Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Jun. 30, 2017 | Aug. 10, 2017 | |
Document and Entity Information: | ||
Entity Registrant Name | Sunshine Financial Inc | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2017 | |
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 Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Entity Incorporation, State Country Name | Maryland corporation |
SUNSHINE FINANCIAL, INC. AND SU
SUNSHINE FINANCIAL, INC. AND SUBSIDIARIES -- Condensed Consolidated Balance Sheets (June 30, 2017 figures unaudited) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Assets | ||
Cash and due from banks | $ 1,984 | $ 2,705 |
Interest-bearing deposits with banks | 5,713 | 8,608 |
Cash and cash equivalents | 7,697 | 11,313 |
Securities held to maturity | 14,750 | 16,512 |
Loans, net | 150,216 | 134,077 |
Premises and equipment, net | 3,590 | 3,662 |
Bank owned life insurance | 3,217 | 3,172 |
Federal Home Loan Bank stock, at cost | 963 | 684 |
Deferred income taxes | 2,410 | 2,550 |
Accrued interest receivable | 427 | 449 |
Foreclosed real estate | 137 | 141 |
Other assets | 549 | 649 |
Total assets | 183,956 | 173,209 |
Liabilities: | ||
Noninterest-bearing deposit accounts | 32,620 | 31,247 |
Money-market deposit accounts | 42,110 | 39,633 |
Savings accounts | 48,050 | 46,989 |
Time deposits | 18,694 | 20,033 |
Total deposits | 141,474 | 137,902 |
Federal home loan bank advances | 19,000 | 12,750 |
Official checks | 490 | 541 |
Other liabilities | 1,021 | 360 |
Total liabilities | 161,985 | 151,553 |
Stockholders' equity: | ||
Common stock | 10 | 10 |
Additional paid in capital | 7,422 | 7,374 |
Retained earnings | 14,959 | 14,743 |
Unearned Employee Stock Ownership Plan ("ESOP")shares | (420) | (471) |
Total stockholders' equity | 21,971 | 21,656 |
Total liabilities and stockholders' equity | $ 183,956 | $ 173,209 |
SUNSHINE FINANCIAL, INC. AND S3
SUNSHINE FINANCIAL, INC. AND SUBSIDIARIES -- Condensed Consolidated Balance Sheets (June 30, 2017 figures unaudited) (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Statements of Financial Condition | ||
Securities held to maturity fair value | $ 14,660 | $ 16,294 |
Allowance for loan losses | $ 1,077 | $ 924 |
Preferred stock par value | $ 0.01 | $ 0.01 |
Preferred stock shares authorized | 1,000,000 | 1,000,000 |
Preferred stock shares issued | 0 | 0 |
Preferred stock shares 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 | 1,030,039 |
Common stock shares outstanding | 1,030,039 | 1,030,039 |
SUNSHINE FINANCIAL, INC. AND S4
SUNSHINE FINANCIAL, INC. AND SUBSIDIARIES -- Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Interest income: | ||||
Loans | $ 1,735 | $ 1,469 | $ 3,378 | $ 2,897 |
Securities | 76 | 95 | 157 | 198 |
Other interest income | 18 | 13 | 34 | 25 |
Total interest income | 1,829 | 1,577 | 3,569 | 3,120 |
Interest expense: | ||||
Deposit accounts | 94 | 92 | 186 | 184 |
Other borrowings | 40 | 4 | 64 | 9 |
Total interest expense | 134 | 96 | 250 | 193 |
Net interest income | 1,695 | 1,481 | 3,319 | 2,927 |
Provision for loan losses | 50 | 45 | 105 | 90 |
Net interest income after provision for loan losses | 1,645 | 1,436 | 3,214 | 2,837 |
Noninterest income: | ||||
Fees and service charges on deposit accounts | 346 | 355 | 695 | 707 |
Gain on loan sales | 21 | 11 | 21 | |
Gain on sale of foreclosed real estate | 30 | |||
Fees and charges on loans | 58 | 40 | 107 | 76 |
Income from bank owned life insurance | 22 | 23 | 45 | 49 |
Other noninterest income | 5 | 46 | 15 | 49 |
Total noninterest income | 431 | 485 | 903 | 902 |
Noninterest expenses: | ||||
Salaries and employee benefits | 817 | 878 | 1,609 | 1,761 |
Occupancy and equipment | 251 | 276 | 513 | 558 |
Data processing services | 330 | 294 | 625 | 608 |
Professional fees | 207 | 182 | 380 | 361 |
Deposit insurance | 16 | 32 | 32 | 63 |
Advertising and promotion | 27 | 23 | 46 | 37 |
Stationery and supplies | 24 | 26 | 51 | 52 |
Telephone communications | 36 | 41 | 102 | 83 |
Foreclosed real estate | 209 | 155 | 403 | 325 |
Credit card expense | 1,917 | 1,907 | 3,761 | 3,848 |
Earnings (loss) before income taxes (benefit) | 159 | 14 | 356 | (109) |
Income taxes (benefit) | 67 | 8 | 140 | (24) |
Net earnings (loss) | $ 92 | $ 6 | $ 216 | $ (85) |
Basic earnings (loss) per common share | $ 0.10 | $ 0.01 | $ 0.23 | $ (0.09) |
Diluted earnings (loss) per common share | $ 0.09 | $ 0.01 | $ 0.22 | $ (0.09) |
SUNSHINE FINANCIAL, INC. AND S5
SUNSHINE FINANCIAL, INC. AND SUBSIDIARIES -- Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock Shares | Common Stock Amount | Additional Paid In Capital | Retained Earnings | Unearned Employee Stock Ownership Plan Shares | Total Stockholders' Equity |
Balance beginning of period shares at Dec. 31, 2015 | 1,030,898 | ||||||
Balance beginning of period amount at Dec. 31, 2015 | $ 10 | $ 7,285 | $ 14,633 | $ (570) | $ 21,358 | ||
Net income (loss) | $ (85) | (85) | (85) | ||||
Stock based compensation expense | 102 | 102 | 102 | ||||
Stock issued for options exercised shares | 1,000 | ||||||
Stock issued for options exercised amount | 11 | 11 | |||||
Common stock allocated to ESOP participants | (45) | 49 | 4 | ||||
Balance end of period shares at Jun. 30, 2016 | 1,031,898 | ||||||
Balance end of period amount at Jun. 30, 2016 | 10 | 7,353 | 14,548 | (521) | 21,390 | ||
Balance beginning of period shares at Dec. 31, 2016 | 1,030,039 | ||||||
Balance beginning of period amount at Dec. 31, 2016 | 10 | 7,374 | 14,743 | (471) | 21,656 | ||
Net income (loss) | 216 | 216 | 216 | ||||
Stock based compensation expense | $ 100 | 100 | 100 | ||||
Common stock allocated to ESOP participants | (52) | 51 | (1) | ||||
Balance end of period shares at Jun. 30, 2017 | 1,030,039 | ||||||
Balance end of period amount at Jun. 30, 2017 | $ 10 | $ 7,422 | $ 14,959 | $ (420) | $ 21,971 |
SUNSHINE FINANCIAL, INC. AND S6
SUNSHINE FINANCIAL, INC. AND SUBSIDIARIES -- Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 216 | $ (85) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation | 160 | 186 |
Provision for loan losses | 105 | 90 |
Deferred income tax (benefit) | 140 | (8) |
Net amortization of premiums on securities | 12 | 22 |
Net amortization of deferred loan fees and costs | 77 | 5 |
Income from bank owned life insurance | (45) | (49) |
Loans originated for sale | (421) | (642) |
Proceeds from loans sold | 432 | 663 |
Gain on sale of loans | (11) | (21) |
ESOP compensation expense, net | (1) | 4 |
Stock-based compensation expense | 100 | 102 |
Decrease (increase) in accrued interest receivable | 22 | (41) |
Decrease in other assets | 100 | 55 |
Gain on sale of foreclosed real estate | (30) | |
Write-down of foreclosed real estate | 27 | |
Decrease in official checks | (51) | (90) |
Increase in other liabilities | 661 | 446 |
Net cash provided by operating activities | 1,466 | 664 |
Cash flows from investing activities: | ||
Principal pay-downs on securities held-to-maturity | 1,750 | 2,155 |
Net increase in loans | (16,321) | (5,983) |
Net purchases of premises and equipment | (88) | (110) |
Purchase of Federal Home Loan Bank stock | (279) | (28) |
Proceeds from sale of foreclosed real estate | 34 | |
Capital expenditures to foreclosed real estate | (14) | |
Net cash used in investing activities | (14,904) | (3,980) |
Cash flows from financing activities: | ||
Net increase in deposits | 3,572 | 6,224 |
Net proceeds on Federal Home Loan Bank advances | 11 | |
Net cash provided by financing activities | 9,822 | 6,735 |
(Decrease) increase in cash and cash equivalents | (3,616) | 3,419 |
Cash and cash equivalents at beginning of period | 11,313 | 10,862 |
Cash and cash equivalents at end of period | 7,697 | 14,281 |
Cash paid during the period for: | ||
Interest | $ 250 | 193 |
Noncash transactions: | ||
Transfer from loans to foreclosed real estate | $ 98 |
1. Organization and Basis of Pr
1. Organization and Basis of Presentation | 3 Months Ended |
Jun. 30, 2017 | |
Notes | |
1. Organization and Basis of Presentation | 1. Organization and Basis of Presentation Sunshine Financial, Inc. ("Sunshine Financial" or the "Holding Company"), a Maryland corporation, is the holding company for Sunshine Community Bank (the "Bank") and owns all the outstanding common stock of the 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, credit life and disability insurance products associated with loan products. Collectively the entities are referred to as the "Company." These condensed consolidated financial statements have been prepared in accordance with the instructions for Form 10-Q and Article 8-03 of Regulation S-X and do not include all disclosures required by accounting principles generally accepted in the United States of America ("GAAP") for a complete presentation of the Company's consolidated financial condition and consolidated results of operations. In the opinion of management, the accompanying condensed consolidated financial statements of the Company reflect all adjustments (consisting only of normal recurring accruals) which are necessary in order to present fairly the consolidated financial position at June 30, 2017 and the results of operations for the three- and six-month periods ended June 30, 2017 and 2016. It is recommended that these unaudited condensed consolidated financial statements be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company's annual report on Form 10-K for the year ended December 31, 2016 filed with the U.S. Securities and Exchange Commission ("SEC") on March 30, 2017 ("2016 Form 10-K"). The results of operations for the three- and six-month periods ended June 30, 2017, are not necessarily indicative of the results to be expected for the full year or for any other period. |
2. Recent Accounting Pronouncem
2. Recent Accounting Pronouncements | 3 Months Ended |
Jun. 30, 2017 | |
Notes | |
2. Recent Accounting Pronouncements | 2. Recent Accounting 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 February 2016, the FASB issued ASU 2016-2, Leases (Topic 842) In June 2016, FASB issued Accounting Standards Update ("ASU") No. 2016-13 Financial Instruments-Credit Losses 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 March 2017, the FASB issued ASU No. 2017-08, Receivables - Nonrefundable Fees and Other Costs In May 2017, the FASB issued ASU No. 2017-09, Compensation--Stock Compensation (Topic 718): Scope of Modification Accounting |
3. Earnings (loss) Per Share
3. Earnings (loss) Per Share | 3 Months Ended |
Jun. 30, 2017 | |
Notes | |
3. Earnings (loss) Per Share | 3. 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 three- and six-months ended June 30, 2017, and the three-months ended June 30, 2016, the outstanding stock options are considered dilutive securities for purposes of calculating diluted EPS which was computed using the treasury stock method. For the six-months ended June 30, 2016, the outstanding stock options were 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 ($ in thousands, except per share amounts): 2017 2016 Weighted- Per Weighted- Per Average Share Earnings Average Share Earnings Shares Amount (loss) Shares Amount Three Months Ended June 30: Basic EPS: Net earnings (loss) $ 92 954,392 $ 0.10 $ 3 943,137 $ 0.01 Effect of dilutive securities: Incremental shares from assumed conversion of options and restricted stock awards 37,681 33,064 Diluted EPS: Net earnings (loss) $ 92 992,073 $ 0.09 $ 6 976,201 $ 0.01 2017 2016 Weighted- Per Weighted- Per Average Share Average Share Earnings Shares Amount Loss Shares Amount Six Months Ended June 30: Basic EPS: Net earnings (loss) $ 216 953,157 $ 0.23 $ (85) 941,903 $ (0.09) Effect of dilutive securities: Incremental shares from assumed conversion of options and restricted stock awards 37,987 - Diluted EPS: Net earnings (loss) $ 216 991,144 $ 0.22 $ (85) 941,903 $ (0.09) |
4. Securities Held To Maturity
4. Securities Held To Maturity | 3 Months Ended |
Jun. 30, 2017 | |
Notes | |
4. Securities Held To Maturity | 4. Securities Held to Maturity Securities have been classified as held to maturity according to management intent. The carrying amount of securities and their fair values are as follows (in thousands): Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value At June 30, 2017 Agency mortgage-backed securities $ 535 19 - 554 Agency collateralized mortgage obligations 14,215 42 (151) 14,106 Total $ 14,750 61 (151) 14,660 At December 31, 2016 Agency mortgage-backed securities 697 24 - 721 Agency collateralized mortgage obligations 15,815 15 (257) 15,573 Total $ 16,512 39 (257) 16,294 There were no securities pledged at June 30, 2017 or December 31, 2016. 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 June 30, 2017: Agency collateralized mortgage obligations $ (50) 4,205 (101) 3,627 At December 31, 2016: Agency collateralized mortgage obligations $ (102) 10,523 (155) 3,941 At June 30, 2017 and December 31, 2016, the unrealized losses on eighteen securities and twenty-one 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 all of the 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. |
5. Loans
5. Loans | 3 Months Ended |
Jun. 30, 2017 | |
Notes | |
5. Loans | 5. Loans The loan portfolio segments and classes as of the dates indicated are as follows (in thousands): June 30, December 31, 2017 2016 Real estate mortgage loans: One-to four-family $ 60,907 56,601 Commercial real estate 63,571 52,960 Construction and lot 4,568 4,247 Total real estate loans 129,046 113,808 Commercial loans 3,700 4,217 Consumer loans: Home equity 6,878 7,166 Automobile and other 4,429 4,498 Credit cards and unsecured 5,764 5,796 Total consumer loans 17,071 17,460 Total loans 149,817 135,485 Deduct Loans in process 1,361 (522) Deferred fees and discounts 115 38 Allowance for loan losses (1,077) (924) Total loans, net $ 150,216 134,077 The Company has divided the loan portfolio into three portfolio segments and seven 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 Loans. Consumer Loans. An analysis of the change in the allowance for loan losses for the periods indicated, is as follows (in thousands): Real Estate Loans Commercial Loans Consumer Loans Unallocated Total Three Months Ended June 30, 2017: Beginning balance $ 558 69 335 6 968 Provision (credit) for loan loss (112) (1) 12 151 50 Charge-offs - - (15) - (15) Recoveries 68 - 6 - 74 Ending balance $ 514 68 338 157 1,077 Three Months Ended June 30, 2016: Beginning balance $ 471 28 356 72 927 Provision (credit) for loan loss 22 (1) 35 (11) 45 Charge-offs (14) - (53) - (67) Recoveries 2 - 17 - 19 Ending balance $ 481 27 355 61 924 Six Months Ended June 30, 2017: Beginning balance $ 558 74 292 - 924 Provision (credit) for loan loss (124) (6) 78 157 105 Charge-offs - - (54) - (54) Recoveries 80 - 22 - 102 Ending balance $ 514 68 338 157 1,077 Six Months Ended June 30, 2016: Beginning balance $ 503 10 381 1 895 Provision (credit) for loan loss (12) 17 25 60 90 Charge-offs (14) - (90) - (104) Recoveries 4 - 39 - 43 Ending balance $ 481 27 355 61 924 At June 30, 2017: Individually evaluated for impairment: Recorded investment $ 2,326 - 153 - 2,479 Balance in allowance for loan losses $ 44 - 28 - 72 Collectively evaluated for impairment: Recorded investment $ 126,720 3,700 16,918 - 147,338 Balance in allowance for loan losses $ 470 68 310 157 1,005 At December 31, 2016: 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 The following summarizes the loan credit quality by loan grade and class at the dates indicated (in thousands): Credit Risk Profile by One-to Commercial Constru- Credit Internally Four- Real ction and Comme- Home Automobile Cards and Assigned Grade: Family Estate Lot rcial Equity and Other Unsecured Total At June 30, 2017: Grade: Pass $ 58,335 63,571 4,542 3,700 6,697 4,341 5,721 146,907 Special mention 1,393 - 26 - 4 - 9 1,432 Substandard 1,179 - - - 177 88 34 1,478 Total $ 60,907 63,571 4,568 3,700 6,878 4,429 5,764 149,817 At December 31, 2016: Grade: Pass $ 53,573 52,960 4,218 4,217 6,843 4,393 5,760 131,964 Special mention 807 - - - - - 4 811 Substandard 2,221 - 29 - 323 105 32 2,710 Total $ 56,601 52,960 4,247 4,217 7,166 4,498 5,796 135,485 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 June 30, 2017: Real estate loans: One-to four-family $ 766 104 - 870 58,858 1,179 60,907 Commercial real estate - - - - 63,571 - 63,571 Construction and lot 43 - - 43 4,525 - 4,568 Commercial loans - - - - 3,700 - 3,700 Consumer loans: Home equity 185 - - 185 6,436 257 6,878 Automobile and other 47 4 - 51 4,289 89 4,429 Credit cards and unsecured 71 44 71 186 5,544 34 5,764 Total $ 1,112 152 71 1,335 146,923 1,559 149,817 At December 31, 2016: Real estate loans: One-to four-family $ 772 277 - 1,049 53,465 2,087 56,601 Commercial real estate - - - - 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 and other 21 - - 21 4,373 104 4,498 Credit cards and unsecured 138 4 7 149 5,614 33 5,796 Total $ 1,093 281 7 1,381 131,560 2,544 135,485 The following summarizes the amount of impaired loans at the dates indicated (in thousands): With No Related Allowance Recorded With an Allowance Recorded Total Recorded Investment Unpaid Principal Balance Recorded Investment Unpaid Principal Balance Related Allowance Recorded Investment Unpaid Principal Balance Related Allowance At June 30, 2017: Real estate loans: One-to four-family $ 1,756 1,799 570 586 44 2,326 2,385 44 Consumer loans: Home equity 119 130 34 43 28 153 173 28 $ 1,875 1,929 604 629 72 2,479 2,558 72 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 The average net investment in impaired loans and interest income recognized and received on impaired loans for the periods shown are as follows (in thousands): Three Months Ended June 30, 2017 2016 Average Interest Interest Average Interest Interest Recorded Income Income Recorded Income Income Investment Recognized Received Investment Recognized Received Residential estate loans: One-to-four family $ 2,282 48 50 2,585 38 39 Consumer loans: Home equity 125 3 3 183 4 5 Total $ 2,407 51 53 $ 2,768 42 44 Six Months Ended June 30, 2017 2016 Average Interest Interest Average Interest Interest Recorded Income Income Recorded Income Income Investment Recognized Received Investment Recognized Received Residential estate loans: One-to-four family $ 2,292 86 89 2,594 76 77 Consumer loans: Home equity 128 5 5 186 7 8 Total $ 2,420 91 94 $ 2,780 83 85 The Company had no troubled debt restructurings (TDR) entered into during the three and six months ended June 30, 2017 or 2016. The Company had no commitments to extend additional credit to borrowers whose terms have been modified in TDRs. |
6. Lines of Credit
6. Lines of Credit | 3 Months Ended |
Jun. 30, 2017 | |
Notes | |
6. Lines of Credit | 6. Lines of Credit The Company has an unsecured federal funds line of credit for $6.0 million with a correspondent bank and a $45.2 million line with the Federal Home Loan Bank of Atlanta collateralized by a blanket lien on qualifying loans. At June 30, 2017, the Company had $19.0 million outstanding in FHLB advances that mature in 2017 at a weighted average fixed rate of 1.16%. 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 June 30, 2017 and December 31, 2016, the Company had no outstanding balances on the federal funds line of credit. |
7. Off-balance-sheet Financial
7. Off-balance-sheet Financial Instruments | 3 Months Ended |
Jun. 30, 2017 | |
Notes | |
7. Off-balance-sheet Financial Instruments | 7. 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 commitments to extend 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 and commitments to extend 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 and commitments to extend 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 follows at June 30, 2017 (in thousands): Contract Amount Unused lines of credit $ 21,838 Commitments to extend credit $ 196 |
8. Fair Value of Financial Inst
8. Fair Value of Financial Instruments | 3 Months Ended |
Jun. 30, 2017 | |
Notes | |
8. Fair Value of Financial Instruments | 8. Fair Value of Financial Instruments The estimated fair values of the Company's financial instruments are as follows (in thousands): At June 30, 2017 At December 31, 2016 Carrying Fair Carrying Fair Amount Value Level Amount Value Level Financial assets: Cash and cash equivalents $ 7,697 7,697 1 11,313 11,313 1 Securities held to maturity 14,750 14,660 2 16,512 16,294 2 Loans 150,216 157,230 3 134,077 132,454 3 Federal Home Loan Bank stock 963 963 3 684 684 3 Accrued interest receivable 427 427 3 449 449 3 Financial liabilities: Deposits 141,474 135,388 3 137,902 132,280 3 Federal Home Loan Bank advances 19,000 19,001 3 12,750 12,750 3 Off-balance-sheet financial instruments - - 3 - - 3 Discussion regarding the assumptions used to compute the estimated fair values of financial instruments can be found in Note 1 to the consolidated financial statements included in the 2016 Form 10-K. |
9. Employee Stock Ownership Pla
9. Employee Stock Ownership Plan | 3 Months Ended |
Jun. 30, 2017 | |
Notes | |
9. Employee Stock Ownership Plan | 9. Employee Stock Ownership Plan The Holding Company has established an ESOP which acquired 98,756 shares of common stock in exchange for a $988,000 note payable from the Bank to the Holding Company. The note bears interest at a fixed rate of 4.25%, is payable in annual installments and is due in 2021. The ESOP expense was $3,000 for the three-months ended June 30, 2017 and $8,000 for the three-months ended June 30, 2016. The ESOP expense was $10,000 for the six-months ended June 30, 2017 and $17,000 for the six-months ended June 30, 2016. At June 30, 2017 and 2016, there were 37,132 and 47,008 shares, respectively, that had not been allocated under the ESOP. |
10. Equity Incentive Plan
10. Equity Incentive Plan | 3 Months Ended |
Jun. 30, 2017 | |
Notes | |
10. Equity Incentive Plan | 10. Equity Incentive Plan On May 23, 2012, the Holding Company's stockholders approved the 2012 Equity Incentive Plan (“Plan”). The Plan authorizes the grant of options for up to 123,445 shares of the Holding Company's common stock of which 41,945 shares were available for grant at June 30, 2017. The options granted have ten year terms and vest from one to five years. A summary of the activity in stock options under the Plan is as follows: Weighted- Weighted- Average Average Remaining Aggregate Number of Exercise Contractual Intrinsic Options Price Term Value Outstanding at December 31, 2015 81,500 $ 11.62 Exercised (1,000) 10.75 Outstanding at June 30, 2016 80,500 $ 11.63 6.63 Outstanding at December 31, 2016 80,500 11.63 Exercised - - Outstanding at June 30, 2017 80,500 $ 11.63 5.63 $ 823,000 Exercisable at June 30, 2017 10,000 $ 10.75 5.45 $ 111,000 At June 30, 2017, there was approximately $29,000 of unrecognized compensation expense related to non-vested stock options granted under the Plan. The cost is expected to be recognized over a weighted average period of twenty-five months. The total fair value of shares vesting and recognized as compensation expense was $12,000 for both the three-months ended June 30, 2017 and 2016. The total fair value of shares vesting and recognized as compensation expense was $23,000 for both the six-months ended June 30, 2017 and 2016. The Plan also authorizes the grant of up to 49,378 shares of restricted stock of which 4,078 shares were available for grant at June 30, 2017. The restricted stock awarded under the Plan vests equally over five years from the date of grant. Restricted stock awards are forfeited if employment is terminated before the restriction period expires. The record holder of the Holding Company's restricted stock possesses all the rights of a holder of the Holding Company common stock, including the right to receive dividends on and to vote the restricted stock. The restricted stock 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 $37,000 for the three-months ended June 30, 2017 and $39,000 for the three-months ended June 30, 2016. Compensation expense for restricted stock totaled $77,000 for the six-months ended June 30, 2017 and $79,000 for the six-months ended June 30, 2016. The income tax benefit recognized was $14,000 and $15,000 for the three months ended June 30, 2017 and June 30, 2016, respectively, and $29,000 and $30,000 for the six months ended June 30, 2017 and June 30, 2016, respectively. A summary of the status of the Company's restricted stock and changes during the periods then ended are presented below: Number of Shares Weighted-Average Grant-Date Fair Value Outstanding at December 31, 2015 28,700 $ 16.92 Outstanding at June 30, 2016 28,700 16.92 Outstanding at December 31, 2016 19,400 16.94 Forfeited (1,200) 18.25 Outstanding at June 30, 2017 18,200 $ 16.85 Total unrecognized compensation cost related to these non-vested shares of restricted stock amounted to approximately $206,000 at June 30, 2017. This cost is expected to be recognized monthly over the related vesting period using the straight-line method through 2019. |
11. Fair Value Measurements
11. Fair Value Measurements | 3 Months Ended |
Jun. 30, 2017 | |
Notes | |
11. Fair Value Measurements | 11. 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 are as follows (in thousands): Fair Value Level 1 Level 2 Level 3 Total Losses Losses Recorded During the Period At June 30, 2017: One-to four-family $ 570 - - 570 44 - Home equity 34 - - 34 28 - Total $ 604 - - 604 72 - At December 31, 2016: One-to four-family $ 574 - - 574 44 - Home equity 36 - - 36 28 - Total $ 610 - - 610 72 - Foreclosed real estate is recorded at fair value less estimated costs to sell. Foreclosed real estate which is measured at fair value on a nonrecurring basis 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 Period At June 30, 2017: Foreclosed real estate $ 137 - - 137 - - At December 31, 2016: Foreclosed real estate $ 141 - - 141 32 27 |
12. Regulatory Matters
12. Regulatory Matters | 3 Months Ended |
Jun. 30, 2017 | |
Notes | |
12. Regulatory Matters | 12. Regulatory Matters The Bank's actual regulatory capital amounts and percentages are presented in the table ($ in thousands). Actual Minimum For Capital Adequacy Purposes Minimum To Be Well Capitalized Under Prompt and Corrective Action Provisions Amount % Amount % Amount % At June 30, 2017: Total Capital to Risk- Weighted Assets $ 18,161 13.03% $ 11,147 8.00% $ 13,933 10.00% Tier I Capital to Risk- Weighted Assets 17,084 12.26 8,360 6.00 11,147 8.00 Tier I Capital to Total Assets 17,084 9.91 6,896 4.00 8,620 5.00 Common equity Tier 1 Capital to Risk-Weighted Assets 17,084 12.26 6270 4.50 9,057 6.50 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 1 Capital to Risk-Weighted Assets 18,615 14.61 5,733 4.50 8,280 6.50 Pursuant to the capital regulations of the FDIC and the other federal banking agencies, the Bank must maintain a capital conservation buffer consisting of additional common equity tier 1 (“CET1”) capital greater than 2.5% of risk-weighted assets above the required minimum levels of risk-based CET1 capital, tier 1 capital and total capital in order to avoid limitations on paying dividends, repurchasing shares, and paying discretionary bonuses. For our fiscal year ending December 31, 2017, the capital conservation buffer rule requires a buffer of greater than 1.25% of risk-weighted assets, which amount will increase by 0.625% yearly until the requirement is fully phased-in on January 1, 2019, when the buffer must exceed 2.5% of risk-weighted assets. As June 30, 2017, the Bank’s CET1 capital exceeded the required capital conservation buffer. |
1. Organization and Basis of 19
1. Organization and Basis of Presentation: Business Description and Accounting Policies (Policies) | 3 Months Ended |
Jun. 30, 2017 | |
Policies | |
Business Description and Accounting Policies | Sunshine Financial, Inc. ("Sunshine Financial" or the "Holding Company"), a Maryland corporation, is the holding company for Sunshine Community Bank (the "Bank") and owns all the outstanding common stock of the 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, credit life and disability insurance products associated with loan products. Collectively the entities are referred to as the "Company." These condensed consolidated financial statements have been prepared in accordance with the instructions for Form 10-Q and Article 8-03 of Regulation S-X and do not include all disclosures required by accounting principles generally accepted in the United States of America ("GAAP") for a complete presentation of the Company's consolidated financial condition and consolidated results of operations. In the opinion of management, the accompanying condensed consolidated financial statements of the Company reflect all adjustments (consisting only of normal recurring accruals) which are necessary in order to present fairly the consolidated financial position at June 30, 2017 and the results of operations for the three- and six-month periods ended June 30, 2017 and 2016. It is recommended that these unaudited condensed consolidated financial statements be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company's annual report on Form 10-K for the year ended December 31, 2016 filed with the U.S. Securities and Exchange Commission ("SEC") on March 30, 2017 ("2016 Form 10-K"). The results of operations for the three- and six-month periods ended June 30, 2017, are not necessarily indicative of the results to be expected for the full year or for any other period. |
3. Earnings (loss) Per Share_ E
3. Earnings (loss) Per Share: Earnings Per Share, Policy (Policies) | 3 Months Ended |
Jun. 30, 2017 | |
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 three- and six-months ended June 30, 2017, and the three-months ended June 30, 2016, the outstanding stock options are considered dilutive securities for purposes of calculating diluted EPS which was computed using the treasury stock method. For the six-months ended June 30, 2016, the outstanding stock options were 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 ($ in thousands, except per share amounts): |
5. Loans_ Real Estate Mortgage
5. Loans: Real Estate Mortgage Loans Policy (Policies) | 3 Months Ended |
Jun. 30, 2017 | |
Policies | |
Real Estate Mortgage Loans Policy | Real Estate Mortgage Loans. |
5. Loans_ Commercial Loan Polic
5. Loans: Commercial Loan Policy (Policies) | 3 Months Ended |
Jun. 30, 2017 | |
Policies | |
Commercial Loan Policy | Commercial Loans. |
5. Loans_ Consumer Loans Policy
5. Loans: Consumer Loans Policy (Policies) | 3 Months Ended |
Jun. 30, 2017 | |
Policies | |
Consumer Loans Policy | Consumer Loans. |
5. Loans_ Internal Loan Grade P
5. Loans: Internal Loan Grade Policy (Policies) | 3 Months Ended |
Jun. 30, 2017 | |
Policies | |
Internal Loan Grade Policy | Internally assigned loan grades are defined as follows: Pass Special Mention Substandard Doubtful Loss |
7. Off-balance-sheet Financia25
7. Off-balance-sheet Financial Instruments: Off-Balance-Sheet Credit Exposure, Policy (Policies) | 3 Months Ended |
Jun. 30, 2017 | |
Policies | |
Off-Balance-Sheet Credit Exposure, Policy | 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 commitments to extend 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 and commitments to extend 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. |
10. Equity Incentive Plan_ Shar
10. Equity Incentive Plan: Share-based Compensation, Option and Incentive Plans Policy (Policies) | 3 Months Ended |
Jun. 30, 2017 | |
Policies | |
Share-based Compensation, Option and Incentive Plans Policy | On May 23, 2012, the Holding Company's stockholders approved the 2012 Equity Incentive Plan (“Plan”). The Plan authorizes the grant of options for up to 123,445 shares of the Holding Company's common stock of which 41,945 shares were available for grant at June 30, 2017. The options granted have ten year terms and vest from one to five years. A summary of the activity in stock options under the Plan is as follows: |
3. Earnings (loss) Per Share_ S
3. Earnings (loss) Per Share: Schedule of Earnings Per Share, Basic and Diluted (Tables) | 3 Months Ended |
Jun. 30, 2017 | |
Tables/Schedules | |
Schedule of Earnings Per Share, Basic and Diluted | 2017 2016 Weighted- Per Weighted- Per Average Share Earnings Average Share Earnings Shares Amount (loss) Shares Amount Three Months Ended June 30: Basic EPS: Net earnings (loss) $ 92 954,392 $ 0.10 $ 3 943,137 $ 0.01 Effect of dilutive securities: Incremental shares from assumed conversion of options and restricted stock awards 37,681 33,064 Diluted EPS: Net earnings (loss) $ 92 992,073 $ 0.09 $ 6 976,201 $ 0.01 2017 2016 Weighted- Per Weighted- Per Average Share Average Share Earnings Shares Amount Loss Shares Amount Six Months Ended June 30: Basic EPS: Net earnings (loss) $ 216 953,157 $ 0.23 $ (85) 941,903 $ (0.09) Effect of dilutive securities: Incremental shares from assumed conversion of options and restricted stock awards 37,987 - Diluted EPS: Net earnings (loss) $ 216 991,144 $ 0.22 $ (85) 941,903 $ (0.09) |
4. Securities Held To Maturity_
4. Securities Held To Maturity: Schedule of held to maturity securities carrying amount and fair value (Tables) | 3 Months Ended |
Jun. 30, 2017 | |
Tables/Schedules | |
Schedule of held to maturity securities carrying amount and fair value | Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value At June 30, 2017 Agency mortgage-backed securities $ 535 19 - 554 Agency collateralized mortgage obligations 14,215 42 (151) 14,106 Total $ 14,750 61 (151) 14,660 At December 31, 2016 Agency mortgage-backed securities 697 24 - 721 Agency collateralized mortgage obligations 15,815 15 (257) 15,573 Total $ 16,512 39 (257) 16,294 |
4. Securities Held To Maturit29
4. Securities Held To Maturity: Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value (Tables) | 3 Months Ended |
Jun. 30, 2017 | |
Tables/Schedules | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | Less than Twelve Months Twelve Months or Longer Gross Gross Unrealized Fair Unrealized Fair Losses Value Losses Value At June 30, 2017: Agency collateralized mortgage obligations $ (50) 4,205 (101) 3,627 At December 31, 2016: Agency collateralized mortgage obligations $ (102) 10,523 (155) 3,941 |
5. Loans_ Schedule of Accounts,
5. Loans: Schedule of Accounts, Notes, Loans and Financing Receivable (Tables) | 3 Months Ended |
Jun. 30, 2017 | |
Tables/Schedules | |
Schedule of Accounts, Notes, Loans and Financing Receivable | June 30, December 31, 2017 2016 Real estate mortgage loans: One-to four-family $ 60,907 56,601 Commercial real estate 63,571 52,960 Construction and lot 4,568 4,247 Total real estate loans 129,046 113,808 Commercial loans 3,700 4,217 Consumer loans: Home equity 6,878 7,166 Automobile and other 4,429 4,498 Credit cards and unsecured 5,764 5,796 Total consumer loans 17,071 17,460 Total loans 149,817 135,485 Deduct Loans in process 1,361 (522) Deferred fees and discounts 115 38 Allowance for loan losses (1,077) (924) Total loans, net $ 150,216 134,077 |
5. Loans_ Schedule of Changes i
5. Loans: Schedule of Changes in Allowance for Loan Losses (Tables) | 3 Months Ended |
Jun. 30, 2017 | |
Tables/Schedules | |
Schedule of Changes in Allowance for Loan Losses | An analysis of the change in the allowance for loan losses for the periods indicated, is as follows (in thousands): Real Estate Loans Commercial Loans Consumer Loans Unallocated Total Three Months Ended June 30, 2017: Beginning balance $ 558 69 335 6 968 Provision (credit) for loan loss (112) (1) 12 151 50 Charge-offs - - (15) - (15) Recoveries 68 - 6 - 74 Ending balance $ 514 68 338 157 1,077 Three Months Ended June 30, 2016: Beginning balance $ 471 28 356 72 927 Provision (credit) for loan loss 22 (1) 35 (11) 45 Charge-offs (14) - (53) - (67) Recoveries 2 - 17 - 19 Ending balance $ 481 27 355 61 924 Six Months Ended June 30, 2017: Beginning balance $ 558 74 292 - 924 Provision (credit) for loan loss (124) (6) 78 157 105 Charge-offs - - (54) - (54) Recoveries 80 - 22 - 102 Ending balance $ 514 68 338 157 1,077 Six Months Ended June 30, 2016: Beginning balance $ 503 10 381 1 895 Provision (credit) for loan loss (12) 17 25 60 90 Charge-offs (14) - (90) - (104) Recoveries 4 - 39 - 43 Ending balance $ 481 27 355 61 924 At June 30, 2017: Individually evaluated for impairment: Recorded investment $ 2,326 - 153 - 2,479 Balance in allowance for loan losses $ 44 - 28 - 72 Collectively evaluated for impairment: Recorded investment $ 126,720 3,700 16,918 - 147,338 Balance in allowance for loan losses $ 470 68 310 157 1,005 At December 31, 2016: 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 |
5. Loans_ Financing Receivable
5. Loans: Financing Receivable Credit Quality Indicators (Tables) | 3 Months Ended |
Jun. 30, 2017 | |
Tables/Schedules | |
Financing Receivable Credit Quality Indicators | Credit Risk Profile by One-to Commercial Constru- Credit Internally Four- Real ction and Comme- Home Automobile Cards and Assigned Grade: Family Estate Lot rcial Equity and Other Unsecured Total At June 30, 2017: Grade: Pass $ 58,335 63,571 4,542 3,700 6,697 4,341 5,721 146,907 Special mention 1,393 - 26 - 4 - 9 1,432 Substandard 1,179 - - - 177 88 34 1,478 Total $ 60,907 63,571 4,568 3,700 6,878 4,429 5,764 149,817 At December 31, 2016: Grade: Pass $ 53,573 52,960 4,218 4,217 6,843 4,393 5,760 131,964 Special mention 807 - - - - - 4 811 Substandard 2,221 - 29 - 323 105 32 2,710 Total $ 56,601 52,960 4,247 4,217 7,166 4,498 5,796 135,485 |
5. Loans_ Schedule of Past Due
5. Loans: Schedule of Past Due Loans Age Analysis (Tables) | 3 Months Ended |
Jun. 30, 2017 | |
Tables/Schedules | |
Schedule of Past Due Loans Age Analysis | 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 June 30, 2017: Real estate loans: One-to four-family $ 766 104 - 870 58,858 1,179 60,907 Commercial real estate - - - - 63,571 - 63,571 Construction and lot 43 - - 43 4,525 - 4,568 Commercial loans - - - - 3,700 - 3,700 Consumer loans: Home equity 185 - - 185 6,436 257 6,878 Automobile and other 47 4 - 51 4,289 89 4,429 Credit cards and unsecured 71 44 71 186 5,544 34 5,764 Total $ 1,112 152 71 1,335 146,923 1,559 149,817 At December 31, 2016: Real estate loans: One-to four-family $ 772 277 - 1,049 53,465 2,087 56,601 Commercial real estate - - - - 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 and other 21 - - 21 4,373 104 4,498 Credit cards and unsecured 138 4 7 149 5,614 33 5,796 Total $ 1,093 281 7 1,381 131,560 2,544 135,485 |
5. Loans_ Impaired Financing Re
5. Loans: Impaired Financing Receivables (Tables) | 3 Months Ended |
Jun. 30, 2017 | |
Tables/Schedules | |
Impaired Financing Receivables | With No Related Allowance Recorded With an Allowance Recorded Total Recorded Investment Unpaid Principal Balance Recorded Investment Unpaid Principal Balance Related Allowance Recorded Investment Unpaid Principal Balance Related Allowance At June 30, 2017: Real estate loans: One-to four-family $ 1,756 1,799 570 586 44 2,326 2,385 44 Consumer loans: Home equity 119 130 34 43 28 153 173 28 $ 1,875 1,929 604 629 72 2,479 2,558 72 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 |
5. Loans_ Average net investmen
5. Loans: Average net investment in impaired loans and interest income recognized and received (Tables) | 3 Months Ended |
Jun. 30, 2017 | |
Tables/Schedules | |
Average net investment in impaired loans and interest income recognized and received | Three Months Ended June 30, 2017 2016 Average Interest Interest Average Interest Interest Recorded Income Income Recorded Income Income Investment Recognized Received Investment Recognized Received Residential estate loans: One-to-four family $ 2,282 48 50 2,585 38 39 Consumer loans: Home equity 125 3 3 183 4 5 Total $ 2,407 51 53 $ 2,768 42 44 Six Months Ended June 30, 2017 2016 Average Interest Interest Average Interest Interest Recorded Income Income Recorded Income Income Investment Recognized Received Investment Recognized Received Residential estate loans: One-to-four family $ 2,292 86 89 2,594 76 77 Consumer loans: Home equity 128 5 5 186 7 8 Total $ 2,420 91 94 $ 2,780 83 85 |
7. Off-balance-sheet Financia36
7. Off-balance-sheet Financial Instruments: Schedule of Fair Value, Off-balance Sheet Risks (Tables) | 3 Months Ended |
Jun. 30, 2017 | |
Tables/Schedules | |
Schedule of Fair Value, Off-balance Sheet Risks | Contract Amount Unused lines of credit $ 21,838 Commitments to extend credit $ 196 |
8. Fair Value of Financial In37
8. Fair Value of Financial Instruments: Schedule of Financial Instruments Fair Value (Tables) | 3 Months Ended |
Jun. 30, 2017 | |
Tables/Schedules | |
Schedule of Financial Instruments Fair Value | At June 30, 2017 At December 31, 2016 Carrying Fair Carrying Fair Amount Value Level Amount Value Level Financial assets: Cash and cash equivalents $ 7,697 7,697 1 11,313 11,313 1 Securities held to maturity 14,750 14,660 2 16,512 16,294 2 Loans 150,216 157,230 3 134,077 132,454 3 Federal Home Loan Bank stock 963 963 3 684 684 3 Accrued interest receivable 427 427 3 449 449 3 Financial liabilities: Deposits 141,474 135,388 3 137,902 132,280 3 Federal Home Loan Bank advances 19,000 19,001 3 12,750 12,750 3 Off-balance-sheet financial instruments - - 3 - - 3 |
10. Equity Incentive Plan_ Sche
10. Equity Incentive Plan: Schedule of Equity Incentive Plan Stock Options (Tables) | 3 Months Ended |
Jun. 30, 2017 | |
Tables/Schedules | |
Schedule of Equity Incentive Plan Stock Options | Weighted- Weighted- Average Average Remaining Aggregate Number of Exercise Contractual Intrinsic Options Price Term Value Outstanding at December 31, 2015 81,500 $ 11.62 Exercised (1,000) 10.75 Outstanding at June 30, 2016 80,500 $ 11.63 6.63 Outstanding at December 31, 2016 80,500 11.63 Exercised - - Outstanding at June 30, 2017 80,500 $ 11.63 5.63 $ 823,000 Exercisable at June 30, 2017 10,000 $ 10.75 5.45 $ 111,000 |
10. Equity Incentive Plan_ Sc39
10. Equity Incentive Plan: Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity (Tables) | 3 Months Ended |
Jun. 30, 2017 | |
Tables/Schedules | |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | A summary of the status of the Company's restricted stock and changes during the periods then ended are presented below: Number of Shares Weighted-Average Grant-Date Fair Value Outstanding at December 31, 2015 28,700 $ 16.92 Outstanding at June 30, 2016 28,700 16.92 Outstanding at December 31, 2016 19,400 16.94 Forfeited (1,200) 18.25 Outstanding at June 30, 2017 18,200 $ 16.85 |
11. Fair Value Measurements_ Sc
11. Fair Value Measurements: Schedule of impaired collateral-dependent loans (Tables) | 3 Months Ended |
Jun. 30, 2017 | |
Tables/Schedules | |
Schedule of impaired collateral-dependent loans | Fair Value Level 1 Level 2 Level 3 Total Losses Losses Recorded During the Period At June 30, 2017: One-to four-family $ 570 - - 570 44 - Home equity 34 - - 34 28 - Total $ 604 - - 604 72 - At December 31, 2016: One-to four-family $ 574 - - 574 44 - Home equity 36 - - 36 28 - Total $ 610 - - 610 72 - |
11. Fair Value Measurements_ 41
11. Fair Value Measurements: Schedule of Foreclosed Real Estate Measured at Fair Value on Nonrecurring Basis (Tables) | 3 Months Ended |
Jun. 30, 2017 | |
Tables/Schedules | |
Schedule of Foreclosed Real Estate Measured at Fair Value on Nonrecurring Basis | 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 Period At June 30, 2017: Foreclosed real estate $ 137 - - 137 - - At December 31, 2016: Foreclosed real estate $ 141 - - 141 32 27 |
12. Regulatory Matters_ Schedul
12. Regulatory Matters: Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations (Tables) | 3 Months Ended |
Jun. 30, 2017 | |
Tables/Schedules | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | The Bank's actual regulatory capital amounts and percentages are presented in the table ($ in thousands). Actual Minimum For Capital Adequacy Purposes Minimum To Be Well Capitalized Under Prompt and Corrective Action Provisions Amount % Amount % Amount % At June 30, 2017: Total Capital to Risk- Weighted Assets $ 18,161 13.03% $ 11,147 8.00% $ 13,933 10.00% Tier I Capital to Risk- Weighted Assets 17,084 12.26 8,360 6.00 11,147 8.00 Tier I Capital to Total Assets 17,084 9.91 6,896 4.00 8,620 5.00 Common equity Tier 1 Capital to Risk-Weighted Assets 17,084 12.26 6270 4.50 9,057 6.50 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 1 Capital to Risk-Weighted Assets 18,615 14.61 5,733 4.50 8,280 6.50 |
1. Organization and Basis of 43
1. Organization and Basis of Presentation: Business Description and Accounting Policies (Details) | 3 Months Ended |
Jun. 30, 2017 | |
Details | |
Entity Incorporation, State Country Name | Maryland corporation |
3. Earnings (loss) Per Share_44
3. Earnings (loss) Per Share: Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Basic EPS | Net earnings (loss) | ||||
Earnings (Loss) Per Share Income | $ 92 | $ 3 | $ 216 | $ (85) |
Weighted Average Number of Shares Issued, Basic | 954,392 | 943,137 | 953,157 | 941,903 |
Per Share Amount | $ 0.10 | $ 0.01 | $ 0.23 | $ (0.09) |
Effect of dilutive securities | Incremental shares from assumed conversion of options (antidilutive in 2012) | ||||
Weighted Average Number of Shares Issued, Basic | 37,681 | 33,064 | 37,987 | |
Diluted EPS | Net earnings (loss) | ||||
Earnings (Loss) Per Share Income | $ 92 | $ 6 | $ 216 | $ (85) |
Weighted Average Number of Shares Issued, Basic | 992,073 | 976,201 | 991,144 | 941,903 |
Per Share Amount | $ 0.09 | $ 0.01 | $ 0.22 | $ (0.09) |
4. Securities Held To Maturit45
4. Securities Held To Maturity: Schedule of held to maturity securities carrying amount and fair value (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Securities held to maturity fair value | $ 14,660 | $ 16,294 |
Held-to-maturity Securities | ||
Held to Maturity Securities Amortized Cost | 14,750 | 16,512 |
Held to Maturity Securities Gross Unrealized Gains | 61 | 39 |
Held to Maturity Securities Gross Unrealized Losses | (151) | (257) |
Securities held to maturity fair value | 14,660 | 16,294 |
Collateralized Mortgage Backed Securities | ||
Held to Maturity Securities Amortized Cost | 535 | 697 |
Held to Maturity Securities Gross Unrealized Gains | 19 | 24 |
Securities held to maturity fair value | 554 | 721 |
Collateralized Mortgage Obligations | ||
Held to Maturity Securities Amortized Cost | 14,215 | 15,815 |
Held to Maturity Securities Gross Unrealized Gains | 42 | 15 |
Held to Maturity Securities Gross Unrealized Losses | (151) | (257) |
Securities held to maturity fair value | $ 14,106 | $ 15,573 |
4. Securities Held To Maturit46
4. Securities Held To Maturity: Held to Maturity Securities Pledged as Collateral (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Details | ||
Held-to-maturity Securities Pledged as Collateral | $ 0 | $ 0 |
4. Securities Held To Maturit47
4. Securities Held To Maturity: Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value (Details) - Collateralized Mortgage Obligations - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ (50) | $ (102) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 4,205 | 10,523 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (101) | (155) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | $ 3,627 | $ 3,941 |
5. Loans_ Schedule of Account48
5. Loans: Schedule of Accounts, Notes, Loans and Financing Receivable (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Commercial Loan | ||
Loans and Financing Receivables | $ 3,700 | $ 4,217 |
Home Equity Line of Credit | ||
Loans and Financing Receivables | 6,878 | 7,166 |
Automobile Loan | ||
Loans and Financing Receivables | 4,429 | 4,498 |
Credit Card Receivable | ||
Loans and Financing Receivables | 5,764 | 5,796 |
Consumer Loan | ||
Loans and Financing Receivables | 17,071 | 17,460 |
LoansReceivableGrossMember | ||
Loans and Financing Receivables | 149,817 | 135,485 |
Loans in process | ||
Loans and Financing Receivables | 1,361 | (522) |
Deferred fees and discounts | ||
Loans and Financing Receivables | 115 | 38 |
Allowance for Notes Receivable | ||
Loans and Financing Receivables | (1,077) | (924) |
LoansReceivableNetMember | ||
Loans and Financing Receivables | 150,216 | 134,077 |
Real Estate Loan | One To Four Family | ||
Loans and Financing Receivables | 60,907 | 56,601 |
Real Estate Loan | Commercial Real Estate | ||
Loans and Financing Receivables | 63,571 | 52,960 |
Real Estate Loan | Construction Loans | ||
Loans and Financing Receivables | 4,568 | 4,247 |
Real Estate Loan | Real Estate Total | ||
Loans and Financing Receivables | $ 129,046 | $ 113,808 |
5. Loans_ Schedule of Changes49
5. Loans: Schedule of Changes in Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Commercial Loan | |||||
Provision (credit) for loan losses | $ (1) | $ (1) | $ (6) | $ 17 | |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 3,700 | 3,700 | $ 4,217 | ||
Financing Receivables After Collectively Evaluated for Impairment | 68 | 68 | 74 | ||
Commercial Loan | Beginning Balance | |||||
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | 69 | 28 | 74 | 10 | |
Commercial Loan | Ending Balance | |||||
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | 68 | 27 | 68 | 27 | |
Consumer Loan | |||||
Provision (credit) for loan losses | 12 | 35 | 78 | 25 | |
Allowance for Doubtful Accounts Receivable, Write-offs | (15) | (53) | (54) | (90) | |
Allowance for Doubtful Accounts Receivable, Recoveries | 6 | 17 | 22 | 39 | |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 153 | 153 | 162 | ||
Financing Receivables After Individually Evaluated for Impairment | 28 | 28 | 28 | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 16,918 | 16,918 | 17,298 | ||
Financing Receivables After Collectively Evaluated for Impairment | 310 | 310 | 264 | ||
Consumer Loan | Beginning Balance | |||||
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | 335 | 356 | 292 | 381 | |
Consumer Loan | Ending Balance | |||||
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | 338 | 355 | 338 | 355 | |
Unallocated Financing Receivables | |||||
Provision (credit) for loan losses | 151 | (11) | 157 | 60 | |
Financing Receivables After Collectively Evaluated for Impairment | 157 | 157 | |||
Unallocated Financing Receivables | Beginning Balance | |||||
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | 6 | 72 | 1 | ||
Unallocated Financing Receivables | Ending Balance | |||||
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | 157 | 61 | 157 | 61 | |
Financing Receivable | |||||
Provision (credit) for loan losses | 50 | 45 | 105 | 90 | |
Allowance for Doubtful Accounts Receivable, Write-offs | (15) | (67) | (54) | (104) | |
Allowance for Doubtful Accounts Receivable, Recoveries | 74 | 19 | 102 | 43 | |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 2,479 | 2,479 | 2,721 | ||
Financing Receivables After Individually Evaluated for Impairment | 72 | 72 | 72 | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 147,338 | 147,338 | 132,764 | ||
Financing Receivables After Collectively Evaluated for Impairment | 1,005 | 1,005 | 852 | ||
Financing Receivable | Beginning Balance | |||||
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | 968 | 927 | 924 | 895 | |
Financing Receivable | Ending Balance | |||||
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | 1,077 | 924 | 1,077 | 924 | |
Real Estate Loan | |||||
Provision (credit) for loan losses | (112) | 22 | (124) | (12) | |
Allowance for Doubtful Accounts Receivable, Write-offs | (14) | (14) | |||
Allowance for Doubtful Accounts Receivable, Recoveries | 68 | 2 | 80 | 4 | |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 2,326 | 2,326 | 2,559 | ||
Financing Receivables After Individually Evaluated for Impairment | 44 | 44 | 44 | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 126,720 | 126,720 | 111,249 | ||
Financing Receivables After Collectively Evaluated for Impairment | 470 | 470 | $ 514 | ||
Real Estate Loan | Beginning Balance | |||||
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | 558 | 471 | 558 | 503 | |
Real Estate Loan | Ending Balance | |||||
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | $ 514 | $ 481 | $ 514 | $ 481 |
5. Loans_ Financing Receivabl50
5. Loans: Financing Receivable Credit Quality Indicators (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Commercial Loan | Pass | ||
Receivables Credit Quality | $ 3,700 | $ 4,217 |
Commercial Loan | Total Credit Risk | ||
Receivables Credit Quality | 3,700 | 4,217 |
Home Equity Line of Credit | Pass | ||
Receivables Credit Quality | 6,697 | 6,843 |
Home Equity Line of Credit | Special Mention | ||
Receivables Credit Quality | 4 | |
Home Equity Line of Credit | Substandard | ||
Receivables Credit Quality | 177 | 323 |
Home Equity Line of Credit | Total Credit Risk | ||
Receivables Credit Quality | 6,878 | 7,166 |
Automobile Loan | Pass | ||
Receivables Credit Quality | 4,341 | 4,393 |
Automobile Loan | Substandard | ||
Receivables Credit Quality | 88 | 105 |
Automobile Loan | Total Credit Risk | ||
Receivables Credit Quality | 4,429 | 4,498 |
Credit Card Receivable | Pass | ||
Receivables Credit Quality | 5,721 | 5,760 |
Credit Card Receivable | Special Mention | ||
Receivables Credit Quality | 9 | 4 |
Credit Card Receivable | Substandard | ||
Receivables Credit Quality | 34 | 32 |
Credit Card Receivable | Total Credit Risk | ||
Receivables Credit Quality | 5,764 | 5,796 |
Financing Receivable | Pass | ||
Receivables Credit Quality | 146,907 | 131,964 |
Financing Receivable | Special Mention | ||
Receivables Credit Quality | 1,432 | 811 |
Financing Receivable | Substandard | ||
Receivables Credit Quality | 1,478 | 2,710 |
Financing Receivable | Total Credit Risk | ||
Receivables Credit Quality | 149,817 | 135,485 |
Real Estate Loan | One To Four Family | Pass | ||
Receivables Credit Quality | 58,335 | 53,573 |
Real Estate Loan | One To Four Family | Special Mention | ||
Receivables Credit Quality | 1,393 | 807 |
Real Estate Loan | One To Four Family | Substandard | ||
Receivables Credit Quality | 1,179 | 2,221 |
Real Estate Loan | One To Four Family | Total Credit Risk | ||
Receivables Credit Quality | 60,907 | 56,601 |
Real Estate Loan | Commercial Real Estate | Pass | ||
Receivables Credit Quality | 63,571 | 52,960 |
Real Estate Loan | Commercial Real Estate | Total Credit Risk | ||
Receivables Credit Quality | 63,571 | 52,960 |
Real Estate Loan | Construction Loans | Pass | ||
Receivables Credit Quality | 4,542 | 4,218 |
Real Estate Loan | Construction Loans | Special Mention | ||
Receivables Credit Quality | 26 | |
Real Estate Loan | Construction Loans | Substandard | ||
Receivables Credit Quality | 29 | |
Real Estate Loan | Construction Loans | Total Credit Risk | ||
Receivables Credit Quality | $ 4,568 | $ 4,247 |
5. Loans_ Schedule of Past Du51
5. Loans: Schedule of Past Due Loans Age Analysis (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Commercial Loan | ||
Financing Receivable Recorded Investment 30 to 59 Days Past Due | $ 17 | |
Financing Receivable, Recorded Investment, Past Due | 17 | |
Financing Receivable, Recorded Investment, Current | $ 3,700 | 4,200 |
Accounts, Notes, Loans and Financing Receivable, Net, Current | 3,700 | 4,217 |
Home Equity Line of Credit | ||
Financing Receivable Recorded Investment 30 to 59 Days Past Due | 185 | 60 |
Financing Receivable, Recorded Investment, Past Due | 185 | 60 |
Financing Receivable, Recorded Investment, Current | 6,436 | 6,786 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 257 | 320 |
Accounts, Notes, Loans and Financing Receivable, Net, Current | 6,878 | 7,166 |
Automobile Loan | ||
Financing Receivable Recorded Investment 30 to 59 Days Past Due | 47 | 21 |
Financing Receivable Recorded Investment 60 to 89 Days Past Due | 4 | |
Financing Receivable, Recorded Investment, Past Due | 51 | 21 |
Financing Receivable, Recorded Investment, Current | 4,289 | 4,373 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 89 | 104 |
Accounts, Notes, Loans and Financing Receivable, Net, Current | 4,429 | 4,498 |
Credit Card Receivable | ||
Financing Receivable Recorded Investment 30 to 59 Days Past Due | 71 | 138 |
Financing Receivable Recorded Investment 60 to 89 Days Past Due | 44 | 4 |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 71 | 7 |
Financing Receivable, Recorded Investment, Past Due | 186 | 149 |
Financing Receivable, Recorded Investment, Current | 5,544 | 5,614 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 34 | 33 |
Accounts, Notes, Loans and Financing Receivable, Net, Current | 5,764 | 5,796 |
Financing Receivable | ||
Financing Receivable Recorded Investment 30 to 59 Days Past Due | 1,112 | 1,093 |
Financing Receivable Recorded Investment 60 to 89 Days Past Due | 152 | 281 |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 71 | 7 |
Financing Receivable, Recorded Investment, Past Due | 1,335 | 1,381 |
Financing Receivable, Recorded Investment, Current | 146,923 | 131,560 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,559 | 2,544 |
Accounts, Notes, Loans and Financing Receivable, Net, Current | 149,817 | 135,485 |
Real Estate Loan | One To Four Family | ||
Financing Receivable Recorded Investment 30 to 59 Days Past Due | 766 | 772 |
Financing Receivable Recorded Investment 60 to 89 Days Past Due | 104 | 277 |
Financing Receivable, Recorded Investment, Past Due | 870 | 1,049 |
Financing Receivable, Recorded Investment, Current | 58,858 | 53,465 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,179 | 2,087 |
Accounts, Notes, Loans and Financing Receivable, Net, Current | 60,907 | 56,601 |
Real Estate Loan | Commercial Real Estate | ||
Financing Receivable, Recorded Investment, Current | 63,571 | 52,960 |
Accounts, Notes, Loans and Financing Receivable, Net, Current | 63,571 | 52,960 |
Real Estate Loan | Construction Loans | ||
Financing Receivable Recorded Investment 30 to 59 Days Past Due | 43 | 85 |
Financing Receivable, Recorded Investment, Past Due | 43 | 85 |
Financing Receivable, Recorded Investment, Current | 4,525 | 4,162 |
Accounts, Notes, Loans and Financing Receivable, Net, Current | $ 4,568 | $ 4,247 |
5. Loans_ Impaired Financing 52
5. Loans: Impaired Financing Receivables (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Home Equity Line of Credit | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | $ 119 | $ 126 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 130 | 137 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 34 | 36 |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 43 | 45 |
Impaired Financing Receivable With Related Allowance Related Allowance | 28 | 28 |
Impaired Financing Receivable, Recorded Investment | 153 | 162 |
Impaired Financing Receivable, Unpaid Principal Balance | 173 | 182 |
Impaired Financing Receivable, Related Allowance | 28 | 28 |
Impaired Financing Receivables | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 1,875 | 2,111 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 1,929 | 2,174 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 604 | 610 |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 629 | 636 |
Impaired Financing Receivable With Related Allowance Related Allowance | 72 | 72 |
Impaired Financing Receivable, Recorded Investment | 2,479 | 2,721 |
Impaired Financing Receivable, Unpaid Principal Balance | 2,558 | 2,810 |
Impaired Financing Receivable, Related Allowance | 72 | 72 |
Real Estate Loan | One To Four Family | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 1,756 | 1,985 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 1,799 | 2,037 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 570 | 574 |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 586 | 591 |
Impaired Financing Receivable With Related Allowance Related Allowance | 44 | 44 |
Impaired Financing Receivable, Recorded Investment | 2,326 | 2,559 |
Impaired Financing Receivable, Unpaid Principal Balance | 2,385 | 2,628 |
Impaired Financing Receivable, Related Allowance | $ 44 | $ 44 |
5. Loans_ Average net investm53
5. Loans: Average net investment in impaired loans and interest income recognized and received (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Home Equity Line of Credit | ||||
Impaired Financing Receivable, Average Recorded Investment | $ 125 | $ 183 | $ 128 | $ 186 |
Impaired Financing Receivable Interest Income Recognized | 3 | 4 | 5 | 7 |
Impaired Financing Receivable Interest Income Received | 3 | 5 | 5 | 8 |
Impaired Financing Receivables | ||||
Impaired Financing Receivable, Average Recorded Investment | 2,407 | 2,768 | 2,420 | 2,780 |
Impaired Financing Receivable Interest Income Recognized | 51 | 42 | 91 | 83 |
Impaired Financing Receivable Interest Income Received | 53 | 44 | 94 | 85 |
Real Estate Loan | One To Four Family | ||||
Impaired Financing Receivable, Average Recorded Investment | 2,282 | 2,585 | 2,292 | 2,594 |
Impaired Financing Receivable Interest Income Recognized | 48 | 38 | 86 | 76 |
Impaired Financing Receivable Interest Income Received | $ 50 | $ 39 | $ 89 | $ 77 |
5. Loans_ Troubled Debt Restruc
5. Loans: Troubled Debt Restructurings (Details) | 3 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Details | ||
Financing Receivable, Modifications, Number of Contracts | 0 | 0 |
6. Lines of Credit_ Line of Cre
6. Lines of Credit: Line of Credit (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Line of Credit Facility, Fair Value of Amount Outstanding | $ 19,000 | $ 12,750 |
Federal Home Loan Bank, Advances, Interest Rate | 1.16% | 0.63% |
Correspondent Bank | ||
Lines of Credit, Fair Value Disclosure | $ 6,000 | |
Federal Home Loan Bank of Atlanta | ||
Lines of Credit, Fair Value Disclosure | $ 45,200 |
7. Off-balance-sheet Financia56
7. Off-balance-sheet Financial Instruments: Schedule of Fair Value, Off-balance Sheet Risks (Details) - Commitments to Extend Credit $ in Thousands | Jun. 30, 2017USD ($) |
Long-term Line of Credit | $ 196 |
Construction Loans | |
Unused Commitments to Extend Credit | $ 21,838 |
8. Fair Value of Financial In57
8. Fair Value of Financial Instruments: Schedule of Financial Instruments Fair Value (Details) $ in Thousands | Jun. 30, 2017USD ($) | Dec. 31, 2016USD ($) |
Off balance sheet | ||
Fair Value Hierarchy Level | 3 | 3 |
Assets | Cash and Cash Equivalents | ||
Financial Instruments Owned Carrying Amount | $ 7,697 | $ 11,313 |
Financial Instruments, Owned, at Fair Value | $ 7,697 | $ 11,313 |
Fair Value Hierarchy Level | 1 | 1 |
Assets | Held-to-maturity Securities | ||
Financial Instruments Owned Carrying Amount | $ 14,750 | $ 16,512 |
Financial Instruments, Owned, at Fair Value | $ 14,660 | $ 16,294 |
Fair Value Hierarchy Level | 2 | 2 |
Assets | Loans Receivable | ||
Financial Instruments Owned Carrying Amount | $ 150,216 | $ 134,077 |
Financial Instruments, Owned, at Fair Value | $ 157,230 | $ 132,454 |
Fair Value Hierarchy Level | 3 | 3 |
Assets | Investment in Federal Home Loan Bank Stock | ||
Financial Instruments Owned Carrying Amount | $ 963 | $ 684 |
Financial Instruments, Owned, at Fair Value | $ 963 | $ 684 |
Fair Value Hierarchy Level | 3 | 3 |
Assets | Accrued interest receivable | ||
Financial Instruments Owned Carrying Amount | $ 427 | $ 449 |
Financial Instruments, Owned, at Fair Value | $ 427 | $ 449 |
Fair Value Hierarchy Level | 3 | 3 |
Financial liabilities | Deposits | ||
Financial Instruments Owned Carrying Amount | $ 141,474 | $ 137,902 |
Financial Instruments, Owned, at Fair Value | $ 135,388 | $ 132,280 |
Fair Value Hierarchy Level | 3 | 3 |
Financial liabilities | Federal Home Loan Bank Advances | ||
Financial Instruments Owned Carrying Amount | $ 19,000 | $ 12,750 |
Financial Instruments, Owned, at Fair Value | $ 19,001 | $ 12,750 |
Fair Value Hierarchy Level | 3 | 3 |
9. Employee Stock Ownership P58
9. Employee Stock Ownership Plan (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Apr. 05, 2011 | |
Details | |||||
Employee Stock Ownership Plan (ESOP), Shares in ESOP | 98,756 | 98,756 | |||
Employee Stock Ownership Plan (ESOP), Debt Structure, Direct Loan, Amount | $ 988 | ||||
Employee Stock Ownership Plan (ESOP) Interest Rate on Loan for Shares | 4.25% | ||||
ESOP compensation expense | $ 3 | $ 8 | $ 10 | $ 17 | |
Employee Stock Ownership Plan (ESOP), Number of Suspense Shares | 37,132 | 47,008 | 37,132 | 47,008 |
10. Equity Incentive Plan_ Sh59
10. Equity Incentive Plan: Share-based Compensation, Option and Incentive Plans Policy: 2012 Equity Incentive Plan Common Stock Options (Details) | May 23, 2012shares |
Equity Incentive Plan -- 2012 | |
Common Stock Options Authorized | 123,445 |
10. Equity Incentive Plan_ Sh60
10. Equity Incentive Plan: Share-based Compensation, Option and Incentive Plans Policy (Details) | Jun. 30, 2017shares |
Details | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 41,945 |
10. Equity Incentive Plan_ Sc61
10. Equity Incentive Plan: Schedule of Equity Incentive Plan Stock Options (Details) $ / shares in Units, $ in Thousands | Jun. 30, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Jun. 30, 2016$ / sharesshares | Dec. 31, 2015$ / sharesshares |
Options Outstanding | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | shares | 80,500 | 80,500 | 81,500 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ / shares | $ 11.63 | $ 11.63 | $ 11.62 | |
Share-based Compensation Arrangement by Share-based Payment Award, Weighted Average Remaining Contractual Term (In Years) | 6.63 | |||
Options Exercised | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | shares | 80,500 | (1,000) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ / shares | $ 11.63 | $ 10.75 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Weighted Average Remaining Contractual Term (In Years) | 5.63 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ | $ 823,000 | |||
Options Exercisable | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | shares | 10,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ / shares | $ 10.75 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Weighted Average Remaining Contractual Term (In Years) | 5.45 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ | $ 111,000 |
10. Equity Incentive Plan_ Equi
10. Equity Incentive Plan: Equity Incentive Plan Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Equity Incentive Plan Common Stock Expense Cost | The cost is expected to be recognized over a weighted average period of twenty-five months. | |||
Stock-based compensation expense | $ 100 | $ 102 | ||
Equity Incentive Plan -- 2012 | ||||
Stock-based compensation expense | $ 12 | $ 12 | $ 23 | $ 23 |
10. Equity Incentive Plan (Deta
10. Equity Incentive Plan (Details) - Equity Incentive Plan -- 2012 - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | May 23, 2012 | |
Number of Restricted Stock Authorized | 49,378 | ||||
Compensation expense for restricted stock | $ 37 | $ 39 | $ 77 | $ 79 | |
Employee Service Share-based Compensation, Tax Benefit from Exercise of Stock Options | $ 14 | $ 15 | $ 29 | $ 30 |
10. Equity Incentive Plan_ Sc64
10. Equity Incentive Plan: Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity (Details) - Restricted Stock - $ / shares | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 |
Restricted stock outstanding | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 18,200 | 19,400 | 28,700 | 28,700 |
Share based Compensation Arrangement By Share based Payment Award Options Weighted Average Grant Date Fair Value | $ 16.85 | $ 16.94 | $ 16.92 | $ 16.92 |
Restricted stock forfeited | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | (1,200) | |||
Share based Compensation Arrangement By Share based Payment Award Options Weighted Average Grant Date Fair Value | $ 18.25 |
10. Equity Incentive Plan_ Nonv
10. Equity Incentive Plan: Nonvested Restricted Stock Expense (Details) $ in Thousands | Jun. 30, 2017USD ($) |
Equity Incentive Plan -- 2012 | |
Unrecognized Compensation Expense Related to Nonvested Restricted Stock | $ 206 |
11. Fair Value Measurements_ 66
11. Fair Value Measurements: Schedule of impaired collateral-dependent loans (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Home Equity Line of Credit | ||
Impaired Collateral Dependent Loans Fair Value | $ 34 | $ 36 |
Impaired Collateral Dependent Loans, Total | ||
Impaired Collateral Dependent Loans Fair Value | 604 | 610 |
Real Estate Loan | One To Four Family | ||
Impaired Collateral Dependent Loans Fair Value | 570 | 574 |
Fair Value, Inputs, Level 3 | Home Equity Line of Credit | ||
Impaired Collateral Dependent Loans Fair Value | 34 | 36 |
Fair Value, Inputs, Level 3 | Impaired Collateral Dependent Loans, Total | ||
Impaired Collateral Dependent Loans Fair Value | 604 | 610 |
Fair Value, Inputs, Level 3 | Real Estate Loan | One To Four Family | ||
Impaired Collateral Dependent Loans Fair Value | 570 | 574 |
Total Losses | Home Equity Line of Credit | ||
Impaired Collateral Dependent Loans Fair Value | 28 | 28 |
Total Losses | Impaired Collateral Dependent Loans, Total | ||
Impaired Collateral Dependent Loans Fair Value | 72 | 72 |
Total Losses | Real Estate Loan | One To Four Family | ||
Impaired Collateral Dependent Loans Fair Value | $ 44 | $ 44 |
11. Fair Value Measurements_ 67
11. Fair Value Measurements: Schedule of Foreclosed Real Estate Measured at Fair Value on Nonrecurring Basis (Details) - Foreclosed real estate - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Foreclosed real estate measured at fair value on nonrecurring basis | $ 137 | $ 141 |
Fair Value, Inputs, Level 3 | ||
Foreclosed real estate measured at fair value on nonrecurring basis | $ 137 | 141 |
Total Losses | ||
Foreclosed real estate measured at fair value on nonrecurring basis | 32 | |
Losses Recorded During the Period | ||
Foreclosed real estate measured at fair value on nonrecurring basis | $ 27 |
12. Regulatory Matters_ Sched68
12. Regulatory Matters: Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Total Capital to Risk-Weighted Assets | ||
Capital | $ 18,161 | $ 19,539 |
Capital to Risk Weighted Assets | 13.03% | 15.34% |
Capital Required for Capital Adequacy | $ 11,147 | $ 10,191 |
Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | 8.00% |
Capital Required to be Well Capitalized | $ 13,933 | $ 12,739 |
Capital Required to be Well Capitalized to Risk Weighted Assets | 10.00% | 10.00% |
Tier I Capital to Risk-Weighted Assets | ||
Capital | $ 17,084 | $ 18,615 |
Capital to Risk Weighted Assets | 12.26% | 14.61% |
Capital Required for Capital Adequacy | $ 8,360 | $ 7,643 |
Capital Required for Capital Adequacy to Risk Weighted Assets | 6.00% | 6.00% |
Capital Required to be Well Capitalized | $ 11,147 | $ 10,191 |
Capital Required to be Well Capitalized to Risk Weighted Assets | 8.00% | 8.00% |
Tier I Capital to Total Assets | ||
Capital | $ 17,084 | $ 18,615 |
Capital to Risk Weighted Assets | 9.91% | 11.42% |
Capital Required for Capital Adequacy | $ 6,896 | $ 6,519 |
Capital Required for Capital Adequacy to Risk Weighted Assets | 4.00% | 4.00% |
Capital Required to be Well Capitalized | $ 8,620 | $ 8,148 |
Capital Required to be Well Capitalized to Risk Weighted Assets | 5.00% | 5.00% |
Common equity Tier I Capital to Risk-Weighted Assets | ||
Capital | $ 17,084 | $ 18,615 |
Capital to Risk Weighted Assets | 12.26% | 14.61% |
Capital Required for Capital Adequacy | $ 6,270 | $ 5,733 |
Capital Required for Capital Adequacy to Risk Weighted Assets | 4.50% | 4.50% |
Capital Required to be Well Capitalized | $ 9,057 | $ 8,280 |
Capital Required to be Well Capitalized to Risk Weighted Assets | 6.50% | 6.50% |