12,764 | 13,475 |
Ending Balance: individually evaluated for impairment | 0 | 0 | 0 | ||
Ending balance: collectively evaluated for impairment | 10,417 | 12,764 | 10,417 | 12,764 | 13,475 |
Balance, beginning of period | 270 | 736 | 294 | 604 | 604 |
Provision credited to expense | (62) | (486) | (86) | (354) | (310) |
Provision (credit) charged to expense | (62) | (486) | (86) | (354) | (310) |
Losses charged off | 0 | 0 | |||
Recoveries | 0 | 0 | 0 | ||
Commercial Portfolio Segment [Member] | |||||
Balance, end of period | 333 | 387 | 333 | 387 | 524 |
Ending Balance: individually evaluated for impairment | 0 | 0 | 0 | ||
Ending balance: collectively evaluated for impairment | 333 | 387 | 333 | 387 | 524 |
Ending Balance | 14,850 | 19,135 | 14,850 | 19,135 | 20,047 |
Ending Balance: individually evaluated for impairment | 0 | 0 | |||
Ending balance: collectively evaluated for impairment | 14,850 | 19,135 | 14,850 | 19,135 | 20,047 |
Balance, beginning of period | 375 | 392 | 524 | 344 | 344 |
Provision credited to expense | (42) | (5) | (191) | 43 | 180 |
Provision (credit) charged to expense | (42) | (5) | (191) | 43 | 180 |
Losses charged off | 0 | 0 | 0 | ||
Recoveries | 0 | 0 | 0 | ||
Consumer Portfolio Segment [Member] | |||||
Balance, end of period | 11 | 12 | 11 | 12 | 13 |
Ending Balance: individually evaluated for impairment | 0 | 0 | 0 | ||
Ending balance: collectively evaluated for impairment | 11 | 12 | 11 | 12 | 13 |
Ending Balance | 1,044 | 1,071 | 1,044 | 1,071 | 1,074 |
Ending Balance: individually evaluated for impairment | 0 | 0 | 0 | ||
Ending balance: collectively evaluated for impairment | 1,044 | 1,071 | 1,044 | 1,071 | 1,074 |
Balance, beginning of period | 14 | 23 | 13 | 24 | 24 |
Provision credited to expense | (3) | (11) | (3) | (13) | (14) |
Provision (credit) charged to expense | (3) | (11) | (3) | (13) | (14) |
Losses charged off | (1) | ||||
Recoveries | $ 1 | $ 1 | $ 4 |
Note 4 - Loans and Allowance 27
Note 4 - Loans and Allowance for Loan Losses - Credit Risk Profile (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 |
Total loans | $ 328,547 | $ 336,314 | $ 346,180 |
Residential Portfolio Segment [Member] | One- to Four-family [Member] | |||
Total loans | 32,185 | 35,389 | 38,088 |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Total loans | 3,567 | 4,031 | 4,622 |
Commercial Real Estate Portfolio Segment [Member] | Multifamily Loan [Member] | |||
Total loans | 52,896 | 54,827 | 59,823 |
Commercial Real Estate Portfolio Segment [Member] | Land Loan [Member] | |||
Total loans | 11,075 | 11,547 | 12,197 |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | |||
Total loans | 202,513 | 195,924 | 198,480 |
Commercial Portfolio Segment [Member] | |||
Total loans | 14,850 | 20,047 | 19,135 |
Consumer Portfolio Segment [Member] | |||
Total loans | 1,044 | 1,074 | 1,071 |
Construction Portfolio Segment [Member] | |||
Total loans | 10,417 | 13,475 | $ 12,764 |
Pass [Member] | |||
Total loans | 299,535 | 300,114 | |
Pass [Member] | Residential Portfolio Segment [Member] | One- to Four-family [Member] | |||
Total loans | 30,888 | 33,787 | |
Pass [Member] | Residential Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Total loans | 3,567 | 4,031 | |
Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | Multifamily Loan [Member] | |||
Total loans | 49,741 | 48,241 | |
Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | Land Loan [Member] | |||
Total loans | 9,932 | 9,631 | |
Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | |||
Total loans | 181,794 | 173,375 | |
Pass [Member] | Commercial Portfolio Segment [Member] | |||
Total loans | 12,152 | 16,500 | |
Pass [Member] | Consumer Portfolio Segment [Member] | |||
Total loans | 1,044 | 1,074 | |
Pass [Member] | Construction Portfolio Segment [Member] | |||
Total loans | 10,417 | 13,475 | |
Pass Closely Monitored [Member] | |||
Total loans | 19,213 | 22,938 | |
Pass Closely Monitored [Member] | Residential Portfolio Segment [Member] | One- to Four-family [Member] | |||
Total loans | 331 | 490 | |
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] | Multifamily Loan [Member] | |||
Total loans | 3,155 | 6,586 | |
Pass Closely Monitored [Member] | Commercial Real Estate Portfolio Segment [Member] | Land Loan [Member] | |||
Total loans | 801 | 855 | |
Pass Closely Monitored [Member] | Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | |||
Total loans | 14,438 | 14,349 | |
Pass Closely Monitored [Member] | Commercial Portfolio Segment [Member] | |||
Total loans | 488 | 658 | |
Pass Closely Monitored [Member] | Consumer Portfolio Segment [Member] | |||
Total loans | |||
Pass Closely Monitored [Member] | Construction Portfolio Segment [Member] | |||
Total loans | |||
Special Mention [Member] | |||
Total loans | 3,696 | 5,760 | |
Special Mention [Member] | Residential Portfolio Segment [Member] | One- to Four-family [Member] | |||
Total loans | 239 | 241 | |
Special Mention [Member] | Residential Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Total loans | 0 | 0 | |
Special Mention [Member] | Commercial Real Estate Portfolio Segment [Member] | Multifamily 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 | 1,247 | 2,630 | |
Special Mention [Member] | Commercial Portfolio Segment [Member] | |||
Total loans | 2,210 | 2,889 | |
Special Mention [Member] | Consumer Portfolio Segment [Member] | |||
Total loans | 0 | 0 | |
Special Mention [Member] | Construction Portfolio Segment [Member] | |||
Total loans | 0 | ||
Substandard [Member] | |||
Total loans | 6,103 | 7,502 | |
Substandard [Member] | Residential Portfolio Segment [Member] | One- to Four-family [Member] | |||
Total loans | 727 | 871 | |
Substandard [Member] | Residential Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Total loans | 0 | ||
Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | Multifamily Loan [Member] | |||
Total loans | |||
Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | Land Loan [Member] | |||
Total loans | 342 | 1,061 | |
Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | |||
Total loans | 5,034 | 5,570 | |
Substandard [Member] | Commercial Portfolio Segment [Member] | |||
Total loans | |||
Substandard [Member] | Consumer Portfolio Segment [Member] | |||
Total loans | 0 | 0 | |
Substandard [Member] | Construction Portfolio Segment [Member] | |||
Total loans | 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] | Multifamily 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 Portfolio Segment [Member] | |||
Total loans | 0 | 0 | |
Doubtful [Member] | Consumer Portfolio Segment [Member] | |||
Total loans | 0 | 0 | |
Doubtful [Member] | Construction 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] | Multifamily 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 Portfolio Segment [Member] | |||
Total loans | 0 | 0 | |
Loss [Member] | Consumer Portfolio Segment [Member] | |||
Total loans | 0 | 0 | |
Loss [Member] | Construction Portfolio Segment [Member] | |||
Total loans | $ 0 | $ 0 |
Note 4 - Loans and Allowance 28
Note 4 - Loans and Allowance for Loan Losses - Past Due and Non-accrual Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 |
Total Nonaccrual | $ 4,467 | $ 6,070 | |
Loans, Past Due | 1,462 | 2,205 | |
Current | 327,085 | 334,109 | |
Total loans | 328,547 | 336,314 | $ 346,180 |
Total Loans > 90 Days & Accruing | 0 | 0 | |
Residential Portfolio Segment [Member] | One- to Four-family [Member] | |||
Total Nonaccrual | 335 | 137 | |
Loans, Past Due | 289 | 396 | |
Current | 31,896 | 34,993 | |
Total loans | 32,185 | 35,389 | 38,088 |
Total Loans > 90 Days & Accruing | 0 | 0 | |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Total Nonaccrual | 0 | 0 | |
Loans, Past Due | 11 | 0 | |
Current | 3,556 | 4,031 | |
Total loans | 3,567 | 4,031 | 4,622 |
Total Loans > 90 Days & Accruing | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | |||
Total Nonaccrual | 3,789 | 4,872 | |
Loans, Past Due | 819 | 748 | |
Current | 201,694 | 195,176 | |
Total loans | 202,513 | 195,924 | 198,480 |
Total Loans > 90 Days & Accruing | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Multifamily Loan [Member] | |||
Total Nonaccrual | 0 | 0 | |
Loans, Past Due | 0 | ||
Current | 52,896 | 54,827 | |
Total loans | 52,896 | 54,827 | 59,823 |
Total Loans > 90 Days & Accruing | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Land Loan [Member] | |||
Total Nonaccrual | 343 | 1,061 | |
Loans, Past Due | 343 | 1,061 | |
Current | 10,732 | 10,486 | |
Total loans | 11,075 | 11,547 | 12,197 |
Total Loans > 90 Days & Accruing | 0 | 0 | |
Construction Portfolio Segment [Member] | |||
Total Nonaccrual | 0 | 0 | |
Loans, Past Due | 0 | 0 | |
Current | 10,417 | 13,475 | |
Total loans | 10,417 | 13,475 | 12,764 |
Total Loans > 90 Days & Accruing | 0 | 0 | |
Commercial Portfolio Segment [Member] | |||
Total Nonaccrual | 0 | 0 | |
Loans, Past Due | 0 | 0 | |
Current | 14,850 | 20,047 | |
Total loans | 14,850 | 20,047 | 19,135 |
Total Loans > 90 Days & Accruing | 0 | 0 | |
Consumer Portfolio Segment [Member] | |||
Total Nonaccrual | 0 | 0 | |
Loans, Past Due | 0 | 0 | |
Current | 1,044 | 1,074 | |
Total loans | 1,044 | 1,074 | $ 1,071 |
Total Loans > 90 Days & Accruing | 0 | 0 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Loans, Past Due | 195 | 165 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Residential Portfolio Segment [Member] | One- to Four-family [Member] | |||
Loans, Past Due | 165 | ||
Financing Receivables, 30 to 59 Days Past Due [Member] | Residential Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Loans, Past Due | 11 | 0 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | |||
Loans, Past Due | 184 | ||
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Multifamily Loan [Member] | |||
Loans, Past Due | 0 | ||
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Land Loan [Member] | |||
Loans, Past Due | 0 | 0 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Construction Portfolio Segment [Member] | |||
Loans, Past Due | 0 | 0 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial Portfolio Segment [Member] | |||
Loans, Past Due | 0 | 0 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Consumer Portfolio Segment [Member] | |||
Loans, Past Due | 0 | 0 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Loans, Past Due | 705 | 742 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Residential Portfolio Segment [Member] | One- to Four-family [Member] | |||
Loans, Past Due | 70 | 94 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Residential Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Loans, Past Due | 0 | 0 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | |||
Loans, Past Due | 635 | 648 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Multifamily Loan [Member] | |||
Loans, Past Due | 0 | 0 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Land Loan [Member] | |||
Loans, Past Due | 0 | 0 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Construction Portfolio Segment [Member] | |||
Loans, Past Due | 0 | 0 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial Portfolio Segment [Member] | |||
Loans, Past Due | 0 | 0 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Consumer Portfolio Segment [Member] | |||
Loans, Past Due | 0 | 0 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Loans, Past Due | 562 | 1,298 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Residential Portfolio Segment [Member] | One- to Four-family [Member] | |||
Loans, Past Due | 219 | 137 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Residential Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Loans, 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] | |||
Loans, Past Due | 100 | ||
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Multifamily Loan [Member] | |||
Loans, Past Due | 0 | 0 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Land Loan [Member] | |||
Loans, Past Due | 343 | 1,061 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Construction Portfolio Segment [Member] | |||
Loans, Past Due | 0 | 0 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial Portfolio Segment [Member] | |||
Loans, Past Due | 0 | 0 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Consumer Portfolio Segment [Member] | |||
Loans, Past Due | $ 0 | $ 0 |
Note 4 - Loans and Allowance 29
Note 4 - Loans and Allowance for Loan Losses - Impaired Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Average balance | $ 16,949 | $ 19,261 | $ 16,736 | $ 19,880 | $ 18,773 |
Interest income | 183 | 199 | 315 | 331 | 1,062 |
Recorded balance | 13,922 | 17,689 | 13,922 | 17,689 | 16,975 |
Unpaid principal balance | 19,082 | 22,590 | 19,082 | 22,590 | 22,267 |
Specific allowance | 250 | 1,065 | 250 | 1,065 | 785 |
Residential Portfolio Segment [Member] | One- to Four-family [Member] | |||||
Interest Income, with valuation allowance | 0 | 0 | 2 | 0 | 0 |
Average balance | 1,275 | 1,184 | 1,261 | 1,271 | 1,311 |
Interest income | 4 | 14 | 15 | 24 | 70 |
Recorded balance | 943 | 1,071 | 943 | 1,071 | 1,500 |
Unpaid principal balance | 1,067 | 1,198 | 1,067 | 1,198 | 1,620 |
Recorded balance, without valuation allowance | 943 | 1,071 | 943 | 1,071 | 1,500 |
Unpaid principal balance, without valuation allowance | 1,067 | 1,198 | 1,067 | 1,198 | 1,620 |
Average balance, without valuation allowance | 1,155 | 1,184 | 1,181 | 1,271 | 1,311 |
Interest Income, without valuation allowance | 4 | 14 | 13 | 24 | 70 |
Recorded balance, with valuation allowance | 0 | 0 | 0 | 0 | 0 |
Unpaid principal balance, with valuation allowance | 0 | 0 | 0 | 0 | 0 |
Specific allowance | 0 | 0 | 0 | ||
Average balance, with valuation allowance | 120 | 0 | 80 | 0 | 0 |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | |||||
Interest Income, with valuation allowance | 0 | 0 | 0 | 0 | 0 |
Average balance | 0 | 0 | 0 | 0 | |
Interest income | 0 | 0 | 0 | 0 | 0 |
Recorded balance | 0 | 0 | 0 | 0 | 0 |
Unpaid principal balance | 0 | 0 | 0 | 0 | 0 |
Recorded balance, without valuation allowance | 0 | 0 | 0 | 0 | 0 |
Unpaid principal balance, without valuation allowance | 0 | 0 | 0 | 0 | 0 |
Average balance, without valuation allowance | 0 | 0 | 0 | 0 | |
Interest Income, without valuation allowance | 0 | 0 | 0 | 0 | 0 |
Recorded balance, with valuation allowance | 0 | 0 | 0 | 0 | 0 |
Unpaid principal balance, with valuation allowance | 0 | 0 | 0 | 0 | 0 |
Specific allowance | 0 | 0 | 0 | 0 | 0 |
Average balance, with valuation allowance | 0 | 0 | 0 | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | |||||
Interest Income, with valuation allowance | 2 | 4 | 10 | 4 | 41 |
Average balance | 7,705 | 9,189 | 7,705 | 9,430 | 8,681 |
Interest income | 19 | 56 | 66 | 103 | 467 |
Recorded balance | 6,486 | 8,095 | 6,486 | 8,095 | 8,103 |
Unpaid principal balance | 8,544 | 10,125 | 8,544 | 10,125 | 10,364 |
Recorded balance, without valuation allowance | 5,780 | 7,599 | 5,780 | 7,599 | 7,494 |
Unpaid principal balance, without valuation allowance | 7,838 | 9,575 | 7,838 | 9,575 | 9,669 |
Average balance, without valuation allowance | 6,308 | 8,941 | 6,850 | 9,265 | 8,296 |
Interest Income, without valuation allowance | 17 | 52 | 56 | 99 | 426 |
Recorded balance, with valuation allowance | 706 | 496 | 706 | 496 | 609 |
Unpaid principal balance, with valuation allowance | 706 | 550 | 706 | 550 | 695 |
Specific allowance | 250 | 315 | 250 | 315 | 235 |
Average balance, with valuation allowance | 1,397 | 248 | 855 | 165 | 385 |
Commercial Real Estate Portfolio Segment [Member] | Multifamily Loan [Member] | |||||
Interest Income, with valuation allowance | 0 | 0 | 0 | 0 | |
Average balance | 6,195 | 7,242 | 6,234 | 7,454 | 6,884 |
Interest income | 129 | 129 | 168 | 204 | 402 |
Recorded balance | 6,150 | 7,003 | 6,150 | 7,003 | 6,311 |
Unpaid principal balance | 6,964 | 7,850 | 6,964 | 7,850 | 7,125 |
Recorded balance, without valuation allowance | 6,150 | 7,003 | 6,150 | 7,003 | 6,311 |
Unpaid principal balance, without valuation allowance | 6,964 | 7,850 | 6,964 | 7,850 | 7,125 |
Average balance, without valuation allowance | 6,195 | 7,242 | 6,234 | 7,454 | 6,884 |
Interest Income, without valuation allowance | 129 | 129 | 168 | 204 | 402 |
Recorded balance, with valuation allowance | 0 | 0 | 0 | 0 | |
Unpaid principal balance, with valuation allowance | 0 | 0 | 0 | 0 | |
Specific allowance | 0 | 0 | 0 | 0 | |
Average balance, with valuation allowance | 0 | 0 | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Land Loan [Member] | |||||
Interest Income, with valuation allowance | 0 | 0 | 0 | 0 | 123 |
Average balance | 510 | 1,646 | 694 | 1,725 | 1,856 |
Interest income | 31 | 0 | 31 | 0 | 123 |
Recorded balance | 343 | 1,520 | 343 | 1,520 | 1,061 |
Unpaid principal balance | 2,507 | 3,417 | 2,507 | 3,417 | 3,158 |
Recorded balance, without valuation allowance | 343 | 0 | 343 | 0 | |
Unpaid principal balance, without valuation allowance | 2,507 | 0 | 2,507 | 0 | |
Average balance, without valuation allowance | 510 | 48 | 694 | 45 | 24 |
Interest Income, without valuation allowance | 31 | 0 | 31 | 0 | |
Recorded balance, with valuation allowance | 0 | 1,520 | 0 | 1,520 | 1,061 |
Unpaid principal balance, with valuation allowance | 0 | 3,417 | 0 | 3,417 | 3,158 |
Specific allowance | 0 | 750 | 0 | 750 | 550 |
Average balance, with valuation allowance | 0 | 1,598 | 0 | 1,680 | 1,832 |
Construction Portfolio Segment [Member] | |||||
Interest Income, with valuation allowance | 0 | 0 | 0 | 0 | 0 |
Average balance | 0 | 0 | 0 | 0 | |
Interest income | 0 | 0 | 0 | 0 | 0 |
Recorded balance | 0 | 0 | 0 | 0 | 0 |
Unpaid principal balance | 0 | 0 | 0 | 0 | 0 |
Recorded balance, without valuation allowance | 0 | 0 | 0 | 0 | 0 |
Unpaid principal balance, without valuation allowance | 0 | 0 | 0 | 0 | 0 |
Average balance, without valuation allowance | 0 | 0 | 0 | 0 | 0 |
Interest Income, without valuation allowance | 0 | 0 | 0 | 0 | 0 |
Recorded balance, with valuation allowance | 0 | 0 | 0 | 0 | 0 |
Unpaid principal balance, with valuation allowance | 0 | 0 | 0 | 0 | 0 |
Specific allowance | 0 | 0 | 0 | 0 | 0 |
Average balance, with valuation allowance | 0 | 0 | 0 | 0 | 0 |
Commercial Portfolio Segment [Member] | |||||
Interest Income, with valuation allowance | 0 | 0 | 35 | 0 | 0 |
Average balance | 1,264 | 0 | 842 | 0 | |
Interest income | 0 | 0 | 35 | 0 | |
Recorded balance | 0 | 0 | 0 | 0 | |
Unpaid principal balance | 0 | 0 | 0 | 0 | |
Recorded balance, without valuation allowance | 0 | 0 | 0 | 0 | |
Unpaid principal balance, without valuation allowance | 0 | 0 | 0 | 0 | |
Average balance, without valuation allowance | 0 | 0 | 0 | 0 | |
Interest Income, without valuation allowance | 0 | 0 | 0 | 0 | |
Recorded balance, with valuation allowance | 0 | 0 | 0 | 0 | 0 |
Unpaid principal balance, with valuation allowance | 0 | 0 | 0 | 0 | 0 |
Specific allowance | 0 | 0 | 0 | 0 | 0 |
Average balance, with valuation allowance | 1,264 | 0 | 842 | 0 | 0 |
Consumer Portfolio Segment [Member] | |||||
Interest Income, with valuation allowance | 0 | 0 | 0 | 0 | 0 |
Average balance | 0 | 0 | 0 | 0 | 0 |
Interest income | 0 | 0 | 0 | 0 | 0 |
Recorded balance | 0 | 0 | 0 | 0 | 0 |
Unpaid principal balance | 0 | 0 | 0 | 0 | 0 |
Recorded balance, without valuation allowance | 0 | 0 | 0 | 0 | 0 |
Unpaid principal balance, without valuation allowance | 0 | 0 | 0 | 0 | 0 |
Average balance, without valuation allowance | 0 | 0 | 0 | 0 | 0 |
Interest Income, without valuation allowance | 0 | 0 | 0 | 0 | 0 |
Recorded balance, with valuation allowance | 0 | 0 | 0 | 0 | 0 |
Unpaid principal balance, with valuation allowance | 0 | 0 | 0 | 0 | 0 |
Specific allowance | 0 | 0 | 0 | 0 | 0 |
Average balance, with valuation allowance | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Note 4 - Loans and Allowance 30
Note 4 - Loans and Allowance for Loan Losses - Loans Restructured as TDRs (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | |
Balance prior to TDR | $ 116 | $ 0 | $ 116 | $ 996 |
Balance after TDR | $ 116 | $ 0 | $ 116 | $ 996 |
Count | 2 | 0 | 2 | 1 |
Residential Portfolio Segment [Member] | One- to Four-family [Member] | ||||
Balance prior to TDR | $ 116 | $ 116 | ||
Balance after TDR | $ 116 | $ 116 | ||
Count | 2 | 2 | ||
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | ||||
Balance prior to TDR | $ 0 | $ 996 | ||
Balance after TDR | $ 0 | $ 996 | ||
Count | 0 | 1 |
Note 5 - Disclosures About Fa31
Note 5 - Disclosures About Fair Value of Assets and Liabilities (Details Textual) $ in Thousands | Jun. 30, 2017USD ($) |
Assets, Fair Value Disclosure, Recurring | $ 0 |
Liabilities, Fair Value Disclosure, Nonrecurring | 0 |
Liabilities, Fair Value Disclosure, Recurring | $ 0 |
Note 5 - Disclosures About Fa32
Note 5 - Disclosures About Fair Value of Assets and Liabilities - Assets and Liabilities Measured on a Nonrecurring Basis (Details) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Collateral-dependent impaired loans | $ 885 | |
Estimate of Fair Value Measurement [Member] | ||
Collateral-dependent impaired loans | $ 461 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Collateral-dependent impaired loans | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Collateral-dependent impaired loans | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Collateral-dependent impaired loans | $ 461 | $ 885 |
Note 5 - Disclosures About Fa33
Note 5 - Disclosures About Fair Value of Assets and Liabilities - Quantitative Information About Unobservable Inputs (Details) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Collateral-dependent impaired loans | $ 885 | |
Fair Value, Inputs, Level 3 [Member] | Market Approach Valuation Technique [Member] | ||
Collateral-dependent impaired loans | $ 461 | $ 885 |
Range | 3.00% | |
Fair Value, Inputs, Level 3 [Member] | Market Approach Valuation Technique [Member] | Minimum [Member] | ||
Range | 0.00% | |
Fair Value, Inputs, Level 3 [Member] | Market Approach Valuation Technique [Member] | Maximum [Member] | ||
Range | 17.50% | 13.00% |
Fair Value, Inputs, Level 3 [Member] | Market Approach Valuation Technique [Member] | Weighted Average [Member] | ||
Range | 3.00% | 6.00% |
Note 5 - Disclosures About Fa34
Note 5 - Disclosures About Fair Value of Assets and Liabilities - Financial Instruments (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Financial Assets | ||
Held to maturity securities | $ 500,000 | |
Financial liabilities | ||
Federal funds purchased | 12,000,000 | 27,000,000 |
Federal funds purchased | 12,000,000 | 27,000,000 |
Reported Value Measurement [Member] | ||
Financial Assets | ||
Loans held for sale | 238,000 | |
Loans, net of allowance for loan losses | 314,432,000 | 320,606,000 |
Federal Home Loan Bank stock | 2,700,000 | 2,700,000 |
Interest receivable | 865,000 | 846,000 |
Cash and cash equivalents | 62,148,000 | 103,634,000 |
Held to maturity securities | 499,000 | |
Financial liabilities | ||
Federal funds purchased | 12,000 | 27,000,000 |
Interest payable | 85,000 | 249,000 |
Deposits | 262,673,000 | 280,548,000 |
Federal Home Loan Bank advances | 42,000,000 | 60,000,000 |
Federal funds purchased | 12,000 | 27,000,000 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Financial Assets | ||
Loans held for sale | 0 | |
Loans, net of allowance for loan losses | 0 | 0 |
Federal Home Loan Bank stock | 0 | 0 |
Interest receivable | 0 | 0 |
Cash and cash equivalents | 62,148,000 | 103,634,000 |
Held to maturity securities | 0 | |
Financial liabilities | ||
Federal funds purchased | 0 | 0 |
Interest payable | 0 | 0 |
Deposits | 152,139,000 | 153,290,000 |
Federal Home Loan Bank advances | 0 | 0 |
Federal funds purchased | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Financial Assets | ||
Loans held for sale | 239,000 | |
Loans, net of allowance for loan losses | 0 | 0 |
Federal Home Loan Bank stock | 2,700,000 | 2,700,000 |
Interest receivable | 865,000 | 846,000 |
Cash and cash equivalents | 0 | 0 |
Held to maturity securities | 500,000 | |
Financial liabilities | ||
Federal funds purchased | 12,000 | 27,000,000 |
Interest payable | 85,000 | 249,000 |
Deposits | 0 | 0 |
Federal Home Loan Bank advances | 41,381,000 | 59,187,000 |
Federal funds purchased | 12,000 | 27,000,000 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Financial Assets | ||
Loans held for sale | 0 | |
Loans, net of allowance for loan losses | 317,161,000 | 323,601,000 |
Federal Home Loan Bank stock | 0 | 0 |
Interest receivable | 0 | 0 |
Cash and cash equivalents | 0 | 0 |
Held to maturity securities | 0 | |
Financial liabilities | ||
Federal funds purchased | 0 | 0 |
Interest payable | 0 | 0 |
Deposits | 111,646,000 | 128,655,000 |
Federal Home Loan Bank advances | 0 | 0 |
Federal funds purchased | $ 0 | $ 0 |
Note 6 - Earnings Per Share - E
Note 6 - Earnings Per Share - Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Basic EPS (in dollars per share) | $ 0.65 | $ 0.59 | $ 1.32 | $ 1.07 |
Diluted EPS (in dollars per share) | $ 0.63 | $ 0.58 | $ 1.28 | $ 1.05 |
Net income | $ 1,276 | $ 1,184 | $ 2,608 | $ 2,151 |
Dividends and undistributed earnings allocated to participating securities | (12) | (20) | (25) | (37) |
Income attributable to common shareholders | $ 1,264 | $ 1,164 | $ 2,583 | $ 2,114 |
Weighted average shares outstanding (in thousands) (in shares) | 2,106 | 2,152 | 2,106 | 2,154 |
Less: average unearned ESOP and unvested restricted stock (in shares) | (148) | (177) | (148) | (177) |
Average Shares (in shares) | 1,958 | 1,975 | 1,958 | 1,977 |
Effect of dilutive based awards (in shares) | 55 | 32 | 54 | 32 |
Average common and common-equivalent shares for diluted EPS (in thousands) (in shares) | 2,013 | 2,007 | 2,012 | 2,009 |
Note 7 - Share-based Compensa36
Note 7 - Share-based Compensation (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 351,050 | 351,050 | ||
Allocated Share-based Compensation Expense | $ 154 | $ 173 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 140 | 140 | ||
Stock or Unit Option Plan Expense | 16 | $ 17 | $ 33 | 33 |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |||
Restricted Stock or Unit Expense | 58 | $ 69 | $ 121 | $ 140 |
Restricted Stock [Member] | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 391 | $ 391 |
Note 7 - Share-based Compensa37
Note 7 - Share-based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Options outstanding (in shares) | 181,585 | |
Options outstanding, Weighted average exercise price (in dollars per share) | $ 20.76 | |
Options outstanding, Weighted average exercise price (in dollars per share) | $ 20.87 | $ 20.76 |
Options outstanding, Remaining contractual life (Year) | 7 years | 7 years |
Options outstanding, Aggregate intrinsic value | $ 3,496 | $ 1,956 |
Granted, Options (in shares) | ||
Granted, Weighted average exercise price (in dollars per share) | ||
Granted, Remaining contractual life (Year) | ||
Exercised, Options (in shares) | ||
Exercised, Weighted average exercise price (in dollars per share) | ||
Forfeited, Options (in shares) | ||
Forfeited, Weighted average exercise price (in dollars per share) | ||
Expired, Options (in shares) | ||
Expired, Weighted average exercise price (in dollars per share) | ||
Options outstanding (in shares) | 181,585 | 181,585 |
Exercisable, Options (in shares) | 93,248 | |
Exercisable, Weighted average exercise price (in dollars per share) | $ 17.49 | |
Exercisable, Remaining contractual life (Year) | 5 years | |
Exercisable, Aggregate intrinsic value | $ 2,110 |
Note 7 - Share-based Compensa38
Note 7 - Share-based Compensation - Restricted Stock Award Activity (Details) - Restricted Stock [Member] | 6 Months Ended |
Jun. 30, 2017$ / sharesshares | |
Non-vested, Service-based restricted stock awards (in shares) | shares | 26,572 |
Non-vested, Weighted average grant date fair value (in dollars per share) | $ / shares | $ 22.38 |
Granted, Service-based restricted stock awards (in shares) | shares | |
Granted, Weighted average grant date fair value (in dollars per share) | $ / shares | |
Vested, Service-based restricted stock awards (in shares) | shares | (509) |
Vested, Weighted average grant date fair value (in dollars per share) | $ / shares | $ 24.97 |
Non-vested, Weighted average grant date fair value (in dollars per share) | $ / shares | $ 22.33 |
Forfeited, Service-based restricted stock awards (in shares) | shares | |
Forfeited, Weighted average grant date fair value (in dollars per share) | $ / shares | |
Non-vested, Service-based restricted stock awards (in shares) | shares | 26,063 |
Note 8 - Pending Merger (Detail
Note 8 - Pending Merger (Details Textual) $ / shares in Units, $ in Millions | Jun. 13, 2017USD ($)$ / shares | Jun. 30, 2017$ / shares | Dec. 31, 2016$ / shares |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | $ 0.01 |
Horizon Bancorp [Member] | |||
Share Price | $ 27.50 | ||
The Merger Between Wolverine Bancorp and Horizon Bancorp [Member] | |||
Business Combination, Consideration Transferred | $ | $ 91.8 | ||
Former Wolverine Bancorp Common Stock [Member] | The Merger Between Wolverine Bancorp and Horizon Bancorp [Member] | |||
Common Stock, Merger-Related Share Conversion Ratio | 1.0152 | ||
Common Stock, No Par Value | $ 0 | ||
Business Acquisition, Share Price | $ 14 |