(Mark One)
|
||||||||||||
X
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
|
|||||||||||
EXCHANGE ACT OF 1934
|
||||||||||||
For the quarterly period ended
|
March 31, 2016
|
|||||||||||
OR
|
||||||||||||
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
|
||||||||||||
EXCHANGE ACT OF 1934
|
||||||||||||
For the transition period from
|
to
|
|||||||||||
Commission File Number 001-37506
|
||||||||||||
MSB FINANCIAL CORP.
|
||||||||||||
(Exact name of registrant as specified in its charter)
|
||||||||||||
MARYLAND
|
34-1981437
|
|||||||||||
(State or other jurisdiction of
|
(I.R.S. Employer
|
|||||||||||
incorporation or organization)
|
Identification Number)
|
|||||||||||
1902 Long Hill Road, Millington, New Jersey
|
07946-0417
|
|||||||||||
(Address of principal executive offices)
|
(Zip Code)
|
|||||||||||
Registrant’s telephone number, including area code
|
(908) 647-4000
|
|||||||||||
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [ ]
|
||||||||||||
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes [X] No [ ]
|
||||||||||||
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
|
||||||||||||
Large accelerated filer [ ]
|
Accelerated filer [ ]
|
|||||||||||
Non-accelerated filer [ ]
|
Smaller reporting company [X]
|
|||||||||||
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [ ] No [X]
|
||||||||||||
The number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: May 16, 2016:
|
||||||||||||
$0.01 par value common stock 5,953,423 shares outstanding
|
Page
|
|||
Number
|
|||
PART I - FINANCIAL INFORMATION
|
|||
Item 1:
|
Consolidated Financial Statements (Unaudited)
|
|
|
Consolidated Statements of Financial Condition
|
|||
at March 31, 2016 and December 31, 2015
|
2
|
||
Consolidated Statements of Comprehensive Income for the
|
|||
Three Months Ended March 31, 2016 and 2015
|
3
|
||
Consolidated Statements of Cash Flows for the Three Months
|
|||
Ended March 31, 2016 and 2015
|
5
|
||
Notes to Consolidated Financial Statements (Unaudited)
|
6
|
||
Item 2:
|
Management’s Discussion and Analysis of
|
26
|
|
Financial Condition and Results of Operations
|
|||
Item 3:
|
Quantitative and Qualitative Disclosures About Market Risk
|
32
|
|
Item 4:
|
Controls and Procedures
|
32
|
|
PART II - OTHER INFORMATION
|
|||
Item 1:
|
Legal Proceedings
|
32
|
|
Item 1A:
|
Risk Factors
|
32
|
|
Item 2:
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
32
|
|
Item 3:
|
Defaults Upon Senior Securities
|
32
|
|
Item 4:
|
Mine Safety Disclosures
|
32
|
|
Item 5:
|
Other Information
|
32
|
|
Item 6:
|
Exhibits
|
33
|
|
SIGNATURES
|
34
|
||
CERTIFICATIONS
|
March 31,
|
December 31,
|
|||||||
2016
|
2015
|
|||||||
(Dollars in thousands, except per share amounts)
|
||||||||
Cash and due from banks
|
$ | 1,571 | $ | 2,219 | ||||
Interest-earning demand deposits with banks
|
12,944 | 10,084 | ||||||
Cash and Cash Equivalents
|
14,515 | 12,303 | ||||||
Securities held to maturity (fair value of $74,219 and $78,400,
respectively)
|
73,603 | 78,995 | ||||||
Loans receivable, net of allowance for loan losses of $3,671 and
$3,602, respectively
|
270,713 | 262,312 | ||||||
Premises and equipment
|
8,101 | 8,118 | ||||||
Federal Home Loan Bank of New York stock, at cost
|
1,376 | 1,826 | ||||||
Bank owned life insurance
|
7,524 | 7,468 | ||||||
Accrued interest receivable
|
1,272 | 1,352 | ||||||
Other assets
|
3,030 | 3,316 | ||||||
Total Assets
|
$ | 380,134 | $ | 375,690 | ||||
Liabilities and Stockholders’ Equity
|
||||||||
Liabilities
|
||||||||
Deposits:
|
||||||||
Non-interest bearing
|
$ | 33,139 | $ | 28,173 | ||||
Interest bearing
|
243,702 | 234,425 | ||||||
Total Deposits
|
276,841 | 262,598 | ||||||
Advances from Federal Home Loan Bank of New York
|
22,675 | 32,675 | ||||||
Advance payments by borrowers for taxes and insurance
|
838 | 743 | ||||||
Other liabilities
|
3,220 | 3,311 | ||||||
Total Liabilities
|
303,574 | 299,327 | ||||||
Stockholders’ Equity
|
||||||||
Preferred stock, par value $0.01; 1,000,000 shares authorized; no shares issued or outstanding
|
- | - | ||||||
Common stock, par value $0.01; 49,000,000 shares authorized;
5,953,423 issued and outstanding
|
59 | 59 | ||||||
Paid-in capital
|
56,224 | 56,216 | ||||||
Retained earnings
|
22,368 | 22,209 | ||||||
Unallocated common stock held by ESOP (209,518 and 212,242 shares, respectively)
|
(2,011 | ) | (2,042 | ) | ||||
Accumulated other comprehensive loss
|
(80 | ) | (79 | ) | ||||
Total Stockholders’ Equity
|
76,560 | 76,363 | ||||||
Total Liabilities and Stockholders’ Equity
|
$ | 380,134 | $ | 375,690 |
Three months ended
March 31,
|
||||||||
(Dollars in thousands, except per share amounts)
|
2016
|
2015
|
||||||
Interest Income:
|
||||||||
Loans receivable, including fees
|
$ | 2,838 | $ | 2,508 | ||||
Securities held to maturity
|
431 | 404 | ||||||
Other
|
29 | 22 | ||||||
Total Interest Income
|
3,298 | 2,934 | ||||||
Interest Expense
|
||||||||
Deposits
|
314 | 365 | ||||||
Borrowings
|
196 | 189 | ||||||
Total Interest Expense
|
510 | 554 | ||||||
Net Interest Income
|
2,788 | 2,380 | ||||||
Provision (Credit) for Loan Losses
|
130 | (52 | ) | |||||
Net Interest Income after Provision (Credit) for Loan Losses
|
2,658 | 2,432 | ||||||
Non-Interest Income
|
||||||||
Fees and service charges
|
73 | 84 | ||||||
Income from bank owned life insurance
|
56 | 53 | ||||||
Other
|
12 | 26 | ||||||
Total Non-Interest Income
|
141 | 163 | ||||||
Non-Interest Expenses
|
||||||||
Salaries and employee benefits
|
1,420 | 1,080 | ||||||
Directors compensation
|
110 | 113 | ||||||
Occupancy and equipment
|
334 | 327 | ||||||
Service bureau fees
|
213 | 144 | ||||||
Advertising
|
11 | 30 | ||||||
FDIC assessment
|
71 | 71 | ||||||
Professional services
|
239 | 172 | ||||||
Other
|
166 | 321 | ||||||
Total Non-Interest Expenses
|
2,564 | 2,258 | ||||||
Income before Income Taxes
|
235 | 337 | ||||||
Income Tax Expense
|
76 | 121 | ||||||
Net Income
|
$ | 159 | $ | 216 | ||||
Earnings per share (2015 amounts restated):
|
||||||||
Basic
|
$ | 0.03 | $ | 0.04 | ||||
Diluted
|
$ | 0.03 | $ | 0.04 | ||||
See notes to unaudited consolidated financial statements.
|
Three months ended March 31,
|
||||||||
(Dollars in thousands, except per share amounts)
|
2016
|
2015
|
||||||
Other comprehensive income (loss), net of tax
|
||||||||
Defined benefit pension plans:
|
||||||||
Reclassification adjustment for prior service cost included in net income, net of tax of $2 and $3, respectively
|
$ | (3 | ) | $ | (4 | ) | ||
Actuarial loss arising during the period, net of tax of $- and $(3), respectively
|
- | 4 | ||||||
Reclassification adjustment for net actuarial loss included in net income, net of tax of $(1) and $(4), respectively
|
2 | 5 | ||||||
Total other comprehensive income (loss)
|
(1 | ) | 5 | |||||
Comprehensive income
|
$ | 158 | $ | 221 | ||||
See notes to unaudited consolidated financial statements.
|
Three Months Ended
March 31,
|
||||||||
(In thousands)
|
2016
|
2015
|
||||||
Cash Flows from Operating Activities:
|
||||||||
Net Income
|
$ | 159 | $ | 216 | ||||
Adjustments to reconcile net income to net
|
||||||||
cash provided by operating activities:
|
||||||||
Net accretion of securities premiums and discounts and deferred loan fees and costs
|
(4 | ) | (4 | ) | ||||
Depreciation and amortization of premises and equipment
|
89 | 104 | ||||||
Stock-based compensation and allocation of ESOP stock
|
39 | 44 | ||||||
Provision (credit) for loan losses
|
130 | (52 | ) | |||||
Loss on sale of other real estate owned
|
- | 77 | ||||||
Income from bank owned life insurance
|
(56 | ) | (53 | ) | ||||
Decrease (increase) in accrued interest receivable
|
80 | (180 | ) | |||||
Decrease (increase) in other assets
|
287 | (85 | ) | |||||
(Decrease) increase in other liabilities
|
(93 | ) | 66 | |||||
Net Cash Provided by Operating Activities
|
631 | 133 | ||||||
|
||||||||
Cash Flows from Investing Activities:
|
||||||||
Activity in held to maturity securities:
|
||||||||
Purchases
|
- | (490 | ) | |||||
Maturities, calls and principal repayments
|
5,367 | 757 | ||||||
Net increase in loans receivable
|
(8,502 | ) | (646 | ) | ||||
Purchased loan participations
|
- | (7,100 | ) | |||||
Purchase of premises and equipment
|
(72 | ) | (52 | ) | ||||
Redemption (purchase) of Federal Home Loan Bank of NY stock
|
450 | (320 | ) | |||||
Capitalized improvements of other real estate owned
|
- | (89 | ) | |||||
Proceeds from sale of other real estate owned
|
- | 256 | ||||||
Net Cash Used in Investing Activities
|
(2,757 | ) | (7,684 | ) | ||||
|
||||||||
Cash Flows from Financing Activities:
|
||||||||
Net increase (decrease) in deposits
|
14,243 | (308 | ) | |||||
(Decrease) increase in advances from FHLB of NY
|
(10,000 | ) | 7,100 | |||||
Increase in advance payments by borrowers for taxes and insurance
|
95 | 89 | ||||||
Net Cash Provided by Financing Activities
|
4,338 | 6,881 | ||||||
Net Increase (decrease) in Cash and Cash Equivalents
|
2,212 | (670 | ) | |||||
Cash and Cash Equivalents – Beginning
|
12,303 | 7,519 | ||||||
Cash and Cash Equivalents – Ending
|
$ | 14,515 | $ | 6,849 | ||||
Supplementary Cash Flows Information
|
||||||||
Interest paid
|
$ | 517 | $ | 555 |
Three Months Ended
March 31,
|
||||||||
(In Thousands, Except Per Share Data)
|
2016
|
2015
|
||||||
Numerator:
|
||||||||
Net income
|
$ | 159 | $ | 216 | ||||
Denominator:
|
||||||||
Weighted average common shares
|
5,743 | 5,637 | ||||||
Dilutive potential common shares
|
69 | - | ||||||
Weighted average fully diluted shares
|
5,812 | 5,637 | ||||||
Earnings per share:
|
||||||||
Basic
|
$ | 0.03 | $ | 0.04 | ||||
Dilutive
|
$ | 0.03 | $ | 0.04 | ||||
Outstanding common stock equivalents having no dilutive effect
|
- | 308 |
Amortized
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Estimated
Fair
Value
|
|||||||||||||
March 31, 2016
|
(In Thousands)
|
|||||||||||||||
U.S U.S. Government agencies:
|
||||||||||||||||
Due after one year through five years
|
$ | 17,000 | $ | 17 | $ | 5 | $ | 17,012 | ||||||||
Due after five through ten years
|
5,000 | - | 38 | 4,962 | ||||||||||||
Due after ten years
|
11,000 | - | 1 | 10,999 | ||||||||||||
33,000 | 17 | 44 | 32,973 | |||||||||||||
Mortgage-backed securities
|
26,053 | 894 | 8 | 26,939 | ||||||||||||
Corporate bonds:
|
||||||||||||||||
Due within one year
|
1,513 | 2 | 1 | 1,514 | ||||||||||||
Due after one year through five years
|
3,049 | 26 | 15 | 3,060 | ||||||||||||
Due after five through ten years
|
1,000 | - | 41 | 959 | ||||||||||||
Due after ten years
|
4,000 | - | 241 | 3,759 | ||||||||||||
9,562 | 28 | 298 | 9,292 | |||||||||||||
State and political subdivisions:
|
||||||||||||||||
Due within one year
|
96 | - | - | 96 | ||||||||||||
Due after one through five years
|
595 | 1 | 1 | 594 | ||||||||||||
Due after five through ten years
|
713 | 4 | - | 717 | ||||||||||||
1,403 | 5 | 1 | 1,407 | |||||||||||||
Certificates of deposit:
|
||||||||||||||||
Due within one year
|
980 | 1 | - | 981 | ||||||||||||
Due after one year through five years
|
2,605 | 22 | - | 2,627 | ||||||||||||
3,585 | 23 | - | 3,608 | |||||||||||||
$ | 73,603 | $ | 967 | $ | 351 | $ | 74,219 |
Amortized
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Estimated
Fair
Value
|
|||||||||||||
December 31, 2015
|
(In Thousands)
|
|||||||||||||||
U.S U.S. Government agencies:
|
||||||||||||||||
Due after one year through five years
|
$ | 18,000 | $ | 4 | $ | 142 | $ | 17,862 | ||||||||
Due after five through ten years
|
8,500 | 2 | 80 | 8,422 | ||||||||||||
Due thereafter
|
11,000 | - | 285 | 10,715 | ||||||||||||
37,500 | 6 | 507 | 36,999 | |||||||||||||
Mortgage-backed securities
|
26,463 | 405 | 230 | 26,638 | ||||||||||||
Corporate bonds:
|
||||||||||||||||
Due within one year
|
503 | 2 | - | 505 | ||||||||||||
Due after one through five years
|
4,069 | 21 | 4 | 4,086 | ||||||||||||
Due after five through ten years
|
1,000 | - | 10 | 990 | ||||||||||||
Due thereafter
|
4,000 | - | 289 | 3,711 | ||||||||||||
9,572 | 23 | 303 | 9,292 | |||||||||||||
State and political subdivisions:
|
||||||||||||||||
Due within one year
|
96 | - | - | 96 | ||||||||||||
Due after one through five years
|
596 | - | 2 | 594 | ||||||||||||
Due after five through ten years
|
713 | 5 | - | 718 | ||||||||||||
1,405 | 5 | 2 | 1,408 | |||||||||||||
Certificates of deposit:
|
||||||||||||||||
Due within one year
|
1,450 | - | - | 1,450 | ||||||||||||
Due after one through five years
|
2,605 | 11 | 3 | 2,613 | ||||||||||||
4,055 | 11 | 3 | 4,063 | |||||||||||||
$ | 78,995 | $ | 450 | $ | 1,045 | $ | 78,400 |
Less than 12 Months
|
More than 12 Months
|
Total
|
||||||||||||||||||||||
Estimated
Fair
Value
|
Gross
Unrealized
Losses
|
Estimated Fair
Value
|
Gross
Unrealized
Losses
|
Estimated Fair
Value
|
Gross
Unrealized
Losses
|
|||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||
March 31, 2016:
|
||||||||||||||||||||||||
U.S. Government
agencies
|
$ | 5,988 | $ | 12 | $ | 1,968 | $ | 32 | $ | 7,956 | $ | 44 | ||||||||||||
Mortgage-backed
securities
|
544 | 4 | 1,678 | 4 | 2,222 | 8 | ||||||||||||||||||
Corporate bonds
|
3,827 | 173 | 2,888 | 125 | 6,715 | 298 | ||||||||||||||||||
State and political subdivisions
|
515 | 1 | - | - | 515 | 1 | ||||||||||||||||||
$ | 10,874 | $ | 190 | $ | 6,534 | $ | 161 | $ | 17,408 | $ | 351 |
Less than 12 Months
|
More than 12 Months
|
Total
|
||||||||||||||||||||||
Estimated Fair
Value
|
Gross
Unrealized
Losses
|
Estimated Fair
Value
|
Gross
Unrealized
Losses
|
Estimated Fair
Value
|
Gross
Unrealized
Losses
|
|||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||
December 31, 2015
|
||||||||||||||||||||||||
U.S. Government
agencies
|
$ | 9,410 | $ | 89 | $ | 17,083 | $ | 418 | $ | 26,493 | $ | 507 | ||||||||||||
Mortgage-backed
securities
|
12,312 | 173 | 2,602 | 57 | 14,914 | 230 | ||||||||||||||||||
Corporate bonds
|
5,208 | 300 | 504 | 3 | 5,712 | 303 | ||||||||||||||||||
State and political subdivisions
|
515 | 2 | - | - | 515 | 2 | ||||||||||||||||||
Certificates of deposit
|
932 | 3 | - | - | 932 | 3 | ||||||||||||||||||
$ | 28,377 | $ | 567 | $ | 20,189 | $ | 478 | $ | 48,566 | $ | 1,045 |
March 31,
2016
|
December 31,
2015
|
||||||
(In thousands)
|
|||||||
Residential mortgage:
|
|||||||
One-to-four family
|
$
|
155,764
|
$
|
154,624
|
|||
Home equity
|
34,484
|
35,002
|
|||||
Total residential mortgage loans
|
190,248
|
189,626
|
|||||
Commercial and multi-family real estate
|
65,227
|
59,642
|
|||||
Construction
|
11,280
|
10,895
|
|||||
Commercial and industrial
|
11,399
|
10,275
|
|||||
Total commercial loans
|
87,906
|
80,812
|
|||||
Total consumer loans
|
371
|
493
|
|||||
Loans receivable
|
278,525
|
270,931
|
|||||
Loans in process
|
(3,729
|
)
|
(4,600
|
)
|
|||
Deferred loan fees
|
(412
|
)
|
(417
|
)
|
|||
Allowance for loan losses
|
(3,671
|
)
|
(3,602
|
)
|
|||
(7,812
|
)
|
(8,619
|
)
|
||||
Loans receivable, net
|
$
|
270,713
|
$
|
262,312
|
Note 5 - Loans Receivable and Allowance for Loan Losses (Continued)
|
1.
|
Lending policies and procedures, including underwriting standards and collection, charge-off, and recovery practices.
|
2.
|
National, regional, and local economic and business conditions as well as the condition of various market segments, including the value of underlying collateral for collateral dependent loans.
|
3.
|
Nature and volume of the portfolio and terms of loans.
|
4.
|
Experience, ability, and depth of lending management and staff.
|
5.
|
Volume and severity of past due, classified and nonaccrual loans as well as other loan modifications.
|
6.
|
Quality of the Company’s loan review system, and the degree of oversight by the Company’s Board of Directors.
|
7.
|
Existence and effect of any concentrations of credit and changes in the level of such concentrations.
|
8.
|
Effect of external factors, such as competition and legal and regulatory requirements.
|
Three Months Ended March 31, 2016
|
||||||||||||||||||||||||||||
(in thousands)
|
Residential
Mortgage
|
Commercial and
Multi-Family
Real Estate
|
Construction
|
Commercial and
Industrial
|
Consumer
|
Unallocated
|
Total
|
|||||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||||||
Balance, beginning
|
$
|
1,927
|
$
|
1,015
|
$
|
143
|
$
|
235
|
$
|
9
|
$
|
273
|
$
|
3,602
|
||||||||||||||
Provisions (credits)
|
32
|
69
|
10
|
42
|
(1)
|
(22)
|
130
|
|||||||||||||||||||||
Loans charged-off
|
(64)
|
—
|
—
|
—
|
(2)
|
—
|
(66)
|
|||||||||||||||||||||
Recoveries
|
4
|
—
|
—
|
—
|
1
|
—
|
5
|
|||||||||||||||||||||
Balance, ending
|
$
|
1,899
|
$
|
1,084
|
$
|
153
|
$
|
277
|
$
|
7
|
$
|
251
|
$
|
3,671
|
||||||||||||||
Period-end allowance allocated to:
|
||||||||||||||||||||||||||||
Loans individually evaluated for impairment
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
||||||||||||||
Loans collectively evaluated for impairment
|
1,899
|
1,084
|
153
|
277
|
7
|
251
|
3,671
|
|||||||||||||||||||||
Ending Balance
|
$
|
1,899
|
$
|
1,084
|
$
|
153
|
$
|
277
|
$
|
7
|
$
|
251
|
$
|
3,671
|
||||||||||||||
Period-end loan balances evaluated for:
|
||||||||||||||||||||||||||||
Loans individually evaluated for impairment
|
$
|
14,890
|
$
|
1,209
|
$
|
—
|
$
|
553
|
$
|
—
|
$
|
—
|
$
|
16,652
|
||||||||||||||
Loans collectively evaluated for impairment
|
175,151
|
63,857
|
7,511
|
10,842
|
371
|
—
|
257,732
|
|||||||||||||||||||||
Ending Balance
|
$
|
190,041
|
$
|
65,066
|
$
|
7,511
|
$
|
11,395
|
$
|
371
|
$
|
—
|
$
|
274,384
|
||||||||||||||
Three Months Ended March 31, 2015
|
||||||||||||||||||||||||||||
(in thousands)
|
Residential
Mortgage
|
Commercial and
Multi-Family
Real Estate
|
Construction
|
Commercial and
Industrial
|
Consumer
|
Unallocated
|
Total
|
|||||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||||||
Balance, beginning
|
$
|
2,109
|
$
|
885
|
$
|
317
|
$
|
290
|
$
|
6
|
$
|
27
|
$
|
3,634
|
||||||||||||||
Provisions (credits)
|
(79)
|
14
|
10
|
18
|
—
|
(15)
|
(52)
|
|||||||||||||||||||||
Loans charged-off
|
(7)
|
—
|
—
|
—
|
—
|
—
|
(7)
|
|||||||||||||||||||||
Recoveries
|
2
|
—
|
—
|
—
|
—
|
—
|
2
|
|||||||||||||||||||||
Balance, ending
|
$
|
2,025
|
$
|
899
|
$
|
327
|
$
|
308
|
$
|
6
|
$
|
12
|
$
|
3,577
|
||||||||||||||
Period-end allowance allocated to:
|
||||||||||||||||||||||||||||
Loans individually evaluated for impairment
|
2
|
—
|
21
|
—
|
—
|
—
|
23
|
|||||||||||||||||||||
Loans collectively evaluated for impairment
|
2,023
|
899
|
306
|
308
|
6
|
12
|
3,554
|
|||||||||||||||||||||
Ending Balance
|
2,025
|
899
|
327
|
308
|
6
|
12
|
3,577
|
|||||||||||||||||||||
Period-end loan balances evaluated for:
|
||||||||||||||||||||||||||||
Loans individually evaluated for impairment
|
15,987
|
1,856
|
564
|
723
|
—
|
—
|
19,130
|
|||||||||||||||||||||
Loans collectively evaluated for impairment
|
165,322
|
37,487
|
10,077
|
9,699
|
1,136
|
—
|
223,721
|
|||||||||||||||||||||
Ending Balance
|
181,309
|
39,343
|
10,641
|
10,422
|
1,136
|
—
|
242,851
|
|||||||||||||||||||||
As of March 31, 2016
|
30-59 Days Past Due and Still Accruing
|
60-89 Days Past Due and Still Accruing
|
Greater than 90 Days and Still Accruing
|
Total
Past Due and Still Accruing
|
Accruing
Current
Balances
|
Nonaccrual
Loans(1)
|
Total Loans
Receivables
|
|||||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||||||
Residential Mortgage
|
||||||||||||||||||||||||||||
One-to-four family
|
$
|
2,354
|
$
|
661
|
$
|
233
|
$
|
3,248
|
$
|
149,115
|
$
|
3,201
|
$
|
155,564
|
||||||||||||||
Home equity
|
28
|
98
|
51
|
177
|
33,270
|
1,030
|
34,477
|
|||||||||||||||||||||
Commercial and multi-family real estate
|
—
|
422
|
—
|
422
|
63,831
|
813
|
65,066
|
|||||||||||||||||||||
Construction
|
||||||||||||||||||||||||||||
One-to-four family
owner-occupied
|
—
|
—
|
—
|
—
|
4,118
|
—
|
4,118
|
|||||||||||||||||||||
Other
|
42
|
—
|
—
|
42
|
3,351
|
—
|
3,393
|
|||||||||||||||||||||
Commercial and industrial
|
—
|
—
|
—
|
—
|
10,970
|
425
|
11,395
|
|||||||||||||||||||||
Consumer
|
5
|
1
|
—
|
6
|
365
|
—
|
371
|
|||||||||||||||||||||
Total
|
$
|
2,429
|
$
|
1,182
|
$
|
284
|
$
|
3,895
|
$
|
265,020
|
$
|
5,469
|
$
|
274,384
|
(1)
|
Nonaccrual loans at March 31, 2016, included $2,737,000 that were 90 days or more delinquent, $385,000 that were 60-89 days delinquent, $658,000 that were 30-59 days delinquent, and $1,689,000 that were current or less than 30 days delinquent.
|
As of December 31, 2015
|
30-59 Days Past Due and Still Accruing
|
60-89 Days Past Due and Still Accruing
|
Greater than 90 Days and Still Accruing
|
Total
Past Due and Still Accruing
|
Accruing
Current
Balances
|
Nonaccrual
Loans (1)
|
Total Loans
Receivables
|
|||||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||||||
Residential Mortgage
|
||||||||||||||||||||||||||||
One-to-four family
|
$
|
4,187
|
$
|
770
|
$
|
235
|
$
|
5,192
|
$
|
145,479
|
$
|
3,744
|
$
|
154,415
|
||||||||||||||
Home equity
|
50
|
—
|
50
|
100
|
34,099
|
803
|
35,002
|
|||||||||||||||||||||
Commercial and multi-family real estate
|
—
|
—
|
—
|
—
|
58,661
|
827
|
59,488
|
|||||||||||||||||||||
Construction
|
||||||||||||||||||||||||||||
One-to-four family
owner-occupied
|
—
|
—
|
—
|
—
|
2,663
|
—
|
2,663
|
|||||||||||||||||||||
Other
|
—
|
—
|
—
|
—
|
3,581
|
—
|
3,581
|
|||||||||||||||||||||
Commercial and industrial
|
—
|
—
|
—
|
—
|
9,730
|
542
|
10,272
|
|||||||||||||||||||||
Consumer
|
5
|
2
|
—
|
7
|
486
|
—
|
493
|
|||||||||||||||||||||
Total
|
$
|
4,242
|
$
|
772
|
$
|
285
|
$
|
5,299
|
$
|
254,699
|
$
|
5,916
|
$
|
265,914
|
(1)
|
Nonaccrual loans at December 31, 2015, included $2,695,000 that were 90 days or more delinquent, $917,000 that were 60-89 days delinquent, $685,000 that were 30-59 days delinquent, and $1,618,000 that were current or less than 30 days delinquent.
|
March 31, 2016
(In thousands)
|
Recorded
Investment
|
Loans with
No Related
Reserve
|
Loans with
Related
Reserve
|
Related
Reserve
|
Contractual
Principal
Balance
|
Average
Loan
Balances
|
||||||||||||||||||
Residential mortgage
|
||||||||||||||||||||||||
One-to-four family
|
$ | 12,409 | $ | 12,409 | $ | - | $ | - | $ | 12,950 | $ | 12,700 | ||||||||||||
Home equity
|
2,481 | 2,481 | - | - | 2,571 | 2,371 | ||||||||||||||||||
Commercial and multi-family real estate
|
1,209 | 1,209 | - | - | 1,773 | 1,217 | ||||||||||||||||||
Construction
|
||||||||||||||||||||||||
One-to-four family owner-occupied
|
- | - | - | - | - | - | ||||||||||||||||||
Other
|
- | - | - | - | - | - | ||||||||||||||||||
Commercial and industrial
|
553 | 553 | - | - | 1,149 | 604 | ||||||||||||||||||
Consumer
|
- | - | - | - | - | - | ||||||||||||||||||
Total
|
$ | 16,652 | $ | 16,652 | $ | - | $ | - | $ | 18,443 | $ | 16,892 |
December 31, 2015
(In thousands)
|
Recorded
Investment
|
Loans with
No Related
Reserve
|
Loans with
Related
Reserve
|
Related
Reserve
|
Contractual
Principal
Balance
|
Average
Loan
Balances
|
||||||||||||||||||
Residential mortgage
|
||||||||||||||||||||||||
One-to-four family
|
$ | 12,991 | $ | 12,895 | $ | 96 | $ | 3 | $ | 13,703 | $ | 14,109 | ||||||||||||
Home equity
|
2,261 | 2,261 | - | - | 2,353 | 1,360 | ||||||||||||||||||
Commercial and multi-family real estate
|
1,226 | 1,226 | - | - | 1,780 | 1,671 | ||||||||||||||||||
Construction
|
||||||||||||||||||||||||
One-to-four family owner-occupied
|
- | - | - | - | - | - | ||||||||||||||||||
Other
|
- | - | - | - | - | 376 | ||||||||||||||||||
Commercial and industrial
|
655 | 655 | - | - | 1,251 | 708 | ||||||||||||||||||
Consumer
|
- | - | - | - | - | 1 | ||||||||||||||||||
Total
|
$ | 17,133 | $ | 17,037 | $ | 96 | $ | 3 | $ | 19,087 | $ | 18,225 |
As of March 31, 2016
|
Pass
|
Special Mention
|
Substandard
|
Doubtful
|
Loss
|
Total
|
||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||
Commercial and multi-family real estate
|
$
|
63,458
|
$
|
422
|
$
|
1,186
|
$
|
—
|
$
|
—
|
$
|
65,066
|
||||||||||||
Construction
|
||||||||||||||||||||||||
One-to-four family owner-occupied
|
4,118
|
—
|
—
|
—
|
—
|
4,118
|
||||||||||||||||||
Other
|
3,393
|
—
|
—
|
—
|
—
|
3,393
|
||||||||||||||||||
Commercial and industrial
|
10,834
|
92
|
468
|
—
|
—
|
11,395
|
||||||||||||||||||
Total
|
$
|
81,803
|
$
|
514
|
$
|
1,654
|
$
|
—
|
$
|
—
|
$
|
83,971
|
As of December 31, 2015
|
Pass
|
Special Mention
|
Substandard
|
Doubtful
|
Loss
|
Total
|
||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||
Commercial and multi-family real estate
|
$
|
57,863
|
$
|
425
|
$
|
1,200
|
$
|
—
|
$
|
—
|
$
|
59,488
|
||||||||||||
Construction
|
||||||||||||||||||||||||
One-to-four family owner-occupied
|
2,663
|
—
|
—
|
—
|
—
|
2,663
|
||||||||||||||||||
Other
|
3,581
|
—
|
—
|
—
|
—
|
3,581
|
||||||||||||||||||
Commercial and industrial
|
9,480
|
94
|
698
|
—
|
—
|
10,272
|
||||||||||||||||||
Total
|
$
|
73,587
|
$
|
519
|
$
|
1,898
|
$
|
—
|
$
|
—
|
$
|
76,004
|
Residential mortgage
|
Consumer
|
Total Residential and Consumer
|
||||||||||||||||||||||
Mar. 31, 2016
|
Dec. 31, 2015
|
Mar. 31, 2016
|
Dec. 31, 2015
|
Mar. 31, 2016
|
Dec. 31, 2015
|
|||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||
Nonperforming
|
$
|
4,515
|
$
|
4,832
|
$
|
—
|
$
|
—
|
$
|
4,515
|
$
|
4,832
|
||||||||||||
Performing
|
185,526
|
184,585
|
371
|
493
|
185,897
|
185,078
|
||||||||||||||||||
Total
|
$
|
190,041
|
$
|
189,417
|
$
|
371
|
$
|
493
|
$
|
190,412
|
$
|
189,910
|
·
|
Level 1 Inputs – Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date.
|
·
|
Level 2 Inputs – Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, volatilities, prepayment speeds, credit risks, etc.) or inputs that are derived principally from or corroborated by market data by correlation or other means.
|
·
|
Level 3 Inputs – Unobservable inputs for determining the fair values of assets or liabilities that reflect an entity’s own assumptions about the assumptions that market participants would use in pricing the assets or liabilities.
|
March 31, 2016
|
||||||||||||||||||
Level 1
Inputs
|
Level 2
Inputs
|
Level 3
Inputs
|
Total Fair
Value
|
|||||||||||||||
(In thousands)
|
||||||||||||||||||
Impaired loans
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
December 31, 2015
|
||||||||||||||||||
Level 1
Inputs
|
Level 2
Inputs
|
Level 3
Inputs
|
Total Fair
Value
|
|||||||||||||||
(In thousands)
|
||||||||||||||||||
Impaired loans
|
$
|
—
|
$
|
—
|
$
|
525
|
$
|
525
|
As of December 31, 2015
|
||||||||||||||||
Fair Value Estimate
|
Valuation Techniques
|
Unobservable
Input
|
Range (Weighted Average)
|
|||||||||||||
(Dollars in thousands)
|
||||||||||||||||
Impaired loans
|
$
|
525
|
|
Appraisal of
|
Appraisal
|
|||||||||||
collateral
|
adjustments
|
0% (0%)
|
||||||||||||||
Liquidation
|
||||||||||||||||
expense
|
10.0% to 26.1% (13.0%)
|
Carrying
|
Fair
|
Level 1
|
Level 2
|
Level 3
|
||||||||||||||||
As of March 31, 2016
|
Amount
|
Value
|
Inputs
|
Inputs
|
Inputs
|
|||||||||||||||
(In thousands)
|
||||||||||||||||||||
Financial assets:
|
||||||||||||||||||||
Securities held to maturity
|
$
|
73,603
|
$
|
74,219
|
$
|
-
|
$
|
74,219
|
$
|
-
|
||||||||||
Loans receivable (1)
|
270,713
|
274,415
|
-
|
-
|
274,415
|
|||||||||||||||
Financial liabilities:
|
||||||||||||||||||||
Certificate of deposits
|
85,041
|
85,912
|
-
|
85,912
|
-
|
|||||||||||||||
Advances from Federal Home Loan Bank of New York
|
22,675
|
23,465
|
-
|
23,465
|
-
|
|||||||||||||||
As of December 31, 2015
|
||||||||||||||||||||
Financial assets:
|
||||||||||||||||||||
Securities held to maturity
|
$
|
78,995
|
$
|
78,400
|
$
|
-
|
$
|
78,400
|
$
|
-
|
||||||||||
Loans receivable (1)
|
262,312
|
264,001
|
-
|
-
|
264,001
|
|||||||||||||||
Financial liabilities:
|
||||||||||||||||||||
Certificate of deposits
|
85,408
|
86,241
|
-
|
86,241
|
-
|
|||||||||||||||
Advances from Federal Home Loan Bank of New York
|
32,675
|
33,428
|
-
|
33,428
|
-
|
|||||||||||||||
(1) Includes impaired loans measured at fair value on a non-recurring basis as discussed above.
|
Three Months Ended
|
||||||||
March 31,
|
||||||||
2016
|
2015
|
|||||||
(In thousands)
|
||||||||
Service cost
|
$ | 4 | $ | 4 | ||||
Interest cost
|
23 | 20 | ||||||
Amortization of unrecognized loss
|
3 | 9 | ||||||
Amortization of past service liability
|
(5 | ) | (7 | ) | ||||
Net periodic benefit cost
|
$ | 25 | $ | 26 |
Details about Accumulated
Other Comprehensive
Income (Loss) Components
|
Amount Reclassified
from Accumulated
Other Comprehensive
Income (Loss) (a)
|
Amount Reclassified
from Accumulated
Other Comprehensive
Income (Loss) (a)
|
Affected Line Item
in the Consolidated
Statements of Comprehensive
Income (Loss)
|
|||||
Three Months Ended
March 31, 2016
|
Three Months Ended
March 31, 2015
|
|||||||
(In thousands)
|
||||||||
Amortization of defined benefit pension items:
|
||||||||
Prior service costs
|
$ 5
|
(b)
|
$ 7
|
Directors compensation
|
||||
Unrecognized loss
|
(3)
|
(b)
|
(9)
|
Directors compensation
|
||||
Unrecognized gain
|
-
|
(b)
|
-
|
Salary and employee benefits
|
||||
Total before tax
|
(2)
|
(2)
|
||||||
Income tax expense
|
1
|
1
|
||||||
Total reclassifications for the period
|
$ (1)
|
$ (1)
|
(b)
|
These accumulated other comprehensive components are included in the computation of net periodic pension cost. (See Note 7 for additional details).
|
·
|
Statements of our goals, intentions and expectations;
|
·
|
Statements regarding our business plans, prospects, growth and operating strategies;
|
·
|
Statements regarding the quality of our loan and investment portfolios; and
|
·
|
Estimates of our risks and future costs and benefits.
|
·
|
General economic conditions, either nationally or in our market area, that are worse than expected;
|
·
|
The volatility of the financial and securities markets, including changes with respect to the market value of our financial assets;
|
·
|
Changes in government regulation affecting financial institutions and the potential expenses associated therewith;
|
·
|
Changes in the interest rate environment that reduce our interest margins or reduce the fair value of financial instruments;
|
·
|
Our ability to enter into new markets and/or expand product offerings successfully and take advantage of growth opportunities;
|
·
|
Increased competitive pressures among financial services companies;
|
·
|
Changes in consumer spending, borrowing and savings habits;
|
·
|
Legislative or regulatory changes that adversely affect our business;
|
·
|
Adverse changes in the securities markets;
|
·
|
Our ability to successfully manage our growth; and
|
·
|
Changes in accounting policies and practices, as may be adopted by the bank regulatory agencies, the Financial Accounting Standards Board or the Public Company Accounting Oversight Board.
|
For the three months ended
|
||||||
03/31/16
|
03/31/15
|
|||||
Average Balance Sheet
(In Thousands)
|
Average Balance
|
Interest Income/Expense
|
Yield
|
Average Balance
|
Interest Income/Expense
|
Yield
|
Interest-earning assets:
|
||||||
Loans Receivable
|
$271,815
|
$2,838
|
4.18%
|
$235,387
|
$2,508
|
4.26%
|
Securities held to maturity
|
76,932
|
431
|
2.24
|
78,461
|
404
|
2.06
|
Other interest-earning assets
|
8,430
|
29
|
1.38
|
3,176
|
22
|
2.77
|
Total interest-earning assets
|
357,177
|
3,298
|
3.69
|
317,024
|
2,934
|
3.70
|
Allowance for loan loss
|
(3,622)
|
(3,587)
|
||||
Non-interest-earning assets
|
21,646
|
26,758
|
||||
Total non-interest-earning assets
|
18,024
|
23,171
|
||||
Total Assets
|
$375,201
|
|
$340,195
|
|
||
Interest-bearing liabilities:
|
||||||
NOW & Money Market
|
$48,453
|
$21
|
0.17%
|
$45,667
|
$17
|
0.15%
|
Savings and club deposits
|
102,445
|
56
|
0.22
|
100,350
|
53
|
0.21
|
Certificates of deposit
|
84,437
|
237
|
1.12
|
92,658
|
295
|
1.27
|
Total interest-bearing deposits
|
235,335
|
314
|
0.53
|
238,675
|
365
|
0.61
|
Federal Home Loan Bank advances
|
29,754
|
196
|
2.63
|
31,783
|
189
|
2.38
|
Total interest-bearing liabilities
|
265,089
|
510
|
0.77
|
270,458
|
554
|
0.82
|
Non-interest-bearing deposit
|
29,621
|
25,638
|
||||
Other non-interest-bearing liabilities
|
3,819
|
2,882
|
||||
Total Liabilities
|
298,529
|
298,978
|
||||
|
|
|||||
Equity
|
76,672
|
41,217
|
||||
Total Liabilities and Equity
|
$375,201
|
|
$340,195
|
|
||
Net Interest Spread
|
|
2,788
|
2.92%
|
|
2,380
|
2.88%
|
Net Interest Margin
|
3.12%
|
3.00%
|
||||
Ratio of Interest Earning Assets to Interest Bearing Liabilities
|
134.74%
|
117.22%
|
||||
31.1
|
Certification of CEO pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
31.2
|
Certification of CFO pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
32
|
Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
101.INS
|
XBRL Instance Document
|
101.SCH
|
XBRL Schema Document
|
101.CAL
|
XBRL Calculation Linkbase Document
|
101.LAB
|
XBRL Labels Linkbase Document
|
101.PRE
|
XBRL Presentation Linkbase Document
|
101.DEF
|
XBRL Definition Linkbase Document
|
MSB FINANCIAL CORP.
|
||
(Registrant)
|
||
Date May 16, 2016
|
/s/ Michael A. Shriner | |
Michael A. Shriner
|
||
President and Chief Executive Officer
|
||
Date May 16, 2016
|
/s/ John S. Kaufman | |
John S. Kaufman
|
||
Vice President and Chief Financial Officer
|
1.
|
I have reviewed this Quarterly Report on Form 10-Q of MSB Financial Corp.;
|
May 16, 2016
|
/s/ Michael A. Shriner | |
Date
|
Michael A. Shriner
President and Chief Executive Officer
|
1.
|
I have reviewed this Quarterly Report on Form 10-Q of MSB Financial Corp.;
|
May 16, 2016
|
/s/ John S. Kaufman | |
Date
|
John S. Kaufman
Vice President and Chief Financial Officer
|
/s/ Michael A. Shriner | /s/ John S. Kaufman | |
Michael A. Shriner
|
John S. Kaufman
|
|
President and CEO
|
Vice President and CFO
|
|
May 16, 2016
|
May 16, 2016
|
Document And Entity Information - shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
May. 16, 2016 |
|
Document and Entity Information [Abstract] | ||
Entity Registrant Name | MSB FINANCIAL CORP. | |
Trading Symbol | msbf | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 5,953,423 | |
Amendment Flag | false | |
Entity Central Index Key | 0001635261 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Filer Category | Smaller Reporting Company | |
Entity Well-known Seasoned Issuer | No | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2016 | |
Document Fiscal Period Focus | Q1 |
Consolidated Statements of Financial Condition (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Securities held to maturity, fair value (in Dollars) | $ 74,219 | $ 78,400 |
Loans receivable, allowance for loan losses (in Dollars) | $ 3,671 | $ 3,602 |
Preferred stock, par value (in Dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in Dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 49,000,000 | 49,000,000 |
Common stock, shares issued | 5,953,423 | 5,953,423 |
Common stock, shares outstanding | 5,953,423 | 5,953,423 |
Unallocated common stock held by ESOP, shares | 209,518 | 212,242 |
Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Reclassification adjustment for prior service cost included in net income, Tax | $ 2 | $ 3 |
Actuarial loss arising during period, Tax | 0 | (3) |
Reclassification adjustment for net actuarial (gain) loss included in net income, Tax | $ (1) | $ (4) |
Note 1 - Organization and Business |
3 Months Ended |
---|---|
Mar. 31, 2016 | |
Disclosure Text Block [Abstract] | |
Nature of Operations [Text Block] | Note 1 – Organization and Business MSB Financial Corp. (the “Company”) is a Maryland-chartered corporation organized in 2014 to be the successor to MSB Financial Corp., a federal corporation (“Old MSB”) upon completion of the second-step conversion of Millington Bank (the “Bank”) from the two-tier mutual holding company structure to the stock holding company structure. MSB Financial, MHC (the “MHC”) was the former mutual holding company for Old MSB prior to completion of the second-step conversion. In conjunction with the second-step conversion, each of the MHC and Old MSB ceased to exist. The second-step conversion was completed on July 16, 2015 at which time the Company sold 3,766,592 shares of its common stock (including 150,663 shares purchased by the Bank’s employee stock ownership plan) at $10.00 per share for gross proceeds of approximately $37.7 million. Expenses related to the stock offering totaled $1.5 million and were netted against proceeds. As part of the second-step conversion, each of the outstanding shares of common stock of Old MSB held by persons other than the MHC were converted into 1.1397 shares of Company common stock with cash paid in lieu of fractional shares. As a result, a total of 2,187,242 shares were issued in the second-step conversion. As a result of the second-step conversion, all share and per share information has subsequently been revised to reflect the 1.1397 exchange ratio unless otherwise noted. The Company’s principal business is the ownership and operation of the Bank. The Bank is a New Jersey-chartered stock savings bank and its deposits are insured by the Federal Deposit Insurance Corporation. The primary business of the Bank is attracting retail deposits from the general public and using those deposits together with funds generated from operations, principal repayments on securities and loans and borrowed funds, for its lending and investing activities. The Bank’s loan portfolio primarily consists of one-to-four family and home equity residential loans, commercial loans, and construction loans. It also invests in U.S. government obligations and mortgage-backed securities. The Bank is regulated by the New Jersey Department of Banking and Insurance and the Federal Deposit Insurance Corporation. The Board of Governors of the Federal Reserve System (the “Federal Reserve”) regulates the Company as a bank holding company. The primary business of Millington Savings Service Corp (the “Service Corp”) was the ownership and operation of a single commercial rental property. This property was sold during the year ended June 30, 2007. Currently the Service Corp is inactive. Subsequent Event The Company has evaluated events and transactions occurring subsequent to the statement of financial condition date of March 31, 2016, for items that should potentially be recognized or disclosed in these consolidated financial statements. The evaluation was conducted through the date these consolidated financial statements were issued. |
Note 2 - Basis of Consolidated Financial Statement Presentation |
3 Months Ended |
---|---|
Mar. 31, 2016 | |
Disclosure Text Block [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Note 2 – Basis of Consolidated Financial Statement Presentation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, the Bank, and the Bank’s wholly owned subsidiary the Service Corp. All significant intercompany accounts and transactions have been eliminated in consolidation. These consolidated financial statements were prepared in accordance with instructions for Form 10-Q and Regulation S-X, and therefore, do not include all information or notes necessary for a complete presentation of financial condition, results of operations, and cash flows in conformity with accounting principles generally accepted in the United States of America (“GAAP”). In the opinion of management, all adjustments, consisting of only normal recurring adjustments or accruals, which are necessary for a fair presentation of the consolidated financial statements have been made at March 31, 2016 and for the three months ended March 31, 2016 and 2015. The results of operations for the three months ended March 31, 2016 are not necessarily indicative of the results which may be expected for an entire fiscal year or other interim periods. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the dates of the consolidated statements of financial condition and revenues and expenses for the periods then ended. Actual results could differ significantly from those estimates. A material estimate that is particularly susceptible to significant change relates to the determination of the allowance for loan losses. Management believes that the allowance for loan losses is adequate. While management uses all available information to recognize losses on loans, future additions to the allowance for loan losses may be necessary based on changes in economic conditions in the Bank’s market area. In addition, various regulatory agencies, as an integral part of their examination process, periodically review the Bank’s allowance for loan losses. Such agencies may require the Bank to recognize additions to the allowance for loan losses based on their judgments about information available to them at the time of their examinations. Recent Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (ASU 2014-09), which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. The standard is effective for annual periods beginning after December 15, 2016, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). We are currently evaluating the impact of the pending adoption of ASU 2014-09 on our consolidated financial statements and have not yet determined the method by which we will adopt the standard in 2017. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments - Overall. The guidance in this ASU among other things, (1) requires equity investments with certain exceptions, to be measured at fair value with changes in fair value recognized in net income, (2) simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment, (3) eliminates the requirement for public businesses entities to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet, (4) requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, (5) requires an entity to present separately in other comprehensive income the portion of the change in fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments, (6) requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or the accompanying notes to the financial statements and (7) clarifies that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities. The guidance in this ASU is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. We do not expect the adoption of this guidance to have a material impact on our consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). This ASU revises the accounting related to lessee accounting. Under the new guidance, lessees will be required to recognize a right-of-use asset and a lease liability for all leases. The new lease guidance also simplified the accounting for sale and leaseback transactions primarily due to the recognition of lease assets and lease liabilities. ASU 2016-02 is effective for the first interim period within annual periods beginning after December 15, 2018, with early adoption permitted. The standard is required to be adopted using the modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. We are currently evaluating the impact of the pending adoption of ASU 2016-02 on our consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting,Compensation – Stock Compensation (Topic 718). This ASU changes several aspects of the accounting for share-based payment award transactions, including: (1) Accounting and Cash Flow Classification for Excess Tax Benefits and Deficiencies, (2) Forfeitures, and (3) Tax Withholding Requirements and Cash Flow Classification. The standard is effective for public companies in annual and interim periods in fiscal years beginning after December 15, 2016. Early adoption is permitted the interim or annual period provided that the entire standard is adopted. If an entity early adopts the standard in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. We are currently evaluating the impact of the pending adoption of ASU 2016-09 on our consolidated financial statements. |
Note 3 - Earnings Per Share |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Text Block] | Note 3 – Earnings Per Share The following table shows the computation of basic and diluted earnings per share:
Amounts shown above for weighted average shares and earnings per share for the period ended March 31, 2015, have been restated to give effect to the second-step conversion completed in July 2015. (See Note 1 for additional details). |
Note 4 - Securities Held to Maturity |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Text Block] | Note 4 - Securities Held to Maturity The amortized cost of securities held to maturity and their estimated fair values as of March 31, 2016 and December 31, 2015 are summarized as follows:
All mortgage-backed securities at March 31, 2016 and December 31, 2015 have been issued by FNMA, FHLMC or GNMA and are secured by one-to-four family residential real estate. The amortized cost and estimated fair value of securities held to maturity at March 31, 2016 and December 31, 2015, as shown above, are reported by contractual maturity. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. There were no sales of securities held to maturity during the three months ended March 31, 2016 or 2015. At March 31, 2016 and December 31, 2015, securities held to maturity with a fair value of approximately $1.0 million and $997,800, respectively, were pledged to secure public funds on deposit. The following tables set forth the gross unrealized losses and fair value of securities in an unrealized loss position as of March 31, 2016 and December 31, 2015, and the length of time that such securities have been in an unrealized loss position:
At March 31, 2016, management concluded that the unrealized losses summarized above (which related to seven U.S. Government agency bonds, three mortgage-backed securities, six corporate bonds and four state and political subdivision securities, compared to fifteen U.S. Government agency bonds, six mortgage-backed securities, four corporate bonds and one certificate of deposit as of December 31, 2015) are temporary in nature since they are not related to the underlying credit quality of the issuer. The Company does not intend to sell these securities and it is not more-likely-than-not that the Company would be required to sell these securities prior to the anticipated recovery of the remaining amortized cost. Management believes that the losses above are primarily related to the change in market interest rates. Accordingly, the Company has not recognized any other-than-temporary impairment loss on these securities. |
Note 5 - Loans Receivable and Allowance for Credit Losses |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Note 5 - Loans Receivable and Allowance for Credit Losses The composition of loans receivable at March 31, 2016 and December 31, 2015 was as follows:
Allowance for Loan Losses The allowance calculation methodology includes segregation of the total loan portfolio into segments. The Company’s loans receivable portfolio is comprised of the following segments: residential mortgage, commercial real estate, construction, commercial and industrial and consumer. Some segments of the Company’s loan receivable portfolio are further disaggregated into classes which allow management to more accurately monitor risk and performance. The residential mortgage loan segment is disaggregated into two classes: one-to-four family loans, which are primarily first liens, and home equity loans, which consist of first and second liens. The commercial real estate loan segment includes owner and non-owner occupied loans which have medium risk based on historical experience with these types of loans. The construction loan segment is further disaggregated into two classes: one-to-four family owner-occupied, which includes land loans, whereby the owner is known and there is less risk, and other, whereby the property is generally under development and tends to have more risk than the one-to-four family owner-occupied loans. The commercial and industrial loan segment consists of loans made for the purpose of financing the activities of commercial customers. The majority of commercial and industrial loans are secured by real estate and thus carry a lower risk than traditional commercial and industrial loans. The consumer loan segment consists primarily of installment loans and overdraft lines of credit connected with customer deposit accounts. The allowance consists of specific, general and unallocated components. The specific component relates to loans that are classified as impaired. For loans that are classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The general component covers pools of loans by loan class. These pools of loans are evaluated for loss exposure based upon historical loss rates for each of these classes of loans, adjusted for qualitative factors. These qualitative risk factors include:
Each factor is assigned a value to reflect improving, stable or declining conditions based on management’s best judgment using relevant information available at the time of the evaluation. An unallocated component is maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio. Federal regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance for loan losses and may require the Company to recognize additions to the allowance based on their judgments about information available to them at the time of their examination, which may not be currently available to management. Based on management’s comprehensive analysis of the loan portfolio, management believes the current level of the allowance for loan losses is adequate. The following tables provide an analysis of the allowance for loan losses and the loan receivable balances, by portfolio segment segregated into the amount required for loans individually evaluated for impairment and the amount required for loans collectively evaluated for impairment as of March 31, 2016 and 2015:
Nonaccrual and Past Due Loans For all classes of loans receivable, the accrual of interest is discontinued when the contractual payment of principal or interest has become 90 days past due or when management has serious doubts about further collectability of principal or interest, even though the loan is currently performing. Certain loans may remain on accrual status if they are in the process of collection and are either guaranteed or well secured. When a loan is placed on nonaccrual status, unpaid interest credited to income in the current year is reversed. Interest received on nonaccrual loans, including impaired loans, generally is either applied against principal or reported as interest income, according to management’s judgment as to the collectability of principal. Generally, loans are restored to accrual status when the obligation is brought current, has performed in accordance with the contractual terms for a reasonable period of time (generally six months) and the ultimate collectability of the total contractual principal and interest is no longer in doubt. The past due status of all classes of loans receivable is determined based on contractual due dates for loan payments. The following table represents the classes of the loans receivable portfolio summarized by aging categories of performing loans and nonaccrual loans as of March 31, 2016 and December 31, 2015:
Impaired Loans Management evaluates individual loans in all of the loan segments (including loans in the residential mortgage and consumer segments) for possible impairment- if the loan is either on nonaccrual status or is risk rated Substandard or worse or has been modified in a troubled debt restructuring. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record and the amount of the shortfall in relation to the principal and interest owed. Once the determination has been made that a loan is impaired, impairment is measured by comparing the recorded investment in the loan to one of the following: (a) the present value of expected cash flows (discounted at the loan’s effective interest rate), (b) the loan’s observable market price or (c) the fair value of collateral adjusted for expected selling costs. The method is selected on a loan by loan basis with management primarily utilizing the fair value of collateral method. The estimated fair values of the real estate collateral are determined primarily through third-party appraisals. When a real estate secured loan becomes impaired, a decision is made regarding whether an updated certified appraisal of the real estate is necessary. This decision is based on various considerations, including the age of the most recent appraisal, the loan-to-value ratio based on the original appraisal and the condition of the property. Appraised values are discounted to arrive at the estimated selling price of the collateral, which is considered to be the estimated fair value. The discounts also include estimated costs to sell the property. The estimated fair values of the non-real estate collateral, such as accounts receivable, inventory and equipment, are determined based on the borrower’s financial statements, inventory reports, accounts receivable aging schedules or equipment appraisals or invoices. Indications of value from these sources are generally discounted based on the age of the financial information or the quality of the assets. The evaluation of the need and amount of the allowance for impaired loans and whether a loan can be removed from impairment status is made on a quarterly basis. The Company’s policy for recognizing interest income on impaired loans does not differ from its overall policy for interest recognition. The following tables provide an analysis of the impaired loans at March 31, 2016 and December 31, 2015 and the average balances of such loans for the three months and year, respectively, then ended:
As of March 31, 2016 and December 31, 2015, impaired loans listed above include $13.8 and $15.1 million, respectively, of loans previously modified in troubled debt restructurings (“TDRs”) and as such are considered impaired under GAAP. As of March 31, 2016 and December 31, 2015, $10.9 million and $11.0 million, respectively, of these loans have been performing in accordance with their modified terms for an extended period of time and as such were removed from non-accrual status and considered performing. Interest income of $166,000 and $204,000 was recognized on impaired loans during the three months ended March 31, 2016 and 2015. The average balance of impaired loans for the three months ended March 31, 2015 was $18.8 million. Credit Quality Indicators Management uses an eight point internal risk rating system to monitor the credit quality of the loans in the Company’s commercial real estate, construction and commercial and industrial loan segments. The borrower’s overall financial condition, repayment sources, guarantors and value of collateral, if appropriate, are evaluated annually or when credit deficiencies, such as delinquent loan payments, arise. The criticized rating categories utilized by management generally follow bank regulatory definitions. The first six risk rating categories are considered not criticized, and are aggregated as “Pass” rated. The “Special Mention” category includes assets that are currently protected, but are potentially weak, resulting in increased credit risk and deserving management’s close attention. If uncorrected, the potential weaknesses may result in deterioration of the repayment prospects. Loans classified “Substandard” have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt and have a distinct possibility that some loss will be sustained if the weaknesses are not corrected. They include loans that are inadequately protected by the current sound net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans classified “Doubtful” have all the weaknesses inherent in loans classified “Substandard” with the added characteristic that collection or liquidation in full, on the basis of current conditions and facts, is highly improbable. Loans classified as a “Loss” are considered uncollectible and subsequently charged off. The following table presents the classes of the loans receivable portfolio summarized by the aggregate “Pass” and the criticized categories of “Special Mention”, “Substandard”, “Doubtful” and “Loss” within the internal risk rating system as of March 31, 2016 and December 31, 2015:
Management further monitors the performance and credit quality of the retail portfolio by analyzing the age of the portfolio as determined by the length of time a recorded payment is past due. These credit quality indicators are assessed in the aggregate in these relatively homogeneous portfolios. Loans greater than 90 days past due are generally considered nonperforming and placed on nonaccrual status.
Troubled Debt Restructurings Loans the terms of which are modified are classified as a TDR if, in connection with the modification, the Company grants such borrowers concessions and it is deemed that those borrowers are experiencing financial difficulty. Concessions granted under a TDR generally involve a reduction in interest rate below market rates given the associated credit risk, or an extension of a loan’s stated maturity date or capitalization of interest and/or escrow. Nonaccrual TDRs are restored to accrual status if principal and interest payments, under the modified terms, are current for six consecutive months after modification. Loans classified as TDRs are designated as impaired until they are ultimately repaid in full or foreclosed and sold. The nature and extent of impairment of TDRs, including those which experienced a subsequent default, is considered in the determination of an appropriate level of allowance for loan losses. The recorded investment balance of TDRs totaled $13.8 million at March 31, 2016 compared with $15.1 million at December 31, 2015. The majority of the Company’s TDRs are on accrual status and totaled $10.9 million at March 31, 2016 versus $11.0 million at December 31, 2015. The total of TDRs on non-accrual status was $2.9 million at March 31, 2016 and $4.1 million at December 31, 2015. For the three months ended March 31, 2016, the Company did not modify any loans as a TDR. For the three months ended March 31, 2015, the Company modified a single home equity loan with a pre-modification and post-modification balance of $167,000. An interest only period was initiated until October 2016 after which the loan is on a fifteen-year amortization schedule. A loan is considered to be in payment default once it is 90 days contractually past due under the modified terms. There were no loans modified in TDRs during the previous 12 months and for which there was a subsequent payment default for the three months ended March 31, 2016 and 2015. There was no Other Real Estate Owned (“OREO”) at March 31, 2016 and December 31, 2015. We may obtain physical possession of residential real estate collateralizing consumer mortgage loans via foreclosure or in-substance repossession. As of March 31, 2016 and December 31, 2015, we had consumer loans with a carrying value of $840,000 and $1.8 million, respectively, collateralized by residential real estate property for which formal foreclosure proceedings were in process. |
Note 6 - Fair Value Measurements |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Text Block] | Note 6 - Fair Value Measurements The Company uses fair value measurements to record fair value adjustments to certain assets and certain liabilities and to determine fair value disclosures. FASB ASC Topic 820, Fair Market Value Disclosures (“ASC 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 820 requires the use of valuation techniques that are consistent with the market approach, the income approach and/or the cost approach. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets and liabilities. The income approach uses valuation techniques to convert future amounts, such as cash flows or earnings, to a single present amount on a discounted basis. The cost approach is based on the amount that currently would be required to replace the service capacity of an asset (replacement cost). Valuation techniques should be consistently applied. Inputs to valuation techniques refer to the assumptions that market participants would use in pricing the asset or liability. Inputs may be observable, meaning those that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from independent sources, or unobservable, meaning those that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. In that regard, ASC 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:
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. An asset’s or liability’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. In general, fair value is based upon quoted market prices, where available. If such quoted market prices are not available, fair value is based upon internally developed 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. These adjustments may include amounts to reflect counterparty credit quality, among other things, as well as unobservable parameters. Any such valuation adjustments are applied consistently over time. The Company’s valuation methodologies may produce a fair value calculation that may not be indicative of net realizable value or reflective of future values. 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. Assets Measured at Fair Value on a Recurring Basis The Bank did not have any financial assets measured at fair value on a recurring basis as of March 31, 2016 and December 31, 2015. Assets Measured at Fair Value on a Non-Recurring Basis Certain financial and non-financial assets are measured at fair value on a non-recurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment). The following table summarizes those assets measured at fair value on a non-recurring basis as of March 31, 2016 and December 31, 2015:
For Level 3 assets measured at fair value on a non-recurring basis as of March 31, 2016 and December 31, 2015, the significant unobservable inputs used in fair value measurements were as follows:
An impaired loan is measured for impairment at the time the loan is identified as impaired. Loans are considered impaired when based on current information and events it is probable that payments of interest and principal will not be made in accordance with the contractual terms of the loan agreement. The Company’s impaired loans are generally collateral dependent and, as such, are carried at the lower of cost or estimated fair value less estimated selling costs. Fair values are estimated through current appraisals and adjusted as necessary to reflect current market conditions and as such are classified as Level 3. Disclosure about Fair Value of Financial Instruments Fair value of a financial instrument is defined above. Significant estimates were used for the purposes of disclosing fair values. Estimated fair values have been determined using the best available data and estimation methodology suitable for each category of financial instruments. However, there are inherent weaknesses in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates herein are not necessarily indicative of the amounts the Company could have realized in a sales transaction on the dates indicated. The estimated fair value amounts have been measured as of their respective reporting dates, and have not been reevaluated or updated for purposes of these consolidated financial statements subsequent to those respective dates. As such, the estimated fair values of these financial instruments subsequent to the respective reporting dates may be different than the amounts reported. The following information should not be interpreted as an estimate of the fair value of the entire Company since a fair value calculation is only provided for a limited portion of the Company’s assets and liabilities. Due to a wide range of valuation techniques and the degree of subjectivity used in making the estimates, comparisons between the Company’s disclosures and those of other companies may not be meaningful. The following presents the carrying amount and the fair value as of March 31, 2016 and December 31, 2015, and placement in the fair value hierarchy of the Company’s financial instruments which are carried on the consolidated statement of financial condition at cost and are not recorded at fair value on a recurring basis. This table excludes financial instruments for which carrying amount approximates fair value, which includes cash and cash equivalents, Federal Home Loan Bank stock, accrued interest receivable, interest and non-interest bearing demand, savings and club deposits, and accrued interest payable.
Methods and assumptions used to estimate fair values of financial instruments previously disclosed are as follows: Cash and Cash Equivalents For cash and cash equivalents, the carrying amount is a reasonable estimate of fair value. Securities Held to Maturity The fair value for securities held to maturity is based on quoted market prices, where available. If quoted market prices are not available, fair value is estimated using quoted market prices for similar securities. Loans Receivable The fair value of loans is based upon a multitude of sources, including assumed current market rates by category and the Company’s current offering rates. Both fixed and variable rate loan fair values are derived using a discounted cash flow methodology. For variable rate loans, repricing terms, including next repricing date, repricing frequency and repricing rate are factored into the discounted cash flow formula. Federal Home Loan Bank of New York Stock The carrying amount of Federal Home Loan Bank of New York stock approximates fair value since the Company is generally able to redeem this stock at par. Accrued Interest Receivable and Payable The carrying amounts of accrued interest receivable and payable approximate fair value due to the short term nature of these instruments. Deposits Fair values for demand and savings and club accounts are, by definition, equal to the amount payable on demand at the reporting date. Fair values of fixed-maturity certificates of deposit are estimated using a discounted cash flow calculation that applies interest rates currently being offered on similar instruments with similar maturities. Advances from Federal Home Loan Bank of New York Fair values of advances are estimated using discounted cash flow analyses, based on rates currently available to the Company for advances from the Federal Home Loan Bank of New York with similar terms and remaining maturities. Off-Balance Sheet Financial Instruments Fair values of commitments to extend credit are estimated using the fees currently charged to enter into similar agreements, taking into account market interest rates, the remaining terms, and the present credit worthiness of the counterparties. As of March 31, 2016 and December 31, 2015, the fair value of the commitments to extend credit was not considered to be material. |
Note 7 - Retirement Plans |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension and Other Postretirement Benefits Disclosure [Text Block] | Note 7 – Retirement Plans Periodic expenses for the Company’s retirement plans, which include the Directors’ Retirement Plan and the Executive Incentive Retirement Plan, were as follows:
The Company previously disclosed in its Form 10-K as of December 31, 2015 that it expected to contribute $124,000 to the Plan during the current fiscal year. As of March 31, 2016, the Company contributed $46,000. |
Note 8 - Reclassifications out of Accumulated Other Comprehensive Income |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure Text Block [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassifications [Text Block] | Note 8 – Reclassifications Out of Accumulated Other Comprehensive Income
|
Note 3 - Earnings Per Share (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] |
|
Note 4 - Securities Held to Maturity (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments Classified by Contractual Maturity Date [Table Text Block] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Unrealized Loss on Investments [Table Text Block] |
|
Note 5 - Loans Receivable and Allowance for Credit Losses (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Credit Losses on Financing Receivables [Table Text Block] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Past Due Financing Receivables [Table Text Block] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impaired Financing Receivables [Table Text Block] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financing Receivable Credit Quality Indicators [Table Text Block] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Financing Receivables, Performance Status [Table Text Block] |
|
Note 6 - Fair Value Measurements (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements, Nonrecurring [Table Text Block] |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [Table Text Block] |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] |
|
Note 7 - Retirement Plans (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Benefit Costs [Table Text Block] |
|
Note 8 - Reclassifications out of Accumulated Other Comprehensive Income (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure Text Block [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] |
|
Note 1 - Organization and Business (Details) $ / shares in Units, $ in Millions |
Jul. 16, 2015
USD ($)
$ / shares
shares
|
---|---|
Note 1 - Organization and Business (Details) [Line Items] | |
Stock Issued During Period, Shares, New Issues | 3,766,592 |
Share Price (in Dollars per share) | $ / shares | $ 10.00 |
Proceeds from Issuance of Common Stock (in Dollars) | $ | $ 37.7 |
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs (in Dollars) | $ | $ 1.5 |
Employee Stock Ownership Plan [Member] | |
Note 1 - Organization and Business (Details) [Line Items] | |
Stock Issued During Period, Shares, Employee Stock Ownership Plan | 150,663 |
Successor [Member] | |
Note 1 - Organization and Business (Details) [Line Items] | |
Stock Issued During Period, Shares, New Issues | 2,187,242 |
Common Stock, Conversion Ratio | 1.1397 |
Note 3 - Earnings Per Share (Details) - Computation of Basic and Diluted Earnings Per Share - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Numerator: | ||
Net income (in Dollars) | $ 159 | $ 216 |
Denominator: | ||
Weighted average common shares | 5,743 | 5,637 |
Dilutive potential common shares | 69 | |
Weighted average fully diluted shares | 5,812 | 5,637 |
Earnings per share: | ||
Basic (in Dollars per share) | $ 0.03 | $ 0.04 |
Dilutive (in Dollars per share) | $ 0.03 | $ 0.04 |
Outstanding common stock equivalents having no dilutive effect | 308 |
Note 5 - Loans Receivable and Allowance for Credit Losses (Details) - Composition of Total Loans Receivable - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Residential mortgage: | ||
Loans receivable | $ 278,525 | $ 270,931 |
Loans in process | (3,729) | (4,600) |
Deferred loan fees | (412) | (417) |
Allowance for loan losses | (3,671) | (3,602) |
(7,812) | (8,619) | |
Loans receivable, net | 270,713 | 262,312 |
Residential Portfolio Segment [Member] | ||
Residential mortgage: | ||
Loans receivable | 190,248 | 189,626 |
Residential Portfolio Segment [Member] | One-to-Four Family [Member] | ||
Residential mortgage: | ||
Loans receivable | 155,764 | 154,624 |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Residential mortgage: | ||
Loans receivable | 34,484 | 35,002 |
Commercial and Multi-Family Real Estate Portfolio Segment [Member] | ||
Residential mortgage: | ||
Loans receivable | 65,227 | 59,642 |
Construction Portfolio Segment [Member] | ||
Residential mortgage: | ||
Loans receivable | 11,280 | 10,895 |
Commercial and Industrial Portfolio Segment [Member] | ||
Residential mortgage: | ||
Loans receivable | 11,399 | 10,275 |
Commercial Portfolio Segment [Member] | ||
Residential mortgage: | ||
Loans receivable | 87,906 | 80,812 |
Consumer Portfolio Segment [Member] | ||
Residential mortgage: | ||
Loans receivable | $ 371 | $ 493 |
Note 5 - Loans Receivable and Allowance for Credit Losses (Details) - Allowance for Loan Losses - USD ($) $ in Thousands |
3 Months Ended | ||||
---|---|---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Mar. 31, 2015 |
|
Allowance for loan losses: | |||||
Balance, beginning | $ 3,602 | $ 3,634 | |||
Provisions | 130 | (52) | |||
Loans charged-off | (66) | (7) | |||
Recoveries | 5 | 2 | |||
Balance, ending | 3,671 | 3,577 | |||
Period-end allowance allocated to: | |||||
Allowance individually evaluated for impairment | $ 0 | $ 23 | |||
Allowance collectively evaluated for impairment | 3,671 | 3,554 | |||
Ending Balance, allowance | 3,602 | 3,634 | 3,671 | $ 3,602 | 3,577 |
Period-end loan balances evaluated for: | |||||
Loans individually evaluated for impairment | 16,652 | 19,130 | |||
Loans collectively evaluated for impairment | 257,732 | 223,721 | |||
Ending Balance, loans | 274,384 | 265,914 | 242,851 | ||
Residential Portfolio Segment [Member] | |||||
Allowance for loan losses: | |||||
Balance, beginning | 1,927 | 2,109 | |||
Provisions | 32 | (79) | |||
Loans charged-off | (64) | (7) | |||
Recoveries | 4 | 2 | |||
Balance, ending | 1,899 | 2,025 | |||
Period-end allowance allocated to: | |||||
Allowance individually evaluated for impairment | 0 | 2 | |||
Allowance collectively evaluated for impairment | 1,899 | 2,023 | |||
Ending Balance, allowance | 1,927 | 2,109 | 1,899 | 1,927 | 2,025 |
Period-end loan balances evaluated for: | |||||
Loans individually evaluated for impairment | 14,890 | 15,987 | |||
Loans collectively evaluated for impairment | 175,151 | 165,322 | |||
Ending Balance, loans | 190,041 | 189,417 | 181,309 | ||
Commercial and Multi-Family Real Estate [Member] | |||||
Allowance for loan losses: | |||||
Balance, beginning | 1,015 | 885 | |||
Provisions | 69 | 14 | |||
Loans charged-off | 0 | 0 | |||
Recoveries | 0 | 0 | |||
Balance, ending | 1,084 | 899 | |||
Period-end allowance allocated to: | |||||
Allowance individually evaluated for impairment | 0 | 0 | |||
Allowance collectively evaluated for impairment | 1,084 | 899 | |||
Ending Balance, allowance | 1,015 | 885 | 1,084 | 1,015 | 899 |
Period-end loan balances evaluated for: | |||||
Loans individually evaluated for impairment | 1,209 | 1,856 | |||
Loans collectively evaluated for impairment | 63,857 | 37,487 | |||
Ending Balance, loans | 65,066 | 59,488 | 39,343 | ||
Construction Portfolio Segment [Member] | |||||
Allowance for loan losses: | |||||
Balance, beginning | 143 | 317 | |||
Provisions | 10 | 10 | |||
Loans charged-off | 0 | 0 | |||
Recoveries | 0 | 0 | |||
Balance, ending | 153 | 327 | |||
Period-end allowance allocated to: | |||||
Allowance individually evaluated for impairment | 0 | 21 | |||
Allowance collectively evaluated for impairment | 153 | 306 | |||
Ending Balance, allowance | 143 | 317 | 153 | 143 | 327 |
Period-end loan balances evaluated for: | |||||
Loans individually evaluated for impairment | 0 | 564 | |||
Loans collectively evaluated for impairment | 7,511 | 10,077 | |||
Ending Balance, loans | 7,511 | 10,641 | |||
Commercial and Industrial [Member] | |||||
Allowance for loan losses: | |||||
Balance, beginning | 235 | 290 | |||
Provisions | 42 | 18 | |||
Loans charged-off | 0 | 0 | |||
Recoveries | 0 | 0 | |||
Balance, ending | 277 | 308 | |||
Period-end allowance allocated to: | |||||
Allowance individually evaluated for impairment | 0 | 0 | |||
Allowance collectively evaluated for impairment | 277 | 308 | |||
Ending Balance, allowance | 235 | 290 | 277 | 235 | 308 |
Period-end loan balances evaluated for: | |||||
Loans individually evaluated for impairment | 553 | 723 | |||
Loans collectively evaluated for impairment | 10,842 | 9,699 | |||
Ending Balance, loans | 11,395 | 10,422 | |||
Consumer Portfolio Segment [Member] | |||||
Allowance for loan losses: | |||||
Balance, beginning | 9 | 6 | |||
Provisions | (1) | 0 | |||
Loans charged-off | (2) | 0 | |||
Recoveries | 1 | 0 | |||
Balance, ending | 7 | 6 | |||
Period-end allowance allocated to: | |||||
Allowance individually evaluated for impairment | 0 | 0 | |||
Allowance collectively evaluated for impairment | 7 | 6 | |||
Ending Balance, allowance | 9 | 6 | 7 | 9 | 6 |
Period-end loan balances evaluated for: | |||||
Loans individually evaluated for impairment | 0 | 0 | |||
Loans collectively evaluated for impairment | 371 | 1,136 | |||
Ending Balance, loans | 371 | 493 | 1,136 | ||
Unallocated Portfolio Segment [Member] | |||||
Allowance for loan losses: | |||||
Balance, beginning | 273 | 27 | |||
Provisions | (22) | (15) | |||
Loans charged-off | 0 | 0 | |||
Recoveries | 0 | 0 | |||
Balance, ending | 251 | 12 | |||
Period-end allowance allocated to: | |||||
Allowance individually evaluated for impairment | 0 | 0 | |||
Allowance collectively evaluated for impairment | 251 | 12 | |||
Ending Balance, allowance | $ 273 | $ 27 | 251 | $ 273 | 12 |
Period-end loan balances evaluated for: | |||||
Loans individually evaluated for impairment | 0 | 0 | |||
Loans collectively evaluated for impairment | 0 | 0 | |||
Ending Balance, loans | $ 0 | $ 0 |
Note 5 - Loans Receivable and Allowance for Credit Losses (Details) - Past Due Financing Receivables - USD ($) |
Mar. 31, 2016 |
Dec. 31, 2015 |
Mar. 31, 2015 |
||||||
---|---|---|---|---|---|---|---|---|---|
Residential Mortgage | |||||||||
Loans receivable, past due | $ 3,895,000 | $ 5,299,000 | |||||||
Current | 265,020,000 | 254,699,000 | |||||||
Nonaccrual loans | 5,469,000 | [1] | 5,916,000 | [2] | |||||
Total loans receivable | 274,384,000 | 265,914,000 | $ 242,851,000 | ||||||
Financing Receivables, 30 to 59 Days Past Due [Member] | |||||||||
Residential Mortgage | |||||||||
Loans receivable, past due | 2,429,000 | 4,242,000 | |||||||
Nonaccrual loans | 658,000 | 685,000 | |||||||
Financing Receivables, 60 to 89 Days Past Due [Member] | |||||||||
Residential Mortgage | |||||||||
Loans receivable, past due | 1,182,000 | 772,000 | |||||||
Nonaccrual loans | 385,000 | 917,000 | |||||||
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||||||||
Residential Mortgage | |||||||||
Loans receivable, past due | 284,000 | 285,000 | |||||||
Nonaccrual loans | 2,737,000 | 2,695,000 | |||||||
Residential Portfolio Segment [Member] | |||||||||
Residential Mortgage | |||||||||
Total loans receivable | 190,041,000 | 189,417,000 | 181,309,000 | ||||||
Residential Portfolio Segment [Member] | One-to-Four Family [Member] | |||||||||
Residential Mortgage | |||||||||
Loans receivable, past due | 3,248,000 | 5,192,000 | |||||||
Current | 149,115,000 | 145,479,000 | |||||||
Nonaccrual loans | 3,201,000 | [1] | 3,744,000 | [2] | |||||
Total loans receivable | 155,564,000 | 154,415,000 | |||||||
Residential Portfolio Segment [Member] | One-to-Four Family [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||||||||
Residential Mortgage | |||||||||
Loans receivable, past due | 2,354,000 | 4,187,000 | |||||||
Residential Portfolio Segment [Member] | One-to-Four Family [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||||||||
Residential Mortgage | |||||||||
Loans receivable, past due | 661,000 | 770,000 | |||||||
Residential Portfolio Segment [Member] | One-to-Four Family [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||||||||
Residential Mortgage | |||||||||
Loans receivable, past due | 233,000 | 235,000 | |||||||
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | |||||||||
Residential Mortgage | |||||||||
Loans receivable, past due | 177,000 | 100,000 | |||||||
Current | 33,270,000 | 34,099,000 | |||||||
Nonaccrual loans | 1,030,000 | [1] | 803,000 | [2] | |||||
Total loans receivable | 34,477,000 | 35,002,000 | |||||||
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||||||||
Residential Mortgage | |||||||||
Loans receivable, past due | 28,000 | 50,000 | |||||||
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||||||||
Residential Mortgage | |||||||||
Loans receivable, past due | 98,000 | 0 | |||||||
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||||||||
Residential Mortgage | |||||||||
Loans receivable, past due | 51,000 | 50,000 | |||||||
Commercial and Multi-Family Real Estate [Member] | |||||||||
Residential Mortgage | |||||||||
Loans receivable, past due | 422,000 | 0 | |||||||
Current | 63,831,000 | 58,661,000 | |||||||
Nonaccrual loans | 813,000 | [1] | 827,000 | [2] | |||||
Total loans receivable | 65,066,000 | 59,488,000 | 39,343,000 | ||||||
Commercial and Multi-Family Real Estate [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||||||||
Residential Mortgage | |||||||||
Loans receivable, past due | 0 | 0 | |||||||
Commercial and Multi-Family Real Estate [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||||||||
Residential Mortgage | |||||||||
Loans receivable, past due | 422,000 | 0 | |||||||
Commercial and Multi-Family Real Estate [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||||||||
Residential Mortgage | |||||||||
Loans receivable, past due | 0 | 0 | |||||||
Construction Portfolio Segment [Member] | |||||||||
Residential Mortgage | |||||||||
Total loans receivable | 7,511,000 | 10,641,000 | |||||||
Construction Portfolio Segment [Member] | One-to-Four Family Occupied [Member] | |||||||||
Residential Mortgage | |||||||||
Loans receivable, past due | 0 | 0 | |||||||
Current | 4,118,000 | 2,663,000 | |||||||
Nonaccrual loans | 0 | [1] | 0 | [2] | |||||
Total loans receivable | 4,118,000 | 2,663,000 | |||||||
Construction Portfolio Segment [Member] | One-to-Four Family Occupied [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||||||||
Residential Mortgage | |||||||||
Loans receivable, past due | 0 | 0 | |||||||
Construction Portfolio Segment [Member] | One-to-Four Family Occupied [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||||||||
Residential Mortgage | |||||||||
Loans receivable, past due | 0 | 0 | |||||||
Construction Portfolio Segment [Member] | One-to-Four Family Occupied [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||||||||
Residential Mortgage | |||||||||
Loans receivable, past due | 0 | 0 | |||||||
Construction Portfolio Segment [Member] | Other Loans [Member] | |||||||||
Residential Mortgage | |||||||||
Loans receivable, past due | 42,000 | 0 | |||||||
Current | 3,351,000 | 3,581,000 | |||||||
Nonaccrual loans | 0 | [1] | 0 | [2] | |||||
Total loans receivable | 3,393,000 | 3,581,000 | |||||||
Construction Portfolio Segment [Member] | Other Loans [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||||||||
Residential Mortgage | |||||||||
Loans receivable, past due | 42,000 | 0 | |||||||
Construction Portfolio Segment [Member] | Other Loans [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||||||||
Residential Mortgage | |||||||||
Loans receivable, past due | 0 | 0 | |||||||
Construction Portfolio Segment [Member] | Other Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||||||||
Residential Mortgage | |||||||||
Loans receivable, past due | 0 | 0 | |||||||
Commercial and Industrial Portfolio Segment [Member] | |||||||||
Residential Mortgage | |||||||||
Loans receivable, past due | 0 | 0 | |||||||
Current | 10,970,000 | 9,730,000 | |||||||
Nonaccrual loans | 425,000 | [1] | 542,000 | [2] | |||||
Total loans receivable | 11,395,000 | 10,272,000 | |||||||
Commercial and Industrial Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||||||||
Residential Mortgage | |||||||||
Loans receivable, past due | 0 | 0 | |||||||
Commercial and Industrial Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||||||||
Residential Mortgage | |||||||||
Loans receivable, past due | 0 | 0 | |||||||
Commercial and Industrial Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||||||||
Residential Mortgage | |||||||||
Loans receivable, past due | 0 | 0 | |||||||
Consumer Portfolio Segment [Member] | |||||||||
Residential Mortgage | |||||||||
Loans receivable, past due | 6,000 | 7,000 | |||||||
Current | 365,000 | 486,000 | |||||||
Nonaccrual loans | 0 | [1] | 0 | [2] | |||||
Total loans receivable | 371,000 | 493,000 | $ 1,136,000 | ||||||
Consumer Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||||||||
Residential Mortgage | |||||||||
Loans receivable, past due | 5,000 | 5,000 | |||||||
Consumer Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||||||||
Residential Mortgage | |||||||||
Loans receivable, past due | 1,000 | 2,000 | |||||||
Consumer Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||||||||
Residential Mortgage | |||||||||
Loans receivable, past due | $ 0 | $ 0 | |||||||
|
Note 5 - Loans Receivable and Allowance for Credit Losses (Details) - Impaired Loans by Class - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
Dec. 31, 2015 |
|
Residential mortgage | |||
Recorded Investment | $ 16,652 | $ 17,133 | |
Loans with no related reserve | 16,652 | 17,037 | |
Loans with related reserve | 0 | 96 | |
Related reserve | 0 | 3 | |
Contractual principal balance | 18,443 | 19,087 | |
Average loan balances | 16,892 | $ 18,800 | 18,225 |
Residential Portfolio Segment [Member] | One-to-Four Family [Member] | |||
Residential mortgage | |||
Recorded Investment | 12,409 | 12,991 | |
Loans with no related reserve | 12,409 | 12,895 | |
Loans with related reserve | 0 | 96 | |
Related reserve | 0 | 3 | |
Contractual principal balance | 12,950 | 13,703 | |
Average loan balances | 12,700 | 14,109 | |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Residential mortgage | |||
Recorded Investment | 2,481 | 2,261 | |
Loans with no related reserve | 2,481 | 2,261 | |
Loans with related reserve | 0 | 0 | |
Related reserve | 0 | 0 | |
Contractual principal balance | 2,571 | 2,353 | |
Average loan balances | 2,371 | 1,360 | |
Commercial and Multi-Family Real Estate [Member] | |||
Residential mortgage | |||
Recorded Investment | 1,209 | 1,226 | |
Loans with no related reserve | 1,209 | 1,226 | |
Loans with related reserve | 0 | 0 | |
Related reserve | 0 | 0 | |
Contractual principal balance | 1,773 | 1,780 | |
Average loan balances | 1,217 | 1,671 | |
Construction Portfolio Segment [Member] | One-to-Four Family Occupied [Member] | |||
Residential mortgage | |||
Recorded Investment | 0 | 0 | |
Loans with no related reserve | 0 | 0 | |
Loans with related reserve | 0 | 0 | |
Related reserve | 0 | 0 | |
Contractual principal balance | 0 | 0 | |
Average loan balances | 0 | 0 | |
Construction Portfolio Segment [Member] | Other Loans [Member] | |||
Residential mortgage | |||
Recorded Investment | 0 | 0 | |
Loans with no related reserve | 0 | 0 | |
Loans with related reserve | 0 | 0 | |
Related reserve | 0 | 0 | |
Contractual principal balance | 0 | 0 | |
Average loan balances | 0 | 376 | |
Commercial and Industrial Portfolio Segment [Member] | |||
Residential mortgage | |||
Recorded Investment | 553 | 655 | |
Loans with no related reserve | 553 | 655 | |
Loans with related reserve | 0 | 0 | |
Related reserve | 0 | 0 | |
Contractual principal balance | 1,149 | 1,251 | |
Average loan balances | 604 | 708 | |
Consumer Portfolio Segment [Member] | |||
Residential mortgage | |||
Recorded Investment | 0 | 0 | |
Loans with no related reserve | 0 | 0 | |
Loans with related reserve | 0 | 0 | |
Related reserve | 0 | 0 | |
Contractual principal balance | 0 | 0 | |
Average loan balances | $ 0 | $ 1 |
Note 5 - Loans Receivable and Allowance for Credit Losses (Details) - Financing Receivable Credit Quality Indicators - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | $ 83,971 | $ 76,004 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 81,803 | 73,587 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 514 | 519 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 1,654 | 1,898 |
Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 0 | 0 |
Loss [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 0 | 0 |
Commercial and Multi-Family Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 65,066 | 59,488 |
Commercial and Multi-Family Real Estate [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 63,458 | 57,863 |
Commercial and Multi-Family Real Estate [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 422 | 425 |
Commercial and Multi-Family Real Estate [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 1,186 | 1,200 |
Commercial and Multi-Family Real Estate [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 0 | 0 |
Commercial and Multi-Family Real Estate [Member] | Loss [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 0 | 0 |
Construction Portfolio Segment [Member] | One-to-Four Family Occupied [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 4,118 | 2,663 |
Construction Portfolio Segment [Member] | One-to-Four Family Occupied [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 4,118 | 2,663 |
Construction Portfolio Segment [Member] | One-to-Four Family Occupied [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 0 | 0 |
Construction Portfolio Segment [Member] | One-to-Four Family Occupied [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 0 | 0 |
Construction Portfolio Segment [Member] | One-to-Four Family Occupied [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 0 | 0 |
Construction Portfolio Segment [Member] | One-to-Four Family Occupied [Member] | Loss [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 0 | 0 |
Construction Portfolio Segment [Member] | Other Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 3,393 | 3,581 |
Construction Portfolio Segment [Member] | Other Loans [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 3,393 | 3,581 |
Construction Portfolio Segment [Member] | Other Loans [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 0 | 0 |
Construction Portfolio Segment [Member] | Other Loans [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 0 | 0 |
Construction Portfolio Segment [Member] | Other Loans [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 0 | 0 |
Construction Portfolio Segment [Member] | Other Loans [Member] | Loss [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 0 | 0 |
Commercial and Industrial Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 11,395 | 10,272 |
Commercial and Industrial Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 10,834 | 9,480 |
Commercial and Industrial Portfolio Segment [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 92 | 94 |
Commercial and Industrial Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 468 | 698 |
Commercial and Industrial Portfolio Segment [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 0 | 0 |
Commercial and Industrial Portfolio Segment [Member] | Loss [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | $ 0 | $ 0 |
Note 5 - Loans Receivable and Allowance for Credit Losses (Details) - Impaired Financing Receivable Performance Status - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
Mar. 31, 2015 |
---|---|---|---|
Note 5 - Loans Receivable and Allowance for Credit Losses (Details) - Impaired Financing Receivable Performance Status [Line Items] | |||
Loans receivable | $ 274,384 | $ 265,914 | $ 242,851 |
Residential Portfolio Segment [Member] | |||
Note 5 - Loans Receivable and Allowance for Credit Losses (Details) - Impaired Financing Receivable Performance Status [Line Items] | |||
Loans receivable | 190,041 | 189,417 | 181,309 |
Residential Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | |||
Note 5 - Loans Receivable and Allowance for Credit Losses (Details) - Impaired Financing Receivable Performance Status [Line Items] | |||
Loans receivable | 4,515 | 4,832 | |
Residential Portfolio Segment [Member] | Performing Financial Instruments [Member] | |||
Note 5 - Loans Receivable and Allowance for Credit Losses (Details) - Impaired Financing Receivable Performance Status [Line Items] | |||
Loans receivable | 185,526 | 184,585 | |
Consumer Portfolio Segment [Member] | |||
Note 5 - Loans Receivable and Allowance for Credit Losses (Details) - Impaired Financing Receivable Performance Status [Line Items] | |||
Loans receivable | 371 | 493 | $ 1,136 |
Consumer Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | |||
Note 5 - Loans Receivable and Allowance for Credit Losses (Details) - Impaired Financing Receivable Performance Status [Line Items] | |||
Loans receivable | 0 | 0 | |
Consumer Portfolio Segment [Member] | Performing Financial Instruments [Member] | |||
Note 5 - Loans Receivable and Allowance for Credit Losses (Details) - Impaired Financing Receivable Performance Status [Line Items] | |||
Loans receivable | 371 | 493 | |
Total Residential and Consumer [Member] | |||
Note 5 - Loans Receivable and Allowance for Credit Losses (Details) - Impaired Financing Receivable Performance Status [Line Items] | |||
Loans receivable | 190,412 | 189,910 | |
Total Residential and Consumer [Member] | Nonperforming Financial Instruments [Member] | |||
Note 5 - Loans Receivable and Allowance for Credit Losses (Details) - Impaired Financing Receivable Performance Status [Line Items] | |||
Loans receivable | 4,515 | 4,832 | |
Total Residential and Consumer [Member] | Performing Financial Instruments [Member] | |||
Note 5 - Loans Receivable and Allowance for Credit Losses (Details) - Impaired Financing Receivable Performance Status [Line Items] | |||
Loans receivable | $ 185,897 | $ 185,078 |
Note 6 - Fair Value Measurements (Details) - USD ($) |
Mar. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Fair Value Disclosures [Abstract] | ||
Assets, Fair Value Disclosure, Recurring | $ 0 | $ 0 |
Note 6 - Fair Value Measurements (Details) - Fair Value Assets Measured on Nonrecurring Basis - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Note 6 - Fair Value Measurements (Details) - Fair Value Assets Measured on Nonrecurring Basis [Line Items] | ||
Impaired loans | $ 0 | $ 525 |
Fair Value, Inputs, Level 3 [Member] | ||
Note 6 - Fair Value Measurements (Details) - Fair Value Assets Measured on Nonrecurring Basis [Line Items] | ||
Impaired loans | $ 0 | $ 525 |
Note 6 - Fair Value Measurements (Details) - Additional Qualitative Information About Level 3 Assets - Fair Value, Inputs, Level 3 [Member] $ in Thousands |
12 Months Ended |
---|---|
Dec. 31, 2015
USD ($)
| |
Appraisal Adjustments [Member] | |
Note 6 - Fair Value Measurements (Details) - Additional Qualitative Information About Level 3 Assets [Line Items] | |
Fair Value Estimate (in Dollars) | $ 525 |
Minimum [Member] | Liquidation Expenses [Member] | |
Note 6 - Fair Value Measurements (Details) - Additional Qualitative Information About Level 3 Assets [Line Items] | |
Unobservable Input Range | 10.00% |
Range (Weighted average) | (10.00%) |
Maximum [Member] | Appraisal Adjustments [Member] | |
Note 6 - Fair Value Measurements (Details) - Additional Qualitative Information About Level 3 Assets [Line Items] | |
Unobservable Input Range | 0.00% |
Range (Weighted average) | (0.00%) |
Maximum [Member] | Liquidation Expenses [Member] | |
Note 6 - Fair Value Measurements (Details) - Additional Qualitative Information About Level 3 Assets [Line Items] | |
Unobservable Input Range | 26.10% |
Range (Weighted average) | (26.10%) |
Weighted Average [Member] | Appraisal Adjustments [Member] | |
Note 6 - Fair Value Measurements (Details) - Additional Qualitative Information About Level 3 Assets [Line Items] | |
Unobservable Input Range | 0.00% |
Range (Weighted average) | (0.00%) |
Weighted Average [Member] | Liquidation Expenses [Member] | |
Note 6 - Fair Value Measurements (Details) - Additional Qualitative Information About Level 3 Assets [Line Items] | |
Unobservable Input Range | 13.00% |
Range (Weighted average) | (13.00%) |
Note 6 - Fair Value Measurements (Details) - Fair Value, Assets and Liabilities - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
|||
---|---|---|---|---|---|
Financial assets: | |||||
Securities held to maturity | $ 74,219 | $ 78,400 | |||
Fair Value, Inputs, Level 1 [Member] | |||||
Financial assets: | |||||
Loans receivable | [1] | ||||
Fair Value, Inputs, Level 2 [Member] | |||||
Financial assets: | |||||
Securities held to maturity | $ 74,219 | $ 78,400 | |||
Loans receivable | [1] | ||||
Financial liabilities: | |||||
Certificate of deposits | $ 85,912 | $ 86,241 | |||
Advances from Federal Home Loan Bank of New York | 23,465 | 33,428 | |||
Fair Value, Inputs, Level 3 [Member] | |||||
Financial assets: | |||||
Loans receivable | [1] | 274,415 | 264,001 | ||
Reported Value Measurement [Member] | |||||
Financial assets: | |||||
Securities held to maturity | 73,603 | 78,995 | |||
Loans receivable | [1] | 270,713 | 262,312 | ||
Financial liabilities: | |||||
Certificate of deposits | 85,041 | 85,408 | |||
Advances from Federal Home Loan Bank of New York | 22,675 | 32,675 | |||
Estimate of Fair Value Measurement [Member] | |||||
Financial assets: | |||||
Securities held to maturity | 74,219 | 78,400 | |||
Loans receivable | [1] | 274,415 | 264,001 | ||
Financial liabilities: | |||||
Certificate of deposits | 85,912 | 86,241 | |||
Advances from Federal Home Loan Bank of New York | $ 23,465 | $ 33,428 | |||
|
Note 7 - Retirement Plans (Details) - USD ($) |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2016 |
Dec. 31, 2015 |
|
Compensation and Retirement Disclosure [Abstract] | ||
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | $ 124,000 | |
Defined Benefit Plan, Contributions by Employer | $ 46,000 |
Note 7 - Retirement Plans (Details) - Net Periodic Pension Cost - Directors Retirement Plan [Member] - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Note 7 - Retirement Plans (Details) - Net Periodic Pension Cost [Line Items] | ||
Service cost | $ 4 | $ 4 |
Interest cost | 23 | 20 |
Amortization of unrecognized loss | 3 | 9 |
Amortization of past service liability | (5) | (7) |
Net periodic benefit cost | $ 25 | $ 26 |
Note 8 - Reclassifications out of Accumulated Other Comprehensive Income (Details) - Reclassifications out of Accumulated Other Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|||||||
Amortization of defined benefit pension items: | ||||||||
Prior service costs | [1] | $ 5 | [2] | $ 7 | ||||
Unrecognized loss | (3) | [1],[2] | (9) | |||||
Unrecognized gain | [1] | 0 | [2] | 0 | ||||
Total before tax | [1] | (2) | (2) | |||||
Income tax expense | [1] | 1 | 1 | |||||
Total reclassifications for the period | [1] | $ (1) | $ (1) | |||||
|
<#M 75"J'N3[?BZN',T0(2@UN4!KP?(Z0"I*$DF2ZEZ3,PB
M=!EC5J+8Y0&S?Q(U\ QP*K2K;P&JG!
M.(F&6&CW]&FU.VPB(@%^2IC<14RB]R/B6TR^-WM:1 N@H/91083E!,^@5!0*
MC7_/FA\M(_$R/JM_3=,&]T?AX!G5+]GX/I@M*&F@%:/RKSA]@WF$QRA8HW+I
M2^K1>=1G"B5:O.=5FK1.^<]V.]/N$_A,X OAQ%FUF333.(IB>;!Q%9*\YMW80--(W8#L!FD'X$S+4-%3X# '
MM0U'3>D8RW2<-%/.83#3,DSEHXL;&Y Z(#,Q=NEI&VV:LBV6V:8IN>05(64:
M)R