Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2015 | Jun. 24, 2015 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | WELLS FINANCIAL CORP | |
Entity Central Index Key | 934,739 | |
Trading Symbol | wefp | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 736,022 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2015 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q1 |
Consolidated Balance Sheets (un
Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands | Mar. 31, 2015 | Dec. 31, 2014 |
Assets | ||
Cash and cash equivalents, including interest-bearing accounts, 2015, $8,835; 2014, $7,411 | $ 12,982 | $ 14,373 |
Certificates of deposit, at cost | 3,691 | 4,181 |
Federal funds sold | 8,000 | 2,000 |
Securities available for sale | 32,636 | 34,177 |
Federal Home Loan Bank stock, at cost | 2,093 | 2,079 |
Loans held for sale | 2,746 | 1,707 |
Loans receivable, net of allowance for loan loss of $2,252 in 2015; $2,158 in 2014; | 178,782 | 182,050 |
Accrued interest receivable | 804 | 834 |
Premises and equipment, net | 3,123 | 3,172 |
Mortgage servicing rights, net | 1,863 | 1,886 |
Foreclosed real estate | 3,538 | 3,656 |
Other assets | 1,351 | 1,711 |
Total assets | 251,609 | 251,826 |
Liabilities | ||
Deposits | 219,829 | 221,972 |
Advances from borrowers for taxes and insurance | 3,851 | 2,630 |
Accrued interest payable | 37 | 17 |
Accrued expenses and other liabilities | 803 | 588 |
Total liabilities | $ 224,520 | $ 225,207 |
Commitments, Contingencies and Credit Risk | ||
Mezzanine Equity | ||
Redeemable common stock held by ESOP, $0.10 par value, 95,602 shares issued and outstanding | $ 2,533 | $ 2,533 |
Stockholders' Equity | ||
Preferred stock, no par value; 500,000 shares authorized; none Outstanding | ||
Common stock, $0.10 par value; 7,000,000 shares authorized; 2,091,898 shares issued | $ 209 | $ 209 |
Additional paid-in capital | 17,113 | 17,110 |
Retained earnings, substantially restricted | 35,911 | 35,552 |
Accumulated other comprehensive income | 216 | 93 |
Treasury stock, 2015, 1,445,804 shares; 2014, 1,445,248 shares | (28,893) | (28,878) |
Total stockholders' equity | 24,556 | 24,086 |
Total liabilities, mezzanine equity and stockholders' equity | $ 251,609 | $ 251,826 |
Consolidated Balance Sheets (u3
Consolidated Balance Sheets (unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Interest-bearing accounts | $ 8,835 | $ 7,411 |
Allowance for loan loss | $ 2,252 | $ 2,158 |
Redeemable common stock held by ESOP (in dollar per share) | $ 0.10 | $ 0.10 |
Redeemable common stock held by ESOP, shares issued | 95,602 | 95,602 |
Redeemable common stock held by ESOP, shares outstanding | 95,602 | 95,602 |
Preferred stock, par value (in dollars per share) | ||
Preferred stock, shares authorized | 500,000 | 500,000 |
Preferred stock, shares outstanding | ||
Common stock, per value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, share authorized | 7,000,000 | 7,000,000 |
Common stock, share issued | 2,091,898 | 2,091,898 |
Treasury stock, shares | 1,445,804 | 1,445,248 |
Consolidated Statements of Inco
Consolidated Statements of Income (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Interest income: | ||
Loans receivable | $ 2,175 | $ 1,917 |
Investment securities and interest-bearing deposits | 165 | 194 |
Total interest income | 2,340 | 2,111 |
Interest expense: | ||
Deposits | 117 | 160 |
Total interest expense | 117 | 160 |
Net interest income | 2,223 | 1,951 |
Provision for loan losses | 70 | 170 |
Net interest income after provision for loan losses | 2,153 | 1,781 |
Noninterest income: | ||
Gain on sale of loans held for sale | 165 | 176 |
Loan servicing fees | 215 | 225 |
Insurance commissions | 172 | 141 |
Fees and service charges | 106 | 105 |
Other | 224 | 252 |
Total noninterest income | 882 | 899 |
Noninterest expenses: | ||
Compensation and benefits | 1,112 | 1,179 |
Occupancy | 184 | 208 |
Data processing | 214 | 215 |
Advertising | 59 | 48 |
Amortization of mortgage servicing rights | 73 | 71 |
Other real estate owned | 114 | 56 |
Other | 473 | 484 |
Total noninterest expenses | 2,229 | 2,261 |
Income before income taxes | 806 | 419 |
Income tax expense | 313 | 168 |
Net income | $ 493 | $ 251 |
Earnings per share: | ||
Basic (in dollars per share) | $ 0.66 | $ 0.33 |
Diluted (in dollars per share) | $ 0.66 | $ 0.33 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 493 | $ 251 |
Other comprehensive income: | ||
Unrealized gain on securities, net of related taxes | 123 | 254 |
Comprehensive income | $ 616 | $ 505 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity and Mezzanine Equity (unaudited) - 3 months ended Mar. 31, 2015 - USD ($) $ in Thousands, None in scaling factor is -9223372036854775296 | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total | Mezzanine equity redeemable common stock |
Balance at Dec. 31, 2014 | $ 209 | $ 17,110 | $ 35,552 | $ 93 | $ (28,878) | $ 24,086 | $ 2,533 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 493 | 493 | |||||
Other comprehensive income, net of related taxes | 123 | 123 | |||||
Cash dividends declared ($0.18 per share) | (134) | (134) | |||||
Stock-based compensation | 3 | 3 | |||||
Treasury stock purchases, 556 shares | (15) | $ (15) | |||||
Change in fair value related to redeemable common stock | |||||||
Balance at Mar. 31, 2015 | $ 209 | $ 17,113 | $ 35,911 | $ 216 | $ (28,893) | $ 24,556 | $ 2,533 |
Consolidated Statements of Sto7
Consolidated Statements of Stockholders' Equity and Mezzanine Equity (unaudited) (Parantheticals) - 3 months ended Mar. 31, 2015 - $ / shares | Total |
Statement of Stockholders' Equity [Abstract] | |
Cash dividends | $ 0.18 |
Treasury stock purchases (in shares) | 556 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Cash Flows From Operating Activities | ||
Net income | $ 493 | $ 251 |
Adjustment to reconcile net income to net cash provided by operating activities: | ||
Provision for loan losses | 70 | 170 |
Gain on sale of loans | (165) | (176) |
Originations of loans held for sale | (5,635) | (5,848) |
Proceeds from the sale of loans held for sale | 4,761 | 6,669 |
Net change in mortgage servicing rights | 23 | 18 |
Loss (gain) on sales of foreclosed real estate, net | 13 | (21) |
Depreciation expense | 50 | 45 |
Amortization of net deferred loan origination fees | (23) | (22) |
Amortization of securities premiums | 52 | 50 |
Impairment of foreclosed real estate | 10 | 26 |
Stock-based compensation expense | 3 | 8 |
Changes in assets and liabilities: | ||
Accrued interest receivable | 30 | 80 |
Other assets | 360 | 52 |
Accrued expenses and other liabilities | 150 | 203 |
Net cash provided by operating activities | 192 | 1,505 |
Cash Flows From Investing Activities | ||
Net decrease in loans | 3,257 | 946 |
Net decrease in certificates of deposit | 490 | 245 |
Net increase in federal funds sold | (6,000) | (6,500) |
Purchase of Federal Home Loan Bank stock | (40) | (41) |
Proceeds from sale of Federal Home Loan Bank stock | 26 | 26 |
Purchase of securities available-for-sale | (280) | (1,871) |
Maturities and sale of available-for-sale securities | 1,977 | $ 7,363 |
Purchase of premises and equipment | (1) | |
Proceeds from sales of foreclosed real estate | 59 | $ 332 |
Net cash (used in) provided by investing activities | (512) | 500 |
Cash Flows From Financing Activities | ||
Net decrease in deposits | (2,143) | (206) |
Net increase in advances from borrowers for taxes and insurance | 1,221 | 1,310 |
Dividends paid | (134) | (114) |
Purchase of treasury stock | (15) | (177) |
Net cash (used in) provided by financing activities | (1,071) | 813 |
Net (decrease) increase in cash and cash equivalents | (1,391) | 2,818 |
Cash and Cash Equivalents | ||
Beginning | 14,373 | 12,625 |
Ending | $ 12,982 | $ 15,443 |
Nature of Operations
Nature of Operations | 3 Months Ended |
Mar. 31, 2015 | |
Nature Of Operations [Abstract] | |
Nature of Operations | Note 1. Nature of Operations Operations of Wells Financial Corp. (the Company) primarily consist of banking services through Wells Federal Bank (the Bank), and Wells Insurance Agency, Inc., a property and casualty insurance agency. The Company serves its customers through the Bank’s nine locations in south central Minnesota. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2. Summary of Significant Accounting Policies Basis of Financial Statement Presentation: Segment reporting: |
Certificates of Deposit
Certificates of Deposit | 3 Months Ended |
Mar. 31, 2015 | |
Certificates Of Deposit [Abstract] | |
Certificates of Deposit | Note 3. Certificates of Deposit Certificates of deposit with a carrying value of $3,691 and $4,181 at March 31, 2015 and December 31, 2014, respectively, had weighted-average yields of 0.46 and 0.41 percent, respectively and contractual maturities of less than one year. |
Securities Available for Sale
Securities Available for Sale | 3 Months Ended |
Mar. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities Available for Sale | Note 4. Securities Available for Sale March 31, 2015 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value Residential mortgage-backed agencies $ 21,686 $ 113 $ (68 ) $ 21,731 SBA pools 1,739 6 (3 ) 1,742 Obligations of states and political subdivisions 8,810 245 (15 ) 9,040 Government-sponsored enterprise equity 40 83 - 123 $ 32,275 $ 447 $ (86 ) $ 32,636 December 31, 2014 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value Residential mortgage-backed agencies $ 22,677 $ 60 $ (191 ) $ 22,545 SBA pools 1,835 6 (9 ) 1,832 Obligations of states and political subdivisions 9,474 250 (26 ) 9,698 Government-sponsored enterprise equity 40 62 - 102 $ 34,026 $ 378 $ (226 ) $ 34,177 Contractual maturities: March 31, 2015 Amortized Cost Fair Value Due in one year or less $ 842 $ 846 Due in one to five years 3,643 3,705 Due after five through 10 years 2,703 2,787 Due after 10 years 1,622 1,702 8,810 9,040 Residential mortgage-backed agencies 21,686 21,731 SBA pools 1,739 1,742 Government-sponsored enterprise equity 40 123 $ 32,275 $ 32,636 Pledged securities: Securities with a carrying value of $21,538 and $20,961 at March 31, 2015 and December 31, 2014, respectively, were pledged to secure borrowed funds and for other purposes as required or permitted by law. Changes in other comprehensive income—unrealized gains on securities available for sale: Three Months Ended March 31, 2015 2014 Balance, beginning $ 93 $ (264 ) Unrealized gains (losses) during the year 208 431 Deferred tax effect relating to unrealized gain (85 ) (177 ) Balance, ending $ 216 $ (10 ) Temporarily impaired securities: March 31, 2015 Continuous Unrealized Continuous Unrealized Losses Existing Losses Existing Greater Than 12 12 Months or Less Months Total Fair Unrealized Fair Unrealized Fair Unrealized Value Loss Value Loss Value Loss Residential mortgage-backed agencies $ 2,190 $ 8 $ 8,501 $ 60 $ 10,691 $ 68 SBA pools - - 1,073 3 1,073 3 Obligations of states and political subdivisions 1,224 3 927 12 2,151 15 $ 3,414 $ 11 $ 10,501 $ 75 $ 13,915 $ 86 December 31, 2014 Continuous Unrealized Continuous Unrealized Losses Existing Losses Existing 12 Months or Less Greater Than 12 Months Total Fair Unrealized Fair Unrealized Fair Unrealized Value Loss Value Loss Value Loss Residential mortgage-backed agencies $ 5,679 $ 20 $ 10,566 $ 171 $ 16,245 $ 191 SBA pools - - 1,250 9 1,250 9 Obligations of states and political subdivisions 1,495 6 1,180 20 2,675 26 $ 7,174 $ 26 $ 12,996 $ 200 $ 20,170 $ 226 There were 25 and 37 securities in unrealized loss positions as of March 31, 2015 and December 31, 2014, respectively. Unrealized losses are deemed to be temporary. Most of these underlying securities consist of mortgage-backed securities. Market fluctuations are caused primarily by changes in interest rates and prepayments of underlying mortgages. Volatility in economic conditions influences the prices of these securities. There were no sales of available-for-sale securities during the three months ended March 31, 2015 and 2014. |
Loans Receivable and Loans Held
Loans Receivable and Loans Held for Sale | 3 Months Ended |
Mar. 31, 2015 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Loans Receivable and Loans Held for Sale | Note 5. Loans Receivable and Loans Held for Sale Composition of loans receivable: March 31, December 31, 2015 2014 Residential real estate $ 56,932 $ 56,674 Commercial real estate 33,696 30,653 Agricultural real estate 37,491 38,128 Commercial construction real estate 182 4,035 Residential construction real estate 813 940 Home equity, home improvement and second mortgages 32,293 32,741 Commercial operating and term 5,989 5,718 Agricultural operating and term 6,139 7,714 Vehicle 1,704 1,671 Consumer 6,120 6,279 Total loans 181,359 184,553 Net deferred loan origination fees (325 ) (345 ) Allowance for loan loss (2,252 ) (2,158 ) Loans receivable, net $ 178,782 $ 185,050 Loans are made to individuals as well as commercial and tax-exempt entities. Specific loan terms vary as to interest rate, repayment and collateral requirements based on the type of loan requested and the creditworthiness of the prospective borrower. Credit risk tends to be geographically concentrated in that a majority of the loan customers are located in the markets serviced by the Company. The Company’s extension of credit is governed by the individual loan policies that were established to control the quality of the Company’s loans. These policies and procedures are reviewed and approved by the Board of Directors on a regular basis. Residential real estate loans: Commercial real estate loans: Agricultural real estate loans: Commercial construction real estate loans: Residential construction real estate loans: Commercial operating and term loans: Agricultural operating and term loans: Consumer loans, including home equity, home improvement and second mortgages, and vehicle loans: Loans receivable: March 31, 2015 Loans Past 30–59 Days 60–89 Days Due 90 Days Total Past Current Past Due Past Due or More Due Total Residential real estate $ 54,930 $ 1,112 $ - $ 890 $ 2,002 $ 56,932 Commercial real estate 33,674 22 - - 22 33,696 Agricultural real estate 36,924 - 399 168 567 37,491 Commercial construction real estate 182 - - - - 182 Residential construction real estate 813 - - - - 813 Home equity, home improvement and second mortgages 32,029 142 - 122 264 32,293 Commercial operating and term 5,914 10 - 65 75 5,989 Agricultural operating and term 6,028 111 - - 111 6,139 Vehicle 1,647 22 - 35 57 1,704 Consumer 6,069 26 16 9 51 6,120 Total loans $ 178,210 $ 1,445 $ 415 $ 1,289 $ 3,149 $ 181,359 Nonperforming loans $ - $ - $ - $ 1,289 $ 1,289 $ 1,289 December 31, 2014 Loans Past 30–59 Days 60–89 Days Due 90 Days Total Past Current Past Due Past Due or More Due Total Residential real estate $ 54,698 $ 782 $ 507 $ 687 $ 1,976 $ 56,674 Commercial real estate 30,653 - - - - 30,653 Agricultural real estate 37,843 285 - - 285 38,128 Commercial construction real estate 4,035 - - - - 4,035 Residential construction real estate 940 - - - - 940 Home equity, home improvement and second mortgages 32,291 193 2 255 450 32,741 Commercial operating and term 5,569 82 - 67 149 5,718 Agricultural operating and term 7,674 40 - - 40 7,714 Vehicle 1,661 8 1 1 10 1,671 Consumer 6,243 26 10 - 36 6,279 Total loans $ 181,607 $ 1,416 $ 520 $ 1,010 $ 2,946 $ 184,553 Nonperforming loans $ - $ - $ - $ 1,010 $ 1,010 $ 1,010 Recorded investment in nonaccrual loans and loans past due 90 days or more and still accruing by class of loans as of March 31, 2015 and December 31, 2014, were as follows: March 31, 2015 Loans Past Due 90 Days or More Nonaccrual and Still Accruing Residential real estate $ 890 $ - Commercial real estate - - Agricultural real estate 168 - Commercial construction real estate - - Residential construction real estate - - Home equity, home improvement and second mortgages 122 - Commercial operating and term 65 - Agricultural operating and term - - Vehicle 35 - Consumer 9 - Total $ 1,289 $ - December 31, 2014 Loans Past Due 90 Days or More Nonaccrual and Still Accruing Residential real estate $ 687 $ - Commercial real estate - - Agricultural real estate - - Commercial construction real estate - - Residential construction real estate - - Home equity, home improvement and second mortgages 255 - Commercial operating and term 67 - Agricultural operating and term - - Vehicle 1 - Consumer - - Total $ 1,010 $ - No interest income was recognized on nonaccrual loans for the three months ended March 31, 2015 and 2014. The Company utilizes an internal asset classification system as a means of reporting problem and potential problem loans. Under the Company’s risk-rating system, the Company classifies problem and potential problem loans as “Special Mention,” “Substandard” and “Doubtful,” which correspond to risk ratings five, six and seven, respectively. Substandard loans include those characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Loans classified as Doubtful, or risk-rated seven, have all the weaknesses inherent in those classified as Substandard, with the added characteristic that the weaknesses present make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. Loans that do not currently expose the Company to sufficient risk to warrant classification in one of the aforementioned categories, but possess weaknesses that deserve management’s close attention, are deemed to be Special Mention, or risk-rated five. Risk ratings are updated any time the situation warrants. Loans not meeting the criteria above that are analyzed individually as part of the above-described process are considered to be pass-rated loans. Loans listed as not rated are included in groups of homogeneous loans with similar risk and loss characteristics. The following tables present the risk category of loans by class of loans based on the most recent analyses performed and the contractual aging as of March 31, 2015 and December 31, 2014: March 31, 2015 Special Pass Mention Substandard Doubtful Total Commercial real estate $ 30,218 $ 2,830 $ 648 $ - $ 33,696 Commercial construction real estate 182 - - - 182 Commercial operating and term 5,794 - 195 - 5,989 Agricultural operating and term 6,139 - - - 6,139 Total $ 42,333 $ 2,830 $ 843 $ - $ 46,006 December 31, 2014 Special Pass Mention Substandard Doubtful Total Commercial real estate $ 26,449 $ 3,556 $ 648 $ - $ 30,653 Commercial construction real estate 4,035 - - - 4,035 Commercial operating and term 5,426 - 292 - 5,718 Agricultural operating and term 7,714 - - - 7,714 Total $ 43,624 $ 3,556 $ 940 $ - $ 48,120 For consumer, residential real estate, agricultural real estate, home equity, vehicle and residential construction loan classes, the Company collectively evaluates loans for impairment. The Company evaluates credit quality based on the aging status of the loan, which was previously presented, and by payment activity. Loans where credit quality and aging indicate potential weakness are placed on nonaccrual and are deemed to be nonperforming. Impaired loans also include loans modified in a troubled debt restructuring where concessions have been granted to borrowers experiencing financial difficulties. These concessions could include a reduction in interest rate on the loan, payment extensions, forgiveness of principal, forbearance or other actions intended to maximize collections. There were no troubled debt restructurings of loans for the periods ended March 31, 2015 and 2014. There were no loans modified in a troubled debt restructuring during the previous twelve month period that subsequently defaulted during the three months ended March 31, 2015 and 2014. Payments received on nonaccrual loans are applied as a direct reduction of principal. Nonaccrual loans that are brought current, and do not have additional credit risk factors noted, are returned to accrual status. Loans individually evaluated for impairment by class of loans as of March 31, 2015 and December 31, 2014 are as follows: March 31. 2015 Unpaid Allowance for Average Interest Principal Recorded Loan Losses Recorded Income Balance Investment Allocated Investment Recognized With no related allowance recorded: Residential real estate $ 483 $ 483 $ - $ 396 $ 6 With an allowance recorded: Residential real estate 810 810 111 821 14 Commercial real estate 2,627 2,627 341 2,632 24 Home equity, home improvement and second mortgages 103 103 103 105 1 Commercial operating and term 61 61 30 66 1 Consumer 17 17 14 17 1 Total $ 4,101 $ 4,101 $ 599 $ 4,037 $ 47 December 31, 2014 Unpaid Allowance for Average Interest Principal Recorded Loan Losses Recorded Income Balance Investment Allocated Investment Recognized With no related allowance recorded: Residential real estate $ 461 $ 461 $ - $ 505 $ 27 With an allowance recorded: Residential real estate 822 822 115 830 34 Commercial real estate 2,637 2,637 341 2,690 99 Home equity, home improvement and second mortgages 73 73 73 74 2 Commercial operating and term 63 63 32 - 2 Consumer 16 16 12 16 2 Total $ 4,072 $ 4,072 $ 573 $ 4,115 $ 166 Allowance for loan losses: Three Months Ended March 31, 2015 Balance, Balance, Beginning Charge-offs Recoveries Provision Ending Residential real estate $ 545 $ - $ 9 $ (2 ) $ 552 Commercial real estate 722 - - 63 785 Agricultural real estate 155 - - - 155 Commercial construction real estate 12 - - (12 ) - Residential construction real estate 13 - - (9 ) 4 Home equity, home improvement and second mortgages 431 (4 ) 9 38 474 Commercial operating and term 109 - - 5 114 Agricultural operating and term 31 - - (6 ) 25 Vehicle 28 - 3 (1 ) 30 Consumer 112 (3 ) 10 (6 ) 113 Total $ 2,158 $ (7 ) $ 31 $ 70 $ 2,252 Three Months Ended March 31, 2014 Balance, Balance, Beginning Charge-offs Recoveries Provision Ending Residential real estate $ 433 $ - $ - $ 6 $ 439 Commercial real estate 624 - - 25 649 Agricultural real estate 130 - - - 127 Commercial construction real estate 2 - - 7 9 Residential construction real estate 11 - - (7 ) 4 Home equity, home improvement and second mortgages 254 (84 ) 3 76 249 Commercial operating and term 87 - - 5 92 Agricultural operating and term 18 - - (8 ) 10 Vehicle 30 - 1 1 32 Consumer 135 (9 ) 20 68 214 Total $ 1,724 $ (93 ) $ 24 $ 170 $ 1,825 The allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of March 31, 2015 and December 31, 2014, are as follows: March 31, 2015 Individually Collectively Evaluated for Evaluated for Impairment Impairment Total Allowance for loan losses: Residential real estate $ 111 $ 441 $ 552 Commercial real estate 341 444 785 Agricultural real estate - 155 155 Commercial construction real estate - - - Residential construction real estate - 4 4 Home equity, home improvement and second mortgages 103 371 474 Commercial operating and term 30 84 114 Agricultural operating and term - 25 25 Vehicle - 30 30 Consumer 14 99 113 Total $ 599 $ 1,653 $ 2,252 March 31, 2015 Individually Collectively Evaluated for Evaluated for Impairment Impairment Total Loans: Residential real estate $ 1,293 $ 55,639 $ 56,932 Commercial real estate 2,627 31,069 33,696 Agricultural real estate - 37,491 37,491 Commercial construction real estate - 182 182 Residential construction real estate - 813 813 Home equity, home improvement and second mortgages 103 32,190 32,293 Commercial operating and term 61 5,928 5,989 Agricultural operating and term - 6,139 6,139 Vehicle - 1,704 1,704 Consumer 17 6,103 6,120 Total $ 4,101 $ 177,258 $ 181,359 December 31, 2014 Individually Collectively Evaluated for Evaluated for Impairment Impairment Total Allowance for loan losses: Residential real estate $ 115 $ 430 $ 545 Commercial real estate 341 381 722 Agricultural real estate - 155 155 Commercial construction real estate - 12 12 Residential construction real estate - 13 13 Home equity, home improvement and second mortgages 73 358 431 Commercial operating and term 32 77 109 Agricultural operating and term - 31 31 Vehicle - 29 28 Consumer 12 100 112 Total $ 573 $ 1,585 $ 2,158 December 31, 2014 Individually Collectively Evaluated for Evaluated for Impairment Impairment Total Loans: Residential real estate $ 1,283 $ 55,390 $ 56,673 Commercial real estate 2,637 28,016 30,653 Agricultural real estate - 38,128 38,128 Commercial construction real estate - 4,035 4,035 Residential construction real estate - 940 940 Home equity, home improvement and second mortgages 73 32,668 32,741 Commercial operating and term 63 5,655 5,718 Agricultural operating and term - 7,714 7,714 Vehicle - 1,671 1,671 Consumer 16 6,263 6,279 Total $ 4,072 $ 180,481 $ 184,553 Loans with a carrying value of $97,807 and $96,740 at March 31, 2015 and December 31, 2014, respectively, were pledged to secure borrowed funds. Related-party loans: Loans held for sale: Interest rate lock commitments related to the origination of mortgage loans that will be sold are considered derivative instruments. The Company estimates the fair value of these derivatives using the difference between the guaranteed interest rate in the commitments and the current market interest rate. To reduce the net interest rate exposure arising from its loan sale activity, the Company enters into a commitment to sell these loans at the same time that the interest rate lock commitment is quoted. The commitments to sell loans are also considered derivative instruments, with offsetting estimated fair values based on changes in current market rates. These commitments are not designated as hedging instruments and, therefore, changes in fair value are recognized immediately into income. The fair values of the Company’s derivative instruments are offsetting and deemed to be immaterial. |
Loan Servicing
Loan Servicing | 3 Months Ended |
Mar. 31, 2015 | |
Loan Servicing [Abstract] | |
Loan Servicing | Note 6. Loan Servicing Mortgage loans serviced for others are not included in the accompanying consolidated balance sheets. The unpaid principal balances of these loans as of March 31, 2015 and December 31, 2014, were $327,254 and $332,075, respectively, and consist of one- to four-family residential real estate loans. These loans are serviced primarily for the Federal Home Loan Mortgage Corporation, Federal Home Loan Bank and Federal National Mortgage Association. Custodial escrow balances maintained in connection with the foregoing loan servicing, and included in advances from borrowers for taxes and insurance, were $3,392 and $2,347 at March 31, 2015 and December 31, 2014, respectively. Mortgage servicing rights are summarized as follows for the three months ended March 31, 2015 and 2014: March 31, March 31, 2015 2014 Balance at beginning of year, net $ 1,886 $ 1,952 Mortgage servicing rights capitalized 50 53 Amortization expense (73 ) (71 ) Valuation provision change - - Balance at end of year, net $ 1,863 $ 1,934 The estimated fair value of mortgage servicing rights was $2,402 and $2,578 at March 31, 2015 and December 31, 2014, respectively. At March 31, 2015 and December 31, 2014, the valuation allowance was $15 and $15, respectively. |
Stockholders' Equity, Regulator
Stockholders' Equity, Regulatory Capital and Dividend Restrictions | 3 Months Ended |
Mar. 31, 2015 | |
Banking and Thrift [Abstract] | |
Stockholders' Equity, Regulatory Capital and Dividend Restrictions | Note 7. Stockholders’ Equity, Regulatory Capital and Dividend Restrictions The Company and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory—and possibly additional discretionary—actions by regulators that, if undertaken, could have a direct material effect on the Company’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Company’s assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. The Company and the Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Quantitative measures established by regulation to ensure capital adequacy require the Company and the Bank to maintain minimum amounts and ratios (set forth in the following table) of total common equity Tier I, and Tier I capital (as defined in the regulations) to risk-weighted assets (as defined), and of Tier I capital (as defined) to average assets (as defined). Management believes, as of March 31, 2015, that the Company and the Bank meets all capital adequacy requirements to which they are subject. As of March 31, 2015, the most recent notification of the Federal Deposit Insurance Corporation categorized the Bank as “well capitalized” under the regulatory framework for Prompt Corrective Action. To be categorized as “well capitalized,” the Bank must maintain minimum total risk-based, common equity Tier I,Tier I risk-based, and Tier I leverage ratios. There are no conditions or events since that notification that management believes have changed the Bank’s category. The following table summarizes the Company and the Bank’s compliance with its regulatory capital requirements: Actual Minimum Minimum to Be Well Amount Percent Amount Percent Amount Percent Bank as of March 31, 2015: Tier I capital $ 24,434 9.75 % $ 10,024 4.00 % $ 12,531 5.00% Tier I capital common equity 24.434 14.17 % 7,759 4.50 % 11,208 6.50% Tier I capital 24,434 14.17 % 10,346 6.00 % 13,795 8.00% Total risk based capital 26,627 15.44 % 13,724 8.00 % 17,243 10.00% Company as of March 31, 2015 Tier I capital 24,556 9.80 % 10,022 4.00 % N/A N/A Tier I capital common equity 24,556 14.21 % 7,760 4.50 % N/A N/A Tier I capital 24,556 14.21 % 10,370 6.00 % N/A N/A Total risk based capital 26,749 15.48 % 13,827 8.00 % N/A N/A Bank as of December 31, 2014: Tier I capital 25,380 9.90 % 10,255 4.00 % 12,819 5.00% Tier I capital 25,380 13.58 % 7,478 4.00 % 11,217 6.00% Total capital 27,566 14.74 % 14,956 8.00 % 18,695 10.00% |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 8. Earnings Per Share A reconciliation of the income and common stock share amounts used in the calculation of basic and diluted earnings per share follows: Three Months Ended March 31, 2015 Per Share Income Shares Amount Basic earnings per share: Net income $ 493 741,832 $ 0.66 Effect of dilutive securities: Stock options 340 Diluted earnings per share: Net income plus assumed conversions $ 493 742,172 $ 0.66 Three Months Ended March 31, 2014 Per Share Income Shares Amount Basic earnings per share: Net income $ 251 763,085 $ 0.33 Effect of dilutive securities: Stock options 768 Diluted earnings per share: Net income plus assumed conversions $ 251 763,853 $ 0.33 As of March 31, 2015 and 2014, 15,850 options, are not included in the dilutive earnings per share computation because their inclusion would be antidilutive. |
Financial Instruments With Off-
Financial Instruments With Off-Balance-Sheet Risk | 3 Months Ended |
Mar. 31, 2015 | |
Financial Instruments With Off-Balance-Sheet Risk [Abstract] | |
Financial Instruments With Off-Balance-Sheet Risk | Note 9. Financial Instruments With Off-Balance-Sheet Risk The Company is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include primarily commitments to extend credit. Those instruments involve, to varying degrees, elements of credit risk and interest rate risk in excess of the amount recognized in the consolidated balance sheet. The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit, standby letters of credit, and financial guarantees written is represented by the contractual notional amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. Commitments to extend credit on loans totaled approximately $41,379 and $38,110 at March 31, 2015 and December 31,2014, respectively. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since some of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if it is deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation of the counterparty. Collateral held varies but normally includes real estate and personal property. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 10. Fair Value Measurements ASC Topic 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. The price in the principal (or most advantageous) market used to measure the fair value of the asset or liability shall not be adjusted for transaction costs. An orderly transaction is a transaction that assumes exposure to the market for a period prior to the measurement date to allow for marketing activities that are usual and customary for transactions involving such assets and liabilities; it is not a forced transaction. Market participants are buyers and sellers in the principal market that are (i) independent, (ii) knowledgeable, (iii) able to transact and (iv) willing to transact. ASC Topic 820 establishes a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows: 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: Significant other observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data Level 3: Significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability A description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. In general, fair value is based upon quoted market prices, where available. If such quoted market prices are not available, fair value is based upon models that primarily use, as inputs, observable market-based parameters. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value. While management believes the Company’s valuation methodologies 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. Investment securities available for sale: Redeemable common stock: The Company is required, on a nonrecurring basis, to adjust the carrying value of certain assets or provide valuation allowances related to certain assets, using fair value measurements in accordance with generally accepted accounting principles. Impaired loans: Foreclosed real estate: Mortgage servicing rights: The following tables summarize assets and liabilities measured at fair value as of March 31, 2015 and December 31, 2014, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value: March 31, 2015 Level 1 Level 2 Level 3 Total Inputs Inputs Inputs Fair Value Recurring: Investment securities available for sale: Residential mortgage-backed securities $ - $ 21,731 $ - $ 21,731 SBA pools - 1,742 - 1,742 Obligations of states and political subdivisions - 9,040 - 9,040 Government-sponsored enterprise equity securities - 123 - 123 Redeemable common stock - - (2,533 ) (2,533 ) Nonrecurring: Foreclosed real estate - - 3,538 3,538 Collateral-dependent impaired loans - - 3,017 3,017 Mortgage servicing rights - - 539 539 December 31, 2014 Level 1 Level 2 Level 3 Total Inputs Inputs Inputs Fair Value Recurring: Investment securities available for sale: Residential mortgage-backed securities $ - $ 22,545 $ - $ 22,545 SBA pools - 1,832 - 1,832 Obligations of states and political subdivisions - 9,698 - 9,698 Government-sponsored enterprise equity securities - 102 - 102 Redeemable common stock - - (2,533 ) (2,533 ) Nonrecurring: Foreclosed real estate - - 3,656 3,656 Collateral-dependent impaired loans - - 3,002 3,002 Mortgage servicing rights - - 646 646 The following tables present additional quantitative information about the unobservable inputs used in the fair value measurement of mortgage servicing rights measured on a non-recurring basis that were categorized within Level 3 of the fair value hierarchy: Fair Value at March 31, 2015 Valuation Technique Unobservable Input Range (in thousands) Mortgage servicing rights $ 539 Discounted cash flows (1) Prepayment PSA 157 – 335 Discount rate 8.50% – 9.25% Maturity (months) WAM 37 – 325 Costs to service $65 - $750 Fair Value at December 31, 2014 Valuation Technique Unobservable Input Range (in thousands) Mortgage servicing rights $ 646 Discounted cash flows (1) Prepayment PSA 157 – 335 Discount rate 8.50% – 9.25% Maturity (months) WAM 37 – 325 Costs to service $65 – $750 (1) The estimated fair value on mortgage servicing rights is determined through a cash flow analysis performed at the loan level and is based on the objective attributes of the portfolio (i.e., note rate, loan amount, etc.) and industry assumptions used in the marketplace. There was no change in the fair value of redeemable common stock, which is a recurring fair value measurements using significant unobservable inputs (Level 3), between December 31, 2014 and March 31, 2015. For the three months ended March 31, 2015 and 2014 there were no transfers in or out of Levels 1, 2, and 3. ASC Topic 825 requires disclosure of the fair value of financial assets and financial liabilities, including those financial assets and financial liabilities that are not recognized at fair value on a recurring basis or nonrecurring basis. The methodologies for estimating the fair value of financial assets and financial liabilities that are recognized at fair value on a recurring or nonrecurring basis are discussed above. The methodologies for financial assets and financial liabilities are discussed in Note 1 of the consolidated financial statements for year ended December 31, 2014. The estimated fair values of the Company’s financial instruments are as follows: March 31, December 31, 2015 2014 Level in Fair Value Carrying Fair Carrying Fair Hierarchy Amount Value Amount Value Financial assets: Cash and cash equivalents Level 1 $ 12,982 $ 12,982 $ 14,373 $ 14,373 Certificates of deposit Level 2 3,691 3,691 4,181 4,181 Federal funds sold Level 2 8,000 8,000 2,000 2,000 Securities available for sale Level 2 32,636 32,636 34,177 34,177 Federal Home Loan Bank stock Level 2 2,093 2,093 2,079 2,079 Loans held for sale Level 2 2,746 2.746 1,707 1,707 Loans receivable, net Level 2 178,782 177,877 182,050 183,219 Accrued interest receivable Level 2 804 804 834 834 Mortgage servicing rights Level 3 1,863 2,402 1,886 2,578 Financial liabilities: Deposits Level 2 219,829 216,871 221,972 215,199 Advances from borrowers for taxes and insurance Level 2 3,851 3,851 2,630 2,630 Accrued interest payable Level 2 37 37 17 17 Redeemable common stock Level 3 2,533 2,533 2,533 2,533 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 11. Subsequent Events On November 14, 2014, the Company entered into an agreement and plan of conversion merger with St. James Federal Savings and Loan Association (St. James), a federal mutual savings association. As of December 31, 2014, St. James had total assets of $27,215 and total equity of $2,755. Under the plan, St. James will merge into the Bank. Also under the plan, the Company plans to issue approximately 100,000 shares of common stock at a price based upon the average price of the Company’s stock for the 30-day period ending on the second trading day prior to the date of the final prospectus for the offering. The Company’s ESOP will acquire 8% of the newly issued shares. The plan provides for the establishment of a “liquidation account” for the benefit of eligible account holders of St. James. Completion of the merger is subject to regulatory approval. Stock issuance costs incurred through March 31, 2015 totaled $391. These costs have been deferred and recognized as an other asset. Upon the successful close of the stock issuance, total stock issuance costs will be offset against the proceeds of the offering, which will be recognized as paid-in capital. If the stock issuance is abandoned, the stock issuance costs will be expensed |
Summary of Significant Accoun20
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Financial Statement Presentation | Basis of Financial Statement Presentation: |
Segment reporting | Segment reporting: |
Securities Available for Sale (
Securities Available for Sale (Tables) | 3 Months Ended |
Mar. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of amortized cost and fair values of securities with gross unrealized gains and losses | March 31, 2015 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value Residential mortgage-backed agencies $ 21,686 $ 113 $ (68 ) $ 21,731 SBA pools 1,739 6 (3 ) 1,742 Obligations of states and political subdivisions 8,810 245 (15 ) 9,040 Government-sponsored enterprise equity 40 83 - 123 $ 32,275 $ 447 $ (86 ) $ 32,636 December 31, 2014 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value Residential mortgage-backed agencies $ 22,677 $ 60 $ (191 ) $ 22,545 SBA pools 1,835 6 (9 ) 1,832 Obligations of states and political subdivisions 9,474 250 (26 ) 9,698 Government-sponsored enterprise equity 40 62 - 102 $ 34,026 $ 378 $ (226 ) $ 34,177 |
Schedule of amortized cost and fair value by contractual maturity | March 31, 2015 Amortized Cost Fair Value Due in one year or less $ 842 $ 846 Due in one to five years 3,643 3,705 Due after five through 10 years 2,703 2,787 Due after 10 years 1,622 1,702 8,810 9,040 Residential mortgage-backed agencies 21,686 21,731 SBA pools 1,739 1,742 Government-sponsored enterprise equity 40 123 $ 32,275 $ 32,636 |
Schedule of changes in other comprehensive income-unrealized gains on securities available for sale | Three Months Ended March 31, 2015 2014 Balance, beginning $ 93 $ (264 ) Unrealized gains (losses) during the year 208 431 Deferred tax effect relating to unrealized gain (85 ) (177 ) Balance, ending $ 216 $ (10 ) |
Schedule of unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position | March 31, 2015 Continuous Unrealized Continuous Unrealized Losses Existing Losses Existing Greater Than 12 12 Months or Less Months Total Fair Unrealized Fair Unrealized Fair Unrealized Value Loss Value Loss Value Loss Residential mortgage-backed agencies $ 2,190 $ 8 $ 8,501 $ 60 $ 10,691 $ 68 SBA pools - - 1,073 3 1,073 3 Obligations of states and political subdivisions 1,224 3 927 12 2,151 15 $ 3,414 $ 11 $ 10,501 $ 75 $ 13,915 $ 86 December 31, 2014 Continuous Unrealized Continuous Unrealized Losses Existing Losses Existing 12 Months or Less Greater Than 12 Months Total Fair Unrealized Fair Unrealized Fair Unrealized Value Loss Value Loss Value Loss Residential mortgage-backed agencies $ 5,679 $ 20 $ 10,566 $ 171 $ 16,245 $ 191 SBA pools - - 1,250 9 1,250 9 Obligations of states and political subdivisions 1,495 6 1,180 20 2,675 26 $ 7,174 $ 26 $ 12,996 $ 200 $ 20,170 $ 226 |
Loans Receivable and Loans He22
Loans Receivable and Loans Held for Sale (Tables) | 3 Months Ended |
Mar. 31, 2015 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Schedule of composition of loans receivable | March 31, December 31, 2015 2014 Residential real estate $ 56,932 $ 56,674 Commercial real estate 33,696 30,653 Agricultural real estate 37,491 38,128 Commercial construction real estate 182 4,035 Residential construction real estate 813 940 Home equity, home improvement and second mortgages 32,293 32,741 Commercial operating and term 5,989 5,718 Agricultural operating and term 6,139 7,714 Vehicle 1,704 1,671 Consumer 6,120 6,279 Total loans 181,359 184,553 Net deferred loan origination fees (325 ) (345 ) Allowance for loan loss (2,252 ) (2,158 ) Loans receivable, net $ 178,782 $ 185,050 |
Schedule of loans receivable | March 31, 2015 Loans Past 30–59 Days 60–89 Days Due 90 Days Total Past Current Past Due Past Due or More Due Total Residential real estate $ 54,930 $ 1,112 $ - $ 890 $ 2,002 $ 56,932 Commercial real estate 33,674 22 - - 22 33,696 Agricultural real estate 36,924 - 399 168 567 37,491 Commercial construction real estate 182 - - - - 182 Residential construction real estate 813 - - - - 813 Home equity, home improvement and second mortgages 32,029 142 - 122 264 32,293 Commercial operating and term 5,914 10 - 65 75 5,989 Agricultural operating and term 6,028 111 - - 111 6,139 Vehicle 1,647 22 - 35 57 1,704 Consumer 6,069 26 16 9 51 6,120 Total loans $ 178,210 $ 1,445 $ 415 $ 1,289 $ 3,149 $ 181,359 Nonperforming loans $ - $ - $ - $ 1,289 $ 1,289 $ 1,289 December 31, 2014 Loans Past 30–59 Days 60–89 Days Due 90 Days Total Past Current Past Due Past Due or More Due Total Residential real estate $ 54,698 $ 782 $ 507 $ 687 $ 1,976 $ 56,674 Commercial real estate 30,653 - - - - 30,653 Agricultural real estate 37,843 285 - - 285 38,128 Commercial construction real estate 4,035 - - - - 4,035 Residential construction real estate 940 - - - - 940 Home equity, home improvement and second mortgages 32,291 193 2 255 450 32,741 Commercial operating and term 5,569 82 - 67 149 5,718 Agricultural operating and term 7,674 40 - - 40 7,714 Vehicle 1,661 8 1 1 10 1,671 Consumer 6,243 26 10 - 36 6,279 Total loans $ 181,607 $ 1,416 $ 520 $ 1,010 $ 2,946 $ 184,553 Nonperforming loans $ - $ - $ - $ 1,010 $ 1,010 $ 1,010 |
Schedule of non-accrual loans | March 31, 2015 Loans Past Due 90 Days or More Nonaccrual and Still Accruing Residential real estate $ 890 $ - Commercial real estate - - Agricultural real estate 168 - Commercial construction real estate - - Residential construction real estate - - Home equity, home improvement and second mortgages 122 - Commercial operating and term 65 - Agricultural operating and term - - Vehicle 35 - Consumer 9 - Total $ 1,289 $ - December 31, 2014 Loans Past Due 90 Days or More Nonaccrual and Still Accruing Residential real estate $ 687 $ - Commercial real estate - - Agricultural real estate - - Commercial construction real estate - - Residential construction real estate - - Home equity, home improvement and second mortgages 255 - Commercial operating and term 67 - Agricultural operating and term - - Vehicle 1 - Consumer - - Total $ 1,010 $ - |
Schedule of credit quality indicators | March 31, 2015 Special Pass Mention Substandard Doubtful Total Commercial real estate $ 30,218 $ 2,830 $ 648 $ - $ 33,696 Commercial construction real estate 182 - - - 182 Commercial operating and term 5,794 - 195 - 5,989 Agricultural operating and term 6,139 - - - 6,139 Total $ 42,333 $ 2,830 $ 843 $ - $ 46,006 December 31, 2014 Special Pass Mention Substandard Doubtful Total Commercial real estate $ 26,449 $ 3,556 $ 648 $ - $ 30,653 Commercial construction real estate 4,035 - - - 4,035 Commercial operating and term 5,426 - 292 - 5,718 Agricultural operating and term 7,714 - - - 7,714 Total $ 43,624 $ 3,556 $ 940 $ - $ 48,120 |
Schedule of impaired loans | March 31. 2015 Unpaid Allowance for Average Interest Principal Recorded Loan Losses Recorded Income Balance Investment Allocated Investment Recognized With no related allowance recorded: Residential real estate $ 483 $ 483 $ - $ 396 $ 6 With an allowance recorded: Residential real estate 810 810 111 821 14 Commercial real estate 2,627 2,627 341 2,632 24 Home equity, home improvement and second mortgages 103 103 103 105 1 Commercial operating and term 61 61 30 66 1 Consumer 17 17 14 17 1 Total $ 4,101 $ 4,101 $ 599 $ 4,037 $ 47 December 31, 2014 Unpaid Allowance for Average Interest Principal Recorded Loan Losses Recorded Income Balance Investment Allocated Investment Recognized With no related allowance recorded: Residential real estate $ 461 $ 461 $ - $ 505 $ 27 With an allowance recorded: Residential real estate 822 822 115 830 34 Commercial real estate 2,637 2,637 341 2,690 99 Home equity, home improvement and second mortgages 73 73 73 74 2 Commercial operating and term 63 63 32 - 2 Consumer 16 16 12 16 2 Total $ 4,072 $ 4,072 $ 573 $ 4,115 $ 166 |
Schedule of allowance for loan losses | Three Months Ended March 31, 2015 Balance, Balance, Beginning Charge-offs Recoveries Provision Ending Residential real estate $ 545 $ - $ 9 $ (2 ) $ 552 Commercial real estate 722 - - 63 785 Agricultural real estate 155 - - - 155 Commercial construction real estate 12 - - (12 ) - Residential construction real estate 13 - - (9 ) 4 Home equity, home improvement and second mortgages 431 (4 ) 9 38 474 Commercial operating and term 109 - - 5 114 Agricultural operating and term 31 - - (6 ) 25 Vehicle 28 - 3 (1 ) 30 Consumer 112 (3 ) 10 (6 ) 113 Total $ 2,158 $ (7 ) $ 31 $ 70 $ 2,252 Three Months Ended March 31, 2014 Balance, Balance, Beginning Charge-offs Recoveries Provision Ending Residential real estate $ 433 $ - $ - $ 6 $ 439 Commercial real estate 624 - - 25 649 Agricultural real estate 130 - - - 127 Commercial construction real estate 2 - - 7 9 Residential construction real estate 11 - - (7 ) 4 Home equity, home improvement and second mortgages 254 (84 ) 3 76 249 Commercial operating and term 87 - - 5 92 Agricultural operating and term 18 - - (8 ) 10 Vehicle 30 - 1 1 32 Consumer 135 (9 ) 20 68 214 Total $ 1,724 $ (93 ) $ 24 $ 170 $ 1,825 |
Schedule of allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method | March 31, 2015 Individually Collectively Evaluated for Evaluated for Impairment Impairment Total Allowance for loan losses: Residential real estate $ 111 $ 441 $ 552 Commercial real estate 341 444 785 Agricultural real estate - 155 155 Commercial construction real estate - - - Residential construction real estate - 4 4 Home equity, home improvement and second mortgages 103 371 474 Commercial operating and term 30 84 114 Agricultural operating and term - 25 25 Vehicle - 30 30 Consumer 14 99 113 Total $ 599 $ 1,653 $ 2,252 March 31, 2015 Individually Collectively Evaluated for Evaluated for Impairment Impairment Total Loans: Residential real estate $ 1,293 $ 55,639 $ 56,932 Commercial real estate 2,627 31,069 33,696 Agricultural real estate - 37,491 37,491 Commercial construction real estate - 182 182 Residential construction real estate - 813 813 Home equity, home improvement and second mortgages 103 32,190 32,293 Commercial operating and term 61 5,928 5,989 Agricultural operating and term - 6,139 6,139 Vehicle - 1,704 1,704 Consumer 17 6,103 6,120 Total $ 4,101 $ 177,258 $ 181,359 December 31, 2014 Individually Collectively Evaluated for Evaluated for Impairment Impairment Total Allowance for loan losses: Residential real estate $ 115 $ 430 $ 545 Commercial real estate 341 381 722 Agricultural real estate - 155 155 Commercial construction real estate - 12 12 Residential construction real estate - 13 13 Home equity, home improvement and second mortgages 73 358 431 Commercial operating and term 32 77 109 Agricultural operating and term - 31 31 Vehicle - 29 28 Consumer 12 100 112 Total $ 573 $ 1,585 $ 2,158 December 31, 2014 Individually Collectively Evaluated for Evaluated for Impairment Impairment Total Loans: Residential real estate $ 1,283 $ 55,390 $ 56,673 Commercial real estate 2,637 28,016 30,653 Agricultural real estate - 38,128 38,128 Commercial construction real estate - 4,035 4,035 Residential construction real estate - 940 940 Home equity, home improvement and second mortgages 73 32,668 32,741 Commercial operating and term 63 5,655 5,718 Agricultural operating and term - 7,714 7,714 Vehicle - 1,671 1,671 Consumer 16 6,263 6,279 Total $ 4,072 $ 180,481 $ 184,553 |
Loan Servicing (Tables)
Loan Servicing (Tables) | 3 Months Ended |
Mar. 31, 2015 | |
Loan Servicing [Abstract] | |
Schedule of mortgage servicing rights | March 31, March 31, 2015 2014 Balance at beginning of year, net $ 1,886 $ 1,952 Mortgage servicing rights capitalized 50 53 Amortization expense (73 ) (71 ) Valuation provision change - - Balance at end of year, net $ 1,863 $ 1,934 |
Stockholders' Equity, Regulat24
Stockholders' Equity, Regulatory Capital and Dividend Restrictions (Tables) | 3 Months Ended |
Mar. 31, 2015 | |
Banking and Thrift [Abstract] | |
Schedule of Bank's compliance with its regulatory capital requirements | Actual Minimum Minimum to Be Well Amount Percent Amount Percent Amount Percent Bank as of March 31, 2015: Tier I capital $ 24,434 9.75 % $ 10,024 4.00 % $ 12,531 5.00% Tier I capital common equity 24.434 14.17 % 7,759 4.50 % 11,208 6.50% Tier I capital 24,434 14.17 % 10,346 6.00 % 13,795 8.00% Total risk based capital 26,627 15.44 % 13,724 8.00 % 17,243 10.00% Company as of March 31, 2015 Tier I capital 24,556 9.80 % 10,022 4.00 % N/A N/A Tier I capital common equity 24,556 14.21 % 7,760 4.50 % N/A N/A Tier I capital 24,556 14.21 % 10,370 6.00 % N/A N/A Total risk based capital 26,749 15.48 % 13,827 8.00 % N/A N/A Bank as of December 31, 2014: Tier I capital 25,380 9.90 % 10,255 4.00 % 12,819 5.00% Tier I capital 25,380 13.58 % 7,478 4.00 % 11,217 6.00% Total capital 27,566 14.74 % 14,956 8.00 % 18,695 10.00% |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of basic and diluted earnings per share | Three Months Ended March 31, 2015 Per Share Income Shares Amount Basic earnings per share: Net income $ 493 741,832 $ 0.66 Effect of dilutive securities: Stock options 340 Diluted earnings per share: Net income plus assumed conversions $ 493 742,172 $ 0.66 Three Months Ended March 31, 2014 Per Share Income Shares Amount Basic earnings per share: Net income $ 251 763,085 $ 0.33 Effect of dilutive securities: Stock options 768 Diluted earnings per share: Net income plus assumed conversions $ 251 763,853 $ 0.33 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Schedule of assets measured at fair value on a recurring basis segregated by fair value hierarchy level | March 31, 2015 Level 1 Level 2 Level 3 Total Inputs Inputs Inputs Fair Value Recurring: Investment securities available for sale: Residential mortgage-backed securities $ - $ 21,731 $ - $ 21,731 SBA pools - 1,742 - 1,742 Obligations of states and political subdivisions - 9,040 - 9,040 Government-sponsored enterprise equity securities - 123 - 123 Redeemable common stock - - (2,533 ) (2,533 ) Nonrecurring: Foreclosed real estate - - 3,538 3,538 Collateral-dependent impaired loans - - 3,017 3,017 Mortgage servicing rights - - 539 539 December 31, 2014 Level 1 Level 2 Level 3 Total Inputs Inputs Inputs Fair Value Recurring: Investment securities available for sale: Residential mortgage-backed securities $ - $ 22,545 $ - $ 22,545 SBA pools - 1,832 - 1,832 Obligations of states and political subdivisions - 9,698 - 9,698 Government-sponsored enterprise equity securities - 102 - 102 Redeemable common stock - - (2,533 ) (2,533 ) Nonrecurring: Foreclosed real estate - - 3,656 3,656 Collateral-dependent impaired loans - - 3,002 3,002 Mortgage servicing rights - - 646 646 |
Schedule of quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis | Fair Value at March 31, 2015 Valuation Technique Unobservable Input Range (in thousands) Mortgage servicing rights $ 539 Discounted cash flows (1) Prepayment PSA 157 – 335 Discount rate 8.50% – 9.25% Maturity (months) WAM 37 – 325 Costs to service $65 - $750 Fair Value at December 31, 2014 Valuation Technique Unobservable Input Range (in thousands) Mortgage servicing rights $ 646 Discounted cash flows (1) Prepayment PSA 157 – 335 Discount rate 8.50% – 9.25% Maturity (months) WAM 37 – 325 Costs to service $65 – $750 (1) The estimated fair value on mortgage servicing rights is determined through a cash flow analysis performed at the loan level and is based on the objective attributes of the portfolio (i.e., note rate, loan amount, etc.) and industry assumptions used in the marketplace. |
Schedule of estimated fair values of the company's financial instruments | March 31, December 31, 2015 2014 Level in Fair Value Carrying Fair Carrying Fair Hierarchy Amount Value Amount Value Financial assets: Cash and cash equivalents Level 1 $ 12,982 $ 12,982 $ 14,373 $ 14,373 Certificates of deposit Level 2 3,691 3,691 4,181 4,181 Federal funds sold Level 2 8,000 8,000 2,000 2,000 Securities available for sale Level 2 32,636 32,636 34,177 34,177 Federal Home Loan Bank stock Level 2 2,093 2,093 2,079 2,079 Loans held for sale Level 2 2,746 2.746 1,707 1,707 Loans receivable, net Level 2 178,782 177,877 182,050 183,219 Accrued interest receivable Level 2 804 804 834 834 Mortgage servicing rights Level 3 1,863 2,402 1,886 2,578 Financial liabilities: Deposits Level 2 219,829 216,871 221,972 215,199 Advances from borrowers for taxes and insurance Level 2 3,851 3,851 2,630 2,630 Accrued interest payable Level 2 37 37 17 17 Redeemable common stock Level 3 2,533 2,533 2,533 2,533 |
Summary of Significant Accoun27
Summary of Significant Accounting Policies (Detail Textuals) | 3 Months Ended |
Mar. 31, 2015Segment | |
Accounting Policies [Abstract] | |
Number of reportable segments | 1 |
Certificates of Deposit (Detail
Certificates of Deposit (Detail Textuals) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | |
Certificates Of Deposit [Abstract] | ||
Certificates of deposit with carrying value | $ 3,691 | $ 4,181 |
Certificates of deposit, weighted average yield percent | 0.46% | 0.41% |
Certificates of deposit, contractual maturities | Less than one year |
Securities Available for Sale29
Securities Available for Sale (Details) - USD ($) $ in Thousands | Mar. 31, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 32,275 | $ 34,026 |
Gross Unrealized Gains | 447 | 378 |
Gross Unrealized Losses | (86) | (226) |
Fair Value | 32,636 | 34,177 |
Residential mortgage-backed agencies | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 21,686 | 22,677 |
Gross Unrealized Gains | 113 | 60 |
Gross Unrealized Losses | (68) | (191) |
Fair Value | 21,731 | 22,545 |
SBA pools | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,739 | 1,835 |
Gross Unrealized Gains | 6 | 6 |
Gross Unrealized Losses | (3) | (9) |
Fair Value | 1,742 | 1,832 |
Obligations of states and political subdivisions | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 8,810 | 9,474 |
Gross Unrealized Gains | 245 | 250 |
Gross Unrealized Losses | (15) | (26) |
Fair Value | 9,040 | 9,698 |
Government-sponsored enterprise equity | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 40 | 40 |
Gross Unrealized Gains | $ 83 | $ 62 |
Gross Unrealized Losses | ||
Fair Value | $ 123 | $ 102 |
Securities Available for Sale30
Securities Available for Sale (Details 1) - USD ($) $ in Thousands | Mar. 31, 2015 | Dec. 31, 2014 |
Amortized Cost | ||
Amortized Cost | $ 32,275 | |
Fair Value | ||
Fair Value | 32,636 | $ 34,177 |
Obligations of states and political subdivisions | ||
Amortized Cost | ||
Due in one year or less | 842 | |
Due in one to five years | 3,643 | |
Due after five through 10 years | 2,703 | |
Due after 10 years | 1,622 | |
Amortized Cost | 8,810 | |
Fair Value | ||
Due in one year or less | 846 | |
Due in one to five years | 3,705 | |
Due after five through 10 years | 2,787 | |
Due after 10 years | 1,702 | |
Fair Value | 9,040 | 9,698 |
Residential mortgage-backed agencies | ||
Amortized Cost | ||
Amortized Cost | 21,686 | |
Fair Value | ||
Fair Value | 21,731 | 22,545 |
SBA pools | ||
Amortized Cost | ||
Amortized Cost | 1,739 | |
Fair Value | ||
Fair Value | 1,742 | 1,832 |
Government-sponsored enterprise equity | ||
Amortized Cost | ||
Amortized Cost | 40 | |
Fair Value | ||
Fair Value | $ 123 | $ 102 |
Securities Available for Sale31
Securities Available for Sale (Details 2) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Investments, Debt and Equity Securities [Abstract] | ||
Balance, beginning | $ 93 | $ (264) |
Unrealized gains (losses) during the year | 208 | 431 |
Deferred tax effect relating to unrealized gain | (85) | (177) |
Balance, ending | $ 216 | $ (10) |
Securities Available for Sale32
Securities Available for Sale (Details 3) - Temporarily impaired securities - USD ($) $ in Thousands | Mar. 31, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Continuous Unrealized Losses Existing 12 Months or Less Fair Value | $ 3,414 | $ 7,174 |
Continuous Unrealized Losses Existing 12 Months or Less Unrealized Loss | 11 | 26 |
Continuous Unrealized Losses Existing Greater Than 12 Months Fair Value | 10,501 | 12,996 |
Continuous Unrealized Losses Existing Greater Than 12 Months Unrealized Loss | 75 | 200 |
Total Fair Value | 13,915 | 20,170 |
Total Unrealized Loss | 86 | 226 |
Residential mortgage-backed agencies | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Continuous Unrealized Losses Existing 12 Months or Less Fair Value | 2,190 | 5,679 |
Continuous Unrealized Losses Existing 12 Months or Less Unrealized Loss | 8 | 20 |
Continuous Unrealized Losses Existing Greater Than 12 Months Fair Value | 8,501 | 10,566 |
Continuous Unrealized Losses Existing Greater Than 12 Months Unrealized Loss | 60 | 171 |
Total Fair Value | 10,691 | 16,245 |
Total Unrealized Loss | $ 68 | $ 191 |
SBA pools | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Continuous Unrealized Losses Existing 12 Months or Less Fair Value | ||
Continuous Unrealized Losses Existing 12 Months or Less Unrealized Loss | ||
Continuous Unrealized Losses Existing Greater Than 12 Months Fair Value | $ 1,073 | $ 1,250 |
Continuous Unrealized Losses Existing Greater Than 12 Months Unrealized Loss | 3 | 9 |
Total Fair Value | 1,073 | 1,250 |
Total Unrealized Loss | 3 | 9 |
Obligations of states and political subdivisions | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Continuous Unrealized Losses Existing 12 Months or Less Fair Value | 1,224 | 1,495 |
Continuous Unrealized Losses Existing 12 Months or Less Unrealized Loss | 3 | 6 |
Continuous Unrealized Losses Existing Greater Than 12 Months Fair Value | 927 | 1,180 |
Continuous Unrealized Losses Existing Greater Than 12 Months Unrealized Loss | 12 | 20 |
Total Fair Value | 2,151 | 2,675 |
Total Unrealized Loss | $ 15 | $ 26 |
Securities Available for Sale33
Securities Available for Sale (Detail Textuals) | Mar. 31, 2015USD ($)Security | Dec. 31, 2014USD ($)Security |
Investments, Debt and Equity Securities [Abstract] | ||
Pledged securities carrying value | $ | $ 21,538 | $ 20,961 |
Number of securities in unrealized loss positions | 25 | 37 |
Loans Receivable and Loans He34
Loans Receivable and Loans Held for Sale (Details) - USD ($) $ in Thousands | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan loss | $ (2,252) | $ (2,158) | ||
Loans receivable, net | 178,782 | 182,050 | ||
Loans receivable | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 181,359 | 184,553 | ||
Net deferred loan origination fees | (325) | (345) | ||
Allowance for loan loss | (2,252) | (2,158) | $ (1,825) | $ (1,724) |
Loans receivable, net | 178,782 | 185,050 | ||
Loans receivable | Home equity, home improvement and second mortgages | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 32,293 | 32,741 | ||
Allowance for loan loss | (474) | (431) | (249) | (254) |
Loans receivable | Vehicle | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 1,704 | 1,671 | ||
Allowance for loan loss | (30) | (28) | (32) | (30) |
Loans receivable | Consumer | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 6,120 | 6,279 | ||
Allowance for loan loss | (113) | (112) | (214) | (135) |
Loans receivable | Residential | Real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 56,932 | 56,674 | ||
Allowance for loan loss | (552) | (545) | (439) | (433) |
Loans receivable | Residential | Construction real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 813 | 940 | ||
Allowance for loan loss | (4) | (13) | (4) | (11) |
Loans receivable | Commercial | Real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 33,696 | 30,653 | ||
Allowance for loan loss | (785) | (722) | (649) | (624) |
Loans receivable | Commercial | Construction real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | $ 182 | 4,035 | ||
Allowance for loan loss | (12) | (9) | (2) | |
Loans receivable | Commercial | Operating and term | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | $ 5,989 | 5,718 | ||
Allowance for loan loss | (114) | (109) | (92) | (87) |
Loans receivable | Agricultural | Real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 37,491 | 38,128 | ||
Allowance for loan loss | (155) | (155) | (127) | (130) |
Loans receivable | Agricultural | Operating and term | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 6,139 | 7,714 | ||
Allowance for loan loss | $ (25) | $ (31) | $ (10) | $ (18) |
Loans Receivable and Loans He35
Loans Receivable and Loans Held for Sale (Details 1) - Loans receivable - USD ($) $ in Thousands | Mar. 31, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | $ 178,210 | $ 181,607 |
Total past due | 3,149 | 2,946 |
Total | 181,359 | 184,553 |
30-59 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total past due | 1,445 | 1,416 |
60-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total past due | 415 | 520 |
Loans Past Due 90 Days or More | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total past due | $ 1,289 | $ 1,010 |
Nonperforming loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | ||
Total past due | $ 1,289 | $ 1,010 |
Total | $ 1,289 | $ 1,010 |
Nonperforming loans | 30-59 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total past due | ||
Nonperforming loans | 60-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total past due | ||
Nonperforming loans | Loans Past Due 90 Days or More | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total past due | $ 1,289 | $ 1,010 |
Home equity, home improvement and second mortgages | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 32,029 | 32,291 |
Total past due | 264 | 450 |
Total | 32,293 | 32,741 |
Home equity, home improvement and second mortgages | 30-59 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total past due | $ 142 | 193 |
Home equity, home improvement and second mortgages | 60-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total past due | 2 | |
Home equity, home improvement and second mortgages | Loans Past Due 90 Days or More | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total past due | $ 122 | 255 |
Vehicle | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 1,647 | 1,661 |
Total past due | 57 | 10 |
Total | 1,704 | 1,671 |
Vehicle | 30-59 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total past due | 22 | 8 |
Vehicle | 60-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total past due | 1 | |
Vehicle | Loans Past Due 90 Days or More | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total past due | 35 | 1 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 6,069 | 6,243 |
Total past due | 51 | 36 |
Total | 6,120 | 6,279 |
Consumer | 30-59 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total past due | 26 | 26 |
Consumer | 60-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total past due | 16 | $ 10 |
Consumer | Loans Past Due 90 Days or More | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total past due | 9 | |
Residential | Real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 54,930 | $ 54,698 |
Total past due | 2,002 | 1,976 |
Total | 56,932 | 56,674 |
Residential | Real estate | 30-59 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total past due | $ 1,112 | 782 |
Residential | Real estate | 60-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total past due | 507 | |
Residential | Real estate | Loans Past Due 90 Days or More | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total past due | $ 890 | 687 |
Residential | Construction real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | $ 813 | $ 940 |
Total past due | ||
Total | $ 813 | $ 940 |
Residential | Construction real estate | 30-59 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total past due | ||
Residential | Construction real estate | 60-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total past due | ||
Residential | Construction real estate | Loans Past Due 90 Days or More | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total past due | ||
Commercial | Real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | $ 33,674 | $ 30,653 |
Total past due | 22 | |
Total | 33,696 | $ 30,653 |
Commercial | Real estate | 30-59 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total past due | $ 22 | |
Commercial | Real estate | 60-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total past due | ||
Commercial | Real estate | Loans Past Due 90 Days or More | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total past due | ||
Commercial | Construction real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | $ 182 | $ 4,035 |
Total past due | ||
Total | $ 182 | $ 4,035 |
Commercial | Construction real estate | 30-59 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total past due | ||
Commercial | Construction real estate | 60-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total past due | ||
Commercial | Construction real estate | Loans Past Due 90 Days or More | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total past due | ||
Commercial | Operating and term | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | $ 5,914 | $ 5,569 |
Total past due | 75 | 149 |
Total | 5,989 | 5,718 |
Commercial | Operating and term | 30-59 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total past due | $ 10 | $ 82 |
Commercial | Operating and term | 60-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total past due | ||
Commercial | Operating and term | Loans Past Due 90 Days or More | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total past due | $ 65 | $ 67 |
Agricultural | Real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 36,924 | 37,843 |
Total past due | 567 | 285 |
Total | $ 37,491 | 38,128 |
Agricultural | Real estate | 30-59 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total past due | $ 285 | |
Agricultural | Real estate | 60-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total past due | $ 399 | |
Agricultural | Real estate | Loans Past Due 90 Days or More | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total past due | 168 | |
Agricultural | Operating and term | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 6,028 | $ 7,674 |
Total past due | 111 | 40 |
Total | 6,139 | 7,714 |
Agricultural | Operating and term | 30-59 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total past due | $ 111 | $ 40 |
Agricultural | Operating and term | 60-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total past due | ||
Agricultural | Operating and term | Loans Past Due 90 Days or More | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total past due |
Loans Receivable and Loans He36
Loans Receivable and Loans Held for Sale (Details 2) - Loans receivable - USD ($) $ in Thousands | Mar. 31, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual | $ 1,289 | $ 1,010 |
Loans Past Due 90 Days or More and Still Accruing | ||
Home equity, home improvement and second mortgages | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual | $ 122 | $ 255 |
Loans Past Due 90 Days or More and Still Accruing | ||
Vehicle | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual | $ 35 | $ 1 |
Loans Past Due 90 Days or More and Still Accruing | ||
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual | $ 9 | |
Loans Past Due 90 Days or More and Still Accruing | ||
Residential | Real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual | $ 890 | $ 687 |
Loans Past Due 90 Days or More and Still Accruing | ||
Residential | Construction real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual | ||
Loans Past Due 90 Days or More and Still Accruing | ||
Commercial | Real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual | ||
Loans Past Due 90 Days or More and Still Accruing | ||
Commercial | Construction real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual | ||
Loans Past Due 90 Days or More and Still Accruing | ||
Commercial | Operating and term | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual | $ 65 | $ 67 |
Loans Past Due 90 Days or More and Still Accruing | ||
Agricultural | Real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual | $ 168 | |
Loans Past Due 90 Days or More and Still Accruing | ||
Agricultural | Operating and term | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual | ||
Loans Past Due 90 Days or More and Still Accruing |
Loans Receivable and Loans He37
Loans Receivable and Loans Held for Sale (Details 3) - Loans receivable - USD ($) $ in Thousands | Mar. 31, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | $ 46,006 | $ 48,120 |
Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 42,333 | 43,624 |
Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 2,830 | 3,556 |
Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | $ 843 | $ 940 |
Doubtful | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | ||
Commercial | Real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | $ 33,696 | $ 30,653 |
Commercial | Real estate | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 30,218 | 26,449 |
Commercial | Real estate | Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 2,830 | 3,556 |
Commercial | Real estate | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | $ 648 | $ 648 |
Commercial | Real estate | Doubtful | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | ||
Commercial | Construction real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | $ 182 | $ 4,035 |
Commercial | Construction real estate | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | $ 182 | $ 4,035 |
Commercial | Construction real estate | Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | ||
Commercial | Construction real estate | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | ||
Commercial | Construction real estate | Doubtful | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | ||
Commercial | Operating and term | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | $ 5,989 | $ 5,718 |
Commercial | Operating and term | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | $ 5,794 | $ 5,426 |
Commercial | Operating and term | Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | ||
Commercial | Operating and term | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | $ 195 | $ 292 |
Commercial | Operating and term | Doubtful | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | ||
Agricultural | Operating and term | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | $ 6,139 | $ 7,714 |
Agricultural | Operating and term | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | $ 6,139 | $ 7,714 |
Agricultural | Operating and term | Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | ||
Agricultural | Operating and term | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | ||
Agricultural | Operating and term | Doubtful | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total |
Loans Receivable and Loans He38
Loans Receivable and Loans Held for Sale (Details 4) - Loans receivable - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
With an allowance recorded: | ||
Allowance for Loan Losses Allocated | $ 599 | $ 573 |
Total | ||
Unpaid Principal Balance | 4,101 | 4,072 |
Recorded Investment | 4,101 | 4,072 |
Allowance for Loan Losses Allocated | 599 | 573 |
Average Recorded Investment | 4,037 | 4,115 |
Interest Income Recognized | 47 | 166 |
Home equity, home improvement and second mortgages | ||
With an allowance recorded: | ||
Unpaid Principal Balance | 103 | 73 |
Recorded Investment | 103 | 73 |
Allowance for Loan Losses Allocated | 103 | 73 |
Average Recorded Investment | 105 | 74 |
Interest Income Recognized | 1 | 2 |
Total | ||
Allowance for Loan Losses Allocated | 103 | 73 |
Consumer | ||
With an allowance recorded: | ||
Unpaid Principal Balance | 17 | 16 |
Recorded Investment | 17 | 16 |
Allowance for Loan Losses Allocated | 14 | 12 |
Average Recorded Investment | 17 | 16 |
Interest Income Recognized | 1 | 2 |
Total | ||
Allowance for Loan Losses Allocated | 14 | 12 |
Residential | Real estate | ||
With no related allowance recorded: | ||
Unpaid Principal Balance | 483 | 461 |
Recorded Investment | 483 | 461 |
Average Recorded Investment | 396 | 505 |
Allowance for Loan Losses Allocated | 6 | 27 |
With an allowance recorded: | ||
Unpaid Principal Balance | 810 | 822 |
Recorded Investment | 810 | 822 |
Allowance for Loan Losses Allocated | 111 | 115 |
Average Recorded Investment | 821 | 830 |
Interest Income Recognized | 14 | 34 |
Total | ||
Allowance for Loan Losses Allocated | 111 | 115 |
Commercial | Real estate | ||
With an allowance recorded: | ||
Unpaid Principal Balance | 2,627 | 2,637 |
Recorded Investment | 2,627 | 2,637 |
Allowance for Loan Losses Allocated | 341 | 341 |
Average Recorded Investment | 2,632 | 2,690 |
Interest Income Recognized | 24 | 99 |
Total | ||
Allowance for Loan Losses Allocated | 341 | 341 |
Commercial | Operating and term | ||
With an allowance recorded: | ||
Unpaid Principal Balance | 61 | 63 |
Recorded Investment | 61 | 63 |
Allowance for Loan Losses Allocated | 30 | $ 32 |
Average Recorded Investment | 66 | |
Interest Income Recognized | 1 | $ 2 |
Total | ||
Allowance for Loan Losses Allocated | $ 30 | $ 32 |
Loans Receivable and Loans He39
Loans Receivable and Loans Held for Sale (Details 5) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning Balance | $ 2,158 | |
Provision | 70 | $ 170 |
Balance Ending | 2,252 | |
Loans receivable | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning Balance | 2,158 | 1,724 |
Charge-offs | (7) | (93) |
Recoveries | 31 | 24 |
Provision | 70 | 170 |
Balance Ending | 2,252 | 1,825 |
Loans receivable | Home equity, home improvement and second mortgages | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning Balance | 431 | 254 |
Charge-offs | (4) | (84) |
Recoveries | 9 | 3 |
Provision | 38 | 76 |
Balance Ending | 474 | 249 |
Loans receivable | Vehicle | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning Balance | $ 28 | $ 30 |
Charge-offs | ||
Recoveries | $ 3 | $ 1 |
Provision | (1) | 1 |
Balance Ending | 30 | 32 |
Loans receivable | Consumer | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning Balance | 112 | 135 |
Charge-offs | (3) | (9) |
Recoveries | 10 | 20 |
Provision | (6) | 68 |
Balance Ending | 113 | 214 |
Loans receivable | Residential | Real estate | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning Balance | $ 545 | $ 433 |
Charge-offs | ||
Recoveries | $ 9 | |
Provision | (2) | $ 6 |
Balance Ending | 552 | 439 |
Loans receivable | Residential | Construction real estate | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning Balance | $ 13 | $ 11 |
Charge-offs | ||
Recoveries | ||
Provision | $ (9) | $ (7) |
Balance Ending | 4 | 4 |
Loans receivable | Commercial | Real estate | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning Balance | $ 722 | $ 624 |
Charge-offs | ||
Recoveries | ||
Provision | $ 63 | $ 25 |
Balance Ending | 785 | 649 |
Loans receivable | Commercial | Construction real estate | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning Balance | $ 12 | $ 2 |
Charge-offs | ||
Recoveries | ||
Provision | $ (12) | $ 7 |
Balance Ending | 9 | |
Loans receivable | Commercial | Operating and term | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning Balance | $ 109 | $ 87 |
Charge-offs | ||
Recoveries | ||
Provision | $ 5 | $ 5 |
Balance Ending | 114 | 92 |
Loans receivable | Agricultural | Real estate | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning Balance | $ 155 | $ 130 |
Charge-offs | ||
Recoveries | ||
Provision | ||
Balance Ending | $ 155 | $ 127 |
Loans receivable | Agricultural | Operating and term | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning Balance | $ 31 | $ 18 |
Charge-offs | ||
Recoveries | ||
Provision | $ (6) | $ (8) |
Balance Ending | $ 25 | $ 10 |
Loans Receivable and Loans He40
Loans Receivable and Loans Held for Sale (Details 6) - USD ($) $ in Thousands | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
Allowance for loan losses: | ||||
Total | $ 2,252 | $ 2,158 | ||
Loans receivable | ||||
Allowance for loan losses: | ||||
Individually Evaluated for Impairment | 599 | 573 | ||
Collectively Evaluated for Impairment | 1,653 | 1,585 | ||
Total | 2,252 | 2,158 | $ 1,825 | $ 1,724 |
Loans: | ||||
Individually Evaluated for Impairment | 4,101 | 4,072 | ||
Collectively Evaluated for Impairment | 177,258 | 180,481 | ||
Total | 181,359 | 184,553 | ||
Loans receivable | Home equity, home improvement and second mortgages | ||||
Allowance for loan losses: | ||||
Individually Evaluated for Impairment | 103 | 73 | ||
Collectively Evaluated for Impairment | 371 | 358 | ||
Total | 474 | 431 | 249 | 254 |
Loans: | ||||
Individually Evaluated for Impairment | 103 | 73 | ||
Collectively Evaluated for Impairment | 32,190 | 32,668 | ||
Total | $ 32,293 | $ 32,741 | ||
Loans receivable | Vehicle | ||||
Allowance for loan losses: | ||||
Individually Evaluated for Impairment | ||||
Collectively Evaluated for Impairment | $ 30 | $ 29 | ||
Total | $ 30 | $ 28 | 32 | 30 |
Loans: | ||||
Individually Evaluated for Impairment | ||||
Collectively Evaluated for Impairment | $ 1,704 | $ 1,671 | ||
Total | 1,704 | 1,671 | ||
Loans receivable | Consumer | ||||
Allowance for loan losses: | ||||
Individually Evaluated for Impairment | 14 | 12 | ||
Collectively Evaluated for Impairment | 99 | 100 | ||
Total | 113 | 112 | 214 | 135 |
Loans: | ||||
Individually Evaluated for Impairment | 17 | 16 | ||
Collectively Evaluated for Impairment | 6,103 | 6,263 | ||
Total | 6,120 | 6,279 | ||
Loans receivable | Residential | Real estate | ||||
Allowance for loan losses: | ||||
Individually Evaluated for Impairment | 111 | 115 | ||
Collectively Evaluated for Impairment | 441 | 430 | ||
Total | 552 | 545 | 439 | 433 |
Loans: | ||||
Individually Evaluated for Impairment | 1,293 | 1,283 | ||
Collectively Evaluated for Impairment | 55,639 | 55,390 | ||
Total | $ 56,932 | $ 56,674 | ||
Loans receivable | Residential | Construction real estate | ||||
Allowance for loan losses: | ||||
Individually Evaluated for Impairment | ||||
Collectively Evaluated for Impairment | $ 4 | $ 13 | ||
Total | $ 4 | $ 13 | 4 | 11 |
Loans: | ||||
Individually Evaluated for Impairment | ||||
Collectively Evaluated for Impairment | $ 813 | $ 940 | ||
Total | 813 | 940 | ||
Loans receivable | Commercial | Real estate | ||||
Allowance for loan losses: | ||||
Individually Evaluated for Impairment | 341 | 341 | ||
Collectively Evaluated for Impairment | 444 | 381 | ||
Total | 785 | 722 | 649 | 624 |
Loans: | ||||
Individually Evaluated for Impairment | 2,627 | 2,637 | ||
Collectively Evaluated for Impairment | 31,069 | 28,016 | ||
Total | $ 33,696 | $ 30,653 | ||
Loans receivable | Commercial | Construction real estate | ||||
Allowance for loan losses: | ||||
Individually Evaluated for Impairment | ||||
Collectively Evaluated for Impairment | $ 12 | |||
Total | $ 12 | 9 | 2 | |
Loans: | ||||
Individually Evaluated for Impairment | ||||
Collectively Evaluated for Impairment | $ 182 | $ 4,035 | ||
Total | 182 | 4,035 | ||
Loans receivable | Commercial | Operating and term | ||||
Allowance for loan losses: | ||||
Individually Evaluated for Impairment | 30 | 32 | ||
Collectively Evaluated for Impairment | 84 | 77 | ||
Total | 114 | 109 | 92 | 87 |
Loans: | ||||
Individually Evaluated for Impairment | 61 | 63 | ||
Collectively Evaluated for Impairment | 5,928 | 5,655 | ||
Total | $ 5,989 | $ 5,718 | ||
Loans receivable | Agricultural | Real estate | ||||
Allowance for loan losses: | ||||
Individually Evaluated for Impairment | ||||
Collectively Evaluated for Impairment | $ 155 | $ 155 | ||
Total | $ 155 | $ 155 | 127 | 130 |
Loans: | ||||
Individually Evaluated for Impairment | ||||
Collectively Evaluated for Impairment | $ 37,491 | $ 38,128 | ||
Total | $ 37,491 | $ 38,128 | ||
Loans receivable | Agricultural | Operating and term | ||||
Allowance for loan losses: | ||||
Individually Evaluated for Impairment | ||||
Collectively Evaluated for Impairment | $ 25 | $ 31 | ||
Total | $ 25 | $ 31 | $ 10 | $ 18 |
Loans: | ||||
Individually Evaluated for Impairment | ||||
Collectively Evaluated for Impairment | $ 6,139 | $ 7,714 | ||
Total | $ 6,139 | $ 7,714 |
Loans Receivable and Loans He41
Loans Receivable and Loans Held for Sale (Detail Textuals) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying value of loans pledged to secure borrowed funds | $ 97,807,000 | $ 96,740,000 |
Aggregate amounts of loans to related parties | 105,000 | 342,000 |
Addition to aggregate amounts of loans to related parties | 0 | 185,000 |
Repayments of loans receivable from related parties | 237,000 | 67,000 |
Loans held for sale | $ 2,746,000 | $ 1,707,000 |
Real estate | Agricultural | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loan to value ratios | 60.00% |
Loan Servicing (Details)
Loan Servicing (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Servicing Asset at Amortized Cost, Balance [Roll Forward] | ||
Balance at beginning of year, net | $ 1,886 | $ 1,952 |
Mortgage servicing rights capitalized | 50 | 53 |
Amortization expense | $ (73) | $ (71) |
Valuation provision change | ||
Balance at end of year, net | $ 1,863 | $ 1,934 |
Loan Servicing (Detail Textuals
Loan Servicing (Detail Textuals) - USD ($) $ in Thousands | Mar. 31, 2015 | Dec. 31, 2014 |
Loan Servicing [Abstract] | ||
Unpaid principal balance of one to four family residential real estate loans | $ 327,254 | $ 332,075 |
Custodial escrow balance | 3,392 | 2,347 |
Fair value of mortgage servicing rights | 2,402 | 2,578 |
Mortgage servicing rights valuation allowance | $ 15 | $ 15 |
Stockholders' Equity, Regulat44
Stockholders' Equity, Regulatory Capital and Dividend Restrictions (Details) - USD ($) $ in Thousands | Mar. 31, 2015 | Dec. 31, 2014 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier I capital (to average assets), Actual Amount | $ 24,556 | |
Tier I capital (to average assets), Minimum for Capital Adequacy Purposes, Actual Amount | $ 10,022 | |
Tier I capital (to average assets), Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions, Actual Amount | ||
Tier I capital (to average assets), Actual Percent | 9.80% | |
Tier I capital (to average assets), Minimum for Capital Adequacy Purposes, Actual Percent | 4.00% | |
Tier I capital (to average assets), Minimum for Capital Adequacy Purposes, Actual Percent | ||
Tier I capital common equity (to risk weighted assets), Actual Amount | $ 24,556 | |
Tier I capital common equity (to risk weighted assets), Minimum for Capital Adequacy Purposes, Actual Amount | $ 7,760 | |
Tier I capital common equity (to risk weighted assets), Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions, Actual Amount | ||
Tier I capital common equity (to risk weighted assets), Actual Percent | 14.21% | |
Tier I capital common equity (to risk weighted assets), Minimum for Capital Adequacy Purposes, Actual Percent | 4.50% | |
Tier I capital common equity (to risk weighted assets), Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions, Actual Percent | ||
Tier I capital (to risk weighted assets), Actual Amount | $ 24,556 | |
Tier I capital (to risk weighted assets), Minimum for Capital Adequacy Purposes, Actual Amount | $ 10,370 | |
Tier I capital (to risk weighted assets), Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions, Actual Amount | ||
Tier I capital (to risk weighted assets), Actual Percent | 14.21% | |
Tier I capital (to risk weighted assets), Minimum for Capital Adequacy Purposes, Actual Percent | 6.00% | |
Tier I capital (to risk weighted assets), Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions, Actual Percent | ||
Total risk based capital (to risk weighted assets), Actual Amount | $ 26,749 | |
Total risk based capital (to risk weighted assets), Minimum for Capital Adequacy Purposes, Actual Amount | $ 13,827 | |
Total risk based capital (to risk weighted assets), Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions, Actual Amount | ||
Total risk based capital (to risk weighted assets), Actual Percent | 15.48% | |
Total risk based capital (to risk weighted assets), Minimum for Capital Adequacy Purposes, Actual Percent | 8.00% | |
Total risk based capital (to risk weighted assets), Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions, Actual Percent | ||
Wells Federal Bank | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier I capital (to average assets), Actual Amount | $ 24,434 | $ 25,380 |
Tier I capital (to average assets), Minimum for Capital Adequacy Purposes, Actual Amount | 10,024 | 10,255 |
Tier I capital (to average assets), Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions, Actual Amount | $ 12,531 | $ 12,819 |
Tier I capital (to average assets), Actual Percent | 9.75% | 9.90% |
Tier I capital (to average assets), Minimum for Capital Adequacy Purposes, Actual Percent | 4.00% | 4.00% |
Tier I capital (to average assets), Minimum for Capital Adequacy Purposes, Actual Percent | 5.00% | 5.00% |
Tier I capital common equity (to risk weighted assets), Actual Amount | $ 24,434 | |
Tier I capital common equity (to risk weighted assets), Minimum for Capital Adequacy Purposes, Actual Amount | 7,759 | |
Tier I capital common equity (to risk weighted assets), Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions, Actual Amount | $ 11,208 | |
Tier I capital common equity (to risk weighted assets), Actual Percent | 14.17% | |
Tier I capital common equity (to risk weighted assets), Minimum for Capital Adequacy Purposes, Actual Percent | 4.50% | |
Tier I capital common equity (to risk weighted assets), Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions, Actual Percent | 6.50% | |
Tier I capital (to risk weighted assets), Actual Amount | $ 24,434 | $ 25,380 |
Tier I capital (to risk weighted assets), Minimum for Capital Adequacy Purposes, Actual Amount | 10,346 | 7,478 |
Tier I capital (to risk weighted assets), Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions, Actual Amount | $ 13,795 | $ 11,217 |
Tier I capital (to risk weighted assets), Actual Percent | 14.17% | 13.58% |
Tier I capital (to risk weighted assets), Minimum for Capital Adequacy Purposes, Actual Percent | 6.00% | 4.00% |
Tier I capital (to risk weighted assets), Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions, Actual Percent | 8.00% | 6.00% |
Total risk based capital (to risk weighted assets), Actual Amount | $ 26,627 | $ 27,566 |
Total risk based capital (to risk weighted assets), Minimum for Capital Adequacy Purposes, Actual Amount | 13,724 | 14,956 |
Total risk based capital (to risk weighted assets), Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions, Actual Amount | $ 17,243 | $ 18,695 |
Total risk based capital (to risk weighted assets), Actual Percent | 15.44% | 14.74% |
Total risk based capital (to risk weighted assets), Minimum for Capital Adequacy Purposes, Actual Percent | 8.00% | 8.00% |
Total risk based capital (to risk weighted assets), Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions, Actual Percent | 10.00% | 10.00% |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Basic earnings per share: | ||
Net income | $ 493 | $ 251 |
Weighted average number of shares outstanding, basic (in shares) | 741,832 | 763,085 |
Per Share Amount, basic (in dollars per share) | $ 0.66 | $ 0.33 |
Effect of dilutive securities: | ||
Stock options (in shares) | 340 | 768 |
Diluted earnings per share: | ||
Net income | $ 493 | $ 251 |
Weighted average number of shares outstanding, diluted (in shares) | 742,172 | 763,853 |
Per Share Amount, diluted (in dollars per share) | $ 0.66 | $ 0.33 |
Earnings Per Share (Detail Text
Earnings Per Share (Detail Textuals) - shares | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Earnings Per Share [Abstract] | ||
Antidilutive options excluded from computation of earnings per share | 15,850 | 15,850 |
Financial Instruments With Of47
Financial Instruments With Off-Balance-Sheet Risk (Detail Textuals) - USD ($) | Mar. 31, 2015 | Dec. 31, 2014 |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Commitments to extend credit on loans totaled | $ 41,379 | $ 38,110 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Mar. 31, 2015 | Dec. 31, 2014 |
Recurring | Residential mortgage-backed agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Asset (Liability) | $ 21,731 | $ 22,545 |
Recurring | SBA pools | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Asset (Liability) | 1,742 | 1,832 |
Recurring | Obligations of states and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Asset (Liability) | 9,040 | 9,698 |
Recurring | Government-sponsored enterprise equity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Asset (Liability) | 123 | 102 |
Recurring | Redeemable common stock | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Asset (Liability) | $ (2,533) | $ (2,533) |
Recurring | Level 1 Inputs | Residential mortgage-backed agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Asset (Liability) | ||
Recurring | Level 1 Inputs | SBA pools | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Asset (Liability) | ||
Recurring | Level 1 Inputs | Obligations of states and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Asset (Liability) | ||
Recurring | Level 1 Inputs | Government-sponsored enterprise equity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Asset (Liability) | ||
Recurring | Level 1 Inputs | Redeemable common stock | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Asset (Liability) | ||
Recurring | Level 2 Inputs | Residential mortgage-backed agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Asset (Liability) | $ 21,731 | $ 22,545 |
Recurring | Level 2 Inputs | SBA pools | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Asset (Liability) | 1,742 | 1,832 |
Recurring | Level 2 Inputs | Obligations of states and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Asset (Liability) | 9,040 | 9,698 |
Recurring | Level 2 Inputs | Government-sponsored enterprise equity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Asset (Liability) | $ 123 | $ 102 |
Recurring | Level 2 Inputs | Redeemable common stock | Foreclosed real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Asset (Liability) | ||
Recurring | Level 3 Inputs | Residential mortgage-backed agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Asset (Liability) | ||
Recurring | Level 3 Inputs | SBA pools | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Asset (Liability) | ||
Recurring | Level 3 Inputs | Obligations of states and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Asset (Liability) | ||
Recurring | Level 3 Inputs | Government-sponsored enterprise equity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Asset (Liability) | ||
Recurring | Level 3 Inputs | Redeemable common stock | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Asset (Liability) | $ (2,533) | $ (2,533) |
Nonrecurring | Foreclosed real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Asset (Liability) | 3,538 | 3,656 |
Nonrecurring | Collateral-dependent impaired loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Asset (Liability) | 3,017 | 3,002 |
Nonrecurring | Mortgage servicing rights | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Asset (Liability) | $ 539 | $ 646 |
Nonrecurring | Level 1 Inputs | Foreclosed real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Asset (Liability) | ||
Nonrecurring | Level 1 Inputs | Collateral-dependent impaired loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Asset (Liability) | ||
Nonrecurring | Level 1 Inputs | Mortgage servicing rights | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Asset (Liability) | ||
Nonrecurring | Level 2 Inputs | Foreclosed real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Asset (Liability) | ||
Nonrecurring | Level 2 Inputs | Collateral-dependent impaired loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Asset (Liability) | ||
Nonrecurring | Level 2 Inputs | Mortgage servicing rights | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Asset (Liability) | ||
Nonrecurring | Level 3 Inputs | Foreclosed real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Asset (Liability) | $ 3,538 | $ 3,656 |
Nonrecurring | Level 3 Inputs | Collateral-dependent impaired loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Asset (Liability) | 3,017 | 3,002 |
Nonrecurring | Level 3 Inputs | Mortgage servicing rights | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Asset (Liability) | $ 539 | $ 646 |
Fair Value Measurements (Deta49
Fair Value Measurements (Details 1) - Nonrecurring - Level 3 Inputs - Mortgage servicing rights - Discounted cash flows - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | $ 539 | $ 646 | |
Valuation Technique | [1] | Discounted cash flows | Discounted cash flows |
Unobservable Input | Prepayment PSA, Discount rate, Maturity (months) WAM, Costs to service | Prepayment PSA, Discount rate, Maturity (months) WAM, Costs to service | |
Minimum | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Prepayment PSA | 157.00% | 157.00% | |
Discount rate | 8.50% | 8.50% | |
Maturity (months) WAM | 37 months | 37 months | |
Costs to service | $ 65 | $ 65 | |
Maximum | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Prepayment PSA | 335.00% | 335.00% | |
Discount rate | 9.25% | 9.25% | |
Maturity (months) WAM | 325 months | 325 months | |
Costs to service | $ 750 | $ 750 | |
[1] | The estimated fair value on mortgage servicing rights is determined through a cash flow analysis performed at the loan level and is based on the objective attributes of the portfolio (i.e., note rate, loan amount, etc.) and industry assumptions used in the marketplace. |
Fair Value Measurements (Deta50
Fair Value Measurements (Details 2) - USD ($) $ in Thousands | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
Financial assets: | ||||
Cash and cash equivalents | $ 12,982 | $ 14,373 | $ 15,443 | $ 12,625 |
Certificates of deposit | 3,691 | 4,181 | ||
Federal funds sold | 8,000 | 2,000 | ||
Securities available for sale | 32,636 | 34,177 | ||
Federal Home Loan Bank stock | 2,093 | 2,079 | ||
Loans held for sale | 2,746 | 1,707 | ||
Loans receivable, net | 178,782 | 182,050 | ||
Accrued interest receivable | 804 | 834 | ||
Mortgage servicing rights | 1,863 | 1,886 | ||
Financial liabilities: | ||||
Deposits | 219,829 | 221,972 | ||
Advances from borrowers for taxes and insurance | 3,851 | 2,630 | ||
Accrued interest payable | 37 | 17 | ||
Redeemable common stock | 2,533 | 2,533 | ||
Fair Value | ||||
Financial assets: | ||||
Cash and cash equivalents | 12,982 | 14,373 | ||
Certificates of deposit | 3,691 | 4,181 | ||
Federal funds sold | 8,000 | 2,000 | ||
Securities available for sale | 32,636 | 34,177 | ||
Federal Home Loan Bank stock | 2,093 | 2,079 | ||
Loans held for sale | 2,746 | 1,707 | ||
Loans receivable, net | 177,877 | 183,219 | ||
Accrued interest receivable | 804 | 834 | ||
Mortgage servicing rights | 2,402 | 2,578 | ||
Financial liabilities: | ||||
Deposits | 216,871 | 215,199 | ||
Advances from borrowers for taxes and insurance | 3,851 | 2,630 | ||
Accrued interest payable | 37 | 17 | ||
Redeemable common stock | $ 2,533 | $ 2,533 |
Subsequent Events (Detail Textu
Subsequent Events (Detail Textuals) - USD ($) $ in Thousands | Nov. 14, 2014 | Mar. 31, 2015 | Dec. 31, 2014 |
Subsequent Event [Line Items] | |||
Assets | $ 251,609 | $ 251,826 | |
Total equity | 24,556 | 24,086 | |
Agreement and plan of conversion merger | St. James | |||
Subsequent Event [Line Items] | |||
Assets | 27,215 | ||
Total equity | $ 2,755 | ||
Number of shares plans to issue | 100,000 | ||
Threshold trading days | 30 days | ||
Percentage of newly issued shares | 8.00% | ||
Stock issuance costs | $ 391 |