Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Mar. 30, 2017 | Jun. 30, 2016 | |
Document and Entity Information: | |||
Entity Registrant Name | Sunshine Financial Inc | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Trading Symbol | ssnf | ||
Amendment Flag | false | ||
Entity Central Index Key | 1,500,837 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Common Stock, Shares Outstanding | 1,030,039 | ||
Entity Public Float | $ 17,800,000 | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY |
SUNSHINE FINANCIAL, INC. AND SU
SUNSHINE FINANCIAL, INC. AND SUBSIDIARIES -- Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Assets | ||
Cash and due from banks | $ 2,705 | $ 1,773 |
Interest-bearing deposits with banks | 8,608 | 9,089 |
Cash and cash equivalents | 11,313 | 10,862 |
Securities held to maturity | 16,512 | 21,063 |
Loans, net | 134,077 | 113,422 |
Premises and equipment, net | 3,662 | 4,591 |
Bank owned life insurance | 3,172 | 3,075 |
Federal Home Loan Bank stock, at cost | 684 | 348 |
Deferred income taxes | 2,550 | 2,613 |
Accrued interest receivable | 449 | 322 |
Foreclosed real estate | 141 | 433 |
Other assets | 649 | 1,099 |
Total assets | 173,209 | 157,828 |
Liabilities: | ||
Noninterest-bearing deposit accounts | 31,247 | 28,211 |
Money-market deposit accounts | 39,633 | 36,524 |
Savings accounts | 46,989 | 41,717 |
Time deposits | 20,033 | 24,018 |
Total deposits | 137,902 | 130,470 |
Federal home loan bank advances | 12,750 | 5,000 |
Official checks | 541 | 526 |
Other liabilities | 360 | 474 |
Total liabilities | 151,553 | 136,470 |
Stockholders' equity: | ||
Common stock | 10 | 10 |
Additional paid in capital | 7,374 | 7,285 |
Retained earnings | 14,743 | 14,633 |
Unearned Employee Stock Ownership Plan shares | (471) | (570) |
Total stockholders' equity | 21,656 | 21,358 |
Total liabilities and stockholders' equity | $ 173,209 | $ 157,828 |
SUNSHINE FINANCIAL, INC. AND S3
SUNSHINE FINANCIAL, INC. AND SUBSIDIARIES - Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Statements of Financial Condition | ||
Securities held to maturity fair value | $ 16,294 | $ 20,854 |
Loans, allowance for loan losses | $ 924 | $ 895 |
Preferred stock par value | $ 0.01 | $ 0.01 |
Preferred stock authorized | 1,000,000 | 1,000,000 |
Preferred stock issued | 0 | 0 |
Preferred stock outstanding | $ 0 | $ 0 |
Common stock par value | $ 0.01 | $ 0.01 |
Common stock shares authorized | 6,000,000 | 6,000,000 |
Common stock shares issued | 1,030,039 | 1,030,898 |
Common stock shares outstanding | 1,030,039 | 1,030,898 |
SUNSHINE FINANCIAL, INC. AND S4
SUNSHINE FINANCIAL, INC. AND SUBSIDIARIES -- Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Interest income | ||
Loans | $ 5,995 | $ 5,510 |
Securities | 369 | 473 |
Other interest income | 52 | 22 |
Total interest income | 6,416 | 6,005 |
Interest expense | ||
Deposit accounts | 374 | 374 |
Federal home loan bank borrowings | 27 | 1 |
Total interest expense | 401 | 375 |
Net interest income | 6,015 | 5,630 |
Provision for loan losses | 180 | 180 |
Net interest income after provision for loan losses | 5,835 | 5,450 |
Noninterest income | ||
Fees and service charges on deposit accounts | 1,419 | 1,461 |
Gain on loan sales | 36 | 134 |
Gain on sale of land | 451 | |
Gain on sale of foreclosed real estate | 12 | 39 |
Fees and charges on loans | 154 | 138 |
Income from bank owned life insurance | 97 | 75 |
Other noninterest income | 180 | 42 |
Total noninterest income | 1,898 | 2,340 |
Noninterest expenses | ||
Salaries and employee benefits | 3,393 | 3,673 |
Occupancy and equipment | 1,103 | 1,123 |
Data processing services | 1,232 | 1,285 |
Professional fees | 695 | 638 |
Deposit insurance | 87 | 125 |
Advertising and promotion | 86 | 58 |
Stationery and supplies | 75 | 67 |
Telephone communications | 103 | 132 |
Foreclosed real estate | 46 | 83 |
Credit card expense | 154 | 135 |
Other noninterest expenses | 603 | 599 |
Total noninterest expenses | 7,577 | 7,918 |
Earnings before income tax expense (benefit) | 156 | (128) |
Income tax expense (benefit) | 46 | (52) |
Net earnings (loss) | $ 110 | $ (76) |
Basic earnings (loss) per common share | $ 0.12 | $ (0.08) |
Diluted earnings (loss) per common share | $ 0.11 | $ (0.08) |
SUNSHINE FINANCIAL, INC. AND S5
SUNSHINE FINANCIAL, INC. AND SUBSIDIARIES - Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock Shares | Common Stock Amount | Additional Paid in Capital | Retained Earnings | Unearned ESOP Shares | Total Stockholders' Equity |
Balance at beginning of period shares at Dec. 31, 2014 | 1,094,110 | (665) | |||||
Balance at beginning of period at Dec. 31, 2014 | $ 10 | $ 8,334 | $ 14,709 | $ 22,388 | |||
Net income (loss) | $ (76) | (76) | (76) | ||||
Repurchase of common stock shares | (63,212) | ||||||
Repurchase of common stock | (1,144) | (1,144) | (1,144) | ||||
Stock based compensation expense | 176 | 176 | |||||
Common stock allocated to ESOP participants shares at Dec. 31, 2015 | 95 | ||||||
Common stock allocated to ESOP participants | (81) | 14 | |||||
Balance at end of period shares at Dec. 31, 2015 | 1,030,898 | (570) | |||||
Balance at end of period at Dec. 31, 2015 | 10 | 7,285 | 14,633 | 21,358 | |||
Balance at beginning of period shares at Dec. 31, 2015 | 1,030,898 | (570) | |||||
Balance at beginning of period at Dec. 31, 2015 | 10 | 7,285 | 14,633 | 21,358 | |||
Net income (loss) | 110 | 110 | 110 | ||||
Repurchase of common stock shares | 1,859 | ||||||
Repurchase of common stock | $ (33) | (33) | (33) | ||||
Stock based compensation expense | 202 | 202 | |||||
Stock options exercised, shares | 1,000 | ||||||
Stock options exercised, amount | (91) | 11 | |||||
Common stock allocated to ESOP participants shares at Dec. 31, 2016 | 99 | ||||||
Common stock allocated to ESOP participants | (91) | 8 | |||||
Balance at end of period shares at Dec. 31, 2016 | 1,030,039 | (570) | |||||
Balance at end of period at Dec. 31, 2016 | $ 10 | $ 7,374 | $ 14,743 | $ (471) | $ 21,656 |
SUNSHINE FINANCIAL, INC. AND S6
SUNSHINE FINANCIAL, INC. AND SUBSIDIARIES -- Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities: | ||
Net earnings (loss) | $ 110 | $ (76) |
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: | ||
Depreciation | 359 | 389 |
Gain on sale of land | (451) | |
Provision for loan losses | 180 | 180 |
Deferred income tax benefit | 63 | (52) |
Net amortization of premiums on securities | 46 | 49 |
Net change in deferred loan fees (costs) | (170) | 19 |
Income from bank owned life insurance | (97) | (75) |
Loans originated for sale | (1,237) | (6,102) |
Proceeds from loans sold | 1,273 | 6,485 |
Gain on sale of loans | (36) | (134) |
ESOP compensation expense | 8 | 14 |
Share-based compensation expense | 202 | 176 |
(Increase) decrease in accrued interest receivable | (127) | 28 |
Decrease (increase) in other assets | 450 | (100) |
Gain on sale of foreclosed real estate | (12) | (39) |
Write-down of foreclosed real estate | 27 | 5 |
Increase in official checks | 15 | 201 |
(Decrease) increase in other liabilities | (114) | 86 |
Net cash provided by operating activities | 940 | 603 |
Cash flows from investing activities: | ||
Principal pay-downs on held-to-maturity securities | 4,505 | 4,923 |
Purchase of bank owned life insurance | (3,000) | |
Net increase in loans | (20,765) | (11,544) |
Net sales of premises and equipment | 570 | 378 |
Purchase of Federal Home Loan Bank stock | (336) | (218) |
Proceeds from sale of foreclosed real estate | 391 | 298 |
Capital expenditures for foreclosed real estate | (14) | (31) |
Net cash used in investing activities | (15,649) | (9,194) |
Cash flows from financing activities: | ||
Net increase in deposits | 7,432 | 2,565 |
Net proceeds from FHLB borrowings | 7,750 | 5,000 |
Cash proceeds from stock options exercised | 11 | |
Repurchase of common stock | (33) | (1,144) |
Net cash provided by financing activities | 15,160 | 6,421 |
Increase (decrease) in cash and cash equivalents | 451 | (2,170) |
Cash and cash equivalents at beginning of year | 10,862 | 13,032 |
Cash and cash equivalents at end of year | 11,313 | 10,862 |
Cash paid during the year for: | ||
Interest | 401 | 375 |
Noncash transactions: | ||
Transfer from loans to foreclosed real estate | $ 100 | $ 460 |
(1) Organization and Significan
(1) Organization and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Notes | |
(1) Organization and Significant Accounting Policies | (1) Organization and Significant Accounting Policies Organization. The Bank completed its conversion from a federal savings bank charter to a Florida state bank charter effective July 1, 2016. As a result of the charter conversion, the BankÂ’s legal name changed to Sunshine Community Bank. The Holding Company's only business is the operation of the Bank. The Bank through its five banking offices provides a variety of retail community banking services to individuals and businesses primarily in Leon County, Florida. The Bank's deposits are insured up to the applicable limits by the Federal Deposit Insurance Corporation. The Bank's subsidiary is Sunshine Member Insurance Services, Inc. ("SMSI"), which was established to sell automobile warranty and credit life and disability insurance products associated with loan products. Collectively the entities are referred to as the "Company." The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America ("GAAP") and to prevailing practices within the banking industry. The following summarizes the more significant of these policies and practices. Principles of Consolidation. Use of Estimates. Cash and Cash Equivalents. Banks are required to maintain cash reserves in the form of vault cash, in a noninterest-earning account with the Federal Reserve Bank or in noninterest-earning accounts with other qualified banks. This requirement is based on the amount of the Bank's transaction deposit accounts. Securities. Management evaluates securities for other-than-temporary impairment at least on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. Consideration is given to (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, and (3) the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. Loans Held for Sale. Loans. Loan origination fees are deferred and certain direct origination costs are capitalized. The net amount is recognized as an adjustment of the yield over the contractual life of the related loan. The accrual of interest on loans is discontinued at the time the loan is more than ninety-days delinquent unless the loan is well collateralized and in process of collection. In all cases, loans are placed on nonaccrual or charged-off at an earlier date if collection of principal or interest is considered unlikely. All interest accrued but not collected for loans placed on nonaccrual or charged-off is reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and remain current for a period of six months. Allowance for Loan Losses. The allowance for loan losses is evaluated on a regular basis by management and is based upon management's periodic review of the collectability of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower's ability to repay, estimated value of any underlying collateral and prevailing economic conditions. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. The allowance consists of specific and general components. The specific component relates to loans that are classified as impaired. For such loans, an allowance is established when the discounted cash flows, collateral value or observable market price of the impaired loan is lower than the carrying value of that loan. The general component covers all other loans and is based on historical industry loss experience adjusted for qualitative factors. The historical loss component of the allowance is determined by losses recognized by portfolio segment over the preceding two years. This is supplemented by the risks for each portfolio segment. Risk factors impacting loans in each of the portfolio segments include changes in lending policies and procedures, economic conditions, volume and nature of loans, lending management experience, volume of troubled loans, quality of loan review system, value of collateral-dependent loans, credit concentrations and competition and regulatory change. The historical experience is adjusted for qualitative factors such as economic conditions and other trends or uncertainties that could affect management's estimate of probable losses. A Income Taxes. Deferred income taxes result from changes in deferred tax assets and liabilities between periods. Deferred tax assets are recognized if it is more likely than not, based on the technical merits, that the tax position will be realized or sustained upon examination. The term more likely than not means a likelihood of more than 50 percent; the terms examined and upon examination also include resolution of the related appeals or litigation processes, if any. A tax position that meets the more-likely-than-not recognition threshold is initially and subsequently measured as the largest amount of tax benefit that has a greater than 50 percent likelihood of being realized upon settlement with a taxing authority that has full knowledge of all relevant information. The determination of whether or not a tax position has met the more-likely-than-not recognition threshold considers the facts, circumstances, and information available at the reporting date and is subject to management's judgment. Deferred tax assets are reduced by a valuation allowance if, based on the weight of evidence available, it is more likely than not that some portion or all of a deferred tax asset will not be realized. As of December 31, 2016, management is not aware of any uncertain tax positions that would have a material effect on the Company's consolidated financial statements. The Company files consolidated income tax returns. Income taxes are allocated to the Holding Company and the Bank as if separate income tax returns were filed. Interest and penalties on income taxes are recognized as a component of income taxes. Loan Servicing. Premises and Equipment Foreclosed Real Estate. Real estate acquired through, or in lieu of, loan foreclosure is held for sale and are initially recorded at fair value less costs to sell at the date of foreclosure, establishing a new cost basis. After foreclosure, valuations are periodically performed by management and the real estate is carried at the lower of the new cost basis or fair value less costs to sell. Revenue and expenses from operations are included in the consolidated statements of operations. Off Balance Sheet Financial Instruments. Transfer of Financial Assets. Fair Value Measurements. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. GAAP also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The hierarchy describes three levels of inputs that may be used to measure fair value: Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities that are not active; and model-driven valuations whose inputs are observable or whose significant value drivers are observable. Valuations may be obtained from, or corroborated by, third-party pricing services. Level 3: Unobservable inputs to measure fair value of assets and liabilities for which there is little, if any market activity at the measurement date, using reasonable inputs and assumptions based upon the best information at the time, to the extent that inputs are available without undue cost and effort. The following describes valuation methodologies used for assets measured at fair value: Impaired Loans. Foreclosed Real Estate. Fair Values of Financial Instruments. Cash and Cash Equivalents Securities Held to Maturity. Loans. Federal Home Loan Bank Stock. Accrued Interest Receivable. Deposit Liabilities. Federal Home Loan Bank Advances Off-Balance Sheet Financial Instruments. Recent Pronouncements. In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customer (Topic 606) Revenue from Contracts with Customers (Topic 606) Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations. Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing In FASB ASU 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. The ASU requires equity investments to be measured at fair value with changes in fair values recognized in net earnings, simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment and eliminates the requirement to disclose fair values, the methods and significant assumptions used to estimate the fair value of financial instruments measured at amortized cost. The ASU also clarifies that the Company should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale debt securities in combination with the CompanyÂ’s other deferred tax assets. These amendments are effective for the Company beginning January 1, 2017. In February 2016, the FASB issued ASU 2016-2, Leases (Topic 842) In March 2016 the FASB issued ASU No. 2016-09 Compensation-Stock Compensation (Topic 718). In June 2016, FASB issued Accounting Standards Update ("ASU") No. 2016-13 Financial Instruments-Credit Losses (Topic 326). The ASU requires the Company to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. 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. The Company 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. Additionally, the ASU amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. The ASU will take effect for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted. The Company is in the process of determining the effect of the ASU on its consolidated financial statements. Once adopted, we expect our allowance for loan losses to increase; however, until our evaluation is complete the magnitude of the increase will be unknown. In August 2016, FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. This ASU addresses the appropriate classification of eight specific cash flow issues on the cash flow statement. Debt prepayment costs should be classified as an outflow for financing activities. Settlement of zero-coupon debt instruments divides the interest portion as an outflow for operating activities and the principal portion as an outflow for financing activities. Contingent consideration payments made after a business combination should be classified as outflows for financing and operating activities. Proceeds from the settlement of bank-owned life insurance policies should be classified as inflows from investing activities. Other specific areas are identified in the ASU as to the appropriate classification of the cash inflows or outflows. The amendments in this ASU are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted. The Company does not expect this ASU to have a material impact on the CompanyÂ’s consolidated financial statements. Reclassifications. |
(2) Earnings (loss) Per Share
(2) Earnings (loss) Per Share | 12 Months Ended |
Dec. 31, 2016 | |
Notes | |
(2) Earnings (loss) Per Share | (2) Earnings (loss) Per Share Earnings (loss) per share ("EPS") has been computed on the basis of the weighted-average number of shares of common stock outstanding. For the year ended December 31, 2016 the outstanding stock options were considered dilutive securities for purposes of calculating diluted EPS which was computed using the treasury stock method. For the year ended December 31, 2015 the outstanding stock options were are not considered dilutive securities due to the net loss incurred by the Company. The shares purchased by the ESOP are included in the weighted-average shares when they are committed to be released (dollars in thousands, except per share amounts): 2016 2015 Weighted- Per Weighted- Per Average Share Average Share Earnings Shares Amount Loss Shares Amount Year Ended December 31: Basic EPS: Net earnings (loss) $ 110 944,372 $ 0.12 $ (76) 979,579 $( 0.08) Effect of dilutive securities- Incremental shares from assumed conversion of options and restricted stock awards 33,374 - Diluted EPS: Net (loss) earnings $ 110 977,746 $ 0.11 $ (76) 979,579 $( 0.08) |
(3) Securities Held To Maturity
(3) Securities Held To Maturity | 12 Months Ended |
Dec. 31, 2016 | |
Notes | |
(3) Securities Held To Maturity | (3) Securities Held to Maturity Management has classified all securities as held to maturity. The carrying amount of securities and their fair values at the dates indicated are as follows (in thousands): Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value At December 31, 2016: Agency mortgage-backed securities $ 697 24 - 721 Agency collateralized mortgage obligations 15,815 15 (257) 15,573 $ 16,512 39 ( 257 16,294 At December 31, 2015: Agency mortgage-backed securities $ 1,086 42 - 1,128 Agency collateralized mortgage obligations 19,977 27 (278) 19,726 $ 21,063 69 ( 278 20,854 There were no securities pledged as of December 31, 2016 and 2015. Securities with gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous loss position at the date indicated, are as follows (in thousands): Less than Twelve Months Twelve Months or Longer Gross Gross Unrealized Fair Unrealized Fair Losses Value Losses Value At December 31, 2016- Agency collateralized mortgage obligations $( 102 10,523 ( 155 3,941 At December 31, 2015- Agency collateralized mortgage obligations $( 94 8,332 ( 184 5,839 At December 31, 2016 and 2015, the unrealized losses on twenty-one and nineteen securities, respectively, are considered by management to be attributable to changes in market interest rates, and not attributable to credit risk on the part of the issuer. Accordingly, if market rates were to decline, much or the entire decline in market value would likely be recovered through market appreciation. As management has the ability and intent to hold debt securities until maturity, or for the foreseeable future, no declines in the fair value below amortized cost are deemed to be other than temporary. |
(4) Loans
(4) Loans | 12 Months Ended |
Dec. 31, 2016 | |
Notes | |
(4) Loans | (4) Loans The loan portfolio segments and classes at the dates indicated are as follows (in thousands): December 31, 2016 2015 Real estate mortgage loans: One-to-four family $ 56,601 $ 46,293 Commercial real estate 52,960 43,419 Construction and lot 4,247 5,175 Total real estate mortgage loans 113,808 94,887 Commercial 4,217 1,177 Consumer loans: Home equity 7,166 7,609 Automobile 3,221 3,321 Credit cards and unsecured 5,796 6,100 Other 1,277 1,312 Total consumer loans 17,460 18,342 Total loans 135,485 114,406 Add (deduct): Loans in process (522) 43 Deferred loan fees (costs) 38 (132) Allowance for losses (924) (895 Total loans, net $ 134,077 $ 113,422 The Company has divided the loan portfolio into three portfolio segments and eight classes, each with different risk characteristics and methodologies for assessing risk. The portfolio segments identified by the Company are as follows: Real Estate Mortgage Loans. Commercial. Consumer Loans. The activity in the allowance for loan losses for the periods shown was as follows (in thousands): Real Estate Mortgage Commercial Consumer Loans Loans Loans Unallocated Total Year Ended December 31, 2016: Beginning balance $ 503 10 381 1 895 Provision (credit) for loan loss 108 64 9 (1) 180 Charge-offs (69) - (152) - (221) Recoveries 16 - 54 - 70 Ending balance $ 558 74 292 - 924 Individually evaluated for impairment: Recorded investment $ 2,559 - 162 - 2,721 Balance in allowance for loan losses $ 44 - 28 - 72 Collectively evaluated for impairment: Recorded investment $ 111,249 4,217 17,298 - 132,764 Balance in allowance for loan losses $ 514 74 264 - 852 Year Ended December 31, 2015: Beginning balance $ 708 10 296 73 1,087 Provision (credit) for loan loss (232) - 484 (72) 180 Charge-offs (6) - (495) - (501) Recoveries 33 - 96 - 129 Ending balance $ 503 10 381 1 895 Individually evaluated for impairment: Recorded investment $ 2,728 - 221 - 2,949 Balance in allowance for loan losses $ 73 - 33 - 106 Collectively evaluated for impairment: Recorded investment $ 92,159 1,178 18,120 - 111,457 Balance in allowance for loan losses $ 430 10 348 1 789 The following summarizes the loan credit quality at the dates indicated (in thousands): Credit Risk One-to- Commercial Credit Profile by Four Real Construc- Commer- Home Auto- Cards and Internally Family Estate tion/lot cial Equity mobile Unsecured Other Total Assigned Grade: At December 31, 2016: Grade: Pass $ 53,573 52,960 4,218 4,217 6,843 3,198 5,760 1,195 131,964 Special mention 807 - - - - - 4 - 811 Substandard 2,221 - 29 - 323 23 32 82 2,710 Total $ 56,601 52,960 4,247 4,217 7,166 3.221 5,796 1,277 135,485 At December 31, 2015: Grade: Pass $ 41,995 43,419 5,154 1,177 7,221 3,311 6,068 1,228 109,573 Special mention 419 - 21 - 23 - - 1 464 Substandard 3,879 - - - 365 10 32 83 4,369 Total $ 46,293 43,419 5,175 1,177 7,609 3.321 6,100 1,312 114,406 Internally assigned loan grades are defined as follows: Pass Special Mention Substandard Doubtful Loss Age analysis of past-due loans at the dates indicated is as follows (in thousands): Accruing Loans 90 Days 30-59 60-89 and Total Days Days Greater Past Nonaccrual Total Past Due Past Due Past Due Due Current Loans Loans At December 31, 2016: Real estate loans: One-to-four family $ 772 277 - 1,049 53,465 2,087 56,601 Commercial - - - - 52,960 - 52,960 Construction and lot 85 - - 85 4,162 - 4,247 Commercial loans 17 - - 17 4,200 - 4,217 Consumer loans: Home equity 60 - - 60 6,786 320 7,166 Automobile 21 - - 21 3,178 22 3,221 Credit cards and unsecured 138 4 7 149 5,614 33 5,796 Other - - - - 1,195 82 1,277 Total $ 1,093 281 7 1,381 131,560 2,544 135,485 At December 31, 2015: Real estate loans: One-to-four family $ 698 419 - 1,117 43,832 1,344 46,293 Commercial - - - - 43,419 - 43,419 Construction and lot - 21 - 21 5,154 - 5,175 Commercial loans - - - - 1,177 - 1,177 Consumer loans: Home equity 77 51 - 128 7,192 289 7,609 Automobile 22 - - 22 3,289 10 3,321 Credit cards and unsecured 54 - 7 61 6,007 32 6,100 Other 4 1 - 5 1,224 83 1,312 Total $ 855 492 7 1,354 111,294 1,758 114,406 The following summarizes the amount of impaired loans at the dates indicated (in thousands): With No Related Allowance Recorded With an Allowance Recorded Total Unpaid Unpaid Unpaid Recorded Principal Recorded Principal Related Recorded Principal Related Investment Balance Investment Balance Allowance Investment Balance Allowance At December 31, 2016: Real estate loans- One-to-four family $ 1,985 2,037 574 591 44 2,559 2,628 44 Consumer loans- Home equity 126 137 36 45 28 162 182 28 $ 2,111 2,174 610 636 72 2,721 2,810 72 At December 31, 2015: Real estate loans- One-to-four family $ 1,552 1,604 1,176 1,193 73 2,728 2,797 73 Consumer loans- Home equity 56 71 165 174 33 221 245 33 $ 1,608 1,675 1,341 1,367 106 2,949 3,042 106 The average net investment in impaired loans and interest income recognized and received on impaired loans are as follows (in thousands): Average Interest Interest Recorded Income Income Investment Recognized Received For the Year Ended December 31, 2016: Real estate loans: One-to-four family $ 2,571 138 139 Consumer loans: Home equity 162 11 11 Total $ 2,733 149 150 For the Year Ended December 31, 2015: Real estate loans: One-to-four family $ 2,686 125 127 Consumer loans: Home equity 219 12 13 Total $ 2,905 137 140 There were no loans entered into as troubled debt restructures during the years ended December 31, 2016 or 2015 |
(5) Premises and Equipment
(5) Premises and Equipment | 12 Months Ended |
Dec. 31, 2016 | |
Notes | |
(5) Premises and Equipment | (5) Premises and Equipment Premises and equipment are summarized as follows (in thousands): At December 31, 2016 2015 Land $ 791 921 Buildings and improvements 5,077 5,624 Furniture and equipment 4,632 4,616 Total, at cost 10,500 11,161 Less accumulated depreciation 6,838 6,570 Premises and equipment, net $ 3,662 4,591 Certain facilities are leased under operating leases. Rental expense was $224,000 and $215,000 for the years ended December 31, 2016 and 2015, respectively. The operating leases generally contain escalation clauses. The future minimum lease payments are as follows (in thousands): Year Ending December 31, Amount 2017 $188 2018 171 2019 121 2020 97 2021 100 Thereafter 217 $ 894 |
(6) Foreclosed Real Estate
(6) Foreclosed Real Estate | 12 Months Ended |
Dec. 31, 2016 | |
Notes | |
(6) Foreclosed Real Estate | (6) Foreclosed Real Estate Expenses applicable to foreclosed real estate at the dates indicated are as follows (in thousands): Year Ended December 31, 2016 2015 Write-down of foreclosed real estate $ 27 5 Operating expenses 19 78 $ 46 83 |
(7) Deposits
(7) Deposits | 12 Months Ended |
Dec. 31, 2016 | |
Notes | |
(7) Deposits | (7) Deposits The aggregate amount of time deposits with a minimum denomination of $100,000 was approximately $6.0 million and $7.7 million at December 31, 2016 and 2015, respectively. Deposits in excess of $250,000 are not insured by FDIC. The scheduled maturities of time deposits are as follows (in thousands): Year Ending December 31, Amount 2017 $ 14,407 2018 3,715 2019 1,028 2020 711 2021 172 $ 20,033 |
(8) Federal Home Loan Bank Adva
(8) Federal Home Loan Bank Advances and Line of Credit | 12 Months Ended |
Dec. 31, 2016 | |
Notes | |
(8) Federal Home Loan Bank Advances and Line of Credit | (8) Federal Home Loan Bank Advances and Line of Credit The Company also has an unsecured federal funds line of credit for $6.0 million with a correspondent bank and a $41.8 million line with the Federal Home Loan Bank of Atlanta collateralized by a blanket lien on qualifying loans. At December 31, 2016, the Company had $12.75 million outstanding in FHLB advances that mature in 2017 at a weighted average fixed rate of 0.63%. At December 31, 2015 the Company had $5.0 million outstanding in FHLB advances that mature in 2016 at a weighted average fixed rate of 0.39%. At December 31, 2016 and 2015, the Company had no outstanding balances on the federal funds line of credit. |
(9) Off-balance Sheet Financial
(9) Off-balance Sheet Financial Instruments | 12 Months Ended |
Dec. 31, 2016 | |
Notes | |
(9) Off-balance Sheet Financial Instruments | (9) Off-Balance Sheet Financial Instruments The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments are unused lines of credit and may involve, to varying degrees, elements of credit and interest-rate risk in excess of the amount recognized in the balance sheets. The contract amounts of these instruments reflect the extent of involvement the Company has in these financial instruments. The Company's exposure to credit loss in the event of nonperformance by the other party to the financial instrument for unused lines of credit is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments as it does for on-balance sheet instruments. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed-expiration dates or other termination clauses and may require payment of a fee. Since some of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer's credit worthiness on a case-by-case basis. The amount of collateral obtained if deemed necessary by the Company upon extension of credit is based on management's credit evaluation of the counterparty. Unused lines of credit typically result in loans with a market interest rate when funded. A summary of the amounts of the Company's financial instruments, with off-balance-sheet risk at the dates indicated follows (in thousands): At December 31, 2016 Unused lines of credit $ 17,905 |
(10) Fair Value of Financial In
(10) Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2016 | |
Notes | |
(10) Fair Value of Financial Instruments | (10) Fair Value of Financial Instruments The estimated fair values of the Company's financial instruments at the dates indicated are as follows (in thousands): At December 31, 2016 At December 31, 2015 Carrying Fair Carrying Fair Amount Value Amount Value Financial assets: Cash and cash equivalents (Level 1) $ 11,313 11,313 10,862 10,862 Securities held to maturity (Level 2) 16,512 16,294 21,063 20,854 Loans (Level 3) 134,077 132,454 113,422 113,558 Federal Home Loan Bank stock (Level 3) 684 684 348 348 Accrued interest receivable (Level 3) 449 449 322 322 Financial liabilities: Deposits (Level 3) 137,902 132,280 130,470 126,230 Federal Home Loan Bank advances (Level 3) 12,750 12,750 5,000 5,000 Off-balance-sheet financial instruments (Level 3) - - - - |
(11) Income Taxes
(11) Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Notes | |
(11) Income Taxes | (11) Income Taxes The components of the income tax benefit for the years ended December 31, 2016 and 2015 are as follows (in thousands): Year Ended December 31, 2016 2015 Current: Federal $ (17) - State - - Total current (17) - Deferred: Federal 55 (45) State 8 (7) Total deferred 63 (52) Income taxes (benefit) $ 46 (52) The reasons for the differences between the statutory Federal income tax rate and the effective tax rate at the dates indicated are as follows (dollars in thousands): Year Ended December 31 , 2016 2015 % of % of Pretax Pretax Amount Earnings Amount Loss Income taxes (benefit) at Federal statutory rate $ 53 34.0% $ (44) 34.0% Increase (decrease) in income tax (benefit) resulting from State taxes, net of Federal tax 5 3.2 (4) (3.0) Other (12 (7.7 (4) (3.0) Total $ 46 29.5 $ (52) (40.6) The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at the dates indicated are presented below (in thousands): At December 31, 2016 2015 Deferred tax assets: Allowance for loan losses $ 353 337 Net operating loss carryforwards 1,382 1,505 Other 54 156 Nonaccrual interest 565 412 Foreclosed property expenses - 13 Premises and equipment 61 81 Stock based compensation 196 183 Total deferred tax assets 2,611 2,687 Deferred tax liabilities: Mortgage service rights (61) (74) Total deferred tax liabilities (61) (74 Net deferred tax asset $ 2,550 2,613 At December 31, 2016, the Company has Federal net operating loss carryforwards of approximately $3.7 million, available to offset future taxable income. These carryforwards will begin to expire in 2028. The Company files consolidated U.S. and Florida income tax returns. With few exceptions, the Company is no longer subject to U.S. federal or state and local income tax examinations by taxing authorities for years before 2013. |
(12) Contingencies
(12) Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Notes | |
(12) Contingencies | (12) Contingencies Various legal claims arise from time to time in the normal course of business which, in the opinion of management, will have no material effect on the Company's consolidated financial statements. |
(13) Related Parties
(13) Related Parties | 12 Months Ended |
Dec. 31, 2016 | |
Notes | |
(13) Related Parties | (13) Related Parties The Company makes loans to and accepts deposits from its executive officers and directors and their related entities. The activity for the periods shown is as follows (in thousands): Year Ended December 31, 2015 2014 Loans at beginning of year $ 2 6 Repayments ( 1 (4 Loans at end of year $ 1 2 Deposits at end of year $ 144 400 |
(14) Employee Benefit Plans
(14) Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2016 | |
Notes | |
(14) Employee Benefit Plans | (14) Employee Benefit Plans The Company has a 401(k) plan for its employees who meet certain age and length-of-service requirements. For the tax year 2016, eligible employees could contribute up to $18,000 of their compensation to the plan on a pre-tax basis. Employer matching contributions were made at 100 percent of the employee contribution up to five percent. Employer contributions to the 401(k) plan were approximately $106,000 and $97,000 for 2016 and 2015, respectively. |
(15) Employee Stock Ownership P
(15) Employee Stock Ownership Plan ('ESOP') | 12 Months Ended |
Dec. 31, 2016 | |
Notes | |
(15) Employee Stock Ownership Plan ('ESOP') | (15) Employee Stock Ownership Plan ("ESOP") The Holding Company has established an ESOP which acquired 98,756 shares in exchange for a $988,000 note payable to the Holding Company. The loan is being repaid principally by the Bank through contributions to the ESOP over a period of 10 years. The note bears interest at a fixed rate of 4.25% and is payable in annual installments and is due in 2021. The ESOP expense was $8,000 and $14,000 for the years ended December 31, 2016 and 2015, respectively. |
(16) 2012 Equity Incentive Plan
(16) 2012 Equity Incentive Plan | 12 Months Ended |
Dec. 31, 2016 | |
Notes | |
(16) 2012 Equity Incentive Plan | (16) 2012 Equity Incentive Plan The CompanyÂ’s 2012 Equity Incentive Plan authorizes the grant of options or stock appreciation rights for up to 123,445 shares of the Holding Company's common stock. At December 31, 2016 and 2015, no stock appreciation rights had been granted. The options granted have ten year terms and vest from one to five years. At December 31, 2016, 41,945 shares remain available for grant. A summary of the activity in the Company's stock options is as follows: Weighted- Weighted- Average Average Remaining Aggregate Number of Exercise Contractual Intrinsic Options Price Term Value Outstanding at December 31, 2014 84,000 11.23 Forfeited (2,500 10.75 Outstanding at December 31, 2015 81,500 $ 11.62 7.12 Exercised (1,000) $ 10.75 Outstanding at December 31, 2016 80,500 $ 11.63 6.14 Exercisable at December 31, 2016 10,000 $ 10.75 5.95 $ 91,500 At December 31, 2016, there was approximately $51,000 of unrecognized compensation expense related to non-vested stock options granted under the Plan. The cost is expected to be recognized over a period of thirty-two months. The total fair value of shares vesting and recognized as compensation expense was $45,000 and $29,000 for the years ended December 31, 2016 and 2015, respectively. The Company recognized a tax benefit of $17,000 for each of the years ended December 31, 2016 and 2015. The Company's 2012 Equity Incentive Plan also authorized the grant of up to 49,378 restricted common shares. The restricted shares granted vest in five equal annual installments, with the first installment vesting one year after the date of grant. Restricted shares generally are forfeited if employment is terminated before the restriction period expires. The record holder of the Company's restricted shares of common stock possesses all the rights of a holder of the Company common stock, including the right to receive dividends on and to vote the restricted shares. The restricted shares may not be sold, transferred, pledged, assigned, encumbered, or otherwise alienated or hypothecated until they become fully vested and transferable in accordance with the agreements. Compensation expense for restricted stock totaled $157,000 for 2016 and $147,000 for 2015. The income tax benefit recognized was $59,000 and $55,000 in the years ended December 31, 2016 and 2015, respectively. A summary of the status of the Company's restricted stock and changes during the years then ended are presented below: Number of Shares Weighted-Average Grant-Date Fair Value Outstanding at December 31, 2014 38,000 $ 16.91 Vested (9,300) 16.88 Outstanding at December 31, 2015 28,700 16.92 Vested (9,300) 16.88 Outstanding at December 31, 2016 19,400 $ 16.94 Total unrecognized compensation cost related to these nonvested restricted stock amounted to approximately $300,000 at December 31, 2016. This cost is expected to be recognized monthly over the related vesting period using the straight-line method through 2019. |
(17) Fair Value Measurements
(17) Fair Value Measurements | 12 Months Ended |
Dec. 31, 2016 | |
Notes | |
(17) Fair Value Measurements | (17) Fair Value Measurements Impaired collateral-dependent loans are carried at fair value when the current collateral value is lower than the carrying value of the loan. Those impaired collateral-dependent loans which are measured at fair value on a nonrecurring basis at December 31, 2016 and 2015 are as follows (in thousands): Quoted Prices In Active Significant Losses Markets for Other Significant (Gains) Identical Observable Unobservable Recorded Fair Assets Inputs Inputs Total During the Value Level 1 Level 2 Level 3 Losses Year At December 31, 2016: One-to four-family $574 - - 574 44 (25) Home equity 36 - - 36 28 23 Total $ 610 - - 610 72 (2) At December 31, 2015: One-to four-family $754 - - 754 69 - Home equity 16 - - 16 5 - Total $ 770 - - 770 74 - Foreclosed real estate is recorded at fair value less estimated costs to sell. Foreclosed real estate is measured at fair value on a nonrecurring basis at December 31, 2016 and 2015 is summarized below (in thousands): Quoted Prices In Active Significant Markets for Other Significant Losses Identical Observable Unobservable Recorded Fair Assets Inputs Inputs Total During the Value (Level 1) (Level 2) (Level 3) Losses Year At December 31, 2016- Foreclosed real estate $ 141 - - 141 32 27 At December 31, 2015- Foreclosed real estate $ 433 - - 433 103 5 |
(18) Regulatory Matters
(18) Regulatory Matters | 12 Months Ended |
Dec. 31, 2016 | |
Notes | |
(18) Regulatory Matters | (18) Regulatory Matters On December 31, 2016, the Bank was subject to minimum capital requirements imposed by the Federal Deposit Insurance Corporation. Capital adequacy requirements are quantitative measures established by regulation that require the Bank to maintain minimum amounts and ratios of capital. At December 31, 2016, the Bank exceeded all regulatory capital requirements. Consistent with its goals to operate a sound and profitable organization, the Bank’s policy is to maintain a “well-capitalized” status under the capital categories. Based on capital levels at December 31, 2016, the Bank was considered to be well-capitalized. The Bank's actual regulatory capital amounts and percentages at December 31, 2016 and 2015 are presented in the table (dollars in thousands): Minimum To Be Well Minimum Capitalized Under For Capital Adequacy Prompt and Corrective Actual Purposes Action Provisions Amount % Amount % Amount % At December 31, 2016: Total Capital to Risk- Weighted Assets $ 19,539 15.34% $ 10,191 8.00% $ 12,739 10.00% Tier I Capital to Risk- Weighted Assets 18,615 14.61 7,643 6.00 10,191 8.00 Tier I Capital to Total Assets 18,615 11.42 6,519 4.00 8,148 5.00 Common equity Tier 1Capital to Risk-Weighted Assets 18,615 14.61 5,733 4.50 8,280 6.50 At December 31, 2015: Total Capital to Risk- Weighted Assets $ 19,117 17.03% $ 8,978 8.00% $ 11,222 10.00% Tier I Capital to Risk- Weighted Assets 18,222 16.24 6,733 6.00 8,978 8.00 Tier I Capital to Total Assets 18,222 12.56 5,803 4.00 7,253 5.00 Common equity Tier 1Capital to Risk-Weighted Assets 18,222 16.24 5,050 4.50 7,295 6.50 In addition to the minimum Common Equity Tier 1 ("CET-1"), Tier 1 and Total Capital ratios, the Bank has to maintain a capital conservation buffer consisting of additional CET-1 capital equal above the required minimum levels in order to avoid limitations on paying dividends, engaging in share repurchases, and paying discretionary bonuses based on percentages of eligible retained earnings that could be utilized for such actions. This new capital conservation buffer requirement began to be phased in starting in January 2016 at 0.625% of risk-weighted assets and will increase each year to an amount equal to 2.5% of risk-weighted assets when fully implemented in January 2019. Bank holding companies are subject to capital adequacy requirements of the Federal Reserve under the Bank Holding Company Act of 1956, as amended, and the regulations of the Federal Reserve. For a Bank holding company with less than $1.0 billion in assets, the capital guidelines apply on a bank only basis and the Federal Reserve expects the holding company's subsidiary banks to be well-capitalized under the prompt corrective action regulations. |
(19) Parent Company Only Financ
(19) Parent Company Only Financial Information | 12 Months Ended |
Dec. 31, 2016 | |
Notes | |
(19) Parent Company Only Financial Information | (19) Parent Company Only Financial Information The Holding Company's financial information follows (in thousands): Condensed Balance Sheets At December 31, 2016 2015 Assets Cash $ 311 517 Investment in subsidiary 21,119 20,756 Other assets 229 122 Total assets $ 21,659 21,395 Liabilities and Stockholders' Equity Other liabilities 3 37 Stockholders' equity 21,656 21,358 Total liabilities and stockholders' equity $ 21,659 21,395 Condensed Statements of Operations Year Ended December 31, 2016 2015 Revenues $ 25 30 Expenses (150) ( 135 Loss before earnings (loss) of subsidiary (125) (105) Net earnings (loss) of subsidiary 229 (12) Earnings (loss) before income tax benefit 104 (117) Income tax benefit (6) (41) Net earnings (loss) $ 110 (76) Condensed Statements of Cash Flows Year Ended December 31, 2016 2015 Cash flows from operating activities: Net earnings (loss) $ 110 (76) Adjustments to reconcile net earnings (loss) to net cash used in operating activities: ESOP compensation expense 8 14 Decrease in investment in subsidiary due to ESOP compensation 68 78 Increase in other assets (107) (65) (Decrease) increase in other liabilities (34) 36 Equity in undistributed (earnings) loss of subsidiary (229) 12 Net cash used in operating activities (184) (1) Cash flows from financing activities: Cash proceeds from stock options exercised 11 - Repurchase of common stock (33) (1,144) Net cash used in financing activities (22) (1,144) Net decrease in cash (206) (1,145) Cash at beginning of the year 517 1,662 Cash at end of year $ 311 517 Supplemental disclosure of cash flow information: Noncash transaction- Stock-based compensation expense of subsidiary $ 202 176 |
(1) Organization and Signific26
(1) Organization and Significant Accounting Policies: Organization (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Policies | |
Organization | Organization. The Bank completed its conversion from a federal savings bank charter to a Florida state bank charter effective July 1, 2016. As a result of the charter conversion, the BankÂ’s legal name changed to Sunshine Community Bank. The Holding Company's only business is the operation of the Bank. The Bank through its five banking offices provides a variety of retail community banking services to individuals and businesses primarily in Leon County, Florida. The Bank's deposits are insured up to the applicable limits by the Federal Deposit Insurance Corporation. The Bank's subsidiary is Sunshine Member Insurance Services, Inc. ("SMSI"), which was established to sell automobile warranty and credit life and disability insurance products associated with loan products. Collectively the entities are referred to as the "Company." The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America ("GAAP") and to prevailing practices within the banking industry. The following summarizes the more significant of these policies and practices. |
(1) Organization and Signific27
(1) Organization and Significant Accounting Policies: Principles of Consolidation (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Policies | |
Principles of Consolidation | Principles of Consolidation. |
(1) Organization and Signific28
(1) Organization and Significant Accounting Policies: Use of Estimates, Policy (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Policies | |
Use of Estimates, Policy | Use of Estimates. |
(1) Organization and Signific29
(1) Organization and Significant Accounting Policies: Cash and Cash Equivalents (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Policies | |
Cash and Cash Equivalents | Cash and Cash Equivalents. Banks are required to maintain cash reserves in the form of vault cash, in a noninterest-earning account with the Federal Reserve Bank or in noninterest-earning accounts with other qualified banks. This requirement is based on the amount of the Bank's transaction deposit accounts. |
(1) Organization and Signific30
(1) Organization and Significant Accounting Policies: Marketable Securities, Policy (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Policies | |
Marketable Securities, Policy | Securities. Management evaluates securities for other-than-temporary impairment at least on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. Consideration is given to (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, and (3) the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. |
(1) Organization and Signific31
(1) Organization and Significant Accounting Policies: Finance, Loans and Leases Receivable, Policy (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Policies | |
Finance, Loans and Leases Receivable, Policy | Loans Held for Sale. Loans. Loan origination fees are deferred and certain direct origination costs are capitalized. The net amount is recognized as an adjustment of the yield over the contractual life of the related loan. The accrual of interest on loans is discontinued at the time the loan is more than ninety-days delinquent unless the loan is well collateralized and in process of collection. In all cases, loans are placed on nonaccrual or charged-off at an earlier date if collection of principal or interest is considered unlikely. All interest accrued but not collected for loans placed on nonaccrual or charged-off is reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and remain current for a period of six months. Allowance for Loan Losses. The allowance for loan losses is evaluated on a regular basis by management and is based upon management's periodic review of the collectability of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower's ability to repay, estimated value of any underlying collateral and prevailing economic conditions. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. The allowance consists of specific and general components. The specific component relates to loans that are classified as impaired. For such loans, an allowance is established when the discounted cash flows, collateral value or observable market price of the impaired loan is lower than the carrying value of that loan. The general component covers all other loans and is based on historical industry loss experience adjusted for qualitative factors. The historical loss component of the allowance is determined by losses recognized by portfolio segment over the preceding two years. This is supplemented by the risks for each portfolio segment. Risk factors impacting loans in each of the portfolio segments include changes in lending policies and procedures, economic conditions, volume and nature of loans, lending management experience, volume of troubled loans, quality of loan review system, value of collateral-dependent loans, credit concentrations and competition and regulatory change. The historical experience is adjusted for qualitative factors such as economic conditions and other trends or uncertainties that could affect management's estimate of probable losses. A |
(1) Organization and Signific32
(1) Organization and Significant Accounting Policies: Income Tax, Policy (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Policies | |
Income Tax, Policy | Income Taxes. Deferred income taxes result from changes in deferred tax assets and liabilities between periods. Deferred tax assets are recognized if it is more likely than not, based on the technical merits, that the tax position will be realized or sustained upon examination. The term more likely than not means a likelihood of more than 50 percent; the terms examined and upon examination also include resolution of the related appeals or litigation processes, if any. A tax position that meets the more-likely-than-not recognition threshold is initially and subsequently measured as the largest amount of tax benefit that has a greater than 50 percent likelihood of being realized upon settlement with a taxing authority that has full knowledge of all relevant information. The determination of whether or not a tax position has met the more-likely-than-not recognition threshold considers the facts, circumstances, and information available at the reporting date and is subject to management's judgment. Deferred tax assets are reduced by a valuation allowance if, based on the weight of evidence available, it is more likely than not that some portion or all of a deferred tax asset will not be realized. As of December 31, 2016, management is not aware of any uncertain tax positions that would have a material effect on the Company's consolidated financial statements. The Company files consolidated income tax returns. Income taxes are allocated to the Holding Company and the Bank as if separate income tax returns were filed. Interest and penalties on income taxes are recognized as a component of income taxes. |
(1) Organization and Signific33
(1) Organization and Significant Accounting Policies: Loan Servicing (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Policies | |
Loan Servicing | Loan Servicing. |
(1) Organization and Signific34
(1) Organization and Significant Accounting Policies: Property, Plant and Equipment, Policy (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Policies | |
Property, Plant and Equipment, Policy | Premises and Equipment |
(1) Organization and Signific35
(1) Organization and Significant Accounting Policies: Finance, Loan and Lease Receivables, Held for Investments, Foreclosed Assets Policy (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Policies | |
Finance, Loan and Lease Receivables, Held for Investments, Foreclosed Assets Policy | Foreclosed Real Estate. Real estate acquired through, or in lieu of, loan foreclosure is held for sale and are initially recorded at fair value less costs to sell at the date of foreclosure, establishing a new cost basis. After foreclosure, valuations are periodically performed by management and the real estate is carried at the lower of the new cost basis or fair value less costs to sell. Revenue and expenses from operations are included in the consolidated statements of operations. |
(1) Organization and Signific36
(1) Organization and Significant Accounting Policies: Off balance sheet Financial Instruments (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Policies | |
Off balance sheet Financial Instruments | Off Balance Sheet Financial Instruments. |
(1) Organization and Signific37
(1) Organization and Significant Accounting Policies: Transfers and Servicing of Financial Assets (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Policies | |
Transfers and Servicing of Financial Assets | Transfer of Financial Assets. |
(1) Organization and Signific38
(1) Organization and Significant Accounting Policies: Fair Value Measurement, Policy (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Policies | |
Fair Value Measurement, Policy | Fair Value Measurements. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. GAAP also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The hierarchy describes three levels of inputs that may be used to measure fair value: Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities that are not active; and model-driven valuations whose inputs are observable or whose significant value drivers are observable. Valuations may be obtained from, or corroborated by, third-party pricing services. Level 3: Unobservable inputs to measure fair value of assets and liabilities for which there is little, if any market activity at the measurement date, using reasonable inputs and assumptions based upon the best information at the time, to the extent that inputs are available without undue cost and effort. The following describes valuation methodologies used for assets measured at fair value: Impaired Loans. Foreclosed Real Estate. Fair Values of Financial Instruments. Cash and Cash Equivalents Securities Held to Maturity. Loans. Federal Home Loan Bank Stock. Accrued Interest Receivable. Deposit Liabilities. Federal Home Loan Bank Advances Off-Balance Sheet Financial Instruments. |
(1) Organization and Signific39
(1) Organization and Significant Accounting Policies: Recent Pronouncements. (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Policies | |
Recent Pronouncements. | Recent Pronouncements. In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customer (Topic 606) Revenue from Contracts with Customers (Topic 606) Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations. Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing In FASB ASU 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. The ASU requires equity investments to be measured at fair value with changes in fair values recognized in net earnings, simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment and eliminates the requirement to disclose fair values, the methods and significant assumptions used to estimate the fair value of financial instruments measured at amortized cost. The ASU also clarifies that the Company should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale debt securities in combination with the CompanyÂ’s other deferred tax assets. These amendments are effective for the Company beginning January 1, 2017. In February 2016, the FASB issued ASU 2016-2, Leases (Topic 842) In March 2016 the FASB issued ASU No. 2016-09 Compensation-Stock Compensation (Topic 718). In June 2016, FASB issued Accounting Standards Update ("ASU") No. 2016-13 Financial Instruments-Credit Losses (Topic 326). The ASU requires the Company to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. 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. The Company 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. Additionally, the ASU amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. The ASU will take effect for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted. The Company is in the process of determining the effect of the ASU on its consolidated financial statements. Once adopted, we expect our allowance for loan losses to increase; however, until our evaluation is complete the magnitude of the increase will be unknown. In August 2016, FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. This ASU addresses the appropriate classification of eight specific cash flow issues on the cash flow statement. Debt prepayment costs should be classified as an outflow for financing activities. Settlement of zero-coupon debt instruments divides the interest portion as an outflow for operating activities and the principal portion as an outflow for financing activities. Contingent consideration payments made after a business combination should be classified as outflows for financing and operating activities. Proceeds from the settlement of bank-owned life insurance policies should be classified as inflows from investing activities. Other specific areas are identified in the ASU as to the appropriate classification of the cash inflows or outflows. The amendments in this ASU are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted. The Company does not expect this ASU to have a material impact on the CompanyÂ’s consolidated financial statements. |
(1) Organization and Signific40
(1) Organization and Significant Accounting Policies: Reclassifications. (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Policies | |
Reclassifications. | Reclassifications. |
(2) Earnings (loss) Per Share_
(2) Earnings (loss) Per Share: Earnings Per Share, Policy (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Policies | |
Earnings Per Share, Policy | Earnings (loss) per share ("EPS") has been computed on the basis of the weighted-average number of shares of common stock outstanding. For the year ended December 31, 2016 the outstanding stock options were considered dilutive securities for purposes of calculating diluted EPS which was computed using the treasury stock method. For the year ended December 31, 2015 the outstanding stock options were are not considered dilutive securities due to the net loss incurred by the Company. The shares purchased by the ESOP are included in the weighted-average shares when they are committed to be released (dollars in thousands, except per share amounts): |
(4) Loans_ Mortgage Loans on Re
(4) Loans: Mortgage Loans on Real Estate, by Loan Disclosure (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Policies | |
Mortgage Loans on Real Estate, by Loan Disclosure | Real Estate Mortgage Loans. |
(4) Loans_ Commercial loans, po
(4) Loans: Commercial loans, policy (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Policies | |
Commercial loans, policy | Commercial. |
(4) Loans_ Consumer Loans Polic
(4) Loans: Consumer Loans Policy (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Policies | |
Consumer Loans Policy | Consumer Loans. |
(2) Earnings (loss) Per Share45
(2) Earnings (loss) Per Share: Schedule of Earnings Per Share, Basic and Diluted (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Tables/Schedules | |
Schedule of Earnings Per Share, Basic and Diluted | 2016 2015 Weighted- Per Weighted- Per Average Share Average Share Earnings Shares Amount Loss Shares Amount Year Ended December 31: Basic EPS: Net earnings (loss) $ 110 944,372 $ 0.12 $ (76) 979,579 $( 0.08) Effect of dilutive securities- Incremental shares from assumed conversion of options and restricted stock awards 33,374 - Diluted EPS: Net (loss) earnings $ 110 977,746 $ 0.11 $ (76) 979,579 $( 0.08) |
(3) Securities Held To Maturi46
(3) Securities Held To Maturity: Held-to-maturity Securities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Tables/Schedules | |
Held-to-maturity Securities | Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value At December 31, 2016: Agency mortgage-backed securities $ 697 24 - 721 Agency collateralized mortgage obligations 15,815 15 (257) 15,573 $ 16,512 39 ( 257 16,294 At December 31, 2015: Agency mortgage-backed securities $ 1,086 42 - 1,128 Agency collateralized mortgage obligations 19,977 27 (278) 19,726 $ 21,063 69 ( 278 20,854 |
(3) Securities Held To Maturi47
(3) Securities Held To Maturity: Schedule of Unrealized Loss on Investments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Tables/Schedules | |
Schedule of Unrealized Loss on Investments | Less than Twelve Months Twelve Months or Longer Gross Gross Unrealized Fair Unrealized Fair Losses Value Losses Value At December 31, 2016- Agency collateralized mortgage obligations $( 102 10,523 ( 155 3,941 At December 31, 2015- Agency collateralized mortgage obligations $( 94 8,332 ( 184 5,839 |
(4) Loans_ Schedule of Accounts
(4) Loans: Schedule of Accounts, Notes, Loans and Financing Receivable (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Tables/Schedules | |
Schedule of Accounts, Notes, Loans and Financing Receivable | December 31, 2016 2015 Real estate mortgage loans: One-to-four family $ 56,601 $ 46,293 Commercial real estate 52,960 43,419 Construction and lot 4,247 5,175 Total real estate mortgage loans 113,808 94,887 Commercial 4,217 1,177 Consumer loans: Home equity 7,166 7,609 Automobile 3,221 3,321 Credit cards and unsecured 5,796 6,100 Other 1,277 1,312 Total consumer loans 17,460 18,342 Total loans 135,485 114,406 Add (deduct): Loans in process (522) 43 Deferred loan fees (costs) 38 (132) Allowance for losses (924) (895 Total loans, net $ 134,077 $ 113,422 |
(4) Loans_ Allowance for Credit
(4) Loans: Allowance for Credit Losses on Financing Receivables (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Tables/Schedules | |
Allowance for Credit Losses on Financing Receivables | Real Estate Mortgage Commercial Consumer Loans Loans Loans Unallocated Total Year Ended December 31, 2016: Beginning balance $ 503 10 381 1 895 Provision (credit) for loan loss 108 64 9 (1) 180 Charge-offs (69) - (152) - (221) Recoveries 16 - 54 - 70 Ending balance $ 558 74 292 - 924 Individually evaluated for impairment: Recorded investment $ 2,559 - 162 - 2,721 Balance in allowance for loan losses $ 44 - 28 - 72 Collectively evaluated for impairment: Recorded investment $ 111,249 4,217 17,298 - 132,764 Balance in allowance for loan losses $ 514 74 264 - 852 Year Ended December 31, 2015: Beginning balance $ 708 10 296 73 1,087 Provision (credit) for loan loss (232) - 484 (72) 180 Charge-offs (6) - (495) - (501) Recoveries 33 - 96 - 129 Ending balance $ 503 10 381 1 895 Individually evaluated for impairment: Recorded investment $ 2,728 - 221 - 2,949 Balance in allowance for loan losses $ 73 - 33 - 106 Collectively evaluated for impairment: Recorded investment $ 92,159 1,178 18,120 - 111,457 Balance in allowance for loan losses $ 430 10 348 1 789 |
(4) Loans_ Financing Receivable
(4) Loans: Financing Receivable Credit Quality Indicators (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Tables/Schedules | |
Financing Receivable Credit Quality Indicators | Credit Risk One-to- Commercial Credit Profile by Four Real Construc- Commer- Home Auto- Cards and Internally Family Estate tion/lot cial Equity mobile Unsecured Other Total Assigned Grade: At December 31, 2016: Grade: Pass $ 53,573 52,960 4,218 4,217 6,843 3,198 5,760 1,195 131,964 Special mention 807 - - - - - 4 - 811 Substandard 2,221 - 29 - 323 23 32 82 2,710 Total $ 56,601 52,960 4,247 4,217 7,166 3.221 5,796 1,277 135,485 At December 31, 2015: Grade: Pass $ 41,995 43,419 5,154 1,177 7,221 3,311 6,068 1,228 109,573 Special mention 419 - 21 - 23 - - 1 464 Substandard 3,879 - - - 365 10 32 83 4,369 Total $ 46,293 43,419 5,175 1,177 7,609 3.321 6,100 1,312 114,406 |
(4) Loans_ Past Due Financing R
(4) Loans: Past Due Financing Receivables (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Tables/Schedules | |
Past Due Financing Receivables | Accruing Loans 90 Days 30-59 60-89 and Total Days Days Greater Past Nonaccrual Total Past Due Past Due Past Due Due Current Loans Loans At December 31, 2016: Real estate loans: One-to-four family $ 772 277 - 1,049 53,465 2,087 56,601 Commercial - - - - 52,960 - 52,960 Construction and lot 85 - - 85 4,162 - 4,247 Commercial loans 17 - - 17 4,200 - 4,217 Consumer loans: Home equity 60 - - 60 6,786 320 7,166 Automobile 21 - - 21 3,178 22 3,221 Credit cards and unsecured 138 4 7 149 5,614 33 5,796 Other - - - - 1,195 82 1,277 Total $ 1,093 281 7 1,381 131,560 2,544 135,485 At December 31, 2015: Real estate loans: One-to-four family $ 698 419 - 1,117 43,832 1,344 46,293 Commercial - - - - 43,419 - 43,419 Construction and lot - 21 - 21 5,154 - 5,175 Commercial loans - - - - 1,177 - 1,177 Consumer loans: Home equity 77 51 - 128 7,192 289 7,609 Automobile 22 - - 22 3,289 10 3,321 Credit cards and unsecured 54 - 7 61 6,007 32 6,100 Other 4 1 - 5 1,224 83 1,312 Total $ 855 492 7 1,354 111,294 1,758 114,406 |
(4) Loans_ Impaired Financing R
(4) Loans: Impaired Financing Receivables (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Tables/Schedules | |
Impaired Financing Receivables | With No Related Allowance Recorded With an Allowance Recorded Total Unpaid Unpaid Unpaid Recorded Principal Recorded Principal Related Recorded Principal Related Investment Balance Investment Balance Allowance Investment Balance Allowance At December 31, 2016: Real estate loans- One-to-four family $ 1,985 2,037 574 591 44 2,559 2,628 44 Consumer loans- Home equity 126 137 36 45 28 162 182 28 $ 2,111 2,174 610 636 72 2,721 2,810 72 At December 31, 2015: Real estate loans- One-to-four family $ 1,552 1,604 1,176 1,193 73 2,728 2,797 73 Consumer loans- Home equity 56 71 165 174 33 221 245 33 $ 1,608 1,675 1,341 1,367 106 2,949 3,042 106 |
(4) Loans_ Average net investme
(4) Loans: Average net investment in impaired loans and interest income recognized and received on impaired loans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Tables/Schedules | |
Average net investment in impaired loans and interest income recognized and received on impaired loans | Average Interest Interest Recorded Income Income Investment Recognized Received For the Year Ended December 31, 2016: Real estate loans: One-to-four family $ 2,571 138 139 Consumer loans: Home equity 162 11 11 Total $ 2,733 149 150 For the Year Ended December 31, 2015: Real estate loans: One-to-four family $ 2,686 125 127 Consumer loans: Home equity 219 12 13 Total $ 2,905 137 140 |
(5) Premises and Equipment_ Pro
(5) Premises and Equipment: Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Tables/Schedules | |
Property, Plant and Equipment | At December 31, 2016 2015 Land $ 791 921 Buildings and improvements 5,077 5,624 Furniture and equipment 4,632 4,616 Total, at cost 10,500 11,161 Less accumulated depreciation 6,838 6,570 Premises and equipment, net $ 3,662 4,591 |
(5) Premises and Equipment_ Ope
(5) Premises and Equipment: Operating Leases of Lessor Disclosure (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Tables/Schedules | |
Operating Leases of Lessor Disclosure | Year Ending December 31, Amount 2017 $188 2018 171 2019 121 2020 97 2021 100 Thereafter 217 $ 894 |
(6) Foreclosed Real Estate_ Sch
(6) Foreclosed Real Estate: Schedule of Expenses Applicable to Foreclosed Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Tables/Schedules | |
Schedule of Expenses Applicable to Foreclosed Real Estate | Year Ended December 31, 2016 2015 Write-down of foreclosed real estate $ 27 5 Operating expenses 19 78 $ 46 83 |
(7) Deposits_ Schedule of aggre
(7) Deposits: Schedule of aggregate amount of time deposits (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Tables/Schedules | |
Schedule of aggregate amount of time deposits | Year Ending December 31, Amount 2017 $ 14,407 2018 3,715 2019 1,028 2020 711 2021 172 $ 20,033 |
(9) Off-balance Sheet Financi58
(9) Off-balance Sheet Financial Instruments: Schedule of Fair Value, Off-balance Sheet Risks (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Tables/Schedules | |
Schedule of Fair Value, Off-balance Sheet Risks | At December 31, 2016 Unused lines of credit $ 17,905 |
(10) Fair Value of Financial 59
(10) Fair Value of Financial Instruments: Schedule of Carrying Values and Estimated Fair Values of Debt Instruments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Tables/Schedules | |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | At December 31, 2016 At December 31, 2015 Carrying Fair Carrying Fair Amount Value Amount Value Financial assets: Cash and cash equivalents (Level 1) $ 11,313 11,313 10,862 10,862 Securities held to maturity (Level 2) 16,512 16,294 21,063 20,854 Loans (Level 3) 134,077 132,454 113,422 113,558 Federal Home Loan Bank stock (Level 3) 684 684 348 348 Accrued interest receivable (Level 3) 449 449 322 322 Financial liabilities: Deposits (Level 3) 137,902 132,280 130,470 126,230 Federal Home Loan Bank advances (Level 3) 12,750 12,750 5,000 5,000 Off-balance-sheet financial instruments (Level 3) - - - - |
(11) Income Taxes_ Schedule of
(11) Income Taxes: Schedule of Components of Income Tax Expense (Benefit) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Tables/Schedules | |
Schedule of Components of Income Tax Expense (Benefit) | Year Ended December 31, 2016 2015 Current: Federal $ (17) - State - - Total current (17) - Deferred: Federal 55 (45) State 8 (7) Total deferred 63 (52) Income taxes (benefit) $ 46 (52) |
(11) Income Taxes_ Schedule o61
(11) Income Taxes: Schedule of Effective Income Tax Rate Reconciliation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Tables/Schedules | |
Schedule of Effective Income Tax Rate Reconciliation | Year Ended December 31 , 2016 2015 % of % of Pretax Pretax Amount Earnings Amount Loss Income taxes (benefit) at Federal statutory rate $ 53 34.0% $ (44) 34.0% Increase (decrease) in income tax (benefit) resulting from State taxes, net of Federal tax 5 3.2 (4) (3.0) Other (12 (7.7 (4) (3.0) Total $ 46 29.5 $ (52) (40.6) |
(11) Income Taxes_ Schedule o62
(11) Income Taxes: Schedule of Deferred Tax Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Tables/Schedules | |
Schedule of Deferred Tax Assets and Liabilities | At December 31, 2016 2015 Deferred tax assets: Allowance for loan losses $ 353 337 Net operating loss carryforwards 1,382 1,505 Other 54 156 Nonaccrual interest 565 412 Foreclosed property expenses - 13 Premises and equipment 61 81 Stock based compensation 196 183 Total deferred tax assets 2,611 2,687 Deferred tax liabilities: Mortgage service rights (61) (74) Total deferred tax liabilities (61) (74 Net deferred tax asset $ 2,550 2,613 |
(13) Related Parties_ Schedule
(13) Related Parties: Schedule of Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Tables/Schedules | |
Schedule of Related Party Transactions | Year Ended December 31, 2015 2014 Loans at beginning of year $ 2 6 Repayments ( 1 (4 Loans at end of year $ 1 2 Deposits at end of year $ 144 400 |
(16) 2012 Equity Incentive Pl64
(16) 2012 Equity Incentive Plan: Schedule of Share-based Compensation, Stock Options, Activity (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Tables/Schedules | |
Schedule of Share-based Compensation, Stock Options, Activity | Weighted- Weighted- Average Average Remaining Aggregate Number of Exercise Contractual Intrinsic Options Price Term Value Outstanding at December 31, 2014 84,000 11.23 Forfeited (2,500 10.75 Outstanding at December 31, 2015 81,500 $ 11.62 7.12 Exercised (1,000) $ 10.75 Outstanding at December 31, 2016 80,500 $ 11.63 6.14 Exercisable at December 31, 2016 10,000 $ 10.75 5.95 $ 91,500 |
(16) 2012 Equity Incentive Pl65
(16) 2012 Equity Incentive Plan: Schedule of Share-based Compensation, Restricted Stock Units Award Activity (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Tables/Schedules | |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | Number of Shares Weighted-Average Grant-Date Fair Value Outstanding at December 31, 2014 38,000 $ 16.91 Vested (9,300) 16.88 Outstanding at December 31, 2015 28,700 16.92 Vested (9,300) 16.88 Outstanding at December 31, 2016 19,400 $ 16.94 |
(17) Fair Value Measurements_ S
(17) Fair Value Measurements: Schedule of Fair Value Measurement of Impaired Collateral Dependent Loans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Tables/Schedules | |
Schedule of Fair Value Measurement of Impaired Collateral Dependent Loans | Quoted Prices In Active Significant Losses Markets for Other Significant (Gains) Identical Observable Unobservable Recorded Fair Assets Inputs Inputs Total During the Value Level 1 Level 2 Level 3 Losses Year At December 31, 2016: One-to four-family $574 - - 574 44 (25) Home equity 36 - - 36 28 23 Total $ 610 - - 610 72 (2) At December 31, 2015: One-to four-family $754 - - 754 69 - Home equity 16 - - 16 5 - Total $ 770 - - 770 74 - |
(17) Fair Value Measurements_67
(17) Fair Value Measurements: Schedule of Fair Value Measurement of Foreclosed Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Tables/Schedules | |
Schedule of Fair Value Measurement of Foreclosed Real Estate | Quoted Prices In Active Significant Markets for Other Significant Losses Identical Observable Unobservable Recorded Fair Assets Inputs Inputs Total During the Value (Level 1) (Level 2) (Level 3) Losses Year At December 31, 2016- Foreclosed real estate $ 141 - - 141 32 27 At December 31, 2015- Foreclosed real estate $ 433 - - 433 103 5 |
(18) Regulatory Matters_ Schedu
(18) Regulatory Matters: Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Tables/Schedules | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | Minimum To Be Well Minimum Capitalized Under For Capital Adequacy Prompt and Corrective Actual Purposes Action Provisions Amount % Amount % Amount % At December 31, 2016: Total Capital to Risk- Weighted Assets $ 19,539 15.34% $ 10,191 8.00% $ 12,739 10.00% Tier I Capital to Risk- Weighted Assets 18,615 14.61 7,643 6.00 10,191 8.00 Tier I Capital to Total Assets 18,615 11.42 6,519 4.00 8,148 5.00 Common equity Tier 1Capital to Risk-Weighted Assets 18,615 14.61 5,733 4.50 8,280 6.50 At December 31, 2015: Total Capital to Risk- Weighted Assets $ 19,117 17.03% $ 8,978 8.00% $ 11,222 10.00% Tier I Capital to Risk- Weighted Assets 18,222 16.24 6,733 6.00 8,978 8.00 Tier I Capital to Total Assets 18,222 12.56 5,803 4.00 7,253 5.00 Common equity Tier 1Capital to Risk-Weighted Assets 18,222 16.24 5,050 4.50 7,295 6.50 |
(19) Parent Company Only Fina69
(19) Parent Company Only Financial Information: Condensed Balance Sheet (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Tables/Schedules | |
Condensed Balance Sheet | At December 31, 2016 2015 Assets Cash $ 311 517 Investment in subsidiary 21,119 20,756 Other assets 229 122 Total assets $ 21,659 21,395 Liabilities and Stockholders' Equity Other liabilities 3 37 Stockholders' equity 21,656 21,358 Total liabilities and stockholders' equity $ 21,659 21,395 |
(19) Parent Company Only Fina70
(19) Parent Company Only Financial Information: Condensed Income Statement (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Tables/Schedules | |
Condensed Income Statement | Year Ended December 31, 2016 2015 Revenues $ 25 30 Expenses (150) ( 135 Loss before earnings (loss) of subsidiary (125) (105) Net earnings (loss) of subsidiary 229 (12) Earnings (loss) before income tax benefit 104 (117) Income tax benefit (6) (41) Net earnings (loss) $ 110 (76) |
(19) Parent Company Only Fina71
(19) Parent Company Only Financial Information: Condensed Cash Flow Statement (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Tables/Schedules | |
Condensed Cash Flow Statement | Year Ended December 31, 2016 2015 Cash flows from operating activities: Net earnings (loss) $ 110 (76) Adjustments to reconcile net earnings (loss) to net cash used in operating activities: ESOP compensation expense 8 14 Decrease in investment in subsidiary due to ESOP compensation 68 78 Increase in other assets (107) (65) (Decrease) increase in other liabilities (34) 36 Equity in undistributed (earnings) loss of subsidiary (229) 12 Net cash used in operating activities (184) (1) Cash flows from financing activities: Cash proceeds from stock options exercised 11 - Repurchase of common stock (33) (1,144) Net cash used in financing activities (22) (1,144) Net decrease in cash (206) (1,145) Cash at beginning of the year 517 1,662 Cash at end of year $ 311 517 Supplemental disclosure of cash flow information: Noncash transaction- Stock-based compensation expense of subsidiary $ 202 176 |
(2) Earnings (loss) Per Share72
(2) Earnings (loss) Per Share: Schedule of Earnings Per Share, Basic and Diluted (Details) - Net (loss) earnings - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Basic Earnings Per share | ||
Income (Loss) from Continuing Operations Attributable to Parent | $ 110 | $ (76) |
Weighted Average Number of Shares Outstanding, Basic and Diluted | 944,372 | 979,579 |
Earnings Per Share, Basic and Diluted | $ 0.12 | $ (0.08) |
Effect of dilutive securities | ||
Weighted Average Number of Shares Outstanding, Basic and Diluted | 33,374 | |
Diluted Earnings Per share | ||
Income (Loss) from Continuing Operations Attributable to Parent | $ 110 | $ (76) |
Weighted Average Number of Shares Outstanding, Basic and Diluted | 977,746 | 979,579 |
Earnings Per Share, Basic and Diluted | $ 0.11 | $ (0.08) |
(3) Securities Held To Maturi73
(3) Securities Held To Maturity: Held-to-maturity Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Securities held to maturity fair value | $ 16,294 | $ 20,854 |
Held-to-maturity Securities | ||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 16,512 | 21,063 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | 39 | 69 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | (257) | (278) |
Securities held to maturity fair value | 16,294 | 20,854 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises | ||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 697 | 1,086 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | 24 | 42 |
Securities held to maturity fair value | 721 | 1,128 |
Collateralized Mortgage Obligations | ||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 15,815 | 19,977 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | 15 | 27 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | (257) | (278) |
Securities held to maturity fair value | $ 15,573 | $ 19,726 |
(3) Securities Held To Maturi74
(3) Securities Held To Maturity: Schedule of Unrealized Loss on Investments (Details) - Collateralized Mortgage Obligations - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ (102) | $ (94) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 10,523 | 8,332 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (155) | (184) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | $ 3,941 | $ 5,839 |
(4) Loans_ Schedule of Accoun75
(4) Loans: Schedule of Accounts, Notes, Loans and Financing Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Financing Receivable | $ 1,277 | $ 1,312 |
Commercial Loan | ||
Financing Receivable | 4,217 | 1,177 |
Loans Receivable | ||
Financing Receivable | 135,485 | 114,406 |
Loans in process | ||
Financing Receivable | (522) | 43 |
Deferred fees and discounts | ||
Financing Receivable | 38 | (132) |
Allowance for Loan and Lease Losses | ||
Financing Receivable | (924) | (895) |
Loans receivable, net | ||
Financing Receivable | 134,077 | 113,422 |
Real estate mortgage loans | ||
Financing Receivable | 113,808 | 94,887 |
Real estate mortgage loans | One-to-four family | ||
Financing Receivable | 56,601 | 46,293 |
Real estate mortgage loans | Commercial Real Estate | ||
Financing Receivable | 52,960 | 43,419 |
Real estate mortgage loans | Real Estate Construction and Lot | ||
Financing Receivable | 4,247 | 5,175 |
Consumer Loan | ||
Financing Receivable | 17,460 | 18,342 |
Consumer Loan | Home Equity Loan | ||
Financing Receivable | 7,166 | 7,609 |
Consumer Loan | Automobile Loan | ||
Financing Receivable | 3,221 | 3,321 |
Consumer Loan | Credit Card Receivable | ||
Financing Receivable | $ 5,796 | $ 6,100 |
(4) Loans_ Allowance for Cred76
(4) Loans: Allowance for Credit Losses on Financing Receivables (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Commercial Loan | ||
Provision for Doubtful Accounts | $ 64 | |
Commercial Loan | Recorded investment | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 4,217 | $ 1,178 |
Commercial Loan | Balance in allowance for loan losses | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 74 | 10 |
Commercial Loan | Beginning of period balance | ||
Allowance for Doubtful Accounts Receivable | 10 | 10 |
Commercial Loan | End of period balance | ||
Allowance for Doubtful Accounts Receivable | 74 | 10 |
Unallocated Financing Receivables | ||
Provision for Doubtful Accounts | (1) | (72) |
Unallocated Financing Receivables | Balance in allowance for loan losses | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 1 | |
Unallocated Financing Receivables | Beginning of period balance | ||
Allowance for Doubtful Accounts Receivable | 1 | 73 |
Unallocated Financing Receivables | End of period balance | ||
Allowance for Doubtful Accounts Receivable | 1 | |
Loans Receivable | ||
Provision for Doubtful Accounts | 180 | 180 |
Allowance for Doubtful Accounts Receivable, Write-offs | (221) | (501) |
Allowance for Doubtful Accounts Receivable, Recoveries | 70 | 129 |
Loans Receivable | Recorded investment | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 2,721 | 2,949 |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 132,764 | 111,457 |
Loans Receivable | Balance in allowance for loan losses | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 72 | 106 |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 852 | 789 |
Loans Receivable | Beginning of period balance | ||
Allowance for Doubtful Accounts Receivable | 895 | 1,087 |
Loans Receivable | End of period balance | ||
Allowance for Doubtful Accounts Receivable | 924 | 895 |
Real estate mortgage loans | ||
Provision for Doubtful Accounts | 108 | (232) |
Allowance for Doubtful Accounts Receivable, Write-offs | (69) | (6) |
Allowance for Doubtful Accounts Receivable, Recoveries | 16 | 33 |
Real estate mortgage loans | Recorded investment | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 2,559 | 2,728 |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 111,249 | 92,159 |
Real estate mortgage loans | Balance in allowance for loan losses | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 44 | 73 |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 514 | 430 |
Real estate mortgage loans | Beginning of period balance | ||
Allowance for Doubtful Accounts Receivable | 503 | 708 |
Real estate mortgage loans | End of period balance | ||
Allowance for Doubtful Accounts Receivable | 558 | 503 |
Consumer Loan | ||
Provision for Doubtful Accounts | 9 | 484 |
Allowance for Doubtful Accounts Receivable, Write-offs | (152) | (495) |
Allowance for Doubtful Accounts Receivable, Recoveries | 54 | 96 |
Consumer Loan | Recorded investment | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 162 | 221 |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 17,298 | 18,120 |
Consumer Loan | Balance in allowance for loan losses | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 28 | 33 |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 264 | 348 |
Consumer Loan | Beginning of period balance | ||
Allowance for Doubtful Accounts Receivable | 381 | 296 |
Consumer Loan | End of period balance | ||
Allowance for Doubtful Accounts Receivable | $ 292 | $ 381 |
(4) Loans_ Financing Receivab77
(4) Loans: Financing Receivable Credit Quality Indicators (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
One-to-four family | Pass | ||
Credit Risk by Internally Assigned Grade | $ 53,573,000 | $ 41,995,000 |
One-to-four family | Special Mention | ||
Credit Risk by Internally Assigned Grade | 807,000 | 419,000 |
One-to-four family | Substandard | ||
Credit Risk by Internally Assigned Grade | 2,221,000 | 3,879,000 |
One-to-four family | Unlikely to be Collected Financing Receivable | ||
Credit Risk by Internally Assigned Grade | 56,601,000 | 46,293,000 |
Commercial Real Estate | Pass | ||
Credit Risk by Internally Assigned Grade | 52,960,000 | 43,419,000 |
Commercial Real Estate | Unlikely to be Collected Financing Receivable | ||
Credit Risk by Internally Assigned Grade | 52,960,000 | 43,419,000 |
Construction Loans | Pass | ||
Credit Risk by Internally Assigned Grade | 4,218,000 | 5,154,000 |
Construction Loans | Special Mention | ||
Credit Risk by Internally Assigned Grade | 21,000 | |
Construction Loans | Substandard | ||
Credit Risk by Internally Assigned Grade | 29,000 | |
Construction Loans | Unlikely to be Collected Financing Receivable | ||
Credit Risk by Internally Assigned Grade | 4,247,000 | 5,175,000 |
Commercial Loan | Pass | ||
Credit Risk by Internally Assigned Grade | 4,217,000 | 1,177,000 |
Commercial Loan | Unlikely to be Collected Financing Receivable | ||
Credit Risk by Internally Assigned Grade | 4,217,000 | 1,177,000 |
Home Equity Loan | Pass | ||
Credit Risk by Internally Assigned Grade | 6,843,000 | 7,221,000 |
Home Equity Loan | Special Mention | ||
Credit Risk by Internally Assigned Grade | 23,000 | |
Home Equity Loan | Substandard | ||
Credit Risk by Internally Assigned Grade | 323,000 | 365,000 |
Home Equity Loan | Unlikely to be Collected Financing Receivable | ||
Credit Risk by Internally Assigned Grade | 7,166,000 | 7,609,000 |
Automobile Loan | Pass | ||
Credit Risk by Internally Assigned Grade | 3,198,000 | 3,311,000 |
Automobile Loan | Substandard | ||
Credit Risk by Internally Assigned Grade | 23,000 | 10,000 |
Automobile Loan | Unlikely to be Collected Financing Receivable | ||
Credit Risk by Internally Assigned Grade | 3,221 | 3,321 |
Credit Card Receivable | Pass | ||
Credit Risk by Internally Assigned Grade | 5,760,000 | 6,068,000 |
Credit Card Receivable | Special Mention | ||
Credit Risk by Internally Assigned Grade | 4,000 | |
Credit Card Receivable | Substandard | ||
Credit Risk by Internally Assigned Grade | 32,000 | 32,000 |
Credit Card Receivable | Unlikely to be Collected Financing Receivable | ||
Credit Risk by Internally Assigned Grade | 5,796,000 | 6,100,000 |
Consumer other | Pass | ||
Credit Risk by Internally Assigned Grade | 1,195,000 | 1,228,000 |
Consumer other | Special Mention | ||
Credit Risk by Internally Assigned Grade | 1,000 | |
Consumer other | Substandard | ||
Credit Risk by Internally Assigned Grade | 82,000 | 83,000 |
Consumer other | Unlikely to be Collected Financing Receivable | ||
Credit Risk by Internally Assigned Grade | 1,277,000 | 1,312,000 |
Loans Receivable | Pass | ||
Credit Risk by Internally Assigned Grade | 131,964,000 | 109,573,000 |
Loans Receivable | Special Mention | ||
Credit Risk by Internally Assigned Grade | 811,000 | 464,000 |
Loans Receivable | Substandard | ||
Credit Risk by Internally Assigned Grade | 2,710,000 | 4,369,000 |
Loans Receivable | Unlikely to be Collected Financing Receivable | ||
Credit Risk by Internally Assigned Grade | $ 135,485,000 | $ 114,406,000 |
(4) Loans_ Past Due Financing78
(4) Loans: Past Due Financing Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Loans, net | $ 134,077 | $ 113,422 |
Commercial Loan | ||
Loans, net | 4,217 | 1,177 |
Loans Receivable | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 2,544 | 1,758 |
Loans, net | 135,485 | 114,406 |
Real estate mortgage loans | One-to-four family | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 2,087 | 1,344 |
Loans, net | 56,601 | 46,293 |
Real estate mortgage loans | Commercial Real Estate | ||
Loans, net | 52,960 | 43,419 |
Real estate mortgage loans | Real Estate Construction and Lot | ||
Loans, net | 4,247 | 5,175 |
Consumer Loan | Home Equity Loan | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 320 | 289 |
Loans, net | 7,166 | 7,609 |
Consumer Loan | Automobile Loan | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 22 | 10 |
Loans, net | 3,221 | 3,321 |
Consumer Loan | Credit Card Receivable | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 33 | 32 |
Loans, net | 5,796 | 6,100 |
Consumer Loan | Consumer other | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 82 | 83 |
Loans, net | 1,277 | 1,312 |
Financing Receivables, 30 to 59 Days Past Due | Commercial Loan | ||
Financing Receivables Recorded Investment Past Due and Still Accruing | 17 | |
Financing Receivables, 30 to 59 Days Past Due | Loans Receivable | ||
Financing Receivables Recorded Investment Past Due and Still Accruing | 1,093 | 855 |
Financing Receivables, 30 to 59 Days Past Due | Real estate mortgage loans | One-to-four family | ||
Financing Receivables Recorded Investment Past Due and Still Accruing | 772 | 698 |
Financing Receivables, 30 to 59 Days Past Due | Real estate mortgage loans | Real Estate Construction and Lot | ||
Financing Receivables Recorded Investment Past Due and Still Accruing | 85 | |
Financing Receivables, 30 to 59 Days Past Due | Consumer Loan | Home Equity Loan | ||
Financing Receivables Recorded Investment Past Due and Still Accruing | 60 | 77 |
Financing Receivables, 30 to 59 Days Past Due | Consumer Loan | Automobile Loan | ||
Financing Receivables Recorded Investment Past Due and Still Accruing | 21 | 22 |
Financing Receivables, 30 to 59 Days Past Due | Consumer Loan | Credit Card Receivable | ||
Financing Receivables Recorded Investment Past Due and Still Accruing | 138 | 54 |
Financing Receivables, 30 to 59 Days Past Due | Consumer Loan | Consumer other | ||
Financing Receivables Recorded Investment Past Due and Still Accruing | 4 | |
Financing Receivables, 60 to 89 Days Past Due | Loans Receivable | ||
Financing Receivables Recorded Investment Past Due and Still Accruing | 281 | 492 |
Financing Receivables, 60 to 89 Days Past Due | Real estate mortgage loans | One-to-four family | ||
Financing Receivables Recorded Investment Past Due and Still Accruing | 277 | 419 |
Financing Receivables, 60 to 89 Days Past Due | Real estate mortgage loans | Real Estate Construction and Lot | ||
Financing Receivables Recorded Investment Past Due and Still Accruing | 21 | |
Financing Receivables, 60 to 89 Days Past Due | Consumer Loan | Home Equity Loan | ||
Financing Receivables Recorded Investment Past Due and Still Accruing | 51 | |
Financing Receivables, 60 to 89 Days Past Due | Consumer Loan | Credit Card Receivable | ||
Financing Receivables Recorded Investment Past Due and Still Accruing | 4 | |
Financing Receivables, 60 to 89 Days Past Due | Consumer Loan | Consumer other | ||
Financing Receivables Recorded Investment Past Due and Still Accruing | 1 | |
Financing Receivables, Equal to Greater than 90 Days Past Due | Loans Receivable | ||
Financing Receivables Recorded Investment Past Due and Still Accruing | 7 | 7 |
Financing Receivables, Equal to Greater than 90 Days Past Due | Consumer Loan | Credit Card Receivable | ||
Financing Receivables Recorded Investment Past Due and Still Accruing | 7 | 7 |
Financing Receivables Past Due | Commercial Loan | ||
Financing Receivables Recorded Investment Past Due and Still Accruing | 17 | |
Financing Receivables Past Due | Loans Receivable | ||
Financing Receivables Recorded Investment Past Due and Still Accruing | 1,381 | 1,354 |
Financing Receivables Past Due | Real estate mortgage loans | One-to-four family | ||
Financing Receivables Recorded Investment Past Due and Still Accruing | 1,049 | 1,117 |
Financing Receivables Past Due | Real estate mortgage loans | Real Estate Construction and Lot | ||
Financing Receivables Recorded Investment Past Due and Still Accruing | 85 | 21 |
Financing Receivables Past Due | Consumer Loan | Home Equity Loan | ||
Financing Receivables Recorded Investment Past Due and Still Accruing | 60 | 128 |
Financing Receivables Past Due | Consumer Loan | Automobile Loan | ||
Financing Receivables Recorded Investment Past Due and Still Accruing | 21 | 22 |
Financing Receivables Past Due | Consumer Loan | Credit Card Receivable | ||
Financing Receivables Recorded Investment Past Due and Still Accruing | 149 | 61 |
Financing Receivables Past Due | Consumer Loan | Consumer other | ||
Financing Receivables Recorded Investment Past Due and Still Accruing | 5 | |
Financing Receivables Current | Commercial Loan | ||
Financing Receivables Recorded Investment Past Due and Still Accruing | 4,200 | 1,177 |
Financing Receivables Current | Loans Receivable | ||
Financing Receivables Recorded Investment Past Due and Still Accruing | 131,560 | 111,294 |
Financing Receivables Current | Real estate mortgage loans | One-to-four family | ||
Financing Receivables Recorded Investment Past Due and Still Accruing | 53,465 | 43,832 |
Financing Receivables Current | Real estate mortgage loans | Commercial Real Estate | ||
Financing Receivables Recorded Investment Past Due and Still Accruing | 52,960 | 43,419 |
Financing Receivables Current | Real estate mortgage loans | Real Estate Construction and Lot | ||
Financing Receivables Recorded Investment Past Due and Still Accruing | 4,162 | 5,154 |
Financing Receivables Current | Consumer Loan | Home Equity Loan | ||
Financing Receivables Recorded Investment Past Due and Still Accruing | 6,786 | 7,192 |
Financing Receivables Current | Consumer Loan | Automobile Loan | ||
Financing Receivables Recorded Investment Past Due and Still Accruing | 3,178 | 3,289 |
Financing Receivables Current | Consumer Loan | Credit Card Receivable | ||
Financing Receivables Recorded Investment Past Due and Still Accruing | 5,614 | 6,007 |
Financing Receivables Current | Consumer Loan | Consumer other | ||
Financing Receivables Recorded Investment Past Due and Still Accruing | $ 1,195 | $ 1,224 |
(4) Loans_ Impaired Financing79
(4) Loans: Impaired Financing Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Impaired Financing Receivables | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | $ 2,111 | $ 1,608 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 2,174 | 1,675 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 610 | 1,341 |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 636 | 1,367 |
Impaired Financing Receivable With Related Allowance, Related Allowance | 72 | 106 |
Impaired Financing Receivable, Recorded Investment | 2,721 | 2,949 |
Impaired Financing Receivable, Unpaid Principal Balance | 2,810 | 3,042 |
Impaired Financing Receivable, Related Allowance | 72 | 106 |
Real estate mortgage loans | One-to-four family | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 1,985 | 1,552 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 2,037 | 1,604 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 574 | 1,176 |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 591 | 1,193 |
Impaired Financing Receivable With Related Allowance, Related Allowance | 44 | 73 |
Impaired Financing Receivable, Recorded Investment | 2,559 | 2,728 |
Impaired Financing Receivable, Unpaid Principal Balance | 2,628 | 2,797 |
Impaired Financing Receivable, Related Allowance | 44 | 73 |
Consumer Loan | Home Equity Loan | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 126 | 56 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 137 | 71 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 36 | 165 |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 45 | 174 |
Impaired Financing Receivable With Related Allowance, Related Allowance | 28 | 33 |
Impaired Financing Receivable, Recorded Investment | 162 | 221 |
Impaired Financing Receivable, Unpaid Principal Balance | 182 | 245 |
Impaired Financing Receivable, Related Allowance | $ 28 | $ 33 |
(4) Loans_ Average net invest80
(4) Loans: Average net investment in impaired loans and interest income recognized and received on impaired loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Impaired Financing Receivables | ||
Impaired Financing Receivable, Average Recorded Investment | $ 2,733 | $ 2,905 |
Impaired Financing Receivable, Interest Income, Accrual Method | 149 | 137 |
Impaired Financing Receivables, Interest Income Received | 150 | 140 |
Real estate mortgage loans | One-to-four family | ||
Impaired Financing Receivable, Average Recorded Investment | 2,571 | 2,686 |
Impaired Financing Receivable, Interest Income, Accrual Method | 138 | 125 |
Impaired Financing Receivables, Interest Income Received | 139 | 127 |
Consumer Loan | Home Equity Loan | ||
Impaired Financing Receivable, Average Recorded Investment | 162 | 219 |
Impaired Financing Receivable, Interest Income, Accrual Method | 11 | 12 |
Impaired Financing Receivables, Interest Income Received | $ 11 | $ 13 |
(4) Loans_ Troubled Debt Restru
(4) Loans: Troubled Debt Restructurings (Details) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Details | ||
Financing Receivable, Modifications, Number of Contracts | 0 | 0 |
(5) Premises and Equipment_ P82
(5) Premises and Equipment: Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Details | ||
Land and Land Improvements | $ 791 | $ 921 |
Buildings and Improvements, Gross | 5,077 | 5,624 |
Furniture and Fixtures, Gross | 4,632 | 4,616 |
Property, Plant and Equipment, Gross | 10,500 | 11,161 |
Property, Plant, and Equipment, Owned, Accumulated Depreciation | 6,838 | 6,570 |
Premises and equipment, net | $ 3,662 | $ 4,591 |
(5) Premises and Equipment_ O83
(5) Premises and Equipment: Operating Leases of Lessor Disclosure (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Details | |
Operating Leases, Future Minimum Payments, Next Rolling Twelve Months | $ 188 |
Operating Leases, Future Minimum Payments, Due in Rolling Year Two | 171 |
Operating Leases, Future Minimum Payments, Due in Rolling Year Three | 121 |
Operating Leases, Future Minimum Payments, Due in Rolling Year Four | 97 |
Operating Leases, Future Minimum Payments, Due in Rolling Year Five | 100 |
Operating Leases, Future Minimum Payments, Due Thereafter | 217 |
Operating Leases, Future Minimum Payments Due | $ 894 |
(6) Foreclosed Real Estate_ S84
(6) Foreclosed Real Estate: Schedule of Expenses Applicable to Foreclosed Real Estate (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Details | ||
Write-down of foreclosed real estate | $ 27 | $ 5 |
Other Cost and Expense, Operating | 19 | 78 |
Foreclosed real estate expense | $ 46 | $ 83 |
(7) Deposits_ Schedule of agg85
(7) Deposits: Schedule of aggregate amount of time deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Details | ||
Time Deposit Maturities, Next Twelve Months | $ 14,407 | |
Time Deposit Maturities, Year Two | 3,715 | |
Time Deposit Maturities, Year Three | 1,028 | |
Time Deposit Maturities, Year Four | 711 | |
Time Deposit Maturities, Year Five | 172 | |
Time deposits | $ 20,033 | $ 24,018 |
(8) Federal Home Loan Bank Ad86
(8) Federal Home Loan Bank Advances and Line of Credit (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Federal Funds Purchased | $ 0 | $ 0 |
Correspondent Bank | ||
Line of Credit Facility, Current Borrowing Capacity | 6,000 | |
Federal Home Loan Bank of Atlanta | ||
Line of Credit Facility, Current Borrowing Capacity | 41,800 | |
Long-term Federal Home Loan Bank Advances, Current | $ 12,750 | $ 5,000 |
Short-term Debt, Percentage Bearing Fixed Interest Rate | 0.63% | 0.39% |
(9) Off-balance Sheet Financi87
(9) Off-balance Sheet Financial Instruments: Schedule of Fair Value, Off-balance Sheet Risks (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Details | |
Unused Commitments to Extend Credit | $ 17,905 |
(11) Income Taxes_ Schedule o88
(11) Income Taxes: Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Details | ||
Current Federal Tax Expense (Benefit) | $ (17) | |
Taxes Payable, Current | (17) | |
Deferred Federal Income Tax Expense (Benefit) | 55 | $ (45) |
Deferred State and Local Income Tax Expense (Benefit) | 8 | (7) |
Deferred income tax benefit | 63 | (52) |
Current Federal, State and Local, Tax Expense (Benefit) | $ 46 | $ (52) |
(11) Income Taxes_ Schedule o89
(11) Income Taxes: Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Income taxes (benefit) at Federal statutory rate | ||
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | $ 53 | $ (44) |
Effective Income Tax Rate Reconciliation,Other Reconciling Items, Percent | 34.00% | 34.00% |
Increase in income tax benefit resulting from State taxes, net of Federal tax | ||
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | $ 5 | $ (4) |
Effective Income Tax Rate Reconciliation,Other Reconciling Items, Percent | 3.20% | (3.00%) |
Increase in income tax benefit resulting from other | ||
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | $ (12) | $ (4) |
Effective Income Tax Rate Reconciliation,Other Reconciling Items, Percent | (7.70%) | (3.00%) |
Income taxes expense (benefit) | ||
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | $ 46 | $ (52) |
Effective Income Tax Rate Reconciliation,Other Reconciling Items, Percent | 29.50% | (40.60%) |
(11) Income Taxes_ Schedule o90
(11) Income Taxes: Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Details | ||
Deferred Tax Assets, Valuation Allowance | $ 353 | $ 337 |
Deferred Tax Assets, Operating Loss Carryforwards | 1,382 | 1,505 |
Deferred Tax Assets, Other | 54 | 156 |
Deferred Tax Assets Nonaccrual Interest | 565 | 412 |
Deferred Tax Assets Foreclosed Property Expense | 13 | |
Deferred Tax Assets, Property, Plant and Equipment | 61 | 81 |
Deferred Tax Assets Stock Option Expense | 196 | 183 |
Deferred Tax Assets, Gross | 2,611 | 2,687 |
Deferred Tax Liabilities, Mortgage Servicing Rights | (61) | (74) |
Deferred Tax Liabilities, Gross, Current | (61) | (74) |
Deferred Tax Assets, Net of Valuation Allowance | $ 2,550 | $ 2,613 |
(13) Related Parties_ Schedul91
(13) Related Parties: Schedule of Related Party Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Repayments of Related Party Debt | $ (1) | $ (4) |
Beginning of period balance | ||
Related Party Transaction, Amounts of Transaction | 2 | 6 |
End of period balance | ||
Related Party Transaction, Amounts of Transaction | 1 | 2 |
Related Party Deposit Liabilities | $ 144 | $ 400 |
(14) Employee Benefit Plans (De
(14) Employee Benefit Plans (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Details | ||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Amount | $ 18 | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 100.00% | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 5.00% | |
Defined Benefit Plan, Contributions by Employer | $ 106,000 | $ 97,000 |
(15) Employee Stock Ownership93
(15) Employee Stock Ownership Plan ('ESOP') (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Details | ||
Employee Stock Ownership Plan (ESOP), Shares Contributed to ESOP | 98,756 | |
Employee Stock Ownership Plan (ESOP), Debt Structure, Direct Loan, Amount | $ 988 | |
ESOP Loan Note Interest rate | 4.25% | |
ESOP compensation expense | $ 8 | $ 14 |
(16) 2012 Equity Incentive Pl94
(16) 2012 Equity Incentive Plan: Schedule of Share-based Compensation, Stock Options, Activity (Details) - 2012 Equity Incentive Plan $ / shares in Units, $ in Thousands | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015$ / sharesshares | Dec. 31, 2014$ / sharesshares |
Options Outstanding | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | shares | 80,500 | 81,500 | 84,000 |
Share Based Compensation Arrangement By Share Based Payment Award Options In Period Weighted Average Exercise Price | $ / shares | $ 11.63 | $ 11.62 | $ 11.23 |
Share Based Compensation Arrangement By Share Based Payment Award Options Weighted Average Remaining Contractual Term | 6.14 | 7.12 | |
Options Forfeited | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | shares | (2,500) | ||
Share Based Compensation Arrangement By Share Based Payment Award Options In Period Weighted Average Exercise Price | $ / shares | $ 10.75 | ||
Options Exercised | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | shares | (1,000) | ||
Share Based Compensation Arrangement By Share Based Payment Award Options In Period Weighted Average Exercise Price | $ / shares | $ 10.75 | ||
Options Exercisable | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | shares | 10,000 | ||
Share Based Compensation Arrangement By Share Based Payment Award Options In Period Weighted Average Exercise Price | $ / shares | $ 10.75 | ||
Share Based Compensation Arrangement By Share Based Payment Award Options Weighted Average Remaining Contractual Term | 5.95 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ | $ 91,500 |
(16) 2012 Equity Incentive Pl95
(16) 2012 Equity Incentive Plan: Stock Option Compensation Expense (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Employee Service Share Based Compensation Unrecognized Compensation Costs On Nonvested Awards Weighted Average Period Of Recognition | 58 | |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 17 | $ 17 |
Compensation expense | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 45 | $ 29 |
(16) 2012 Equity Incentive Pl96
(16) 2012 Equity Incentive Plan: Restricted Stock (Details) - 2012 Equity Incentive Plan - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Weighted Average Number of Shares, Restricted Stock | 49,378 | |
Restricted Stock or Unit Expense | $ 157 | $ 147 |
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options | $ 59 | $ 55 |
(16) 2012 Equity Incentive Pl97
(16) 2012 Equity Incentive Plan: Schedule of Share-based Compensation, Restricted Stock Units Award Activity (Details) - 2012 Equity Incentive Plan - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Weighted Average Number of Shares, Restricted Stock | 49,378 | ||
Restricted Stock | Options Outstanding | |||
Weighted Average Number of Shares, Restricted Stock | 19,400 | 28,700 | 38,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 16.94 | $ 16.92 | $ 16.91 |
Restricted Stock | Options Vested | |||
Weighted Average Number of Shares, Restricted Stock | (9,300) | (9,300) | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 16.88 | $ 16.88 |
(17) Fair Value Measurements_98
(17) Fair Value Measurements: Schedule of Fair Value Measurement of Impaired Collateral Dependent Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
One-to-four family | ||
Impaired collateral-dependent loans | $ 574 | $ 754 |
Home Equity Loan | ||
Impaired collateral-dependent loans | 36 | 16 |
Impaired Financing Receivables | ||
Impaired collateral-dependent loans | $ 610 | $ 770 |
(17) Fair Value Measurements_99
(17) Fair Value Measurements: Schedule of Fair Value Measurement of Foreclosed Real Estate (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Foreclosed real estate | ||
Impaired collateral-dependent loans | $ 141 | $ 433 |
(18) Regulatory Matters_ Sch100
(18) Regulatory Matters: Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Total Capital to Risk-Weighted Assets | ||
Capital | $ 19,539 | $ 19,117 |
Capital to Risk Weighted Assets | 15.34% | 17.03% |
Capital Required for Capital Adequacy | $ 10,191 | $ 8,978 |
Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | 8.00% |
Capital Required to be Well Capitalized | $ 12,739 | $ 11,222 |
Capital Required to be Well Capitalized to Risk Weighted Assets | 10.00% | 10.00% |
Tier I Capital to Risk-Weighted Assets | ||
Capital | $ 18,615 | $ 18,222 |
Capital to Risk Weighted Assets | 14.61% | 16.24% |
Capital Required for Capital Adequacy | $ 7,643 | $ 6,733 |
Capital Required for Capital Adequacy to Risk Weighted Assets | 6.00% | 6.00% |
Capital Required to be Well Capitalized | $ 10,191 | $ 8,978 |
Capital Required to be Well Capitalized to Risk Weighted Assets | 8.00% | 8.00% |
Tier I Capital to Total Assets | ||
Capital | $ 18,615 | $ 18,222 |
Capital to Risk Weighted Assets | 11.42% | 12.56% |
Capital Required for Capital Adequacy | $ 6,519 | $ 5,803 |
Capital Required for Capital Adequacy to Risk Weighted Assets | 4.00% | 4.00% |
Capital Required to be Well Capitalized | $ 8,148 | $ 7,253 |
Capital Required to be Well Capitalized to Risk Weighted Assets | 5.00% | 5.00% |
Common equity Tier 1 Capital to Risk-Weighted Assets | ||
Capital | $ 18,615 | $ 18,222 |
Capital to Risk Weighted Assets | 14.61% | 16.24% |
Capital Required for Capital Adequacy | $ 5,733 | $ 5,050 |
Capital Required for Capital Adequacy to Risk Weighted Assets | 4.50% | 4.50% |
Capital Required to be Well Capitalized | $ 8,280 | $ 7,295 |
Capital Required to be Well Capitalized to Risk Weighted Assets | 6.50% | 6.50% |
(19) Parent Company Only Fin101
(19) Parent Company Only Financial Information: Condensed Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Other assets | $ 649 | $ 1,099 |
Total assets | 173,209 | 157,828 |
Other liabilities | 360 | 474 |
Total stockholders' equity | 21,656 | 21,358 |
Total liabilities and stockholders' equity | 173,209 | 157,828 |
Parent Company | Assets | ||
Cash | 311 | 517 |
Investment in subsidiary | 21,119 | 20,756 |
Other assets | 229 | 122 |
Total assets | 21,659 | 21,395 |
Parent Company | Liabilities and Stockholders' Equity | ||
Other liabilities | 3 | 37 |
Total stockholders' equity | 21,656 | 21,358 |
Total liabilities and stockholders' equity | $ 21,659 | $ 21,395 |
(19) Parent Company Only Fin102
(19) Parent Company Only Financial Information: Condensed Income Statement (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Income tax expense (benefit) | $ 46 | $ (52) |
Parent Company | ||
Revenues | 25 | 30 |
Other Expenses | (150) | (135) |
Loss before earnings of subsidiary | (125) | (105) |
Net (loss) earnings of subsidiary | 229 | (12) |
Earnings (loss) before income taxes (benefit) | 104 | (117) |
Income tax expense (benefit) | (6) | (41) |
Income (Loss) from Subsidiaries, Net of Tax | $ 110 | $ (76) |
(19) Parent Company Only Fin103
(19) Parent Company Only Financial Information: Condensed Cash Flow Statement (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
ESOP compensation expense | $ 8 | $ 14 |
Decrease (increase) in other assets | 450 | (100) |
Stock options exercised, amount | 11 | |
Repurchase of common stock | (33) | (1,144) |
Net cash provided by financing activities | 15,160 | 6,421 |
Parent Company | ||
Income (Loss) from Subsidiaries, Net of Tax | 110 | (76) |
Cash, Period Increase (Decrease) | (206) | (1,145) |
Cash at beginning of the year | 517 | 1,662 |
Cash at end of the year | 311 | 517 |
Parent Company | Cash flows from operating activities | ||
Income (Loss) from Subsidiaries, Net of Tax | 110 | (76) |
Parent Company | Adjustments to reconcile net earnings to net cash provided by operating activities | ||
ESOP compensation expense | 8 | 14 |
Decrease in investment in subsidiary due to ESOP | 68 | 78 |
Decrease (increase) in other assets | (107) | (65) |
Increase in other liabilities | (34) | 36 |
Equity in undistributed earnings of subsidiary | (229) | 12 |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | (184) | (1) |
Parent Company | Cash flows from financing activity | ||
Stock options exercised, amount | 11 | |
Repurchase of common stock | (33) | (1,144) |
Net cash provided by financing activities | (22) | (1,144) |
Parent Company | Supplemental disclosure of cash flow information | ||
Stock-based compensation expense of subsidiary | $ 202 | $ 176 |