Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Mar. 20, 2015 | Jun. 30, 2014 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | QUAINT OAK BANCORP INC | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | -19 | ||
Entity Common Stock, Shares Outstanding | 909,718 | ||
Entity Public Float | $10,948,011 | ||
Amendment Flag | FALSE | ||
Entity Central Index Key | 1391933 | ||
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 | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets | ||
Due from banks, non-interest-bearing | $696 | $4,989 |
Due from banks, interest-bearing | 13,241 | 1,195 |
Cash and cash equivalents | 13,937 | 6,184 |
Investment in interest-earning time deposits | 6,660 | 7,633 |
Investment securities available for sale | 1,706 | 1,680 |
Loans held for sale | 2,556 | 1,098 |
Loans receivable, net of allowance for loan losses (2014 $1,148; 2013 $941) | 123,331 | 106,887 |
Accrued interest receivable | 788 | 735 |
Investment in Federal Home Loan Bank stock, at cost | 527 | 421 |
Bank-owned life insurance | 3,549 | |
Premises and equipment, net | 1,639 | 1,637 |
Other real estate owned, net | 111 | 574 |
Prepaid expenses and other assets | 839 | 578 |
Total Assets | 155,643 | 127,427 |
Deposits: | ||
Non-interest bearing | 640 | |
Interest-bearing | 123,765 | 103,324 |
Total deposits | 124,405 | 103,324 |
Federal Home Loan Bank short-term borrowings | 7,000 | 5,500 |
Federal Home Loan Bank long-term borrowings | 4,500 | |
Accrued interest payable | 108 | 77 |
Advances from borrowers for taxes and insurance | 1,592 | 1,224 |
Accrued expenses and other liabilities | 463 | 316 |
Total Liabilities | 138,068 | 110,441 |
Stockholders’ Equity | ||
Preferred stock – $0.01 par value, 1,000,000 shares authorized; none issued or outstanding | ||
Common stock – $0.01 par value; 9,000,000 shares authorized; 1,388,625 issued; 909,285 and 947,849 outstanding at December 31, 2014 and December 31, 2013, respectively | 14 | 14 |
Additional paid-in capital | 13,828 | 13,665 |
Treasury stock, at cost: 2014 479,340 shares; 2013 440,776 shares | -4,973 | -4,279 |
Unallocated common stock held by: | ||
Employee Stock Ownership Plan (ESOP) | -455 | -536 |
Recognition & Retention Plan Trust (RRP) | -94 | -120 |
Accumulated other comprehensive loss | -36 | -18 |
Retained earnings | 9,291 | 8,260 |
Total Stockholders' Equity | 17,575 | 16,986 |
Total Liabilities and Stockholders’ Equity | $155,643 | $127,427 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Loans receivable, allowance for loan losses (in Dollars) | $1,148 | $941 |
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 | 9,000,000 | 9,000,000 |
Common stock, shares issued | 1,388,625 | 1,388,625 |
Common stock, shares outstanding | 909,285 | 947,849 |
Treasury stock, shares | 479,340 | 440,776 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Interest Income | ||
Interest on loans | $7,098,000 | $6,038,000 |
Interest and dividends on time deposits and investment securities | 183,000 | 252,000 |
Total Interest Income | 7,281,000 | 6,290,000 |
Interest Expense | ||
Interest on deposits | 1,678,000 | 1,640,000 |
Interest on Federal Home Loan Bank borrowings | 42,000 | 42,000 |
Total Interest Expense | 1,720,000 | 1,682,000 |
Net Interest Income | 5,561,000 | 4,608,000 |
Provision for Loan Losses | 394,000 | 240,000 |
Net Interest Income after Provision for Loan Losses | 5,167,000 | 4,368,000 |
Non-Interest Income | ||
Mortgage banking and title abstract fees | 331,000 | 471,000 |
Other fees and services charges | 48,000 | 101,000 |
Income from bank-owned life insurance | 49,000 | |
Net gain on the sales of loans | 1,442,000 | 832,000 |
Gain on the sale of SBA loans | 164,000 | |
Gain on the sales of investment securities | 88,000 | |
Loss on sale of other real estate owned | -63,000 | -23,000 |
Other | 32,000 | 28,000 |
Total Non-Interest Income, net | 2,003,000 | 1,497,000 |
Non-Interest Expense | ||
Salaries and employee benefits | 3,422,000 | 2,912,000 |
Directors’ fees and expenses | 205,000 | 222,000 |
Occupancy and equipment | 542,000 | 485,000 |
Professional fees | 361,000 | 524,000 |
FDIC deposit insurance assessment | 101,000 | 77,000 |
Other real estate owned expenses | 14,000 | 46,000 |
Advertising | 75,000 | 80,000 |
Other | 514,000 | 400,000 |
Total Non-Interest Expense | 5,234,000 | 4,746,000 |
Income before Income Taxes | 1,936,000 | 1,119,000 |
Income Taxes | 694,000 | 417,000 |
Net Income | $1,242,000 | $702,000 |
Earnings per share – basic (in Dollars per share) | $1.46 | $0.79 |
Average shares outstanding - basic (in Shares) | 851,866 | 889,190 |
Earnings per share - diluted (in Dollars per share) | $1.37 | $0.76 |
Average shares outstanding - diluted (in Shares) | 905,321 | 927,270 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Net Income | $1,242,000 | $702,000 |
Other Comprehensive Loss: | ||
Unrealized losses on investment securities available for sale | -26,000 | -31,000 |
Income tax effect | 8,000 | 11,000 |
Reclassification adjustment for gains on sale of investment securities included in net income | -88,000 | |
Income tax effect | 30,000 | |
Net other comprehensive loss | -18,000 | -78,000 |
Total Comprehensive Income | $1,224,000 | $624,000 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholder's Equity (USD $) | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Treasury Stock [Member] | Treasury Stock [Member] | Unallocated Common Stock Held by Benefit Plans[Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] | 401K Plan [Member] | Total |
Stock Incentive Plan [Member] | 401K Plan [Member] | USD ($) | Stock Incentive Plan [Member] | 401K Plan [Member] | USD ($) | Stock Incentive Plan [Member] | 401K Plan [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |
USD ($) | USD ($) | USD ($) | USD ($) | |||||||||||
Balance at Dec. 31, 2012 | $14,000 | $13,559,000 | ($3,716,000) | ($823,000) | $60,000 | $7,743,000 | $16,837,000 | |||||||
Balance, shares (in Shares) at Dec. 31, 2012 | 983,821 | |||||||||||||
Common stock allocated by ESOP | 58,000 | 87,000 | 145,000 | |||||||||||
Treasury stock purchased | -563,000 | -563,000 | ||||||||||||
Treasury stock purchased, shares (in Shares) | -35,972 | |||||||||||||
Stock based compensation expense | 128,000 | 128,000 | ||||||||||||
Release of Vested RRP Shares | -80,000 | 80,000 | ||||||||||||
Cash dividends declared | -185,000 | -185,000 | ||||||||||||
Net income | 702,000 | 702,000 | ||||||||||||
Other comprehensive income (loss), net | -78,000 | -78,000 | ||||||||||||
Balance at Dec. 31, 2013 | 14,000 | 13,665,000 | -4,279,000 | -656,000 | -18,000 | 8,260,000 | 16,986,000 | |||||||
Balance, shares (in Shares) at Dec. 31, 2013 | 947,849 | 947,849 | ||||||||||||
Common stock allocated by ESOP | 59,000 | 81,000 | 140,000 | |||||||||||
Treasury stock purchased | -760,000 | -760,000 | ||||||||||||
Treasury stock purchased, shares (in Shares) | -45,025 | |||||||||||||
Reissuance of treasury stock | -28,000 | 26,000 | 28,000 | 38,000 | 64,000 | |||||||||
Reissuance of treasury stock, shares (in Shares) | 2,738 | 3,723 | ||||||||||||
Stock based compensation expense | 132,000 | 132,000 | ||||||||||||
Release of Vested RRP Shares | -26,000 | 26,000 | ||||||||||||
Cash dividends declared | -211,000 | -211,000 | ||||||||||||
Net income | 1,242,000 | 1,242,000 | ||||||||||||
Other comprehensive income (loss), net | -18,000 | -18,000 | ||||||||||||
Balance at Dec. 31, 2014 | $14,000 | $13,828,000 | ($4,973,000) | ($549,000) | ($36,000) | $9,291,000 | $17,575,000 | |||||||
Balance, shares (in Shares) at Dec. 31, 2014 | 909,285 | 909,285 |
Consolidated_Statements_of_Sto1
Consolidated Statements of Stockholder's Equity (Parentheticals) (Common Stock [Member], USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Common Stock [Member] | ||
Release of vested RRP shares | 2,779 | 8,544 |
Cash dividends declared per share | $0.23 | $0.19 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Cash Flows from Operating Activities | ||
Net income | $1,242,000 | $702,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan losses | 394,000 | 240,000 |
Depreciation expense | 167,000 | 142,000 |
Net accretion of securities discounts | -4,000 | |
Accretion of deferred loan fees and costs, net | -273,000 | -155,000 |
Deferred income taxes | -164,000 | -71,000 |
Stock-based compensation expense | 272,000 | 273,000 |
Gain on the sales of investment securities | -88,000 | |
Net gain on the sale of loans | -1,442,000 | -832,000 |
Gain on the sale of SBA loans | -164,000 | |
Net loss on sale of other real estate owned | 63,000 | 23,000 |
Increase in the cash surrender value of bank-owned life insurance | -49,000 | |
Changes in assets and liabilities which provided (used) cash: | ||
Loans held for sale-originations | -53,261,000 | -43,870,000 |
Loans held for sale-proceeds | 53,245,000 | 48,479,000 |
Accrued interest receivable | -53,000 | -78,000 |
Prepaid expenses and other assets | -89,000 | 346,000 |
Accrued interest payable | 31,000 | -4,000 |
Accrued expenses and other liabilities | 147,000 | -112,000 |
Net Cash Provided by Operating Activities | 66,000 | 4,991,000 |
Cash Flows from Investing Activities | ||
Net decrease in investment in interest-earning time deposits | 973,000 | 499,000 |
Purchase of investment securities available for sale | -52,000 | -53,000 |
Proceeds from calls of investment securities available for sale | 500,000 | |
Proceeds from the sale of securities available for sale | 0 | 1,839,000 |
Net increase in loans receivable | -16,512,000 | -23,152,000 |
Net (increase) decrease in investment in Federal Home Loan Bank stock | -106,000 | 16,000 |
Purchase of bank-owned life insurance | -3,500,000 | |
Proceeds from the sale of other real estate owned | 539,000 | 92,000 |
Capitalized expenditures on other real estate owned | -28,000 | -48,000 |
Purchase of premises and equipment | -169,000 | -171,000 |
Net Cash Used in Investing Activities | -18,855,000 | -20,478,000 |
Cash Flows from Financing Activities | ||
Net increase in demand deposits and savings accounts | 4,982,000 | 3,752,000 |
Net increase in certificate accounts | 16,099,000 | 2,534,000 |
Repayment of Federal Home Loan Bank borrowings | -4,500,000 | -2,000,000 |
Proceeds from Federal Home Loan Bank borrowings | 10,500,000 | 5,500,000 |
Dividends paid | -211,000 | -185,000 |
Purchase of treasury stock | -760,000 | -563,000 |
Proceeds from the reissuance of treasury stock | 64,000 | |
Increase in advances from borrowers for taxes and insurance | 368,000 | 233,000 |
Net Cash Provided by Financing Activities | 26,542,000 | 9,271,000 |
Net Increase (Decrease) in Cash and Cash Equivalents | 7,753,000 | -6,216,000 |
Cash and Cash Equivalents – Beginning of Year | 6,184,000 | 12,400,000 |
Cash and Cash Equivalents – End of Year | 13,937,000 | 6,184,000 |
Supplementary Disclosure of Cash Flow and Non-Cash Information: | ||
Cash payments for interest | 1,689,000 | 1,686,000 |
Cash payments for income taxes | 855,000 | 295,000 |
Transfer of loans to other real estate owned | $111,000 | $471,000 |
Note_1_Nature_of_Operations
Note 1 - Nature of Operations | 12 Months Ended |
Dec. 31, 2014 | |
Disclosure Text Block [Abstract] | |
Nature of Operations [Text Block] | Note 1 - Nature of Operations |
On July 3, 2007, Quaint Oak Savings Bank completed its conversion from a Pennsylvania chartered mutual savings bank to a Pennsylvania chartered stock savings bank and changed its name to Quaint Oak Bank (“Bank”). In connection with the conversion, Quaint Oak Bank formed Quaint Oak Bancorp, Inc., a Pennsylvania chartered corporation (the "Company" or "Quaint Oak Bancorp"), which offered and sold 1,388,625 shares of its common stock at a price of $10.00 per share to eligible depositors of the Bank. Upon completion of the conversion and the offering, all of Quaint Oak Bank's common stock is owned by Quaint Oak Bancorp, and all of Quaint Oak Bancorp's common stock is, in turn, owned by the public. The Company sold 1,388,625 shares of its common stock, raising $13,886,250 of gross proceeds. Costs incurred in connection with the conversion and offering totaled $535,000 and were recorded as a reduction of the proceeds from the offering. The Company invested approximately $7.1 million or 53.0% of the net proceeds in Quaint Oak Bank. All remaining proceeds were retained by Quaint Oak Bancorp for future capital needs. The consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, Quaint Oak Bank along with its wholly owned subsidiaries. At December 31, 2014, the Bank has five wholly-owned subsidiaries, Quaint Oak Mortgage, LLC, Quaint Oak Real Estate, LLC, Quaint Oak Abstract, LLC, QOB Properties, LLC, and Quaint Oak Insurance Agency, LLC, each a Pennsylvania limited liability company. The mortgage, real estate and abstract companies offer mortgage banking, real estate sales and title abstract services, respectively, in the Lehigh Valley region of Pennsylvania, and began operation in July 2009. QOB Properties, LLC began operations in July 2012 and holds Bank properties acquired through a foreclosure proceeding or acceptance of a deed in lieu of foreclosure. The insurance agency is currently inactive. All significant intercompany balances and transactions have been eliminated. | |
The Bank is subject to regulation by the Pennsylvania Department of Banking and Securities and the Federal Deposit Insurance Corporation. Pursuant to the Bank’s election under Section 10(l) of the Home Owners’ Loan Act, the Company is a savings and loan holding company regulated by the Board of Governors of the Federal Reserve System. The market area served by the Bank is principally Bucks County, Pennsylvania and to a lesser extent, Montgomery and Philadelphia Counties in Pennsylvania. The Bank has two locations: the main office location in Southampton, Pennsylvania and a branch banking office in the Lehigh Valley area of Pennsylvania. The principal deposit products offered by the Bank are certificates of deposit, passbook savings accounts, statement savings accounts and eSavings accounts. In December 2014 the Bank introduced non-interest bearing checking accounts for businesses and consumers. The principal loan products offered by the Bank are fixed and adjustable rate residential and commercial mortgages, construction loans, home equity loans, lines of credit, and commercial business loans. |
Note_2_Summary_of_Significant_
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | Note 2 - Summary of Significant Accounting Policies |
Use of Estimates | |
The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The Company’s most significant estimates are the determination of the allowance for loan losses, the assessment of other than temporarily impaired securities and valuation of deferred tax assets. | |
Significant Group Concentrations of Credit Risk | |
The Bank has a significant concentration of loans in Philadelphia County, Pennsylvania. The concentration of credit by type of loan is set forth in Note 7. Although the Bank has a diversified loan portfolio, its debtors’ ability to honor their contracts is influenced by the region’s economy. During the year ended December 31, 2014, one investor purchased a total of 68% of all loans sold by the Bank from its mortgage loans held for sale, and the sales to this investor accounted for approximately 69% of the gain on loans sold during the year. | |
Cash and Cash Equivalents | |
For purposes of reporting cash flows, cash and cash equivalents include non-interest and interest-earning demand deposits and money market accounts with various financial institutions, all of which mature within ninety days of acquisition. | |
Investment Securities | |
Management determines the appropriate classification of debt securities at the time of purchase and reevaluates such designation as of each balance sheet date. | |
Securities classified as available for sale are those securities that the Company intends to hold for an indefinite period of time but not necessarily to maturity. Any decision to sell a security classified as available for sale would be based on various factors, including significant movement in interest rates, changes in maturity mix of the Company’s assets and liabilities, liquidity needs, regulatory capital requirements, and other similar factors. Securities available for sale are carried at fair value. Unrealized gains and losses are reported in other comprehensive income, net of related deferred tax effects. Realized gains and losses, determined on the basis of the cost of the specific securities sold, are included in earnings. Premiums and discounts are recognized in interest income using the interest method over the terms of the securities. | |
Securities classified as held to maturity are those debt securities the Company has both the intent and ability to hold to maturity regardless of the changes in market conditions, liquidity needs, or changes in general economic conditions. These securities are carried at cost adjusted for amortization of premium and accretion of discount, which are recognized in interest income using the interest method over the terms of the securities. | |
The Company follows the accounting guidance related to recognition and presentation of other-than-temporary impairment. This accounting guidance amended the recognition guidance for other-than-temporary impairments of debt securities and expanded the financial statement disclosures for other-than-temporary impairment losses on debt and equity securities. The recent guidance replaced the “intent and ability” indication in existing guidance by specifying that (a) if a company does not have the intent to sell a debt security prior to recovery and (b) it is more likely than not that it will not have to sell the debt security prior to recovery, the security would not be considered other-than-temporarily impaired unless there is a credit loss. When an entity does not intend to sell the security, and it is more likely than not the entity will not have to sell the security before recovery of its cost basis, it will recognize the credit component of an other-than-temporary impairment of a debt security in earnings and the remaining portion in other comprehensive income. For held-to-maturity debt securities, the amount of an other-than-temporary impairment recorded in other comprehensive income for the noncredit portion of a previous other-than-temporary impairment should be amortized prospectively over the remaining life of the security on the basis of the timing of future estimated cash flows of the security. The Company recognized no other-than-temporary impairment charges during the years ended December 31, 2014 and 2013. | |
Federal Home Loan Bank Stock | |
Federal law requires a member institution of the Federal Home Loan Bank (FHLB) system to hold restricted stock of its district Federal Home Loan Bank according to a predetermined formula. FHLB stock is carried at cost and evaluated for impairment. When evaluating FHLB stock for impairment, its value is determined based on the ultimate recoverability of the par value of the stock. We evaluate our holdings of FHLB stock for impairment each reporting period. No impairment charges were recognized on FHLB stock during the years ended December 31, 2014 and 2013. | |
Loans Receivable | |
Loans receivable that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are stated at their outstanding unpaid principal balances, net of an allowance for loan losses and any deferred fees. Interest income is accrued on the unpaid principal balance. Loan origination fees and costs are deferred and recognized as an adjustment of the yield (interest income) of the related loans. The Bank is generally amortizing these amounts over the contractual life of the loan. | |
The loans receivable portfolio is segmented into residential loans, commercial real estate loans, construction loans, commercial business, and consumer loans. The residential loan segment has two classes: one-to-four family residential owner occupied loans and one-to-four family residential non-owner occupied loans. The commercial real estate loan segment consists of the following classes: multi-family (five or more) residential, commercial real estate and commercial lines of credit. Construction loans are generally granted for the purpose of building a single residential home. Commercial business loans are loans to businesses primarily for purchase of business essential equipment. Business essential equipment is equipment necessary for a business to support or assist with the day-to-day operation or profitability of the business. The consumer loan segment consists of the following classes: home equity loans and other consumer loans. Included in the home equity class are home equity loans and home equity lines of credit. Included in the other consumer are loans secured by saving accounts and auto loans. | |
The accrual of interest is generally discontinued when principal or interest has become 90 days past due unless the loan is in the process of collection and is either guaranteed or well secured. When a loan is placed on nonaccrual status, unpaid interest credited to income in the current year is reversed and unpaid interest accrued in prior years is charged against the allowance for loan losses. Interest received on nonaccrual 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 and the ultimate collectability of the total contractual principal and interest is no longer in doubt. | |
Allowance for Loan Losses | |
The allowance for loan losses represents management’s estimate of losses inherent in the loan portfolio as of the balance sheet date and is recorded as a reduction to loans. The allowance for loan losses is increased by the provision for loan losses, and decreased by charge-offs, net of recoveries. Loans deemed to be uncollectible are charged against the allowance for loan losses, and subsequent recoveries, if any, are credited to the allowance. All, or part, of the principal balance of loans receivable are charged off to the allowance as soon as it is determined that the repayment of all, or part, of the principal balance is highly unlikely. Because all identified losses are immediately charged off, no portion of the allowance for loan losses is restricted to any individual loan or groups of loans, and the entire allowance is available to absorb any and all loan losses. | |
The allowance for loan losses is maintained at a level considered adequate to provide for losses that can be reasonably anticipated. Management performs a quarterly evaluation of the adequacy of the allowance. The allowance is based on the Company’s past loan loss experience, known and inherent risks in the portfolio, adverse situations that may affect the borrower’s ability to repay, the estimated value of any underlying collateral, composition of the loan portfolio, current economic conditions and other relevant factors. This evaluation is inherently subjective as it requires material estimates that may be susceptible to significant revision as more information becomes available. | |
The allowance consists of specific, general and unallocated components. The specific component relates to loans that are identified as impaired. For loans that are identified 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 categories of loans, adjusted for qualitative factors. These significant factors may include changes in lending policies and procedures, changes in existing general economic and business conditions affecting our primary lending areas, credit quality trends, collateral value, loan volumes and concentrations, seasoning of the loan portfolio, recent loss experience in particular segments of the portfolio, duration of the current business cycle and bank regulatory examination results. The applied loss factors are re-evaluated quarterly to ensure their relevance in the current economic environment. Residential mortgage lending generally entails a lower risk of default than other types of lending. Consumer loans and commercial real estate loans generally involve more risk of collectability because of the type and nature of the collateral and, in certain cases, the absence of collateral. It is the Company’s policy to establish a specific reserve for loss on any delinquent loan when it determines that a loss is probable. 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. | |
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 considered 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. Impairment is measured on a loan by loan basis by either the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral if the loan is collateral dependent. An allowance for loan losses is established for an impaired loan if its carrying value exceeds its estimated fair value. The estimated fair values of substantially all of the Company’s impaired loans are measured based on the estimated fair value of the loan’s collateral. | |
A loan is considered a troubled debt restructuring (“TDR”) if the Company, for economic or legal reasons related to a debtor’s financial difficulties, grants a concession to the debtor that it would not otherwise consider. Concessions granted under a TDR typically involve a temporary or permanent reduction in payments or interest rate or an extension of a loan’s stated maturity date at less than a current market rate of interest. Loans identified as TDRs are designated as impaired. | |
For loans secured by real estate, estimated fair values 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 allowance calculation methodology includes further segregation of loan classes into risk rating categories. The borrower’s overall financial condition, repayment sources, guarantors and value of collateral, if appropriate, are evaluated annually for all loans (except one-to-four family residential owner-occupied loans) where the total amount outstanding to any borrower or group of borrowers exceeds $500,000, or when credit deficiencies arise, such as delinquent loan payments. Credit quality risk ratings include regulatory classifications of special mention, substandard, doubtful and loss. Loans criticized as special mention have potential weaknesses that deserve 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. 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 are charged to the allowance for loan losses. Loans not classified are rated pass. In addition, 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. | |
Loans Held for Sale | |
Loans originated by the Bank’s mortgage banking subsidiary, Quaint Oak Mortgage, LLC, are intended for sale in the secondary market and are carried at the lower of cost or fair value (LOCOM). Gains and losses on loan sales (sales proceeds minus carrying value) are recorded in noninterest income, and direct loan origination costs and fees are deferred at origination of the loan and are recognized in noninterest income upon sale of the loan. | |
Bank Owned Life Insurance (“BOLl”) | |
The Company purchases bank owned life insurance as a mechanism for funding various employee benefit costs. The Company is the beneficiary of these policies that insure the lives of certain officers of its subsidiaries. The Company has recognized the cash surrender value under the insurance policies as an asset in the consolidated statements of financial condition. Changes in the cash surrender value are recorded in non-interest income in the consolidated statements of income. | |
Premises and Equipment | |
Premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed on the straight-line method over the expected useful lives of the related assets that range from three to thirty-nine years. The costs of maintenance and repairs are expensed as incurred. Costs of major additions and improvements are capitalized. | |
Other Real Estate Owned | |
Other real estate owned or foreclosed assets are comprised of property acquired through a foreclosure proceeding or acceptance of a deed in lieu of foreclosure and loans classified as in-substance foreclosures. A loan is classified as in-substance foreclosure when the Bank has taken possession of the collateral regardless of whether formal foreclosure proceedings take place. Other real estate properties are initially recorded at fair value, net of estimated selling costs at the date of foreclosure, establishing a new cost basis. After foreclosure, valuations are periodically performed by management and the real estate is carried at the lower of cost or fair value less estimated costs to sell. Net revenue and expenses from operations and additions to the valuation allowance are included in other expenses. | |
Advertising Costs | |
The Company expenses all advertising costs as incurred. Advertising costs are included in non-interest expense on the Consolidated Statements of Income. | |
Transfers of Financial Assets | |
Transfers of financial assets are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity or the ability to unilaterally cause the holder to return specific assets. | |
Income Taxes | |
Deferred income taxes are provided on the liability method whereby deferred tax assets are recognized for deductible temporary differences and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax basis. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. | |
The Company follows guidance related to accounting for uncertainty in income taxes, which sets out a consistent framework to determine the appropriate level of tax reserves to maintain for uncertain tax positions. A tax position is recognized as a benefit only if it is more likely than not that the tax position would be sustained in a tax examination, with a tax examination presumed to occur. The amount recognized is the largest amount of tax benefit that has more than 50 percent likelihood of being realized upon examination. For tax positions not meeting the more likely than not test, no tax benefit is recorded. The Company had no material uncertain tax positions or accrued interest and penalties as of December 31, 2014 and 2013. The Company’s policy is to account for interest as a component of interest expense and penalties as components of other expense. The Company is no longer subject to examination by taxing authorities for the years before January 1, 2011. | |
Comprehensive Income (Loss) | |
Accounting principles generally accepted in the United States of America require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities, such as unrealized gains and losses on available for sale securities, are reported as a separate component of the stockholders’ equity section of the balance sheet, such items, along with net income, are components of comprehensive income (loss). | |
Treasury Stock and Unallocated Common Stock | |
The acquisition of treasury stock by the Company, including unallocated stock held by certain benefit plans, is recorded under the cost method. At the date of subsequent reissue, treasury stock is reduced by the cost of such stock on a first-in, first-out basis with any excess proceeds credited to additional paid-in capital. | |
Share-Based Compensation | |
Stock compensation accounting guidance (FASB ASC 718, Compensation-Stock Compensation) requires that the compensation cost relating to share-based payment transactions be recognized in financial statements. That cost is measured based on the grant date fair value of the equity or liability instruments issued. The stock compensation accounting guidance covers a wide range of share-based compensation arrangements including stock option and restricted share plans. | |
The stock compensation accounting guidance requires that compensation cost for all stock awards be calculated and recognized over the employees’ service period, generally defined as the vesting period. For awards with graded-vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. A Black-Scholes model is used to estimate the fair value of stock options, while the closing price of the Company’s common stock on the grant date is used for restricted stock awards. | |
At December 31, 2014, the Company has three share-based plans: the 2008 Recognition and Retention Plan (“RRP”), the 2008 Stock Option Plan, and the 2013 Stock Incentive Plan. Awards under these plans were made in May 2008 and 2013. These plans are more fully described in Note 12. | |
The Company also has an employee stock ownership plan (“ESOP”). This plan is more fully described in Note 12. As ESOP shares are committed to be released and allocated among participants, the Company recognizes compensation expense equal to the average market price of the shares over the period earned. | |
Earnings Per Share | |
Amounts reported in earnings per share reflect earnings available to common stockholders for the period divided by the weighted average number of shares of common stock outstanding during the period, exclusive of unearned ESOP shares, unvested restricted stock (RRP) shares and treasury shares. Stock options and unvested restricted stock are regarded as potential common stock and are considered in the diluted earnings per share calculations to the extent they would have a dilutive effect if converted to common stock, computed using the “treasury stock” method. | |
Off-Balance Sheet Financial Instruments | |
In the ordinary course of business, the Bank has entered into off-balance sheet financial instruments consisting of commitments to extend credit. Such financial instruments are recorded in the consolidated balance sheet when they are funded. | |
Reclassifications | |
Certain items in the 2013 consolidated financial statements have been reclassified to conform to the presentation in the 2014 consolidated financial statements. Such reclassifications did not have a material impact on the overall consolidated financial statements. | |
Recent Accounting Pronouncements | |
In January 2014, the FASB issued ASU 2014-04, Receivables – Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure. The amendments in this Update clarify that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, the amendments require interim and annual disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. The amendments in this Update are effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. An entity can elect to adopt the amendments in this Update using either a modified retrospective transition method or a prospective transition method. This ASU is not expected to have a significant impact on the Company’s financial statements. | |
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (a new revenue recognition standard). The Update’s core principle is that a company will recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In addition, this update specifies the accounting for certain costs to obtain or fulfill a contract with a customer and expands disclosure requirements for revenue recognition. This Update is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. The Company is evaluating the effect of adopting this new accounting Update. | |
In August 2014, the FASB issued ASU 2014-14, Receivables – Troubled Debt Restructurings by Creditors (Subtopic 310-40). The amendments in this Update require that a mortgage loan be derecognized and that a separate other receivable be recognized upon foreclosure if the following conditions are met: (1) the loan has a government guarantee that is not separable from the loan before foreclosure, (2) at the time of foreclosure, the creditor has the intent to convey the real estate property to the guarantor and make a claim on the guarantee, and the creditor has the ability to recover under that claim, and (3) at the time of foreclosure, any amount of the claim that is determined on the basis of the fair value of the real estate is fixed. Upon foreclosure, the separate other receivable should be measured based on the amount of the loan balance (principal and interest) expected to be recovered from the guarantor. The amendments in this Update are effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. This Update is not expected to have a significant impact on the Company’s financial statements. |
Note_3_Earnings_Per_Share
Note 3 - Earnings Per Share | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Earnings Per Share [Text Block] | Note 3 – Earnings Per Share | ||||||||
Earnings per share (“EPS”) consists of two separate components, basic EPS and diluted EPS. Basic EPS is computed based on the weighted average number of shares of common stock outstanding for each period presented. Diluted EPS is calculated based on the weighted average number of shares of common stock outstanding plus dilutive common stock equivalents (“CSEs”). CSEs consist of shares that are assumed to have been purchased with the proceeds from the exercise of stock options, as well as unvested restricted stock (RRP) shares. Common stock equivalents which are considered antidilutive are not included for the purposes of this calculation. For the year ended December 31, 2014, all unvested restricted stock program awards and outstanding stock options representing shares were dilutive. Unvested restricted stock program awards and outstanding stock options representing shares of 77,000 for the year ended December 31, 2013, were not included in the computation of diluted earnings per share, because to do so would have been antidilutive. | |||||||||
The following table sets forth the composition of the weighted average shares (denominator) used in the basic and dilutive earnings per share computations. | |||||||||
For the Year Ended December 31, | |||||||||
2014 | 2013 | ||||||||
Net Income | $ | 1,242,000 | $ | 702,000 | |||||
Weighted average shares outstanding – basic | 851,866 | 889,190 | |||||||
Effect of dilutive common stock equivalents | 53,455 | 38,080 | |||||||
Adjusted weighted average shares outstanding – diluted | 905,321 | 927,270 | |||||||
Basic earnings per share | $ | 1.46 | $ | 0.79 | |||||
Diluted earnings per share | $ | 1.37 | $ | 0.76 | |||||
Note_4_Accumulated_Other_Compr
Note 4 - Accumulated Other Comprehensive Loss | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Disclosure Text Block [Abstract] | ||||||||||
Comprehensive Income (Loss) Note [Text Block] | Note 4 – Accumulated Other Comprehensive Loss | |||||||||
The following table presents the changes in accumulated other comprehensive loss by component net of tax for the years ended December 31, 2014 and 2013 (in thousands): | ||||||||||
Unrealized Losses on | ||||||||||
Investment Securities | ||||||||||
Available for Sale (1) | ||||||||||
2014 | 2013 | |||||||||
(In Thousands) | ||||||||||
Balance beginning of the year | $ | (18 | ) | $ | (60 | ) | ||||
Other comprehensive loss before reclassifications | (18 | ) | (20 | ) | ||||||
Amount reclassified from accumulated other comprehensive loss | -- | (58 | ) | |||||||
Total other comprehensive loss | (18 | ) | (78 | ) | ||||||
Balance end of the year | $ | (36 | ) | $ | (18 | ) | ||||
-1 | All amounts are net of tax. Amounts in parentheses indicate debits. | |||||||||
The following table presents significant amounts reclassified out of each component of accumulated other comprehensive loss for the years ended December 31, 2014 and 2013 (in thousands): | ||||||||||
Details About Other Comprehensive Loss | Amount Reclassified from Accumulated | Affected Line Item in the | ||||||||
Other Comprehensive Loss (1) | Statement of Income | |||||||||
For the Year Ended December 31, | ||||||||||
2014 | 2013 | |||||||||
Unrealized losses on investment securities available for sale | $ | -- | $ | 88 | Gain on sales of investment securities | |||||
-- | (30 | ) | Income taxes | |||||||
$ | -- | $ | (58 | ) | Net of tax | |||||
____________________ | ||||||||||
-1 | Amounts in parentheses indicate debits. | |||||||||
Note_5_Investment_in_InterestE
Note 5 - Investment in Interest-Earning Time Deposits | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Disclosure Text Block Supplement [Abstract] | |||||||||
Investments and Other Noncurrent Assets [Text Block] | Note 5 – Investment in Interest-Earning Time Deposits | ||||||||
The investment in interest-earning time deposits as of December 31, 2014 and 2013, by contractual maturity, is shown below: | |||||||||
2014 | 2013 | ||||||||
(In Thousands) | |||||||||
Due in one year or less | $ | 2,337 | $ | 3,042 | |||||
Due after one year through five years | 4,323 | 4,591 | |||||||
$ | 6,660 | $ | 7,633 | ||||||
Note_6_Investment_Securities_A
Note 6 - Investment Securities Available for Sale | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 6 – Investment Securities Available for Sale | ||||||||||||||||||||||||||||
The amortized cost and fair value of investment securities available for sale at December 31, 2014 and December 31, 2013 are summarized below (in thousands): | |||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||||||||
Available for Sale: | |||||||||||||||||||||||||||||
Short-term bond fund | $ | 1,214 | $ | -- | $ | (34 | ) | $ | 1,180 | ||||||||||||||||||||
Limited-term bond fund | 546 | -- | (20 | ) | 526 | ||||||||||||||||||||||||
$ | 1,760 | $ | -- | $ | (54 | ) | $ | 1,706 | |||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||||||||
Available for Sale: | |||||||||||||||||||||||||||||
Short-term bond fund | $ | 1,170 | $ | -- | $ | (11 | ) | $ | 1,159 | ||||||||||||||||||||
Limited-term bond fund | 538 | -- | (17 | ) | 521 | ||||||||||||||||||||||||
$ | 1,708 | $ | -- | $ | (28 | ) | $ | 1,680 | |||||||||||||||||||||
The following table shows the Company’s gross unrealized losses and fair value, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position at December 31, 2014 and December 31, 2013 (dollar amounts in thousands): | |||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||
Less than Twelve Months | Twelve Months or Greater | Total | |||||||||||||||||||||||||||
Number of | Fair Value | Gross | Fair Value | Gross | Fair Value | Gross | |||||||||||||||||||||||
Securities | Unrealized | Unrealized | Unrealized | ||||||||||||||||||||||||||
Losses | Losses | Losses | |||||||||||||||||||||||||||
Short-term bond fund | 1 | $ | -- | $ | -- | $ | 1,180 | $ | (34 | ) | $ | 1,180 | $ | (34 | ) | ||||||||||||||
Limited-term bond fund | 1 | -- | -- | 526 | (20 | ) | 526 | (20 | ) | ||||||||||||||||||||
Total | 2 | $ | -- | $ | -- | $ | 1,706 | $ | (54 | ) | $ | 1,706 | $ | (54 | ) | ||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||
Less than Twelve Months | Twelve Months or Greater | Total | |||||||||||||||||||||||||||
Number of | Fair Value | Gross | Fair Value | Gross | Fair Value | Gross | |||||||||||||||||||||||
Securities | Unrealized | Unrealized | Unrealized | ||||||||||||||||||||||||||
Losses | Losses | Losses | |||||||||||||||||||||||||||
Short-term bond fund | 1 | $ | 1,159 | $ | (11 | ) | $ | -- | $ | -- | $ | 1,159 | $ | (11 | ) | ||||||||||||||
Limited-term bond fund | 1 | -- | -- | 521 | (17 | ) | 521 | (17 | ) | ||||||||||||||||||||
Total | 2 | $ | 1,159 | $ | (11 | ) | $ | 521 | $ | (17 | ) | $ | 1,680 | $ | (28 | ) | |||||||||||||
At December 31, 2014, there were two bond funds in an unrealized loss position that at such date had an aggregated depreciation of 3.07% from the Company’s amortized cost basis. Management believes that the estimated fair value of the securities disclosed above is primarily dependent on the movement of market interest rates. Management evaluated the length and time and the extent to which the fair value has been less than cost and the financial condition and near term prospects of the issuer, including any specific events which may influence the operations of the issuer. The Company has the ability and intent to hold the security until the anticipated recovery of fair value occurs. Management does not believe any individual unrealized loss as of December 31, 2014 represents an other-than-temporary impairment. | |||||||||||||||||||||||||||||
There were no impairment charges recognized during the years ended December 31, 2014 and 2013. | |||||||||||||||||||||||||||||
For the year ended December 31, 2014, there were no sales of investment securities. For the year ended December 31, 2013, the Company sold $1.8 million of corporate bonds and realized a gain of $88,000 on the transaction. There were no gross realized losses. |
Note_7_Loans_Receivable_Net_an
Note 7 - Loans Receivable, Net and Allowance for Loan Losses | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||
Financing Receivables [Text Block] | Note 7 - Loans Receivable, Net and Allowance for Loan Losses | ||||||||||||||||||||||||||||||||||||
The composition of net loans receivable is as follows: | |||||||||||||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||||||
One-to-four family residential: | |||||||||||||||||||||||||||||||||||||
Owner occupied | $ | 7,085 | $ | 8,900 | |||||||||||||||||||||||||||||||||
Non-owner occupied | 48,554 | 43,489 | |||||||||||||||||||||||||||||||||||
Total one-to-four family residential | 55,639 | 52,389 | |||||||||||||||||||||||||||||||||||
Multi-family (five or more) residential | 10,132 | 6,023 | |||||||||||||||||||||||||||||||||||
Commercial real estate | 35,523 | 25,863 | |||||||||||||||||||||||||||||||||||
Commercial lines of credit | 1,623 | 1,880 | |||||||||||||||||||||||||||||||||||
Construction | 14,303 | 16,038 | |||||||||||||||||||||||||||||||||||
Home equity | 6,961 | 5,682 | |||||||||||||||||||||||||||||||||||
Total real estate loans | 124,181 | 107,875 | |||||||||||||||||||||||||||||||||||
Commercial business | 749 | 186 | |||||||||||||||||||||||||||||||||||
Other consumer | 41 | 47 | |||||||||||||||||||||||||||||||||||
Total Loans | 124,971 | 108,108 | |||||||||||||||||||||||||||||||||||
Deferred loan fees and costs | (492 | ) | (280 | ) | |||||||||||||||||||||||||||||||||
Allowance for loan losses | (1,148 | ) | (941 | ) | |||||||||||||||||||||||||||||||||
Net Loans | $ | 123,331 | $ | 106,887 | |||||||||||||||||||||||||||||||||
The following tables present the classes of the loan portfolio summarized by the aggregate pass rating and the classified ratings of special mention, substandard and doubtful within the Company’s internal risk rating system as of December 31, 2014 and 2013 (in thousands): | |||||||||||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||||||
Pass | Special Mention | Substandard | Doubtful | Total | |||||||||||||||||||||||||||||||||
One-to-four family residential owner occupied | $ | 6,132 | $ | 116 | $ | 837 | $ | -- | $ | 7,085 | |||||||||||||||||||||||||||
One-to-four family residential non-owner occupied | 46,971 | 38 | 1,317 | 228 | 48,554 | ||||||||||||||||||||||||||||||||
Multi-family residential | 10,065 | -- | 67 | -- | 10,132 | ||||||||||||||||||||||||||||||||
Commercial real estate and lines of credit | 35,984 | 293 | 537 | 332 | 37,146 | ||||||||||||||||||||||||||||||||
Construction | 14,303 | -- | -- | -- | 14,303 | ||||||||||||||||||||||||||||||||
Home equity | 6,654 | 172 | 90 | 45 | 6,961 | ||||||||||||||||||||||||||||||||
Commercial business and other consumer | 790 | -- | -- | -- | 790 | ||||||||||||||||||||||||||||||||
$ | 120,899 | $ | 619 | $ | 2,848 | $ | 605 | $ | 124,971 | ||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||
Pass | Special Mention | Substandard | Doubtful | Total | |||||||||||||||||||||||||||||||||
One-to-four family residential owner occupied | $ | 7,308 | $ | 1,136 | $ | 153 | $ | 303 | $ | 8,900 | |||||||||||||||||||||||||||
One-to-four family residential non-owner occupied | 41,586 | 800 | 1,103 | -- | 43,489 | ||||||||||||||||||||||||||||||||
Multi-family residential | 5,948 | 75 | -- | -- | 6,023 | ||||||||||||||||||||||||||||||||
Commercial real estate and lines of credit | 26,673 | 397 | 673 | -- | 27,743 | ||||||||||||||||||||||||||||||||
Construction | 16,038 | -- | -- | -- | 16,038 | ||||||||||||||||||||||||||||||||
Home equity | 5,391 | 166 | 125 | -- | 5,682 | ||||||||||||||||||||||||||||||||
Commercial business and other consumer | 233 | -- | -- | -- | 233 | ||||||||||||||||||||||||||||||||
$ | 103,177 | $ | 2,574 | $ | 2,054 | $ | 303 | $ | 108,108 | ||||||||||||||||||||||||||||
The following tables summarize information in regards to impaired loans by loan portfolio class as of December 31, 2014 and 2013 (in thousands): | |||||||||||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||||||
Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Recognized | |||||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||||||
One-to-four family residential owner occupied | $ | 837 | $ | 837 | $ | -- | $ | 839 | $ | 15 | |||||||||||||||||||||||||||
One-to-four family residential non-owner occupied | 1,317 | 1,333 | -- | 1,341 | 39 | ||||||||||||||||||||||||||||||||
Multi-family residential | 67 | 72 | -- | 74 | -- | ||||||||||||||||||||||||||||||||
Commercial real estate and lines of credit | 537 | 537 | -- | 542 | 17 | ||||||||||||||||||||||||||||||||
Construction | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||||||
Home equity | 90 | 90 | -- | 93 | 7 | ||||||||||||||||||||||||||||||||
Commercial business and other consumer | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||||||
One-to-four family residential owner occupied | $ | -- | $ | -- | $ | -- | $ | -- | $ | -- | |||||||||||||||||||||||||||
One-to-four family residential non-owner occupied | 228 | 231 | 29 | 231 | -- | ||||||||||||||||||||||||||||||||
Multi-family residential | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||||||
Commercial real estate and lines of credit | 332 | 332 | 29 | 331 | 10 | ||||||||||||||||||||||||||||||||
Construction | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||||||
Home equity | 45 | 45 | 8 | 46 | -- | ||||||||||||||||||||||||||||||||
Commercial business and other consumer | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||||||
Total: | |||||||||||||||||||||||||||||||||||||
One-to-four family residential owner occupied | $ | 837 | $ | 837 | $ | -- | $ | 839 | $ | 15 | |||||||||||||||||||||||||||
One-to-four family residential non-owner occupied | 1,545 | 1,564 | 29 | 1,572 | 39 | ||||||||||||||||||||||||||||||||
Multi-family residential | 67 | 72 | -- | 74 | -- | ||||||||||||||||||||||||||||||||
Commercial real estate and lines of credit | 869 | 869 | 29 | 873 | 27 | ||||||||||||||||||||||||||||||||
Construction | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||||||
Home equity | 135 | 135 | 8 | 139 | 7 | ||||||||||||||||||||||||||||||||
Commercial business and other consumer | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||||||
Total | $ | 3,453 | $ | 3,477 | $ | 66 | $ | 3,497 | $ | 88 | |||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||
Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Recognized | |||||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||||||
One-to-four family residential owner occupied | $ | 456 | $ | 456 | $ | -- | $ | 428 | $ | 15 | |||||||||||||||||||||||||||
One-to-four family residential non-owner occupied | 1,103 | 1,114 | -- | 1,107 | 77 | ||||||||||||||||||||||||||||||||
Multi-family residential | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||||||
Commercial real estate and lines of credit | 362 | 368 | -- | 365 | -- | ||||||||||||||||||||||||||||||||
Construction | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||||||
Home equity | 125 | 126 | -- | 124 | 9 | ||||||||||||||||||||||||||||||||
Commercial business and other consumer | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||||||
One-to-four family residential owner occupied | $ | -- | $ | -- | $ | -- | $ | -- | $ | -- | |||||||||||||||||||||||||||
One-to-four family residential non-owner occupied | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||||||
Multi-family residential | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||||||
Commercial real estate and lines of credit | 311 | 311 | 21 | 313 | 26 | ||||||||||||||||||||||||||||||||
Construction | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||||||
Home equity | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||||||
Commercial business and other consumer | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||||||
Total: | |||||||||||||||||||||||||||||||||||||
One-to-four family residential owner occupied | $ | 456 | $ | 456 | $ | -- | $ | 428 | $ | 15 | |||||||||||||||||||||||||||
One-to-four family residential non-owner occupied | 1,103 | 1,114 | -- | 1,107 | 77 | ||||||||||||||||||||||||||||||||
Multi-family residential | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||||||
Commercial real estate and lines of credit | 673 | 679 | 21 | 678 | 26 | ||||||||||||||||||||||||||||||||
Construction | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||||||
Home equity | 125 | 126 | -- | 124 | 9 | ||||||||||||||||||||||||||||||||
Commercial business and other consumer | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||||||
Total | $ | 2,357 | $ | 2,375 | $ | 21 | $ | 2,337 | $ | 127 | |||||||||||||||||||||||||||
The loan portfolio also includes certain loans that have been modified in a troubled debt restructuring, where economic concessions have been granted to borrowers who have experienced or are expected to experience financial difficulties. These concessions typically result from loss mitigation activities and could include reductions in the interest rate, payment extensions, forbearance, or other actions. At December 31, 2014, the Company had eleven loans totaling $951,000 that were identified as troubled debt restructurings. Two of these loans totaling $155,000 were on non-accrual, three loans totaling $215,000 were 30-89 days delinquent, and six loans totaling $581,000 were performing in accordance with their modified terms. At December 31, 2013, the Company had thirteen loans totaling $1.1 million that were identified as troubled debt restructurings. Nine of these loans totaling $733,000 were performing in accordance with their modified terms, one loan in the amount of $97,000 was 31 days delinquent, and three loans totaling $264,000 were on non-accrual. If a TDR is placed on non-accrual it is not reverted back to accruing status until the borrower makes timely payments as contracted for at least six months and future collection under the revised terms is probable. | |||||||||||||||||||||||||||||||||||||
The following tables present the Company’s TDR loans as of December 31, 2014 and December 31, 2013 (dollar amounts in thousands): | |||||||||||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||||||
Number of Contracts | Recorded Investment | Non-Accrual | Accruing | Related Allowance | |||||||||||||||||||||||||||||||||
One-to-four family residential owner occupied | -- | $ | -- | $ | -- | $ | -- | $ | -- | ||||||||||||||||||||||||||||
One-to-four family residential non-owner occupied | 7 | 728 | 155 | 573 | 10 | ||||||||||||||||||||||||||||||||
Multi-family residential | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||||||
Commercial real estate and lines of credit | 1 | 133 | -- | 133 | 7 | ||||||||||||||||||||||||||||||||
Construction | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||||||
Home equity | 3 | 90 | -- | 90 | -- | ||||||||||||||||||||||||||||||||
Commercial business and other consumer | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||||||
Total | 11 | $ | 951 | $ | 155 | $ | 796 | $ | 17 | ||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||
Number of Contracts | Recorded Investment | Non-Accrual | Accruing | Related Allowance | |||||||||||||||||||||||||||||||||
One-to-four family residential owner occupied | 2 | $ | 153 | $ | -- | $ | 153 | $ | -- | ||||||||||||||||||||||||||||
One-to-four family residential non-owner occupied | 7 | 733 | 151 | 582 | -- | ||||||||||||||||||||||||||||||||
Multi-family residential | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||||||
Commercial real estate and lines of credit | 1 | 113 | 113 | -- | -- | ||||||||||||||||||||||||||||||||
Construction | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||||||
Home equity | 3 | 95 | -- | 95 | -- | ||||||||||||||||||||||||||||||||
Commercial business and other consumer | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||||||
Total | 13 | $ | 1,094 | $ | 264 | $ | 830 | $ | -- | ||||||||||||||||||||||||||||
The contractual aging of the TDRs in the tables above as of December 31, 2014 and 2013 is as follows (in thousands): | |||||||||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||||||
Accruing Past Due Less than 30 Days | Past Due 30-89 Days | Greater | Non-Accrual | Total | |||||||||||||||||||||||||||||||||
than 90 Days | |||||||||||||||||||||||||||||||||||||
One-to-four family residential owner occupied | $ | -- | $ | -- | $ | -- | $ | -- | $ | -- | |||||||||||||||||||||||||||
One-to-four family residential non-owner occupied | 358 | 215 | -- | 155 | 728 | ||||||||||||||||||||||||||||||||
Multi-family residential | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||||||
Commercial real estate and lines of credit | 133 | -- | -- | -- | 133 | ||||||||||||||||||||||||||||||||
Construction | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||||||
Home equity | 90 | -- | -- | -- | 90 | ||||||||||||||||||||||||||||||||
Commercial business and other consumer | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||||||
Total | $ | 581 | $ | 215 | $ | -- | $ | 155 | $ | 951 | |||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||
Accruing Past Due Less than 30 Days | Past Due 30-89 Days | Greater | Non-Accrual | Total | |||||||||||||||||||||||||||||||||
than 90 Days | |||||||||||||||||||||||||||||||||||||
One-to-four family residential owner occupied | $ | 153 | $ | -- | $ | -- | $ | -- | $ | 153 | |||||||||||||||||||||||||||
One-to-four family residential non-owner occupied | 485 | 97 | -- | 151 | 733 | ||||||||||||||||||||||||||||||||
Multi-family residential | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||||||
Commercial real estate and lines of credit | -- | -- | -- | 113 | 113 | ||||||||||||||||||||||||||||||||
Construction | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||||||
Home equity | 95 | -- | -- | -- | 95 | ||||||||||||||||||||||||||||||||
Commercial business and other consumer | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||||||
Total | $ | 733 | $ | 97 | $ | -- | $ | 264 | $ | 1,094 | |||||||||||||||||||||||||||
During the year ended December 31, 2014 one new TDR was identified in the amount of $133,000, one TDR in the amount of $62,000 was paid off; and one property that had been collateral on a TDR that was on non-accrual was transferred to other real estate owned. | |||||||||||||||||||||||||||||||||||||
Any reserve for an impaired TDR loan is based upon the present value of the future expected cash flows discounted at the loan’s original effective rate or upon the fair value of the collateral less costs to sell, if the loan is deemed collateral dependent. At December 31, 2014 there were no commitments to lend additional funds to debtors whose loan terms have been modified as TDRs. | |||||||||||||||||||||||||||||||||||||
The general practice of the Bank is to work with borrowers so that they are able to pay back their loan in full. If a borrower continues to be delinquent or cannot meet the terms of a TDR modification and the loan is determined to be uncollectible, the loan will be charged off. As of December 31, 2014 one loan in the amount of $113,000 defaulted and was transferred to other real estate owned within one year of modification. As of December 31, 2013, the Company did not have any troubled debt restructurings that had defaulted within one year of modification. | |||||||||||||||||||||||||||||||||||||
Following is a summary, by loan portfolio class, of changes in the allowance for loan losses for the year ended December 31, 2014 and recorded investment in loans receivable as of December 31, 2014 (in thousands): | |||||||||||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||||||
1-4 Family | 1-4 Family | Multi-Family | Commercial Real Estate and Lines of Credit | Construction | Home Equity | Commercial Business and Other Consumer | Unallocated | Total | |||||||||||||||||||||||||||||
Residential Owner Occupied | Residential Non-Owner Occupied | Residential | |||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 59 | $ | 424 | $ | 36 | $ | 199 | $ | 96 | $ | 50 | $ | 2 | $ | 75 | $ | 941 | |||||||||||||||||||
Charge-offs | (57 | ) | -- | -- | (133 | ) | -- | -- | -- | -- | (190 | ) | |||||||||||||||||||||||||
Recoveries | -- | -- | -- | 3 | -- | -- | -- | -- | 3 | ||||||||||||||||||||||||||||
Provision | 73 | (6 | ) | 24 | 255 | 26 | (4 | ) | 5 | 21 | 394 | ||||||||||||||||||||||||||
Ending balance | $ | 75 | $ | 418 | $ | 60 | $ | 324 | $ | 122 | $ | 46 | $ | 7 | $ | 96 | $ | 1,148 | |||||||||||||||||||
Ending balance evaluated for impairment | |||||||||||||||||||||||||||||||||||||
Individually | $ | -- | $ | 29 | $ | -- | $ | 29 | $ | -- | $ | 8 | $ | -- | $ | -- | $ | 66 | |||||||||||||||||||
Collectively | $ | 75 | $ | 389 | $ | 60 | $ | 295 | $ | 122 | $ | 38 | $ | 7 | $ | 96 | $ | 1,082 | |||||||||||||||||||
Loans receivable: | |||||||||||||||||||||||||||||||||||||
Ending balance | $ | 7,085 | $ | 48,554 | $ | 10,132 | $ | 37,146 | $ | 14,303 | $ | 6,961 | $ | 790 | $ | -- | $ | 124,971 | |||||||||||||||||||
Ending balance evaluated for impairment | |||||||||||||||||||||||||||||||||||||
Individually | $ | 837 | $ | 1,545 | $ | 67 | $ | 869 | $ | -- | $ | 135 | $ | -- | $ | -- | $ | 3,452 | |||||||||||||||||||
Collectively | $ | 6,248 | $ | 47,009 | $ | 10,065 | $ | 36,277 | $ | 14,303 | $ | 6,826 | $ | 790 | $ | -- | $ | 121,519 | |||||||||||||||||||
Following is a summary, by loan portfolio class, of changes in the allowance for loan losses for the year ended December 31, 2013 and recorded investment in loans receivable as of December 31, 2013 (in thousands): | |||||||||||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||
1-4 Family | 1-4 Family | Multi-Family | Commercial Real Estate and Lines of Credit | Construction | Home Equity | Commercial Business and Other Consumer | Unallocated | Total | |||||||||||||||||||||||||||||
Residential Owner Occupied | Residential Non-Owner Occupied | Residential | |||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 77 | $ | 368 | $ | 20 | $ | 219 | $ | 63 | $ | 68 | $ | 1 | $ | 44 | $ | 860 | |||||||||||||||||||
Charge-offs | (15 | ) | (75 | ) | -- | -- | -- | (69 | ) | -- | -- | (159 | ) | ||||||||||||||||||||||||
Recoveries | -- | -- | -- | -- | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||
Provision | (3 | ) | 131 | 16 | (20 | ) | 33 | 51 | 1 | 31 | 240 | ||||||||||||||||||||||||||
Ending balance | $ | 59 | $ | 424 | $ | 36 | $ | 199 | $ | 96 | $ | 50 | $ | 2 | $ | 75 | $ | 941 | |||||||||||||||||||
Ending balance evaluated for impairment: | |||||||||||||||||||||||||||||||||||||
Individually | $ | -- | $ | -- | $ | -- | $ | 21 | $ | -- | $ | -- | $ | -- | $ | -- | $ | 21 | |||||||||||||||||||
Collectively | $ | 59 | $ | 424 | $ | 36 | $ | 178 | $ | 96 | $ | 50 | $ | 2 | $ | 75 | $ | 920 | |||||||||||||||||||
Loans receivable: | |||||||||||||||||||||||||||||||||||||
Ending balance | $ | 8,900 | $ | 43,489 | $ | 6,023 | $ | 27,743 | $ | 16,038 | $ | 5,682 | $ | 233 | $ | -- | $ | 108,108 | |||||||||||||||||||
Ending balance evaluatedfor impairment | |||||||||||||||||||||||||||||||||||||
Individually | $ | 456 | $ | 1,103 | $ | -- | $ | 673 | $ | -- | $ | 125 | $ | -- | $ | -- | $ | 2,357 | |||||||||||||||||||
Collectively | $ | 8,444 | $ | 42,386 | $ | 6,023 | $ | 27,070 | $ | 16,038 | $ | 5,557 | $ | 233 | $ | -- | $ | 105,751 | |||||||||||||||||||
The Bank allocated increased allowance for loan loss provisions to the commercial real estate and lines of credit portfolio class for the year ended December 31, 2014, due to increased charge-off activity in this portfolio class. The Bank allocated decreased allowance for loan loss provisions to the 1-4 family residential non-owner occupied and home equity portfolio classes for the year ended December 31, 2014, due to decreased charge-off activity in this portfolio class. | |||||||||||||||||||||||||||||||||||||
The following table presents non-accrual loans by classes of the loan portfolio as of December 31, 2014 and 2013 (in thousands): | |||||||||||||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||
One-to-four family residential owner occupied | $ | 588 | $ | 303 | |||||||||||||||||||||||||||||||||
One-to-four family residential non-owner occupied | 836 | 378 | |||||||||||||||||||||||||||||||||||
Multi-family residential | 67 | -- | |||||||||||||||||||||||||||||||||||
Commercial real estate and lines of credit | 489 | 474 | |||||||||||||||||||||||||||||||||||
Construction | -- | -- | |||||||||||||||||||||||||||||||||||
Home equity | 45 | 30 | |||||||||||||||||||||||||||||||||||
Commercial business and other consumer | -- | -- | |||||||||||||||||||||||||||||||||||
$ | 2,025 | $ | 1,185 | ||||||||||||||||||||||||||||||||||
Non-performing loans, which consist of non-accruing loans plus accruing loans 90 days or more past due, amounted to $2.8 million and $1.9 million at December 31, 2014 and 2013, respectively. For the delinquent loans in our portfolio, we have considered our ability to collect the past due interest, as well as the principal balance of the loan, in order to determine whether specific loans should be placed on non-accrual status. In cases where our evaluations have determined that the principal and interest balances are collectible, we have continued to accrue interest. | |||||||||||||||||||||||||||||||||||||
For the year ended December 31, 2014 there was no interest income recognized on non-accrual loans on a cash basis. For the year ended December 31, 2013, approximately $1,000 of interest income was recognized on non-accrual loans on a cash basis. Interest income foregone on non-accrual loans was approximately $143,000 and $53,000 for the years ended December 31, 2014 and 2013, respectively. | |||||||||||||||||||||||||||||||||||||
The performance and credit quality of the loan portfolio are also monitored by analyzing the age of the loans receivable as determined by the length of time a recorded payment is past due. The following tables present the classes of the loan portfolio summarized by the past due status as of December 31, 2014 and 2013 (in thousands): | |||||||||||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||||||
30-90 Days Past Due | Greater | Total Past Due | Current | Total Loans Receivable | Loans Receivable > 90 Days and Accruing | ||||||||||||||||||||||||||||||||
than 90 Days | |||||||||||||||||||||||||||||||||||||
One-to-four family residential owner occupied | $ | 589 | $ | 837 | $ | 1,426 | $ | 5,659 | $ | 7,085 | $ | 249 | |||||||||||||||||||||||||
One-to-four family residential non-owner occupied | 735 | 972 | 1,707 | 46,847 | 48,554 | 136 | |||||||||||||||||||||||||||||||
Multi-family residential | -- | 67 | 67 | 10,065 | 10,132 | -- | |||||||||||||||||||||||||||||||
Commercial real estate and lines of credit | 1,051 | 910 | 1,961 | 35,185 | 37,146 | 421 | |||||||||||||||||||||||||||||||
Construction | 107 | -- | 107 | 14,196 | 14,303 | -- | |||||||||||||||||||||||||||||||
Home equity | 99 | 45 | 144 | 6,817 | 6,961 | -- | |||||||||||||||||||||||||||||||
Commercial business and other consumer | -- | -- | -- | 790 | 790 | -- | |||||||||||||||||||||||||||||||
$ | 2,581 | $ | 2,831 | $ | 5,412 | $ | 119,559 | $ | 124,971 | $ | 806 | ||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||
30-90 Days Past Due | Greater | Total Past Due | Current | Total Loans Receivable | Loans Receivable > 90 Days and Accruing | ||||||||||||||||||||||||||||||||
than 90 Days | |||||||||||||||||||||||||||||||||||||
One-to-four family residential owner occupied | $ | 1,916 | $ | 559 | $ | 2,475 | $ | 6,425 | $ | 8,900 | $ | 256 | |||||||||||||||||||||||||
One-to-four family residential non-owner occupied | 884 | 575 | 1,459 | 42,030 | 43,489 | 197 | |||||||||||||||||||||||||||||||
Multi-family residential | -- | 75 | 75 | 5,948 | 6,023 | 75 | |||||||||||||||||||||||||||||||
Commercial real estate and lines of credit | 322 | 674 | 996 | 26,747 | 27,743 | 200 | |||||||||||||||||||||||||||||||
Construction | 334 | -- | 334 | 15,704 | 16,038 | -- | |||||||||||||||||||||||||||||||
Home equity | 168 | 30 | 198 | 5,484 | 5,682 | -- | |||||||||||||||||||||||||||||||
Commercial business and other consumer | -- | -- | -- | 233 | 233 | -- | |||||||||||||||||||||||||||||||
$ | 3,624 | $ | 1,913 | $ | 5,537 | $ | 102,571 | $ | 108,108 | $ | 728 | ||||||||||||||||||||||||||
Note_8_Premises_and_Equipment
Note 8 - Premises and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property, Plant and Equipment Disclosure [Text Block] | Note 8 - Premises and Equipment | ||||||||
The components of premises and equipment at December 31, 2014 and 2013 are as follows: | |||||||||
2014 | 2013 | ||||||||
(In Thousands) | |||||||||
Land | $ | 208 | $ | 208 | |||||
Buildings | 981 | 900 | |||||||
Leasehold improvements | 369 | 352 | |||||||
Furniture, fixtures and equipment | 766 | 695 | |||||||
2,324 | 2,155 | ||||||||
Accumulated depreciation | (685 | ) | (518 | ) | |||||
$ | 1,639 | $ | 1,637 | ||||||
Depreciation expense for the years ended December 31, 2014 and 2013 amounted to approximately $167,000 and $142,000, respectively. | |||||||||
The Company leases its office at 501 Knowles Avenue in Southampton, Pennsylvania as well as other office facilities and equipment. Lease expense was $119,000 for the years ended December 31, 2014 and 2013, respectively. |
Note_9_Deposits
Note 9 - Deposits | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Disclosure Text Block [Abstract] | |||||||||||||||||
Deposit Liabilities Disclosures [Text Block] | Note 9 - Deposits | ||||||||||||||||
Deposits and the weighted average interest rate at December 31, 2014 and 2013 consist of the following: | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Amount | Weighted Average Interest | Amount | Weighted Average Interest | ||||||||||||||
Rate | Rate | ||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||
Non-interest bearing checking accounts | $ | 640 | -- | % | $ | -- | -- | % | |||||||||
Passbook savings accounts | 2,573 | 0.15 | 2,655 | 0.13 | |||||||||||||
Statement savings accounts | 5,655 | 0.37 | 5,496 | 0.31 | |||||||||||||
eSavings accounts | 19,203 | 0.74 | 14,938 | 0.64 | |||||||||||||
Certificate of deposit accounts | 96,334 | 1.7 | 80,235 | 1.73 | |||||||||||||
$ | 124,405 | 1.42 | % | $ | 103,324 | 1.46 | % | ||||||||||
A summary of certificates of deposit by maturity at December 31, 2014 is as follows (in thousands): | |||||||||||||||||
Years ending December 31: | |||||||||||||||||
2015 | $ | 27,311 | |||||||||||||||
2016 | 27,719 | ||||||||||||||||
2017 | 19,760 | ||||||||||||||||
2018 | 13,322 | ||||||||||||||||
2019 | 8,222 | ||||||||||||||||
$ | 96,334 | ||||||||||||||||
The aggregate amount of certificates of deposit with a minimum denomination of $250,000 was $6.2 million and $3.5 million at December 31, 2014 and 2013, respectively. | |||||||||||||||||
A summary of interest expense for the years ended December 31, 2014 and 2013 is as follows: | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
(In Thousands) | |||||||||||||||||
Passbook savings accounts | $ | 4 | $ | 5 | |||||||||||||
Statement savings accounts | 21 | 21 | |||||||||||||||
eSavings accounts | 119 | 103 | |||||||||||||||
Certificate of deposit accounts | 1,534 | 1,511 | |||||||||||||||
$ | 1,678 | $ | 1,640 | ||||||||||||||
Note_10_Borrowings
Note 10 - Borrowings | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||
Debt Disclosure [Text Block] | Note 10 - Borrowings | ||||||||||||||||
The Bank has two line of credit commitments from two different banks totaling $1.5 million. These lines of credit are demand facilities subject to continued review and modification or suspension at any time. Borrowings are secured by certain qualifying assets of the Bank composed of loans. There were no borrowings under these lines of credit at December 31, 2014 and 2013. As of December 31, 2014 Quaint Oak Bank has $1.0 million in borrowing capacity with the Federal Reserve Bank of Philadelphia. There were no borrowings under this facility at December 31, 2014. The Bank has a maximum borrowing capacity with the Federal Home Loan Bank of approximately $61.4 million. Federal Home Loan Bank borrowings are secured by qualifying assets of the Bank. | |||||||||||||||||
Federal Home Loan Bank short-term borrowings and the weighted interest rate consist of the following at December 31, 2014 and 2013 (in thousands): | |||||||||||||||||
At or For the Year | |||||||||||||||||
Ended December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||
FHLB short-term borrowings: | |||||||||||||||||
Average balance outstanding | $ | 7,682 | $ | 1,486 | |||||||||||||
Maximum amount outstanding at any month-end during the period | 11,500 | 5,500 | |||||||||||||||
Balance outstanding at end of period | 7,000 | 5,500 | |||||||||||||||
Average interest rate during the period | 0.27 | % | 2.83 | % | |||||||||||||
Weighted average interest rate at end of period | 0.27 | % | 0.25 | % | |||||||||||||
Federal Home Loan Bank long-term borrowings and the weighted interest rate consist of the following at December 31, 2014 and 2013 (in thousands): | |||||||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||
Fixed rate borrowings maturing: | Amount | Weighted Interest | Amount | Weighted Interest | |||||||||||||
Rate | Rate | ||||||||||||||||
2016 | $ | 1,000 | 0.88 | % | $ | -- | $ | -- | |||||||||
2017 | 1,500 | 1.3 | -- | -- | |||||||||||||
2018 | 1,000 | 1.71 | -- | -- | |||||||||||||
2019 | 1,000 | 2.02 | -- | -- | |||||||||||||
Total FHLB long-term debt | $ | 4,500 | 1.46 | % | $ | -- | $ | -- | |||||||||
Note_11_Income_Taxes
Note 11 - Income Taxes | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Income Tax Disclosure [Abstract] | |||||||||
Income Tax Disclosure [Text Block] | Note 11 - Income Taxes | ||||||||
The components of income tax expense for the years ended December 31, 2014 and 2013 are as follows: | |||||||||
2014 | 2013 | ||||||||
(In Thousands) | |||||||||
Federal: | |||||||||
Current | $ | 836 | $ | 444 | |||||
Deferred | (164 | ) | (71 | ) | |||||
672 | 373 | ||||||||
State, current | 22 | 44 | |||||||
$ | 694 | $ | 417 | ||||||
The following table represents reconciliation between the reported income tax expense and the income tax expense which would be computed by applying the normal federal income tax rate of 34% to income before taxes for the years ended December 31, 2014 and 2013 is as follows: | |||||||||
2014 | 2013 | ||||||||
(In Thousands) | |||||||||
Federal income tax at statutory rate | $ | 658 | $ | 380 | |||||
State tax, net of federal benefit | 13 | 28 | |||||||
Stock compensation expense | 35 | 29 | |||||||
Other | (12 | ) | (20 | ) | |||||
$ | 694 | $ | 417 | ||||||
The components of the net deferred tax asset at December 31, 2014 and 2013 are as follows: | |||||||||
2014 | 2013 | ||||||||
(In Thousands) | |||||||||
Deferred tax assets: | |||||||||
Allowance for loan losses | $ | 390 | $ | 320 | |||||
Stock-based compensation | 39 | 37 | |||||||
Interest on non-accrual loans | 17 | 18 | |||||||
Unrealized loss on investment securities available for sale | 18 | 9 | |||||||
Deferred loan fees | 167 | 95 | |||||||
Organization cost | 3 | 3 | |||||||
Total deferred tax assets | 634 | 482 | |||||||
Deferred tax liabilities: | |||||||||
Bank premises and equipment | (131 | ) | (152 | ) | |||||
Total deferred tax liabilities | (131 | ) | (152 | ) | |||||
Net Deferred Tax Asset | $ | 503 | $ | 330 | |||||
The net deferred tax asset at December 31, 2014 and 2013 of $503,000 and $330,000, respectively, is included in other assets. | |||||||||
No valuation allowance was established at December 31, 2014 and 2013, in view of the Company’s ability to carry back taxes paid in previous years and certain tax strategies, coupled with the anticipated future taxable income as evidenced by the Company’s earnings potential. |
Note_12_Stock_Compensation_Pla
Note 12 - Stock Compensation Plans | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 12 – Stock Compensation Plans | ||||||||||||||||||||||||
Employee Stock Ownership Plan | |||||||||||||||||||||||||
The Company adopted an Employee Stock Ownership Plan (ESOP) during fiscal 2007 for the benefit of employees who meet the eligibility requirements of the plan. Using proceeds from a loan from the Company, the ESOP purchased 8%, or 111,090 shares of the Company’s then outstanding common stock in the open market at an average price of $9.35 for a total of $1.0 million. The Bank makes cash contributions to the ESOP on a quarterly basis sufficient to enable the ESOP to make the required loan payments to the Company. The loan bears an interest rate of 7.75% per annum, with principal and interest to be paid quarterly in equal installments over 15 years. The loan is secured by the unallocated shares of common stock held by the ESOP. | |||||||||||||||||||||||||
Shares of the Company’s common stock purchased by the ESOP are held in a suspense account and reported as unallocated common stock held by the ESOP in stockholders’ equity until released for allocation to participants. As the debt is repaid, shares are released from collateral and are allocated to each eligible participant based on the ratio of each such participant’s base compensation to the total base compensation of eligible plan participants. As the unearned shares are committed to be released and allocated among participants, the Company recognizes compensation expense equal to the average market value of the shares, and the shares become outstanding for earnings per share computations. During the years ended December 31, 2014 and 2013, the Company recognized $140,000 and $145,000 of ESOP expense, respectively. | |||||||||||||||||||||||||
The following table represents the components of the ESOP shares at December 31, 2014 and 2013: | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Allocated shares | 62,395 | 55,181 | |||||||||||||||||||||||
Unreleased shares | 48,695 | 55,909 | |||||||||||||||||||||||
Total ESOP shares | 111,090 | 111,090 | |||||||||||||||||||||||
Fair value of unreleased shares (in thousands) | $ | 950 | $ | 906 | |||||||||||||||||||||
Recognition and Retention and Stock Incentive Plans | |||||||||||||||||||||||||
In May 2008, the shareholders of Quaint Oak Bancorp approved the adoption of the 2008 Recognition and Retention Plan (the “RRP”) and Trust Agreement. In order to fund the RRP, the 2008 Recognition and Retention Plan Trust acquired 55,545 shares of the Company’s stock in the open market at an average price of $9.36 totaling $520,000. In May 2013, the shareholders of Quaint Oak Bancorp approved the adoption of the 2013 Stock Incentive Plan (the “Stock Incentive Plan”). The Stock Incentive Plan provides that no more than 24,375, or 25%, of the shares may be granted as restricted stock awards. | |||||||||||||||||||||||||
As of December 31, 2014, a total of 20,983 awards of restricted stock were unvested under the RRP and Stock Incentive Plan and 10,684 restricted stock awards were available for future grant under the Stock Incentive Plan and none under the RRP. The RRP and Stock Incentive Plan share awards have vesting periods from five to seven years. | |||||||||||||||||||||||||
A summary of the status of the shares under the RRP and Stock Incentive Plan as of December 31, 2014 and 2013 is as follows: | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Number of | Weighted | Number of | Weighted | ||||||||||||||||||||||
Shares | Average Grant | Shares | Average Grant | ||||||||||||||||||||||
Date Fair Value | Date Fair Value | ||||||||||||||||||||||||
Unvested at the beginning of the year | 26,500 | $ | 16.11 | 8,894 | $ | 9.05 | |||||||||||||||||||
Granted | -- | -- | 26,150 | 16.2 | |||||||||||||||||||||
Vested | (5,517 | ) | 15.83 | (8,544 | ) | 9.05 | |||||||||||||||||||
Forfeited | -- | -- | -- | -- | |||||||||||||||||||||
Unvested at the end of the year | 20,983 | $ | 16.18 | 26,500 | $ | 16.11 | |||||||||||||||||||
Compensation expense on the restricted stock awards is recognized ratably over the five to seven year vesting period in an amount which is equal to the fair value of the common stock at the date of grant. During the years ended December 31, 2014 and 2013, the Company recognized $86,000 and $84,000 of compensation expense, respectively. A tax benefit of approximately $29,000 was recognized during each of these periods. As of December 31, 2014, approximately $286,000 in additional compensation expense will be recognized over the remaining service period of approximately 3.3 years. | |||||||||||||||||||||||||
Stock Options | |||||||||||||||||||||||||
In May 2008, the shareholders of Quaint Oak Bancorp approved the adoption of the 2008 Stock Option Plan (the “Option Plan”). The Option Plan authorizes the grant of stock options to officers, employees and directors of the Company to acquire 138,863 shares of common stock with an exercise price no less than the fair market value on the date of the grant. The Stock Incentive Plan approved by shareholders in May 2013 covered a total of 97,500 shares, of which up to 24,375 may be restricted stock awards, for a balance of 73,125 stock options assuming all the restricted shares are awarded. | |||||||||||||||||||||||||
For grants in May 2008, the Compensation Committee of the Board of Directors determined to grant the stock options at an exercise price equal to $10.00 per share which is higher than the fair market value of the common stock on the grant date. All incentive stock options issued under the Option Plan and the Stock Incentive Plan are intended to comply with the requirements of Section 422 of the Internal Revenue Code. | |||||||||||||||||||||||||
As of December 31, 2014, a total of 184,570 grants of stock options were outstanding under the Option Plan and Stock Incentive Plan and 27,418 stock options were available for future grant under the Stock Incentive Plan and none under the Option Plan. Options will become vested and exercisable over a five to seven year period and are generally exercisable for a period of ten years after the grant date. | |||||||||||||||||||||||||
A summary of option activity under the Company’s Option Plan and Stock Incentive Plan as of December 31, 2014 and 2013 and changes during the years ended December 31, 2014 and 2013 is as follows: | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Number of | Weighted | Weighted | Number of | Weighted | Weighted | ||||||||||||||||||||
Shares | Average Exercise Price | Average Remaining Contractual Life (in years) | Shares | Average Exercise Price | Average Remaining Contractual Life (in years) | ||||||||||||||||||||
Outstanding at the beginning of the year | 184,570 | $ | 12.59 | 6.5 | 107,570 | $ | 10 | 4.4 | |||||||||||||||||
Granted | - | - | - | 77,000 | 16.2 | 9.4 | |||||||||||||||||||
Exercised | - | - | - | -- | -- | - | |||||||||||||||||||
Forfeited | - | - | - | -- | -- | - | |||||||||||||||||||
Outstanding at the end of the period | 184,570 | $ | 12.59 | 5.7 | 184,570 | $ | 12.59 | 6.5 | |||||||||||||||||
Exercisable at the end of the period | 122,809 | $ | 10.78 | 3.3 | 106,665 | $ | 10 | 6.5 | |||||||||||||||||
The estimated fair value of the options granted in May 2013 was $3.17 per share. The fair value was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions: | |||||||||||||||||||||||||
Expected dividend yield | 1.23 | % | |||||||||||||||||||||||
Risk-free interest rate | 5 | % | |||||||||||||||||||||||
Expected life of options (years) | 5 | ||||||||||||||||||||||||
Expected stock-price volatility | 24.66 | % | |||||||||||||||||||||||
The dividend yield was calculated on the dividend amount and stock price existing at the grant date. The risk free interest rate used was based on the rates of United States Treasury securities with maturities equal to the expected lives of the options. Although the contractual term of the options granted is ten years, the expected term of the options is less. As the Company has no history of granting stock option awards, management estimated the expected term of the stock options to be the average of the vesting period and the contractual term. The expected stock-price volatility was estimated by considering the Company’s own stock volatility. The actual future volatility may differ from our historical volatility. | |||||||||||||||||||||||||
At December 31, 2014, the aggregate intrinsic value of options outstanding was $1.3 million. At December 31, 2014, the aggregate intrinsic value of options exercisable was $1.1 million. The intrinsic value of the options outstanding as of December 31, 2013 was $667,000. The intrinsic value of the options exercisable as of December 31, 2013 was $661,000. The aggregate intrinsic value of a stock option represents the total pre-tax intrinsic value (the amount by which the current market value of the underlying stock exceeds the exercise price of the option) that would have been received by the option holder had all option holders exercised their options on December 31, 2014 and December 31, 2013. This amount changes based on changes in the market value of the Company’s common stock. | |||||||||||||||||||||||||
During the years ended December 31, 2014 and 2013, the Company recognized $46,000 and $44,000 of compensation expense, respectively. A tax benefit of approximately $11,000 and $9,000, respectively, was recognized during these periods. As of December 31, 2014, approximately $152,000 in additional compensation expense will be recognized over the remaining service period of approximately 3.3 years. |
Note_13_Transactions_with_Exec
Note 13 - Transactions with Executive Officers and Directors | 12 Months Ended |
Dec. 31, 2014 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | Note 13 - Transactions with Executive Officers and Directors |
Certain directors and executive officers of the Company, their families and their affiliates are customers of the Bank. Any transactions with such parties, including loans and commitments, are in the ordinary course of business at normal terms, including interest rate and collateralization, prevailing at the time and do not represent more than normal risks of collectability. None of these individuals were indebted to the Company for loans at December 31, 2014 and 2013, respectively. |
Note_14_Financial_Instruments_
Note 14 - Financial Instruments with Off-Balance Sheet Risk | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Risks and Uncertainties [Abstract] | |||||||||
Concentration Risk Disclosure [Text Block] | Note 14 - Financial Instruments with Off-Balance Sheet Risk | ||||||||
The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit. Those instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the balance sheet. | |||||||||
The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments as it does for on-balance sheet instruments. | |||||||||
A summary of the Company's financial instrument commitments at December 31, 2014 and 2013 is as follows: | |||||||||
2014 | 2013 | ||||||||
(In Thousands) | |||||||||
Commitments to originate loans | $ | 7,763 | $ | 6,370 | |||||
Unfunded commitments under lines of credit | 21,427 | 16,465 | |||||||
Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Since the commitments may expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. The Company evaluates each customer’s credit worthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation. Collateral held varies, but includes principally residential and commercial real estate. | |||||||||
The Company leases its office at 501 Knowles Avenue in Southampton, Pennsylvania as well as other office facilities and equipment. The leases range in terms from one year to 10 years, some of which include renewal options as well as specific provisions relating to rent increases. | |||||||||
Future minimum annual rental payments required under non-cancelable operating leases are as follows: | |||||||||
Rental Amount | |||||||||
Year | (In Thousands) | ||||||||
2015 | $ | 91 | |||||||
2016 | 69 | ||||||||
2017 | 62 | ||||||||
2018 | 61 | ||||||||
2019 | 66 | ||||||||
Thereafter | 126 | ||||||||
$ | 475 | ||||||||
Note_15_Regulatory_Matters
Note 15 - Regulatory Matters | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||
Disclosure Text Block [Abstract] | ||||||||||||||||||||||||||||
Regulatory Capital Requirements under Banking Regulations [Text Block] | Note 15 - Regulatory Matters | |||||||||||||||||||||||||||
The Bank is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk-weightings and other factors. | ||||||||||||||||||||||||||||
Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios (set forth below) of total and Tier 1 capital (as defined in the regulations) to risk-weighted assets, and of Tier 1 capital to average assets. Management believes, as of December 31, 2014, that the Bank meets all capital adequacy requirements to which it is subject. | ||||||||||||||||||||||||||||
As of December 31, 2014 the Bank was well capitalized under the regulatory framework for prompt corrective action. There are no conditions or events since December 31, 2014 that management believes have changed the Bank’s category. The Company’s ratios do not differ significantly from the Bank’s ratios presented below. | ||||||||||||||||||||||||||||
The Bank’s actual capital amounts and ratios at December 31, 2014 and 2013 and the minimum amounts and ratios required for capital adequacy purposes and to be well capitalized under the prompt corrective action provisions are as follows: | ||||||||||||||||||||||||||||
To be Well Capitalized Under Prompt Corrective Action Provisions | ||||||||||||||||||||||||||||
For Capital Adequacy Purposes | ||||||||||||||||||||||||||||
Actual | ||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||
As of December 31, 2014: | ||||||||||||||||||||||||||||
Total capital (to risk-weighted assets) | $ | 17,362 | 16.5 | % | > | $ | 8,418 | > | 8 | % | > | $ | 10,523 | > | 10 | % | ||||||||||||
Tier 1 capital (to risk-weighted assets) | 16,187 | 15.38 | > | 4,209 | > | 4 | > | 6,314 | > | 6 | ||||||||||||||||||
Tier 1 capital (to average assets) | 16,187 | 10.74 | > | 6,028 | > | 4 | > | 7,535 | > | 5 | ||||||||||||||||||
For Capital Adequacy | To be Well Capitalized | |||||||||||||||||||||||||||
Purposes | Under Prompt | |||||||||||||||||||||||||||
Actual | Corrective Action | |||||||||||||||||||||||||||
Provisions | ||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||
As of December 31, 2013: | ||||||||||||||||||||||||||||
Total capital (to risk-weighted assets) | $ | 16,344 | 18.75 | % | > | $ | 6,972 | > | 8 | % | > | $ | 8,715 | > | 10 | % | ||||||||||||
Tier 1 capital (to risk-weighted assets) | 15,403 | 17.68 | > | 3,486 | > | 4 | > | 5,229 | > | 6 | ||||||||||||||||||
Tier 1 capital (to average assets) | 15,403 | 12.7 | > | 4,850 | > | 4 | > | 6,062 | > | 5 | ||||||||||||||||||
Under the Dodd-Frank Wall Street Reform and Consumer Protection Act the Board of Governors of the Federal Reserve System as the primary regulator for the Company is authorized to extend leverage capital requirements and risk based capital requirements applicable to depository institutions and bank holding companies to thrift holding companies. Legislation adopted in late 2014 generally exempts small savings and loan holding companies like Quaint Oak Bancorp from these capital requirements if certain conditions are met. | ||||||||||||||||||||||||||||
Banking regulations place certain restrictions on dividends paid by the Bank to the Company. The Bank is subject to certain restrictions on the amount of dividends that it may declare without prior regulatory approval. |
Note_16_Fair_Value_Measurement
Note 16 - Fair Value Measurements and Fair Values of Financial Instruments | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||
Fair Value Disclosures [Text Block] | Note 16 – Fair Value Measurements and Fair Values of Financial Instruments | ||||||||||||||||||||
Fair value estimates are based on quoted market prices, if available, quoted market prices of similar assets or liabilities, or the present value of expected future cash flows and other valuation techniques. These valuations are significantly affected by discount rates, cash flow assumptions, and risk assumptions used. Therefore, fair value estimates may not be substantiated by comparison to independent markets and are not intended to reflect the proceeds that may be realizable in an immediate settlement of the instruments. | |||||||||||||||||||||
Fair value is determined at one point in time and is not representative of future value. These amounts do not reflect the total value of a going concern organization. Management does not have the intention to dispose of a significant portion of its assets and liabilities and therefore, the unrealized gains or losses should not be interpreted as a forecast of future earnings and cash flows. | |||||||||||||||||||||
The following disclosures show the hierarchal disclosure framework associated with the level of pricing observations utilized in measuring assets and liabilities at fair value. The three broad levels of pricing are as follows: | |||||||||||||||||||||
Level I: | Quoted prices are available in active markets for identical assets or liabilities as of the reported date. | ||||||||||||||||||||
Level II: | Pricing inputs are other than the quoted prices in active markets, which are either directly or indirectly observable as of the reported date. The nature of these assets and liabilities includes items for which quoted prices are available but traded less frequently and items that are fair-valued using other financial instruments, the parameters of which can be directly observed. | ||||||||||||||||||||
Level III: | Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. | ||||||||||||||||||||
This hierarchy requires the use of observable market data when available. | |||||||||||||||||||||
The following is a discussion of assets and liabilities measured at fair value on a recurring and non-recurring basis and valuation techniques applied: | |||||||||||||||||||||
Investment Securities Available For Sale: The fair value of securities available for sale (carried at fair value) and held to maturity (carried at amortized cost) are determined by obtaining quoted market prices on nationally recognized securities exchanges (Level 1). | |||||||||||||||||||||
We may be required from time to time to measure certain assets at fair value on a nonrecurring basis in accordance with U.S. GAAP. These adjustments to fair value usually result from application of lower-of-cost-or-market accounting or write-downs of individual assets. | |||||||||||||||||||||
Impaired Loans: Impaired loans are carried at the lower of cost or the fair value of the collateral for collateral-dependent loans less estimated costs to sell. Collateral is primarily in the form of real estate. The use of independent appraisals, discounted cash flow models and management’s best judgment are significant inputs in arriving at the fair value measure of the underlying collateral and impaired loans are therefore classified within Level 3 of the fair value hierarchy. | |||||||||||||||||||||
Other Real Estate Owned: Other real estate owned is carried at the lower of the investment in the real estate or the fair value of the real estate less estimated selling costs. The use of independent appraisals and management’s best judgment are significant inputs in arriving at the fair value measure of the underlying collateral and therefore other real estate owned is classified within Level 3 of the fair value hierarchy. | |||||||||||||||||||||
The table below sets forth the financial assets and liabilities that were accounted for on a recurring and nonrecurring basis by level within the fair value hierarchy as of December 31, 2014 (in thousands): | |||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||
Fair Value Measurements Using: | |||||||||||||||||||||
Total Fair Value | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Unobservable Inputs | ||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||
Recurring fair value measurements | |||||||||||||||||||||
Investment securities available for sale | |||||||||||||||||||||
Short-term bond fund | $ | 1,180 | $ | 1,180 | $ | -- | $ | -- | |||||||||||||
Limited-term bond fund | 526 | 526 | -- | -- | |||||||||||||||||
Total investment securities available for sale | $ | 1,706 | $ | 1,706 | $ | -- | $ | -- | |||||||||||||
Total recurring fair value measurements | $ | 1,706 | $ | 1,706 | $ | -- | $ | -- | |||||||||||||
Nonrecurring fair value measurements | |||||||||||||||||||||
Impaired loans | $ | 3,387 | $ | -- | $ | -- | $ | 3,387 | |||||||||||||
Other real estate owned | 111 | -- | -- | 111 | |||||||||||||||||
Total nonrecurring fair value measurements | $ | 3,498 | $ | -- | $ | -- | $ | 3,498 | |||||||||||||
The table below sets forth the financial assets and liabilities that were accounted for on a recurring and nonrecurring basis by level within the fair value hierarchy as of December 31, 2013 (in thousands): | |||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Fair Value Measurements Using: | |||||||||||||||||||||
Total Fair Value | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Unobservable Inputs | ||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||
Recurring fair value measurements | |||||||||||||||||||||
Investment securities available for sale | |||||||||||||||||||||
Short-term bond fund | $ | 1,159 | $ | 1,159 | $ | -- | $ | -- | |||||||||||||
Limited-term bond fund | 521 | 521 | -- | -- | |||||||||||||||||
Total investment securities available for sale | $ | 1,680 | $ | 1,680 | $ | -- | $ | -- | |||||||||||||
Total recurring fair value measurements | $ | 1,680 | $ | 1,680 | $ | -- | $ | -- | |||||||||||||
Nonrecurring fair value measurements | |||||||||||||||||||||
Impaired loans | $ | 2,336 | $ | -- | $ | -- | $ | 2,336 | |||||||||||||
Other real estate owned | 574 | -- | -- | 574 | |||||||||||||||||
Total nonrecurring fair value measurements | $ | 2,910 | $ | -- | $ | -- | $ | 2,910 | |||||||||||||
The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which the Company has used Level 3 inputs to determine fair value as of December 31, 2014 and 2013 (dollars in thousands): | |||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||
Quantitative Information About Level 3 Fair Value Measurements | |||||||||||||||||||||
Total Fair Value | Valuation Techniques | Unobservable Input | Range (Weighted Average) | ||||||||||||||||||
Impaired loans | $ | 3,387 | Appraisal of collateral (1) | Appraisal adjustments (2) | 0%-33% | -2% | |||||||||||||||
Other real estate owned | $ | 111 | Appraisal of collateral (1) | Appraisal adjustments (2) | 1% | -1% | |||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Quantitative Information About Level 3 Fair Value Measurements | |||||||||||||||||||||
Total Fair Value | Valuation Techniques | Unobservable Input | Range (Weighted Average) | ||||||||||||||||||
Impaired loans | $ | 2,336 | Appraisal of collateral (1) | Appraisal adjustments (2) | 0%-9% | -1% | |||||||||||||||
Other real estate owned | $ | 574 | Appraisal of collateral (1) | Appraisal adjustments (2) | 5%-33% | -18% | |||||||||||||||
_________________ | |||||||||||||||||||||
-1 | Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are identifiable. | ||||||||||||||||||||
-2 | Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of liquidation expenses and other appraisal adjustments are presented as a percentage of the appraisal. | ||||||||||||||||||||
The estimated fair values of the Company’s financial instruments were as follows at December 31, 2014 and December 31, 2013 (in thousands): | |||||||||||||||||||||
Fair Value Measurements at | |||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||
Carrying Amount | Fair Value Estimate | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Unobservable Inputs | |||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||
Financial Assets | |||||||||||||||||||||
Cash and cash equivalents | $ | 13,937 | $ | 13,937 | $ | 13,937 | $ | -- | $ | -- | |||||||||||
Investment in interest-earning time deposits | 6,660 | 6,723 | -- | -- | 6,723 | ||||||||||||||||
Investment securities available for sale | 1,706 | 1,706 | 1,706 | -- | -- | ||||||||||||||||
Loans held for sale | 2,556 | 2,664 | -- | 2,664 | -- | ||||||||||||||||
Loans receivable, net | 123,331 | 123,419 | -- | -- | 123,419 | ||||||||||||||||
Accrued interest receivable | 788 | 788 | 788 | -- | -- | ||||||||||||||||
Investment in FHLB stock | 527 | 527 | 527 | -- | -- | ||||||||||||||||
Bank-owned life insurance | 3,549 | 3,549 | 3,549 | -- | -- | ||||||||||||||||
Financial Liabilities | |||||||||||||||||||||
Deposits | 124,405 | 125,724 | 28,071 | -- | 97,653 | ||||||||||||||||
FHLB short-term borrowings | 7,000 | 7,000 | 7,000 | -- | -- | ||||||||||||||||
FHLB long-term borrowings | 4,500 | 4,492 | -- | -- | 4,492 | ||||||||||||||||
Accrued interest payable | 108 | 108 | 108 | -- | -- | ||||||||||||||||
Fair Value Measurements at | |||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Carrying Amount | Fair Value Estimate | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Unobservable Inputs | |||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||
Financial Assets | |||||||||||||||||||||
Cash and cash equivalents | $ | 6,184 | $ | 6,184 | $ | 6,184 | $ | -- | $ | -- | |||||||||||
Investment in interest-earning time deposits | 7,633 | 7,747 | -- | -- | 7,747 | ||||||||||||||||
Investment securities available for sale | 1,680 | 1,680 | 1,680 | -- | -- | ||||||||||||||||
Loans held for sale | 1,098 | 1,147 | -- | 1,147 | -- | ||||||||||||||||
Loans receivable, net | 106,887 | 108,356 | -- | -- | 108,356 | ||||||||||||||||
Accrued interest receivable | 735 | 735 | 735 | -- | -- | ||||||||||||||||
Investment in FHLB stock | 421 | 421 | 421 | -- | -- | ||||||||||||||||
Financial Liabilities | |||||||||||||||||||||
Deposits | 103,324 | 105,254 | 23,089 | -- | 82,165 | ||||||||||||||||
FHLB short-term borrowings | 5,500 | 5,500 | 5,500 | -- | -- | ||||||||||||||||
Accrued interest payable | 77 | 77 | 77 | -- | -- | ||||||||||||||||
The following methods and assumptions were used to measure the fair value of financial instruments recorded at cost on the Company’s consolidated balance sheets: | |||||||||||||||||||||
Cash and Cash Equivalents. The carrying amounts reported in the consolidated balance sheets for cash and short-term instruments approximate those assets’ fair values. | |||||||||||||||||||||
Interest-Earning Time Deposits. Fair values for interest-earning time deposits are estimated using a discounted cash flow calculation that applies interest rates currently being offered in the market on certificates to a schedule of aggregated expected monthly maturities on time deposits. The Company generally purchases amounts below the insured limit, limiting the amount of credit risk on these time deposits. | |||||||||||||||||||||
Loans Held for Sale. Fair values of loans held for sale are based on commitments on hand from investors at prevailing market rates. | |||||||||||||||||||||
Loans Receivable, Net. The fair values of loans are estimated using discounted cash flow methodology. The discount rates take into account interest rates currently being offered to customers for loans with similar terms, the credit risk associated with the loan and market factors, including liquidity. The valuation of the loan portfolio reflects discounts that the Company believes are consistent with transactions occurring in the market place for both performing and distressed loan types. The carrying value that fair value is compared to is net of the allowance for loan losses and other associated premiums and discounts. Due to the significant judgment involved in evaluating credit quality, loans are classified with Level 3 of the fair value hierarchy. | |||||||||||||||||||||
Accrued Interest Receivable. The carrying amount of accrued interest receivable approximates its fair value. | |||||||||||||||||||||
Investment in Federal Home Loan Bank Stock. The carrying amount of restricted investment in Federal Home Loan Bank stock approximates fair value, and considers the limited marketability of such securities. | |||||||||||||||||||||
Bank-Owned Life Insurance. The carrying amount of the investment in bank-owned life insurance approximates its cash surrender value under the insurance policies. | |||||||||||||||||||||
Deposits. The carrying amount is considered a reasonable estimate of fair value for demand savings deposit accounts. The fair value of fixed maturity certificates of deposit is estimated by a discounted cash flow method using the rates currently offered for deposits of similar maturities. | |||||||||||||||||||||
Federal Home Loan Bank Borrowings. Fair values of FHLB borrowings are estimated based on rates currently available to the Company for similar terms and remaining maturities. | |||||||||||||||||||||
Accrued Interest Payable. The carrying amount of accrued interest payable approximates its fair value. | |||||||||||||||||||||
Off-Balance Sheet Financial Instruments. Off-balance sheet financial instruments consist of commitments to extend credit. Fair values for commitments to extend credit are estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreement and the present credit standing of the counterparties. The estimated fair value of the commitments to extend credit are insignificant and therefore are not presented in the above table. |
Note_17_Quaint_Oak_Bancorp_Inc
Note 17 - Quaint Oak Bancorp, Inc. (Parent Company Only) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | Note 17 – Quaint Oak Bancorp, Inc. (Parent Company Only) | ||||||||
Condensed financial statements of Quaint Oak Bancorp, Inc. are as follows (in thousands): | |||||||||
Balance Sheets | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Assets | |||||||||
Cash and cash equivalents | $ | 259 | $ | 541 | |||||
Investment in Quaint Oak Bank | 16,205 | 15,413 | |||||||
Premises and equipment, net | 1,074 | 1,007 | |||||||
Other assets | 50 | 45 | |||||||
Total Assets | $ | 17,588 | $ | 17,006 | |||||
Liabilities and Stockholders’ Equity | |||||||||
Other liabilities | $ | 13 | $ | 20 | |||||
Stockholders’ equity | 17,575 | 16,986 | |||||||
Total Liabilities and Stockholders’ Equity | $ | 17,588 | $ | 17,006 | |||||
Statements of Income | |||||||||
For the Year Ended December 31, | |||||||||
2014 | 2013 | ||||||||
Income | |||||||||
Interest income | $ | -- | $ | 1 | |||||
Dividends from subsidiary | 500 | 500 | |||||||
Rental income | 106 | 106 | |||||||
Total Income | 606 | 607 | |||||||
Expenses | |||||||||
Occupancy and equipment expense | 78 | 67 | |||||||
Other expenses | 79 | 98 | |||||||
Total Expenses | 157 | 165 | |||||||
Net Income Before Income Taxes | 449 | 442 | |||||||
Equity in Undistributed Net Income of Subsidiary | 776 | 240 | |||||||
Income Tax Benefit | 17 | 20 | |||||||
Net Income | $ | 1,242 | $ | 702 | |||||
Comprehensive Income | $ | 1,224 | $ | 624 | |||||
Statements of Cash Flows | |||||||||
For the Year Ended December 31, | |||||||||
2014 | 2013 | ||||||||
Operating Activities | |||||||||
Net income | $ | 1,242 | $ | 702 | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Undistributed income in subsidiary | (776 | ) | (240 | ) | |||||
Depreciation expense | 23 | 20 | |||||||
Stock-based compensation expense | 272 | 273 | |||||||
(Increase) decrease in other assets | (39 | ) | 18 | ||||||
Increase (decrease) in other liabilities | (7 | ) | 2 | ||||||
Net cash provided by operating activities | 715 | 775 | |||||||
Investing Activities | |||||||||
Purchase of property and equipment | (90 | ) | (7 | ) | |||||
Net cash used in investing activities | (90 | ) | (7 | ) | |||||
Financing Activities | |||||||||
Dividends paid | (211 | ) | (185 | ) | |||||
Purchase of treasury stock | (760 | ) | (563 | ) | |||||
Proceeds from the issuance of treasury stock | 64 | -- | |||||||
Net cash used in financing activities | (907 | ) | (748 | ) | |||||
Net (Decrease) Increase in Cash and Cash Equivalents | (282 | ) | 20 | ||||||
Cash and Cash Equivalents-Beginning of Year | 541 | 521 | |||||||
Cash and Cash Equivalents-End of Year | $ | 259 | $ | 541 | |||||
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates |
The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The Company’s most significant estimates are the determination of the allowance for loan losses, the assessment of other than temporarily impaired securities and valuation of deferred tax assets. | |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Significant Group Concentrations of Credit Risk |
The Bank has a significant concentration of loans in Philadelphia County, Pennsylvania. The concentration of credit by type of loan is set forth in Note 7. Although the Bank has a diversified loan portfolio, its debtors’ ability to honor their contracts is influenced by the region’s economy. During the year ended December 31, 2014, one investor purchased a total of 68% of all loans sold by the Bank from its mortgage loans held for sale, and the sales to this investor accounted for approximately 69% of the gain on loans sold during the year. | |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents |
For purposes of reporting cash flows, cash and cash equivalents include non-interest and interest-earning demand deposits and money market accounts with various financial institutions, all of which mature within ninety days of acquisition. | |
Investment, Policy [Policy Text Block] | Investment Securities |
Management determines the appropriate classification of debt securities at the time of purchase and reevaluates such designation as of each balance sheet date. | |
Securities classified as available for sale are those securities that the Company intends to hold for an indefinite period of time but not necessarily to maturity. Any decision to sell a security classified as available for sale would be based on various factors, including significant movement in interest rates, changes in maturity mix of the Company’s assets and liabilities, liquidity needs, regulatory capital requirements, and other similar factors. Securities available for sale are carried at fair value. Unrealized gains and losses are reported in other comprehensive income, net of related deferred tax effects. Realized gains and losses, determined on the basis of the cost of the specific securities sold, are included in earnings. Premiums and discounts are recognized in interest income using the interest method over the terms of the securities. | |
Securities classified as held to maturity are those debt securities the Company has both the intent and ability to hold to maturity regardless of the changes in market conditions, liquidity needs, or changes in general economic conditions. These securities are carried at cost adjusted for amortization of premium and accretion of discount, which are recognized in interest income using the interest method over the terms of the securities. | |
The Company follows the accounting guidance related to recognition and presentation of other-than-temporary impairment. This accounting guidance amended the recognition guidance for other-than-temporary impairments of debt securities and expanded the financial statement disclosures for other-than-temporary impairment losses on debt and equity securities. The recent guidance replaced the “intent and ability” indication in existing guidance by specifying that (a) if a company does not have the intent to sell a debt security prior to recovery and (b) it is more likely than not that it will not have to sell the debt security prior to recovery, the security would not be considered other-than-temporarily impaired unless there is a credit loss. When an entity does not intend to sell the security, and it is more likely than not the entity will not have to sell the security before recovery of its cost basis, it will recognize the credit component of an other-than-temporary impairment of a debt security in earnings and the remaining portion in other comprehensive income. For held-to-maturity debt securities, the amount of an other-than-temporary impairment recorded in other comprehensive income for the noncredit portion of a previous other-than-temporary impairment should be amortized prospectively over the remaining life of the security on the basis of the timing of future estimated cash flows of the security. The Company recognized no other-than-temporary impairment charges during the years ended December 31, 2014 and 2013. | |
Federal Home Loan Bank Stock [Policy Text Block] | Federal Home Loan Bank Stock |
Federal law requires a member institution of the Federal Home Loan Bank (FHLB) system to hold restricted stock of its district Federal Home Loan Bank according to a predetermined formula. FHLB stock is carried at cost and evaluated for impairment. When evaluating FHLB stock for impairment, its value is determined based on the ultimate recoverability of the par value of the stock. We evaluate our holdings of FHLB stock for impairment each reporting period. No impairment charges were recognized on FHLB stock during the years ended December 31, 2014 and 2013. | |
Finance, Loans and Leases Receivable, Policy [Policy Text Block] | Loans Receivable |
Loans receivable that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are stated at their outstanding unpaid principal balances, net of an allowance for loan losses and any deferred fees. Interest income is accrued on the unpaid principal balance. Loan origination fees and costs are deferred and recognized as an adjustment of the yield (interest income) of the related loans. The Bank is generally amortizing these amounts over the contractual life of the loan. | |
The loans receivable portfolio is segmented into residential loans, commercial real estate loans, construction loans, commercial business, and consumer loans. The residential loan segment has two classes: one-to-four family residential owner occupied loans and one-to-four family residential non-owner occupied loans. The commercial real estate loan segment consists of the following classes: multi-family (five or more) residential, commercial real estate and commercial lines of credit. Construction loans are generally granted for the purpose of building a single residential home. Commercial business loans are loans to businesses primarily for purchase of business essential equipment. Business essential equipment is equipment necessary for a business to support or assist with the day-to-day operation or profitability of the business. The consumer loan segment consists of the following classes: home equity loans and other consumer loans. Included in the home equity class are home equity loans and home equity lines of credit. Included in the other consumer are loans secured by saving accounts and auto loans. | |
The accrual of interest is generally discontinued when principal or interest has become 90 days past due unless the loan is in the process of collection and is either guaranteed or well secured. When a loan is placed on nonaccrual status, unpaid interest credited to income in the current year is reversed and unpaid interest accrued in prior years is charged against the allowance for loan losses. Interest received on nonaccrual 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 and the ultimate collectability of the total contractual principal and interest is no longer in doubt. | |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for Loan Losses |
The allowance for loan losses represents management’s estimate of losses inherent in the loan portfolio as of the balance sheet date and is recorded as a reduction to loans. The allowance for loan losses is increased by the provision for loan losses, and decreased by charge-offs, net of recoveries. Loans deemed to be uncollectible are charged against the allowance for loan losses, and subsequent recoveries, if any, are credited to the allowance. All, or part, of the principal balance of loans receivable are charged off to the allowance as soon as it is determined that the repayment of all, or part, of the principal balance is highly unlikely. Because all identified losses are immediately charged off, no portion of the allowance for loan losses is restricted to any individual loan or groups of loans, and the entire allowance is available to absorb any and all loan losses. | |
The allowance for loan losses is maintained at a level considered adequate to provide for losses that can be reasonably anticipated. Management performs a quarterly evaluation of the adequacy of the allowance. The allowance is based on the Company’s past loan loss experience, known and inherent risks in the portfolio, adverse situations that may affect the borrower’s ability to repay, the estimated value of any underlying collateral, composition of the loan portfolio, current economic conditions and other relevant factors. This evaluation is inherently subjective as it requires material estimates that may be susceptible to significant revision as more information becomes available. | |
The allowance consists of specific, general and unallocated components. The specific component relates to loans that are identified as impaired. For loans that are identified 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 categories of loans, adjusted for qualitative factors. These significant factors may include changes in lending policies and procedures, changes in existing general economic and business conditions affecting our primary lending areas, credit quality trends, collateral value, loan volumes and concentrations, seasoning of the loan portfolio, recent loss experience in particular segments of the portfolio, duration of the current business cycle and bank regulatory examination results. The applied loss factors are re-evaluated quarterly to ensure their relevance in the current economic environment. Residential mortgage lending generally entails a lower risk of default than other types of lending. Consumer loans and commercial real estate loans generally involve more risk of collectability because of the type and nature of the collateral and, in certain cases, the absence of collateral. It is the Company’s policy to establish a specific reserve for loss on any delinquent loan when it determines that a loss is probable. 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. | |
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 considered 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. Impairment is measured on a loan by loan basis by either the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral if the loan is collateral dependent. An allowance for loan losses is established for an impaired loan if its carrying value exceeds its estimated fair value. The estimated fair values of substantially all of the Company’s impaired loans are measured based on the estimated fair value of the loan’s collateral. | |
A loan is considered a troubled debt restructuring (“TDR”) if the Company, for economic or legal reasons related to a debtor’s financial difficulties, grants a concession to the debtor that it would not otherwise consider. Concessions granted under a TDR typically involve a temporary or permanent reduction in payments or interest rate or an extension of a loan’s stated maturity date at less than a current market rate of interest. Loans identified as TDRs are designated as impaired. | |
For loans secured by real estate, estimated fair values 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 allowance calculation methodology includes further segregation of loan classes into risk rating categories. The borrower’s overall financial condition, repayment sources, guarantors and value of collateral, if appropriate, are evaluated annually for all loans (except one-to-four family residential owner-occupied loans) where the total amount outstanding to any borrower or group of borrowers exceeds $500,000, or when credit deficiencies arise, such as delinquent loan payments. Credit quality risk ratings include regulatory classifications of special mention, substandard, doubtful and loss. Loans criticized as special mention have potential weaknesses that deserve 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. 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 are charged to the allowance for loan losses. Loans not classified are rated pass. In addition, 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. | |
Finance, Loan and Lease Receivables, Held-for-sale, Policy [Policy Text Block] | Loans Held for Sale |
Loans originated by the Bank’s mortgage banking subsidiary, Quaint Oak Mortgage, LLC, are intended for sale in the secondary market and are carried at the lower of cost or fair value (LOCOM). Gains and losses on loan sales (sales proceeds minus carrying value) are recorded in noninterest income, and direct loan origination costs and fees are deferred at origination of the loan and are recognized in noninterest income upon sale of the loan. | |
Bank Owned Life Insurance [Policy Text Block] | Bank Owned Life Insurance (“BOLl”) |
The Company purchases bank owned life insurance as a mechanism for funding various employee benefit costs. The Company is the beneficiary of these policies that insure the lives of certain officers of its subsidiaries. The Company has recognized the cash surrender value under the insurance policies as an asset in the consolidated statements of financial condition. Changes in the cash surrender value are recorded in non-interest income in the consolidated statements of income. | |
Property, Plant and Equipment, Policy [Policy Text Block] | Premises and Equipment |
Premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed on the straight-line method over the expected useful lives of the related assets that range from three to thirty-nine years. The costs of maintenance and repairs are expensed as incurred. Costs of major additions and improvements are capitalized. | |
Loans and Leases Receivable, Real Estate Acquired Through Foreclosure, Policy [Policy Text Block] | Other Real Estate Owned |
Other real estate owned or foreclosed assets are comprised of property acquired through a foreclosure proceeding or acceptance of a deed in lieu of foreclosure and loans classified as in-substance foreclosures. A loan is classified as in-substance foreclosure when the Bank has taken possession of the collateral regardless of whether formal foreclosure proceedings take place. Other real estate properties are initially recorded at fair value, net of estimated selling costs at the date of foreclosure, establishing a new cost basis. After foreclosure, valuations are periodically performed by management and the real estate is carried at the lower of cost or fair value less estimated costs to sell. Net revenue and expenses from operations and additions to the valuation allowance are included in other expenses. | |
Advertising Costs, Policy [Policy Text Block] | Advertising Costs |
The Company expenses all advertising costs as incurred. Advertising costs are included in non-interest expense on the Consolidated Statements of Income. | |
Transfers and Servicing of Financial Assets, Policy [Policy Text Block] | Transfers of Financial Assets |
Transfers of financial assets are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity or the ability to unilaterally cause the holder to return specific assets. | |
Income Tax, Policy [Policy Text Block] | Income Taxes |
Deferred income taxes are provided on the liability method whereby deferred tax assets are recognized for deductible temporary differences and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax basis. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. | |
The Company follows guidance related to accounting for uncertainty in income taxes, which sets out a consistent framework to determine the appropriate level of tax reserves to maintain for uncertain tax positions. A tax position is recognized as a benefit only if it is more likely than not that the tax position would be sustained in a tax examination, with a tax examination presumed to occur. The amount recognized is the largest amount of tax benefit that has more than 50 percent likelihood of being realized upon examination. For tax positions not meeting the more likely than not test, no tax benefit is recorded. The Company had no material uncertain tax positions or accrued interest and penalties as of December 31, 2014 and 2013. The Company’s policy is to account for interest as a component of interest expense and penalties as components of other expense. The Company is no longer subject to examination by taxing authorities for the years before January 1, 2011. | |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income (Loss) |
Accounting principles generally accepted in the United States of America require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities, such as unrealized gains and losses on available for sale securities, are reported as a separate component of the stockholders’ equity section of the balance sheet, such items, along with net income, are components of comprehensive income (loss). | |
Treasury Stock and Unallocated Common Stock [Policy Text Block] | Treasury Stock and Unallocated Common Stock |
The acquisition of treasury stock by the Company, including unallocated stock held by certain benefit plans, is recorded under the cost method. At the date of subsequent reissue, treasury stock is reduced by the cost of such stock on a first-in, first-out basis with any excess proceeds credited to additional paid-in capital. | |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Share-Based Compensation |
Stock compensation accounting guidance (FASB ASC 718, Compensation-Stock Compensation) requires that the compensation cost relating to share-based payment transactions be recognized in financial statements. That cost is measured based on the grant date fair value of the equity or liability instruments issued. The stock compensation accounting guidance covers a wide range of share-based compensation arrangements including stock option and restricted share plans. | |
The stock compensation accounting guidance requires that compensation cost for all stock awards be calculated and recognized over the employees’ service period, generally defined as the vesting period. For awards with graded-vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. A Black-Scholes model is used to estimate the fair value of stock options, while the closing price of the Company’s common stock on the grant date is used for restricted stock awards. | |
At December 31, 2014, the Company has three share-based plans: the 2008 Recognition and Retention Plan (“RRP”), the 2008 Stock Option Plan, and the 2013 Stock Incentive Plan. Awards under these plans were made in May 2008 and 2013. These plans are more fully described in Note 12. | |
The Company also has an employee stock ownership plan (“ESOP”). This plan is more fully described in Note 12. As ESOP shares are committed to be released and allocated among participants, the Company recognizes compensation expense equal to the average market price of the shares over the period earned. | |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share |
Amounts reported in earnings per share reflect earnings available to common stockholders for the period divided by the weighted average number of shares of common stock outstanding during the period, exclusive of unearned ESOP shares, unvested restricted stock (RRP) shares and treasury shares. Stock options and unvested restricted stock are regarded as potential common stock and are considered in the diluted earnings per share calculations to the extent they would have a dilutive effect if converted to common stock, computed using the “treasury stock” method. | |
Off-Balance-Sheet Credit Exposure, Policy [Policy Text Block] | Off-Balance Sheet Financial Instruments |
In the ordinary course of business, the Bank has entered into off-balance sheet financial instruments consisting of commitments to extend credit. Such financial instruments are recorded in the consolidated balance sheet when they are funded. | |
Reclassification, Policy [Policy Text Block] | Reclassifications |
Certain items in the 2013 consolidated financial statements have been reclassified to conform to the presentation in the 2014 consolidated financial statements. Such reclassifications did not have a material impact on the overall consolidated financial statements. | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements |
In January 2014, the FASB issued ASU 2014-04, Receivables – Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure. The amendments in this Update clarify that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, the amendments require interim and annual disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. The amendments in this Update are effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. An entity can elect to adopt the amendments in this Update using either a modified retrospective transition method or a prospective transition method. This ASU is not expected to have a significant impact on the Company’s financial statements. | |
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (a new revenue recognition standard). The Update’s core principle is that a company will recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In addition, this update specifies the accounting for certain costs to obtain or fulfill a contract with a customer and expands disclosure requirements for revenue recognition. This Update is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. The Company is evaluating the effect of adopting this new accounting Update. | |
In August 2014, the FASB issued ASU 2014-14, Receivables – Troubled Debt Restructurings by Creditors (Subtopic 310-40). The amendments in this Update require that a mortgage loan be derecognized and that a separate other receivable be recognized upon foreclosure if the following conditions are met: (1) the loan has a government guarantee that is not separable from the loan before foreclosure, (2) at the time of foreclosure, the creditor has the intent to convey the real estate property to the guarantor and make a claim on the guarantee, and the creditor has the ability to recover under that claim, and (3) at the time of foreclosure, any amount of the claim that is determined on the basis of the fair value of the real estate is fixed. Upon foreclosure, the separate other receivable should be measured based on the amount of the loan balance (principal and interest) expected to be recovered from the guarantor. The amendments in this Update are effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. This Update is not expected to have a significant impact on the Company’s financial statements. |
Note_3_Earnings_Per_Share_Tabl
Note 3 - Earnings Per Share (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Year Ended December 31, | ||||||||
2014 | 2013 | ||||||||
Net Income | $ | 1,242,000 | $ | 702,000 | |||||
Weighted average shares outstanding – basic | 851,866 | 889,190 | |||||||
Effect of dilutive common stock equivalents | 53,455 | 38,080 | |||||||
Adjusted weighted average shares outstanding – diluted | 905,321 | 927,270 | |||||||
Basic earnings per share | $ | 1.46 | $ | 0.79 | |||||
Diluted earnings per share | $ | 1.37 | $ | 0.76 |
Note_4_Accumulated_Other_Compr1
Note 4 - Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Disclosure Text Block [Abstract] | ||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Unrealized Losses on | |||||||||
Investment Securities | ||||||||||
Available for Sale (1) | ||||||||||
2014 | 2013 | |||||||||
(In Thousands) | ||||||||||
Balance beginning of the year | $ | (18 | ) | $ | (60 | ) | ||||
Other comprehensive loss before reclassifications | (18 | ) | (20 | ) | ||||||
Amount reclassified from accumulated other comprehensive loss | -- | (58 | ) | |||||||
Total other comprehensive loss | (18 | ) | (78 | ) | ||||||
Balance end of the year | $ | (36 | ) | $ | (18 | ) | ||||
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Details About Other Comprehensive Loss | Amount Reclassified from Accumulated | Affected Line Item in the | |||||||
Other Comprehensive Loss (1) | Statement of Income | |||||||||
For the Year Ended December 31, | ||||||||||
2014 | 2013 | |||||||||
Unrealized losses on investment securities available for sale | $ | -- | $ | 88 | Gain on sales of investment securities | |||||
-- | (30 | ) | Income taxes | |||||||
$ | -- | $ | (58 | ) | Net of tax |
Note_5_Investment_in_InterestE1
Note 5 - Investment in Interest-Earning Time Deposits (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Disclosure Text Block Supplement [Abstract] | |||||||||
Investments in Interest-Earning Time Deposits by Contractual Maturity [Table Text Block] | 2014 | 2013 | |||||||
(In Thousands) | |||||||||
Due in one year or less | $ | 2,337 | $ | 3,042 | |||||
Due after one year through five years | 4,323 | 4,591 | |||||||
$ | 6,660 | $ | 7,633 |
Note_6_Investment_Securities_A1
Note 6 - Investment Securities Available for Sale (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||
Available-for-sale Securities [Table Text Block] | 31-Dec-14 | ||||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||||||||
Available for Sale: | |||||||||||||||||||||||||||||
Short-term bond fund | $ | 1,214 | $ | -- | $ | (34 | ) | $ | 1,180 | ||||||||||||||||||||
Limited-term bond fund | 546 | -- | (20 | ) | 526 | ||||||||||||||||||||||||
$ | 1,760 | $ | -- | $ | (54 | ) | $ | 1,706 | |||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||||||||
Available for Sale: | |||||||||||||||||||||||||||||
Short-term bond fund | $ | 1,170 | $ | -- | $ | (11 | ) | $ | 1,159 | ||||||||||||||||||||
Limited-term bond fund | 538 | -- | (17 | ) | 521 | ||||||||||||||||||||||||
$ | 1,708 | $ | -- | $ | (28 | ) | $ | 1,680 | |||||||||||||||||||||
Schedule of Unrealized Loss on Investments [Table Text Block] | 31-Dec-14 | ||||||||||||||||||||||||||||
Less than Twelve Months | Twelve Months or Greater | Total | |||||||||||||||||||||||||||
Number of | Fair Value | Gross | Fair Value | Gross | Fair Value | Gross | |||||||||||||||||||||||
Securities | Unrealized | Unrealized | Unrealized | ||||||||||||||||||||||||||
Losses | Losses | Losses | |||||||||||||||||||||||||||
Short-term bond fund | 1 | $ | -- | $ | -- | $ | 1,180 | $ | (34 | ) | $ | 1,180 | $ | (34 | ) | ||||||||||||||
Limited-term bond fund | 1 | -- | -- | 526 | (20 | ) | 526 | (20 | ) | ||||||||||||||||||||
Total | 2 | $ | -- | $ | -- | $ | 1,706 | $ | (54 | ) | $ | 1,706 | $ | (54 | ) | ||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||
Less than Twelve Months | Twelve Months or Greater | Total | |||||||||||||||||||||||||||
Number of | Fair Value | Gross | Fair Value | Gross | Fair Value | Gross | |||||||||||||||||||||||
Securities | Unrealized | Unrealized | Unrealized | ||||||||||||||||||||||||||
Losses | Losses | Losses | |||||||||||||||||||||||||||
Short-term bond fund | 1 | $ | 1,159 | $ | (11 | ) | $ | -- | $ | -- | $ | 1,159 | $ | (11 | ) | ||||||||||||||
Limited-term bond fund | 1 | -- | -- | 521 | (17 | ) | 521 | (17 | ) | ||||||||||||||||||||
Total | 2 | $ | 1,159 | $ | (11 | ) | $ | 521 | $ | (17 | ) | $ | 1,680 | $ | (28 | ) |
Note_7_Loans_Receivable_Net_an1
Note 7 - Loans Receivable, Net and Allowance for Loan Losses (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | December 31, | December 31, | |||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||||||
One-to-four family residential: | |||||||||||||||||||||||||||||||||||||
Owner occupied | $ | 7,085 | $ | 8,900 | |||||||||||||||||||||||||||||||||
Non-owner occupied | 48,554 | 43,489 | |||||||||||||||||||||||||||||||||||
Total one-to-four family residential | 55,639 | 52,389 | |||||||||||||||||||||||||||||||||||
Multi-family (five or more) residential | 10,132 | 6,023 | |||||||||||||||||||||||||||||||||||
Commercial real estate | 35,523 | 25,863 | |||||||||||||||||||||||||||||||||||
Commercial lines of credit | 1,623 | 1,880 | |||||||||||||||||||||||||||||||||||
Construction | 14,303 | 16,038 | |||||||||||||||||||||||||||||||||||
Home equity | 6,961 | 5,682 | |||||||||||||||||||||||||||||||||||
Total real estate loans | 124,181 | 107,875 | |||||||||||||||||||||||||||||||||||
Commercial business | 749 | 186 | |||||||||||||||||||||||||||||||||||
Other consumer | 41 | 47 | |||||||||||||||||||||||||||||||||||
Total Loans | 124,971 | 108,108 | |||||||||||||||||||||||||||||||||||
Deferred loan fees and costs | (492 | ) | (280 | ) | |||||||||||||||||||||||||||||||||
Allowance for loan losses | (1,148 | ) | (941 | ) | |||||||||||||||||||||||||||||||||
Net Loans | $ | 123,331 | $ | 106,887 | |||||||||||||||||||||||||||||||||
Financing Receivable Credit Quality Indicators [Table Text Block] | 31-Dec-14 | ||||||||||||||||||||||||||||||||||||
Pass | Special Mention | Substandard | Doubtful | Total | |||||||||||||||||||||||||||||||||
One-to-four family residential owner occupied | $ | 6,132 | $ | 116 | $ | 837 | $ | -- | $ | 7,085 | |||||||||||||||||||||||||||
One-to-four family residential non-owner occupied | 46,971 | 38 | 1,317 | 228 | 48,554 | ||||||||||||||||||||||||||||||||
Multi-family residential | 10,065 | -- | 67 | -- | 10,132 | ||||||||||||||||||||||||||||||||
Commercial real estate and lines of credit | 35,984 | 293 | 537 | 332 | 37,146 | ||||||||||||||||||||||||||||||||
Construction | 14,303 | -- | -- | -- | 14,303 | ||||||||||||||||||||||||||||||||
Home equity | 6,654 | 172 | 90 | 45 | 6,961 | ||||||||||||||||||||||||||||||||
Commercial business and other consumer | 790 | -- | -- | -- | 790 | ||||||||||||||||||||||||||||||||
$ | 120,899 | $ | 619 | $ | 2,848 | $ | 605 | $ | 124,971 | ||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||
Pass | Special Mention | Substandard | Doubtful | Total | |||||||||||||||||||||||||||||||||
One-to-four family residential owner occupied | $ | 7,308 | $ | 1,136 | $ | 153 | $ | 303 | $ | 8,900 | |||||||||||||||||||||||||||
One-to-four family residential non-owner occupied | 41,586 | 800 | 1,103 | -- | 43,489 | ||||||||||||||||||||||||||||||||
Multi-family residential | 5,948 | 75 | -- | -- | 6,023 | ||||||||||||||||||||||||||||||||
Commercial real estate and lines of credit | 26,673 | 397 | 673 | -- | 27,743 | ||||||||||||||||||||||||||||||||
Construction | 16,038 | -- | -- | -- | 16,038 | ||||||||||||||||||||||||||||||||
Home equity | 5,391 | 166 | 125 | -- | 5,682 | ||||||||||||||||||||||||||||||||
Commercial business and other consumer | 233 | -- | -- | -- | 233 | ||||||||||||||||||||||||||||||||
$ | 103,177 | $ | 2,574 | $ | 2,054 | $ | 303 | $ | 108,108 | ||||||||||||||||||||||||||||
Impaired Financing Receivables [Table Text Block] | 31-Dec-14 | ||||||||||||||||||||||||||||||||||||
Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Recognized | |||||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||||||
One-to-four family residential owner occupied | $ | 837 | $ | 837 | $ | -- | $ | 839 | $ | 15 | |||||||||||||||||||||||||||
One-to-four family residential non-owner occupied | 1,317 | 1,333 | -- | 1,341 | 39 | ||||||||||||||||||||||||||||||||
Multi-family residential | 67 | 72 | -- | 74 | -- | ||||||||||||||||||||||||||||||||
Commercial real estate and lines of credit | 537 | 537 | -- | 542 | 17 | ||||||||||||||||||||||||||||||||
Construction | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||||||
Home equity | 90 | 90 | -- | 93 | 7 | ||||||||||||||||||||||||||||||||
Commercial business and other consumer | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||||||
One-to-four family residential owner occupied | $ | -- | $ | -- | $ | -- | $ | -- | $ | -- | |||||||||||||||||||||||||||
One-to-four family residential non-owner occupied | 228 | 231 | 29 | 231 | -- | ||||||||||||||||||||||||||||||||
Multi-family residential | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||||||
Commercial real estate and lines of credit | 332 | 332 | 29 | 331 | 10 | ||||||||||||||||||||||||||||||||
Construction | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||||||
Home equity | 45 | 45 | 8 | 46 | -- | ||||||||||||||||||||||||||||||||
Commercial business and other consumer | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||||||
Total: | |||||||||||||||||||||||||||||||||||||
One-to-four family residential owner occupied | $ | 837 | $ | 837 | $ | -- | $ | 839 | $ | 15 | |||||||||||||||||||||||||||
One-to-four family residential non-owner occupied | 1,545 | 1,564 | 29 | 1,572 | 39 | ||||||||||||||||||||||||||||||||
Multi-family residential | 67 | 72 | -- | 74 | -- | ||||||||||||||||||||||||||||||||
Commercial real estate and lines of credit | 869 | 869 | 29 | 873 | 27 | ||||||||||||||||||||||||||||||||
Construction | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||||||
Home equity | 135 | 135 | 8 | 139 | 7 | ||||||||||||||||||||||||||||||||
Commercial business and other consumer | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||||||
Total | $ | 3,453 | $ | 3,477 | $ | 66 | $ | 3,497 | $ | 88 | |||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||
Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Recognized | |||||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||||||
One-to-four family residential owner occupied | $ | 456 | $ | 456 | $ | -- | $ | 428 | $ | 15 | |||||||||||||||||||||||||||
One-to-four family residential non-owner occupied | 1,103 | 1,114 | -- | 1,107 | 77 | ||||||||||||||||||||||||||||||||
Multi-family residential | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||||||
Commercial real estate and lines of credit | 362 | 368 | -- | 365 | -- | ||||||||||||||||||||||||||||||||
Construction | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||||||
Home equity | 125 | 126 | -- | 124 | 9 | ||||||||||||||||||||||||||||||||
Commercial business and other consumer | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||||||
One-to-four family residential owner occupied | $ | -- | $ | -- | $ | -- | $ | -- | $ | -- | |||||||||||||||||||||||||||
One-to-four family residential non-owner occupied | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||||||
Multi-family residential | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||||||
Commercial real estate and lines of credit | 311 | 311 | 21 | 313 | 26 | ||||||||||||||||||||||||||||||||
Construction | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||||||
Home equity | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||||||
Commercial business and other consumer | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||||||
Total: | |||||||||||||||||||||||||||||||||||||
One-to-four family residential owner occupied | $ | 456 | $ | 456 | $ | -- | $ | 428 | $ | 15 | |||||||||||||||||||||||||||
One-to-four family residential non-owner occupied | 1,103 | 1,114 | -- | 1,107 | 77 | ||||||||||||||||||||||||||||||||
Multi-family residential | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||||||
Commercial real estate and lines of credit | 673 | 679 | 21 | 678 | 26 | ||||||||||||||||||||||||||||||||
Construction | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||||||
Home equity | 125 | 126 | -- | 124 | 9 | ||||||||||||||||||||||||||||||||
Commercial business and other consumer | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||||||
Total | $ | 2,357 | $ | 2,375 | $ | 21 | $ | 2,337 | $ | 127 | |||||||||||||||||||||||||||
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | 31-Dec-14 | ||||||||||||||||||||||||||||||||||||
Number of Contracts | Recorded Investment | Non-Accrual | Accruing | Related Allowance | |||||||||||||||||||||||||||||||||
One-to-four family residential owner occupied | -- | $ | -- | $ | -- | $ | -- | $ | -- | ||||||||||||||||||||||||||||
One-to-four family residential non-owner occupied | 7 | 728 | 155 | 573 | 10 | ||||||||||||||||||||||||||||||||
Multi-family residential | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||||||
Commercial real estate and lines of credit | 1 | 133 | -- | 133 | 7 | ||||||||||||||||||||||||||||||||
Construction | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||||||
Home equity | 3 | 90 | -- | 90 | -- | ||||||||||||||||||||||||||||||||
Commercial business and other consumer | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||||||
Total | 11 | $ | 951 | $ | 155 | $ | 796 | $ | 17 | ||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||
Number of Contracts | Recorded Investment | Non-Accrual | Accruing | Related Allowance | |||||||||||||||||||||||||||||||||
One-to-four family residential owner occupied | 2 | $ | 153 | $ | -- | $ | 153 | $ | -- | ||||||||||||||||||||||||||||
One-to-four family residential non-owner occupied | 7 | 733 | 151 | 582 | -- | ||||||||||||||||||||||||||||||||
Multi-family residential | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||||||
Commercial real estate and lines of credit | 1 | 113 | 113 | -- | -- | ||||||||||||||||||||||||||||||||
Construction | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||||||
Home equity | 3 | 95 | -- | 95 | -- | ||||||||||||||||||||||||||||||||
Commercial business and other consumer | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||||||
Total | 13 | $ | 1,094 | $ | 264 | $ | 830 | $ | -- | ||||||||||||||||||||||||||||
Contractual Aging of Troubled Debt Restructurings [Table Text Block] | December 31, 2014 | ||||||||||||||||||||||||||||||||||||
Accruing Past Due Less than 30 Days | Past Due 30-89 Days | Greater | Non-Accrual | Total | |||||||||||||||||||||||||||||||||
than 90 Days | |||||||||||||||||||||||||||||||||||||
One-to-four family residential owner occupied | $ | -- | $ | -- | $ | -- | $ | -- | $ | -- | |||||||||||||||||||||||||||
One-to-four family residential non-owner occupied | 358 | 215 | -- | 155 | 728 | ||||||||||||||||||||||||||||||||
Multi-family residential | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||||||
Commercial real estate and lines of credit | 133 | -- | -- | -- | 133 | ||||||||||||||||||||||||||||||||
Construction | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||||||
Home equity | 90 | -- | -- | -- | 90 | ||||||||||||||||||||||||||||||||
Commercial business and other consumer | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||||||
Total | $ | 581 | $ | 215 | $ | -- | $ | 155 | $ | 951 | |||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||
Accruing Past Due Less than 30 Days | Past Due 30-89 Days | Greater | Non-Accrual | Total | |||||||||||||||||||||||||||||||||
than 90 Days | |||||||||||||||||||||||||||||||||||||
One-to-four family residential owner occupied | $ | 153 | $ | -- | $ | -- | $ | -- | $ | 153 | |||||||||||||||||||||||||||
One-to-four family residential non-owner occupied | 485 | 97 | -- | 151 | 733 | ||||||||||||||||||||||||||||||||
Multi-family residential | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||||||
Commercial real estate and lines of credit | -- | -- | -- | 113 | 113 | ||||||||||||||||||||||||||||||||
Construction | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||||||
Home equity | 95 | -- | -- | -- | 95 | ||||||||||||||||||||||||||||||||
Commercial business and other consumer | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||||||
Total | $ | 733 | $ | 97 | $ | -- | $ | 264 | $ | 1,094 | |||||||||||||||||||||||||||
Schedule of Credit Losses for Financing Receivables, Current [Table Text Block] | 31-Dec-14 | ||||||||||||||||||||||||||||||||||||
1-4 Family | 1-4 Family | Multi-Family | Commercial Real Estate and Lines of Credit | Construction | Home Equity | Commercial Business and Other Consumer | Unallocated | Total | |||||||||||||||||||||||||||||
Residential Owner Occupied | Residential Non-Owner Occupied | Residential | |||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 59 | $ | 424 | $ | 36 | $ | 199 | $ | 96 | $ | 50 | $ | 2 | $ | 75 | $ | 941 | |||||||||||||||||||
Charge-offs | (57 | ) | -- | -- | (133 | ) | -- | -- | -- | -- | (190 | ) | |||||||||||||||||||||||||
Recoveries | -- | -- | -- | 3 | -- | -- | -- | -- | 3 | ||||||||||||||||||||||||||||
Provision | 73 | (6 | ) | 24 | 255 | 26 | (4 | ) | 5 | 21 | 394 | ||||||||||||||||||||||||||
Ending balance | $ | 75 | $ | 418 | $ | 60 | $ | 324 | $ | 122 | $ | 46 | $ | 7 | $ | 96 | $ | 1,148 | |||||||||||||||||||
Ending balance evaluated for impairment | |||||||||||||||||||||||||||||||||||||
Individually | $ | -- | $ | 29 | $ | -- | $ | 29 | $ | -- | $ | 8 | $ | -- | $ | -- | $ | 66 | |||||||||||||||||||
Collectively | $ | 75 | $ | 389 | $ | 60 | $ | 295 | $ | 122 | $ | 38 | $ | 7 | $ | 96 | $ | 1,082 | |||||||||||||||||||
Loans receivable: | |||||||||||||||||||||||||||||||||||||
Ending balance | $ | 7,085 | $ | 48,554 | $ | 10,132 | $ | 37,146 | $ | 14,303 | $ | 6,961 | $ | 790 | $ | -- | $ | 124,971 | |||||||||||||||||||
Ending balance evaluated for impairment | |||||||||||||||||||||||||||||||||||||
Individually | $ | 837 | $ | 1,545 | $ | 67 | $ | 869 | $ | -- | $ | 135 | $ | -- | $ | -- | $ | 3,452 | |||||||||||||||||||
Collectively | $ | 6,248 | $ | 47,009 | $ | 10,065 | $ | 36,277 | $ | 14,303 | $ | 6,826 | $ | 790 | $ | -- | $ | 121,519 | |||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||
1-4 Family | 1-4 Family | Multi-Family | Commercial Real Estate and Lines of Credit | Construction | Home Equity | Commercial Business and Other Consumer | Unallocated | Total | |||||||||||||||||||||||||||||
Residential Owner Occupied | Residential Non-Owner Occupied | Residential | |||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 77 | $ | 368 | $ | 20 | $ | 219 | $ | 63 | $ | 68 | $ | 1 | $ | 44 | $ | 860 | |||||||||||||||||||
Charge-offs | (15 | ) | (75 | ) | -- | -- | -- | (69 | ) | -- | -- | (159 | ) | ||||||||||||||||||||||||
Recoveries | -- | -- | -- | -- | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||
Provision | (3 | ) | 131 | 16 | (20 | ) | 33 | 51 | 1 | 31 | 240 | ||||||||||||||||||||||||||
Ending balance | $ | 59 | $ | 424 | $ | 36 | $ | 199 | $ | 96 | $ | 50 | $ | 2 | $ | 75 | $ | 941 | |||||||||||||||||||
Ending balance evaluated for impairment: | |||||||||||||||||||||||||||||||||||||
Individually | $ | -- | $ | -- | $ | -- | $ | 21 | $ | -- | $ | -- | $ | -- | $ | -- | $ | 21 | |||||||||||||||||||
Collectively | $ | 59 | $ | 424 | $ | 36 | $ | 178 | $ | 96 | $ | 50 | $ | 2 | $ | 75 | $ | 920 | |||||||||||||||||||
Loans receivable: | |||||||||||||||||||||||||||||||||||||
Ending balance | $ | 8,900 | $ | 43,489 | $ | 6,023 | $ | 27,743 | $ | 16,038 | $ | 5,682 | $ | 233 | $ | -- | $ | 108,108 | |||||||||||||||||||
Ending balance evaluatedfor impairment | |||||||||||||||||||||||||||||||||||||
Individually | $ | 456 | $ | 1,103 | $ | -- | $ | 673 | $ | -- | $ | 125 | $ | -- | $ | -- | $ | 2,357 | |||||||||||||||||||
Collectively | $ | 8,444 | $ | 42,386 | $ | 6,023 | $ | 27,070 | $ | 16,038 | $ | 5,557 | $ | 233 | $ | -- | $ | 105,751 | |||||||||||||||||||
Schedule of Financing Receivables, Non Accrual Status [Table Text Block] | December 31, | December 31, | |||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||
One-to-four family residential owner occupied | $ | 588 | $ | 303 | |||||||||||||||||||||||||||||||||
One-to-four family residential non-owner occupied | 836 | 378 | |||||||||||||||||||||||||||||||||||
Multi-family residential | 67 | -- | |||||||||||||||||||||||||||||||||||
Commercial real estate and lines of credit | 489 | 474 | |||||||||||||||||||||||||||||||||||
Construction | -- | -- | |||||||||||||||||||||||||||||||||||
Home equity | 45 | 30 | |||||||||||||||||||||||||||||||||||
Commercial business and other consumer | -- | -- | |||||||||||||||||||||||||||||||||||
$ | 2,025 | $ | 1,185 | ||||||||||||||||||||||||||||||||||
Past Due Financing Receivables [Table Text Block] | 31-Dec-14 | ||||||||||||||||||||||||||||||||||||
30-90 Days Past Due | Greater | Total Past Due | Current | Total Loans Receivable | Loans Receivable > 90 Days and Accruing | ||||||||||||||||||||||||||||||||
than 90 Days | |||||||||||||||||||||||||||||||||||||
One-to-four family residential owner occupied | $ | 589 | $ | 837 | $ | 1,426 | $ | 5,659 | $ | 7,085 | $ | 249 | |||||||||||||||||||||||||
One-to-four family residential non-owner occupied | 735 | 972 | 1,707 | 46,847 | 48,554 | 136 | |||||||||||||||||||||||||||||||
Multi-family residential | -- | 67 | 67 | 10,065 | 10,132 | -- | |||||||||||||||||||||||||||||||
Commercial real estate and lines of credit | 1,051 | 910 | 1,961 | 35,185 | 37,146 | 421 | |||||||||||||||||||||||||||||||
Construction | 107 | -- | 107 | 14,196 | 14,303 | -- | |||||||||||||||||||||||||||||||
Home equity | 99 | 45 | 144 | 6,817 | 6,961 | -- | |||||||||||||||||||||||||||||||
Commercial business and other consumer | -- | -- | -- | 790 | 790 | -- | |||||||||||||||||||||||||||||||
$ | 2,581 | $ | 2,831 | $ | 5,412 | $ | 119,559 | $ | 124,971 | $ | 806 | ||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||
30-90 Days Past Due | Greater | Total Past Due | Current | Total Loans Receivable | Loans Receivable > 90 Days and Accruing | ||||||||||||||||||||||||||||||||
than 90 Days | |||||||||||||||||||||||||||||||||||||
One-to-four family residential owner occupied | $ | 1,916 | $ | 559 | $ | 2,475 | $ | 6,425 | $ | 8,900 | $ | 256 | |||||||||||||||||||||||||
One-to-four family residential non-owner occupied | 884 | 575 | 1,459 | 42,030 | 43,489 | 197 | |||||||||||||||||||||||||||||||
Multi-family residential | -- | 75 | 75 | 5,948 | 6,023 | 75 | |||||||||||||||||||||||||||||||
Commercial real estate and lines of credit | 322 | 674 | 996 | 26,747 | 27,743 | 200 | |||||||||||||||||||||||||||||||
Construction | 334 | -- | 334 | 15,704 | 16,038 | -- | |||||||||||||||||||||||||||||||
Home equity | 168 | 30 | 198 | 5,484 | 5,682 | -- | |||||||||||||||||||||||||||||||
Commercial business and other consumer | -- | -- | -- | 233 | 233 | -- | |||||||||||||||||||||||||||||||
$ | 3,624 | $ | 1,913 | $ | 5,537 | $ | 102,571 | $ | 108,108 | $ | 728 |
Note_8_Premises_and_Equipment_
Note 8 - Premises and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property, Plant and Equipment [Table Text Block] | 2014 | 2013 | |||||||
(In Thousands) | |||||||||
Land | $ | 208 | $ | 208 | |||||
Buildings | 981 | 900 | |||||||
Leasehold improvements | 369 | 352 | |||||||
Furniture, fixtures and equipment | 766 | 695 | |||||||
2,324 | 2,155 | ||||||||
Accumulated depreciation | (685 | ) | (518 | ) | |||||
$ | 1,639 | $ | 1,637 |
Note_9_Deposits_Tables
Note 9 - Deposits (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Disclosure Text Block [Abstract] | |||||||||||||||||
Summary of Deposits [Table Text Block] | 2014 | 2013 | |||||||||||||||
Amount | Weighted Average Interest | Amount | Weighted Average Interest | ||||||||||||||
Rate | Rate | ||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||
Non-interest bearing checking accounts | $ | 640 | -- | % | $ | -- | -- | % | |||||||||
Passbook savings accounts | 2,573 | 0.15 | 2,655 | 0.13 | |||||||||||||
Statement savings accounts | 5,655 | 0.37 | 5,496 | 0.31 | |||||||||||||
eSavings accounts | 19,203 | 0.74 | 14,938 | 0.64 | |||||||||||||
Certificate of deposit accounts | 96,334 | 1.7 | 80,235 | 1.73 | |||||||||||||
$ | 124,405 | 1.42 | % | $ | 103,324 | 1.46 | % | ||||||||||
Certificate of Deposit by Maturity [Table Text Block] | Years ending December 31: | ||||||||||||||||
2015 | $ | 27,311 | |||||||||||||||
2016 | 27,719 | ||||||||||||||||
2017 | 19,760 | ||||||||||||||||
2018 | 13,322 | ||||||||||||||||
2019 | 8,222 | ||||||||||||||||
$ | 96,334 | ||||||||||||||||
Summary of Deposit Related Interest Expense [Table Text Block] | 2014 | 2013 | |||||||||||||||
(In Thousands) | |||||||||||||||||
Passbook savings accounts | $ | 4 | $ | 5 | |||||||||||||
Statement savings accounts | 21 | 21 | |||||||||||||||
eSavings accounts | 119 | 103 | |||||||||||||||
Certificate of deposit accounts | 1,534 | 1,511 | |||||||||||||||
$ | 1,678 | $ | 1,640 |
Note_10_Borrowings_Tables
Note 10 - Borrowings (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Federal Home Loan Bank Advances [Member] | |||||||||||||||||
Note 10 - Borrowings (Tables) [Line Items] | |||||||||||||||||
Schedule of Short-term Debt [Table Text Block] | At or For the Year | ||||||||||||||||
Ended December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||
FHLB short-term borrowings: | |||||||||||||||||
Average balance outstanding | $ | 7,682 | $ | 1,486 | |||||||||||||
Maximum amount outstanding at any month-end during the period | 11,500 | 5,500 | |||||||||||||||
Balance outstanding at end of period | 7,000 | 5,500 | |||||||||||||||
Average interest rate during the period | 0.27 | % | 2.83 | % | |||||||||||||
Weighted average interest rate at end of period | 0.27 | % | 0.25 | % | |||||||||||||
Federal Home Loan Bank Advances [Member] | |||||||||||||||||
Note 10 - Borrowings (Tables) [Line Items] | |||||||||||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | 31-Dec-14 | 31-Dec-13 | |||||||||||||||
Fixed rate borrowings maturing: | Amount | Weighted Interest | Amount | Weighted Interest | |||||||||||||
Rate | Rate | ||||||||||||||||
2016 | $ | 1,000 | 0.88 | % | $ | -- | $ | -- | |||||||||
2017 | 1,500 | 1.3 | -- | -- | |||||||||||||
2018 | 1,000 | 1.71 | -- | -- | |||||||||||||
2019 | 1,000 | 2.02 | -- | -- | |||||||||||||
Total FHLB long-term debt | $ | 4,500 | 1.46 | % | $ | -- | $ | -- |
Note_11_Income_Taxes_Tables
Note 11 - Income Taxes (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Income Tax Disclosure [Abstract] | |||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2014 | 2013 | |||||||
(In Thousands) | |||||||||
Federal: | |||||||||
Current | $ | 836 | $ | 444 | |||||
Deferred | (164 | ) | (71 | ) | |||||
672 | 373 | ||||||||
State, current | 22 | 44 | |||||||
$ | 694 | $ | 417 | ||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2014 | 2013 | |||||||
(In Thousands) | |||||||||
Federal income tax at statutory rate | $ | 658 | $ | 380 | |||||
State tax, net of federal benefit | 13 | 28 | |||||||
Stock compensation expense | 35 | 29 | |||||||
Other | (12 | ) | (20 | ) | |||||
$ | 694 | $ | 417 | ||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2014 | 2013 | |||||||
(In Thousands) | |||||||||
Deferred tax assets: | |||||||||
Allowance for loan losses | $ | 390 | $ | 320 | |||||
Stock-based compensation | 39 | 37 | |||||||
Interest on non-accrual loans | 17 | 18 | |||||||
Unrealized loss on investment securities available for sale | 18 | 9 | |||||||
Deferred loan fees | 167 | 95 | |||||||
Organization cost | 3 | 3 | |||||||
Total deferred tax assets | 634 | 482 | |||||||
Deferred tax liabilities: | |||||||||
Bank premises and equipment | (131 | ) | (152 | ) | |||||
Total deferred tax liabilities | (131 | ) | (152 | ) | |||||
Net Deferred Tax Asset | $ | 503 | $ | 330 |
Note_12_Stock_Compensation_Pla1
Note 12 - Stock Compensation Plans (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||
Employee Stock Ownership Plan (ESOP) Disclosures [Table Text Block] | 2014 | 2013 | |||||||||||||||||||||||
Allocated shares | 62,395 | 55,181 | |||||||||||||||||||||||
Unreleased shares | 48,695 | 55,909 | |||||||||||||||||||||||
Total ESOP shares | 111,090 | 111,090 | |||||||||||||||||||||||
Fair value of unreleased shares (in thousands) | $ | 950 | $ | 906 | |||||||||||||||||||||
Schedule of Share-based Compensation, Activity [Table Text Block] | 2014 | 2013 | |||||||||||||||||||||||
Number of | Weighted | Number of | Weighted | ||||||||||||||||||||||
Shares | Average Grant | Shares | Average Grant | ||||||||||||||||||||||
Date Fair Value | Date Fair Value | ||||||||||||||||||||||||
Unvested at the beginning of the year | 26,500 | $ | 16.11 | 8,894 | $ | 9.05 | |||||||||||||||||||
Granted | -- | -- | 26,150 | 16.2 | |||||||||||||||||||||
Vested | (5,517 | ) | 15.83 | (8,544 | ) | 9.05 | |||||||||||||||||||
Forfeited | -- | -- | -- | -- | |||||||||||||||||||||
Unvested at the end of the year | 20,983 | $ | 16.18 | 26,500 | $ | 16.11 | |||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | 2014 | 2013 | |||||||||||||||||||||||
Number of | Weighted | Weighted | Number of | Weighted | Weighted | ||||||||||||||||||||
Shares | Average Exercise Price | Average Remaining Contractual Life (in years) | Shares | Average Exercise Price | Average Remaining Contractual Life (in years) | ||||||||||||||||||||
Outstanding at the beginning of the year | 184,570 | $ | 12.59 | 6.5 | 107,570 | $ | 10 | 4.4 | |||||||||||||||||
Granted | - | - | - | 77,000 | 16.2 | 9.4 | |||||||||||||||||||
Exercised | - | - | - | -- | -- | - | |||||||||||||||||||
Forfeited | - | - | - | -- | -- | - | |||||||||||||||||||
Outstanding at the end of the period | 184,570 | $ | 12.59 | 5.7 | 184,570 | $ | 12.59 | 6.5 | |||||||||||||||||
Exercisable at the end of the period | 122,809 | $ | 10.78 | 3.3 | 106,665 | $ | 10 | 6.5 | |||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Expected dividend yield | 1.23 | % | ||||||||||||||||||||||
Risk-free interest rate | 5 | % | |||||||||||||||||||||||
Expected life of options (years) | 5 | ||||||||||||||||||||||||
Expected stock-price volatility | 24.66 | % |
Note_14_Financial_Instruments_1
Note 14 - Financial Instruments with Off-Balance Sheet Risk (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Risks and Uncertainties [Abstract] | |||||||||
Schedule of Financial Instrument Commitments [Table Text Block] | 2014 | 2013 | |||||||
(In Thousands) | |||||||||
Commitments to originate loans | $ | 7,763 | $ | 6,370 | |||||
Unfunded commitments under lines of credit | 21,427 | 16,465 | |||||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Rental Amount | ||||||||
Year | (In Thousands) | ||||||||
2015 | $ | 91 | |||||||
2016 | 69 | ||||||||
2017 | 62 | ||||||||
2018 | 61 | ||||||||
2019 | 66 | ||||||||
Thereafter | 126 | ||||||||
$ | 475 |
Note_15_Regulatory_Matters_Tab
Note 15 - Regulatory Matters (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||
Disclosure Text Block [Abstract] | ||||||||||||||||||||||||||||
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | To be Well Capitalized Under Prompt Corrective Action Provisions | |||||||||||||||||||||||||||
For Capital Adequacy Purposes | ||||||||||||||||||||||||||||
Actual | ||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||
As of December 31, 2014: | ||||||||||||||||||||||||||||
Total capital (to risk-weighted assets) | $ | 17,362 | 16.5 | % | > | $ | 8,418 | > | 8 | % | > | $ | 10,523 | > | 10 | % | ||||||||||||
Tier 1 capital (to risk-weighted assets) | 16,187 | 15.38 | > | 4,209 | > | 4 | > | 6,314 | > | 6 | ||||||||||||||||||
Tier 1 capital (to average assets) | 16,187 | 10.74 | > | 6,028 | > | 4 | > | 7,535 | > | 5 | ||||||||||||||||||
For Capital Adequacy | To be Well Capitalized | |||||||||||||||||||||||||||
Purposes | Under Prompt | |||||||||||||||||||||||||||
Actual | Corrective Action | |||||||||||||||||||||||||||
Provisions | ||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||
As of December 31, 2013: | ||||||||||||||||||||||||||||
Total capital (to risk-weighted assets) | $ | 16,344 | 18.75 | % | > | $ | 6,972 | > | 8 | % | > | $ | 8,715 | > | 10 | % | ||||||||||||
Tier 1 capital (to risk-weighted assets) | 15,403 | 17.68 | > | 3,486 | > | 4 | > | 5,229 | > | 6 | ||||||||||||||||||
Tier 1 capital (to average assets) | 15,403 | 12.7 | > | 4,850 | > | 4 | > | 6,062 | > | 5 |
Note_16_Fair_Value_Measurement1
Note 16 - Fair Value Measurements and Fair Values of Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | 31-Dec-14 | ||||||||||||||||||||
Fair Value Measurements Using: | |||||||||||||||||||||
Total Fair Value | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Unobservable Inputs | ||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||
Recurring fair value measurements | |||||||||||||||||||||
Investment securities available for sale | |||||||||||||||||||||
Short-term bond fund | $ | 1,180 | $ | 1,180 | $ | -- | $ | -- | |||||||||||||
Limited-term bond fund | 526 | 526 | -- | -- | |||||||||||||||||
Total investment securities available for sale | $ | 1,706 | $ | 1,706 | $ | -- | $ | -- | |||||||||||||
Total recurring fair value measurements | $ | 1,706 | $ | 1,706 | $ | -- | $ | -- | |||||||||||||
Nonrecurring fair value measurements | |||||||||||||||||||||
Impaired loans | $ | 3,387 | $ | -- | $ | -- | $ | 3,387 | |||||||||||||
Other real estate owned | 111 | -- | -- | 111 | |||||||||||||||||
Total nonrecurring fair value measurements | $ | 3,498 | $ | -- | $ | -- | $ | 3,498 | |||||||||||||
31-Dec-13 | |||||||||||||||||||||
Fair Value Measurements Using: | |||||||||||||||||||||
Total Fair Value | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Unobservable Inputs | ||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||
Recurring fair value measurements | |||||||||||||||||||||
Investment securities available for sale | |||||||||||||||||||||
Short-term bond fund | $ | 1,159 | $ | 1,159 | $ | -- | $ | -- | |||||||||||||
Limited-term bond fund | 521 | 521 | -- | -- | |||||||||||||||||
Total investment securities available for sale | $ | 1,680 | $ | 1,680 | $ | -- | $ | -- | |||||||||||||
Total recurring fair value measurements | $ | 1,680 | $ | 1,680 | $ | -- | $ | -- | |||||||||||||
Nonrecurring fair value measurements | |||||||||||||||||||||
Impaired loans | $ | 2,336 | $ | -- | $ | -- | $ | 2,336 | |||||||||||||
Other real estate owned | 574 | -- | -- | 574 | |||||||||||||||||
Total nonrecurring fair value measurements | $ | 2,910 | $ | -- | $ | -- | $ | 2,910 | |||||||||||||
Fair Value Inputs, Assets, Quantitative Information [Table Text Block] | 31-Dec-14 | ||||||||||||||||||||
Quantitative Information About Level 3 Fair Value Measurements | |||||||||||||||||||||
Total Fair Value | Valuation Techniques | Unobservable Input | Range (Weighted Average) | ||||||||||||||||||
Impaired loans | $ | 3,387 | Appraisal of collateral (1) | Appraisal adjustments (2) | 0%-33% | -2% | |||||||||||||||
Other real estate owned | $ | 111 | Appraisal of collateral (1) | Appraisal adjustments (2) | 1% | -1% | |||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Quantitative Information About Level 3 Fair Value Measurements | |||||||||||||||||||||
Total Fair Value | Valuation Techniques | Unobservable Input | Range (Weighted Average) | ||||||||||||||||||
Impaired loans | $ | 2,336 | Appraisal of collateral (1) | Appraisal adjustments (2) | 0%-9% | -1% | |||||||||||||||
Other real estate owned | $ | 574 | Appraisal of collateral (1) | Appraisal adjustments (2) | 5%-33% | -18% | |||||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | Fair Value Measurements at | ||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||
Carrying Amount | Fair Value Estimate | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Unobservable Inputs | |||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||
Financial Assets | |||||||||||||||||||||
Cash and cash equivalents | $ | 13,937 | $ | 13,937 | $ | 13,937 | $ | -- | $ | -- | |||||||||||
Investment in interest-earning time deposits | 6,660 | 6,723 | -- | -- | 6,723 | ||||||||||||||||
Investment securities available for sale | 1,706 | 1,706 | 1,706 | -- | -- | ||||||||||||||||
Loans held for sale | 2,556 | 2,664 | -- | 2,664 | -- | ||||||||||||||||
Loans receivable, net | 123,331 | 123,419 | -- | -- | 123,419 | ||||||||||||||||
Accrued interest receivable | 788 | 788 | 788 | -- | -- | ||||||||||||||||
Investment in FHLB stock | 527 | 527 | 527 | -- | -- | ||||||||||||||||
Bank-owned life insurance | 3,549 | 3,549 | 3,549 | -- | -- | ||||||||||||||||
Financial Liabilities | |||||||||||||||||||||
Deposits | 124,405 | 125,724 | 28,071 | -- | 97,653 | ||||||||||||||||
FHLB short-term borrowings | 7,000 | 7,000 | 7,000 | -- | -- | ||||||||||||||||
FHLB long-term borrowings | 4,500 | 4,492 | -- | -- | 4,492 | ||||||||||||||||
Accrued interest payable | 108 | 108 | 108 | -- | -- | ||||||||||||||||
Fair Value Measurements at | |||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Carrying Amount | Fair Value Estimate | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Unobservable Inputs | |||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||
Financial Assets | |||||||||||||||||||||
Cash and cash equivalents | $ | 6,184 | $ | 6,184 | $ | 6,184 | $ | -- | $ | -- | |||||||||||
Investment in interest-earning time deposits | 7,633 | 7,747 | -- | -- | 7,747 | ||||||||||||||||
Investment securities available for sale | 1,680 | 1,680 | 1,680 | -- | -- | ||||||||||||||||
Loans held for sale | 1,098 | 1,147 | -- | 1,147 | -- | ||||||||||||||||
Loans receivable, net | 106,887 | 108,356 | -- | -- | 108,356 | ||||||||||||||||
Accrued interest receivable | 735 | 735 | 735 | -- | -- | ||||||||||||||||
Investment in FHLB stock | 421 | 421 | 421 | -- | -- | ||||||||||||||||
Financial Liabilities | |||||||||||||||||||||
Deposits | 103,324 | 105,254 | 23,089 | -- | 82,165 | ||||||||||||||||
FHLB short-term borrowings | 5,500 | 5,500 | 5,500 | -- | -- | ||||||||||||||||
Accrued interest payable | 77 | 77 | 77 | -- | -- |
Note_17_Quaint_Oak_Bancorp_Inc1
Note 17 - Quaint Oak Bancorp, Inc. (Parent Company Only) (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||
Condensed Balance Sheet [Table Text Block] | December 31, | ||||||||
2014 | 2013 | ||||||||
Assets | |||||||||
Cash and cash equivalents | $ | 259 | $ | 541 | |||||
Investment in Quaint Oak Bank | 16,205 | 15,413 | |||||||
Premises and equipment, net | 1,074 | 1,007 | |||||||
Other assets | 50 | 45 | |||||||
Total Assets | $ | 17,588 | $ | 17,006 | |||||
Liabilities and Stockholders’ Equity | |||||||||
Other liabilities | $ | 13 | $ | 20 | |||||
Stockholders’ equity | 17,575 | 16,986 | |||||||
Total Liabilities and Stockholders’ Equity | $ | 17,588 | $ | 17,006 | |||||
Condensed Income Statement [Table Text Block] | For the Year Ended December 31, | ||||||||
2014 | 2013 | ||||||||
Income | |||||||||
Interest income | $ | -- | $ | 1 | |||||
Dividends from subsidiary | 500 | 500 | |||||||
Rental income | 106 | 106 | |||||||
Total Income | 606 | 607 | |||||||
Expenses | |||||||||
Occupancy and equipment expense | 78 | 67 | |||||||
Other expenses | 79 | 98 | |||||||
Total Expenses | 157 | 165 | |||||||
Net Income Before Income Taxes | 449 | 442 | |||||||
Equity in Undistributed Net Income of Subsidiary | 776 | 240 | |||||||
Income Tax Benefit | 17 | 20 | |||||||
Net Income | $ | 1,242 | $ | 702 | |||||
Comprehensive Income | $ | 1,224 | $ | 624 | |||||
Condensed Cash Flow Statement [Table Text Block] | For the Year Ended December 31, | ||||||||
2014 | 2013 | ||||||||
Operating Activities | |||||||||
Net income | $ | 1,242 | $ | 702 | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Undistributed income in subsidiary | (776 | ) | (240 | ) | |||||
Depreciation expense | 23 | 20 | |||||||
Stock-based compensation expense | 272 | 273 | |||||||
(Increase) decrease in other assets | (39 | ) | 18 | ||||||
Increase (decrease) in other liabilities | (7 | ) | 2 | ||||||
Net cash provided by operating activities | 715 | 775 | |||||||
Investing Activities | |||||||||
Purchase of property and equipment | (90 | ) | (7 | ) | |||||
Net cash used in investing activities | (90 | ) | (7 | ) | |||||
Financing Activities | |||||||||
Dividends paid | (211 | ) | (185 | ) | |||||
Purchase of treasury stock | (760 | ) | (563 | ) | |||||
Proceeds from the issuance of treasury stock | 64 | -- | |||||||
Net cash used in financing activities | (907 | ) | (748 | ) | |||||
Net (Decrease) Increase in Cash and Cash Equivalents | (282 | ) | 20 | ||||||
Cash and Cash Equivalents-Beginning of Year | 541 | 521 | |||||||
Cash and Cash Equivalents-End of Year | $ | 259 | $ | 541 |
Note_1_Nature_of_Operations_De
Note 1 - Nature of Operations (Details) (USD $) | 0 Months Ended | 12 Months Ended | |
Jul. 03, 2007 | Dec. 31, 2014 | Jul. 03, 2007 | |
Disclosure Text Block [Abstract] | |||
Stock Issued During Period, Shares, New Issues | 1,388,625 | ||
Share Price | $10 | ||
Stock Issued During Period, Value, New Issues | $13,886,250 | ||
Payments of Stock Issuance Costs | 535,000 | ||
Payments to Acquire Businesses and Interest in Affiliates | $7,100,000 | ||
Percentage of Proceeds Invested in Bank | 53.00% | ||
Number of Wholly-Owned Subsidiaries | 5 | ||
Number of Subsidiary Branch Offices | 2 |
Note_2_Summary_of_Significant_1
Note 2 - Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | $0 | $0 |
Asset Impairment Charges | 0 | 0 |
Past Due Period of Principal or Interest Payment | 90 days | |
Threshold for Loans to be Evaluated Annually, Minimum | 500,000 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $0 | $0 |
Number of Share-Based Plans | 3 | |
Loans Sold [Member] | Credit Concentration Risk [Member] | ||
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ||
Number of Investors | 1 | |
Percentage of Loans Sold from Mortgage Loans Held for Sale | 68.00% | |
Percentage Gains on Loans Sold from Mortgage Loans Held for Sale | 69.00% | |
Minimum [Member] | ||
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ||
Property, Plant and Equipment, Useful Life | 3 years | |
Maximum [Member] | ||
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ||
Property, Plant and Equipment, Useful Life | 39 years |
Note_3_Earnings_Per_Share_Deta
Note 3 - Earnings Per Share (Details) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2014 | |
Earnings Per Share [Abstract] | ||
Number of Components in Earnings Per Share | 2 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 77,000 |
Note_3_Earnings_Per_Share_Deta1
Note 3 - Earnings Per Share (Details) - Weighted Average Shares Used in Basic and Dilutive Earnings per Share Computations (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Weighted Average Shares Used in Basic and Dilutive Earnings per Share Computations [Abstract] | ||
Net Income (in Dollars) | $1,242,000 | $702,000 |
Weighted average shares outstanding – basic | 851,866 | 889,190 |
Effect of dilutive common stock equivalents | 53,455 | 38,080 |
Adjusted weighted average shares outstanding – diluted | 905,321 | 927,270 |
Basic earnings per share (in Dollars per share) | $1.46 | $0.79 |
Diluted earnings per share (in Dollars per share) | $1.37 | $0.76 |
Note_4_Accumulated_Other_Compr2
Note 4 - Accumulated Other Comprehensive Loss (Details) - Changes in Accumulated Other Comprehensive Loss (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance end of the year | ($36) | ($18) | ||
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance beginning of the year | -18 | [1] | -60 | [1] |
Other comprehensive loss before reclassifications | -18 | [1] | -20 | [1] |
Amount reclassified from accumulated other comprehensive loss | [1] | -58 | [1] | |
Total other comprehensive loss | -18 | [1] | -78 | [1] |
Balance end of the year | ($36) | [1] | ($18) | [1] |
[1] | All amounts are net of tax. Amounts in parentheses indicate debits. |
Note_4_Accumulated_Other_Compr3
Note 4 - Accumulated Other Comprehensive Loss (Details) - Amounts Reclassified Out of Each Component of Accumulated Other Comprehensive Loss (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
($694,000) | ($417,000) | ||
1,242,000 | 702,000 | ||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Unrealized losses on investment securities available for sale | 88,000 | [1] | |
-30,000 | [1] | ||
($58,000) | [1] | ||
[1] | Amounts in parentheses indicate debits. |
Note_5_Investment_in_InterestE2
Note 5 - Investment in Interest-Earning Time Deposits (Details) - Investment in Interest-Earning Time Deposits (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investment in Interest-Earning Time Deposits [Abstract] | ||
Due in one year or less | $2,337 | $3,042 |
Due after one year through five years | 4,323 | 4,591 |
$6,660 | $7,633 |
Note_6_Investment_Securities_A2
Note 6 - Investment Securities Available for Sale (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Note 6 - Investment Securities Available for Sale (Details) [Line Items] | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 2 | 2 |
Asset Impairment Charges | $0 | $0 |
Proceeds from Sale of Available-for-sale Securities | 0 | 1,839,000 |
Available-for-sale Securities, Gross Realized Gains | 88,000 | |
Available-for-sale Securities, Gross Realized Losses | $0 | |
Bond Funds [Member] | ||
Note 6 - Investment Securities Available for Sale (Details) [Line Items] | ||
Percentage of Aggregate Depreciation Held by Seven Debt Securities | 3.07% |
Note_6_Investment_Securities_A3
Note 6 - Investment Securities Available for Sale (Details) - Amortized Cost and Fair Value of Investment Securities Available for Sale (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $1,760 | $1,708 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | -54 | -28 |
Fair Value | 1,706 | 1,680 |
Short-Term Bond Fund [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,214 | 1,170 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | -34 | -11 |
Fair Value | 1,180 | 1,159 |
Limited-Term Bond Fund [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 546 | 538 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | -20 | -17 |
Fair Value | $526 | $521 |
Note_6_Investment_Securities_A4
Note 6 - Investment Securities Available for Sale (Details) - Gross Unrealized Losses and Fair Value (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Note 6 - Investment Securities Available for Sale (Details) - Gross Unrealized Losses and Fair Value [Line Items] | ||
Number of securities | 2 | 2 |
Fair value, less than twelve months | $1,159 | |
Gross unrealized losses, less than twelve months | -11 | |
Fair value, twelve months or greater | 1,706 | 521 |
Gross unrealized losses, twelve months or greater | -54 | -17 |
Fair value | 1,706 | 1,680 |
Gross unrealized losses | -54 | -28 |
Short-Term Bond Fund [Member] | ||
Note 6 - Investment Securities Available for Sale (Details) - Gross Unrealized Losses and Fair Value [Line Items] | ||
Number of securities | 1 | 1 |
Fair value, less than twelve months | 1,159 | |
Gross unrealized losses, less than twelve months | -11 | |
Fair value, twelve months or greater | 1,180 | |
Gross unrealized losses, twelve months or greater | -34 | |
Fair value | 1,180 | 1,159 |
Gross unrealized losses | -34 | -11 |
Limited-Term Bond Fund [Member] | ||
Note 6 - Investment Securities Available for Sale (Details) - Gross Unrealized Losses and Fair Value [Line Items] | ||
Number of securities | 1 | 1 |
Fair value, twelve months or greater | 526 | 521 |
Gross unrealized losses, twelve months or greater | -20 | -17 |
Fair value | 526 | 521 |
Gross unrealized losses | ($20) | ($17) |
Note_7_Loans_Receivable_Net_an2
Note 7 - Loans Receivable, Net and Allowance for Loan Losses (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Note 7 - Loans Receivable, Net and Allowance for Loan Losses (Details) [Line Items] | ||
Financing Receivable, Modifications, Number of Contracts | 11 | 13 |
Financing Receivable, Modifications, Recorded Investment | $951,000 | $1,094,000 |
Financing Receivable Modifications Removal from Trouble Debt Restructuring Status | 6 months | |
Financing Receivable, Modifications, Number of Contracts, Paid-off | 1 | |
Financing Receivable, Modifications, Recorded Investment, Paid-off | 62,000 | |
Number of Properties Used as Collateral On TDR | 1 | |
Financing Receivable Modifications Commitments to Lend Additional Funds to Debtors Whose Terms Have Been Modified as TDRs | 0 | |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 0 | |
Financing Receivable, Recorded Investment, Nonaccrual Status | 2,800,000 | 1,900,000 |
Loans and Leases Receivable, Impaired, Troubled Debt, Interest Income | 1,000 | |
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans | 143,000 | 53,000 |
Transferred to Other Real Estate Owned [Member] | ||
Note 7 - Loans Receivable, Net and Allowance for Loan Losses (Details) [Line Items] | ||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 1 | |
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | 113,000 | |
Modified in Current Period [Member] | ||
Note 7 - Loans Receivable, Net and Allowance for Loan Losses (Details) [Line Items] | ||
Financing Receivable, Modifications, Number of Contracts | 1 | |
Financing Receivable, Modifications, Recorded Investment | 133,000 | |
Non-Accrual Status [Member] | ||
Note 7 - Loans Receivable, Net and Allowance for Loan Losses (Details) [Line Items] | ||
Financing Receivable, Modifications, Number of Contracts | 2 | 3 |
Financing Receivable, Modifications, Recorded Investment | 155,000 | 264,000 |
30 to 89 Days Delinquent [Member] | ||
Note 7 - Loans Receivable, Net and Allowance for Loan Losses (Details) [Line Items] | ||
Financing Receivable, Modifications, Number of Contracts | 3 | |
Financing Receivable, Modifications, Recorded Investment | 215,000 | |
Performing Financing Receivable [Member] | ||
Note 7 - Loans Receivable, Net and Allowance for Loan Losses (Details) [Line Items] | ||
Financing Receivable, Modifications, Number of Contracts | 6 | 9 |
Financing Receivable, Modifications, Recorded Investment | 581,000 | 733,000 |
31 days Delinquent [Member] | ||
Note 7 - Loans Receivable, Net and Allowance for Loan Losses (Details) [Line Items] | ||
Financing Receivable, Modifications, Number of Contracts | 1 | |
Financing Receivable, Modifications, Recorded Investment | $97,000 |
Note_7_Loans_Receivable_Net_an3
Note 7 - Loans Receivable, Net and Allowance for Loan Losses (Details) - Composition of Net Loans Receivable (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | $124,971 | $108,108 | |
Deferred loan fees and costs | -492 | -280 | |
Allowance for loan losses | -1,148 | -941 | -860 |
Net Loans | 123,331 | 106,887 | |
One-to-Four Family Residential [Member] | Owner Occupied [Member] | Mortgages [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 7,085 | 8,900 | |
Allowance for loan losses | -75 | -59 | -77 |
One-to-Four Family Residential [Member] | Non-owner Occupied [Member] | Mortgages [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 48,554 | 43,489 | |
Allowance for loan losses | -418 | -424 | -368 |
One-to-Four Family Residential [Member] | Mortgages [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 55,639 | 52,389 | |
Multi-family, Five or More Residential [Member] | Mortgages [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 10,132 | 6,023 | |
Allowance for loan losses | -60 | -36 | -20 |
Commercial Real Estate [Member] | Mortgages [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 35,523 | 25,863 | |
Commercial Lines of Credit [Member] | Mortgages [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 1,623 | 1,880 | |
Home Equity Line of Credit [Member] | Mortgages [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 6,961 | 5,682 | |
Allowance for loan losses | -46 | -50 | -68 |
Commercial Business [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 749 | 186 | |
Other Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 41 | 47 | |
Commercial Real Estate Construction Financing Receivable [Member] | Mortgages [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 14,303 | 16,038 | |
Allowance for loan losses | -122 | -96 | -63 |
Mortgages [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | $124,181 | $107,875 |
Note_7_Loans_Receivable_Net_an4
Note 7 - Loans Receivable, Net and Allowance for Loan Losses (Details) - Loan Portfolio by Credit Rating (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $124,971 | $108,108 |
One-to-Four Family Residential [Member] | Owner Occupied [Member] | Mortgages [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 6,132 | 7,308 |
One-to-Four Family Residential [Member] | Owner Occupied [Member] | Mortgages [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 116 | 1,136 |
One-to-Four Family Residential [Member] | Owner Occupied [Member] | Mortgages [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 837 | 153 |
One-to-Four Family Residential [Member] | Owner Occupied [Member] | Mortgages [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 303 | |
One-to-Four Family Residential [Member] | Owner Occupied [Member] | Mortgages [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 7,085 | 8,900 |
One-to-Four Family Residential [Member] | Non-owner Occupied [Member] | Mortgages [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 46,971 | 41,586 |
One-to-Four Family Residential [Member] | Non-owner Occupied [Member] | Mortgages [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 38 | 800 |
One-to-Four Family Residential [Member] | Non-owner Occupied [Member] | Mortgages [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,317 | 1,103 |
One-to-Four Family Residential [Member] | Non-owner Occupied [Member] | Mortgages [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 228 | |
One-to-Four Family Residential [Member] | Non-owner Occupied [Member] | Mortgages [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 48,554 | 43,489 |
One-to-Four Family Residential [Member] | Mortgages [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 55,639 | 52,389 |
Multi-family, Five or More Residential [Member] | Mortgages [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 10,065 | 5,948 |
Multi-family, Five or More Residential [Member] | Mortgages [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 75 | |
Multi-family, Five or More Residential [Member] | Mortgages [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 67 | |
Multi-family, Five or More Residential [Member] | Mortgages [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 10,132 | 6,023 |
Commercial Real Estate and Lines of Credit [Member] | Mortgages [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 35,984 | 26,673 |
Commercial Real Estate and Lines of Credit [Member] | Mortgages [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 293 | 397 |
Commercial Real Estate and Lines of Credit [Member] | Mortgages [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 537 | 673 |
Commercial Real Estate and Lines of Credit [Member] | Mortgages [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 332 | |
Commercial Real Estate and Lines of Credit [Member] | Mortgages [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 37,146 | 27,743 |
Home Equity Line of Credit [Member] | Mortgages [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 6,654 | 5,391 |
Home Equity Line of Credit [Member] | Mortgages [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 172 | 166 |
Home Equity Line of Credit [Member] | Mortgages [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 90 | 125 |
Home Equity Line of Credit [Member] | Mortgages [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 45 | |
Home Equity Line of Credit [Member] | Mortgages [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 6,961 | 5,682 |
Commercial Business and Other Consumer [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 790 | 233 |
Commercial Business and Other Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 790 | 233 |
Commercial Real Estate Construction Financing Receivable [Member] | Mortgages [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 14,303 | 16,038 |
Commercial Real Estate Construction Financing Receivable [Member] | Mortgages [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 14,303 | 16,038 |
Mortgages [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 124,181 | 107,875 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 120,899 | 103,177 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 619 | 2,574 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 2,848 | 2,054 |
Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $605 | $303 |
Note_7_Loans_Receivable_Net_an5
Note 7 - Loans Receivable, Net and Allowance for Loan Losses (Details) - Impaired Loans by Loan Portfolio Class (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
With an allowance recorded: | ||
Related allowance | $66 | $21 |
Total: | ||
Recorded investment | 3,453 | 2,357 |
Unpaid principal balance | 3,477 | 2,375 |
Related allowance | 66 | 21 |
Average recorded investment | 3,497 | 2,337 |
Interest income recognized | 88 | 127 |
One-to-Four Family Residential [Member] | Owner Occupied [Member] | Mortgages [Member] | ||
With no related allowance recorded: | ||
Recorded investment, with no related allowance recorded | 837 | 456 |
Unpaid principal balance, with no related allowance recorded | 837 | 456 |
Average recorded investment, with no related allowance recorded | 839 | 428 |
Interest income recognized, with no related allowance recorded | 15 | 15 |
Total: | ||
Recorded investment | 837 | 456 |
Unpaid principal balance | 837 | 456 |
Average recorded investment | 839 | 428 |
Interest income recognized | 15 | 15 |
One-to-Four Family Residential [Member] | Non-owner Occupied [Member] | Mortgages [Member] | ||
With no related allowance recorded: | ||
Recorded investment, with no related allowance recorded | 1,317 | 1,103 |
Unpaid principal balance, with no related allowance recorded | 1,333 | 1,114 |
Average recorded investment, with no related allowance recorded | 1,341 | 1,107 |
Interest income recognized, with no related allowance recorded | 39 | 77 |
With an allowance recorded: | ||
Recorded investment, with an allowance recorded | 228 | |
Unpaid principal balance, with an allowance recorded | 231 | |
Related allowance | 29 | |
Average recorded investment, with an allowance recorded | 231 | |
Total: | ||
Recorded investment | 1,545 | 1,103 |
Unpaid principal balance | 1,564 | 1,114 |
Related allowance | 29 | |
Average recorded investment | 1,572 | 1,107 |
Interest income recognized | 39 | 77 |
Multi-family, Five or More Residential [Member] | Mortgages [Member] | ||
With no related allowance recorded: | ||
Recorded investment, with no related allowance recorded | 67 | |
Unpaid principal balance, with no related allowance recorded | 72 | |
Average recorded investment, with no related allowance recorded | 74 | |
Total: | ||
Recorded investment | 67 | |
Unpaid principal balance | 72 | |
Average recorded investment | 74 | |
Commercial Real Estate and Lines of Credit [Member] | Mortgages [Member] | ||
With no related allowance recorded: | ||
Recorded investment, with no related allowance recorded | 537 | 362 |
Unpaid principal balance, with no related allowance recorded | 537 | 368 |
Average recorded investment, with no related allowance recorded | 542 | 365 |
Interest income recognized, with no related allowance recorded | 17 | |
With an allowance recorded: | ||
Recorded investment, with an allowance recorded | 332 | 311 |
Unpaid principal balance, with an allowance recorded | 332 | 311 |
Related allowance | 29 | 21 |
Average recorded investment, with an allowance recorded | 331 | 313 |
Interest income recognized, with an allowance recorded | 10 | 26 |
Total: | ||
Recorded investment | 869 | 673 |
Unpaid principal balance | 869 | 679 |
Related allowance | 29 | 21 |
Average recorded investment | 873 | 678 |
Interest income recognized | 27 | 26 |
Home Equity Line of Credit [Member] | Mortgages [Member] | ||
With no related allowance recorded: | ||
Recorded investment, with no related allowance recorded | 90 | 125 |
Unpaid principal balance, with no related allowance recorded | 90 | 126 |
Average recorded investment, with no related allowance recorded | 93 | 124 |
Interest income recognized, with no related allowance recorded | 7 | 9 |
With an allowance recorded: | ||
Recorded investment, with an allowance recorded | 45 | |
Unpaid principal balance, with an allowance recorded | 45 | |
Related allowance | 8 | |
Average recorded investment, with an allowance recorded | 46 | |
Total: | ||
Recorded investment | 135 | 125 |
Unpaid principal balance | 135 | 126 |
Related allowance | 8 | |
Average recorded investment | 139 | 124 |
Interest income recognized | $7 | $9 |
Note_7_Loans_Receivable_Net_an6
Note 7 - Loans Receivable, Net and Allowance for Loan Losses (Details) - Troubled Debt Restructuring Loans (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructuring, number of contracts | 11 | 13 |
Troubled debt restructuring, recorded investment | $951,000 | $1,094,000 |
Troubled debt restructuring, non-accrual | 155,000 | 264,000 |
Troubled debt restructuring, accruing | 796,000 | 830,000 |
Troubled debt restructuring, related allowance | 17,000 | |
One-to-Four Family Residential [Member] | Owner Occupied [Member] | Mortgages [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructuring, number of contracts | 2 | |
Troubled debt restructuring, recorded investment | 153,000 | |
Troubled debt restructuring, accruing | 153,000 | |
One-to-Four Family Residential [Member] | Non-owner Occupied [Member] | Mortgages [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructuring, number of contracts | 7 | 7 |
Troubled debt restructuring, recorded investment | 728,000 | 733,000 |
Troubled debt restructuring, non-accrual | 155,000 | 151,000 |
Troubled debt restructuring, accruing | 573,000 | 582,000 |
Troubled debt restructuring, related allowance | 10,000 | |
Commercial Real Estate and Lines of Credit [Member] | Mortgages [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructuring, number of contracts | 1 | 1 |
Troubled debt restructuring, recorded investment | 133,000 | 113,000 |
Troubled debt restructuring, non-accrual | 113,000 | |
Troubled debt restructuring, accruing | 133,000 | |
Troubled debt restructuring, related allowance | 7,000 | |
Home Equity Line of Credit [Member] | Mortgages [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructuring, number of contracts | 3 | 3 |
Troubled debt restructuring, recorded investment | 90,000 | 95,000 |
Troubled debt restructuring, accruing | $90,000 | $95,000 |
Note_7_Loans_Receivable_Net_an7
Note 7 - Loans Receivable, Net and Allowance for Loan Losses (Details) - Contractual Aging of the TDRs (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Note 7 - Loans Receivable, Net and Allowance for Loan Losses (Details) - Contractual Aging of the TDRs [Line Items] | ||
Troubled debt restructurings, current & past due less than 30 Days | $581,000 | $733,000 |
Troubled debt restructurings, past due 30-89 days | 215,000 | 97,000 |
Troubled debt restructurings, non-accrual | 155,000 | 264,000 |
Troubled debt restructurings | 951,000 | 1,094,000 |
One-to-Four Family Residential [Member] | Owner Occupied [Member] | Mortgages [Member] | ||
Note 7 - Loans Receivable, Net and Allowance for Loan Losses (Details) - Contractual Aging of the TDRs [Line Items] | ||
Troubled debt restructurings, current & past due less than 30 Days | 153,000 | |
Troubled debt restructurings | 153,000 | |
One-to-Four Family Residential [Member] | Non-owner Occupied [Member] | Mortgages [Member] | ||
Note 7 - Loans Receivable, Net and Allowance for Loan Losses (Details) - Contractual Aging of the TDRs [Line Items] | ||
Troubled debt restructurings, current & past due less than 30 Days | 358,000 | 485,000 |
Troubled debt restructurings, past due 30-89 days | 215,000 | 97,000 |
Troubled debt restructurings, non-accrual | 155,000 | 151,000 |
Troubled debt restructurings | 728,000 | 733,000 |
Commercial Real Estate and Lines of Credit [Member] | Mortgages [Member] | ||
Note 7 - Loans Receivable, Net and Allowance for Loan Losses (Details) - Contractual Aging of the TDRs [Line Items] | ||
Troubled debt restructurings, current & past due less than 30 Days | 133,000 | |
Troubled debt restructurings, non-accrual | 113,000 | |
Troubled debt restructurings | 133,000 | 113,000 |
Home Equity Line of Credit [Member] | Mortgages [Member] | ||
Note 7 - Loans Receivable, Net and Allowance for Loan Losses (Details) - Contractual Aging of the TDRs [Line Items] | ||
Troubled debt restructurings, current & past due less than 30 Days | 90,000 | 95,000 |
Troubled debt restructurings | $90,000 | $95,000 |
Note_7_Loans_Receivable_Net_an8
Note 7 - Loans Receivable, Net and Allowance for Loan Losses (Details) - Changes in the Allowance for Loan Losses and Recorded Investment in Loans Receivable (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Allowance for loan losses: | ||
Allowance for loan losses, beginning balance | $941 | $860 |
Allowance for loan losses, ending balance | 1,148 | 941 |
Ending balance evaluated for impairment | ||
Allowance for loan losses, individually evaluated for impairment | 66 | 21 |
Allowance for loan losses, collectively evaluated for impairment | 1,082 | 920 |
Charge-offs | -190 | -159 |
Recoveries | 3 | |
Provision | 394 | 240 |
Loans receivable: | ||
Loans receivable, ending balance | 124,971 | 108,108 |
Ending balance evaluated for impairment | ||
Loans receivable, individually evaluated for impairment | 3,452 | 2,357 |
Loans receivable, collectively evaluated for impairment | 121,519 | 105,751 |
One-to-Four Family Residential [Member] | Owner Occupied [Member] | Mortgages [Member] | ||
Allowance for loan losses: | ||
Allowance for loan losses, beginning balance | 59 | 77 |
Allowance for loan losses, ending balance | 75 | 59 |
Ending balance evaluated for impairment | ||
Allowance for loan losses, collectively evaluated for impairment | 75 | 59 |
Charge-offs | -57 | -15 |
Provision | 73 | -3 |
Loans receivable: | ||
Loans receivable, ending balance | 7,085 | 8,900 |
Ending balance evaluated for impairment | ||
Loans receivable, individually evaluated for impairment | 837 | 456 |
Loans receivable, collectively evaluated for impairment | 6,248 | 8,444 |
One-to-Four Family Residential [Member] | Non-owner Occupied [Member] | Mortgages [Member] | ||
Allowance for loan losses: | ||
Allowance for loan losses, beginning balance | 424 | 368 |
Allowance for loan losses, ending balance | 418 | 424 |
Ending balance evaluated for impairment | ||
Allowance for loan losses, individually evaluated for impairment | 29 | |
Allowance for loan losses, collectively evaluated for impairment | 389 | 424 |
Charge-offs | -75 | |
Provision | -6 | 131 |
Loans receivable: | ||
Loans receivable, ending balance | 48,554 | 43,489 |
Ending balance evaluated for impairment | ||
Loans receivable, individually evaluated for impairment | 1,545 | 1,103 |
Loans receivable, collectively evaluated for impairment | 47,009 | 42,386 |
One-to-Four Family Residential [Member] | Mortgages [Member] | ||
Loans receivable: | ||
Loans receivable, ending balance | 55,639 | 52,389 |
Multi-family, Five or More Residential [Member] | Mortgages [Member] | ||
Allowance for loan losses: | ||
Allowance for loan losses, beginning balance | 36 | 20 |
Allowance for loan losses, ending balance | 60 | 36 |
Ending balance evaluated for impairment | ||
Allowance for loan losses, collectively evaluated for impairment | 60 | 36 |
Provision | 24 | 16 |
Loans receivable: | ||
Loans receivable, ending balance | 10,132 | 6,023 |
Ending balance evaluated for impairment | ||
Loans receivable, individually evaluated for impairment | 67 | |
Loans receivable, collectively evaluated for impairment | 10,065 | 6,023 |
Commercial Real Estate and Lines of Credit [Member] | Mortgages [Member] | ||
Allowance for loan losses: | ||
Allowance for loan losses, beginning balance | 199 | 219 |
Allowance for loan losses, ending balance | 324 | 199 |
Ending balance evaluated for impairment | ||
Allowance for loan losses, individually evaluated for impairment | 29 | 21 |
Allowance for loan losses, collectively evaluated for impairment | 295 | 178 |
Charge-offs | -133 | |
Recoveries | 3 | |
Provision | 255 | -20 |
Loans receivable: | ||
Loans receivable, ending balance | 37,146 | 27,743 |
Ending balance evaluated for impairment | ||
Loans receivable, individually evaluated for impairment | 869 | 673 |
Loans receivable, collectively evaluated for impairment | 36,277 | 27,070 |
Home Equity Line of Credit [Member] | Mortgages [Member] | ||
Allowance for loan losses: | ||
Allowance for loan losses, beginning balance | 50 | 68 |
Allowance for loan losses, ending balance | 46 | 50 |
Ending balance evaluated for impairment | ||
Allowance for loan losses, individually evaluated for impairment | 8 | |
Allowance for loan losses, collectively evaluated for impairment | 38 | 50 |
Charge-offs | -69 | |
Provision | -4 | 51 |
Loans receivable: | ||
Loans receivable, ending balance | 6,961 | 5,682 |
Ending balance evaluated for impairment | ||
Loans receivable, individually evaluated for impairment | 135 | 125 |
Loans receivable, collectively evaluated for impairment | 6,826 | 5,557 |
Commercial Business and Other Consumer [Member] | ||
Allowance for loan losses: | ||
Allowance for loan losses, beginning balance | 2 | 1 |
Allowance for loan losses, ending balance | 7 | 2 |
Ending balance evaluated for impairment | ||
Allowance for loan losses, collectively evaluated for impairment | 7 | 2 |
Provision | 5 | 1 |
Loans receivable: | ||
Loans receivable, ending balance | 790 | 233 |
Ending balance evaluated for impairment | ||
Loans receivable, collectively evaluated for impairment | 790 | 233 |
Commercial Real Estate Construction Financing Receivable [Member] | Mortgages [Member] | ||
Allowance for loan losses: | ||
Allowance for loan losses, beginning balance | 96 | 63 |
Allowance for loan losses, ending balance | 122 | 96 |
Ending balance evaluated for impairment | ||
Allowance for loan losses, collectively evaluated for impairment | 122 | 96 |
Provision | 26 | 33 |
Loans receivable: | ||
Loans receivable, ending balance | 14,303 | 16,038 |
Ending balance evaluated for impairment | ||
Loans receivable, collectively evaluated for impairment | 14,303 | 16,038 |
Unallocated Financing Receivables [Member] | ||
Allowance for loan losses: | ||
Allowance for loan losses, beginning balance | 75 | 44 |
Allowance for loan losses, ending balance | 96 | 75 |
Ending balance evaluated for impairment | ||
Allowance for loan losses, collectively evaluated for impairment | 96 | 75 |
Provision | 21 | 31 |
Mortgages [Member] | ||
Loans receivable: | ||
Loans receivable, ending balance | $124,181 | $107,875 |
Note_7_Loans_Receivable_Net_an9
Note 7 - Loans Receivable, Net and Allowance for Loan Losses (Details) - Non-Accrual Loans by Class of Loans (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Note 7 - Loans Receivable, Net and Allowance for Loan Losses (Details) - Non-Accrual Loans by Class of Loans [Line Items] | ||
Non-accrual loans | $2,025 | $1,185 |
One-to-Four Family Residential [Member] | Owner Occupied [Member] | Mortgages [Member] | ||
Note 7 - Loans Receivable, Net and Allowance for Loan Losses (Details) - Non-Accrual Loans by Class of Loans [Line Items] | ||
Non-accrual loans | 588 | 303 |
One-to-Four Family Residential [Member] | Non-owner Occupied [Member] | Mortgages [Member] | ||
Note 7 - Loans Receivable, Net and Allowance for Loan Losses (Details) - Non-Accrual Loans by Class of Loans [Line Items] | ||
Non-accrual loans | 836 | 378 |
Multi-family, Five or More Residential [Member] | Mortgages [Member] | ||
Note 7 - Loans Receivable, Net and Allowance for Loan Losses (Details) - Non-Accrual Loans by Class of Loans [Line Items] | ||
Non-accrual loans | 67 | |
Commercial Real Estate and Lines of Credit [Member] | Mortgages [Member] | ||
Note 7 - Loans Receivable, Net and Allowance for Loan Losses (Details) - Non-Accrual Loans by Class of Loans [Line Items] | ||
Non-accrual loans | 489 | 474 |
Home Equity Line of Credit [Member] | Mortgages [Member] | ||
Note 7 - Loans Receivable, Net and Allowance for Loan Losses (Details) - Non-Accrual Loans by Class of Loans [Line Items] | ||
Non-accrual loans | $45 | $30 |
Recovered_Sheet1
Note 7 - Loans Receivable, Net and Allowance for Loan Losses (Details) - Loan Portfolio Summarized by Past Due Status (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans, 30-90 days past due | $2,581 | $3,624 |
Total loans, greater than 90 days past due | 2,831 | 1,913 |
Total loans, past due | 5,412 | 5,537 |
Total loans, current | 119,559 | 102,571 |
Total loans | 124,971 | 108,108 |
Total loans > 90 days and accruing | 806 | 728 |
One-to-Four Family Residential [Member] | Owner Occupied [Member] | Mortgages [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans, 30-90 days past due | 589 | 1,916 |
Total loans, greater than 90 days past due | 837 | 559 |
Total loans, past due | 1,426 | 2,475 |
Total loans, current | 5,659 | 6,425 |
Total loans | 7,085 | 8,900 |
Total loans > 90 days and accruing | 249 | 256 |
One-to-Four Family Residential [Member] | Non-owner Occupied [Member] | Mortgages [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans, 30-90 days past due | 735 | 884 |
Total loans, greater than 90 days past due | 972 | 575 |
Total loans, past due | 1,707 | 1,459 |
Total loans, current | 46,847 | 42,030 |
Total loans | 48,554 | 43,489 |
Total loans > 90 days and accruing | 136 | 197 |
One-to-Four Family Residential [Member] | Mortgages [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 55,639 | 52,389 |
Multi-family, Five or More Residential [Member] | Mortgages [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans, greater than 90 days past due | 67 | 75 |
Total loans, past due | 67 | 75 |
Total loans, current | 10,065 | 5,948 |
Total loans | 10,132 | 6,023 |
Total loans > 90 days and accruing | 75 | |
Commercial Real Estate and Lines of Credit [Member] | Mortgages [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans, 30-90 days past due | 1,051 | 322 |
Total loans, greater than 90 days past due | 910 | 674 |
Total loans, past due | 1,961 | 996 |
Total loans, current | 35,185 | 26,747 |
Total loans | 37,146 | 27,743 |
Total loans > 90 days and accruing | 421 | 200 |
Home Equity Line of Credit [Member] | Mortgages [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans, 30-90 days past due | 99 | 168 |
Total loans, greater than 90 days past due | 45 | 30 |
Total loans, past due | 144 | 198 |
Total loans, current | 6,817 | 5,484 |
Total loans | 6,961 | 5,682 |
Commercial Business and Other Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans, current | 790 | 233 |
Total loans | 790 | 233 |
Commercial Real Estate Construction Financing Receivable [Member] | Mortgages [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans, 30-90 days past due | 107 | 334 |
Total loans, past due | 107 | 334 |
Total loans, current | 14,196 | 15,704 |
Total loans | 14,303 | 16,038 |
Mortgages [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | $124,181 | $107,875 |
Note_8_Premises_and_Equipment_1
Note 8 - Premises and Equipment (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Note 8 - Premises and Equipment (Details) [Line Items] | ||
Depreciation | $167,000 | $142,000 |
Office, Facilities and Equipment [Member] | ||
Note 8 - Premises and Equipment (Details) [Line Items] | ||
Operating Leases, Rent Expense, Net | $119,000 | $119,000 |
Note_8_Premises_and_Equipment_2
Note 8 - Premises and Equipment (Details) - Premises and Equipment (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment | $2,324 | $2,155 |
Accumulated depreciation | -685 | -518 |
1,639 | 1,637 | |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment | 208 | 208 |
Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment | 981 | 900 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment | 369 | 352 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment | $766 | $695 |
Note_9_Deposits_Details
Note 9 - Deposits (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Disclosure Text Block [Abstract] | ||
Time Deposits, $250,000 or More | $6.20 | $3.50 |
Note_9_Deposits_Details_Summar
Note 9 - Deposits (Details) - Summary of Deposits (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Summary of Deposits [Abstract] | ||
Non-interest bearing checking accounts | $640 | |
Passbook savings accounts | 2,573 | 2,655 |
Passbook savings accounts | 0.15% | 0.13% |
Statement savings accounts | 5,655 | 5,496 |
Statement savings accounts | 0.37% | 0.31% |
eSavings accounts | 19,203 | 14,938 |
eSavings accounts | 0.74% | 0.64% |
Certificate of deposit accounts | 96,334 | 80,235 |
Certificate of deposit accounts | 1.70% | 1.73% |
$124,405 | $103,324 | |
1.42% | 1.46% |
Note_9_Deposits_Details_Certif
Note 9 - Deposits (Details) - Certificate of Deposit by Maturity (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Certificate of Deposit by Maturity [Abstract] | |
2015 | $27,311 |
2016 | 27,719 |
2017 | 19,760 |
2018 | 13,322 |
2019 | 8,222 |
$96,334 |
Note_9_Deposits_Details_Summar1
Note 9 - Deposits (Details) - Summary of Deposit Related Interest Expense (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Summary of Deposit Related Interest Expense [Abstract] | ||
Passbook savings accounts | $4 | $5 |
Statement savings accounts | 21 | 21 |
eSavings accounts | 119 | 103 |
Certificate of deposit accounts | 1,534 | 1,511 |
$1,678 | $1,640 |
Note_10_Borrowings_Details
Note 10 - Borrowings (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Note 10 - Borrowings (Details) [Line Items] | ||
Line of Credit Facility, Number of Line of Credit Commitments | 2 | |
Number of Banks | 2 | |
Line of Credit [Member] | Federal Reserve Bank of Philadelphia [Member] | ||
Note 10 - Borrowings (Details) [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $1 | |
Long-term Line of Credit | 0 | |
Line of Credit [Member] | Federal Home Loan Bank [Member] | ||
Note 10 - Borrowings (Details) [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 61.4 | |
Line of Credit [Member] | ||
Note 10 - Borrowings (Details) [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 1.5 | |
Long-term Line of Credit | $0 | $0 |
Note_10_Borrowings_Details_Fed
Note 10 - Borrowings (Details) - Federal Home Loan Bank Short-term Borrowings (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
FHLB short-term borrowings: | ||
Average balance outstanding | $7,682 | $1,486 |
Maximum amount outstanding at any month-end during the period | 11,500 | 5,500 |
Balance outstanding at end of period | $7,000 | $5,500 |
Average interest rate during the period | 0.27% | 2.83% |
Weighted average interest rate at end of period | 0.27% | 0.25% |
Note_10_Borrowings_Details_Fed1
Note 10 - Borrowings (Details) - Federal Home Loan Bank Long-term Borrowings (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Federal Home Loan Bank Long-term Borrowings [Abstract] | |
2016 | $1,000 |
2016 | 0.88% |
2017 | 1,500 |
2017 | 1.30% |
2018 | 1,000 |
2018 | 1.71% |
2019 | 1,000 |
2019 | 2.02% |
Total FHLB long-term debt | $4,500 |
Total FHLB long-term debt | 1.46% |
Note_11_Income_Taxes_Details
Note 11 - Income Taxes (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 34.00% | 34.00% |
Deferred Tax Assets, Net | $503,000 | $330,000 |
Note_11_Income_Taxes_Details_C
Note 11 - Income Taxes (Details) - Components of Income Tax Expense (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Federal: | ||
Current | $836 | $444 |
Deferred | -164 | -71 |
672 | 373 | |
State, current | 22 | 44 |
$694 | $417 |
Note_11_Income_Taxes_Details_E
Note 11 - Income Taxes (Details) - Effective Income Tax Rate Reconciliation (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Effective Income Tax Rate Reconciliation [Abstract] | ||
Federal income tax at statutory rate | $658 | $380 |
State tax, net of federal benefit | 13 | 28 |
Stock compensation expense | 35 | 29 |
Other | -12 | -20 |
$694 | $417 |
Note_11_Income_Taxes_Details_D
Note 11 - Income Taxes (Details) - Deferred Tax Assets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Deferred tax assets: | ||
Allowance for loan losses | $390,000 | $320,000 |
Stock-based compensation | 39,000 | 37,000 |
Interest on non-accrual loans | 17,000 | 18,000 |
Unrealized loss on investment securities available for sale | 18,000 | 9,000 |
Deferred loan fees | 167,000 | 95,000 |
Organization cost | 3,000 | 3,000 |
Total deferred tax assets | 634,000 | 482,000 |
Deferred tax liabilities: | ||
Bank premises and equipment | -131,000 | -152,000 |
Total deferred tax liabilities | -131,000 | -152,000 |
Net Deferred Tax Asset | $503,000 | $330,000 |
Note_12_Stock_Compensation_Pla2
Note 12 - Stock Compensation Plans (Details) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | 31-May-13 | Dec. 31, 2008 | Dec. 31, 2007 | Dec. 31, 2012 | |
Note 12 - Stock Compensation Plans (Details) [Line Items] | ||||||
Employee Stock Ownership Plan (ESOP), Compensation Expense | $140,000 | $145,000 | ||||
Restricted Stock [Member] | Minimum [Member] | ||||||
Note 12 - Stock Compensation Plans (Details) [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 5 years | |||||
Restricted Stock [Member] | Maximum [Member] | ||||||
Note 12 - Stock Compensation Plans (Details) [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 7 years | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 7 years | |||||
Restricted Stock [Member] | The 2013 Stock Incentive Plan [Member] | ||||||
Note 12 - Stock Compensation Plans (Details) [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | 24,375 | |||||
Percentage of Shares May Be Granted As Restricted Stock Awards | 25.00% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | 10,684 | |||||
Restricted Stock [Member] | ||||||
Note 12 - Stock Compensation Plans (Details) [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number (in Shares) | 20,983 | 26,500 | 8,894 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 109 days | |||||
Allocated Share-based Compensation Expense, Net of Tax | 86,000 | 84,000 | ||||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 29,000 | 29,000 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | 286,000 | |||||
Employee Stock Option [Member] | Minimum [Member] | ||||||
Note 12 - Stock Compensation Plans (Details) [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |||||
Employee Stock Option [Member] | Maximum [Member] | ||||||
Note 12 - Stock Compensation Plans (Details) [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 7 years | |||||
Employee Stock Option [Member] | The 2013 Stock Incentive Plan [Member] | ||||||
Note 12 - Stock Compensation Plans (Details) [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | 27,418 | |||||
Employee Stock Option [Member] | The 2008 Stock Option Plan [Member] | ||||||
Note 12 - Stock Compensation Plans (Details) [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | 73,125 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | 138,863 | |||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price (in Dollars per share) | $10 | |||||
Employee Stock Option [Member] | The 2013 Stock Option Plan [Member] | ||||||
Note 12 - Stock Compensation Plans (Details) [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | 3.17 | |||||
Employee Stock Option [Member] | ||||||
Note 12 - Stock Compensation Plans (Details) [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | 77,000 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 109 days | |||||
Allocated Share-based Compensation Expense, Net of Tax | 46,000 | 44,000 | ||||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 11,000 | 9,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number (in Shares) | 184,570 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | 1,300,000 | 667,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | 1,100,000 | 661,000 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | 152,000 | |||||
Employee Stock Ownership Plan [Member] | ||||||
Note 12 - Stock Compensation Plans (Details) [Line Items] | ||||||
Percentage of Company Shares Purchased by ESOP | 8.00% | |||||
Employee Stock Ownership Plan (ESOP), Shares Contributed to ESOP (in Shares) | 111,090 | |||||
Employee Stock Ownership Plan (ESOP), Weighted Average Purchase Price of Shares Purchased (in Dollars per share) | $9.35 | |||||
Employee Stock Ownership Plan Purchase Cost of Shares | 1,000,000 | |||||
ESOP Loan Interest Rate | 7.75% | |||||
Employee Stock Ownership Plan (ESOP), Loan Term | 15 years | |||||
The 2008 Recognition and Retention Plan [Member] | ||||||
Note 12 - Stock Compensation Plans (Details) [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Purchased for Award (in Shares) | 55,545 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Per Share Weighted Average Price of Shares Purchased (in Dollars per share) | $9.36 | |||||
Employee Service Share-based Compensation, Cash Flow Effect, Cash Used to Settle Awards | $520,000 | |||||
The 2008 Stock Option Plan [Member] | ||||||
Note 12 - Stock Compensation Plans (Details) [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | 97,500 |
Note_12_Stock_Compensation_Pla3
Note 12 - Stock Compensation Plans (Details) - Components of the ESOP Shares (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Components of the ESOP Shares [Abstract] | ||
Allocated shares | 62,395 | 55,181 |
Unreleased shares | 48,695 | 55,909 |
Total ESOP shares | 111,090 | 111,090 |
Fair value of unreleased shares (in thousands) (in Dollars) | $950 | $906 |
Note_12_Stock_Compensation_Pla4
Note 12 - Stock Compensation Plans (Details) - Status of Shares under the RRP and Stock Incentive Plan (Restricted Stock [Member], USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Restricted Stock [Member] | ||
Note 12 - Stock Compensation Plans (Details) - Status of Shares under the RRP and Stock Incentive Plan [Line Items] | ||
Unvested at the beginning of the year | 26,500 | 8,894 |
Unvested at the beginning of the year | $16.11 | $9.05 |
Granted | 26,150 | |
Granted | $16.20 | |
Vested | -5,517 | -8,544 |
Vested | $15.83 | $9.05 |
Unvested at the end of the year | 20,983 | 26,500 |
Unvested at the end of the year | $16.18 | $16.11 |
Note_12_Stock_Compensation_Pla5
Note 12 - Stock Compensation Plans (Details) - Summary of Option Activity (Employee Stock Option [Member], USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Note 12 - Stock Compensation Plans (Details) - Summary of Option Activity [Line Items] | ||
Granted | 77,000 | |
Granted | $16.20 | |
Granted | 9 years 146 days | |
Outstanding at the end of the period | 184,570 | |
Exercisable at the end of the period | 122,809 | 106,665 |
Exercisable at the end of the period | $10.78 | $10 |
Exercisable at the end of the period | 3 years 109 days | 6 years 6 months |
Beginning of Year [Member] | ||
Note 12 - Stock Compensation Plans (Details) - Summary of Option Activity [Line Items] | ||
Outstanding at the beginning of the year | 184,570 | 107,570 |
Outstanding at the beginning of the year | $12.59 | $10 |
Outstanding at the beginning of the year | 6 years 6 months | 4 years 146 days |
Outstanding at the end of the period | 184,570 | |
Outstanding at the end of the period | $12.59 | |
Outstanding at the end of the period | 6 years 6 months | 4 years 146 days |
End of Year [Member] | ||
Note 12 - Stock Compensation Plans (Details) - Summary of Option Activity [Line Items] | ||
Outstanding at the beginning of the year | 184,570 | |
Outstanding at the beginning of the year | $12.59 | |
Outstanding at the beginning of the year | 5 years 255 days | 6 years 6 months |
Outstanding at the end of the period | 184,570 | 184,570 |
Outstanding at the end of the period | $12.59 | $12.59 |
Outstanding at the end of the period | 5 years 255 days | 6 years 6 months |
Note_12_Stock_Compensation_Pla6
Note 12 - Stock Compensation Plans (Details) - Stock Option Valuation Assumptions (Employee Stock Option [Member], The 2013 Stock Option Plan [Member]) | 12 Months Ended |
Dec. 31, 2014 | |
Employee Stock Option [Member] | The 2013 Stock Option Plan [Member] | |
Note 12 - Stock Compensation Plans (Details) - Stock Option Valuation Assumptions [Line Items] | |
Expected dividend yield | 1.23% |
Risk-free interest rate | 5.00% |
Expected life of options (years) | 5 years |
Expected stock-price volatility | 24.66% |
Note_13_Transactions_with_Exec1
Note 13 - Transactions with Executive Officers and Directors (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Related Party Transactions [Abstract] | ||
Loans and Leases Receivable, Related Parties | $0 | $0 |
Note_14_Financial_Instruments_2
Note 14 - Financial Instruments with Off-Balance Sheet Risk (Details) (Office, Facilities and Equipment [Member]) | 12 Months Ended |
Dec. 31, 2014 | |
Minimum [Member] | |
Note 14 - Financial Instruments with Off-Balance Sheet Risk (Details) [Line Items] | |
Lessee Leasing Arrangements, Operating Leases, Term of Contract | 1 year |
Maximum [Member] | |
Note 14 - Financial Instruments with Off-Balance Sheet Risk (Details) [Line Items] | |
Lessee Leasing Arrangements, Operating Leases, Term of Contract | 10 years |
Note_14_Financial_Instruments_3
Note 14 - Financial Instruments with Off-Balance Sheet Risk (Details) - Financial Instrument Commitments (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Loan Origination Commitments [Member] | ||
Note 14 - Financial Instruments with Off-Balance Sheet Risk (Details) - Financial Instrument Commitments [Line Items] | ||
Contractual obligations | $7,763 | $6,370 |
Unfunded Commitments Under Lines of Credit [Member] | ||
Note 14 - Financial Instruments with Off-Balance Sheet Risk (Details) - Financial Instrument Commitments [Line Items] | ||
Contractual obligations | $21,427 | $16,465 |
Note_14_Financial_Instruments_4
Note 14 - Financial Instruments with Off-Balance Sheet Risk (Details) - Minimum Rental Commitments (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Minimum Rental Commitments [Abstract] | |
2015 | $91 |
2016 | 69 |
2017 | 62 |
2018 | 61 |
2019 | 66 |
Thereafter | 126 |
$475 |
Note_15_Regulatory_Matters_Det
Note 15 - Regulatory Matters (Details) - Compliance with Regulatory Capital Requirements under Banking Regulations (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Abstract] | ||
Total capital (to risk-weighted assets), actual amount | $17,362 | $16,344 |
Total capital (to risk-weighted assets), actual ratio | 16.50% | 18.75% |
Total capital (to risk weighted assets) minimum required for capital adequacy purposes, amount | 8,418 | 6,972 |
Total capital (to risk weighted assets) minimum required for capital adequacy purposes, ratio | 8.00% | 8.00% |
Total capital (to risk weighted assets) minimum required to be well capitalized under prompt corrective action regulations, amount | 10,523 | 8,715 |
Total capital (to risk weighted assets) minimum required to be well capitalized under prompt corrective action regulations, ratio | 10.00% | 10.00% |
Tier I capital (to risk weighted assets), actual amount | 16,187 | 15,403 |
Tier I capital (to risk weighted assets) actual ratio | 15.38% | 17.68% |
Tier I capital (to risk weighted assets) minimum required for capital adequacy purposes, amount | 4,209 | 3,486 |
Tier I capital (to risk weighted assets) minimum required for capital adequacy purposes, ratio | 4.00% | 4.00% |
Tier I capital (to risk weighted assets) minimum required to be well capitalized under prompt corrective action regulations, amount | 6,314 | 5,229 |
Tier I capital (to risk weighted assets) minimum required to be well capitalized under prompt corrective action requirements | 6.00% | 6.00% |
Tier I capital (to average assets), actual amount | 16,187 | 15,403 |
Tier I capital (to average assets) actual ratio | 10.74% | 12.70% |
Tier I capital (to average assets) minimum capital required for capital adequacy purposes, amount | 6,028 | 4,850 |
Tier I capital (to average assets) minimum required for capital adequacy purposes (to average assets) ratio | 4.00% | 4.00% |
Tier I capital (to average assets) minimum capital required to be well capitalized und prompt corrective action regulations, amount | $7,535 | $6,062 |
Tier I capital (to average assets) minimum required to be well capitalized under prompt corrective action regulations (to average assets) ratio | 5.00% | 5.00% |
Note_16_Fair_Value_Measurement2
Note 16 - Fair Value Measurements and Fair Values of Financial Instruments (Details) - Financial Assets and Liabilities on a Recurring and Nonrecurring Basis (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investment securities available for sale | ||
Investment securities available for sale | $1,706 | $1,680 |
Total recurring fair value measurements | 1,706 | 1,680 |
Total nonrecurring fair value measurements | 3,498 | 2,910 |
Short-Term Bond Fund [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Investment securities available for sale | ||
Investment securities available for sale | 1,180 | 1,159 |
Short-Term Bond Fund [Member] | Fair Value, Measurements, Recurring [Member] | ||
Investment securities available for sale | ||
Investment securities available for sale | 1,180 | 1,159 |
Short-Term Bond Fund [Member] | ||
Investment securities available for sale | ||
Investment securities available for sale | 1,180 | 1,159 |
Limited-Term Bond Fund [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Investment securities available for sale | ||
Investment securities available for sale | 526 | 521 |
Limited-Term Bond Fund [Member] | Fair Value, Measurements, Recurring [Member] | ||
Investment securities available for sale | ||
Investment securities available for sale | 526 | 521 |
Limited-Term Bond Fund [Member] | ||
Investment securities available for sale | ||
Investment securities available for sale | 526 | 521 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Investment securities available for sale | ||
Investment securities available for sale | 1,706 | 1,680 |
Fair Value, Inputs, Level 1 [Member] | ||
Investment securities available for sale | ||
Investment securities available for sale | 1,706 | 1,680 |
Total recurring fair value measurements | 1,706 | 1,680 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Investment securities available for sale | ||
Impaired loans | 3,387 | 2,336 |
Other real estate owned | 111 | 574 |
Fair Value, Inputs, Level 3 [Member] | ||
Investment securities available for sale | ||
Total nonrecurring fair value measurements | 3,498 | 2,910 |
Fair Value, Measurements, Recurring [Member] | ||
Investment securities available for sale | ||
Investment securities available for sale | 1,706 | 1,680 |
Fair Value, Measurements, Nonrecurring [Member] | ||
Investment securities available for sale | ||
Impaired loans | 3,387 | 2,336 |
Other real estate owned | $111 | $574 |
Note_16_Fair_Value_Measurement3
Note 16 - Fair Value Measurements and Fair Values of Financial Instruments (Details) - Additional Quantitative Information About Assets Measured at Fair Value on a Nonrecurring Basis (Appraisal of Collateral [Member], USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | ||
Impaired Loans [Member] | Minimum [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Unobservable input, range | 0.00% | 0.00% | ||
Impaired Loans [Member] | Maximum [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Unobservable input, range | 33.00% | 9.00% | ||
Impaired Loans [Member] | Weighted Average [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Unobservable input, range | -2.00% | -1.00% | ||
Impaired Loans [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Total fair value (in Dollars) | 3,387 | 2,336 | ||
Valuation techniques | Appraisal of collateral (1) | [1] | Appraisal of collateral (1) | [1] |
Unobservable input | Appraisal adjustments (2) | [2] | Appraisal adjustments (2) | [2] |
Other Real Estate Owned [Member] | Minimum [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Unobservable input, range | 5.00% | |||
Other Real Estate Owned [Member] | Maximum [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Unobservable input, range | 33.00% | |||
Other Real Estate Owned [Member] | Weighted Average [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Unobservable input, range | -1.00% | -18.00% | ||
Other Real Estate Owned [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Total fair value (in Dollars) | 111 | 574 | ||
Valuation techniques | Appraisal of collateral (1) | [1] | Appraisal of collateral (1) | [1] |
Unobservable input | Appraisal adjustments (2) | [2] | Appraisal adjustments (2) | [2] |
Unobservable input, range | 1.00% | |||
[1] | Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are identifiable. | |||
[2] | Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of liquidation expenses and other appraisal adjustments are presented as a percentage of the appraisal. |
Note_16_Fair_Value_Measurement4
Note 16 - Fair Value Measurements and Fair Values of Financial Instruments (Details) - Estimated Fair Values of Financial Instruments (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financial Assets | ||
Investment securities available for sale | $1,706 | $1,680 |
Accrued interest receivable | 788 | 735 |
Bank-owned life insurance | 3,549 | |
Fair Value, Inputs, Level 1 [Member] | ||
Financial Assets | ||
Cash and cash equivalents | 13,937 | 6,184 |
Investment securities available for sale | 1,706 | 1,680 |
Accrued interest receivable | 788 | 735 |
Investment in FHLB stock | 527 | 421 |
Bank-owned life insurance | 3,549 | |
Financial Liabilities | ||
Deposits | 28,071 | 23,089 |
FHLB advances | 7,000 | 5,500 |
Accrued interest payable | 108 | 77 |
Fair Value, Inputs, Level 2 [Member] | ||
Financial Assets | ||
Loans held for sale | 2,664 | 1,147 |
Fair Value, Inputs, Level 3 [Member] | ||
Financial Assets | ||
Investment in interest-earning time deposits | 6,723 | 7,747 |
Loans receivable, net | 123,419 | 108,356 |
Financial Liabilities | ||
Deposits | 97,653 | 82,165 |
FHLB long-term borrowings | 4,492 | |
Reported Value Measurement [Member] | ||
Financial Assets | ||
Cash and cash equivalents | 13,937 | 6,184 |
Investment in interest-earning time deposits | 6,660 | 7,633 |
Investment securities available for sale | 1,706 | 1,680 |
Loans held for sale | 2,556 | 1,098 |
Loans receivable, net | 123,331 | 106,887 |
Accrued interest receivable | 788 | 735 |
Investment in FHLB stock | 527 | 421 |
Bank-owned life insurance | 3,549 | |
Financial Liabilities | ||
Deposits | 124,405 | 103,324 |
FHLB advances | 7,000 | 5,500 |
FHLB long-term borrowings | 4,500 | |
Accrued interest payable | 108 | 77 |
Estimate of Fair Value Measurement [Member] | ||
Financial Assets | ||
Cash and cash equivalents | 13,937 | 6,184 |
Investment in interest-earning time deposits | 6,723 | 7,747 |
Investment securities available for sale | 1,706 | 1,680 |
Loans held for sale | 2,664 | 1,147 |
Loans receivable, net | 123,419 | 108,356 |
Accrued interest receivable | 788 | 735 |
Investment in FHLB stock | 527 | 421 |
Bank-owned life insurance | 3,549 | |
Financial Liabilities | ||
Deposits | 125,724 | 105,254 |
FHLB advances | 7,000 | 5,500 |
FHLB long-term borrowings | 4,492 | |
Accrued interest payable | $108 | $77 |
Note_17_Quaint_Oak_Bancorp_Inc2
Note 17 - Quaint Oak Bancorp, Inc. (Parent Company Only) (Details) - Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Condensed Balance Sheet Statements, Captions [Line Items] | |||
Cash and cash equivalents | $13,937 | $6,184 | $12,400 |
Premises and equipment, net | 1,639 | 1,637 | |
Other assets | 839 | 578 | |
Total Assets | 155,643 | 127,427 | |
Stockholders’ equity | 17,575 | 16,986 | 16,837 |
Total Liabilities and Stockholders’ Equity | 155,643 | 127,427 | |
Parent Company [Member] | |||
Condensed Balance Sheet Statements, Captions [Line Items] | |||
Cash and cash equivalents | 259 | 541 | |
Investment in Quaint Oak Bank | 16,205 | 15,413 | |
Premises and equipment, net | 1,074 | 1,007 | |
Other assets | 50 | 45 | |
Total Assets | 17,588 | 17,006 | |
Other liabilities | 13 | 20 | |
Stockholders’ equity | 17,575 | 16,986 | |
Total Liabilities and Stockholders’ Equity | $17,588 | $17,006 |
Note_17_Quaint_Oak_Bancorp_Inc3
Note 17 - Quaint Oak Bancorp, Inc. (Parent Company Only) (Details) - Statements of Income (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Expenses | ||
Occupancy and equipment expense | $542,000 | $485,000 |
Other expenses | 514,000 | 400,000 |
Total Expenses | 5,234,000 | 4,746,000 |
Net Income Before Income Taxes | 1,936,000 | 1,119,000 |
Income Tax Benefit | 694,000 | 417,000 |
Net Income | 1,242,000 | 702,000 |
Comprehensive Income | 1,224,000 | 624,000 |
Parent Company [Member] | ||
Income | ||
Interest income | 1,000 | |
Dividends from subsidiary | 500,000 | 500,000 |
Rental income | 106,000 | 106,000 |
Total Income | 606,000 | 607,000 |
Expenses | ||
Occupancy and equipment expense | 78,000 | 67,000 |
Other expenses | 79,000 | 98,000 |
Total Expenses | 157,000 | 165,000 |
Net Income Before Income Taxes | 449,000 | 442,000 |
Equity in Undistributed Net Income of Subsidiary | 776,000 | 240,000 |
Income Tax Benefit | 17,000 | 20,000 |
Net Income | 1,242,000 | 702,000 |
Comprehensive Income | $1,224,000 | $624,000 |
Note_17_Quaint_Oak_Bancorp_Inc4
Note 17 - Quaint Oak Bancorp, Inc. (Parent Company Only) (Details) - Statements of Cash Flows (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Activities | ||
Net income | $1,242,000 | $702,000 |
Depreciation expense | 167,000 | 142,000 |
Stock-based compensation expense | 272,000 | 273,000 |
Net cash provided by operating activities | 66,000 | 4,991,000 |
Investing Activities | ||
Purchase of property and equipment | -169,000 | -171,000 |
Net cash used in investing activities | -18,855,000 | -20,478,000 |
Financing Activities | ||
Dividends paid | -211,000 | -185,000 |
Purchase of treasury stock | -760,000 | -563,000 |
Proceeds from the issuance of treasury stock | 64,000 | |
Net cash used in financing activities | 26,542,000 | 9,271,000 |
Net (Decrease) Increase in Cash and Cash Equivalents | 7,753,000 | -6,216,000 |
Cash and Cash Equivalents | 13,937,000 | 6,184,000 |
Beginning of Year [Member] | Parent Company [Member] | ||
Financing Activities | ||
Cash and Cash Equivalents | 541,000 | 521,000 |
End of Year [Member] | Parent Company [Member] | ||
Financing Activities | ||
Cash and Cash Equivalents | 259,000 | 541,000 |
Parent Company [Member] | ||
Operating Activities | ||
Net income | 1,242,000 | 702,000 |
Undistributed income in subsidiary | -776,000 | -240,000 |
Depreciation expense | 23,000 | 20,000 |
Stock-based compensation expense | 272,000 | 273,000 |
(Increase) decrease in other assets | -39,000 | 18,000 |
Increase (decrease) in other liabilities | -7,000 | 2,000 |
Net cash provided by operating activities | 715,000 | 775,000 |
Investing Activities | ||
Purchase of property and equipment | -90,000 | -7,000 |
Net cash used in investing activities | -90,000 | -7,000 |
Financing Activities | ||
Dividends paid | -211,000 | -185,000 |
Purchase of treasury stock | -760,000 | -563,000 |
Proceeds from the issuance of treasury stock | 64,000 | |
Net cash used in financing activities | -907,000 | -748,000 |
Net (Decrease) Increase in Cash and Cash Equivalents | -282,000 | 20,000 |
Cash and Cash Equivalents | $259,000 | $541,000 |