Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | May. 13, 2016 | |
Document And Entity Information | ||
Entity Registrant Name | OptimumBank Holdings, Inc. | |
Entity Central Index Key | 1,288,855 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2016 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Is Entity a Well-known Seasoned Issuer? | No | |
Is Entity a Voluntary Filer? | No | |
Is Entity's Reporting Status Current? | Yes | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 1,011,567 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2,016 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Assets | ||
Cash and due from banks | $ 11,722 | $ 10,162 |
Interest-bearing deposits with banks | 170 | 203 |
Total cash and cash equivalents | 11,892 | 10,365 |
Securities available for sale | 24,054 | 25,749 |
Loans, net of allowance for loan losses of $4,080 and $2,295 | 83,322 | 82,573 |
Federal Home Loan Bank stock | 1,135 | 966 |
Premises and equipment, net | 2,694 | 2,703 |
Foreclosed real estate, net | 2,412 | 4,029 |
Accrued interest receivable | 442 | 462 |
Other assets | 643 | 631 |
Total assets | 126,594 | 127,478 |
Liabilities: | ||
Noninterest-bearing demand deposits | 3,276 | 9,478 |
Savings, NOW and money-market deposits | 23,852 | 24,034 |
Time deposits | 65,414 | 64,059 |
Total deposits | 92,542 | 97,571 |
Federal Home Loan Bank advances | 23,750 | 20,000 |
Junior subordinated debenture | 5,155 | 5,155 |
Advanced payment by borrowers for taxes and insurance | 386 | 251 |
Official checks | 201 | 130 |
Other liabilities | 1,500 | 1,404 |
Total liabilities | $ 123,534 | $ 124,511 |
Stockholders' equity: | ||
Preferred stock, no par value; 6,000,000 shares authorized, 4 shares issued and outstanding in 2016 and 2015 | ||
Common stock, $.01 par value; 5,000,000 shares authorized, 1,011,567 shares issued and outstanding in 2016 and 50,000,000 shares authorized, 9,628,863 shares issued and outstanding in 2015 | $ 10 | $ 96 |
Additional paid-in capital | 33,627 | 33,330 |
Accumulated deficit | (30,597) | (30,321) |
Accumulated other comprehensive income (loss) | 20 | (138) |
Total stockholders' equity | 3,060 | 2,967 |
Total liabilities and stockholders' equity | $ 126,594 | $ 127,478 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Loans, allowance for loan losses | $ 4,080 | $ 2,295 |
Preferred stock, shares authorized | 6,000,000 | 6,000,000 |
Preferred stock, shares issued | 4 | 4 |
Preferred stock, shares outstanding | 4 | 4 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 5,000,000 | 50,000,000 |
Common stock, shares issued | 1,011,567 | 9,628,863 |
Common stock, shares outstanding | 1,011,567 | 9,628,863 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Interest income: | ||
Loans | $ 1,020 | $ 887 |
Securities | 126 | 162 |
Other | 23 | 18 |
Total interest income | 1,169 | 1,067 |
Interest expense: | ||
Deposits | 182 | 155 |
Borrowings | 74 | 57 |
Total interest expense | 256 | 212 |
Net interest income | 913 | 855 |
Net interest income after provision for loan losses | 913 | 855 |
Noninterest income: | ||
Service charges and fees | 19 | 16 |
Other | 28 | 84 |
Total noninterest income | 47 | 100 |
Noninterest expenses: | ||
Salaries and employee benefits | 468 | 466 |
Professional fees | 160 | 101 |
Occupancy and equipment | 126 | 126 |
Data processing | 87 | 71 |
Insurance | 27 | 29 |
Foreclosed real estate, net | 29 | 20 |
Regulatory assessments | 73 | 69 |
Other | 266 | 255 |
Total noninterest expenses | 1,236 | 1,137 |
Net loss | $ (276) | $ (182) |
Net loss per share: | ||
Basic | $ (.29) | $ (.19) |
Diluted | $ (.29) | $ (.19) |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (276) | $ (182) |
Unrealized gains on securities available for sale: | ||
Unrealized gains arising during the period | 253 | 197 |
Deferred income taxes on above change | 95 | 74 |
Total other comprehensive income | 158 | 123 |
Comprehensive loss | $ (118) | $ (59) |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income [Member] | Total |
Balance beginning at Dec. 31, 2014 | $ 93 | $ 32,961 | $ (30,158) | $ 83 | $ 2,979 | |
Balance beginning, shares at Dec. 31, 2014 | 9,305,236 | |||||
Common stock issued as compensation to directors | $ 2 | 206 | 208 | |||
Common stock issued as compensation to directors, shares | 231,578 | |||||
Net loss | (182) | (182) | ||||
Net change in unrealized (gain) loss on securities available for sale, net of taxes | 123 | 123 | ||||
Balance ending at Mar. 31, 2015 | $ 95 | 33,167 | (30,340) | 206 | 3,128 | |
Balance ending, shares at Mar. 31, 2015 | 9,536,814 | |||||
Balance beginning at Dec. 31, 2015 | $ 96 | 33,330 | (30,321) | (138) | 2,967 | |
Balance beginning, shares at Dec. 31, 2015 | 4 | 9,628,863 | ||||
Common stock issued as compensation to directors | $ 1 | 210 | 211 | |||
Common stock issued as compensation to directors, shares | 48,681 | |||||
Net loss | (276) | (276) | ||||
Net change in unrealized (gain) loss on securities available for sale, net of taxes | 158 | 158 | ||||
Reverse common stock split (1-for-10) | $ (87) | 87 | ||||
Reverse common stock split (1-for-10), shares | (8,665,977) | |||||
Balance ending at Mar. 31, 2016 | $ 10 | $ 33,627 | $ (30,597) | $ 20 | $ 3,060 | |
Balance ending, shares at Mar. 31, 2016 | 4 | 1,011,567 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) | 3 Months Ended |
Mar. 31, 2016 | |
Statement of Stockholders' Equity [Abstract] | |
Reverse stock split ratio | 0.10 |
Condensed Consolidated Stateme8
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash flows from operating activities: | ||
Net loss | $ (276) | $ (182) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 40 | 41 |
Gain on sale of securities | (28) | (32) |
Net amortization of fees, premiums and discounts | 72 | 96 |
Gain on sale of foreclosed real estate | (3) | |
Common stock issued as compensation | 211 | 208 |
Decrease (increase) in accrued interest receivable | 20 | (19) |
Increase in other assets | (99) | (71) |
Increase in official checks and other liabilities | 159 | 268 |
Net cash provided by operating activities | 99 | 306 |
Cash flows from investing activities: | ||
Purchases of securities | (5,915) | (3,235) |
Principal repayments, sales and calls of securities | 7,841 | 2,964 |
Net increase in loans | (771) | (3,638) |
Purchase of premises and equipment | (31) | (6) |
Purchase of FHLB stock | (169) | (24) |
Proceeds from sale of foreclosed real estate | 1,617 | 185 |
Net cash provided by (used in) investing activities | 2,572 | (3,754) |
Cash flows from financing activities: | ||
Net decrease in deposits | (5,029) | (58) |
Net decrease in advanced payment by borrowers for taxes and insurance | 135 | 222 |
Proceeds from FHLB Advances | 3,750 | 4,000 |
Net cash (used in) provided by financing activities | (1,144) | 4,164 |
Net increase in cash and cash equivalents | 1,527 | 716 |
Cash and cash equivalents at beginning of the period | 10,365 | 12,074 |
Cash and cash equivalents at end of the period | 11,892 | 12,790 |
Cash paid during the year for: | ||
Interest | 210 | 176 |
Noncash transactions: | ||
Change in accumulated other comprehensive income (loss), net change in unrealized gain (loss) on securities available for sale | $ 158 | $ 123 |
General
General | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
General | (1) General. In the opinion of management, the accompanying condensed consolidated financial statements of the Company contain all adjustments (consisting principally of normal recurring accruals) necessary to present fairly the financial position at March 31, 2016, and the results of operations and cash flows for the three-month periods 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 to be expected for the full year. Going Concern Status On August 31, 2015, the court held that the Trustee could not sell the Debenture to the Director because certain conditions and requirements set forth in the indenture for the Trust had not been fulfilled. The Director has continued his efforts to acquire the Debenture. Based upon the underlying Debenture documents, to date the Trustee has not accelerated the outstanding balance of the Debenture. The Company continues to pursue mechanisms for paying the accrued interest, such as raising additional capital. Comprehensive Loss. Income Taxes. Recent Pronouncements. Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, In February 2016, the FASB issued ASU 2016-2, Leases (Topic 842) Recent Regulatory Developments. Basel III Rules. The phase-in period for the final rules began for the Bank on January 1, 2015, with full compliance with all of the final rules requirements phased in over a multi-year schedule. The provisions of the final rules are not expected to have a material impact on the Bank. |
Securities
Securities | 3 Months Ended |
Mar. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | (2) Securities. Amortized Gross Gross Fair At March 31, 2016: Securities Available for Sale- Mortgage-backed securities $ 5,094 $ 19 $ (9 ) $ 5,104 Collateralized mortgage obligations 18,932 72 (54 ) 18,950 Total $ 24,026 $ 91 $ (63 ) $ 24,054 At December 31, 2015: Securities Available for Sale- Mortgage-backed securities $ 10,107 $ 31 $ (52 ) $ 10,086 Collateralized mortgage obligations 15,223 21 (227 ) 15,017 SBA Pool Security 644 2 646 Total $ 25,974 $ 54 $ (279 ) $ 25,749 Gross proceeds received with respect to the sale of securities available for sale were $6,991,000 and $1,972,000 during the three month periods ended March 31, 2016 and 2015, respectively. Gross gains of $28,000 and $32,000 were recognized in connection with these sales in 2016 and 2015, respectively. Securities with gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous loss position, is as follows (in thousands): At March 31, 2016 Over Twelve Months Less Than Twelve Months Gross Fair Gross Fair Securities Available for Sale: Mortgage-backed securities $ 0 $ 0 $ (9 ) $ 1,373 Collateralized mortgage obligations (54 ) 6,793 $ 0 $ 0 $ (63 ) $ 8,166 At December 31, 2015 Over Twelve Months Less Than Twelve Months Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Securities Available for Sale: Mortgage-backed securities $ $ $ (52 ) $ 5,526 Collateralized mortgage obligations (227 ) 11,783 $ $ $ (279 ) $ 17,309 At March 31, 2016, the unrealized losses on eight investment securities were caused by market conditions. It is expected that the securities would not be settled at a price less than the book value of the investments. Because the decline in fair value is attributable to market conditions and not credit quality, and because the Company has the ability and intent to hold these investments until a market price recovery or maturity, these investments are not considered other-than-temporarily impaired. Management evaluates securities for other-than-temporary impairment at least on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. A security is impaired if the fair value is less than its carrying value at the financial statement date. When a security is impaired, the Company determines whether this impairment is temporary or other-than-temporary. In estimating other-than-temporary impairment (OTTI) losses, management assesses whether it intends to sell, or it is more likely than not that it will be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. If either of these criteria is met, the entire difference between amortized cost and fair value is recognized in operations. For securities that do not meet the aforementioned criteria, the amount of impairment recognized in operations is limited to the amount related to credit losses, while impairment related to other factors is recognized in other comprehensive income. Management utilizes cash flow models to segregate impairments to distinguish between impairment related to credit losses and impairment related to other factors. To assess for OTTI, management considers, among other things, (i) the severity and duration of the impairment; (ii) the ratings of the security; (iii) the overall transaction structure (the Companys position within the structure, the aggregate, near-term financial performance of the underlying collateral, delinquencies, defaults, loss severities, recoveries, prepayments, cumulative loss projections, and discounted cash flows); and (iv) the timing and magnitude of a break in modeled cash flows. In evaluating securities with unrealized losses, management utilizes various resources, including input from independent third-party firms to perform an analysis of expected future cash flows. The process begins with an assessment of the underlying collateral backing the mortgage pools. Management develops specific assumptions using as much market data as possible and includes internal estimates as well as estimates published by rating agencies and other third-party sources. The data for the individual borrowers in the underlying mortgage pools are generally segregated by state, FICO score at issue, loan to value at issue, and income documentation criteria. Mortgage pools are evaluated for current and expected levels of delinquencies and foreclosures, based on where they fall in the prescribed data set of FICO score, locations, LTV and documentation type, and a level of loss severity is assigned to each security based on its experience. The above-described historical data is used to develop current and expected measures of cumulative default rates as well as ultimate loss frequency and severity within the underlying mortgages. This reveals the expected future cash flows within the mortgage pool. The data described above is then input to an industry recognized model to assess the behavior of the particular security tranche owned by the Company. Significant inputs in this process include the structure of any subordination structures, if applicable, and are dictated by the structure of each particular security as laid out in the offering documents. The forecasted cash flows from the mortgage pools are input through the security structuring model to derive expected cash flows for the specific security owned by the Company to determine if the future cash flows are expected to exceed the book value of the security. The values for the significant inputs are updated on a regular basis. |
Loans
Loans | 3 Months Ended |
Mar. 31, 2016 | |
Receivables [Abstract] | |
Loans | (3) Loans. At March 31, At December 31, 2016 2015 Residential real estate $ 25,533 $ 16,024 Multi-family real estate 4,214 3,697 Commercial real estate 29,488 29,029 Land and construction 5,232 5,258 Commercial 19,361 27,691 Consumer 2,924 3,015 Total loans 86,752 84,714 Add (deduct): Net deferred loan fees, costs and premiums 650 154 Allowance for loan losses (4,080 ) (2,295 ) Loans, net $ 83,322 $ 82,573 An analysis of the change in the allowance for loan losses follows (in thousands): Residential Multi-Family Commercial Land Real Real Real and Estate Estate Estate Construction Commercial Consumer Unallocated Total Three Months Ended March 31, 2016: Beginning balance $ 116 $ 26 $ 1,010 $ 77 $ 154 $ 151 $ 761 $ 2,295 Provision (credit) for loan losses 150 14 (1,706 ) (2 ) 109 29 1,406 Charge-offs (32 ) (32 ) Recoveries 1,808 6 3 1,817 Ending balance $ 266 $ 40 $ 1,112 $ 81 $ 263 $ 151 $ 2,167 $ 4,080 Three Months Ended March 31, 2015: Beginning balance $ 65 $ 2 $ 1,589 $ 99 $ 22 $ $ 467 $ 2,244 Provision (credit) for loan losses 5 19 90 7 47 (4 ) (164 ) Charge-offs Recoveries 4 4 Ending balance $ 70 $ 21 $ 1,679 $ 106 $ 69 $ $ 303 $ 2,248 At March 31, 2016: Individually evaluated for impairment: Recorded investment $ 1,044 $ $ 1,131 $ $ 2,093 $ $ $ 4,268 Balance in allowance for loan losses $ $ $ 358 $ $ 10 $ $ $ 368 Collectively evaluated for impairment: Recorded investment $ 24,489 $ 4,214 $ 28,357 $ 5,232 $ 17,268 $ 2,924 $ $ 82,484 Balance in allowance for loan losses $ 266 $ 40 $ 754 $ 81 $ 253 $ 151 $ 2,167 $ 3,712 At December 31, 2015: Individually evaluated for impairment: Recorded investment $ 1,071 $ $ 2,147 $ $ 2,126 $ $ $ 5,344 Balance in allowance for loan losses $ $ $ $ $ 13 $ $ $ 13 Collectively evaluated for impairment: Recorded investment $ 14,953 $ 3,697 $ 26,882 $ 5,258 $ 25,565 $ 3,015 $ $ 79,370 Balance in allowance for loan losses $ 116 $ 26 $ 1,010 $ 77 $ 141 $ 151 $ 761 $ 2,282 Residential Real Estate, Multi-Family Real Estate, Commercial Real Estate, Land and Construction. Commercial. Consumer. The following summarizes the loan credit quality (in thousands): OLEM (Other Loans Especially Sub- Pass Mentioned) standard Doubtful Loss Total At March 31, 2016: Residential real estate $ 24,489 $ $ 1,044 $ $ $ 25,533 Multi-family real estate 4,214 4,214 Commercial real estate 27,793 564 1,131 29,488 Land and construction 5,186 46 5,232 Commercial 15,464 3,897 19,361 Consumer 2,924 2,924 Total $ 80,070 $ 610 $ 6,072 $ $ $ 86,752 At December 31, 2015: Residential real estate $ 14,953 $ $ 1,071 $ $ $ 16,024 Multi-family real estate 3,697 3,697 Commercial real estate 26,309 573 2,147 29,029 Land and construction 5,212 46 5,258 Commercial 23,711 3,980 27,691 Consumer 3,015 3,015 Total $ 76,897 $ 619 $ 7,198 $ $ $ 84,714 Pass a Pass loans primary source of loan repayment is satisfactory, with secondary sources very likely to be realized if necessary. These are loans that conform in all aspects to bank policy and regulatory requirements, and no repayment risk has been identified. OLEM (Other Loans Especially Mentioned) an Other Loan Especially Mentioned has potential weaknesses that deserve managements close attention. If left uncorrected, these potential weaknesses may result in the deterioration of the repayment prospects for the asset or the Companys credit position at some future date. Substandard a Substandard loan is inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Doubtful a loan classified as Doubtful has all the weaknesses inherent in one classified as Substandard, with the added characteristics that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. This classification does not mean that the asset has absolutely no recovery or salvage value, but rather it is not practical or desirable to defer writing off this basically worthless asset even though partial recovery may be affected in the future. The Company charges off any loan classified as Doubtful. Loss a loan classified Loss is considered uncollectible and of such little value that continuance as a bankable asset is not warranted. This classification does not mean that the asset has absolutely no recovery or salvage value, but rather it is not practical or desirable to defer writing off this basically worthless asset even though partial recovery may be affected in the future. The Company fully charges off any loan classified as Loss. Age analysis of past-due loans is as follows (in thousands): Accruing Loans 30-59 60-89 Greater Total Current Nonaccrual Total At March 31, 2016: Residential real estate $ $ $ $ $ 24,489 $ 1,044 $ 25,533 Multi-family real estate 4,214 4,214 Commercial real estate 28,357 1,131 29,488 Land and construction 5,232 5,232 Commercial 18,293 1,068 19,361 Consumer 32 32 2,892 2,924 Total $ $ $ 32 $ 32 $ 83,477 $ 3,243 $ 86,752 At December 31, 2015: Residential real estate $ $ $ $ $ 14,953 $ 1,071 $ 16,024 Multi-family real estate 3,697 3,697 Commercial real estate 26,882 2,147 29,029 Land and construction 5,258 5,258 Commercial 26,606 1,085 27,691 Consumer 3,015 3,015 Total $ $ $ $ $ 80,411 $ 4,303 $ 84,714 The following summarizes the amount of impaired loans (in thousands): At March 31, 2016 At December 31, 2015 Recorded Unpaid Related Recorded Unpaid Related With no related allowance recorded: Residential real estate $ 1,044 $ 1,169 $ $ 1,071 $ 1,196 $ Commercial real estate 2,147 3,960 Commercial 1,068 1,310 1,085 1,326 With related allowance recorded: Commercial real estate $ 1,131 $ 1,131 358 Commercial 1,025 1,025 10 1,041 1,041 13 Total Residential real estate $ 1,044 $ 1,169 $ $ 1,071 $ 1,196 $ Commercial real estate $ 1,131 $ 1,131 $ 358 $ 2,147 $ 3,960 $ Commercial $ 2,093 $ 2,335 $ 10 $ 2,126 $ 2,367 $ 13 Total $ 4,268 $ 4,635 $ 368 $ 5,344 $ 7,523 $ 13 The average net investment in impaired loans and interest income recognized and received on impaired loans are as follows (in thousands): For the Period Ended March 31, For the Period Ended March 31, 2016 2015 Average Interest Interest Average Interest Interest Residential real estate $ 1,048 12 18 $ 5,622 $ 34 $ 84 Commercial real estate $ 1,011 6 $ 4,066 $ 21 $ 63 Commercial $ 2,089 13 30 $ 1,140 $ $ 16 Total $ 4,148 25 54 $ 10,828 $ 55 $ 163 No loans have been determined to be troubled debt restructurings during the three months ended March 31, 2016 or 2015. |
Regulatory Capital
Regulatory Capital | 3 Months Ended |
Mar. 31, 2016 | |
Regulatory Capital | |
Regulatory Capital | (4) Regulatory Capital. Bank Consent Order Tier I capital to total average assets 7.60 % 8.00 % Tier I capital to risk-weighted assets 10.27 % N/A Common equity Tier I capital to risk-weighted assets 10.27 % N/A Total capital to risk-weighted assets 11.56 % 12.00 % At March 31, 2016, the Bank is well-capitalized. As a result of the Consent Order discussed in Note 9, the Bank cannot be categorized higher than adequately capitalized until the Consent Order is lifted, even if its ratios were to exceed those required to be a well capitalized bank. |
Loss Per Share
Loss Per Share | 3 Months Ended |
Mar. 31, 2016 | |
Net loss per share: | |
Loss Per Share | (5) Loss Per Share. Three Months Ended 2016 2015 Weighted-average number of common shares outstanding used to calculate basic and diluted loss per common share 963,673 946,337 |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | (6) Stock-Based Compensation. As of March 31, 2016, only common stock has been issued as compensation to directors for services rendered under this plan. 48,681 and 23,157 shares of common stock (adjusted for one-for-ten reverse stock split) were issued for the periods ended March 31, 2016 and 2015, respectively. A total of $211,000 and $208,000 of compensation was recorded during 2016 and 2015 periods. At March 31, 2016 a total of 3,360 (adjusted for one-for-ten reverse stock split) shares remain available for grant. In May 2016, the Company increased the total number of shares available to be awarded from 105,000 shares to 210,000 shares. |
Fair Value Measurement
Fair Value Measurement | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | (7) Fair Value Measurements. Losses Fair Total Recorded in Value Level 1 Level 2 Level 3 Losses Operations At March 31, 2016: Residential real estate $ 410 $ $ $ 410 $ 125 $ Commercial real estate 773 773 358 $ 358 Commercial 1,068 1,068 242 $ 2,251 $ $ $ 2,251 $ 725 $ 358 Foreclosed real estate $ 2,412 $ $ $ 2,412 $ 1,118 $ At December 31, 2015: Residential real estate $ 423 $ $ $ 423 $ 125 $ Commercial real estate 1,009 1,009 1,813 Commercial 1,085 1,085 242 $ 2,517 $ $ $ 2,517 $ 2,180 $ Foreclosed real estate $ 4,029 $ $ $ 4,029 $ 1,403 $ 260 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | (8) Fair Value of Financial Instruments. At March 31, 2016 At December 31, 2015 Carrying Amount Fair Value Level Carrying Amount Fair Value Level Financial assets: Cash and cash equivalents $ 11,892 $ 11,892 1 $ 10,365 $ 10,365 1 Securities available for sale 24,054 24,054 2 25,749 25,749 2 Loans 83,322 83,426 3 82,573 82,429 3 Federal Home Loan Bank stock 1,135 1,135 3 966 966 3 Accrued interest receivable 442 442 3 462 462 3 Financial liabilities: Deposit liabilities 92,542 92,825 3 97,571 97,837 3 Federal Home Loan Bank advances 23,750 23,777 3 20,000 20,000 3 Junior subordinated debenture 5,155 N/A (1) 3 5,155 N/A (1) 3 Off-balance sheet financial instruments 3 3 (1) The Company is unable to determine value based on significant unobservable inputs required in the calculation. Refer to Note 10 for further information. Discussion regarding the assumptions used to compute the estimated fair values of financial instruments can be found in Note 1 to the consolidated financial statements included in the Companys annual report on Form 10-K for the year ended December 31, 2015. |
Regulatory Matters
Regulatory Matters | 3 Months Ended |
Mar. 31, 2016 | |
Regulatory Matters | |
Regulatory Matters | (9) Regulatory Matters. Effective January 1, 2015, the Bank, became subject to the new Basel III capital level threshold requirements under the Prompt Corrective Action regulations with full compliance with all of the final rules requirements phased in over a multi-year schedule. These new regulations were designed to ensure that banks maintain strong capital positions even in the event of severe economic downturns or unforeseen losses. Changes that could affect the Bank going forward include additional constraints on the inclusion of deferred tax assets in capital and increased risk weightings for nonperforming loans and acquisition/development loans in regulatory capital. Under the new regulations in the first quarter of 2015, the Bank elected an irreversible one-time opt-out to exclude accumulated other comprehensive loss from regulatory capital. As of March 31, 2016, the Bank is subject to a Consent Order issued by the Federal Deposit Insurance Corporation and the State of Florida Office of Financial Regulation (OFR), and accordingly is deemed to be adequately capitalized even if its capital ratios were to exceed those generally required to be a well capitalized bank. An institution must maintain minimum total risk-based, Tier I risk-based and Tier I leverage ratios as set forth in the following tables. The Banks actual capital amounts and percentages are also presented in the table (dollars in thousands): The following table shows the Banks capital amounts and ratios and regulatory thresholds at March 31, 2016 and December 31, 2015 (dollars in thousands): Actual For Capital Minimum Requirements of Amount % Amount % Amount % Amount % As of March 31, 2016: Total Capital to Risk-Weighted Assets $ 10,387 11.56 % $ 7,185 8.00 % $ 8,982 10.00 % $ 10,778 12.00 % Tier I Capital to Risk-Weighted Assets 9,228 10.27 5,389 6.00 7,185 8.00 N/A N/A Common equity Tier I capital to Risk-Weighted Assets 9,228 10.27 4,042 4.50 5,838 6.50 N/A N/A Tier I Capital to Total Assets 9,228 7.60 4,856 4.00 6,070 5.00 9,712 8.00 As of December 31, 2015: Total Capital to Risk-Weighted Assets $ 10,319 11.40 % $ 7,240 8.0 % $ 9,050 10.0 % $ 10,860 12.0 % Tier I Capital to Risk-Weighted Assets 9,173 10.14 5,430 6.0 7,240 8.0 N/A N/A Common equity Tier I capital to Risk-Weighted Assets 9,173 10.14 4,073 4.50 5,883 6.50 N/A N/A Tier I Capital to Total Assets 9,173 7.59 4,836 4.0 6,045 5.0 9,672 8.0 Regulatory Matters Company. Regulatory Matters Bank. The Consent Order represents an agreement among the Bank, the FDIC and the OFR as to areas of the Banks operations that warrant improvement and presents a plan for making those improvements. The Consent Order imposes no fines or penalties on the Bank. The Consent Order will remain in effect and enforceable until it is modified, terminated, suspended, or set aside by the FDIC and the OFR. See Footnote 13 to the Consolidated Financial Statements included in the Companys 2015 Form 10-K for a discussion of the Consent Order. The Bank is in process of implementing comprehensive policies and plans to address all of the requirements of the Consent Order and has incorporated recommendations from the FDIC and OFR into these policies and plans. However, at March 31, 2016, the Bank was not in compliance with the minimum Tier 1 leverage capital ratio of 8% and a total risk-based capital ratio of 12%. |
Junior Subordinated Debenture
Junior Subordinated Debenture | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Junior Subordinated Debenture | (10) Junior Subordinated Debenture. |
Reverse Common Stock Split
Reverse Common Stock Split | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Reverse Common Stock Split | (11) Reverse Common Stock Split. |
Loan Loss Recovery
Loan Loss Recovery | 3 Months Ended |
Mar. 31, 2016 | |
Loan Loss Recovery | |
Loan Loss Recovery | (12) Loan Loss Recovery. |
General (Policies)
General (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Comprehensive Loss | Comprehensive Loss. |
Income Taxes | Income Taxes. |
Recent Pronouncements and Recent Regulatory Developments | Recent Pronouncements. Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, In February 2016, the FASB issued ASU 2016-2, Leases (Topic 842) Recent Regulatory Developments. Basel III Rules. The phase-in period for the final rules began for the Bank on January 1, 2015, with full compliance with all of the final rules requirements phased in over a multi-year schedule. The provisions of the final rules are not expected to have a material impact on the Bank. |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of amortized cost, unrealized gross gains and losses and fair values of securities available for sale | The carrying amount of securities and approximate fair values are as follows (in thousands): Amortized Gross Gross Fair At March 31, 2016: Securities Available for Sale- Mortgage-backed securities $ 5,094 $ 19 $ (9 ) $ 5,104 Collateralized mortgage obligations 18,932 72 (54 ) 18,950 Total $ 24,026 $ 91 $ (63 ) $ 24,054 At December 31, 2015: Securities Available for Sale- Mortgage-backed securities $ 10,107 $ 31 $ (52 ) $ 10,086 Collateralized mortgage obligations 15,223 21 (227 ) 15,017 SBA Pool Security 644 2 646 Total $ 25,974 $ 54 $ (279 ) $ 25,749 |
Schedule of securities with continuous unrealized loss position | Securities with gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous loss position, is as follows (in thousands): At March 31, 2016 Over Twelve Months Less Than Twelve Months Gross Fair Gross Fair Securities Available for Sale: Mortgage-backed securities $ 0 $ 0 $ (9 ) $ 1,373 Collateralized mortgage obligations (54 ) 6,793 $ 0 $ 0 $ (63 ) $ 8,166 At December 31, 2015 Over Twelve Months Less Than Twelve Months Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Securities Available for Sale: Mortgage-backed securities $ $ $ (52 ) $ 5,526 Collateralized mortgage obligations (227 ) 11,783 $ $ $ (279 ) $ 17,309 |
Loans (Tables)
Loans (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Receivables [Abstract] | |
Schedule of components of loans | The components of loans are as follows (in thousands): At March 31, At December 31, 2016 2015 Residential real estate $ 25,533 $ 16,024 Multi-family real estate 4,214 3,697 Commercial real estate 29,488 29,029 Land and construction 5,232 5,258 Commercial 19,361 27,691 Consumer 2,924 3,015 Total loans 86,752 84,714 Add (deduct): Net deferred loan fees, costs and premiums 650 154 Allowance for loan losses (4,080 ) (2,295 ) Loans, net $ 83,322 $ 82,573 |
Schedule of activity in the allowance for loan losses | An analysis of the change in the allowance for loan losses follows (in thousands): Residential Multi-Family Commercial Land Real Real Real and Estate Estate Estate Construction Commercial Consumer Unallocated Total Three Months Ended March 31, 2016: Beginning balance $ 116 $ 26 $ 1,010 $ 77 $ 154 $ 151 $ 761 $ 2,295 Provision (credit) for loan losses 150 14 (1,706 ) (2 ) 109 29 1,406 Charge-offs (32 ) (32 ) Recoveries 1,808 6 3 1,817 Ending balance $ 266 $ 40 $ 1,112 $ 81 $ 263 $ 151 $ 2,167 $ 4,080 Three Months Ended March 31, 2015: Beginning balance $ 65 $ 2 $ 1,589 $ 99 $ 22 $ $ 467 $ 2,244 Provision (credit) for loan losses 5 19 90 7 47 (4 ) (164 ) Charge-offs Recoveries 4 4 Ending balance $ 70 $ 21 $ 1,679 $ 106 $ 69 $ $ 303 $ 2,248 At March 31, 2016: Individually evaluated for impairment: Recorded investment $ 1,044 $ $ 1,131 $ $ 2,093 $ $ $ 4,268 Balance in allowance for loan losses $ $ $ 358 $ $ 10 $ $ $ 368 Collectively evaluated for impairment: Recorded investment $ 24,489 $ 4,214 $ 28,357 $ 5,232 $ 17,268 $ 2,924 $ $ 82,484 Balance in allowance for loan losses $ 266 $ 40 $ 754 $ 81 $ 253 $ 151 $ 2,167 $ 3,712 At December 31, 2015: Individually evaluated for impairment: Recorded investment $ 1,071 $ $ 2,147 $ $ 2,126 $ $ $ 5,344 Balance in allowance for loan losses $ $ $ $ $ 13 $ $ $ 13 Collectively evaluated for impairment: Recorded investment $ 14,953 $ 3,697 $ 26,882 $ 5,258 $ 25,565 $ 3,015 $ $ 79,370 Balance in allowance for loan losses $ 116 $ 26 $ 1,010 $ 77 $ 141 $ 151 $ 761 $ 2,282 |
Schedule of loans by credit quality indicator | The following summarizes the loan credit quality (in thousands): OLEM (Other Loans Especially Sub- Pass Mentioned) standard Doubtful Loss Total At March 31, 2016: Residential real estate $ 24,489 $ $ 1,044 $ $ $ 25,533 Multi-family real estate 4,214 4,214 Commercial real estate 27,793 564 1,131 29,488 Land and construction 5,186 46 5,232 Commercial 15,464 3,897 19,361 Consumer 2,924 2,924 Total $ 80,070 $ 610 $ 6,072 $ $ $ 86,752 At December 31, 2015: Residential real estate $ 14,953 $ $ 1,071 $ $ $ 16,024 Multi-family real estate 3,697 3,697 Commercial real estate 26,309 573 2,147 29,029 Land and construction 5,212 46 5,258 Commercial 23,711 3,980 27,691 Consumer 3,015 3,015 Total $ 76,897 $ 619 $ 7,198 $ $ $ 84,714 |
Schedule of aging analysis of past due loans | Age analysis of past-due loans is as follows (in thousands): Accruing Loans 30-59 60-89 Greater Total Current Nonaccrual Total At March 31, 2016: Residential real estate $ $ $ $ $ 24,489 $ 1,044 $ 25,533 Multi-family real estate 4,214 4,214 Commercial real estate 28,357 1,131 29,488 Land and construction 5,232 5,232 Commercial 18,293 1,068 19,361 Consumer 32 32 2,892 2,924 Total $ $ $ 32 $ 32 $ 83,477 $ 3,243 $ 86,752 At December 31, 2015: Residential real estate $ $ $ $ $ 14,953 $ 1,071 $ 16,024 Multi-family real estate 3,697 3,697 Commercial real estate 26,882 2,147 29,029 Land and construction 5,258 5,258 Commercial 26,606 1,085 27,691 Consumer 3,015 3,015 Total $ $ $ $ $ 80,411 $ 4,303 $ 84,714 |
Schedule of impaired loans | The following summarizes the amount of impaired loans (in thousands): At March 31, 2016 At December 31, 2015 Recorded Unpaid Related Recorded Unpaid Related With no related allowance recorded: Residential real estate $ 1,044 $ 1,169 $ $ 1,071 $ 1,196 $ Commercial real estate 2,147 3,960 Commercial 1,068 1,310 1,085 1,326 With related allowance recorded: Commercial real estate $ 1,131 $ 1,131 358 Commercial 1,025 1,025 10 1,041 1,041 13 Total Residential real estate $ 1,044 $ 1,169 $ $ 1,071 $ 1,196 $ Commercial real estate $ 1,131 $ 1,131 $ 358 $ 2,147 $ 3,960 $ Commercial $ 2,093 $ 2,335 $ 10 $ 2,126 $ 2,367 $ 13 Total $ 4,268 $ 4,635 $ 368 $ 5,344 $ 7,523 $ 13 |
Regulatory Capital (Tables)
Regulatory Capital (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Regulatory Capital Tables | |
Schedule of regulatory capital requirements | The following table shows the Banks capital amounts and ratios and regulatory thresholds at March 31, 2016 and December 31, 2015 (dollars in thousands): Actual For Capital Minimum Requirements of Amount % Amount % Amount % Amount % As of March 31, 2016: Total Capital to Risk-Weighted Assets $ 10,387 11.56 % $ 7,185 8.00 % $ 8,982 10.00 % $ 10,778 12.00 % Tier I Capital to Risk-Weighted Assets 9,228 10.27 5,389 6.00 7,185 8.00 N/A N/A Common equity Tier I capital to Risk-Weighted Assets 9,228 10.27 4,042 4.50 5,838 6.50 N/A N/A Tier I Capital to Total Assets 9,228 7.60 4,856 4.00 6,070 5.00 9,712 8.00 As of December 31, 2015: Total Capital to Risk-Weighted Assets $ 10,319 11.40 % $ 7,240 8.0 % $ 9,050 10.0 % $ 10,860 12.0 % Tier I Capital to Risk-Weighted Assets 9,173 10.14 5,430 6.0 7,240 8.0 N/A N/A Common equity Tier I capital to Risk-Weighted Assets 9,173 10.14 4,073 4.50 5,883 6.50 N/A N/A Tier I Capital to Total Assets 9,173 7.59 4,836 4.0 6,045 5.0 9,672 8.0 |
Loss Per Share (Tables)
Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Net loss per share: | |
Schedule of weighted average number of shares | Loss per common share have been computed based on the following (weighted-average number of common shares outstanding have been adjusted for the reverse stock split discussed in note 11): Three Months Ended 2016 2015 Weighted-average number of common shares outstanding used to calculate basic and diluted loss per common share 963,673 946,337 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule of assets measured on a nonrecurring basis | Assets measured at fair value on a nonrecurring basis are as follows (in thousands): Losses Fair Total Recorded in Value Level 1 Level 2 Level 3 Losses Operations At March 31, 2016: Residential real estate $ 410 $ $ $ 410 $ 125 $ Commercial real estate 773 773 358 $ 358 Commercial 1,068 1,068 242 $ 2,251 $ $ $ 2,251 $ 725 $ 358 Foreclosed real estate $ 2,412 $ $ $ 2,412 $ 1,118 $ At December 31, 2015: Residential real estate $ 423 $ $ $ 423 $ 125 $ Commercial real estate 1,009 1,009 1,813 Commercial 1,085 1,085 242 $ 2,517 $ $ $ 2,517 $ 2,180 $ Foreclosed real estate $ 4,029 $ $ $ 4,029 $ 1,403 $ 260 |
Fair Value of Financial Instr27
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule of estimated fair value of financial instruments | The estimated fair values and fair value measurement method with respect to the Companys financial instruments were as follows (in thousands): At March 31, 2016 At December 31, 2015 Carrying Amount Fair Value Level Carrying Amount Fair Value Level Financial assets: Cash and cash equivalents $ 11,892 $ 11,892 1 $ 10,365 $ 10,365 1 Securities available for sale 24,054 24,054 2 25,749 25,749 2 Loans 83,322 83,426 3 82,573 82,429 3 Federal Home Loan Bank stock 1,135 1,135 3 966 966 3 Accrued interest receivable 442 442 3 462 462 3 Financial liabilities: Deposit liabilities 92,542 92,825 3 97,571 97,837 3 Federal Home Loan Bank advances 23,750 23,777 3 20,000 20,000 3 Junior subordinated debenture 5,155 N/A (1) 3 5,155 N/A (1) 3 Off-balance sheet financial instruments 3 3 (1) The Company is unable to determine value based on significant unobservable inputs required in the calculation. Refer to Note 10 for further information. |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Regulatory Matters Tables | |
Schedule of regulatory capital requirements | The following table shows the Banks capital amounts and ratios and regulatory thresholds at March 31, 2016 and December 31, 2015 (dollars in thousands): Actual For Capital Minimum Requirements of Amount % Amount % Amount % Amount % As of March 31, 2016: Total Capital to Risk-Weighted Assets $ 10,387 11.56 % $ 7,185 8.00 % $ 8,982 10.00 % $ 10,778 12.00 % Tier I Capital to Risk-Weighted Assets 9,228 10.27 5,389 6.00 7,185 8.00 N/A N/A Common equity Tier I capital to Risk-Weighted Assets 9,228 10.27 4,042 4.50 5,838 6.50 N/A N/A Tier I Capital to Total Assets 9,228 7.60 4,856 4.00 6,070 5.00 9,712 8.00 As of December 31, 2015: Total Capital to Risk-Weighted Assets $ 10,319 11.40 % $ 7,240 8.0 % $ 9,050 10.0 % $ 10,860 12.0 % Tier I Capital to Risk-Weighted Assets 9,173 10.14 5,430 6.0 7,240 8.0 N/A N/A Common equity Tier I capital to Risk-Weighted Assets 9,173 10.14 4,073 4.50 5,883 6.50 N/A N/A Tier I Capital to Total Assets 9,173 7.59 4,836 4.0 6,045 5.0 9,672 8.0 |
General (Details Narrative)
General (Details Narrative) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Accounting Policies [Abstract] | ||
Junior subordinated debenture | $ 5,155 | $ 5,155 |
Accrued and unpaid interest payable | $ 1,001 |
Securities (Details Narrative)
Securities (Details Narrative) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) | |
Investments, Debt and Equity Securities [Abstract] | ||
Proceeds from sale of security available for sale | $ 6,991 | $ 1,972 |
Gross gains from sale of securities | $ 28 | $ 32 |
Investment securities in unrealized loss position | 8 |
Securities (Details)
Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Amortized Cost | $ 24,026 | $ 25,974 |
Gross Unrealized Gains | 91 | 54 |
Gross Unrealized Losses | (63) | (279) |
Fair Value | 24,054 | 25,749 |
Mortgage-backed securities [Member] | ||
Amortized Cost | 5,094 | 10,107 |
Gross Unrealized Gains | 19 | 31 |
Gross Unrealized Losses | (19) | (52) |
Fair Value | 5,104 | 10,086 |
Collateralized Mortgage Obligations [Member] | ||
Amortized Cost | 18,932 | 15,223 |
Gross Unrealized Gains | 72 | 21 |
Gross Unrealized Losses | (54) | (227) |
Fair Value | $ 18,950 | 15,017 |
SBA Pool Security [Member] | ||
Amortized Cost | 644 | |
Gross Unrealized Gains | 2 | |
Fair Value | $ 646 |
Securities (Details 1)
Securities (Details 1) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Securities in an Unrealized Loss Position Less than 12 Months | ||
Gross unrealized Losses | $ (63) | $ (279) |
Fair Value | 8,166 | 17,309 |
Mortgage-backed securities [Member] | ||
Securities in an Unrealized Loss Position Less than 12 Months | ||
Gross unrealized Losses | (9) | (52) |
Fair Value | 1,373 | 5,526 |
Collateralized Mortgage Obligations [Member] | ||
Securities in an Unrealized Loss Position Less than 12 Months | ||
Gross unrealized Losses | (54) | (227) |
Fair Value | $ 6,793 | $ 11,783 |
Loans (Details)
Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Loans, gross | $ 86,752 | $ 84,714 | ||
Net deferred loan fees, costs and premiums | 650 | 154 | ||
Allowance for loan losses | (4,080) | (2,295) | $ (2,248) | $ (2,244) |
Loans, net | 83,322 | 82,573 | ||
Residential real estate [Member] | ||||
Loans, gross | 25,533 | 16,024 | ||
Allowance for loan losses | (266) | (116) | (70) | (65) |
Multi-family real estate [Member] | ||||
Loans, gross | 4,214 | 3,697 | ||
Allowance for loan losses | (40) | (26) | (21) | (2) |
Commercial Real Estate [Member] | ||||
Loans, gross | 29,488 | 29,029 | ||
Allowance for loan losses | (1,112) | (1,010) | (1,679) | (1,589) |
Land and construction [Member] | ||||
Loans, gross | 5,232 | 5,258 | ||
Allowance for loan losses | (81) | (77) | (106) | (99) |
Commercial [Member] | ||||
Loans, gross | 19,361 | 27,691 | ||
Allowance for loan losses | (263) | (154) | $ (69) | $ (22) |
Consumer [Member] | ||||
Loans, gross | 2,924 | 3,015 | ||
Allowance for loan losses | $ (151) | $ (151) |
Loans (Details 1)
Loans (Details 1) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Activity in the allowance for loan losses by portfolio segment | ||
Beginning balance | $ 2,295 | $ 2,244 |
Charge-offs | (32) | |
Recoveries | 1,817 | 4 |
Ending balance | 4,080 | 2,248 |
Residential real estate [Member] | ||
Activity in the allowance for loan losses by portfolio segment | ||
Beginning balance | 116 | 65 |
Provision (credit) for loan losses | 150 | 5 |
Ending balance | 266 | 70 |
Multi-family real estate [Member] | ||
Activity in the allowance for loan losses by portfolio segment | ||
Beginning balance | 26 | 2 |
Provision (credit) for loan losses | 14 | 19 |
Ending balance | 40 | 21 |
Commercial Real Estate [Member] | ||
Activity in the allowance for loan losses by portfolio segment | ||
Beginning balance | 1,010 | 1,589 |
Provision (credit) for loan losses | (1,706) | 90 |
Recoveries | 1,808 | |
Ending balance | 1,112 | 1,679 |
Land and construction [Member] | ||
Activity in the allowance for loan losses by portfolio segment | ||
Beginning balance | 77 | 99 |
Provision (credit) for loan losses | (2) | 7 |
Recoveries | 6 | |
Ending balance | 81 | 106 |
Commercial [Member] | ||
Activity in the allowance for loan losses by portfolio segment | ||
Beginning balance | 154 | 22 |
Provision (credit) for loan losses | 109 | 47 |
Ending balance | 263 | 69 |
Consumer [Member] | ||
Activity in the allowance for loan losses by portfolio segment | ||
Beginning balance | 151 | |
Provision (credit) for loan losses | 29 | (4) |
Charge-offs | (32) | |
Recoveries | 3 | 4 |
Ending balance | 151 | |
Unallocated [Member] | ||
Activity in the allowance for loan losses by portfolio segment | ||
Beginning balance | 761 | 468 |
Provision (credit) for loan losses | 1,406 | (164) |
Ending balance | $ 2,167 | $ 303 |
Loans (Details 2)
Loans (Details 2) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Allowance balance attributed to loans: | ||
Recorded investment, Individually evaluated for impairment | $ 4,268 | $ 5,344 |
Allowance for loan losses, Individually evaluated for impairment | 368 | 13 |
Recorded investment, Collectively evaluated for impairment | 82,484 | 79,370 |
Allowance for loan losses, Collectively evaluated for impairment | 3,712 | 2,282 |
Residential real estate [Member] | ||
Allowance balance attributed to loans: | ||
Recorded investment, Individually evaluated for impairment | 1,044 | 1,071 |
Recorded investment, Collectively evaluated for impairment | 24,489 | 14,953 |
Allowance for loan losses, Collectively evaluated for impairment | 266 | 116 |
Multi-family real estate [Member] | ||
Allowance balance attributed to loans: | ||
Recorded investment, Collectively evaluated for impairment | 4,214 | 3,697 |
Allowance for loan losses, Collectively evaluated for impairment | 40 | 26 |
Commercial Real Estate [Member] | ||
Allowance balance attributed to loans: | ||
Recorded investment, Individually evaluated for impairment | 1,131 | 2,147 |
Allowance for loan losses, Individually evaluated for impairment | 358 | |
Recorded investment, Collectively evaluated for impairment | 28,357 | 26,882 |
Allowance for loan losses, Collectively evaluated for impairment | 754 | 1,010 |
Land and construction [Member] | ||
Allowance balance attributed to loans: | ||
Recorded investment, Collectively evaluated for impairment | 5,232 | 5,258 |
Allowance for loan losses, Collectively evaluated for impairment | 81 | 77 |
Commercial [Member] | ||
Allowance balance attributed to loans: | ||
Recorded investment, Individually evaluated for impairment | 2,093 | 2,126 |
Allowance for loan losses, Individually evaluated for impairment | 10 | 13 |
Recorded investment, Collectively evaluated for impairment | 17,268 | 25,565 |
Allowance for loan losses, Collectively evaluated for impairment | 253 | 141 |
Consumer [Member] | ||
Allowance balance attributed to loans: | ||
Recorded investment, Collectively evaluated for impairment | 2,924 | 3,015 |
Allowance for loan losses, Collectively evaluated for impairment | 151 | 151 |
Unallocated [Member] | ||
Allowance balance attributed to loans: | ||
Allowance for loan losses, Collectively evaluated for impairment | $ 2,167 | $ 761 |
Loans (Details 3)
Loans (Details 3) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Risk rated loans | $ 86,752 | $ 84,714 |
Pass [Member] | ||
Risk rated loans | 80,070 | 76,897 |
OLEM (Other Loans Especially Mentioned) [Member] | ||
Risk rated loans | 610 | 619 |
Substandard [Member] | ||
Risk rated loans | 6,072 | 7,198 |
Residential real estate [Member] | ||
Risk rated loans | 25,533 | 16,024 |
Residential real estate [Member] | Pass [Member] | ||
Risk rated loans | 24,489 | 14,953 |
Residential real estate [Member] | Substandard [Member] | ||
Risk rated loans | 1,044 | 1,071 |
Multi-family real estate [Member] | ||
Risk rated loans | 4,214 | 3,697 |
Multi-family real estate [Member] | Pass [Member] | ||
Risk rated loans | 4,214 | 3,697 |
Commercial Real Estate [Member] | ||
Risk rated loans | 29,488 | 29,029 |
Commercial Real Estate [Member] | Pass [Member] | ||
Risk rated loans | 27,793 | 26,309 |
Commercial Real Estate [Member] | OLEM (Other Loans Especially Mentioned) [Member] | ||
Risk rated loans | 564 | 573 |
Commercial Real Estate [Member] | Substandard [Member] | ||
Risk rated loans | 1,131 | 2,147 |
Land and construction [Member] | ||
Risk rated loans | 5,232 | 5,258 |
Land and construction [Member] | Pass [Member] | ||
Risk rated loans | 5,186 | 5,212 |
Land and construction [Member] | OLEM (Other Loans Especially Mentioned) [Member] | ||
Risk rated loans | 46 | 46 |
Commercial [Member] | ||
Risk rated loans | 19,361 | 27,691 |
Commercial [Member] | Pass [Member] | ||
Risk rated loans | 15,464 | 23,711 |
Commercial [Member] | Substandard [Member] | ||
Risk rated loans | 3,897 | 3,980 |
Consumer [Member] | ||
Risk rated loans | 2,924 | 3,015 |
Consumer [Member] | Pass [Member] | ||
Risk rated loans | $ 2,924 | $ 3,015 |
Loans (Details 4)
Loans (Details 4) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Aging analysis of past due loans | ||
Total Past Due | $ 32 | |
Current Loans | 83,477 | $ 80,411 |
Nonaccrual Loans | 3,243 | 4,303 |
Total loans | 86,752 | 84,714 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Aging analysis of past due loans | ||
Total Past Due | 1,386 | |
Financing Receivables, Greater than 90 Days Past Due [Member] | ||
Aging analysis of past due loans | ||
Total Past Due | 32 | |
Residential real estate [Member] | ||
Aging analysis of past due loans | ||
Current Loans | 24,489 | 14,953 |
Nonaccrual Loans | 1,044 | 1,071 |
Total loans | 25,533 | 16,024 |
Commercial [Member] | ||
Aging analysis of past due loans | ||
Current Loans | 18,293 | 26,606 |
Nonaccrual Loans | 1,068 | 1,085 |
Total loans | 19,361 | 27,691 |
Commercial [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Aging analysis of past due loans | ||
Total Past Due | 1,386 | |
Commercial Real Estate [Member] | ||
Aging analysis of past due loans | ||
Current Loans | 28,357 | 26,882 |
Nonaccrual Loans | 1,131 | 2,147 |
Total loans | 29,488 | 29,029 |
Consumer [Member] | ||
Aging analysis of past due loans | ||
Total Past Due | 32 | |
Current Loans | 2,892 | 3,015 |
Total loans | 2,924 | 3,015 |
Consumer [Member] | Financing Receivables, Greater than 90 Days Past Due [Member] | ||
Aging analysis of past due loans | ||
Total Past Due | 32 | |
Multi-family real estate [Member] | ||
Aging analysis of past due loans | ||
Current Loans | 4,214 | 3,697 |
Total loans | 4,214 | 3,697 |
Land and construction [Member] | ||
Aging analysis of past due loans | ||
Current Loans | 5,232 | 5,258 |
Total loans | $ 5,232 | $ 5,258 |
Loans (Details 5)
Loans (Details 5) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Loans with an allowance recorded: | ||
Related Allowance | $ 368 | $ 13 |
Total recorded investment | 4,268 | 5,344 |
Total unpaid principle balance | 4,635 | 7,523 |
Residential real estate [Member] | ||
Loans with no related allowance recorded: | ||
Recorded Investment , With no related allowance recorded | 1,044 | 1,071 |
Unpaid Principal Balance, With no related allowance recorded | 1,169 | 1,196 |
Loans with an allowance recorded: | ||
Total recorded investment | 1,044 | 1,071 |
Total unpaid principle balance | 1,169 | 1,196 |
Commercial Real Estate [Member] | ||
Loans with no related allowance recorded: | ||
Recorded Investment , With no related allowance recorded | 2,147 | |
Unpaid Principal Balance, With no related allowance recorded | 3,960 | |
Loans with an allowance recorded: | ||
Recorded Investment , With related allowance recorded | 1,131 | |
Unpaid Principal Balance, With related allowance recorded | 1,131 | |
Related Allowance | 358 | |
Total recorded investment | 1,131 | 2,147 |
Total unpaid principle balance | 1,131 | 3,960 |
Commercial [Member] | ||
Loans with no related allowance recorded: | ||
Recorded Investment , With no related allowance recorded | 1,068 | 1,085 |
Unpaid Principal Balance, With no related allowance recorded | 1,310 | 1,326 |
Loans with an allowance recorded: | ||
Recorded Investment , With related allowance recorded | 1,025 | 1,041 |
Unpaid Principal Balance, With related allowance recorded | 1,025 | 1,041 |
Related Allowance | 10 | 13 |
Total recorded investment | 2,093 | 2,126 |
Total unpaid principle balance | $ 2,335 | $ 2,367 |
Loans (Details 6)
Loans (Details 6) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Impaired Loans: | ||
Impaired loans - Average Recorded Investment | $ 4,148 | $ 10,828 |
Impaired loans - Interest Income Recognized | 25 | 55 |
Impaired loans - Interest Income Received | 54 | 163 |
Residential real estate [Member] | ||
Impaired Loans: | ||
Impaired loans - Average Recorded Investment | 1,048 | 5,622 |
Impaired loans - Interest Income Recognized | 12 | 34 |
Impaired loans - Interest Income Received | 18 | 84 |
Commercial Real Estate [Member] | ||
Impaired Loans: | ||
Impaired loans - Average Recorded Investment | 1,011 | 4,066 |
Impaired loans - Interest Income Recognized | 21 | |
Impaired loans - Interest Income Received | 6 | 63 |
Commercial [Member] | ||
Impaired Loans: | ||
Impaired loans - Average Recorded Investment | 2,089 | 1,140 |
Impaired loans - Interest Income Recognized | 13 | |
Impaired loans - Interest Income Received | $ 30 | $ 16 |
Regulatory Capital (Details)
Regulatory Capital (Details) | Mar. 31, 2016 | Dec. 31, 2015 |
Actual | ||
Tier 1 Capital (to total average assets) ratio | 7.60% | 7.59% |
Tier 1 Capital (to risk-weighted assets) ratio | 10.27% | 10.14% |
Common Equity Tier 1 Capital (to risk-weighted assets) | 10.27% | 10.14% |
Total Capital (to risk-weighted assets) ratio | 11.56% | 11.40% |
Consent Order | ||
Minimum Tier 1 capital to total average assets under consent order, ratio | 8.00% | 8.00% |
Minimum Total capital to risk-weighted assets under consent order, ratio | 12.00% |
Loss Per Share (Details)
Loss Per Share (Details) - shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Net loss per share: | ||
Weighted-average number of common shares outstanding used to calculate basic and diluted earnings (loss) per common share | 963,673 | 946,337 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details Narrative) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2016USD ($)shares | Mar. 31, 2015USD ($)shares | May. 01, 2016shares | Dec. 27, 2011shares | |
Reverse stock split ratio | 0.10 | |||
Common stock issued as compensation | $ | $ 211 | $ 208 | ||
Shares available to be issued | 3,360 | |||
Post-Split [Member] | ||||
Common stock issued as compensation to directors, shares | 23,157 | |||
2011 Compensation Plan [Member] | ||||
Shares authorized for grant | 210,000 | 105,000 |
Fair Value Measurement (Details
Fair Value Measurement (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Foreclosed real estate, Fair Value | $ 2,412 | $ 4,029 |
Signficiant Unobservable Inputs (Level 3) [Member] | ||
Loans receivable, Fair Value | 83,426 | 82,429 |
Nonrecurring [Member] | ||
Cumulative Fair value losses | 725 | 2,180 |
Losses recorded in operations during the period | 58 | |
Nonrecurring [Member] | Residential real estate [Member] | ||
Cumulative Fair value losses | 125 | 125 |
Nonrecurring [Member] | Commercial Real Estate [Member] | ||
Cumulative Fair value losses | 358 | 1,813 |
Losses recorded in operations during the period | 358 | |
Nonrecurring [Member] | Commercial [Member] | ||
Cumulative Fair value losses | 242 | 242 |
Nonrecurring [Member] | Fair Value [Member] | Residential real estate [Member] | ||
Loans receivable, Fair Value | 410 | 423 |
Nonrecurring [Member] | Foreclosed Real Estate [Member] | ||
Cumulative Fair value losses | 1,118 | 1,403 |
Losses recorded in operations during the period | 260 | |
Nonrecurring [Member] | Fair Value [Member] | ||
Loans receivable, Fair Value | 2,251 | 2,517 |
Nonrecurring [Member] | Fair Value [Member] | Commercial Real Estate [Member] | ||
Loans receivable, Fair Value | 773 | 1,009 |
Nonrecurring [Member] | Fair Value [Member] | Commercial [Member] | ||
Loans receivable, Fair Value | 1,068 | 1,085 |
Nonrecurring [Member] | Fair Value [Member] | Foreclosed Real Estate [Member] | ||
Loans receivable, Fair Value | 4,029 | |
Foreclosed real estate, Fair Value | 2,412 | |
Nonrecurring [Member] | Signficiant Unobservable Inputs (Level 3) [Member] | ||
Loans receivable, Fair Value | 2,251 | 2,517 |
Nonrecurring [Member] | Signficiant Unobservable Inputs (Level 3) [Member] | Residential real estate [Member] | ||
Loans receivable, Fair Value | 410 | 423 |
Nonrecurring [Member] | Signficiant Unobservable Inputs (Level 3) [Member] | Commercial Real Estate [Member] | ||
Loans receivable, Fair Value | 773 | 1,009 |
Nonrecurring [Member] | Signficiant Unobservable Inputs (Level 3) [Member] | Commercial [Member] | ||
Loans receivable, Fair Value | 1,068 | 1,085 |
Nonrecurring [Member] | Signficiant Unobservable Inputs (Level 3) [Member] | Foreclosed Real Estate [Member] | ||
Loans receivable, Fair Value | $ 4,029 | |
Foreclosed real estate, Fair Value | $ 2,412 |
Fair Value of Financial Instr44
Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
Financial assets: | |||
Securities available for sale | $ 24,054 | $ 25,749 | |
Accrued interest receivable | 442 | 462 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Financial assets: | |||
Cash and cash equivalents | 11,892 | 10,365 | |
Significant Other Observable Inputs (Level 2) | |||
Financial assets: | |||
Securities available for sale | 24,054 | 25,749 | |
Signficiant Unobservable Inputs (Level 3) [Member] | |||
Financial assets: | |||
Loans | 83,426 | 82,429 | |
Federal Home Loan Bank stock | 1,135 | 966 | |
Accrued interest receivable | 442 | 462 | |
Financial liabilities: | |||
Deposit liabilities | 92,825 | 97,837 | |
Federal Home Loan Bank advances | 23,777 | 20,000 | |
Carrying Amount [Member] | |||
Financial assets: | |||
Cash and cash equivalents | 11,892 | 10,365 | |
Securities available for sale | 24,054 | 25,749 | |
Loans | 83,322 | 82,573 | |
Federal Home Loan Bank stock | 1,135 | 966 | |
Accrued interest receivable | 442 | 462 | |
Financial liabilities: | |||
Deposit liabilities | 92,542 | 97,571 | |
Federal Home Loan Bank advances | 23,750 | 20,000 | |
Junior subordinated debenture | 5,155 | 5,155 | |
Fair Value [Member] | |||
Financial assets: | |||
Cash and cash equivalents | 11,892 | 10,365 | |
Securities available for sale | 24,054 | 25,749 | |
Loans | 83,426 | 8,429 | |
Federal Home Loan Bank stock | 1,135 | 966 | |
Accrued interest receivable | 442 | 462 | |
Financial liabilities: | |||
Deposit liabilities | 92,825 | 97,837 | |
Federal Home Loan Bank advances | $ 23,777 | $ 20,000 | |
Junior subordinated debenture | [1] | ||
[1] | The Company is unable to determine value based on significant unobservable inputs required in the calculation. Refer to December 31, 2015. |
Regulatory Matters (Details)
Regulatory Matters (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Actual | ||
Total Capital | $ 10,387 | $ 10,319 |
Total Capital (to risk-weighted assets) ratio | 11.56% | 11.40% |
Tier 1 Capital | $ 9,228 | $ 9,173 |
Tier 1 Capital (to risk-weighted assets) ratio | 10.27% | 10.14% |
Common equity Tier I capital to Risk-Weighted Assets | $ 9,228 | $ 9,173 |
Common equity Tier I capital to Risk-Weighted Assets, ratio | 10.27% | 10.14% |
Tier 1 Capital | $ 9,228 | $ 9,173 |
Tier 1 Capital (to average assets) ratio | 7.60% | 7.59% |
For Capital Adequacy Purposes | ||
Minimum amount of capital for adequacy purposes | $ 7,185 | $ 7,240 |
Minimum amount of capital for adequacy purposes, ratio | 8.00% | 8.00% |
Minimum amount of Tier 1 Capital for adequacy purposes | $ 5,389 | $ 5,430 |
Minimum amount of Tier 1 Capital for adequacy purposes, ratio | 4.00% | 6.00% |
Common equity Tier I capital to Risk-Weighted Assets | $ 4,042 | $ 4,073 |
Common equity Tier I capital to Risk-Weighted Assets, ratio | 4.50% | 4.50% |
Minimum amount of Tier 1 Capital for adequacy purposes | $ 4,856 | $ 4,836 |
Minimum amount of Tier 1 Capital for adequacy purposes, ratio | 4.00% | 4.00% |
Minimum to be Well Capitalized | ||
Minimum Tier 1 Capital required to be well-capitalized | $ 8,982 | $ 9,050 |
Minimum Tier 1 Capital required to be well-capitalized, ratio | 10.00% | 10.00% |
Minimum Tier 1 Capital required to be well-capitalized | $ 7,185 | $ 7,240 |
Minimum Tier 1 Capital required to be well-capitalized, ratio | 8.00% | 8.00% |
Common equity Tier I capital to Risk-Weighted Assets | $ 5,838 | $ 5,883 |
Common equity Tier I capital to Risk-Weighted Assets, ratio | 6.50% | 6.50% |
Minimum Capital required to be well-capitalized | $ 6,070 | $ 6,045 |
Minimum Capital required to be well-capitalized, ratio | 5.00% | 5.00% |
Consent Order | ||
Minimum Capital required under consent order | $ 10,778 | $ 10,860 |
Minimum Capital required under consent order, ratio | 12.00% | 12.00% |
Minimum Tier 1 Capital required under consent order | $ 9,712 | $ 9,672 |
Minimum Tier 1 Capital required under consent order, ratio | 8.00% | 8.00% |
Junior Subordinated Debenture (
Junior Subordinated Debenture (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |||
Junior subordinated debenture | $ 5,155 | $ 5,155 | |
Debt term | 30 years | ||
Debt Instrument Interest Rate Stated | 6.40% | ||
Debt interest rate terms | Three-month LIBOR rate plus 2.45% | Three-month LIBOR rate plus 2.45% | |
Basis spread on variable rate | 2.45% | 2.78% | |
Interest rate during period | 3.07% | ||
Deferred interest payments | $ 1,001 |
Loan Loss Recovery (Details Nar
Loan Loss Recovery (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | |
Loan Loss Recovery | ||||
Recovery of previously charged-off amounts to the Allowance for Loan and Lease Losses | $ 1,800 | |||
Allowance for Loan and Lease Losses | $ 4,080 | $ 2,295 | $ 2,248 | $ 2,244 |