Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Aug. 12, 2016 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | FSB Bancorp, Inc. | |
Entity Central Index Key | 1,667,939 | |
Trading Symbol | fsbc | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 1,941,688 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2016 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
ASSETS: | ||
Cash and due from banks | $ 1,506 | $ 1,550 |
Interest earning demand deposits | 23,647 | 4,597 |
Total cash and cash equivalents | 25,153 | 6,147 |
Available-for-sale securities, at fair value | 18,746 | 19,968 |
Held-to-maturity securities, at amortized cost (fair value of $8,029 and $13,222, respectively) | 7,806 | 12,979 |
Investment in Federal Home Loan Bank stock, at cost | 2,320 | 2,388 |
Loans held for sale | 6,477 | 3,880 |
Loans | 210,638 | 202,641 |
Less: Allowance for loan losses | (900) | (811) |
Loans receivable, net | 209,738 | 201,830 |
Bank owned life insurance | 3,662 | 3,629 |
Accrued interest receivable | 626 | 655 |
Premises and equipment, net | 2,950 | 2,744 |
Other assets | 2,436 | 1,587 |
Total assets | 279,914 | 255,807 |
Deposits: | ||
Non-interest bearing | 32,947 | 6,974 |
Interest bearing | 178,886 | 178,587 |
Total deposits | 211,833 | 185,561 |
Long-term borrowings | 44,241 | 46,092 |
Official bank checks | 229 | 1,114 |
Other liabilities | 1,400 | 1,280 |
Total liabilities | 257,703 | 234,047 |
Stockholders' equity: | ||
Preferred stock - no par value; 1,000,000 shares authorized, no shares issued and outstanding | ||
Common stock, par value $0.10; 10,000,000 authorized shares; 1,785,000 issued; 1,779,472 shares outstanding | 179 | 179 |
Paid-in capital | 7,243 | 7,239 |
Retained earnings | 15,172 | 14,985 |
Accumulated other comprehensive income (loss) | 30 | (212) |
Treasury stock at cost, 5,528 shares | (46) | (46) |
Unearned ESOP shares, at cost | (367) | (385) |
Total stockholders' equity | 22,211 | 21,760 |
Total liabilities and stockholders' equity | $ 279,914 | $ 255,807 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthenticals) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Statement Of Financial Position [Abstract] | ||
Fair value securities held to maturity (in dollars) | $ 8,029 | $ 13,222 |
Preferred stock - no par value (in dollars per share) | $ 0 | $ 0 |
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 (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | 1,785,000 | 1,785,000 |
Common stock, shares outstanding | 1,779,472 | 1,779,472 |
Treasury stock, shares | 5,528 | 5,528 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Interest and dividend income: | ||||
Loans, including fees | $ 2,161 | $ 1,988 | $ 4,245 | $ 3,957 |
Securities: | ||||
Taxable | 68 | 130 | 166 | 258 |
Tax-exempt | 23 | 22 | 46 | 45 |
Mortgage-backed securities | 53 | 63 | 111 | 134 |
Other | 7 | 2 | 11 | 3 |
Total interest and dividend income | 2,312 | 2,205 | 4,579 | 4,397 |
Interest expense: | ||||
Interest on deposits | 367 | 291 | 729 | 570 |
Interest on short-term borrowings | 1 | 2 | ||
Interest on long-term borrowings | 179 | 190 | 363 | 374 |
Total interest expense | 546 | 482 | 1,092 | 946 |
Net interest income | 1,766 | 1,723 | 3,487 | 3,451 |
Provision for loan losses | 45 | 37 | 90 | 75 |
Net interest income after provision for loan losses | 1,721 | 1,686 | 3,397 | 3,376 |
Other income: | ||||
Service fees | 38 | 36 | 71 | 77 |
Fee income | 34 | 40 | 100 | 88 |
Increase in cash surrender value of bank owned life insurance | 16 | 19 | 33 | 37 |
Realized gain on sale of loans | 512 | 298 | 860 | 517 |
Mortgage fee income | 176 | 157 | 346 | 258 |
Other | 43 | 42 | 80 | 77 |
Total other income | 819 | 592 | 1,490 | 1,054 |
Other expense: | ||||
Salaries and employee benefits | 1,470 | 1,320 | 2,826 | 2,585 |
Occupancy | 245 | 256 | 499 | 501 |
Data processing costs | 47 | 38 | 97 | 73 |
Advertising | 25 | 28 | 55 | 66 |
Equipment | 146 | 154 | 298 | 291 |
Electronic banking | 30 | 23 | 56 | 43 |
Directors' fees | 57 | 47 | 123 | 95 |
Mortgage fees and taxes | 122 | 124 | 213 | 192 |
FDIC premium expense | 43 | 38 | 85 | 76 |
Audits and tax services | 30 | 18 | 64 | 21 |
Other | 173 | 209 | 350 | 379 |
Total other expenses | 2,388 | 2,255 | 4,666 | 4,322 |
Income before income taxes | 152 | 23 | 221 | 108 |
Provision (Benefit) for income taxes | 42 | (8) | 34 | (10) |
Net income | $ 110 | $ 31 | $ 187 | $ 118 |
Earnings per common share - basic (in dollars per share) | $ 0.06 | $ 0.02 | $ 0.11 | $ 0.07 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | ||
Statement Of Income and Comprehensive Income [Abstract] | |||||
Net Income | $ 110 | $ 31 | $ 187 | $ 118 | |
Unrealized holding gains (losses) on available for sale securities | |||||
Unrealized holding gains (losses) arising during the period | 24 | (30) | 120 | (20) | |
Net unrealized gain (loss) on available for sale securities | 24 | (30) | 120 | (20) | |
Accretion of net unrealized loss on securities transferred to held-to-maturity | [1] | 76 | 7 | 255 | 14 |
Other comprehensive income (loss), before tax | 100 | (23) | 375 | (6) | |
Tax effect | 34 | (10) | 133 | (7) | |
Other comprehensive income (loss), net of tax | 66 | (13) | 242 | 1 | |
Comprehensive income | 176 | 18 | 429 | 119 | |
Tax Effect Allocated to Each Component of Other Comprehensive Income | |||||
Unrealized holding gains (losses) arising during the period | (8) | 10 | (41) | 7 | |
Accretion of net unrealized loss on securities transferred to held-to-maturity | (26) | (92) | |||
Income tax effect related to other comprehensive income | $ (34) | $ 10 | $ (133) | $ 7 | |
[1] | The accretion of the unrealized holding losses in accumulated other comprehensive income at the date of transfer partially offsets the amortization of the difference between the par value and the fair value of the investment securities at the date of transfer, and is an adjustment of yield. |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock | Paid in Capital | Retained Earnings | Accumulated Other Comprehensive Income | Treasury stock | Unearned ESOP | Total |
Balance at Dec. 31, 2014 | $ 179 | $ 7,239 | $ 14,472 | $ (226) | $ (40) | $ (420) | $ 21,204 |
Comprehensive loss: | |||||||
Net income | 118 | 118 | |||||
Other comprehensive loss, net of tax | 1 | 1 | |||||
Effect of the employee stock ownership plan, net | |||||||
ESOP shares committed to be released | 17 | 17 | |||||
Balance at Jun. 30, 2015 | 179 | 7,239 | 14,590 | (225) | (40) | (403) | 21,340 |
Balance at Dec. 31, 2015 | 179 | 7,239 | 14,985 | (212) | (46) | (385) | 21,760 |
Comprehensive loss: | |||||||
Net income | 187 | 187 | |||||
Other comprehensive loss, net of tax | 242 | 242 | |||||
Effect of the employee stock ownership plan, net | |||||||
ESOP shares committed to be released | 4 | 18 | 22 | ||||
Balance at Jun. 30, 2016 | $ 179 | $ 7,243 | $ 15,172 | $ 30 | $ (46) | $ (367) | $ 22,211 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
OPERATING ACTIVITIES | ||
Net income | $ 187 | $ 118 |
Adjustments to reconcile net income to net cash flows from operating activities: | ||
Net amortization of premiums and accretion of discounts on investments | 221 | 80 |
Gain on sale of loans | (860) | (517) |
Proceeds from loans sold | 12,627 | 8,730 |
Loans originated for sale | (14,364) | (10,252) |
Amortization of net deferred loan origination costs | 163 | 126 |
Depreciation and amortization | 223 | 220 |
Provision for loan losses | 90 | 75 |
Expense related to ESOP | 22 | 17 |
Deferred income tax benefit | (115) | (96) |
Earnings on investment in bank owned life insurance | (33) | (37) |
Decrease (Increase) in accrued interest receivable | 29 | (13) |
Increase in other assets | (849) | (400) |
Increase in other liabilities | 194 | 159 |
Net cash flows from operating activities | (2,465) | (1,790) |
INVESTING ACTIVITIES | ||
Purchases of securities available-for-sale | (6,363) | (1,000) |
Proceeds from maturities and calls of securities available-for-sale | 5,910 | 2,000 |
Proceeds from principal paydowns on securities available-for-sale | 1,742 | 1,920 |
Purchases of securities held-to-maturity | (932) | (467) |
Proceeds from maturities and calls of securities held-to-maturity | 5,842 | 225 |
Proceeds from principal paydowns on securities held-to-maturity | 258 | 169 |
Net increase in loans | (8,161) | (6,387) |
Redemption (Purchase) of Federal Home Loan Bank stock, net | 68 | (209) |
Purchase of premises and equipment | (429) | (272) |
Net cash flows from investing activities | (2,065) | (4,021) |
FINANCING ACTIVITIES | ||
Net increase in deposits | 26,272 | 2,376 |
Proceeds from borrowings | 3,500 | 11,000 |
Repayments on borrowings | (5,351) | (6,817) |
Net decrease in official bank checks | (885) | (99) |
Net cash flows from financing activities | 23,536 | 6,460 |
Change in cash and cash equivalents | 19,006 | 649 |
Cash and cash equivalents at beginning of period | 6,147 | 4,335 |
Cash and cash equivalents at end of period | 25,153 | 4,984 |
CASH PAID DURING THE PERIOD FOR: | ||
Interest | 1,097 | $ 942 |
Income taxes | $ 88 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2016 | |
Basis Of Accounting [Abstract] | |
Basis of Presentation | Note 1: Basis of Presentation The accompanying unaudited consolidated financial statements of FSB Community Bankshares, Inc., (the “Company”), Fairport Savings Bank (the “Bank”) and its other wholly owned subsidiary, Fairport Wealth Management, have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information, the instructions for Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes necessary for a complete presentation of consolidated financial condition, results of operations and cash flows in conformity with generally accepted accounting principles. In the opinion of management, all adjustments, consisting of normal recurring accruals considered necessary for a fair presentation, have been included. The results are not necessarily indicative of the results that may be expected for the year ending December 31, 2016 or for any future period. The Company's consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States and follow practices within the banking industry. Application of these principles requires management to make estimates, assumptions, and judgments that affect the amounts reported in the consolidated financial statements and accompanying notes. These estimates, assumptions, and judgments are based on information available as of the date of the financial statements; accordingly, as this information changes, the financial statements could reflect different estimates, assumptions, and judgments. Certain policies inherently have a greater reliance on the use of estimates, assumptions, and judgments and as such have a greater possibility of producing results that could be materially different than originally reported. Estimates, assumptions, and judgments are necessary when assets and liabilities are required to be recorded at fair value or when an asset or liability needs to be recorded contingent upon a future event. Carrying assets and liabilities at fair value inherently results in more financial statement volatility. The fair values and information used to record valuation adjustments for certain assets and liabilities are based on quoted market prices or are provided by other third-party sources, when available. When third party information is not available, valuation adjustments are estimated in good faith by management. On March 2, 2016, the Boards of Directors of the Company, FSB Community Bankshares, MHC and the Bank unanimously adopted a Plan of Conversion of FSB Community Bankshares, MHC pursuant to which FSB Community Bankshares, MHC undertook a “second-step” conversion and now ceases to exist. The Bank reorganized from a two-tier mutual holding company structure to a fully public stock holding company structure effective July 13, 2016, and, as a result is now the wholly-owned subsidiary of FSB Bancorp, Inc. (“FSB Bancorp”). Because the conversion occurred after June 30, 2016, the information included in this quarterly report is that of the Company. |
New Accounting Pronouncements
New Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements | Note 2: New Accounting Pronouncements On June 16, 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-13, Financial Instruments—Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. The new CECL model will apply to: (1) financial assets subject to credit losses and measured at amortized cost, and (2) certain off-balance sheet credit exposures. This includes loans, held-to-maturity debt securities, loan commitments, financial guarantees, and net investments in leases, as well as reinsurance and trade receivables. Upon initial recognition of the exposure, the CECL model requires an entity to estimate the credit losses expected over the life of an exposure (or pool of exposures). The estimate of expected credit losses (“ECL”) should consider historical information, current information, and reasonable and supportable forecasts, including estimates of prepayments. Generally, the initial estimate of the ECL and subsequent changes in the estimate will be reported in current earnings. The ECL will be recorded through an allowance for loan and lease losses (“ALLL”) in the statement of financial position. Current GAAP requires an “incurred loss” methodology for recognizing credit losses that delays recognition until it is probable that a loss has been incurred. The current model therefore generally restricts an organization’s ability to record credit losses that are expected, but do not yet meet the “probable” threshold. The ASU also significantly amends the current available-for-sale (“AFS”) security other-than-temporary impairment (“OTTI”) model for debt securities. The new model will require an estimate of ECL only when the fair value is below the amortized cost of the asset. The length of time that the fair value of an AFS debt security has been below the amortized cost will no longer impact the determination of whether a credit loss exists. In addition, credit losses on AFS debt securities will now be limited to the difference between the security’s amortized cost basis and its fair value. The AFS debt security model will also require the use of an allowance to record estimated credit losses (and subsequent recoveries). The new guidance addresses purchased financial assets with credit deterioration (“PCD”). The new model applies to purchased financial assets (measured at amortized cost or held as AFS) that have experienced more than insignificant credit deterioration since origination. This represents a change from the scope of what are considered purchased credit-impaired assets under the current model. Different than the accounting for originated or purchased assets that do not qualify as PCD, the initial estimate of expected credit losses for a PCD would be recognized through an ALLL with an offset to the cost basis of the related financial asset at acquisition (i.e., there is no impact to net income at initial recognition). Subsequently, the accounting will follow the applicable CECL or AFS debt security impairment model with all adjustments of the ALLL recognized through earnings. ASU 2016-13 also expands the disclosure requirements regarding an entity’s assumptions, models, and methods for estimating the ALLL. In addition, public business entities (“PBEs”) will need to disclose the amortized cost balance for each class of financial asset by credit quality indicator, disaggregated by the year of origination. This disclosure will not be required for other reporting entities. For PBEs that are U.S. Securities and Exchange Commission (SEC) filers, such as the Company, the amendments in this Update are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. All entities may adopt the amendments in this Update earlier as of the fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. An entity will apply the amendments in this Update through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. The provisions of this new accounting standard are complex and will require substantial analysis prior to the ASU’s implementation. The Company’s management is currently in the process of evaluating the impact that this standard will have on its consolidated financial statements. |
Earnings per Common Share
Earnings per Common Share | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Earnings per Common Share | Note 3: Earnings per Common Share Basic earnings per share is calculated by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. Net income available to common stockholders is net income to FSB Bancorp, Inc. The Company has not granted any restricted stock awards or stock options and, during the three and six month periods ended June 30, 2016 and 2015, had no potentially dilutive common stock equivalents. Unallocated common shares held by the ESOP are not included in the weighted-average number of common shares outstanding for purposes of calculating earnings per common share until they are committed to be released. The following tables set forth the calculation of basic earnings per share. Three months ended June 30, (In thousands, except per share data) 2016 2015 Basic Earnings Per Common Share Net income available to common stockholders $ 110 $ 31 Weighted average common shares outstanding 1,743 1,740 Basic earnings per common share $ 0.06 $ 0.02 Six months ended June 30, (In thousands, except per share data) 2016 2015 Basic Earnings Per Common Share Net income available to common stockholders $ 187 $ 118 Weighted average common shares outstanding 1,742 1,739 Basic earnings per common share $ 0.11 $ 0.07 |
Investment Securities
Investment Securities | 6 Months Ended |
Jun. 30, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Note 4: Investment Securities The amortized cost and estimated fair value of investment securities are summarized as follows: June 30, 2016 Gross Gross Amortized Unrealized Unrealized Fair (In thousands) Cost Gains Losses Value Available-for-Sale Portfolio U.S. Government and agency obligations $ 5,000 $ 11 $ (3 ) $ 5,008 Mortgage-backed securities – residential 13,632 116 (10 ) 13,738 Total available-for-sale $ 18,632 $ 127 $ (13 ) $ 18,746 Held-to-Maturity Portfolio Mortgage-backed securities – residential $ 1,277 $ 40 $ - $ 1,317 U.S. Government and agency obligations 955 45 - 1,000 State and municipal securities 5,574 138 - 5,712 Total held-to-maturity $ 7,806 $ 223 $ - $ 8,029 December 31, 2015 Gross Gross Amortized Unrealized Unrealized Fair (In thousands) Cost Gains Losses Value Available-for-Sale Portfolio U.S. Government and agency obligations $ 6,000 $ - $ (32 ) $ 5,968 Mortgage-backed securities – residential 13,974 101 (75 ) 14,000 Total available-for-sale $ 19,974 $ 101 $ (107 ) $ 19,968 Held-to-Maturity Portfolio Mortgage-backed securities – residential $ 1,535 $ 39 $ - $ 1,574 U.S. Government and agency obligations 6,793 129 - 6,922 State and municipal securities 4,651 76 (1 ) 4,726 Total held-to-maturity $ 12,979 $ 244 $ (1 ) $ 13,222 The amortized cost and estimated fair value of debt investments at June 30, 2016 by contractual maturity are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without penalties. Available-for-Sale Held-to-Maturity Amortized Amortized (In thousands) Cost Fair Value Cost Fair Value Due in one year or less $ - $ - $ 372 $ 373 Due after one year through five years 2,000 1,999 3,197 3,272 Due after five years through ten years 2,000 2,002 2,005 2,067 Due after ten years 1,000 1,007 955 1,000 Sub-total $ 5,000 $ 5,008 $ 6,529 $ 6,712 Mortgage-backed securities – residential 13,632 13,738 1,277 1,317 Totals $ 18,632 $ 18,746 $ 7,806 $ 8,029 The Company’s investment securities’ gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, are as follows: June 30, 2016 Less than Twelve Months Twelve Months or More Total Number of Number of Number of Individual Unrealized Fair Individual Unrealized Fair Individual Unrealized Fair (Dollars in thousands) Securities Losses Value Securities Losses Value Securities Losses Value Available-for-Sale U.S. Government and agency obligations 2 $ 3 $ 1,997 - $ - $ - 2 $ 3 $ 1,997 Mortgage-backed securities - residential 2 3 1,815 1 7 852 3 10 2,667 Totals 4 $ 6 $ 3,812 1 $ 7 $ 852 5 $ 13 $ 4,664 Held-to-Maturity State and municipal securities (1) 1 $ - $ 266 1 $ - $ 45 2 $ - $ 311 Totals 1 $ - $ 266 1 $ - $ 45 2 $ - $ 311 December 31, 2015 Less than Twelve Months Twelve Months or More Total Number of Number of Number of Individual Unrealized Fair Individual Unrealized Fair Individual Unrealized Fair (Dollars in thousands) Securities Losses Value Securities Losses Value Securities Losses Value Available-for-Sale U.S. Government and agency obligations 6 $ 32 $ 5,968 - $ - $ - 6 $ 32 $ 5,968 Mortgage-backed securities - residential 5 61 6,283 1 14 821 6 75 7,104 Totals 11 $ 93 $ 12,251 1 $ 14 $ 821 12 $ 107 $ 13,072 Held-to-Maturity State and municipal securities (1) 2 $ - $ 455 2 $ 1 $ 126 4 $ 1 $ 581 Totals 2 $ - $ 455 2 $ 1 $ 126 4 $ 1 $ 581 (1) The Company conducts a formal review of investment securities on a quarterly basis for the presence of other-than-temporary impairment (“OTTI”). The Company assesses whether OTTI is present when the fair value of a debt security is less than its amortized cost basis at the statement of condition date. Under these circumstances, OTTI is considered to have occurred (1) if we intend to sell the security; (2) if it is “more likely than not” we will be required to sell the security before recovery of its amortized cost basis; or (3) the present value of expected cash flows is not anticipated to be sufficient to recover the entire amortized cost basis. The guidance requires that credit-related OTTI is recognized in earnings while non-credit-related OTTI on securities not expected to be sold is recognized in other comprehensive income (“OCI”). Non-credit-related OTTI is based on other factors, including illiquidity and changes in the general interest rate environment. Presentation of OTTI is made in the consolidated statement of income on a gross basis, including both the portion recognized in earnings as well as the portion recorded in OCI. The gross OTTI would then be offset by the amount of non-credit-related OTTI, showing the net as the impact on earnings. There were seven securities in an unrealized loss position at June 30, 2016, of which two have been in loss positions for a period greater than twelve months and five have been in loss positions for a period less than twelve months. This compares to 16 securities in an unrealized loss position at December 31, 2015, of which three had been in loss positions for a period greater than twelve months and 13 had been in loss positions for a period less than twelve months. These issuing entities are currently rated Aaa by Moody’s Investor Services and AA+ by Standard and Poors. Among the two securities in loss positions for a period greater than twelve months at June 30, 2016, one was a mortgage-backed security issued by GNMA and guaranteed by the United States Government. The remaining security that has been in a loss position for a period greater than twelve months was issued by a state subdivision. The unrealized losses reflected are primarily attributable to changes in interest rates since the securities were acquired. Among the five securities in an unrealized loss position at June 30, 2016 for less than twelve months, four were either direct issuances of, or mortgage-backed securities or collateralized mortgage obligations issued by, the following entities sponsored and guaranteed by the United States Government: FNMA, FHLMC, FHLB and FFCB. The remaining security was issued by a state or political subdivision. The unrealized losses reflected are primarily attributable to changes in interest rates since the securities were acquired. The Company does not intend to sell these securities, nor is it more likely than not, that the Company will be required to sell these securities prior to recovery of the amortized cost. As such, management does not believe any individual unrealized loss as of June 30, 2016 represents OTTI. There were no sales of securities for the three months and six months ended June 30, 2016 and 2015. As of June 30, 2016 and December 31, 2015, no securities were pledged to secure public deposits or for any other purpose required or permitted by law. Management has reviewed its loan and mortgage-backed securities portfolios and determined that, to the best of its knowledge, little or no exposure exists to sub-prime or other high-risk residential mortgages. The Company is not in the practice of investing in, or originating, these types of investments or loans. |
Loans
Loans | 6 Months Ended |
Jun. 30, 2016 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Loans | Note 5: Loans Major classifications of loans at the indicated dates are as follows: June 30, December 31, (In thousands) 2016 2015 Real estate loans: Secured by one-to-four family residences $ 180,230 $ 177,037 Secured by multi-family residences 5,211 5,146 Construction 3,698 1,251 Commercial real estate 4,698 3,522 Home equity lines of credit 15,492 14,523 Total real estate loans 209,329 201,479 Commercial and industrial loans 1,040 853 Other loans 74 61 Total loans 210,443 202,393 Net deferred loan origination costs 195 248 Less allowance for loan losses (900 ) (811 ) Loans receivable, net $ 209,738 $ 201,830 The Company originates residential mortgage, commercial, and consumer loans largely to customers throughout Monroe county and the surrounding western New York counties of Erie, Livingston, Ontario, Orleans, Jefferson and Wayne. Although the Company has a diversified loan portfolio, a substantial portion of its borrowers’ abilities to honor their loan contracts is dependent upon the counties’ employment and economic conditions. As of June 30, 2016 and December 31, 2015, residential mortgage loans with a carrying value of $172.3 million and $168.2 million, respectively, have been pledged by the Company to the Federal Home Loan Bank of New York (“FHLBNY”) under a blanket collateral agreement to secure the Company’s line of credit and term borrowings. The Company retains the servicing on most fixed-rate mortgage loans sold and receives a fee based on the principal balance outstanding. Loans serviced for others totaled $97.6 million and $85.9 million at June 30, 2016 and December 31, 2015, respectively. Loan servicing rights are recorded at fair value when loans are sold with servicing rights retained. The fair value of the mortgage servicing rights (“MSRs”) is determined using a method which utilizes servicing income, discount rates, and prepayment speeds relative to the Bank’s portfolio for MSRs and are amortized over the life of the loan. MSRs amounted to $646,000 and $561,000 at June 30, 2016 and December 31, 2015, respectively, and are included in other assets on the consolidated balance sheets. Loan Origination / Risk Management The Company’s lending policies and procedures are presented in Note 3 to the consolidated financial statements included in FSB Bancorp’s Registration Statement on Form S-1 declared effective by the Securities and Exchange Commission on May 13, 2016 and have not changed. To develop and document a systematic methodology for determining the allowance for loan losses, the Company has divided the loan portfolio into two portfolio segments, each with different risk characteristics but with similar methodologies for assessing risk. Each portfolio segment is broken down into loan classes where appropriate. Loan classes contain unique measurement attributes, risk characteristics, and methods for monitoring and assessing risk that are necessary to develop the allowance for loan losses. Unique characteristics such as borrower type, loan type, collateral type, and risk characteristics define each class. The following table illustrates the portfolio segments and classes for the Company’s loan portfolio: Portfolio Segment Class Real Estate Loans Secured by one-to-four family residences Secured by multi-family residences Construction Commercial real estate Home equity lines of credit Other Loans Commercial and industrial Other loans The following tables present the classes of the loan portfolio, not including net deferred loan fees, summarized by the aggregate pass rating and the classified ratings of special mention, substandard and doubtful within the Company's internal risk rating system as of the dates indicated: As of June 30, 2016 Special (In thousands) Pass Mention Substandard Doubtful Total Real estate loans: Secured by one-to-four family residences $ 178,699 $ - $ 1,531 $ - $ 180,230 Secured by multi-family residences 5,211 - - - 5,211 Construction 3,698 - - - 3,698 Commercial real estate 4,698 - - - 4,698 Home equity lines of credit 15,197 - 295 - 15,492 Total real estate loans 207,503 - 1,826 - 209,329 Commercial & industrial loans 1,040 - - - 1,040 Other loans 74 - - - 74 Total loans $ 208,617 $ - $ 1,826 $ - $ 210,443 As of December 31, 2015 Special (In thousands) Pass Mention Substandard Doubtful Total Real estate loans: Secured by one-to-four family residences $ 175,885 $ - $ 1,152 $ - $ 177,037 Secured by multi-family residences 5,146 - - - 5,146 Construction 1,251 - - - 1,251 Commercial real estate 3,522 - - - 3,522 Home equity lines of credit 14,223 - 300 - 14,523 Total real estate loans 200,027 - 1,452 - 201,479 Commercial & industrial loans 853 - - - 853 Other loans 60 - - 1 61 Total loans $ 200,940 $ - $ 1,452 $ 1 $ 202,393 Management has reviewed its loan portfolio and determined that, to the best of its knowledge, no exposure exists to sub-prime or other high-risk residential mortgages. The Company is not in the practice of originating these types of loans. Nonaccrual and Past Due Loans Loans are placed on nonaccrual when the contractual payment of principal and interest has become 90 days past due or management has serious doubts about further collectability of principal or interest, even though the loan may be currently performing. Loans are considered past due if the required principal and interest payments have not been received within thirty days of the payment due date. An age analysis of past due loans, segregated by portfolio segment and class of loans, as of June 30, 2016 and December 31, 2015, are detailed in the following tables: As of June 30, 2016 30-59 Days 60-89 Days Past Due Past Due 90 Days Total Total Loans (In thousands) And Accruing And Accruing and Over Past Due Current Receivable Real estate loans: Secured by one-to-four family residences $ 90 $ - $ 118 $ 208 $ 180,022 $ 180,230 Secured by multi-family residences - - - - 5,211 5,211 Construction - - - - 3,698 3,698 Commercial - - - - 4,698 4,698 Home equity lines of credit - - 18 18 15,474 15,492 Total real estate loans 90 - 136 226 209,103 209,329 Commercial & industrial loans - - - - 1,040 1,040 Other loans - - - - 74 74 Total loans $ 90 $ - $ 136 $ 226 $ 210,217 $ 210,443 As of December 31, 2015 30-59 Days 60-89 Days Past Due Past Due 90 Days Total Total Loans (In thousands) And Accruing And Accruing and Over Past Due Current Receivable Real estate loans: Secured by one-to-four family residences $ 118 $ - $ 63 $ 181 $ 176,856 $ 177,037 Secured by multi-family residences - - - - 5,146 5,146 Construction - - - - 1,251 1,251 Commercial - - - - 3,522 3,522 Home equity lines of credit - - 18 18 14,505 14,523 Total real estate loans 118 - 81 199 201,280 201,479 Commercial & industrial loans - - - - 853 853 Other loans 9 - 1 10 51 61 Total loans $ 127 $ - $ 82 $ 209 $ 202,184 $ 202,393 At June 30, 2016, the Company had one nonaccrual residential mortgage loan for $89,000, one nonaccrual home equity line of credit for $18,000, and one nonaccrual home equity loan for $29,000. At December 31, 2015, the Company had one nonaccrual residential mortgage loan for $63,000, one nonaccrual home equity line of credit for $18,000, and one nonaccrual checking line of credit for $1,000. There were no loans that were past due 90 days or more and still accruing interest at June 30, 2016 or December 31, 2015. At June 30, 2016 and December 31, 2015, there were no loans considered to be impaired and no troubled debt restructurings. |
Allowance for Loan Losses and F
Allowance for Loan Losses and Foreclosed Real Estate | 6 Months Ended |
Jun. 30, 2016 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Allowance for Loan Losses and Foreclosed Real Estate | Note 6: Allowance for Loan Losses and Foreclosed Real Estate Summarized in the tables below are changes in the allowance for loan losses for the indicated periods and information pertaining to the allocation of the allowance for loan losses, balances of the allowance for loan losses, loans receivable based on individual, and collective impairment evaluation by loan portfolio class. An allocation of a portion of the allowance to a given portfolio class does not limit the Company’s ability to absorb losses in another portfolio class. For the three months ended June 30, 2016 Secured by Secured by one-to-four multi-family Home equity family residences residences Construction Commercial lines of credit Commercial Other/ (In thousands) real estate loans real estate loans real estate loans real estate loans real estate loans & industrial Unallocated Total Allowance for loan losses: Beginning Balance $ 539 $ 41 $ 8 $ 46 $ 104 $ 11 $ 106 $ 855 Charge-offs - - - - - - - - Recoveries - - - - - - - - Provisions 30 (2 ) 10 1 1 2 3 45 Ending balance $ 569 $ 39 $ 18 $ 47 $ 105 $ 13 $ 109 $ 900 For the three months ended June 30, 2015 Secured by Secured by one-to-four multi-family Home equity family residences residences Construction Commercial lines of credit Commercial Other/ (In thousands) real estate loans real estate loans real estate loans real estate loans real estate loans & industrial Unallocated Total Allowance for loan losses: Beginning Balance $ 441 $ 29 $ 5 $ 14 $ 97 $ 1 $ 104 $ 691 Charge-offs - - - - - - - - Recoveries - - - - - - - - Provisions 72 (1 ) 2 8 $ 1 1 (46 ) 37 Ending balance $ 513 $ 28 $ 7 $ 22 $ 98 $ 2 $ 58 $ 728 For the six months ended June 30, 2016 Secured by Secured by one-to-four multi-family Home equity family residences residences Construction Commercial lines of credit Commercial Other/ (In thousands) real estate loans real estate loans real estate loans real estate loans real estate loans & industrial Unallocated Total Allowance for loan losses: Beginning Balance $ 524 $ 39 $ 6 $ 35 $ 101 $ 11 $ 95 $ 811 Charge-offs - - - - - - (1 ) (1 ) Recoveries - - - - - - - - Provisions 45 - 12 12 4 2 15 90 Ending balance $ 569 $ 39 $ 18 $ 47 $ 105 $ 13 $ 109 $ 900 For the six months ended June 30, 2015 Secured by Secured by one-to-four multi-family Home equity family residences residences Construction Commercial lines of credit Commercial Other/ (In thousands) real estate loans real estate loans real estate loans real estate loans real estate loans & industrial Unallocated Total Allowance for loan losses: Beginning Balance $ 448 $ 29 $ 6 $ 14 $ 87 $ 1 $ 68 $ 653 Charge-offs - - - - - - - - Recoveries - - - - - - - - Provisions 65 (1 ) 1 8 $ 11 1 (10 ) 75 Ending balance $ 513 $ 28 $ 7 $ 22 $ 98 $ 2 $ 58 $ 728 The Company had no foreclosed real estate at June 30, 2016 or December 31, 2015. At June 30, 2016 and December 31, 2015, the Company did not have any residential real estate loans in the process of foreclosure. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 7: Fair Value Measurements Accounting guidance related to fair value measurements and disclosures specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. These two types of inputs have created the following fair value hierarchy: Level 1 – Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2 – Quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. Level 3 – Model-derived valuations in which one or more significant inputs or significant value drivers are unobservable. An asset’s or liability’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs, minimize the use of unobservable inputs, to the extent possible, and considers counterparty credit risk in its assessment of fair value. The following tables summarize assets measured at fair value on a recurring basis as of the indicated dates, segregated by the level of valuation inputs within the hierarchy utilized to measure fair value: June 30, 2016 (In thousands) Level 1 Level 2 Level 3 Total Fair Value Available-for-sale portfolio U.S. Government and agency obligations $ - $ 5,008 $ - $ 5,008 Mortgage-backed securities – residential - 13,738 - 13,738 Total available-for-sale securities $ - $ 18,746 $ - $ 18,746 December 31, 2015 (In thousands) Level 1 Level 2 Level 3 Total Fair Value Available-for-sale portfolio U.S. Government and agency obligations $ - $ 5,968 $ - $ 5,968 Mortgage-backed securities – residential - 14,000 - 14,000 Total available-for-sale securities $ - $ 19,968 $ - $ 19,968 There have been no transfers of assets into or out of any fair value measurement level during the quarter ended June 30, 2016. Required disclosures include fair value information of financial instruments, whether or not recognized in the consolidated statement of condition, for which it is practicable to estimate that value. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. In that regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, could not be realized in immediate settlement of the instrument. The Company has various processes and controls in place to ensure that fair value is reasonably estimated. The Company performs due diligence procedures over third-party pricing service providers in order to support their use in the valuation process. While the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. Management uses its best judgment in estimating the fair value of the Company’s financial instruments; however, there are inherent weaknesses in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates herein are not necessarily indicative of the amounts the Company could have realized in a sale transaction on the dates indicated. The estimated fair value amounts have been measured as of their respective period-ends, and have not been re-evaluated or updated for purposes of these financial statements subsequent to those respective dates. As such, the estimated fair values of these financial instruments subsequent to the respective reporting dates may be different than the amounts reported at each period-end. The following information should not be interpreted as an estimate of the fair value of the entire Company since a fair value calculation is only provided for a limited portion of the Company’s assets and liabilities. Due to a wide range of valuation techniques and the degree of subjectivity used in making the estimates, comparisons between the Company’s disclosures and those of other companies may not be meaningful. The Company, in estimating its fair value disclosures for financial instruments, used the following methods and assumptions: Cash, Due from Banks, and Interest Bearing Demand Deposits The carrying amounts of these assets approximate their fair values. Investment Securities The fair value of securities available for sale (carried at fair value) and held to maturity (carried at amortized cost) are determined by matrix pricing, which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted market prices for the specific securities but rather relying on the securities’ relationship to other benchmark quoted prices and is considered to be a Level 2 measurement. Investment in FHLB Stock The carrying value of FHLB stock approximates its fair value based on the redemption provisions of the FHLB stock, resulting in a Level 2 classification. Loans The fair values of loans held in portfolio are estimated using discounted cash flow analyses, using market rates at the balance sheet date that reflect the credit and interest rate-risk inherent in the loans, resulting in a Level 3 classification. Projected future cash flows are calculated based upon contractual maturity or call dates, projected repayments and prepayments of principal. Generally, for variable rate loans that reprice frequently and with no significant change in credit risk, fair values are based on carrying values. Mortgage loans held for sale in the secondary market are carried at the lower of cost or fair value, resulting in a Level 2 classification. Separate determinations of fair value for residential and commercial loans are made on an aggregate basis. Fair value is determined based solely on the effect of changes in secondary market interest rates and yield requirements from the commitment date to the date of the financial statements. Accrued Interest Receivable and Payable The carrying amount of accrued interest receivable and payable approximates fair value. Deposits The fair values disclosed for demand deposits (e.g., NOW accounts, non-interest checking, regular savings and certain types of money market accounts) are, by definition, equal to the amount payable on demand at the reporting date (i.e., their carrying amounts), resulting in a Level 1 classification. The carrying amounts for variable-rate certificates of deposit approximate their fair values at the reporting date, resulting in a Level 1 classification. Fair values for fixed-rate certificates of deposit are estimated using a discounted cash flow calculation that applies market interest rates currently being offered on certificates to a schedule of aggregated expected monthly maturities on time deposits, resulting in a Level 2 classification. Borrowings The fair values of FHLB long-term borrowings are estimated using discounted cash flow analyses, based on the quoted rates for new FHLB advances with similar credit risk characteristics, terms and remaining maturity, resulting in a Level 2 classification. The carrying amounts and fair values of the Company’s financial instruments as of the indicated dates are presented in the following table: June 30, 2016 December 31, 2015 Fair Value Carrying Estimated Carrying Estimated (In thousands) Hierarchy Amounts Fair Values Amounts Fair Values Financial assets: Cash and due from banks 1 $ 1,506 $ 1,506 $ 1,550 $ 1,550 Interest earning demand deposits 1 23,647 23,647 4,597 4,597 Securities - available-for-sale 2 18,746 18,746 19,968 19,968 Securities - held-to-maturity 2 7,806 8,029 12,979 13,222 Investment in FHLB stock 2 2,320 2,320 2,388 2,388 Loans held for sale 2 6,477 6,477 3,880 3,880 Loans, net 3 209,738 216,986 201,830 201,886 Accrued interest receivable 1 626 626 655 655 Financial liabilities: Demand Deposits, Savings, NOW and MMDA 1 115,692 115,692 84,060 84,060 Time Deposits 2 96,141 95,933 101,501 101,272 Borrowings 2 44,241 43,872 46,092 46,447 Accrued interest payable 1 55 55 60 60 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2016 | |
Comprehensive Income Loss Note [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Note 8: Accumulated Other Comprehensive Income (Loss) Changes in the components of accumulated other comprehensive income (loss) (“AOCI”), net of tax, for the periods indicated are summarized in the table below. For the three months ended June 30, 2016 (In thousands) Unrealized Gains and Losses on Unrealized Loss on Securities Total Beginning balance $ 59 $ (95 ) $ (36 ) Other comprehensive income before reclassifications 16 50 66 Ending balance $ 75 $ (45 ) $ 30 For the three months ended June 30, 2015 (In thousands) Unrealized Gains and Losses on Securities reclassified from AFS Total Beginning balance $ 135 $ (348 ) $ (213 ) Other comprehensive income before reclassifications (19 ) 7 (12 ) Ending balance $ 116 $ (341 ) $ (225 ) There were no amounts reclassified out of AOCI for the three months ended June 30, 2016 and 2015. For the six months ended June 30, 2016 (In thousands) Unrealized Gains and Losses on Unrealized Loss on Securities Total Beginning balance $ (4 ) $ (208 ) $ (212 ) Other comprehensive income before reclassifications 79 163 242 Ending balance $ 75 $ (45 ) $ 30 For the six months ended June 30, 2015 (In thousands) Unrealized Gains and Losses on Securities reclassified from AFS Total Beginning balance $ 129 $ (355 ) $ (226 ) Other comprehensive income before reclassifications (13 ) 14 1 Ending balance $ 116 $ (341 ) $ (225 ) There were no amounts reclassified out of AOCI for the three or six months ended June 30, 2016 and 2015. |
Accounting Policy (Policy)
Accounting Policy (Policy) | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited consolidated financial statements of FSB Community Bankshares, Inc., (the “Company”), Fairport Savings Bank (the “Bank”) and its other wholly owned subsidiary, Fairport Wealth Management, have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information, the instructions for Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes necessary for a complete presentation of consolidated financial condition, results of operations and cash flows in conformity with generally accepted accounting principles. In the opinion of management, all adjustments, consisting of normal recurring accruals considered necessary for a fair presentation, have been included. The results are not necessarily indicative of the results that may be expected for the year ending December 31, 2016 or for any future period. The Company's consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States and follow practices within the banking industry. Application of these principles requires management to make estimates, assumptions, and judgments that affect the amounts reported in the consolidated financial statements and accompanying notes. These estimates, assumptions, and judgments are based on information available as of the date of the financial statements; accordingly, as this information changes, the financial statements could reflect different estimates, assumptions, and judgments. Certain policies inherently have a greater reliance on the use of estimates, assumptions, and judgments and as such have a greater possibility of producing results that could be materially different than originally reported. Estimates, assumptions, and judgments are necessary when assets and liabilities are required to be recorded at fair value or when an asset or liability needs to be recorded contingent upon a future event. Carrying assets and liabilities at fair value inherently results in more financial statement volatility. The fair values and information used to record valuation adjustments for certain assets and liabilities are based on quoted market prices or are provided by other third-party sources, when available. When third party information is not available, valuation adjustments are estimated in good faith by management. On March 2, 2016, the Boards of Directors of the Company, FSB Community Bankshares, MHC and the Bank unanimously adopted a Plan of Conversion of FSB Community Bankshares, MHC pursuant to which FSB Community Bankshares, MHC undertook a “second-step” conversion and now ceases to exist. The Bank reorganized from a two-tier mutual holding company structure to a fully public stock holding company structure effective July 13, 2016, and, as a result is now the wholly-owned subsidiary of FSB Bancorp, Inc. (“FSB Bancorp”). Because the conversion occurred after June 30, 2016, the information included in this quarterly report is that of the Company. |
New Accounting Pronouncements | New Accounting Pronouncements On June 16, 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-13, Financial Instruments—Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. The new CECL model will apply to: (1) financial assets subject to credit losses and measured at amortized cost, and (2) certain off-balance sheet credit exposures. This includes loans, held-to-maturity debt securities, loan commitments, financial guarantees, and net investments in leases, as well as reinsurance and trade receivables. Upon initial recognition of the exposure, the CECL model requires an entity to estimate the credit losses expected over the life of an exposure (or pool of exposures). The estimate of expected credit losses (“ECL”) should consider historical information, current information, and reasonable and supportable forecasts, including estimates of prepayments. Generally, the initial estimate of the ECL and subsequent changes in the estimate will be reported in current earnings. The ECL will be recorded through an allowance for loan and lease losses (“ALLL”) in the statement of financial position. Current GAAP requires an “incurred loss” methodology for recognizing credit losses that delays recognition until it is probable that a loss has been incurred. The current model therefore generally restricts an organization’s ability to record credit losses that are expected, but do not yet meet the “probable” threshold. The ASU also significantly amends the current available-for-sale (“AFS”) security other-than-temporary impairment (“OTTI”) model for debt securities. The new model will require an estimate of ECL only when the fair value is below the amortized cost of the asset. The length of time that the fair value of an AFS debt security has been below the amortized cost will no longer impact the determination of whether a credit loss exists. In addition, credit losses on AFS debt securities will now be limited to the difference between the security’s amortized cost basis and its fair value. The AFS debt security model will also require the use of an allowance to record estimated credit losses (and subsequent recoveries). The new guidance addresses purchased financial assets with credit deterioration (“PCD”). The new model applies to purchased financial assets (measured at amortized cost or held as AFS) that have experienced more than insignificant credit deterioration since origination. This represents a change from the scope of what are considered purchased credit-impaired assets under the current model. Different than the accounting for originated or purchased assets that do not qualify as PCD, the initial estimate of expected credit losses for a PCD would be recognized through an ALLL with an offset to the cost basis of the related financial asset at acquisition (i.e., there is no impact to net income at initial recognition). Subsequently, the accounting will follow the applicable CECL or AFS debt security impairment model with all adjustments of the ALLL recognized through earnings. ASU 2016-13 also expands the disclosure requirements regarding an entity’s assumptions, models, and methods for estimating the ALLL. In addition, public business entities (“PBEs”) will need to disclose the amortized cost balance for each class of financial asset by credit quality indicator, disaggregated by the year of origination. This disclosure will not be required for other reporting entities. For PBEs that are U.S. Securities and Exchange Commission (SEC) filers, such as the Company, the amendments in this Update are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. All entities may adopt the amendments in this Update earlier as of the fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. An entity will apply the amendments in this Update through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. The provisions of this new accounting standard are complex and will require substantial analysis prior to the ASU’s implementation. The Company’s management is currently in the process of evaluating the impact that this standard will have on its consolidated financial statements. |
Earnings per Common Share (Tabl
Earnings per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of basic earnings per share | Three months ended June 30, (In thousands, except per share data) 2016 2015 Basic Earnings Per Common Share Net income available to common stockholders $ 110 $ 31 Weighted average common shares outstanding 1,743 1,740 Basic earnings per common share $ 0.06 $ 0.02 Six months ended June 30, (In thousands, except per share data) 2016 2015 Basic Earnings Per Common Share Net income available to common stockholders $ 187 $ 118 Weighted average common shares outstanding 1,742 1,739 Basic earnings per common share $ 0.11 $ 0.07 |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of amortized cost and estimated fair value of securities | June 30, 2016 Gross Gross Amortized Unrealized Unrealized Fair (In thousands) Cost Gains Losses Value Available-for-Sale Portfolio U.S. Government and agency obligations $ 5,000 $ 11 $ (3 ) $ 5,008 Mortgage-backed securities – residential 13,632 116 (10 ) 13,738 Total available-for-sale $ 18,632 $ 127 $ (13 ) $ 18,746 Held-to-Maturity Portfolio Mortgage-backed securities – residential $ 1,277 $ 40 $ - $ 1,317 U.S. Government and agency obligations 955 45 - 1,000 State and municipal securities 5,574 138 - 5,712 Total held-to-maturity $ 7,806 $ 223 $ - $ 8,029 December 31, 2015 Gross Gross Amortized Unrealized Unrealized Fair (In thousands) Cost Gains Losses Value Available-for-Sale Portfolio U.S. Government and agency obligations $ 6,000 $ - $ (32 ) $ 5,968 Mortgage-backed securities – residential 13,974 101 (75 ) 14,000 Total available-for-sale $ 19,974 $ 101 $ (107 ) $ 19,968 Held-to-Maturity Portfolio Mortgage-backed securities – residential $ 1,535 $ 39 $ - $ 1,574 U.S. Government and agency obligations 6,793 129 - 6,922 State and municipal securities 4,651 76 (1 ) 4,726 Total held-to-maturity $ 12,979 $ 244 $ (1 ) $ 13,222 |
Schedule of amortized cost and estimated fair value by contractual maturity of debt securities | Available-for-Sale Held-to-Maturity Amortized Amortized (In thousands) Cost Fair Value Cost Fair Value Due in one year or less $ - $ - $ 372 $ 373 Due after one year through five years 2,000 1,999 3,197 3,272 Due after five years through ten years 2,000 2,002 2,005 2,067 Due after ten years 1,000 1,007 955 1,000 Sub-total $ 5,000 $ 5,008 $ 6,529 $ 6,712 Mortgage-backed securities – residential 13,632 13,738 1,277 1,317 Totals $ 18,632 $ 18,746 $ 7,806 $ 8,029 |
Schedule of continuous unrealized loss position for investment securities | June 30, 2016 Less than Twelve Months Twelve Months or More Total Number of Number of Number of Individual Unrealized Fair Individual Unrealized Fair Individual Unrealized Fair (Dollars in thousands) Securities Losses Value Securities Losses Value Securities Losses Value Available-for-Sale U.S. Government and agency obligations 2 $ 3 $ 1,997 - $ - $ - 2 $ 3 $ 1,997 Mortgage-backed securities - residential 2 3 1,815 1 7 852 3 10 2,667 Totals 4 $ 6 $ 3,812 1 $ 7 $ 852 5 $ 13 $ 4,664 Held-to-Maturity State and municipal securities (1) 1 $ - $ 266 1 $ - $ 45 2 $ - $ 311 Totals 1 $ - $ 266 1 $ - $ 45 2 $ - $ 311 December 31, 2015 Less than Twelve Months Twelve Months or More Total Number of Number of Number of Individual Unrealized Fair Individual Unrealized Fair Individual Unrealized Fair (Dollars in thousands) Securities Losses Value Securities Losses Value Securities Losses Value Available-for-Sale U.S. Government and agency obligations 6 $ 32 $ 5,968 - $ - $ - 6 $ 32 $ 5,968 Mortgage-backed securities - residential 5 61 6,283 1 14 821 6 75 7,104 Totals 11 $ 93 $ 12,251 1 $ 14 $ 821 12 $ 107 $ 13,072 Held-to-Maturity State and municipal securities (1) 2 $ - $ 455 2 $ 1 $ 126 4 $ 1 $ 581 Totals 2 $ - $ 455 2 $ 1 $ 126 4 $ 1 $ 581 (1) |
Loans (Tables)
Loans (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Schedule of net loans | June 30, December 31, (In thousands) 2016 2015 Real estate loans: Secured by one-to-four family residences $ 180,230 $ 177,037 Secured by multi-family residences 5,211 5,146 Construction 3,698 1,251 Commercial real estate 4,698 3,522 Home equity lines of credit 15,492 14,523 Total real estate loans 209,329 201,479 Commercial and industrial loans 1,040 853 Other loans 74 61 Total loans 210,443 202,393 Net deferred loan origination costs 195 248 Less allowance for loan losses (900 ) (811 ) Loans receivable, net $ 209,738 $ 201,830 |
Schedule of risk category of loans by class | As of June 30, 2016 Special (In thousands) Pass Mention Substandard Doubtful Total Real estate loans: Secured by one-to-four family residences $ 178,699 $ - $ 1,531 $ - $ 180,230 Secured by multi-family residences 5,211 - - - 5,211 Construction 3,698 - - - 3,698 Commercial real estate 4,698 - - - 4,698 Home equity lines of credit 15,197 - 295 - 15,492 Total real estate loans 207,503 - 1,826 - 209,329 Commercial & industrial loans 1,040 - - - 1,040 Other loans 74 - - - 74 Total loans $ 208,617 $ - $ 1,826 $ - $ 210,443 As of December 31, 2015 Special (In thousands) Pass Mention Substandard Doubtful Total Real estate loans: Secured by one-to-four family residences $ 175,885 $ - $ 1,152 $ - $ 177,037 Secured by multi-family residences 5,146 - - - 5,146 Construction 1,251 - - - 1,251 Commercial real estate 3,522 - - - 3,522 Home equity lines of credit 14,223 - 300 - 14,523 Total real estate loans 200,027 - 1,452 - 201,479 Commercial & industrial loans 853 - - - 853 Other loans 60 - - 1 61 Total loans $ 200,940 $ - $ 1,452 $ 1 $ 202,393 |
Schedule of age of the loan delinquencies by type and by amount past due | As of June 30, 2016 30-59 Days 60-89 Days Past Due Past Due 90 Days Total Total Loans (In thousands) And Accruing And Accruing and Over Past Due Current Receivable Real estate loans: Secured by one-to-four family residences $ 90 $ - $ 118 $ 208 $ 180,022 $ 180,230 Secured by multi-family residences - - - - 5,211 5,211 Construction - - - - 3,698 3,698 Commercial - - - - 4,698 4,698 Home equity lines of credit - - 18 18 15,474 15,492 Total real estate loans 90 - 136 226 209,103 209,329 Commercial & industrial loans - - - - 1,040 1,040 Other loans - - - - 74 74 Total loans $ 90 $ - $ 136 $ 226 $ 210,217 $ 210,443 As of December 31, 2015 30-59 Days 60-89 Days Past Due Past Due 90 Days Total Total Loans (In thousands) And Accruing And Accruing and Over Past Due Current Receivable Real estate loans: Secured by one-to-four family residences $ 118 $ - $ 63 $ 181 $ 176,856 $ 177,037 Secured by multi-family residences - - - - 5,146 5,146 Construction - - - - 1,251 1,251 Commercial - - - - 3,522 3,522 Home equity lines of credit - - 18 18 14,505 14,523 Total real estate loans 118 - 81 199 201,280 201,479 Commercial & industrial loans - - - - 853 853 Other loans 9 - 1 10 51 61 Total loans $ 127 $ - $ 82 $ 209 $ 202,184 $ 202,393 |
Allowance for Loan Losses and20
Allowance for Loan Losses and Foreclosed Real Estate (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Schedule of changes in the allowance for loan losses | For the three months ended June 30, 2016 Secured by Secured by one-to-four multi-family Home equity family residences residences Construction Commercial lines of credit Commercial Other/ (In thousands) real estate loans real estate loans real estate loans real estate loans real estate loans & industrial Unallocated Total Allowance for loan losses: Beginning Balance $ 539 $ 41 $ 8 $ 46 $ 104 $ 11 $ 106 $ 855 Charge-offs - - - - - - - - Recoveries - - - - - - - - Provisions 30 (2 ) 10 1 1 2 3 45 Ending balance $ 569 $ 39 $ 18 $ 47 $ 105 $ 13 $ 109 $ 900 For the three months ended June 30, 2015 Secured by Secured by one-to-four multi-family Home equity family residences residences Construction Commercial lines of credit Commercial Other/ (In thousands) real estate loans real estate loans real estate loans real estate loans real estate loans & industrial Unallocated Total Allowance for loan losses: Beginning Balance $ 441 $ 29 $ 5 $ 14 $ 97 $ 1 $ 104 $ 691 Charge-offs - - - - - - - - Recoveries - - - - - - - - Provisions 72 (1 ) 2 8 $ 1 1 (46 ) 37 Ending balance $ 513 $ 28 $ 7 $ 22 $ 98 $ 2 $ 58 $ 728 For the six months ended June 30, 2016 Secured by Secured by one-to-four multi-family Home equity family residences residences Construction Commercial lines of credit Commercial Other/ (In thousands) real estate loans real estate loans real estate loans real estate loans real estate loans & industrial Unallocated Total Allowance for loan losses: Beginning Balance $ 524 $ 39 $ 6 $ 35 $ 101 $ 11 $ 95 $ 811 Charge-offs - - - - - - (1 ) (1 ) Recoveries - - - - - - - - Provisions 45 - 12 12 4 2 15 90 Ending balance $ 569 $ 39 $ 18 $ 47 $ 105 $ 13 $ 109 $ 900 For the six months ended June 30, 2015 Secured by Secured by one-to-four multi-family Home equity family residences residences Construction Commercial lines of credit Commercial Other/ (In thousands) real estate loans real estate loans real estate loans real estate loans real estate loans & industrial Unallocated Total Allowance for loan losses: Beginning Balance $ 448 $ 29 $ 6 $ 14 $ 87 $ 1 $ 68 $ 653 Charge-offs - - - - - - - - Recoveries - - - - - - - - Provisions 65 (1 ) 1 8 $ 11 1 (10 ) 75 Ending balance $ 513 $ 28 $ 7 $ 22 $ 98 $ 2 $ 58 $ 728 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule of assets measured at fair value on a recurring basis | June 30, 2016 (In thousands) Level 1 Level 2 Level 3 Total Fair Value Available-for-sale portfolio U.S. Government and agency obligations $ - $ 5,008 $ - $ 5,008 Mortgage-backed securities – residential - 13,738 - 13,738 Total available-for-sale securities $ - $ 18,746 $ - $ 18,746 December 31, 2015 (In thousands) Level 1 Level 2 Level 3 Total Fair Value Available-for-sale portfolio U.S. Government and agency obligations $ - $ 5,968 $ - $ 5,968 Mortgage-backed securities – residential - 14,000 - 14,000 Total available-for-sale securities $ - $ 19,968 $ - $ 19,968 |
Schedule of carrying amounts and estimated fair values of the financial instruments | June 30, 2016 December 31, 2015 Fair Value Carrying Estimated Carrying Estimated (In thousands) Hierarchy Amounts Fair Values Amounts Fair Values Financial assets: Cash and due from banks 1 $ 1,506 $ 1,506 $ 1,550 $ 1,550 Interest earning demand deposits 1 23,647 23,647 4,597 4,597 Securities - available-for-sale 2 18,746 18,746 19,968 19,968 Securities - held-to-maturity 2 7,806 8,029 12,979 13,222 Investment in FHLB stock 2 2,320 2,320 2,388 2,388 Loans held for sale 2 6,477 6,477 3,880 3,880 Loans, net 3 209,738 216,986 201,830 201,886 Accrued interest receivable 1 626 626 655 655 Financial liabilities: Demand Deposits, Savings, NOW and MMDA 1 115,692 115,692 84,060 84,060 Time Deposits 2 96,141 95,933 101,501 101,272 Borrowings 2 44,241 43,872 46,092 46,447 Accrued interest payable 1 55 55 60 60 |
Accumulated Other Comprehensi22
Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Comprehensive Income Loss Note [Abstract] | |
Schedule of accumulated other comprehensive income (loss) | For the three months ended June 30, 2016 (In thousands) Unrealized Gains and Losses on Unrealized Loss on Securities Total Beginning balance $ 59 $ (95 ) $ (36 ) Other comprehensive income before reclassifications 16 50 66 Ending balance $ 75 $ (45 ) $ 30 For the three months ended June 30, 2015 (In thousands) Unrealized Gains and Losses on Securities reclassified from AFS Total Beginning balance $ 135 $ (348 ) $ (213 ) Other comprehensive income before reclassifications (19 ) 7 (12 ) Ending balance $ 116 $ (341 ) $ (225 ) For the six months ended June 30, 2016 (In thousands) Unrealized Gains and Losses on Unrealized Loss on Securities Total Beginning balance $ (4 ) $ (208 ) $ (212 ) Other comprehensive income before reclassifications 79 163 242 Ending balance $ 75 $ (45 ) $ 30 For the six months ended June 30, 2015 (In thousands) Unrealized Gains and Losses on Securities reclassified from AFS Total Beginning balance $ 129 $ (355 ) $ (226 ) Other comprehensive income before reclassifications (13 ) 14 1 Ending balance $ 116 $ (341 ) $ (225 ) |
Earnings (Loss) Per Common Shar
Earnings (Loss) Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Basic Earnings Per Common Share | ||||
Net income available to common stockholders | $ 110 | $ 31 | $ 187 | $ 118 |
Weighted average common shares outstanding | 1,743 | 1,740 | 1,742 | 1,739 |
Basic earnings per common share (in dollars per share) | $ 0.06 | $ 0.02 | $ 0.11 | $ 0.07 |
Investment Securities - Amortiz
Investment Securities - Amortized cost and estimated fair value of securities with gross unrealized gains and losses (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Available-for-Sale Portfolio | ||
Amortized cost | $ 18,632 | $ 19,974 |
Gross unrealized gains | 127 | 101 |
Gross unrealized losses | (13) | (107) |
Fair Value | 18,746 | 19,968 |
Held-to-Maturity Portfolio | ||
Amortized cost | 7,806 | 12,979 |
Gross unrealized gains | 223 | 244 |
Gross unrealized losses | (1) | |
Fair Value | 8,029 | 13,222 |
U.S. Government and agency obligations | ||
Available-for-Sale Portfolio | ||
Amortized cost | 5,000 | 6,000 |
Gross unrealized gains | 11 | |
Gross unrealized losses | (3) | (32) |
Fair Value | 5,008 | 5,968 |
Held-to-Maturity Portfolio | ||
Amortized cost | 955 | 6,793 |
Gross unrealized gains | 45 | 129 |
Gross unrealized losses | ||
Fair Value | 1,000 | 6,922 |
Mortgage-backed securities - residential | ||
Available-for-Sale Portfolio | ||
Amortized cost | 13,632 | 13,974 |
Gross unrealized gains | 116 | 101 |
Gross unrealized losses | (10) | (75) |
Fair Value | 13,738 | 14,000 |
Held-to-Maturity Portfolio | ||
Amortized cost | 1,277 | 1,535 |
Gross unrealized gains | 40 | 39 |
Gross unrealized losses | ||
Fair Value | 1,317 | 1,574 |
State and Municipal securities | ||
Held-to-Maturity Portfolio | ||
Amortized cost | 5,574 | 4,651 |
Gross unrealized gains | 138 | 76 |
Gross unrealized losses | (1) | |
Fair Value | $ 5,712 | $ 4,726 |
Investment Securities - Amort25
Investment Securities - Amortized cost and estimated fair value by contractual maturity of debt securities (Details 1) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Available-for-Sale Amortized Cost | ||
Due in one year or less | ||
Due after one year through five years | 2,000 | |
Due after five years through ten years | 2,000 | |
Due after ten years | 1,000 | |
Sub-total | 5,000 | |
Amortized cost | 18,632 | $ 19,974 |
Available-for-Sale Fair Value | ||
Due in one year or less | ||
Due after one year through five years | 1,999 | |
Due after five years through ten years | 2,002 | |
Due after ten years | 1,007 | |
Sub-total | 5,008 | |
Fair Value | 18,746 | 19,968 |
Held-to-Maturity Amortized Cost | ||
Due in one year or less | 372 | |
Due after one year through five years | 3,197 | |
Due after five years through ten years | 2,005 | |
Due after ten years | 955 | |
Sub-total | 6,529 | |
Amortized cost | 7,806 | 12,979 |
Held-to-Maturity Fair Value | ||
Due in one year or less | 373 | |
Due after one year through five years | 3,272 | |
Due after five years through ten years | 2,067 | |
Due after ten years | 1,000 | |
Sub-total | 6,712 | |
Fair Value | 8,029 | 13,222 |
Mortgage-backed securities - residential | ||
Available-for-Sale Amortized Cost | ||
Amortized cost | 13,632 | 13,974 |
Available-for-Sale Fair Value | ||
Fair Value | 13,738 | 14,000 |
Held-to-Maturity Amortized Cost | ||
Amortized cost | 1,277 | 1,535 |
Held-to-Maturity Fair Value | ||
Fair Value | $ 1,317 | $ 1,574 |
Investment Securities - Gross u
Investment Securities - Gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position (Details 2) $ in Thousands | Jun. 30, 2016USD ($)SecuritiesSecurity | Dec. 31, 2015USD ($)SecuritiesSecurity | |
Available-for-Sale | |||
Less than Twelve Months Number of individual securities | Security | 4 | 11 | |
Less than Twelve Months, unrealized losses | $ 6 | $ 93 | |
Less than Twelve Months, fair value | $ 3,812 | $ 12,251 | |
Twelve Months or More Number of individual securities | Security | 1 | 1 | |
Twelve Months or More, unrealized losses | $ 7 | $ 14 | |
Twelve Months or More, fair value | $ 852 | $ 821 | |
Total Number of Individual Securities | Security | 5 | 12 | |
Total Unrealized Losses | $ 13 | $ 107 | |
Total Fair Value | $ 4,664 | $ 13,072 | |
Held-to-Maturity | |||
Less than Twelve Months Number of individual securities | Securities | 1 | 2 | |
Less than Twelve Months, Unrealized Losses | |||
Less than Twelve Months, Fair Value | $ 266 | $ 455 | |
Twelve Months or More Number of individual securities | Securities | 1 | 2 | |
Twelve Months or More, Unrealized Losses | $ 1 | ||
Twelve Months or More, Fair Value | $ 45 | $ 126 | |
Total Number of Individual Securities | Securities | 2 | 4 | |
Total Unrealized Losses | $ 1 | ||
Total Fair Value | $ 311 | $ 581 | |
U.S. Government and agency obligations | |||
Available-for-Sale | |||
Less than Twelve Months Number of individual securities | Security | 2 | 6 | |
Less than Twelve Months, unrealized losses | $ 3 | $ 32 | |
Less than Twelve Months, fair value | $ 1,997 | $ 5,968 | |
Twelve Months or More Number of individual securities | Security | |||
Twelve Months or More, unrealized losses | |||
Twelve Months or More, fair value | |||
Total Number of Individual Securities | Security | 2 | 6 | |
Total Unrealized Losses | $ 3 | $ 32 | |
Total Fair Value | $ 1,997 | $ 5,968 | |
Mortgage-backed securities - residential | |||
Available-for-Sale | |||
Less than Twelve Months Number of individual securities | Security | 2 | 5 | |
Less than Twelve Months, unrealized losses | $ 3 | $ 61 | |
Less than Twelve Months, fair value | $ 1,815 | $ 6,283 | |
Twelve Months or More Number of individual securities | Security | 1 | 1 | |
Twelve Months or More, unrealized losses | $ 7 | $ 14 | |
Twelve Months or More, fair value | $ 852 | $ 821 | |
Total Number of Individual Securities | Security | 3 | 6 | |
Total Unrealized Losses | $ 10 | $ 75 | |
Total Fair Value | $ 2,667 | $ 7,104 | |
State and Municipal securities | |||
Held-to-Maturity | |||
Less than Twelve Months Number of individual securities | Securities | [1] | 1 | 2 |
Less than Twelve Months, Unrealized Losses | [1] | ||
Less than Twelve Months, Fair Value | [1] | $ 266 | $ 455 |
Twelve Months or More Number of individual securities | Securities | [1] | 1 | 2 |
Twelve Months or More, Unrealized Losses | [1] | $ 1 | |
Twelve Months or More, Fair Value | [1] | $ 45 | $ 126 |
Total Number of Individual Securities | Securities | [1] | 2 | 4 |
Total Unrealized Losses | [1] | $ 1 | |
Total Fair Value | [1] | $ 311 | $ 581 |
[1] | Aggregate unrealized loss position of these securities is less than $500. |
Investment Securities - Gross27
Investment Securities - Gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position (Parentheticals) (Details 2) | 6 Months Ended |
Jun. 30, 2016USD ($) | |
State and Municipal securities | |
Available For Sale And Held To Maturity Securities Unrealized Loss Position [Line Items] | |
Aggregate unrealized loss position | $ 500 |
Investment Securities (Detail T
Investment Securities (Detail Textuals) - Security | Jun. 30, 2016 | Dec. 31, 2015 |
Schedule Of Available For Sale and Held To Maturity Securities [Line Items] | ||
Number of securities in unrealized loss position | 7 | 16 |
Number of securities in unrealized loss position in for greater than twelve months | 2 | 3 |
Number of securities in unrealized loss position in for less than twelve months | 5 | 13 |
Mortgage-backed securities - residential | ||
Schedule Of Available For Sale and Held To Maturity Securities [Line Items] | ||
Number of securities in unrealized loss position in for greater than twelve months | 1 | |
Number of securities in unrealized loss position in for less than twelve months | 4 |
Loans - Major classifications o
Loans - Major classifications of loans (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | $ 210,443 | $ 202,393 | ||||
Net deferred loan origination costs | 195 | 248 | ||||
Less: Allowance for loan losses | (900) | $ (855) | (811) | $ (728) | $ (691) | $ (653) |
Loans, net | 209,738 | 201,830 | ||||
Real estate loans: | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | 209,329 | 201,479 | ||||
Real estate loans: | Secured by one-to-four family residences | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | 180,230 | 177,037 | ||||
Less: Allowance for loan losses | (569) | (539) | (524) | (513) | (441) | (448) |
Real estate loans: | Secured by multi-family residences | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | 5,211 | 5,146 | ||||
Less: Allowance for loan losses | (39) | (41) | (39) | (28) | (29) | (29) |
Real estate loans: | Construction | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | 3,698 | 1,251 | ||||
Less: Allowance for loan losses | (18) | (8) | (6) | (7) | (5) | (6) |
Real estate loans: | Commercial real estate | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | 4,698 | 3,522 | ||||
Less: Allowance for loan losses | (47) | (46) | (35) | (22) | (14) | (14) |
Real estate loans: | Home equity lines of credit | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | 15,492 | 14,523 | ||||
Less: Allowance for loan losses | (105) | (104) | (101) | (98) | (97) | (87) |
Other Loans Portfolio Segment | Commercial and industrial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | 1,040 | 853 | ||||
Less: Allowance for loan losses | (13) | (11) | (11) | (2) | (1) | (1) |
Other Loans Portfolio Segment | Other loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | 74 | 61 | ||||
Less: Allowance for loan losses | $ (109) | $ (106) | $ (95) | $ (58) | $ (104) | $ (68) |
Loans - Risk category of loans
Loans - Risk category of loans by class (Details 1) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 210,443 | $ 202,393 |
Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 208,617 | 200,940 |
Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | ||
Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,826 | 1,452 |
Doubtful | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1 | |
Real estate loans: | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 209,329 | 201,479 |
Real estate loans: | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 207,503 | 200,027 |
Real estate loans: | Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | ||
Real estate loans: | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,826 | 1,452 |
Real estate loans: | Doubtful | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | ||
Real estate loans: | Secured by one-to-four family residences | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 180,230 | 177,037 |
Real estate loans: | Secured by one-to-four family residences | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 178,699 | 175,885 |
Real estate loans: | Secured by one-to-four family residences | Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | ||
Real estate loans: | Secured by one-to-four family residences | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,531 | 1,152 |
Real estate loans: | Secured by one-to-four family residences | Doubtful | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | ||
Real estate loans: | Secured by multi-family residences | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 5,211 | 5,146 |
Real estate loans: | Secured by multi-family residences | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 5,211 | 5,146 |
Real estate loans: | Secured by multi-family residences | Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | ||
Real estate loans: | Secured by multi-family residences | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | ||
Real estate loans: | Secured by multi-family residences | Doubtful | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | ||
Real estate loans: | Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 3,698 | 1,251 |
Real estate loans: | Construction | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 3,698 | 1,251 |
Real estate loans: | Construction | Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | ||
Real estate loans: | Construction | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | ||
Real estate loans: | Construction | Doubtful | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | ||
Real estate loans: | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 4,698 | 3,522 |
Real estate loans: | Commercial real estate | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 4,698 | 3,522 |
Real estate loans: | Commercial real estate | Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | ||
Real estate loans: | Commercial real estate | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | ||
Real estate loans: | Commercial real estate | Doubtful | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | ||
Real estate loans: | Home equity lines of credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 15,492 | 14,523 |
Real estate loans: | Home equity lines of credit | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 15,197 | 14,223 |
Real estate loans: | Home equity lines of credit | Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | ||
Real estate loans: | Home equity lines of credit | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 295 | 300 |
Real estate loans: | Home equity lines of credit | Doubtful | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | ||
Other Loans Portfolio Segment | Commercial & industrial loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,040 | 853 |
Other Loans Portfolio Segment | Commercial & industrial loans | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,040 | 853 |
Other Loans Portfolio Segment | Commercial & industrial loans | Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | ||
Other Loans Portfolio Segment | Commercial & industrial loans | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | ||
Other Loans Portfolio Segment | Commercial & industrial loans | Doubtful | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | ||
Other Loans Portfolio Segment | Other loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 74 | 61 |
Other Loans Portfolio Segment | Other loans | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 74 | 60 |
Other Loans Portfolio Segment | Other loans | Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | ||
Other Loans Portfolio Segment | Other loans | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | ||
Other Loans Portfolio Segment | Other loans | Doubtful | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 1 |
Loans - Analysis of the age of
Loans - Analysis of the age of the loan delinquencies by type and by amount past due (Details 3) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 226 | $ 209 |
Current | 210,217 | 202,184 |
Loans | 210,443 | 202,393 |
30-59 Days Past Due And Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 90 | 127 |
60-89 Days Past Due And Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
90 Days and Over | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 136 | 82 |
Real estate loans: | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 226 | 199 |
Current | 209,103 | 201,280 |
Loans | 209,329 | 201,479 |
Real estate loans: | 30-59 Days Past Due And Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 90 | 118 |
Real estate loans: | 60-89 Days Past Due And Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Real estate loans: | 90 Days and Over | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 136 | 81 |
Real estate loans: | Secured by one-to-four family residences | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 208 | 181 |
Current | 180,022 | 176,856 |
Loans | 180,230 | 177,037 |
Real estate loans: | Secured by one-to-four family residences | 30-59 Days Past Due And Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 90 | 118 |
Real estate loans: | Secured by one-to-four family residences | 60-89 Days Past Due And Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Real estate loans: | Secured by one-to-four family residences | 90 Days and Over | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 118 | 63 |
Real estate loans: | Secured by multi-family residences | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Current | 5,211 | 5,146 |
Loans | 5,211 | 5,146 |
Real estate loans: | Secured by multi-family residences | 30-59 Days Past Due And Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Real estate loans: | Secured by multi-family residences | 60-89 Days Past Due And Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Real estate loans: | Secured by multi-family residences | 90 Days and Over | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Real estate loans: | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Current | 3,698 | 1,251 |
Loans | 3,698 | 1,251 |
Real estate loans: | Construction | 30-59 Days Past Due And Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Real estate loans: | Construction | 60-89 Days Past Due And Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Real estate loans: | Construction | 90 Days and Over | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Real estate loans: | Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Current | 4,698 | 3,522 |
Loans | 4,698 | 3,522 |
Real estate loans: | Commercial | 30-59 Days Past Due And Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Real estate loans: | Commercial | 60-89 Days Past Due And Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Real estate loans: | Commercial | 90 Days and Over | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Real estate loans: | Home equity lines of credit | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 18 | 18 |
Current | 15,474 | 14,505 |
Loans | 15,492 | 14,523 |
Real estate loans: | Home equity lines of credit | 30-59 Days Past Due And Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Real estate loans: | Home equity lines of credit | 60-89 Days Past Due And Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Real estate loans: | Home equity lines of credit | 90 Days and Over | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 18 | 18 |
Other Loans Portfolio Segment | Commercial & industrial loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Current | 1,040 | 853 |
Loans | 1,040 | 853 |
Other Loans Portfolio Segment | Commercial & industrial loans | 30-59 Days Past Due And Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Other Loans Portfolio Segment | Commercial & industrial loans | 60-89 Days Past Due And Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Other Loans Portfolio Segment | Commercial & industrial loans | 90 Days and Over | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Other Loans Portfolio Segment | Other loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 10 | |
Current | 74 | 51 |
Loans | 74 | 61 |
Other Loans Portfolio Segment | Other loans | 30-59 Days Past Due And Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 9 | |
Other Loans Portfolio Segment | Other loans | 60-89 Days Past Due And Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Other Loans Portfolio Segment | Other loans | 90 Days and Over | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 1 |
Loans (Detail Textuals)
Loans (Detail Textuals) | Jun. 30, 2016USD ($)Loan | Dec. 31, 2015USD ($)Loan |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans serviced for others | $ 97,600,000 | $ 85,900,000 |
Other Assets | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Fair value of mortgage servicing rights | 646,000 | 561,000 |
Residential mortgage loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying value of loans pledged as collateral | $ 172,300,000 | $ 168,200,000 |
Secured by one-to-four family residences | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of nonaccrual loans | Loan | 1 | 1 |
Financing receivable, recorded Investment, nonaccrual status | $ 89,000 | $ 63,000 |
Home equity lines of credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of nonaccrual loans | Loan | 1 | 1 |
Financing receivable, recorded Investment, nonaccrual status | $ 18,000 | $ 18,000 |
Home equity loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of nonaccrual loans | Loan | 1 | |
Financing receivable, recorded Investment, nonaccrual status | $ 29,000 | |
Line of credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of nonaccrual loans | Loan | 1 | |
Financing receivable, recorded Investment, nonaccrual status | $ 1,000 |
Allowance for Loan Losses and33
Allowance for Loan Losses and Foreclosed Real Estate - Allowance for loan losses allocated by loan class and the activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | $ 855 | $ 691 | $ 811 | $ 653 |
Charge Offs | (1) | |||
Recoveries | ||||
Provisions | 45 | 37 | 90 | 75 |
Ending Balance | 900 | 728 | 900 | 728 |
Real estate loans: | Secured by one-to-four family residences | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | 539 | 441 | 524 | 448 |
Charge Offs | ||||
Recoveries | ||||
Provisions | 30 | 72 | 45 | 65 |
Ending Balance | 569 | 513 | 569 | 513 |
Real estate loans: | Secured by multi-family residences | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | 41 | 29 | 39 | 29 |
Charge Offs | ||||
Recoveries | ||||
Provisions | (2) | (1) | (1) | |
Ending Balance | 39 | 28 | 39 | 28 |
Real estate loans: | Construction | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | 8 | 5 | 6 | 6 |
Charge Offs | ||||
Recoveries | ||||
Provisions | 10 | 2 | 12 | 1 |
Ending Balance | 18 | 7 | 18 | 7 |
Real estate loans: | Commercial | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | 46 | 14 | 35 | 14 |
Charge Offs | ||||
Recoveries | ||||
Provisions | 1 | 8 | 12 | 8 |
Ending Balance | 47 | 22 | 47 | 22 |
Real estate loans: | Home equity lines of credit | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | 104 | 97 | 101 | 87 |
Charge Offs | ||||
Recoveries | ||||
Provisions | 1 | 1 | 4 | 11 |
Ending Balance | 105 | 98 | 105 | 98 |
Other Loans Portfolio Segment | Commercial & industrial loans | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | 11 | 1 | 11 | 1 |
Charge Offs | ||||
Recoveries | ||||
Provisions | 2 | 1 | 2 | 1 |
Ending Balance | 13 | 2 | 13 | 2 |
Other Loans Portfolio Segment | Other/Unallocated | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | 106 | 104 | 95 | 68 |
Charge Offs | (1) | |||
Recoveries | ||||
Provisions | 3 | (46) | 15 | (10) |
Ending Balance | $ 109 | $ 58 | $ 109 | $ 58 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair value on a recurring basis, the fair value measurements by level within the fair value hierarchy (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Available-for-Sale Portfolio | ||
Securities available for sale | $ 18,746 | $ 19,968 |
Fair Value, Measurements, Recurring | Total Fair Value | ||
Available-for-Sale Portfolio | ||
Securities available for sale | 18,746 | 19,968 |
Fair Value, Measurements, Recurring | Total Fair Value | U.S. Government and agency obligations | ||
Available-for-Sale Portfolio | ||
Securities available for sale | 5,008 | 5,968 |
Fair Value, Measurements, Recurring | Total Fair Value | Mortgage-backed securities - residential | ||
Available-for-Sale Portfolio | ||
Securities available for sale | 13,738 | 14,000 |
Fair Value, Measurements, Recurring | Level 1 | ||
Available-for-Sale Portfolio | ||
Securities available for sale | ||
Fair Value, Measurements, Recurring | Level 1 | U.S. Government and agency obligations | ||
Available-for-Sale Portfolio | ||
Securities available for sale | ||
Fair Value, Measurements, Recurring | Level 1 | Mortgage-backed securities - residential | ||
Available-for-Sale Portfolio | ||
Securities available for sale | ||
Fair Value, Measurements, Recurring | Level 2 | ||
Available-for-Sale Portfolio | ||
Securities available for sale | 18,746 | 19,968 |
Fair Value, Measurements, Recurring | Level 2 | U.S. Government and agency obligations | ||
Available-for-Sale Portfolio | ||
Securities available for sale | 5,008 | 5,968 |
Fair Value, Measurements, Recurring | Level 2 | Mortgage-backed securities - residential | ||
Available-for-Sale Portfolio | ||
Securities available for sale | 13,738 | 14,000 |
Fair Value, Measurements, Recurring | Level 3 | ||
Available-for-Sale Portfolio | ||
Securities available for sale | ||
Fair Value, Measurements, Recurring | Level 3 | U.S. Government and agency obligations | ||
Available-for-Sale Portfolio | ||
Securities available for sale | ||
Fair Value, Measurements, Recurring | Level 3 | Mortgage-backed securities - residential | ||
Available-for-Sale Portfolio | ||
Securities available for sale |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying amounts and estimated fair values of the financial instruments (Details 1) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Financial assets: | ||
Interest earning demand deposits | $ 23,647 | $ 4,597 |
Securities available for sale | 18,746 | 19,968 |
Securities - held-to-maturity | 7,806 | 12,979 |
Carrying Amount | Level 1 | ||
Financial assets: | ||
Cash and due from banks | 1,506 | 1,550 |
Interest earning demand deposits | 23,647 | 4,597 |
Accrued interest receivable | 626 | 655 |
Financial liabilities: | ||
Demand Deposits, Savings, NOW and MMDA | 115,692 | 84,060 |
Accrued interest payable | 55 | 60 |
Carrying Amount | Level 2 | ||
Financial assets: | ||
Securities available for sale | 18,746 | 19,968 |
Securities - held-to-maturity | 7,806 | 12,979 |
Investment in FHLB stock | 2,320 | 2,388 |
Loans held for sale | 6,477 | 3,880 |
Financial liabilities: | ||
Time Deposits | 96,141 | 101,501 |
Borrowings | 44,241 | 46,092 |
Carrying Amount | Level 3 | ||
Financial assets: | ||
Loans, net | 209,738 | 201,830 |
Fair Value | Level 1 | ||
Financial assets: | ||
Cash and due from banks | 1,506 | 1,550 |
Interest earning demand deposits | 23,647 | 4,597 |
Accrued interest receivable | 626 | 655 |
Financial liabilities: | ||
Demand Deposits, Savings, NOW and MMDA | 115,692 | 84,060 |
Accrued interest payable | 55 | 60 |
Fair Value | Level 2 | ||
Financial assets: | ||
Securities available for sale | 18,746 | 19,968 |
Securities - held-to-maturity | 8,029 | 13,222 |
Investment in FHLB stock | 2,320 | 2,388 |
Loans held for sale | 6,477 | 3,880 |
Financial liabilities: | ||
Time Deposits | 95,933 | 101,272 |
Borrowings | 43,872 | 46,447 |
Fair Value | Level 3 | ||
Financial assets: | ||
Loans, net | $ 216,986 | $ 201,886 |
Accumulated Other Comprehensi36
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Unrealized Gains and Losses on Available-for-Sale Securities, Beginning balance | $ 59 | $ 135 | $ (4) | $ 129 |
Unrealized Gains and Losses on Available-for-Sale Securities, Other comprehensive income before reclassifications | 16 | (19) | 79 | (13) |
Unrealized Gains and Losses on Available-for-Sale Securities, Ending balance | 75 | 116 | 75 | 116 |
Unrealized Loss on Securities Transferred to Held-to-Maturity, Beginning balance | (95) | (348) | (208) | (355) |
Unrealized Loss on Securities Transferred to Held-to-Maturity, Other comprehensive income before reclassifications | 50 | 7 | 163 | 14 |
Unrealized Loss on Securities Transferred to Held-to-Maturity, Ending balance | (45) | (341) | (45) | (341) |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance | (36) | (213) | (212) | (226) |
Other comprehensive income before reclassifications | 66 | (12) | 242 | 1 |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance | $ 30 | $ (225) | $ 30 | $ (225) |