Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 22, 2016 | Jun. 30, 2015 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | NORTHWEST INDIANA BANCORP | ||
Entity Central Index Key | 919,864 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Public Float | $ 61,015,793 | ||
Trading Symbol | NWIN | ||
Entity Common Stock, Shares Outstanding | 2,856,657 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
ASSETS | ||
Cash and non-interest bearing deposits in other financial institutions | $ 9,915 | $ 8,057 |
Interest bearing deposits in other financial institutions | 773 | 5,866 |
Federal funds sold | 845 | 8,040 |
Total cash and cash equivalents | 11,533 | 21,963 |
Securities available-for-sale | 233,350 | 220,053 |
Loans held-for-sale | 2,435 | 2,913 |
Loans receivable | 571,898 | 488,153 |
Less: allowance for loan losses | (6,953) | (6,361) |
Net loans receivable | 564,945 | 481,792 |
Federal Home Loan Bank stock | 3,000 | 3,681 |
Accrued interest receivable | 3,000 | 2,727 |
Premises and equipment | 18,942 | 17,724 |
Foreclosed real estate | 1,590 | 1,745 |
Cash value of bank owned life insurance | 18,426 | 16,814 |
Goodwill | 2,561 | 1,611 |
Other assets | 5,111 | 4,021 |
Total assets | 864,893 | 775,044 |
Deposits: | ||
Non-interest bearing | 100,031 | 80,352 |
Interest bearing | 614,844 | 553,594 |
Total | 714,875 | 633,946 |
Repurchase agreements | 18,508 | 17,525 |
Borrowed funds | 39,493 | 36,381 |
Accrued expenses and other liabilities | 11,108 | 11,027 |
Total liabilities | 783,984 | 698,879 |
Stockholders' Equity: | ||
Preferred stock, no par or stated value; 10,000,000 shares authorized, none outstanding | 0 | 0 |
Common stock, no par or stated value; 10,000,000 shares authorized; shares issued: December 31, 2015 - 2,907,455 December 31, 2014 - 2,900,205 shares outstanding: December 31, 2015 - 2,851,417 December 31, 2014 - 2,844,167 | 361 | 361 |
Additional paid-in capital | 4,158 | 4,062 |
Accumulated other comprehensive income | 1,406 | 1,588 |
Retained earnings | 74,984 | 70,154 |
Total stockholders' equity | 80,909 | 76,165 |
Total liabilities and stockholders' equity | $ 864,893 | $ 775,044 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - shares | Dec. 31, 2015 | Dec. 31, 2014 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | 2,907,455 | 2,900,205 |
Common stock, shares outstanding | 2,851,417 | 2,844,167 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Loans receivable | ||
Real estate loans | $ 19,766 | $ 17,941 |
Commercial loans | 3,419 | 3,272 |
Consumer loans | 19 | 19 |
Total loan interest | 23,204 | 21,232 |
Securities | 6,150 | 5,917 |
Other interest earning assets | 29 | 34 |
Total interest income | 29,383 | 27,183 |
Interest expense: | ||
Deposits | 1,509 | 1,253 |
Repurchase agreements | 68 | 67 |
Borrowed funds | 436 | 500 |
Total interest expense | 2,013 | 1,820 |
Net interest income | 27,370 | 25,363 |
Provision for loan losses | 954 | 875 |
Net interest income after provision for loan losses | 26,416 | 24,488 |
Noninterest income: | ||
Fees and service charges | 2,901 | 2,738 |
Wealth management operations | 1,657 | 1,605 |
Gain on sale of loans held-for-sale, net | 1,212 | 623 |
Gain on sale of securities, net | 606 | 541 |
Increase in cash value of bank owned life insurance | 442 | 418 |
Gain/(loss) on sale of foreclosed real estate | (35) | 35 |
Other | 67 | 114 |
Total noninterest income | 6,850 | 6,074 |
Noninterest expense: | ||
Compensation and benefits | 13,147 | 11,416 |
Occupancy and equipment | 3,520 | 3,238 |
Data processing | 1,270 | 1,139 |
Marketing | 548 | 496 |
Federal deposit insurance premiums | 522 | 466 |
Statement and check processing | 346 | 333 |
Professional services | 289 | 260 |
Other | 3,974 | 3,667 |
Total noninterest expense | 23,616 | 21,015 |
Income before income tax expenses | 9,650 | 9,547 |
Income tax expenses | 1,798 | 2,153 |
Net income | $ 7,852 | $ 7,394 |
Earnings per common share: | ||
Basic (in dollars per share) | $ 2.75 | $ 2.6 |
Diluted (in dollars per share) | 2.75 | 2.6 |
Dividends declared per common share (in dollars per share) | $ 1.06 | $ 0.97 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Net income | $ 7,852 | $ 7,394 |
Net change in net unrealized gains and losses on securities available-for-sale: | ||
Unrealized gains arising during the period | 323 | 7,752 |
Less: reclassification adjustment for gains included in net income | (606) | (541) |
Net securities (loss)/gain during the period | (283) | 7,211 |
Tax effect | 105 | (2,446) |
Net of tax amount | (178) | 4,765 |
Net change in unrealized gain on postretirement benefit: | ||
Net loss on post retirement benefit | (7) | (32) |
Amortization of net actuarial gain | 4 | 6 |
Net (loss)/gain during the period | (3) | (26) |
Tax effect | (1) | 0 |
Net of tax amount | (4) | (26) |
Other comprehensive income/(loss), net of tax | (182) | 4,739 |
Comprehensive income, net of tax | $ 7,670 | $ 12,133 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] |
Balance at beginning of period at Dec. 31, 2013 | $ 66,761 | $ 361 | $ 4,032 | $ (3,151) | $ 65,519 |
Comprehensive income: | |||||
Net income | 7,394 | 0 | 0 | 0 | 7,394 |
Net unrealized gain on securities available-for-sale, net of reclassification and tax effects | 4,765 | 0 | 0 | 4,765 | 0 |
Change in unrealized gain on post retirement benefit, net of reclassification and tax effects | (26) | 0 | 0 | (26) | 0 |
Comprehensive income | 12,133 | ||||
Stock-based compensation expense | 61 | 0 | 61 | 0 | 0 |
Purchase of treasury stock | (31) | 0 | (31) | 0 | 0 |
Sale of treasury stock | 0 | 0 | 0 | 0 | 0 |
Cash dividends | (2,759) | 0 | 0 | 0 | (2,759) |
Balance at end of period at Dec. 31, 2014 | 76,165 | 361 | 4,062 | 1,588 | 70,154 |
Comprehensive income: | |||||
Net income | 7,852 | 0 | 0 | 0 | 7,852 |
Net unrealized gain on securities available-for-sale, net of reclassification and tax effects | (178) | 0 | 0 | (178) | 0 |
Change in unrealized gain on post retirement benefit, net of reclassification and tax effects | (4) | 0 | 0 | (4) | 0 |
Comprehensive income | 7,670 | ||||
Stock-based compensation expense | 96 | 0 | 96 | 0 | 0 |
Cash dividends | (3,022) | 0 | 0 | 0 | (3,022) |
Balance at end of period at Dec. 31, 2015 | $ 80,909 | $ 361 | $ 4,158 | $ 1,406 | $ 74,984 |
Consolidated Statements of Cha7
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Common Stock, Dividends, Per Share, Cash Paid | $ 1.06 | $ 0.97 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 7,852 | $ 7,394 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Origination of loans for sale | (45,987) | (28,321) |
Sale of loans originated for sale | 47,657 | 26,154 |
Depreciation and amortization, net of accretion | 2,249 | 1,955 |
Deferred tax (benefit)/expense | (668) | 316 |
Amortization of mortgage servicing rights | 71 | 76 |
Stock based compensation expense | 96 | 61 |
Gain on sale of securities, net | (606) | (541) |
Gain on sale of loans held-for-sale, net | (1,212) | (623) |
Gain/(loss) on sale of foreclosed real estate | 35 | (35) |
Provision for loan losses | 954 | 875 |
Net change in: | ||
Interest receivable | (273) | (247) |
Other assets | (49) | 281 |
Accrued expenses and other liabilities | (659) | 2,233 |
Total adjustments | 1,608 | 2,184 |
Net cash - operating activities | 9,460 | 9,578 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Proceeds from maturities and pay downs of securities available-for-sale | 41,733 | 19,144 |
Proceeds from sales of securities available-for-sale | 31,088 | 36,244 |
Purchase of securities available-for-sale | (77,997) | (68,777) |
Loan participations purchased | 0 | (1,070) |
Net change in loans receivable | (56,709) | (22,678) |
Purchase of Federal Home Loan Bank Stock | 0 | (456) |
Proceeds from sale of Federal Home Loan Bank stock | 1,055 | 286 |
Purchase of premises and equipment, net | (1,310) | (859) |
Proceeds from sale of foreclosed real estate, net | 775 | 911 |
Change in cash value of bank owned life insurance | (442) | (418) |
Cash and cash equivalents from acquisition activity | 16,996 | 2,630 |
Net cash - investing activities | (44,811) | (35,043) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Change in deposits | 24,771 | 23,367 |
Proceeds from FHLB advances | 11,000 | 47,000 |
Repayment of FHLB advances | (8,000) | (41,000) |
Change in other borrowed funds | 112 | 977 |
Treasury stock purchased | 0 | (31) |
Dividends paid | (2,962) | (2,673) |
Net cash - financing activities | 24,921 | 27,640 |
Net change in cash and cash equivalents | (10,430) | 2,175 |
Cash and cash equivalents at beginning of period | 21,963 | 19,788 |
Cash and cash equivalents at end of period | 11,533 | 21,963 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||
Interest | 2,017 | 1,818 |
Income taxes | 2,037 | 1,402 |
Acquisition activity: | ||
Fair value of assets acquired, including cash and cash equivalents | 56,837 | 37,906 |
Value of goodwill and other intangible assets | 1,044 | 1,704 |
Fair value of liabilities assumed | 57,881 | 39,610 |
Noncash activities: | ||
Transfers from loans to foreclosed real estate | 654 | 1,191 |
Transfers from other assets to foreclosed real estate | $ 0 | $ 340 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Significant Accounting Policies [Text Block] | NOTE 1 - Summary of Significant Accounting Policies The Bancorp considers the following factors when determining an other-than-temporary impairment for a security: the length of time and the extent to which the market value has been less than amortized cost; the financial condition and near-term prospects of the issuer; the underlying fundamentals of the relevant market and the outlook for such market for the near future; and an assessment of whether the Bancorp has (1) the intent to sell the debt security or (2) it is more likely than not that the Bancorp will be required to sell the debt security before its anticipated market recovery. If either of these conditions are met, management will recognize other-than-temporary impairment. If, in management’s judgment, an other-than-temporary impairment exists, the cost basis of the security will be written down for the credit loss, and the unrealized credit loss will be transferred from accumulated other comprehensive loss as an immediate reduction of current earnings. Mortgage loans held-for-sale can be sold with servicing rights retained or released. The carrying value of mortgage loans sold is reduced by the amount allocated to the servicing rights. Gains and losses on sales of mortgage loans are based on the difference between the selling price and the carrying value of the related loan sold. Generally, interest accrued but not received for loans placed on non-accrual status is reversed against interest income. Interest received on such loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. A loan is considered impaired when, based on current information and events, it is probable that the Bancorp will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case by case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan by loan basis for commercial and construction loans by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price, or the fair value of the collateral if the loan is collateral dependent. Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Bancorp does not separately identify individual consumer and residential loans for impairment disclosures. Some of the factors considered by management when determining whether a borrower is experiencing financial difficulties are: (1) is the borrower currently in default on any of its debts, (2) has the borrower declared or is the borrower in the process of declaring bankruptcy, and (3) absent the current modification, the borrower would likely default. 26 39 2 10 At December 31, 2015 and 2014, the Bancorp evaluated tax positions taken for filing with the Internal Revenue Service and all state jurisdictions in which it operates. The Bancorp believes that income tax filing positions will be sustained under examination and does not anticipate any adjustments that would result in a material adverse effect on the Bancorp's financial condition, results of operations, or cash flows. Accordingly, the Bancorp has not recorded any reserves or related accruals for interest and penalties for uncertain tax positions at December 31, 2015 and 2014. 807 827 57.3 8.1 28.0 1.3 57.9 56.2 1.5 573 471 On April 1, 2014, the Bank acquired First Federal Savings and Loan Association of Hammond ("First Federal"), a federal mutual savings association headquartered in Hammond, Indiana. First Federal operated two banking locations in Hammond and Highland, Indiana. The Bank acquired First Federal by merging First Federal with and into the Bank immediately following First Federal's voluntary supervisory conversion to stock form. The Bank did not issue or pay any shares, cash, or other consideration in the merger. The First Federal acquisition added assets with a fair value of $ 37.9 3.8 29.1 967 690 39.6 7.2 29.8 93 Update Number 2014-09 Revenue from Contracts with Customers (Topic 606). Revenue from Contracts with Customers (Topic 606) . Update Number 2016-01 Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. |
Securities
Securities | 12 Months Ended |
Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | NOTE 2 Securities (Dollars in thousands) Gross Gross Estimated Cost Unrealized Unrealized Fair Basis Gains Losses Value December 31, 2015 Money market fund $ 525 $ - $ - $ 525 U.S. government sponsored entities 17,496 1 (66 ) 17,431 Collateralized mortgage obligations and residential mortgage-backed securities 118,628 1,021 (476 ) 119,173 Municipal securities 89,506 3,986 (5 ) 93,487 Collateralized debt obligations 5,096 - (2,362 ) 2,734 Total securities available-for-sale $ 231,251 $ 5,008 $ (2,909 ) $ 233,350 (Dollars in thousands) Gross Gross Estimated Cost Unrealized Unrealized Fair Basis Gains Losses Value December 31, 2014 Money market fund $ 6,453 $ - $ - $ 6,453 U.S. government sponsored entities 13,000 2 (133 ) 12,869 Collateralized mortgage obligations and residential mortgage-backed securities 116,088 1,870 (384 ) 117,574 Municipal securities 76,989 3,749 (13 ) 80,725 Collateralized debt obligations 5,141 - (2,709 ) 2,432 Total securities available-for-sale $ 217,671 $ 5,621 $ (3,239 ) $ 220,053 (Dollars in thousands) Available-for-sale Estimated Fair Tax-Equivalent December 31, 2015 Value Yield (%) Due in one year or less $ 1,015 6.75 Due from one to five years 20,428 2.71 Due from five to ten years 22,363 5.58 Due over ten years 70,371 4.57 Collateralized mortgage obligations and residential mortgage-backed securities 119,173 2.61 Total $ 233,350 3.51 (Dollars in thousands) December 31, December 31, 2015 2014 Proceeds $ 31,088 $ 36,244 Gross gains 608 848 Gross losses (2 ) (307 ) The tax provisions related to these net realized gains were approximately $239 thousand for 2015 and $213 thousand for 2014. (Dollars in thousands) Unrealized Ending balance, December 31, 2014 $ 1,556 Current period change (178 ) Ending balance, December 31, 2015 $ 1,378 Securities with carrying values of approximately $31.1 million and $34.2 million were pledged as of December 31, 2015 and 2014, respectively, as collateral for repurchase agreements, public funds, and for other purposes as permitted or required by law. (Dollars in thousands) Less than 12 months 12 months or longer Total Estimated Estimated Estimated Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses December 31, 2015 U.S. government sponsored entities $ 9,429 $ (66 ) $ - $ - $ 9,429 $ (66 ) Collateralized mortgage obligations and residential mortgage-backed securities 39,386 (232 ) 8,045 (244 ) 47,431 (476 ) Municipal securities 1,512 (5 ) - - 1,512 (5 ) Collateralized debt obligations - - 2,734 (2,362 ) 2,734 (2,362 ) Total temporarily impaired $ 50,327 $ (303 ) $ 10,779 $ (2,606 ) $ 61,106 $ (2,909 ) Number of securities 37 11 48 (Dollars in thousands) Less than 12 months 12 months or longer Total Estimated Estimated Estimated Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses December 31, 2014 U.S. government sponsored entities $ 1,496 $ (4 ) $ 10,371 $ (129 ) $ 11,867 $ (133 ) Collateralized mortgage obligations and residential mortgage-backed securities 8,169 (40 ) 14,486 (344 ) 22,655 (384 ) Municipal securities 687 (3 ) 1,459 (10 ) 2,146 (13 ) Collateralized debt obligations - - 2,432 (2,709 ) 2,432 (2,709 ) Total temporarily impaired $ 10,352 $ (47 ) $ 28,748 $ (3,192 ) $ 39,100 $ (3,239 ) Number of securities 9 29 38 Unrealized losses on securities have not been recognized into income because the securities are of high credit quality, have undisrupted cash flows, or have been independently evaluated for other-than-temporary impairment and appropriate write downs taken. Management has the intent and ability to hold the securities for the foreseeable future, and the decline in fair value is largely due to changes in interest rates and volatility in the securities markets. The fair values are expected to recover as the securities approach maturity. |
Loans Receivable
Loans Receivable | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE 3 Loans Receivable (Dollars in thousands) December 31, 2015 December 31, 2014 Loans secured by real estate: Residential, including home equity $ 213,951 $ 189,743 Commercial real estate, construction & land development, and other dwellings 259,478 211,162 Commercial participations purchased 310 2,289 Total loans secured by real estate 473,739 403,194 Consumer 535 358 Commercial business 68,813 58,790 Government 29,062 26,134 Subtotal 572,149 488,476 Less: Net deferred loan origination fees (174 ) (197 ) Undisbursed loan funds (77 ) (126 ) Loan receivables $ 571,898 $ 488,153 ( Residential Real Estate, Including Home Equity Consumer Commercial Real Estate, Land Development, and Other Dwellings Commercial Participations Commercial Business Government Total The Bancorp's activity in the allowance for loan losses, by loan segment, is summarized below for the twelve months ended December 31, 2015: Allowance for loan losses: Beginning Balance $ 1,878 $ 17 $ 3,645 $ 13 $ 733 $ 75 $ 6,361 Charge-offs (239 ) (30 ) (59 ) - (77 ) - (405 ) Recoveries 9 2 22 - 10 - 43 Provisions 63 49 814 1 32 (5 ) 954 Ending Balance $ 1,711 $ 38 $ 4,422 $ 14 $ 698 $ 70 $ 6,953 The Bancorp's activity in the allowance for loan losses, by loan segment, is summarized below for the twelve months ended December 31, 2014: Allowance for loan losses: Beginning Balance $ 1,444 $ 12 $ 4,789 $ 31 $ 859 $ 54 $ 7,189 Charge-offs (311 ) (32 ) (1,421 ) - - - (1,764 ) Recoveries 20 1 17 2 21 - 61 Provisions 725 36 260 (20 ) (147 ) 21 875 Ending Balance $ 1,878 $ 17 $ 3,645 $ 13 $ 733 $ 75 $ 6,361 (Dollars in thousands) Residential Real Estate, Including Home Equity Consumer Commercial Real Estate, Construction & Land Development, and Other Dwellings Commercial Commercial Government Total The Bancorp's allowance for loan losses impairment evaluation and loan receivables are summarized below at December 31, 2015: Ending balance: individually evaluated for impairment $ 149 $ - $ 171 $ 14 $ 22 $ - $ 356 Ending balance: collectively evaluated for impairment $ 1,562 $ 38 $ 4,251 $ - $ 676 $ 70 $ 6,597 LOAN RECEIVABLES Ending balance $ 213,755 $ 535 $ 259,479 $ 310 $ 68,757 $ 29,062 $ 571,898 Ending balance: individually evaluated for impairment $ 227 $ - $ 5,298 $ 92 $ 96 $ - $ 5,713 Ending balance: purchased credit impaired individually evaluated for impairment $ 1,691 $ - $ - $ - $ - $ - $ 1,691 Ending balance: collectively evaluated for impairment $ 211,837 $ 535 $ 254,181 $ 218 $ 68,661 $ 29,062 $ 564,494 The Bancorp's allowance for loan losses impairment evaluation and loan receivables are summarized below at December 31, 2014: Ending balance: individually evaluated for impairment $ 15 $ - $ 366 $ 11 $ 34 $ - $ 426 Ending balance: collectively evaluated for impairment $ 1,863 $ 17 $ 3,279 $ 2 $ 699 $ 75 $ 5,935 LOAN RECEIVABLES Ending balance $ 189,529 $ 357 $ 211,162 $ 2,289 $ 58,682 $ 26,134 $ 488,153 Ending balance: individually evaluated for impairment $ 97 $ - $ 6,240 $ 103 $ 328 $ - $ 6,768 Ending balance: purchased credit impaired individually evaluated for impairment $ 588 $ - $ - $ - $ - $ - $ 588 Ending balance: collectively evaluated for impairment $ 188,844 $ 357 $ 204,922 $ 2,186 $ 58,354 $ 26,134 $ 480,797 The Bancorp has established a standard loan grading system to assist management, lenders and review personnel in their analysis and supervision of the loan portfolio. The use and application of theses grades by the Bancorp is uniform and conforms to regulatory definitions. The loan grading system is as follows: 2 Moderate risk Borrower consistently internally generates sufficient cash flow to fund debt service, working assets, and some capital expenditures. Risk of default considered low. 3 Above average acceptable risk Borrower generates sufficient cash flow to fund debt service and some working assets and/or capital expansion needs. Profitability and key balance sheet ratios are at or slightly above peers. Current trends are positive or stable. Earnings may be level or trending down slightly or be erratic; however, positive strengths are offsetting. Risk of default is reasonable but may warrant collateral protection. 4 Acceptable risk Borrower generates sufficient cash flow to fund debt service, but most working asset and all capital expansion needs are provided from external sources. Profitability ratios and key balance sheet ratios are usually close to peers but one or more ratios (e.g. leverage) may be higher than peer. Earnings may be trending down over the last three years. Borrower may be able to obtain similar financing from other banks with comparable or less favorable terms. Risk of default is acceptable but requires collateral protection. 5 Marginally acceptable risk Borrower may exhibit excessive growth, declining earnings, strained cash flow, increasing leverage and/or weakening market position that indicate above average risk. Limited additional debt capacity, modest coverage, and average or below average asset quality, margins and market share. Interim losses and/or adverse trends may occur, but not to the level that would affect the Bank’s position. The potential for default is higher than normal but considered marginally acceptable based on prospects for improving financial performance and the strength of the collateral. 6 Pass/monitor The borrower has significant weaknesses resulting from performance trends or management concerns. The financial condition of the company has taken a negative turn and may be temporarily strained. Cash flow may be weak but cash reserves remain adequate to meet debt service. Management weaknesses are evident. Borrowers in this category will warrant more than the normal level of supervision and more frequent reporting. 7 Special mention (watch) Special mention credits are considered bankable assets with no apparent loss of principal or interest envisioned but requiring a high level of management attention. Assets in this category are currently protected but are potentially weak. These borrowers are subject to economic, industry, or management factors having an adverse impact upon their prospects for orderly service of debt. The perceived risk in continued lending is considered to have increased beyond the level where such loans would normally be granted. These assets constitute an undue and unwarranted credit risk, but not to the point of justifying a classification of Substandard. 8 Substandard This classification consists of loans which are inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged. Financial statements normally reveal some or all of the following: poor trends, lack of earnings and cash flow, excessive debt, lack of liquidity, and the absence of creditor protection. Loans are still considered collectible, but due to increased risks and defined weaknesses of the credit, some loss could be incurred in collection if the deficiencies are not corrected. 9 Doubtful This classification consists of loans where the possibility of loss is high after collateral liquidation based upon existing facts, market conditions, and value. Loss is deferred until certain important and reasonably specific pending factors which may strengthen the credit can be exactly determined. These factors may include proposed acquisitions, liquidation procedures, capital injection and receipt of additional collateral, mergers or refinancing plans. Performing loans are loans that are paying as agreed and are approximately less than ninety days past due on payments of interest and principal. (Dollars in thousands) Corporate Credit Exposure - Credit Risk Portfolio By Creditworthiness Category Commercial Real Estate, Construction & Commercial Participations Purchased Commercial Business Government Loan Grades 2015 2014 2015 2014 2015 2014 2015 2014 2 Moderate risk $ 270 $ - $ - $ - $ 6,526 $ 4,920 $ - $ - 3 Above average acceptable risk 7,136 6,392 - - 4,313 4,311 4 Acceptable risk 129,353 98,200 199 210 31,735 25,466 29,062 26,134 5 Marginally acceptable risk 74,342 65,831 - 1,861 12,225 11,420 6 Pass/monitor 38,337 29,678 19 115 11,774 10,893 - - 7 Special mention (watch) 4,707 4,649 - - 601 1,343 - - 8 Substandard 5,334 6,412 92 103 1,583 329 - - 9 Doubtful - - - - - - - - Total $ 259,479 $ 211,162 $ 310 $ 2,289 $ 68,757 $ 58,682 $ 29,062 $ 26,134 (Dollars in thousands) Consumer Credit Exposure - Credit Risk Profile Based On Payment Activity Residential Real Estate, Including Home Consumer 2015 2014 2015 2014 Performing $ 209,583 $ 185,996 $ 535 $ 357 Non-performing 4,172 3,533 - - Total $ 213,755 $ 189,529 $ 535 $ 357 No loans were modified in a troubled debt restructuring, nor have any previous troubled debt restructurings subsequently defaulted, during the twelve months ended December 31, 2015 and December 31, 2014. All of the loans classified as troubled debt restructurings are also considered impaired. The valuation basis for the Bancorp’s troubled debt restructurings is based on the present value of cash flows, unless consistent cash flows are not present, then the fair value of the collateral securing the loan is the basis for valuation. Troubled debt restructurings that subsequently defaulted during the period are loans that were restructured and, subsequent to restructuring, were moved to nonaccrual status and failed to comply with the guidelines of the restructured note. As of December 31, 2015 For the twelve months ended (Dollars in thousands) Recorded Unpaid Principal Related Average Interest With no related allowance recorded: Residential real estate, including home equity $ 1,741 $ 4,737 $ - $ 1,327 $ 3 Commercial real estate, construction & land development, and other dwellings 5,075 5,075 - 5,040 8 Commercial participations purchased - - - - - Commercial business 74 74 - 80 - With an allowance recorded: Residential real estate, including home equity 177 177 149 185 - Commercial real estate, construction & land development, and other dwellings 223 223 171 69 - Commercial participations purchased 92 92 14 96 - Commercial business 22 22 22 23 - Total: Residential real estate, including home equity $ 1,918 $ 4,914 $ 149 $ 1,512 $ 3 Commercial real estate, construction & land development, and other dwellings $ 5,298 $ 5,298 $ 171 $ 5,109 $ 8 Commercial participations purchased $ 92 $ 92 $ 14 $ 96 $ - Commercial business $ 96 $ 96 $ 22 $ 103 $ - As of December 31, 2014 For the twelve months ended (Dollars in thousands) Recorded Unpaid Principal Related Average Interest With no related allowance recorded: Residential real estate, including home equity $ - $ - $ - $ - $ - Commercial real estate, construction & land development, and other dwellings 524 524 - 527 22 Commercial participations purchased - - - - - Commercial business 25 25 - 25 - With an allowance recorded: Residential real estate, including home equity 685 1,258 15 703 6 Commercial real estate, construction & land development, and other dwellings 5,716 6,952 366 6,089 193 Commercial participations purchased 103 103 11 103 1 Commercial business 303 571 34 308 1 Total: Residential real estate, including home equity $ 685 $ 1,258 $ 15 $ 703 $ 6 Commercial real estate, construction & land development, and other dwellings $ 6,240 $ 7,476 $ 366 $ 6,616 $ 215 Commercial participations purchased $ 103 $ 103 $ 11 $ 103 $ 1 Commercial business $ 328 $ 596 $ 34 $ 333 $ 1 As a result of acquisition activity, the Bancorp acquired loans for which there was evidence of credit quality deterioration since origination and it was determined that it was probable that the Bancorp would be unable to collect all contractually required principal and interest payments. At December 31, 2015, purchased credit impaired loans with unpaid principal balances totaled $4.0 million with a recorded investment of $1.7 million. At December 31, 2014, purchased credit impaired loans with unpaid principal balances totaled $1.3 million with a recorded investment of $588 thousand. (Dollars in thousands) 30-59 Days Past 60-89 Days Past Greater Than 90 Total Past Due Current Total Loans Recorded December 31, 2015 Residential real estate, including home equity $ 5,559 $ 2,430 $ 3,055 $ 11,044 $ 202,711 $ 213,755 $ 377 Consumer - - - - 535 535 - Commercial real estate, construction & land development, and other dwellings - 211 710 921 258,558 259,479 - Commercial participations purchased - - 92 92 218 310 - Commercial business 67 177 22 266 68,491 68,757 - Government - - - - 29,062 29,062 - Total $ 5,626 $ 2,818 $ 3,879 $ 12,323 $ 559,575 $ 571,898 $ 377 December 31, 2014 Residential real estate, including home equity $ 4,405 $ 2,693 $ 2,579 $ 9,677 $ 179,852 $ 189,529 $ 941 Consumer - - - - 357 357 - Commercial real estate, construction & land development, and other dwellings 855 190 1,783 2,828 208,334 211,162 - Commercial participations purchased - - 103 103 2,186 2,289 - Commercial business 339 76 238 653 58,029 58,682 - Government - - - - 26,134 26,134 - Total $ 5,599 $ 2,959 $ 4,703 $ 13,261 $ 474,892 $ 488,153 $ 941 (Dollars in thousands) December 31, December 31, Residential real estate, including home equity $ 4,172 $ 2,443 Consumer - - Commercial real estate, construction & land development, and other dwellings 915 1,815 Commercial participations purchased 92 103 Commercial business 22 238 Government - - Total $ 5,201 $ 4,599 |
Premises and Equipment, Net
Premises and Equipment, Net | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | Note 4 Premises and Equipment, Net (Dollars in thousands) 2015 2014 Cost: Land $ 5,216 $ 4,623 Buildings and improvements 21,712 20,742 Furniture and equipment 13,929 12,608 Total cost 40,857 37,973 Less accumulated depreciation (21,915 ) (20,249 ) Premises and equipment, net $ 18,942 $ 17,724 Depreciation expense was approximately $1.39 million and $1.36 million for 2015 and 2014, respectively. |
Foreclosed Real Estate
Foreclosed Real Estate | 12 Months Ended |
Dec. 31, 2015 | |
Other Real Estate and Foreclosed Assets [Abstract] | |
Real Estate Disclosure [Text Block] | Note 5 Foreclosed Real Estate (Dollars in thousands) 2015 2014 Residential real estate, including home equity $ 496 $ 324 Commercial real estate, construction & land development and other dwellings 1,014 1,218 Commercial business 80 203 Total $ 1,590 $ 1,745 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 6 Goodwill and Other Intangible Assets The Bancorp established a goodwill balance totaling $2.6 million with the acquisition of First Federal and Liberty Savings. Goodwill of $2.0 million was established with the acquisition of First Federal and goodwill of $573 thousand was established with the acquisition of Liberty Savings. Goodwill is tested annually for impairment. Goodwill arising from business combinations represents the value attributable to unidentifiable intangible assets in the business acquired. The Bancorp’s goodwill relates to the value inherent in the banking industry and that value is dependent upon the ability of the Bancorp to provide quality, cost effective banking services in a competitive marketplace. If the implied fair value of goodwill is lower than its carrying amount, goodwill impairment is indicated and goodwill is written down to its implied fair value. There has not been any impairment of goodwill identified or recorded. During the first quarter of 2015, estimates of fair values related to a pool of loans with a single borrower were determined to be lower than originally estimated. This change, net of related estimated adjustments, led to the addition of $377 thousand to goodwill and $423 thousand to purchased credit impaired loan balances during the period ended March 31, 2015. Goodwill totaled $2.6 million at December 31, 2015 and $1.6 million at December 31, 2014. In addition to goodwill, a core deposit intangible of $93 thousand for the acquisition of First Federal was established and is being amortized over 7.9 years on a straight line basis. Approximately $12 thousand of amortization was taken during the twelve months ended December 31, 2015, compared to $9 thousand of amortization for the twelve months ended December 31, 2014. It is estimated that $12 thousand of additional amortization will occur during 2016 and the remaining amount of $72 thousand will be equally amortized through to the first quarter of 2022. A core deposit intangible of $471 thousand for the acquisition of Liberty Savings was established and is being amortized over 8.2 years on a straight line basis. Approximately $29 thousand of amortization was taken during the twelve months ended December 31, 2015. It is estimated that $58 thousand of additional amortization will occur during 2016 and the remaining amount of $385 thousand will be equally amortized through to the third quarter of 2023. For the First Federal acquisition, as part of the fair value of loans receivable, a net fair value discount was established for residential real estate, including home equity lines of credit, of $1.1 million that is being accreted over 55 months on a straight line basis. Approximately $240 thousand of accretion was taken into income for the twelve months ended December 31, 2015, compared to $318 thousand for the twelve months ended December 31, 2014. It is estimated that $189 thousand of accretion will occur annually through to 2017, and accretion of $157 thousand will occur during 2018. Similarly, for the Liberty Savings acquisition, as part of the fair value of loans receivable, a net fair value discount was established for residential real estate, including home equity lines of credit, of $1.2 million that is being accreted over 44 months on a straight line basis. Approximately $159 thousand of accretion was taken into income for the twelve months ended December 31, 2015, and it is estimated that $317 thousand of accretion will occur annually through to 2018, and accretion of $53 thousand will occur during 2019. For the First Federal acquisition, as part of the fair value of certificates of deposit, a fair value premium was established of $276 thousand that is being amortized over 17 months on a straight line basis. Approximately $126 thousand of amortization was taken as expense during the twelve months ended December 31, 2015, compared to $150 thousand of amortization expense during the twelve months ended December 31, 2014. For the Liberty Savings acquisition, as part of the fair value of certificates of deposit, a fair value premium was established of $124 thousand that is being amortized over 17 months on a straight line basis. Approximately $44 thousand of amortization was taken as expense during the twelve months ended December 31, 2015. It is estimated that an additional $80 thousand of amortization will occur during 2016. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | Note 7 Income Taxes (Dollars in thousands) 2015 2014 Federal: Current $ 2,387 $ 1,787 Deferred (527 ) 88 State: Current 79 50 Deferred, net of valuation allowance 82 228 Removal of valuation allowance on state NOL, net (223 ) - Income tax expense $ 1,798 $ 2,153 (Dollars in thousands) 2015 2014 Federal statutory rate 34 % 34 % Tax expense at statutory rate $ 3,281 $ 3,246 State tax, net of federal effect 106 183 Tax exempt income (1,271 ) (1,184 ) Bank owned life insurance (150 ) (142 ) Removal of valuation allowance on state NOL, net (223 ) - Other 55 50 Total income tax expense $ 1,798 $ 2,153 (Dollars in thousands) 2015 2014 Deferred tax assets: Bad debts $ 2,591 $ 2,372 Deferred loan fees 65 73 Deferred compensation 498 484 Net operating loss, state 449 557 Tax credits 91 85 Nonaccrual loan interest income 53 62 Restricted stock awards 39 43 REO writedowns 12 24 Unqualified deferred compensation plan 70 63 Post retirement benefit 47 52 Other-than-temporary impairment 92 92 Accrued vacation 116 98 Impairment on land 71 71 Purchase accounting 21 47 Other 28 1 Total deferred tax assets 4,243 4,124 Deferred tax liabilities: Depreciation (901 ) (1,034 ) Prepaids (133 ) (337 ) Mortgage servicing rights (60 ) (79 ) Deferred stock dividends (97 ) (109 ) Unrealized appreciation on securities available-for-sale, net (722 ) (826 ) Post retirement unrealized gain (20 ) (23 ) Other (90 ) (105 ) Total deferred tax liabilities (2,023 ) (2,513 ) Valuation allowance (91 ) (257 ) Net deferred tax asset $ 2,129 $ 1,354 At December 31, 2015, the Bancorp has a state net operating loss carry forward of approximately $10.2 million which will begin to expire in 2022 if not used. The Bancorp also has a state tax credit carry forward of approximately $139 thousand which will begin to expire in 2017 if not used. Management concluded in 2015 that the state net operating loss will be fully utilized prior to expiration and is reversing the portion of the valuation allowance that was in place on the state net operating loss. A valuation allowance remains in place on the state tax credit carryforward. A valuation allowance of $91 thousand was provided at December 31, 2015 for the state tax credit and of $257 thousand at December 31, 2014 for the state net operating loss and the state tax credit. The Bancorp qualified under provisions of the Internal Revenue Code, to deduct from taxable income a provision for bad debts in excess of the provision for such losses charged to income in the financial statements, if any. Accordingly, retained earnings at December 31, 2015 and 2014 includes, approximately $6.0 million for which no provision for federal income taxes has been made. If, in the future, this portion of retained earnings is used for any purpose other than to absorb bad debt losses, federal income taxes would be imposed at the then applicable rate. The unrecorded deferred income tax liability on the above amounts was approximately $2.0 million at December 31, 2015 and 2014. The Bancorp had no unrecognized tax benefits at any time during 2015 or 2014 and does not anticipate any significant increase or decrease in unrecognized tax benefits during 2016. Should the accrual of any interest or penalties relative to unrecognized tax benefits be necessary, it is the Bancorp's policy to record such accruals through income tax accounts; no such accruals existed at any time during 2015 or 2014. The Bancorp and its subsidiaries are subject to US Federal income tax as well as income tax of the states of Indiana and Illinois. |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2015 | |
Banking and Thrift [Abstract] | |
Deposit Liabilities Disclosures [Text Block] | Note 8 Deposits The aggregate amount of certificates of deposit with a balance of $250 thousand or more was approximately $26.1 million at December 31, 2015 and $22.8 million at December 31, 2014. (Dollars in thousands) 2016 $ 142,683 2017 35,016 2018 10,266 2019 3,649 2020 2,564 Thereafter 231 Total $ 194,409 |
Borrowed Funds
Borrowed Funds | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | Note 9 Borrowed Funds (Dollars in thousands) 2015 2014 Fixed rate advances from the FHLB $ 34,100 $ 36,100 Variable rate advances from the FHLB 5,000 - Line of credit at FHLB - - Other 393 281 Total $ 39,493 $ 36,381 (Dollars in thousands) 2016 $ 15,393 2017 12,000 2018 6,100 2019 4,000 2020 2,000 Total $ 39,493 (Dollars in thousands) 2015 2014 Ending balance $ 18,508 $ 17,525 Average balance during the year 18,003 18,029 Maximum month-end balance during the year 22,020 25,540 Securities underlying the agreements at year end: Carrying value 23,479 103,754 Fair value 23,479 103,754 Average interest rate during the year 0.38 % 0.37 % Average interest rate at year end 0.45 % 0.35 % (Dollars in thousands) 2015 2014 Fixed rate advances, maturing January 2016 through June 2020 at rates from 0.61% to 2.11%; average rate: 2015 1.29%; 2014 1.31% $ 34,100 $ 36,100 Variable rate advances, maturing May 2016 at the rate of 0.62% average rate: 2015 0.62%; 2014 N/A 5,000 - Fixed rate advances are payable at maturity, with a prepayment penalty. The advances were collateralized by mortgage loans with a carrying value totaling approximately $231.9 million and $208.1 million at December 31, 2015 and 2014, respectively. In addition to the fixed rate advances, the Bancorp maintains a $10.0 million line of credit with the Federal Home Loan Bank of Indianapolis. There was no outstanding balance on the line of credit at December 31, 2015 and December 31, 2014. Other borrowings at December 31, 2015 and 2014 are comprised of reclassified bank balances. |
Employees' Benefit Plans
Employees' Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Compensation and Employee Benefit Plans [Text Block] | Note 10 Employees’ Benefit Plans The Bancorp maintains an Employees’ Savings and Profit Sharing Plan and Trust for all employees who meet the plan qualifications. Employees are eligible to participate in the Employees’ Savings and Profit Sharing Plan and Trust on the next January 1 or July 1 following the completion of one year of employment, attaining age 18, and completion of 1,000 hours of service. The Employees’ Savings Plan feature allows employees to make pre-tax contributions to the Employees’ Savings Plan of 1% to 50% of Plan Salary, subject to limitations imposed by Internal Revenue Code section 401(k). The Profit Sharing Plan and Trust feature is non-contributory on the part of the employee. Contributions to the Employees’ Profit Sharing Plan and Trust are made at the discretion of the Bancorp’s Board of Directors. Contributions for the years ended December 31, 2015 and 2014 were based on 8% of the participants’ total compensation, excluding incentives. Profit sharing contributions made by the Bank and earnings credited to the employee’s account vest on the following schedule: two years of service, 40% of contributions and earnings; three years of service, 60% of contributions and earnings; four years of service, 80% of contributions and earnings; and five years of service, 100% of contributions and earnings. Participants also become 100% vested in the employer contributions and accrued earnings in their account upon their death, approved disability, or attainment of age 65 while employed at the Bank. The benefit plan expense amounted to approximately $705 thousand for 2015 and $599 thousand for 2014. The Bancorp maintains an Unqualified Deferred Compensation Plan (the “Plan”). The purpose of the Plan is to provide deferred compensation to key senior management employees of the Bancorp in order to recognize their substantial contributions to the Bank and provide them with additional financial security as inducement to remain with the Bank. The Compensation Committee selects which persons shall be participants in the Plan. Participants’ accounts are credited each year with an amount based on a formula involving the participant’s employer funded contributions under all qualified plans and the limitations imposed by Internal Revenue Code subsection 401(a)(17) and Code section 415. The unqualified deferred compensation plan liability at December 31, 2015 and 2014 was approximately $188 thousand and $171 thousand, respectively. The Plan expense amounted to approximately $17 thousand for 2015 and $15 thousand for 2014. Directors have deferred some of their fees in consideration of future payments. Fee deferrals, including interest, totaled approximately $97 thousand and $106 thousand for 2015 and 2014, respectively. The deferred fee liability at December 31, 2015 and 2014 was approximately $1.34 million and $1.30 million, respectively. As part of the acquisition of Liberty Savings Bank, the Bancorp assumed a liability of $1.5 million in the Pentegra Defined Benefit Plan for Financial institutions (“The Pentegra DB Plan”), a multi-employer plan. The Pentegra DB Plan is a tax-qualified defined benefit plan that was originally created for full-time Liberty Savings Bank employees who had completed one year of service and had attained the age of 21. The plan was amended whereas any new employees after December 31, 2008 were not eligible to participate in the plan. The Pentegra DB Plan’s Employer Identification Number is 13-5645888 and the Plan Number is 333. There are no collective bargaining agreements in place that require contribution to the Pentegra DB Plan. Benefits are based on years of service and completion prior to retirement. Annually, Pentegra determines the contributions required to be made by each participating company and these contributions are expensed during the year they relate to. The plan was frozen on April 1, 2011. The Pentegra DB Plan is a single plan under Internal Revenue Code Section 413(c) and, as a result, all of the assets stand behind all of the liabilities. Accordingly, under the Pentegra DB Plan contributions made by a participating employer may be used to provide benefits to participants of other participating employers. The Pentegra DB Plan is operated on a June 30 fiscal year-end and is reported as such to participants in the plan. As a result, the funded status of the Pentegra DB Plan is reported as of the following dates. The funded status as of July 1, 2015 and 2014 are as follows: 2015 2014 91.47 % 94.17 % Total contributions made to the Pentegra DB Plan as reported on the Form 5500, equal $ 190.8 million and $136.5 million for the plan years ending June 30, 2014 and 2013. The Bancorp’s contributions to the Pentegra DB Plan are not more than 5% of the total contributions to the Pentegra |
Regulatory Capital
Regulatory Capital | 12 Months Ended |
Dec. 31, 2015 | |
Banking and Thrift [Abstract] | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | Note 11 Regulatory Capital The Bancorp and Bank are subject to regulatory capital requirements administered by federal banking agencies. Capital adequacy guidelines and prompt corrective action regulations involve quantitative measures of assets, liabilities, and certain off-balance-sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by regulators. Failure to meet various capital requirements can initiate regulatory action. Prompt corrective action regulations provide five classifications, including well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized, although these terms are not used to represent overall financial condition. If adequately capitalized, regulatory approval is required to accept brokered deposits. If undercapitalized, capital distributions are limited, as is asset growth and expansion, and capital restoration plans are required. At December 31, 2015 and 2014, the most recent regulatory notifications categorized the Bancorp and Bank as well capitalized under the regulatory framework for prompt corrective action. There are no conditions or events since that notification that management believes have changed the Bancorp’s or the Bank’s category. At year-end, capital levels for the Bancorp and the Bank were essentially the same. Actual capital levels (in millions), minimum required levels and levels needed to be classified as well capitalized for the Bancorp are summarized below: (Dollars in millions) Minimum Required To Be Minimum Required For Well Capitalized Under Prompt Actual Capital Adequacy Purposes Corrective Action Regulations At December 31, 2015 Amount Ratio Amount Ratio Amount Ratio Common equity tier 1 capital to risk-weighted assets $ 76.0 12.4 % $ 27.6 4.5 % $ 39.9 6.5 % Tier 1 capital to risk-weighted assets $ 76.0 12.4 % $ 36.8 6.0 % $ 49.1 8.0 % Total capital to risk-weighted assets $ 83.0 13.5 % $ 49.1 8.0 % $ 61.3 10.0 % Tier 1 capital to adjusted average assets $ 76.0 9.0 % $ 33.9 4.0 % $ 42.3 5.0 % (Dollars in millions) Minimum Required To Be Minimum Required For Well Capitalized Under Prompt Actual Capital Adequacy Purposes Corrective Action Regulations At December 31, 2014 Amount Ratio Amount Ratio Amount Ratio Tier 1 capital to risk-weighted assets $ 72.0 13.6 % $ 21.1 4.0 % $ 31.7 6.0 % Total capital to risk-weighted assets $ 78.4 14.8 % $ 42.3 8.0 % $ 52.8 10.0 % Tier 1 capital to adjusted average assets $ 72.0 9.2 % $ 23.5 3.0 % $ 39.2 5.0 % The Bancorp’s ability to pay dividends to its shareholders is entirely dependent upon the Bank’s ability to pay dividends to the Bancorp. Under Indiana law, the Bank may pay dividends from its undivided profits (generally, earnings less losses, bad debts, taxes and other operating expenses) as is considered expedient by the Bank’s Board of Directors. However, the Bank must obtain the approval of the Indiana Department of Financial Institutions (DFI) if the total of all dividends declared by the Bank during the current year, including the proposed dividend, would exceed the sum of retained net income for the year to date plus its retained net income for the previous two years. For this purpose, “retained net income,” means net income as calculated for call report purposes, less all dividends declared for the applicable period. An exemption from DFI approval would require that the Bank have been assigned a composite uniform financial institutions rating of 1 or 2 as a result of the most recent federal or state examination; the proposed dividend would not result in a Tier 1 leverage ratio below 7.5%; and that the Bank not be subject to any corrective action, supervisory order, supervisory agreement, or board approved operating agreement. The aggregate amount of dividends that may be declared by the Bank in 2016, without the need for qualifying for an exemption or prior DFI approval, is $9.7 million plus 2016 net profits. Moreover, the FDIC and the Federal Reserve Board may prohibit the payment of dividends if it determines that the payment of dividends would constitute an unsafe or unsound practice in light of the financial condition of the Bank. On December 28, 2015 the Board of Directors of the Bancorp declared a fourth quarter dividend of $0.27 per share. The Bancorp’s fourth quarter dividend was paid to shareholders on January 6, 2016. |
Stock Based Compensation
Stock Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 12 Stock Based Compensation The Bancorp’s 2015 Stock Option and Incentive Plan (the Plan), which was adopted by the Bancorp’s Board of Directors on February 17, 2015 and approved by the Bancorp’s shareholders on April 24, 2015, permits the grant of equity awards for up to 250,000 shares of common stock. Awards granted under the Plan may be in the form of incentive stock options, non-qualified stock options, restricted stock, unrestricted stock, performance shares, or performance units. The purposes of the Plan are (i) to align the personal interests of Plan participants with those of the shareholders of the Bancorp, (ii) to encourage key individuals to accept or continue employment or service with the Bancorp and its subsidiaries, and (iii) to furnish incentives to such key individuals to improve operations and increase profits by providing such key individuals the opportunity to acquire common stock of the Bancorp or to receive monetary payments based on the value of such common stock. Option awards are generally granted with an exercise price equal to the market price of the Bancorp’s common stock at the date of grant. No expense was charged against income for incentive stock options during 2015 or 2014. The Plan was adopted to replace the Bancorp’s 2004 Stock Option Plan, which terminated on April 20, 2015. No further awards will be made under the 2004 Stock Option Plan. The fair value of each incentive stock option award is estimated on the date of grant using a closed form option valuation (Black-Scholes) model. Expected volatilities are based on historical volatilities of the Company’s common stock. No incentive stock options were granted during 2015 or 2014. The Company uses historical data to estimate option exercise and post-vesting termination behavior. The expected term of options granted is based on historical data and represents the period of time that options granted are expected to be outstanding, which takes into account that the options are not transferable. The risk-free interest rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of the grant. A summary of the Bancorp’s stock option activity for 2015 and 2014 follows: Shares Weighted Weighted Aggregate Outstanding at January 1, 2014 6,350 $ 29.82 Granted - - Exercised - - Forfeited or expired (5,600 ) 30.00 Outstanding at end of year 750 $ 28.50 3.2 $ - Vested or expected to vest 750 $ 28.50 3.2 $ - Exercisable at December 31, 2014 750 $ 28.50 3.2 $ - Outstanding at January 1, 2015 750 $ 28.50 Granted - - Exercised - - Forfeited or expired - - Outstanding at end of year 750 $ 28.50 2.2 $ - Vested or expected to vest 750 $ 28.50 2.2 $ - Exercisable at December 31, 2015 750 $ 28.50 2.2 $ - As of December 31, 2015, there were no unrecognized compensation costs related to non-vested incentive stock options granted under the Plan. Restricted stock awards are generally granted with an award price equal to the market price of the Bancorp’s common stock on the award date. Restricted stock awards have been issued with a five year vesting period. Forfeiture provisions exist for personnel that separate employment before the vesting period expires. Compensation expense related to restricted stock awards is recognized over the vesting period. Total compensation cost that has been charged against income for those plans was approximately $96 thousand and $61 thousand for 2015 and 2014, respectively. A summary of changes in the Bancorp’s non-vested restricted stock for 2015 and 2014 follows: Non-vested Shares Shares Weighted Non-vested at January 1, 2014 11,100 $ 21.54 Granted 4,175 26.32 Vested (2,500 ) 18.86 Forefited - - Non-vested at December 31, 2014 12,775 $ 23.63 Non-vested at January 1, 2015 12,775 $ 23.63 Granted 7,250 27.50 Vested (300 ) 16.75 Forefited - - Non-vested at December 31, 2015 19,725 $ 25.15 As of December 31, 2015, there was approximately $316 thousand of total unrecognized compensation cost related to non-vested restricted shares granted under the Plan. The cost is expected to be recognized over a weighted-average period of 3.1 years. |
Earnings per Common Share
Earnings per Common Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | Note 13 Earnings per Common Share Earnings per common share is computed by dividing net income by the weighted-average number of common shares outstanding. A reconciliation of the numerators and denominators of the basic earnings per common share and diluted earnings per common share computations for 2015 and 2014 is presented below. 2015 2014 Basic earnings per common share: Net income available to common stockholders $ 7,852,142 $ 7,393,779 Weighted-average common shares outstanding 2,850,801 2,844,033 Basic earnings per common share $ 2.75 $ 2.60 Diluted earnings per common share: Net income available to common stockholders $ 7,852,142 $ 7,393,779 Weighted-average common shares outstanding 2,850,801 2,844,033 Weighted-average common and dilutive potential common shares outstanding 2,850,801 2,844,033 Diluted earnings per common share $ 2.75 $ 2.60 There were 750 anti-dilutive shares outstanding at both December 31, 2015 and 2014. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | Note 14 Related Party Transactions The Bancorp had aggregate loans outstanding to directors and executive officers (with individual balances exceeding $120 thousand) of approximately $4.3 million at December 31, 2015 and approximately $4.1 million at December 31, 2014. (Dollars in thousands) Aggregate balance at the beginning of the year $ 4,098 New loans 1,974 Repayments (1,773 ) Aggregate balance at the end of the year $ 4,299 Deposits from directors and executive officers totaled approximately $2.8 million and $2.2 million at December 31, 2015 and 2014, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Note 15 Commitments and Contingencies The Bancorp is a party to financial instruments in the normal course of business to meet the financing needs of its customers. These financial instruments, which include commitments to make loans and standby letters of credit, are not reflected in the accompanying consolidated financial statements. Such financial instruments are recorded when they are funded. The Bancorp’s exposure to credit loss in the event of non-performance by the other party to the financial instrument for commitments to originate loans and standby letters of credit is represented by the contractual amount of those instruments. Commitments generally have fixed expiration dates or other termination clauses and may require the payment of a fee. The Bancorp uses the same credit policy to make such commitments as it uses for on-balance sheet items. Since commitments to make loans may expire without being used, the amount does not necessarily represent future cash commitments. The Bancorp had outstanding commitments to originate loans as follows: (Dollars in thousands) Fixed Variable Rate Rate Total December 31, 2015: Residential real estate, including home equity $ 21,638 $ 6,590 $ 28,228 Consumer loans 11,796 - 11,796 Commercial real estate, construction & land development and other dwellings 12,619 18,170 30,789 Commercial participations purchased 83 - 83 Commercial business 1,095 39,613 40,708 Total $ 47,231 $ 64,373 $ 111,604 December 31, 2014: Residential real estate, including home equity $ 19,010 $ 6,052 $ 25,062 Consumer loans 11,037 - 11,037 Commercial real estate, construction & land development and other dwellings 8,534 6,842 15,376 Commercial participations purchased 83 - 83 Commercial business 1,258 39,920 41,178 Total $ 39,922 $ 52,814 $ 92,736 The approximately $47.2 million in fixed rate commitments outstanding at December 31, 2015 had interest rates ranging from 2.75% to 10.00%, for a period not to exceed forty-five days. At December 31, 2014, fixed rate commitments outstanding of approximately $39.9 million had interest rates ranging from 1.49% to 10.00%, for a period not to exceed forty-five days. Mortgage interest rate locks with borrowers which are included with real estate commitments, were treated as derivative transactions, and valued accordingly at year-end. |
Fair Values of Financial Instru
Fair Values of Financial Instruments | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | Note 16 Fair Values of Financial Instruments The Fair Value Measurements Topic (the “Topic”) establishes a hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The Topic describes three levels of inputs that may be used to measure fair value: Level 1: Level 2: Level 3: The fair values of securities available for sale are determined on a recurring basis by obtaining quoted prices on nationally recognized securities exchanges or pricing models utilizing significant observable inputs such as matrix pricing, which is a mathematical technique widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities, but rather by relying on the securities’ relationship to other benchmark quoted securities. Different judgments and assumptions used in pricing could result in different estimates of value. In certain cases where market data is not readily available because of lack of market activity or little public disclosure, values may be based on unobservable inputs and classified in Level 3 of the fair value hierarchy. At the end of each reporting period, securities held in the investment portfolio are evaluated on an individual security level for other-than-temporary impairment in accordance with the Investments Debt and Equity Securities Topic. Impairment is other-than-temporary if the decline in the fair value of the security is below its amortized cost and it is probable that all amounts due according to the contractual terms of a debt security will not be received. Significant judgments are required in determining impairment, which include making assumptions regarding the estimated prepayments, loss assumptions and the change in interest rates. The Bancorp considers the following factors when determining other-than-temporary impairment for a security: the length of time and the extent to which the market value has been less than amortized cost; the financial condition and near-term prospects of the issuer; the underlying fundamentals of the relevant market and the outlook for such market for the near future; an assessment of whether the Bancorp (1) has the intent to sell the debt securities or (2) more likely than not will be required to sell the debt securities before their anticipated market recovery. If either of these conditions are met, management will recognize other-than-temporary impairment. If, in management’s judgment, an other-than-temporary impairment exists, the cost basis of the security will be written down for the credit loss, and the unrealized loss will be transferred from accumulated other comprehensive loss as an immediate reduction of current earnings. The Bancorp’s management utilizes a specialist to perform an other-than-temporary impairment analysis for each of its four pooled trust preferred securities. The analysis is performed semiannually on June 30 and December 31 and utilizes analytical models used to project future cash flows for the pooled trust preferred securities based on current assumptions for prepayments, default and deferral rates, and recoveries. The projected cash flows are then tested for impairment consistent with the Investments Other Topic and the Investments Debt and Equity Securities Topic. The other-than-temporary impairment testing compares the present value of the cash flows from quarter to quarter to determine if there is a “favorable” or “adverse” change. Other-than-temporary impairment is recorded if the projected present value of cash flows is lower than the book value of the security. To perform the semi-annual other-than-temporary impairment analysis, management utilizes current reports issued by the trustee, which contain principal and interest tests, waterfall distributions, note valuations, collection detail and credit ratings for each pooled trust preferred security. In addition, a detailed review of the performing collateral was performed. The review of the collateral began with a review of financial information provided by SNL Financial, a comprehensive database, widely used in the industry, which gathers financial data on banks and thrifts from U.S. GAAP financial statements for public companies (annual and quarterly reports on Forms 10-K and 10-Q), as well as regulatory reports for private companies, including consolidated financial statements for bank holding companies (FR Y-9C reports) and parent company-only financial statements for bank holding companies (FR Y-9LP reports) filed with the Federal Reserve and bank call reports filed with the FDIC and OCC. Using the information sources described above, for each bank and thrift examined, the following items were examined: nature of the issuer’s business, years of operating history, corporate structure, loan composition and loan concentrations, deposit mix, asset growth rates, geographic footprint and local economic environment. The issuers’ historical financial performance was reviewed and their financial ratios were compared to appropriate peer groups of regional banks or thrifts with similar asset sizes. The analysis focused on six broad categories: profitability (revenue streams and earnings quality, return on assets and shareholder’s equity, net interest margin and interest rate sensitivity), credit quality (charge-offs and recoveries, non-current loans and total non-performing assets as a percentage of total loans, loan loss reserve coverage and the adequacy of the loan loss provision), operating efficiency (noninterest expense compared to total revenue), capital adequacy (Tier-1, total capital and leverage ratios and equity capital growth), leverage (tangible equity as a percentage of tangible assets, short-term and long-term borrowings and double leverage at the holding company) and liquidity (the nature and availability of funding sources, net non-core funding dependence and quality of deposits). In addition, for publicly traded companies, stock price movements were reviewed and the market price of publicly traded debt instruments was examined. The current other-than-temporary impairment analysis indicated that the Bancorp’s four pooled trust preferred securities had no additional other-than-temporary impairment for the years ending December 31, 2015 and 2014. (Dollars in thousands) Collateralized debt obligations other-than-temporary impairment Ending balance, December 31, 2014 $ 271 Additions not previously recognized - Ending balance, December 31, 2015 $ 271 Cusip 74043CAC1 74042TAJ0 01449TAB9 01450NAC6 Deal name PreTSL XXIV PreTSL XXVII Alesco IX Alesco XVII Class B-1 C-1 A-2A B Lowest credit rating assigned CC C BB CCC Number of performing banks 57 30 59 48 Number of performing insurance companies 13 7 10 n/a Number of issuers in default 19 8 2 4 Number of issuers in deferral 4 4 5 4 Defaults & deferrals as a % of performing collateral 36.46 % 27.32 % 7.23 % 16.96 % Subordination: As a % of performing collateral 9.51 % -3.69 % 46.16 % 25.85 % As a % of performing collateral - adjusted for projected future defaults 4.35 % -11.38 % 43.09 % 21.62 % Other-than-temporary impairment model assumptions: Defaults: Year 1 - issuer average 1.80 % 2.30 % 1.80 % 1.80 % Year 2 - issuer average 1.80 % 2.30 % 1.80 % 1.80 % Year 3 - issuer average 1.80 % 2.30 % 1.80 % 1.80 % > 3 Years - issuer average (1) (1) (1) (1) Discount rate - 3 month Libor, plus implicit yield spread at purchase 1.48 % 1.23 % 1.27 % 1.44 % Recovery assumptions (2) (2) (2) (2) Prepayments 0.00 % 0.00 % 0.00 % 0.00 % Other-than-temporary impairment $ 41 $ 132 $ 36 $ 62 (1) - Default rates > 3 years are evaluated on a issuer by issuer basis and range from 0.25% to 5.00%. (2) - Recovery assumptions are evaluated on a issuer by issuer basis and range from 0% to 15% with a five year lag. In the table above, the Bancorp’s subordination for each trust preferred security is calculated by taking the total performing collateral and subtracting the sum of the total collateral within the Bancorp’s class and the total collateral within all senior classes, and then stating this result as a percentage of the total performing collateral. This measure is an indicator of the level of collateral that can default before potential cash flow disruptions may occur. In addition, management calculates subordination assuming future collateral defaults by utilizing the default/deferral assumptions in the Bancorp’s other-than-temporary impairment analysis. Subordination assuming future default/deferral assumptions is calculated by deducting future defaults from the current performing collateral. At December 31, 2015 and 2014, management reviewed the subordination levels for each security in context of the level of current collateral defaults and deferrals within each security; the potential for additional defaults and deferrals within each security; the length of time that the security has been in “payment in kind” status; and the Bancorp’s class position within each security. Management calculated the other-than-temporary impairment model assumptions based on the specific collateral underlying each individual security. The following assumption methodology was applied consistently to each of the four pooled trust preferred securities: For collateral that has already defaulted, no recovery was assumed; no cash flows were assumed from collateral currently in deferral, with the exception of the recovery assumptions. The default and recovery assumptions were calculated based on the detailed collateral review. The discount rate assumption used in the calculation of the present value of cash flows is based on the discount margin (i.e., credit spread) at the time each security was purchased using the original purchase price. The discount margin is then added to the appropriate 3-month LIBOR forward rate obtained from the forward LIBOR curve. At December 31, 2015 and 2014, three of the trust preferred securities with a cost basis of $3.8 million have been placed in “payment in kind” status. The Bancorp’s securities that are classified as “payment in kind” are a result of not receiving the scheduled quarterly interest payments. For the securities in “payment in kind” status, management anticipates to receive the unpaid contractual interest payments from the issuer, because of the self-correcting cash flow waterfall provisions within the structure of the securities. When a tranche senior to the Bancorp’s position fails the coverage test, the Bancorp’s interest cash flows are paid to the senior tranche and recorded as a reduction of principal. The coverage test represents an over collateralization target by stating the balance of the performing collateral as a percentage of the balance of the Bancorp’s tranche, plus the balance of all senior tranches. The principal reduction in the senior tranche continues until the appropriate coverage test is passed. As a result of the principal reduction in the senior tranche, more cash is available for future payments to the Bancorp’s tranche. Consistent with the Investments Debt and Equity Securities Topic, management considered the failure of the issuer of the security to make scheduled interest payments in determining whether a credit loss existed. Management will not capitalize the “payment in kind” interest payments to the book value of the securities and will keep these securities in non-accrual status until the quarterly interest payments resume. Assets and Liabilities Measured at Fair Values on a Recurring Basis (Dollars in thousands) Fair Value Measurements at December 31, 2015 Using (Dollars in thousands) Estimated Quoted Prices in Significant Other Significant Available-for-sale debt securities: Money market fund $ 525 $ 525 $ - $ - U.S. government sponsored entities 17,431 - 17,431 - Collateralized mortgage obligations and residential mortgage-backed securities 119,173 - 119,173 - Municipal securities 93,487 - 93,487 - Collateralized debt obligations 2,734 - - 2,734 Total securities available-for-sale $ 233,350 $ 525 $ 230,091 $ 2,734 (Dollars in thousands) Fair Value Measurements at December 31, 2014 Using (Dollars in thousands) Estimated Quoted Prices in Significant Other Significant Available-for-sale debt securities: Money market fund $ 6,453 $ 6,453 $ - $ - U.S. government sponsored entities 12,869 - 12,869 - Collateralized mortgage obligations and residential mortgage-backed securities 117,574 - 117,574 - Municipal securities 80,725 - 80,725 - Collateralized debt obligations 2,432 - - 2,432 Total securities available-for-sale $ 220,053 $ 6,453 $ 211,168 $ 2,432 (Dollars in thousands) Estimated Fair Value Available-for- Beginning balance, January 1, 2014 $ 1,968 Included in earnings - Total unrealized gains, included in other comprehensive income 464 Transfers in and/or (out) of Level 3 - Ending balance, December 31, 2014 $ 2,432 Beginning balance, January 1, 2015 $ 2,432 Included in earnings - Total unrealized gains, included in other comprehensive income 302 Transfers in and/or (out) of Level 3 - Ending balance, December 31, 2015 $ 2,734 Assets and Liabilities Measured at Fair Values on a Non-Recurring Basis (Dollars in thousands) Fair Value Measurements at December 31, 2015 Using (Dollars in thousands) Estimated Quoted Prices in Significant Other Significant Impaired loans $ 7,048 $ - $ - $ 7,048 Foreclosed real estate 1,590 - - 1,590 (Dollars in thousands) Fair Value Measurements at December 31, 2014 Using (Dollars in thousands) Estimated Quoted Prices in Significant Other Significant Impaired loans $ 6,930 $ - $ - $ 6,930 Foreclosed real estate 1,745 - - 1,745 The fair value of impaired loans with specific allocations of the allowance for loan losses or loans for which charge-offs have been taken is generally based on the present value of future cash flows or, for collateral dependent loans, based on recent real estate appraisals. Appraisals may utilize a single valuation approach or a combination of approaches, including comparable sales and the income approach. The recorded investment of impaired loans was approximately $7.4 million and the related specific reserves totaled approximately $356 thousand, resulting in a fair value of impaired loans totaling approximately $7.0 million, at December 31, 2015. The recorded investment of impaired loans was approximately $7.3 million and the related specific reserves totaled approximately $426 thousand, resulting in a fair value of impaired loans totaling approximately $6.9 million, at December 31, 2014. Fair value is determined, where possible, using market prices derived from an appraisal or evaluation, which are considered to be Level 2 inputs. However, certain assumptions and unobservable inputs are often used by the appraiser, therefore, qualifying the assets as Level 3 in the fair value hierarchy. The fair value of foreclosed real estate is similarly determined by using the results of recent real estate appraisals. The numerical range of unobservable inputs for these valuation assumptions is not meaningful to this presentation. December 31, 2015 Estimated Fair Value Measurements at December 31, 2015 Using (Dollars in thousands) Carrying Estimated Quoted Prices in Significant Significant Financial assets: Cash and cash equivalents $ 11,533 $ 11,533 $ 11,533 $ - $ - Securities available-for-sale 233,350 233,350 525 230,091 2,734 Loans held-for-sale 2,435 2,504 2,504 - - Loans receivable, net 564,945 561,122 - - 561,122 Federal Home Loan Bank stock 3,000 3,000 - 3,000 - Accrued interest receivable 3,000 3,000 - 3,000 - Financial liabilities: Non-interest bearing deposits 100,031 100,031 100,031 - - Interest bearing deposits 614,844 614,226 420,354 193,872 - Repurchase agreements 18,508 18,476 13,628 4,848 - Borrowed funds 39,493 39,504 393 39,111 - Accrued interest payable 45 45 - 45 - December 31, 2014 Estimated Fair Value Measurements at December 31, 2014 Using (Dollars in thousands) Carrying Estimated Quoted Prices in Significant Significant Financial assets: Cash and cash equivalents $ 21,963 $ 21,963 $ 21,963 $ - $ - Securities available-for-sale 220,053 220,053 6,453 211,168 2,432 Loans held-for-sale 2,913 2,983 2,983 - - Loans receivable, net 481,792 480,736 - - 480,736 Federal Home Loan Bank stock 3,681 3,681 - 3,681 - Accrued interest receivable 2,727 2,727 - 2,727 - Financial liabilities: Non-interest bearing deposits 80,352 80,352 80,352 - - Interest bearing deposits 553,594 552,872 368,501 184,371 - Repurchase agreements 17,525 17,528 12,010 5,518 - Borrowed funds 36,381 36,424 281 36,143 - Accrued interest payable 49 49 - 49 - The following methods were used to estimate the fair value of financial instruments presented in the preceding table for the periods ended December 31, 2015 and 2014: Cash and cash equivalent carrying amounts approximate fair value. The fair values of securities available-for-sale are obtained from broker pricing (Level 2), with the exception of collateralized debt obligations, which are valued by a third-party specialist (Level 3). Loans held-for-sale comprise residential mortgages and are priced based on values established by the secondary mortgage markets (Level 1). The estimated fair value for net loans receivable is based on estimates of the rate the Bancorp would charge for similar such loans, applied for the time period until estimated repayment, in addition to appraisals which may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach (Level 3). Federal Home Loan Bank stock is estimated at book value due to restrictions that limit the sale or transfer of the security. Fair values of accrued interest receivable and payable approximate book value, as the carrying values are determined using the observable interest rate, balance, and last payment date. Non-interest and interest bearing deposits, which include checking, savings, and money market deposits, are estimated to have fair values based on the amount payable as of the reporting date (Level 1). The fair value of fixed-maturity certificates of deposit (included in interest bearing deposits) are based on estimates of the rate the Bancorp would pay on similar deposits, applied for the time period until maturity (Level 2). Estimated fair values for short-term repurchase agreements, which represent sweeps from demand deposits to accounts secured by pledged securities, are estimated based on the amount payable as of the reporting date (Level 1). Longer-term repurchase agreements, with contractual maturity dates of three months or more, are based on estimates of the rate the Bancorp would pay on similar deposits, applied for the time period until maturity (Level 2). Short-term borrowings are generally only held overnight, therefore, their carrying amount is a reasonable estimate of fair value (Level 1). The fair value of FHLB Advances are estimated by discounting the future cash flows using quoted rates from the FHLB for similar advances with similar maturities (Level 2). The estimated fair value of other financial instruments, and off-balance sheet loan commitments, approximate cost and are not considered significant to this presentation. |
Parent Company Only Statements
Parent Company Only Statements | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | Note 17 Parent Company Only Statements (Dollars in thousands) NorthWest Indiana Bancorp Condensed Balance Sheets December 31, 2015 2014 Assets Cash on deposit with Peoples Bank $ 741 $ 143 Investment in Peoples Bank 80,551 75,781 Dividends receivable from Peoples Bank 770 711 Other assets 150 313 Total assets $ 82,212 $ 76,948 Liabilities and stockholders’ equity Dividends payable $ 770 $ 711 Other liabilities 533 72 Total liabilities 1,303 783 Common stock 361 361 Additional paid in capital 4,158 4,062 Accumulated other comprehensive income 1,406 1,588 Retained earnings 74,984 70,154 Total stockholders’ equity 80,909 76,165 Total liabilities and stockholders’ equity $ 82,212 $ 76,948 (Dollars in thousands) NorthWest Indiana Bancorp Condensed Statements of Income Year Ended December 31, 2015 2014 Dividends from Peoples Bank $ 3,021 $ 2,759 Operating expenses 151 154 Income before income taxes and equity in undistributed income of Peoples Bank 2,870 2,605 Income tax benefit (29 ) (49 ) Income before equity in undistributed income of Peoples Bank 2,899 2,654 Equity in undistributed income of Peoples Bank 4,953 4,740 Net income $ 7,852 $ 7,394 (Dollars in thousands) NorthWest Indiana Bancorp Condensed Statements of Cash Flows Year Ended December 31, 2015 2014 Cash flows from operating activities: Net income $ 7,852 $ 7,394 Adjustments to reconcile net income to net cash provided by operating activities Equity in undistributed net income of Peoples Bank (4,953 ) (4,740 ) Stock based compensation expense 96 61 Change in other assets 104 198 Change in other liabilities 461 (208 ) Total adjustments (4,292 ) (4,689 ) Net cash - operating activities 3,560 2,705 Cash flows from investing activities - - Cash flows from financing activities: Dividends paid (2,962 ) (2,673 ) Treasury stock purchased - (31 ) Net cash - financing activities (2,962 ) (2,704 ) Net change in cash 598 1 Cash at beginning of year 143 142 Cash at end of year $ 741 $ 143 |
Summary of Significant Accoun26
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations of Credit Risk |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash Flow Reporting |
Marketable Securities, Policy [Policy Text Block] | Securities The Bancorp considers the following factors when determining an other-than-temporary impairment for a security: the length of time and the extent to which the market value has been less than amortized cost; the financial condition and near-term prospects of the issuer; the underlying fundamentals of the relevant market and the outlook for such market for the near future; and an assessment of whether the Bancorp has (1) the intent to sell the debt security or (2) it is more likely than not that the Bancorp will be required to sell the debt security before its anticipated market recovery. If either of these conditions are met, management will recognize other-than-temporary impairment. If, in management’s judgment, an other-than-temporary impairment exists, the cost basis of the security will be written down for the credit loss, and the unrealized credit loss will be transferred from accumulated other comprehensive loss as an immediate reduction of current earnings. |
Finance, Loan and Lease Receivables, Held-for-sale, Policy [Policy Text Block] | Loans Held-for-Sale Mortgage loans held-for-sale can be sold with servicing rights retained or released. The carrying value of mortgage loans sold is reduced by the amount allocated to the servicing rights. Gains and losses on sales of mortgage loans are based on the difference between the selling price and the carrying value of the related loan sold. |
Loans And Loan Income [Policy Text Block] | Loans and Loan Income Generally, interest accrued but not received for loans placed on non-accrual status is reversed against interest income. Interest received on such loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for Loan Losses A loan is considered impaired when, based on current information and events, it is probable that the Bancorp will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case by case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan by loan basis for commercial and construction loans by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price, or the fair value of the collateral if the loan is collateral dependent. Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Bancorp does not separately identify individual consumer and residential loans for impairment disclosures. |
Loans and Leases Receivable, Troubled Debt Restructuring Policy [Policy Text Block] | Troubled Debt Restructures Some of the factors considered by management when determining whether a borrower is experiencing financial difficulties are: (1) is the borrower currently in default on any of its debts, (2) has the borrower declared or is the borrower in the process of declaring bankruptcy, and (3) absent the current modification, the borrower would likely default. |
Federal Home Loan Bank Stock [Policy Text Block] | Federal Home Loan Bank Stock |
Transfers and Servicing of Financial Assets, Policy [Policy Text Block] | Transfers of Financial Assets |
Property, Plant and Equipment, Policy [Policy Text Block] | Premises and Equipment 26 39 2 10 |
Real Estate, Policy [Policy Text Block] | Foreclosed Real Estate |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Long-term Assets |
Bank Owned Life Insurance [Policy Text Block] | Bank Owned Life Insurance |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Intangibles |
Repurchase Agreements, Valuation, Policy [Policy Text Block] | Repurchase Agreements |
Pension and Other Postretirement Plans, Nonpension Benefits, Policy [Policy Text Block] | Postretirement Benefits Other Than Pensions |
Income Tax, Policy [Policy Text Block] | Income Taxes At December 31, 2015 and 2014, the Bancorp evaluated tax positions taken for filing with the Internal Revenue Service and all state jurisdictions in which it operates. The Bancorp believes that income tax filing positions will be sustained under examination and does not anticipate any adjustments that would result in a material adverse effect on the Bancorp's financial condition, results of operations, or cash flows. Accordingly, the Bancorp has not recorded any reserves or related accruals for interest and penalties for uncertain tax positions at December 31, 2015 and 2014. |
Loan Commitments, Policy [Policy Text Block] | Loan Commitments and Related Financial Instruments |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Common Share |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income |
Malpractice Loss Contingency, Policy [Policy Text Block] | Loss Contingencies |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restrictions on Cash 807 827 |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments |
Operating Segments [Policy Text Block] | Operating Segments |
Reclassification, Policy [Policy Text Block] | Reclassification |
Trust Assets [Policy Text Block] | Trust Assets |
Acquisition Activity [Policy Text Block] | Acquisition Activity 57.3 8.1 28.0 1.3 57.9 56.2 1.5 573 471 On April 1, 2014, the Bank acquired First Federal Savings and Loan Association of Hammond ("First Federal"), a federal mutual savings association headquartered in Hammond, Indiana. First Federal operated two banking locations in Hammond and Highland, Indiana. The Bank acquired First Federal by merging First Federal with and into the Bank immediately following First Federal's voluntary supervisory conversion to stock form. The Bank did not issue or pay any shares, cash, or other consideration in the merger. The First Federal acquisition added assets with a fair value of $ 37.9 3.8 29.1 967 690 39.6 7.2 29.8 93 |
New Accounting Pronouncements, Policy [Policy Text Block] | Adoption of New Accounting Pronouncements Update Number 2014-09 Revenue from Contracts with Customers (Topic 606). Revenue from Contracts with Customers (Topic 606) . Update Number 2016-01 Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. |
Securities (Tables)
Securities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Available-for-sale Securities [Table Text Block] | (Dollars in thousands) Gross Gross Estimated Cost Unrealized Unrealized Fair Basis Gains Losses Value December 31, 2015 Money market fund $ 525 $ - $ - $ 525 U.S. government sponsored entities 17,496 1 (66 ) 17,431 Collateralized mortgage obligations and residential mortgage-backed securities 118,628 1,021 (476 ) 119,173 Municipal securities 89,506 3,986 (5 ) 93,487 Collateralized debt obligations 5,096 - (2,362 ) 2,734 Total securities available-for-sale $ 231,251 $ 5,008 $ (2,909 ) $ 233,350 (Dollars in thousands) Gross Gross Estimated Cost Unrealized Unrealized Fair Basis Gains Losses Value December 31, 2014 Money market fund $ 6,453 $ - $ - $ 6,453 U.S. government sponsored entities 13,000 2 (133 ) 12,869 Collateralized mortgage obligations and residential mortgage-backed securities 116,088 1,870 (384 ) 117,574 Municipal securities 76,989 3,749 (13 ) 80,725 Collateralized debt obligations 5,141 - (2,709 ) 2,432 Total securities available-for-sale $ 217,671 $ 5,621 $ (3,239 ) $ 220,053 |
Schedule of Contractual Maturities of Available-for-sale Debt Securities [Table Text Block] | The estimated fair value of available-for-sale securities and carrying amount, if different, at December 31, 2015 by contractual maturity were as follows. Securities not due at a single maturity date, primarily mortgage-backed securities, are shown separately. (Dollars in thousands) Available-for-sale Estimated Fair Tax-Equivalent December 31, 2015 Value Yield (%) Due in one year or less $ 1,015 6.75 Due from one to five years 20,428 2.71 Due from five to ten years 22,363 5.58 Due over ten years 70,371 4.57 Collateralized mortgage obligations and residential mortgage-backed securities 119,173 2.61 Total $ 233,350 3.51 |
Schedule of Realized Gain (Loss) [Table Text Block] | (Dollars in thousands) December 31, December 31, 2015 2014 Proceeds $ 31,088 $ 36,244 Gross gains 608 848 Gross losses (2 ) (307 ) |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | (Dollars in thousands) Unrealized Ending balance, December 31, 2014 $ 1,556 Current period change (178 ) Ending balance, December 31, 2015 $ 1,378 |
Unrealized Gain (Loss) on Investments [Table Text Block] | (Dollars in thousands) Less than 12 months 12 months or longer Total Estimated Estimated Estimated Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses December 31, 2015 U.S. government sponsored entities $ 9,429 $ (66 ) $ - $ - $ 9,429 $ (66 ) Collateralized mortgage obligations and residential mortgage-backed securities 39,386 (232 ) 8,045 (244 ) 47,431 (476 ) Municipal securities 1,512 (5 ) - - 1,512 (5 ) Collateralized debt obligations - - 2,734 (2,362 ) 2,734 (2,362 ) Total temporarily impaired $ 50,327 $ (303 ) $ 10,779 $ (2,606 ) $ 61,106 $ (2,909 ) Number of securities 37 11 48 (Dollars in thousands) Less than 12 months 12 months or longer Total Estimated Estimated Estimated Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses December 31, 2014 U.S. government sponsored entities $ 1,496 $ (4 ) $ 10,371 $ (129 ) $ 11,867 $ (133 ) Collateralized mortgage obligations and residential mortgage-backed securities 8,169 (40 ) 14,486 (344 ) 22,655 (384 ) Municipal securities 687 (3 ) 1,459 (10 ) 2,146 (13 ) Collateralized debt obligations - - 2,432 (2,709 ) 2,432 (2,709 ) Total temporarily impaired $ 10,352 $ (47 ) $ 28,748 $ (3,192 ) $ 39,100 $ (3,239 ) Number of securities 9 29 38 |
Loans Receivable (Tables)
Loans Receivable (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Year end loans are summarized below: (Dollars in thousands) December 31, 2015 December 31, 2014 Loans secured by real estate: Residential, including home equity $ 213,951 $ 189,743 Commercial real estate, construction & land development, and other dwellings 259,478 211,162 Commercial participations purchased 310 2,289 Total loans secured by real estate 473,739 403,194 Consumer 535 358 Commercial business 68,813 58,790 Government 29,062 26,134 Subtotal 572,149 488,476 Less: Net deferred loan origination fees (174 ) (197 ) Undisbursed loan funds (77 ) (126 ) Loan receivables $ 571,898 $ 488,153 |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | ( Residential Real Estate, Including Home Equity Consumer Commercial Real Estate, Land Development, and Other Dwellings Commercial Participations Commercial Business Government Total The Bancorp's activity in the allowance for loan losses, by loan segment, is summarized below for the twelve months ended December 31, 2015: Allowance for loan losses: Beginning Balance $ 1,878 $ 17 $ 3,645 $ 13 $ 733 $ 75 $ 6,361 Charge-offs (239 ) (30 ) (59 ) - (77 ) - (405 ) Recoveries 9 2 22 - 10 - 43 Provisions 63 49 814 1 32 (5 ) 954 Ending Balance $ 1,711 $ 38 $ 4,422 $ 14 $ 698 $ 70 $ 6,953 The Bancorp's activity in the allowance for loan losses, by loan segment, is summarized below for the twelve months ended December 31, 2014: Allowance for loan losses: Beginning Balance $ 1,444 $ 12 $ 4,789 $ 31 $ 859 $ 54 $ 7,189 Charge-offs (311 ) (32 ) (1,421 ) - - - (1,764 ) Recoveries 20 1 17 2 21 - 61 Provisions 725 36 260 (20 ) (147 ) 21 875 Ending Balance $ 1,878 $ 17 $ 3,645 $ 13 $ 733 $ 75 $ 6,361 (Dollars in thousands) Residential Real Estate, Including Home Equity Consumer Commercial Real Estate, Construction & Land Development, and Other Dwellings Commercial Commercial Government Total The Bancorp's allowance for loan losses impairment evaluation and loan receivables are summarized below at December 31, 2015: Ending balance: individually evaluated for impairment $ 149 $ - $ 171 $ 14 $ 22 $ - $ 356 Ending balance: collectively evaluated for impairment $ 1,562 $ 38 $ 4,251 $ - $ 676 $ 70 $ 6,597 LOAN RECEIVABLES Ending balance $ 213,755 $ 535 $ 259,479 $ 310 $ 68,757 $ 29,062 $ 571,898 Ending balance: individually evaluated for impairment $ 227 $ - $ 5,298 $ 92 $ 96 $ - $ 5,713 Ending balance: purchased credit impaired individually evaluated for impairment $ 1,691 $ - $ - $ - $ - $ - $ 1,691 Ending balance: collectively evaluated for impairment $ 211,837 $ 535 $ 254,181 $ 218 $ 68,661 $ 29,062 $ 564,494 The Bancorp's allowance for loan losses impairment evaluation and loan receivables are summarized below at December 31, 2014: Ending balance: individually evaluated for impairment $ 15 $ - $ 366 $ 11 $ 34 $ - $ 426 Ending balance: collectively evaluated for impairment $ 1,863 $ 17 $ 3,279 $ 2 $ 699 $ 75 $ 5,935 LOAN RECEIVABLES Ending balance $ 189,529 $ 357 $ 211,162 $ 2,289 $ 58,682 $ 26,134 $ 488,153 Ending balance: individually evaluated for impairment $ 97 $ - $ 6,240 $ 103 $ 328 $ - $ 6,768 Ending balance: purchased credit impaired individually evaluated for impairment $ 588 $ - $ - $ - $ - $ - $ 588 Ending balance: collectively evaluated for impairment $ 188,844 $ 357 $ 204,922 $ 2,186 $ 58,354 $ 26,134 $ 480,797 |
Financing Receivable Credit Quality Indicators [Table Text Block] | The Bancorp's credit quality indicators are summarized below at December 31, 2015 and December 31, 2014: (Dollars in thousands) Corporate Credit Exposure - Credit Risk Portfolio By Creditworthiness Category Commercial Real Estate, Construction & Commercial Participations Purchased Commercial Business Government Loan Grades 2015 2014 2015 2014 2015 2014 2015 2014 2 Moderate risk $ 270 $ - $ - $ - $ 6,526 $ 4,920 $ - $ - 3 Above average acceptable risk 7,136 6,392 - - 4,313 4,311 4 Acceptable risk 129,353 98,200 199 210 31,735 25,466 29,062 26,134 5 Marginally acceptable risk 74,342 65,831 - 1,861 12,225 11,420 6 Pass/monitor 38,337 29,678 19 115 11,774 10,893 - - 7 Special mention (watch) 4,707 4,649 - - 601 1,343 - - 8 Substandard 5,334 6,412 92 103 1,583 329 - - 9 Doubtful - - - - - - - - Total $ 259,479 $ 211,162 $ 310 $ 2,289 $ 68,757 $ 58,682 $ 29,062 $ 26,134 (Dollars in thousands) Consumer Credit Exposure - Credit Risk Profile Based On Payment Activity Residential Real Estate, Including Home Consumer 2015 2014 2015 2014 Performing $ 209,583 $ 185,996 $ 535 $ 357 Non-performing 4,172 3,533 - - Total $ 213,755 $ 189,529 $ 535 $ 357 |
Impaired Financing Receivables [Table Text Block] | The Bancorp's individually evaluated impaired loans are summarized below: As of December 31, 2015 For the twelve months ended (Dollars in thousands) Recorded Unpaid Principal Related Average Interest With no related allowance recorded: Residential real estate, including home equity $ 1,741 $ 4,737 $ - $ 1,327 $ 3 Commercial real estate, construction & land development, and other dwellings 5,075 5,075 - 5,040 8 Commercial participations purchased - - - - - Commercial business 74 74 - 80 - With an allowance recorded: Residential real estate, including home equity 177 177 149 185 - Commercial real estate, construction & land development, and other dwellings 223 223 171 69 - Commercial participations purchased 92 92 14 96 - Commercial business 22 22 22 23 - Total: Residential real estate, including home equity $ 1,918 $ 4,914 $ 149 $ 1,512 $ 3 Commercial real estate, construction & land development, and other dwellings $ 5,298 $ 5,298 $ 171 $ 5,109 $ 8 Commercial participations purchased $ 92 $ 92 $ 14 $ 96 $ - Commercial business $ 96 $ 96 $ 22 $ 103 $ - As of December 31, 2014 For the twelve months ended (Dollars in thousands) Recorded Unpaid Principal Related Average Interest With no related allowance recorded: Residential real estate, including home equity $ - $ - $ - $ - $ - Commercial real estate, construction & land development, and other dwellings 524 524 - 527 22 Commercial participations purchased - - - - - Commercial business 25 25 - 25 - With an allowance recorded: Residential real estate, including home equity 685 1,258 15 703 6 Commercial real estate, construction & land development, and other dwellings 5,716 6,952 366 6,089 193 Commercial participations purchased 103 103 11 103 1 Commercial business 303 571 34 308 1 Total: Residential real estate, including home equity $ 685 $ 1,258 $ 15 $ 703 $ 6 Commercial real estate, construction & land development, and other dwellings $ 6,240 $ 7,476 $ 366 $ 6,616 $ 215 Commercial participations purchased $ 103 $ 103 $ 11 $ 103 $ 1 Commercial business $ 328 $ 596 $ 34 $ 333 $ 1 |
Past Due Financing Receivables [Table Text Block] | The Bancorp's age analysis of past due loans is summarized below: (Dollars in thousands) 30-59 Days Past 60-89 Days Past Greater Than 90 Total Past Due Current Total Loans Recorded December 31, 2015 Residential real estate, including home equity $ 5,559 $ 2,430 $ 3,055 $ 11,044 $ 202,711 $ 213,755 $ 377 Consumer - - - - 535 535 - Commercial real estate, construction & land development, and other dwellings - 211 710 921 258,558 259,479 - Commercial participations purchased - - 92 92 218 310 - Commercial business 67 177 22 266 68,491 68,757 - Government - - - - 29,062 29,062 - Total $ 5,626 $ 2,818 $ 3,879 $ 12,323 $ 559,575 $ 571,898 $ 377 December 31, 2014 Residential real estate, including home equity $ 4,405 $ 2,693 $ 2,579 $ 9,677 $ 179,852 $ 189,529 $ 941 Consumer - - - - 357 357 - Commercial real estate, construction & land development, and other dwellings 855 190 1,783 2,828 208,334 211,162 - Commercial participations purchased - - 103 103 2,186 2,289 - Commercial business 339 76 238 653 58,029 58,682 - Government - - - - 26,134 26,134 - Total $ 5,599 $ 2,959 $ 4,703 $ 13,261 $ 474,892 $ 488,153 $ 941 |
Schedule of Financing Receivables, Non Accrual Status [Table Text Block] | The Bancorp's loans on nonaccrual status are summarized below: (Dollars in thousands) December 31, December 31, Residential real estate, including home equity $ 4,172 $ 2,443 Consumer - - Commercial real estate, construction & land development, and other dwellings 915 1,815 Commercial participations purchased 92 103 Commercial business 22 238 Government - - Total $ 5,201 $ 4,599 |
Premises and Equipment, Net (Ta
Premises and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | At year end, premises and equipment are summarized as follows: (Dollars in thousands) 2015 2014 Cost: Land $ 5,216 $ 4,623 Buildings and improvements 21,712 20,742 Furniture and equipment 13,929 12,608 Total cost 40,857 37,973 Less accumulated depreciation (21,915 ) (20,249 ) Premises and equipment, net $ 18,942 $ 17,724 |
Foreclosed Real Estate (Tables)
Foreclosed Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Real Estate and Foreclosed Assets [Abstract] | |
Schedule of Real Estate Properties [Table Text Block] | At year end, foreclosed real estate is summarized below: (Dollars in thousands) 2015 2014 Residential real estate, including home equity $ 496 $ 324 Commercial real estate, construction & land development and other dwellings 1,014 1,218 Commercial business 80 203 Total $ 1,590 $ 1,745 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | At year-end, components of income tax expense/(benefit) consist of the following: (Dollars in thousands) 2015 2014 Federal: Current $ 2,387 $ 1,787 Deferred (527 ) 88 State: Current 79 50 Deferred, net of valuation allowance 82 228 Removal of valuation allowance on state NOL, net (223 ) - Income tax expense $ 1,798 $ 2,153 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Effective tax rates differ from the federal statutory rate of 34% applied to income before income taxes due to the following: (Dollars in thousands) 2015 2014 Federal statutory rate 34 % 34 % Tax expense at statutory rate $ 3,281 $ 3,246 State tax, net of federal effect 106 183 Tax exempt income (1,271 ) (1,184 ) Bank owned life insurance (150 ) (142 ) Removal of valuation allowance on state NOL, net (223 ) - Other 55 50 Total income tax expense $ 1,798 $ 2,153 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | At December 31, the components of the net deferred tax asset recorded in the consolidated balance sheets are as follows: (Dollars in thousands) 2015 2014 Deferred tax assets: Bad debts $ 2,591 $ 2,372 Deferred loan fees 65 73 Deferred compensation 498 484 Net operating loss, state 449 557 Tax credits 91 85 Nonaccrual loan interest income 53 62 Restricted stock awards 39 43 REO writedowns 12 24 Unqualified deferred compensation plan 70 63 Post retirement benefit 47 52 Other-than-temporary impairment 92 92 Accrued vacation 116 98 Impairment on land 71 71 Purchase accounting 21 47 Other 28 1 Total deferred tax assets 4,243 4,124 Deferred tax liabilities: Depreciation (901 ) (1,034 ) Prepaids (133 ) (337 ) Mortgage servicing rights (60 ) (79 ) Deferred stock dividends (97 ) (109 ) Unrealized appreciation on securities available-for-sale, net (722 ) (826 ) Post retirement unrealized gain (20 ) (23 ) Other (90 ) (105 ) Total deferred tax liabilities (2,023 ) (2,513 ) Valuation allowance (91 ) (257 ) Net deferred tax asset $ 2,129 $ 1,354 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Deposits [Abstract] | |
Schedule of Maturities of Long-term Debt [Table Text Block] | At December 31, 2015, scheduled maturities of certificates of deposit were as follows: (Dollars in thousands) 2016 $ 142,683 2017 35,016 2018 10,266 2019 3,649 2020 2,564 Thereafter 231 Total $ 194,409 |
Borrowed Funds (Tables)
Borrowed Funds (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule Of Federal Home Loan Bank Advances Borrowed Funds [Table Text Block] | At year end, borrowed funds are summarized below: (Dollars in thousands) 2015 2014 Fixed rate advances from the FHLB $ 34,100 $ 36,100 Variable rate advances from the FHLB 5,000 - Line of credit at FHLB - - Other 393 281 Total $ 39,493 $ 36,381 |
Schedule Of Federal Home Loan Bank Advances Rolling Maturity [Table Text Block] | At December 31, 2015, scheduled maturities of borrowed funds were as follows: (Dollars in thousands) 2016 $ 15,393 2017 12,000 2018 6,100 2019 4,000 2020 2,000 Total $ 39,493 |
Schedule Of Federal Home Loan Bank Advances Activity For Year [Table Text Block] | Repurchase agreements generally mature within one year and are secured by U.S. government and U.S. agency securities, under the Bancorp’s control. At December 31, information concerning these retail repurchase agreements is summarized below: (Dollars in thousands) 2015 2014 Ending balance $ 18,508 $ 17,525 Average balance during the year 18,003 18,029 Maximum month-end balance during the year 22,020 25,540 Securities underlying the agreements at year end: Carrying value 23,479 103,754 Fair value 23,479 103,754 Average interest rate during the year 0.38 % 0.37 % Average interest rate at year end 0.45 % 0.35 % |
Schedule of Federal Home Loan Bank, Advances, by Branch of FHLB Bank [Table Text Block] | At December 31, advances from the Federal Home Loan Bank were as follows: (Dollars in thousands) 2015 2014 Fixed rate advances, maturing January 2016 through June 2020 at rates from 0.61% to 2.11%; average rate: 2015 1.29%; 2014 1.31% $ 34,100 $ 36,100 Variable rate advances, maturing May 2016 at the rate of 0.62% average rate: 2015 0.62%; 2014 N/A 5,000 - |
Employees' Benefit Plans (Table
Employees' Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | The funded status as of July 1, 2015 and 2014 are as follows: 2015 2014 91.47 % 94.17 % |
Regulatory Capital (Tables)
Regulatory Capital (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Banking and Thrift [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | At year-end, capital levels for the Bancorp and the Bank were essentially the same. Actual capital levels (in millions), minimum required levels and levels needed to be classified as well capitalized for the Bancorp are summarized below: (Dollars in millions) Minimum Required To Be Minimum Required For Well Capitalized Under Prompt Actual Capital Adequacy Purposes Corrective Action Regulations At December 31, 2015 Amount Ratio Amount Ratio Amount Ratio Common equity tier 1 capital to risk-weighted assets $ 76.0 12.4 % $ 27.6 4.5 % $ 39.9 6.5 % Tier 1 capital to risk-weighted assets $ 76.0 12.4 % $ 36.8 6.0 % $ 49.1 8.0 % Total capital to risk-weighted assets $ 83.0 13.5 % $ 49.1 8.0 % $ 61.3 10.0 % Tier 1 capital to adjusted average assets $ 76.0 9.0 % $ 33.9 4.0 % $ 42.3 5.0 % (Dollars in millions) Minimum Required To Be Minimum Required For Well Capitalized Under Prompt Actual Capital Adequacy Purposes Corrective Action Regulations At December 31, 2014 Amount Ratio Amount Ratio Amount Ratio Tier 1 capital to risk-weighted assets $ 72.0 13.6 % $ 21.1 4.0 % $ 31.7 6.0 % Total capital to risk-weighted assets $ 78.4 14.8 % $ 42.3 8.0 % $ 52.8 10.0 % Tier 1 capital to adjusted average assets $ 72.0 9.2 % $ 23.5 3.0 % $ 39.2 5.0 % |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | A summary of the Bancorp’s stock option activity for 2015 and 2014 follows: Shares Weighted Weighted Aggregate Outstanding at January 1, 2014 6,350 $ 29.82 Granted - - Exercised - - Forfeited or expired (5,600 ) 30.00 Outstanding at end of year 750 $ 28.50 3.2 $ - Vested or expected to vest 750 $ 28.50 3.2 $ - Exercisable at December 31, 2014 750 $ 28.50 3.2 $ - Outstanding at January 1, 2015 750 $ 28.50 Granted - - Exercised - - Forfeited or expired - - Outstanding at end of year 750 $ 28.50 2.2 $ - Vested or expected to vest 750 $ 28.50 2.2 $ - Exercisable at December 31, 2015 750 $ 28.50 2.2 $ - |
Nonvested Restricted Stock Shares Activity [Table Text Block] | A summary of changes in the Bancorp’s non-vested restricted stock for 2015 and 2014 follows: Non-vested Shares Shares Weighted Non-vested at January 1, 2014 11,100 $ 21.54 Granted 4,175 26.32 Vested (2,500 ) 18.86 Forefited - - Non-vested at December 31, 2014 12,775 $ 23.63 Non-vested at January 1, 2015 12,775 $ 23.63 Granted 7,250 27.50 Vested (300 ) 16.75 Forefited - - Non-vested at December 31, 2015 19,725 $ 25.15 |
Earnings per Common Share (Tabl
Earnings per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Earnings per common share is computed by dividing net income by the weighted-average number of common shares outstanding. A reconciliation of the numerators and denominators of the basic earnings per common share and diluted earnings per common share computations for 2015 and 2014 is presented below. 2015 2014 Basic earnings per common share: Net income available to common stockholders $ 7,852,142 $ 7,393,779 Weighted-average common shares outstanding 2,850,801 2,844,033 Basic earnings per common share $ 2.75 $ 2.60 Diluted earnings per common share: Net income available to common stockholders $ 7,852,142 $ 7,393,779 Weighted-average common shares outstanding 2,850,801 2,844,033 Weighted-average common and dilutive potential common shares outstanding 2,850,801 2,844,033 Diluted earnings per common share $ 2.75 $ 2.60 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions [Table Text Block] | For the year ended December 31, 2015, the following activity occurred on these loans: (Dollars in thousands) Aggregate balance at the beginning of the year $ 4,098 New loans 1,974 Repayments (1,773 ) Aggregate balance at the end of the year $ 4,299 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule Of Outstanding Commitments To Originate Loans [Table Text Block] | The Bancorp had outstanding commitments to originate loans as follows: (Dollars in thousands) Fixed Variable Rate Rate Total December 31, 2015: Residential real estate, including home equity $ 21,638 $ 6,590 $ 28,228 Consumer loans 11,796 - 11,796 Commercial real estate, construction & land development and other dwellings 12,619 18,170 30,789 Commercial participations purchased 83 - 83 Commercial business 1,095 39,613 40,708 Total $ 47,231 $ 64,373 $ 111,604 December 31, 2014: Residential real estate, including home equity $ 19,010 $ 6,052 $ 25,062 Consumer loans 11,037 - 11,037 Commercial real estate, construction & land development and other dwellings 8,534 6,842 15,376 Commercial participations purchased 83 - 83 Commercial business 1,258 39,920 41,178 Total $ 39,922 $ 52,814 $ 92,736 |
Fair Values of Financial Inst40
Fair Values of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Table Text Block] | The table below shows the credit loss roll forward for the Bancorp’s pooled trust preferred securities that have been classified with other-than-temporary impairment: (Dollars in thousands) Collateralized debt obligations other-than-temporary impairment Ending balance, December 31, 2014 $ 271 Additions not previously recognized - Ending balance, December 31, 2015 $ 271 |
Schedule of Fair Value, Pooled Trust Preferred Securities [Table Text Block] | The following table contains information regarding the Bancorp’s pooled trust preferred securities as of December 31, 2015: Cusip 74043CAC1 74042TAJ0 01449TAB9 01450NAC6 Deal name PreTSL XXIV PreTSL XXVII Alesco IX Alesco XVII Class B-1 C-1 A-2A B Lowest credit rating assigned CC C BB CCC Number of performing banks 57 30 59 48 Number of performing insurance companies 13 7 10 n/a Number of issuers in default 19 8 2 4 Number of issuers in deferral 4 4 5 4 Defaults & deferrals as a % of performing collateral 36.46 % 27.32 % 7.23 % 16.96 % Subordination: As a % of performing collateral 9.51 % -3.69 % 46.16 % 25.85 % As a % of performing collateral - adjusted for projected future defaults 4.35 % -11.38 % 43.09 % 21.62 % Other-than-temporary impairment model assumptions: Defaults: Year 1 - issuer average 1.80 % 2.30 % 1.80 % 1.80 % Year 2 - issuer average 1.80 % 2.30 % 1.80 % 1.80 % Year 3 - issuer average 1.80 % 2.30 % 1.80 % 1.80 % > 3 Years - issuer average (1) (1) (1) (1) Discount rate - 3 month Libor, plus implicit yield spread at purchase 1.48 % 1.23 % 1.27 % 1.44 % Recovery assumptions (2) (2) (2) (2) Prepayments 0.00 % 0.00 % 0.00 % 0.00 % Other-than-temporary impairment $ 41 $ 132 $ 36 $ 62 (1) - Default rates > 3 years are evaluated on a issuer by issuer basis and range from 0.25% to 5.00%. (2) - Recovery assumptions are evaluated on a issuer by issuer basis and range from 0% to 15% with a five year lag. |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | There were no transfers to or from Levels 1 and 2 during the year ended December 31, 2015. Changes in Level 3 assets are solely the result of changes in estimated fair values of securities that have been classified as level 3 during all of 2015 and 2014. Assets measured at fair value on a recurring basis are summarized below: (Dollars in thousands) Fair Value Measurements at December 31, 2015 Using (Dollars in thousands) Estimated Quoted Prices in Significant Other Significant Available-for-sale debt securities: Money market fund $ 525 $ 525 $ - $ - U.S. government sponsored entities 17,431 - 17,431 - Collateralized mortgage obligations and residential mortgage-backed securities 119,173 - 119,173 - Municipal securities 93,487 - 93,487 - Collateralized debt obligations 2,734 - - 2,734 Total securities available-for-sale $ 233,350 $ 525 $ 230,091 $ 2,734 (Dollars in thousands) Fair Value Measurements at December 31, 2014 Using (Dollars in thousands) Estimated Quoted Prices in Significant Other Significant Available-for-sale debt securities: Money market fund $ 6,453 $ 6,453 $ - $ - U.S. government sponsored entities 12,869 - 12,869 - Collateralized mortgage obligations and residential mortgage-backed securities 117,574 - 117,574 - Municipal securities 80,725 - 80,725 - Collateralized debt obligations 2,432 - - 2,432 Total securities available-for-sale $ 220,053 $ 6,453 $ 211,168 $ 2,432 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | A reconciliation of available-for-sale securities, which require significant adjustment based on unobservable data, is presented below: (Dollars in thousands) Estimated Fair Value Available-for- Beginning balance, January 1, 2014 $ 1,968 Included in earnings - Total unrealized gains, included in other comprehensive income 464 Transfers in and/or (out) of Level 3 - Ending balance, December 31, 2014 $ 2,432 Beginning balance, January 1, 2015 $ 2,432 Included in earnings - Total unrealized gains, included in other comprehensive income 302 Transfers in and/or (out) of Level 3 - Ending balance, December 31, 2015 $ 2,734 |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Table Text Block] | Assets and liabilities measured at fair values on a non-recurring basis are summarized below: (Dollars in thousands) Fair Value Measurements at December 31, 2015 Using (Dollars in thousands) Estimated Quoted Prices in Significant Other Significant Impaired loans $ 7,048 $ - $ - $ 7,048 Foreclosed real estate 1,590 - - 1,590 (Dollars in thousands) Fair Value Measurements at December 31, 2014 Using (Dollars in thousands) Estimated Quoted Prices in Significant Other Significant Impaired loans $ 6,930 $ - $ - $ 6,930 Foreclosed real estate 1,745 - - 1,745 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | The following table shows carrying values and related estimated fair values of financial instruments as of the dates indicated. Estimated fair values are further categorized by the inputs used to measure fair value. Items that are not financial instruments are not included. December 31, 2015 Estimated Fair Value Measurements at December 31, 2015 Using (Dollars in thousands) Carrying Estimated Quoted Prices in Significant Significant Financial assets: Cash and cash equivalents $ 11,533 $ 11,533 $ 11,533 $ - $ - Securities available-for-sale 233,350 233,350 525 230,091 2,734 Loans held-for-sale 2,435 2,504 2,504 - - Loans receivable, net 564,945 561,122 - - 561,122 Federal Home Loan Bank stock 3,000 3,000 - 3,000 - Accrued interest receivable 3,000 3,000 - 3,000 - Financial liabilities: Non-interest bearing deposits 100,031 100,031 100,031 - - Interest bearing deposits 614,844 614,226 420,354 193,872 - Repurchase agreements 18,508 18,476 13,628 4,848 - Borrowed funds 39,493 39,504 393 39,111 - Accrued interest payable 45 45 - 45 - December 31, 2014 Estimated Fair Value Measurements at December 31, 2014 Using (Dollars in thousands) Carrying Estimated Quoted Prices in Significant Significant Financial assets: Cash and cash equivalents $ 21,963 $ 21,963 $ 21,963 $ - $ - Securities available-for-sale 220,053 220,053 6,453 211,168 2,432 Loans held-for-sale 2,913 2,983 2,983 - - Loans receivable, net 481,792 480,736 - - 480,736 Federal Home Loan Bank stock 3,681 3,681 - 3,681 - Accrued interest receivable 2,727 2,727 - 2,727 - Financial liabilities: Non-interest bearing deposits 80,352 80,352 80,352 - - Interest bearing deposits 553,594 552,872 368,501 184,371 - Repurchase agreements 17,525 17,528 12,010 5,518 - Borrowed funds 36,381 36,424 281 36,143 - Accrued interest payable 49 49 - 49 - |
Parent Company Only Statements
Parent Company Only Statements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Balance Sheet [Table Text Block] | (Dollars in thousands) NorthWest Indiana Bancorp Condensed Balance Sheets December 31, 2015 2014 Assets Cash on deposit with Peoples Bank $ 741 $ 143 Investment in Peoples Bank 80,551 75,781 Dividends receivable from Peoples Bank 770 711 Other assets 150 313 Total assets $ 82,212 $ 76,948 Liabilities and stockholders’ equity Dividends payable $ 770 $ 711 Other liabilities 533 72 Total liabilities 1,303 783 Common stock 361 361 Additional paid in capital 4,158 4,062 Accumulated other comprehensive income 1,406 1,588 Retained earnings 74,984 70,154 Total stockholders’ equity 80,909 76,165 Total liabilities and stockholders’ equity $ 82,212 $ 76,948 |
Condensed Income Statement [Table Text Block] | (Dollars in thousands) NorthWest Indiana Bancorp Condensed Statements of Income Year Ended December 31, 2015 2014 Dividends from Peoples Bank $ 3,021 $ 2,759 Operating expenses 151 154 Income before income taxes and equity in undistributed income of Peoples Bank 2,870 2,605 Income tax benefit (29 ) (49 ) Income before equity in undistributed income of Peoples Bank 2,899 2,654 Equity in undistributed income of Peoples Bank 4,953 4,740 Net income $ 7,852 $ 7,394 |
Condensed Cash Flow Statement [Table Text Block] | (Dollars in thousands) NorthWest Indiana Bancorp Condensed Statements of Cash Flows Year Ended December 31, 2015 2014 Cash flows from operating activities: Net income $ 7,852 $ 7,394 Adjustments to reconcile net income to net cash provided by operating activities Equity in undistributed net income of Peoples Bank (4,953 ) (4,740 ) Stock based compensation expense 96 61 Change in other assets 104 198 Change in other liabilities 461 (208 ) Total adjustments (4,292 ) (4,689 ) Net cash - operating activities 3,560 2,705 Cash flows from investing activities - - Cash flows from financing activities: Dividends paid (2,962 ) (2,673 ) Treasury stock purchased - (31 ) Net cash - financing activities (2,962 ) (2,704 ) Net change in cash 598 1 Cash at beginning of year 143 142 Cash at end of year $ 741 $ 143 |
Summary of Significant Accoun42
Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | $ 1,500 | |
Goodwill | 2,561 | $ 1,611 |
First Federal Acquisition [Member] | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 39,600 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Marketable Securities | 3,800 | |
Business Combination, Acquired Receivables, Fair Value | 29,100 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 967 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Land | 690 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 37,900 | |
Goodwill | 2,000 | 1,600 |
Finite-lived Intangible Assets Acquired | 93 | |
Liberty Acquisition [Member] | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 57,900 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Marketable Securities | 8,100 | |
Business Combination, Acquired Receivables, Fair Value | 28,000 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 1,300 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 57,300 | |
Goodwill | 573 | |
Finite-lived Intangible Assets Acquired | 471 | |
Federal Reserve Bank [Member] | ||
Business Acquisition [Line Items] | ||
Cash, FDIC Insured Amount | $ 807 | $ 827 |
Premises And Equipment [Member] | Minimum [Member] | ||
Business Acquisition [Line Items] | ||
Property, Plant and Equipment, Useful Life | 26 years | |
Premises And Equipment [Member] | Maximum [Member] | ||
Business Acquisition [Line Items] | ||
Property, Plant and Equipment, Useful Life | 39 years | |
Furniture and Equipment [Member] | Minimum [Member] | ||
Business Acquisition [Line Items] | ||
Property, Plant and Equipment, Useful Life | 2 years | |
Furniture and Equipment [Member] | Maximum [Member] | ||
Business Acquisition [Line Items] | ||
Property, Plant and Equipment, Useful Life | 10 years | |
Core Deposits [Member] | First Federal Acquisition [Member] | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | $ 7,200 | |
Core Deposits [Member] | Liberty Acquisition [Member] | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 56,200 | |
Certificates of Deposit [Member] | First Federal Acquisition [Member] | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 29,800 | |
Certificates of Deposit [Member] | Liberty Acquisition [Member] | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | $ 1,500 |
Securities (Details)
Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Cost Basis | $ 231,251 | $ 217,671 |
Gross Unrealized Gains | 5,008 | 5,621 |
Gross Unrealized Losses | (2,909) | (3,239) |
Estimated Fair Value | 233,350 | 220,053 |
U.S. government sponsored entities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost Basis | 17,496 | 13,000 |
Gross Unrealized Gains | 1 | 2 |
Gross Unrealized Losses | (66) | (133) |
Estimated Fair Value | 17,431 | 12,869 |
Collateralized mortgage obligations and residential mortgage-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost Basis | 118,628 | 116,088 |
Gross Unrealized Gains | 1,021 | 1,870 |
Gross Unrealized Losses | (476) | (384) |
Estimated Fair Value | 119,173 | 117,574 |
Collateralized Debt Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost Basis | 5,096 | 5,141 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (2,362) | (2,709) |
Estimated Fair Value | 2,734 | 2,432 |
Money market fund [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost Basis | 525 | 6,453 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 525 | 6,453 |
Municipal securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost Basis | 89,506 | 76,989 |
Gross Unrealized Gains | 3,986 | 3,749 |
Gross Unrealized Losses | (5) | (13) |
Estimated Fair Value | $ 93,487 | $ 80,725 |
Securities (Details 1)
Securities (Details 1) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Contractual Maturities Of Available For Sale Debt Securities [Line Items] | ||
Estimated Fair Value, Due in one year or less | $ 1,015 | |
Estimated Fair Value, Due from one to five years | 20,428 | |
Estimated Fair Value, Due from five to ten years | 22,363 | |
Estimated Fair Value, Due over ten years | 70,371 | |
Estimated Fair Value, Total | $ 233,350 | $ 220,053 |
Tax-Equivalent Yield, Due in one year or less | 6.75% | |
Tax-Equivalent Yield, Due from one to five years | 2.71% | |
Tax-Equivalent Yield, Due from five to ten years | 5.58% | |
Tax-Equivalent Yield, Due over ten years | 4.57% | |
Tax-Equivalent Yield, Total | 3.51% | |
Collateralized mortgage obligations and residential mortgage-backed securities [Member] | ||
Contractual Maturities Of Available For Sale Debt Securities [Line Items] | ||
Estimated Fair Value, Total | $ 119,173 | $ 117,574 |
Tax-Equivalent Yield, Total | 2.61% |
Securities (Details 2)
Securities (Details 2) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Realized Gain Loss [Line Items] | ||
Proceeds | $ 31,088 | $ 36,244 |
Gross gains | 608 | 848 |
Gross losses | $ (2) | $ (307) |
Securities (Details 3)
Securities (Details 3) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Ending balance, December 31, 2014 | $ 1,556 |
Current period change | (178) |
Ending balance, December 31, 2015 | $ 1,378 |
Securities (Details 4)
Securities (Details 4) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015USD ($)Securities | Dec. 31, 2014USD ($)Securities | |
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value, Less than 12 months | $ 50,327 | $ 10,352 |
Unrealized Losses, Less than 12 months | (303) | (47) |
Estimated Fair Value, 12 months or longer | 10,779 | 28,748 |
Unrealized Losses, 12 months or longer | (2,606) | (3,192) |
Estimated Fair Value, Total | 61,106 | 39,100 |
Unrealized Losses, Total | $ (2,909) | $ (3,239) |
Number of securities, Unrealized Losses, Less than 12 months | Securities | 37 | 9 |
Number of securities, Unrealized Losses, 12 months or longer | Securities | 11 | 29 |
Number of securities, Unrealized Losses, Total | Securities | 48 | 38 |
U.S. government sponsored entities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value, Less than 12 months | $ 9,429 | $ 1,496 |
Unrealized Losses, Less than 12 months | (66) | (4) |
Estimated Fair Value, 12 months or longer | 0 | 10,371 |
Unrealized Losses, 12 months or longer | 0 | (129) |
Estimated Fair Value, Total | 9,429 | 11,867 |
Unrealized Losses, Total | (66) | (133) |
Collateralized mortgage obligations and residential mortgage-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value, Less than 12 months | 39,386 | 8,169 |
Unrealized Losses, Less than 12 months | (232) | (40) |
Estimated Fair Value, 12 months or longer | 8,045 | 14,486 |
Unrealized Losses, 12 months or longer | (244) | (344) |
Estimated Fair Value, Total | 47,431 | 22,655 |
Unrealized Losses, Total | (476) | (384) |
Collateralized Debt Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value, Less than 12 months | 0 | 0 |
Unrealized Losses, Less than 12 months | 0 | 0 |
Estimated Fair Value, 12 months or longer | 2,734 | 2,432 |
Unrealized Losses, 12 months or longer | (2,362) | (2,709) |
Estimated Fair Value, Total | 2,734 | 2,432 |
Unrealized Losses, Total | (2,362) | (2,709) |
Municipal securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value, Less than 12 months | 1,512 | 687 |
Unrealized Losses, Less than 12 months | (5) | (3) |
Estimated Fair Value, 12 months or longer | 0 | 1,459 |
Unrealized Losses, 12 months or longer | 0 | (10) |
Estimated Fair Value, Total | 1,512 | 2,146 |
Unrealized Losses, Total | $ (5) | $ (13) |
Securities (Details Textual)
Securities (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Other Comprehensive Income (Loss), Transfers from Held-to-maturity to Available-for-Sale Securities, Net of Tax | $ 239 | $ 213 |
Trading Securities Pledged as Collateral | $ 31,100 | $ 34,200 |
Loans Receivable (Details)
Loans Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Loans secured by real estate: | ||
Total loans secured by real estate | $ 473,739 | $ 403,194 |
Consumer | 535 | 358 |
Commercial business | 68,813 | 58,790 |
Government | 29,062 | 26,134 |
Subtotal | 572,149 | 488,476 |
Less: Net deferred loan origination fees | (174) | (197) |
Less: Undisbursed loan funds | (77) | (126) |
Loan receivables | 571,898 | 488,153 |
Residential Including Home Equity [Member] | ||
Loans secured by real estate: | ||
Total loans secured by real estate | 213,951 | 189,743 |
Loan receivables | 213,755 | 189,529 |
Commercial Real Estate, Construction & Land Development, and Other Dwellings [Member] | ||
Loans secured by real estate: | ||
Total loans secured by real estate | 259,478 | 211,162 |
Loan receivables | 259,479 | 211,162 |
Commercial Participations Purchased [Member] | ||
Loans secured by real estate: | ||
Total loans secured by real estate | 310 | 2,289 |
Loan receivables | $ 310 | $ 2,289 |
Loans Receivable (Details 1)
Loans Receivable (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Allowance for loan losses: | ||
Beginning Balance | $ 6,361 | $ 7,189 |
Charge-offs | (405) | (1,764) |
Recoveries | 43 | 61 |
Provisions | 954 | 875 |
Ending Balance | 6,953 | 6,361 |
Ending balance: individually evaluated for impairment | 356 | 426 |
Ending balance: collectively evaluated for impairment | 6,597 | 5,935 |
LOAN RECEIVABLES | ||
Ending balance | 571,898 | 488,153 |
Ending balance: individually evaluated for impairment | 5,713 | 6,768 |
Ending balance: purchased credit impaired individually evaluated for impairment | 1,691 | 588 |
Ending balance: collectively evaluated for impairment | 564,494 | 480,797 |
Government loans [Member] | ||
Allowance for loan losses: | ||
Beginning Balance | 75 | 54 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provisions | (5) | 21 |
Ending Balance | 70 | 75 |
Ending balance: individually evaluated for impairment | 0 | 0 |
Ending balance: collectively evaluated for impairment | 70 | 75 |
LOAN RECEIVABLES | ||
Ending balance | 29,062 | 26,134 |
Ending balance: individually evaluated for impairment | 0 | 0 |
Ending balance: purchased credit impaired individually evaluated for impairment | 0 | 0 |
Ending balance: collectively evaluated for impairment | 29,062 | 26,134 |
Residential Real Estate Including Home Equity [Member] | ||
Allowance for loan losses: | ||
Beginning Balance | 1,878 | 1,444 |
Charge-offs | (239) | (311) |
Recoveries | 9 | 20 |
Provisions | 63 | 725 |
Ending Balance | 1,711 | 1,878 |
Ending balance: individually evaluated for impairment | 149 | 15 |
Ending balance: collectively evaluated for impairment | 1,562 | 1,863 |
LOAN RECEIVABLES | ||
Ending balance | 213,755 | 189,529 |
Ending balance: individually evaluated for impairment | 227 | 97 |
Ending balance: purchased credit impaired individually evaluated for impairment | 1,691 | 588 |
Ending balance: collectively evaluated for impairment | 211,837 | 188,844 |
Consumer Loan [Member] | ||
Allowance for loan losses: | ||
Beginning Balance | 17 | 12 |
Charge-offs | (30) | (32) |
Recoveries | 2 | 1 |
Provisions | 49 | 36 |
Ending Balance | 38 | 17 |
Ending balance: individually evaluated for impairment | 0 | 0 |
Ending balance: collectively evaluated for impairment | 38 | 17 |
LOAN RECEIVABLES | ||
Ending balance | 535 | 357 |
Ending balance: individually evaluated for impairment | 0 | 0 |
Ending balance: purchased credit impaired individually evaluated for impairment | 0 | 0 |
Ending balance: collectively evaluated for impairment | 535 | 357 |
Commercial Real Estate, Construction & Land Development, and Other Dwellings [Member] | ||
Allowance for loan losses: | ||
Beginning Balance | 3,645 | 4,789 |
Charge-offs | (59) | (1,421) |
Recoveries | 22 | 17 |
Provisions | 814 | 260 |
Ending Balance | 4,422 | 3,645 |
Ending balance: individually evaluated for impairment | 171 | 366 |
Ending balance: collectively evaluated for impairment | 4,251 | 3,279 |
LOAN RECEIVABLES | ||
Ending balance | 259,479 | 211,162 |
Ending balance: individually evaluated for impairment | 5,298 | 6,240 |
Ending balance: purchased credit impaired individually evaluated for impairment | 0 | 0 |
Ending balance: collectively evaluated for impairment | 254,181 | 204,922 |
Commercial Participations Purchased [Member] | ||
Allowance for loan losses: | ||
Beginning Balance | 13 | 31 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 2 |
Provisions | 1 | (20) |
Ending Balance | 14 | 13 |
Ending balance: individually evaluated for impairment | 14 | 11 |
Ending balance: collectively evaluated for impairment | 0 | 2 |
LOAN RECEIVABLES | ||
Ending balance | 310 | 2,289 |
Ending balance: individually evaluated for impairment | 92 | 103 |
Ending balance: purchased credit impaired individually evaluated for impairment | 0 | 0 |
Ending balance: collectively evaluated for impairment | 218 | 2,186 |
Commercial business [Member] | ||
Allowance for loan losses: | ||
Beginning Balance | 733 | 859 |
Charge-offs | (77) | 0 |
Recoveries | 10 | 21 |
Provisions | 32 | (147) |
Ending Balance | 698 | 733 |
Ending balance: individually evaluated for impairment | 22 | 34 |
Ending balance: collectively evaluated for impairment | 676 | 699 |
LOAN RECEIVABLES | ||
Ending balance | 68,757 | 58,682 |
Ending balance: individually evaluated for impairment | 96 | 328 |
Ending balance: purchased credit impaired individually evaluated for impairment | 0 | 0 |
Ending balance: collectively evaluated for impairment | $ 68,661 | $ 58,354 |
Loans Receivable (Details 2)
Loans Receivable (Details 2) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Government loans [Member] | Corporate Credit Exposure [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | $ 29,062 | $ 26,134 |
Commercial Real Estate, Construction & Land Development, and Other Dwellings [Member] | Corporate Credit Exposure [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 259,479 | 211,162 |
Commercial Participations Purchased [Member] | Corporate Credit Exposure [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 310 | 2,289 |
Commercial business [Member] | Corporate Credit Exposure [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 68,757 | 58,682 |
Residential Real Estate [Member] | Consumer Credit Exposure [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 213,755 | 189,529 |
Consumer Loan [Member] | Consumer Credit Exposure [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 535 | 357 |
Moderate risk [Member] | Government loans [Member] | Corporate Credit Exposure [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 0 | 0 |
Moderate risk [Member] | Commercial Real Estate, Construction & Land Development, and Other Dwellings [Member] | Corporate Credit Exposure [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 270 | 0 |
Moderate risk [Member] | Commercial Participations Purchased [Member] | Corporate Credit Exposure [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 0 | 0 |
Moderate risk [Member] | Commercial business [Member] | Corporate Credit Exposure [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 6,526 | 4,920 |
Above Average Acceptable Risk [Member] | Commercial Real Estate, Construction & Land Development, and Other Dwellings [Member] | Corporate Credit Exposure [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 7,136 | 6,392 |
Above Average Acceptable Risk [Member] | Commercial Participations Purchased [Member] | Corporate Credit Exposure [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 0 | 0 |
Above Average Acceptable Risk [Member] | Commercial business [Member] | Corporate Credit Exposure [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 4,313 | 4,311 |
Acceptable Risk [Member] | Government loans [Member] | Corporate Credit Exposure [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 29,062 | 26,134 |
Acceptable Risk [Member] | Commercial Real Estate, Construction & Land Development, and Other Dwellings [Member] | Corporate Credit Exposure [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 129,353 | 98,200 |
Acceptable Risk [Member] | Commercial Participations Purchased [Member] | Corporate Credit Exposure [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 199 | 210 |
Acceptable Risk [Member] | Commercial business [Member] | Corporate Credit Exposure [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 31,735 | 25,466 |
Marginally Acceptable Risk [Member] | Commercial Real Estate, Construction & Land Development, and Other Dwellings [Member] | Corporate Credit Exposure [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 74,342 | 65,831 |
Marginally Acceptable Risk [Member] | Commercial Participations Purchased [Member] | Corporate Credit Exposure [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 0 | 1,861 |
Marginally Acceptable Risk [Member] | Commercial business [Member] | Corporate Credit Exposure [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 12,225 | 11,420 |
Pass/monitor [Member] | Government loans [Member] | Corporate Credit Exposure [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 0 | 0 |
Pass/monitor [Member] | Commercial Real Estate, Construction & Land Development, and Other Dwellings [Member] | Corporate Credit Exposure [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 38,337 | 29,678 |
Pass/monitor [Member] | Commercial Participations Purchased [Member] | Corporate Credit Exposure [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 19 | 115 |
Pass/monitor [Member] | Commercial business [Member] | Corporate Credit Exposure [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 11,774 | 10,893 |
Special mention (watch) [Member] | Government loans [Member] | Corporate Credit Exposure [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 0 | 0 |
Special mention (watch) [Member] | Commercial Real Estate, Construction & Land Development, and Other Dwellings [Member] | Corporate Credit Exposure [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 4,707 | 4,649 |
Special mention (watch) [Member] | Commercial Participations Purchased [Member] | Corporate Credit Exposure [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 0 | 0 |
Special mention (watch) [Member] | Commercial business [Member] | Corporate Credit Exposure [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 601 | 1,343 |
Substandard [Member] | Government loans [Member] | Corporate Credit Exposure [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 0 | 0 |
Substandard [Member] | Commercial Real Estate, Construction & Land Development, and Other Dwellings [Member] | Corporate Credit Exposure [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 5,334 | 6,412 |
Substandard [Member] | Commercial Participations Purchased [Member] | Corporate Credit Exposure [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 92 | 103 |
Substandard [Member] | Commercial business [Member] | Corporate Credit Exposure [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 1,583 | 329 |
Doubtful [Member] | Government loans [Member] | Corporate Credit Exposure [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 0 | 0 |
Doubtful [Member] | Commercial Real Estate, Construction & Land Development, and Other Dwellings [Member] | Corporate Credit Exposure [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 0 | 0 |
Doubtful [Member] | Commercial Participations Purchased [Member] | Corporate Credit Exposure [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 0 | 0 |
Doubtful [Member] | Commercial business [Member] | Corporate Credit Exposure [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 0 | 0 |
Performing Financing Receivable [Member] | Residential Real Estate [Member] | Consumer Credit Exposure [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 209,583 | 185,996 |
Performing Financing Receivable [Member] | Consumer Loan [Member] | Consumer Credit Exposure [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 535 | 357 |
Non-performing Financing Receivable [Member] | Residential Real Estate [Member] | Consumer Credit Exposure [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 4,172 | 3,533 |
Non-performing Financing Receivable [Member] | Consumer Loan [Member] | Consumer Credit Exposure [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | $ 0 | $ 0 |
Loans Receivable (Details 3)
Loans Receivable (Details 3) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Residential Real Estate Including Home Equity [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | $ 1,918 | $ 685 |
Unpaid Principal Balance | 4,914 | 1,258 |
Related Allowance | 149 | 15 |
Average Recorded Investment | 1,512 | 703 |
Interest Income Recognized | 3 | 6 |
Commercial Real Estate, Construction & Land Development, and Other Dwellings [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 5,298 | 6,240 |
Unpaid Principal Balance | 5,298 | 7,476 |
Related Allowance | 171 | 366 |
Average Recorded Investment | 5,109 | 6,616 |
Interest Income Recognized | 8 | 215 |
Commercial Participations Purchased [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 92 | 103 |
Unpaid Principal Balance | 92 | 103 |
Related Allowance | 14 | 11 |
Average Recorded Investment | 96 | 103 |
Interest Income Recognized | 0 | 1 |
Commercial business [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 96 | 328 |
Unpaid Principal Balance | 96 | 596 |
Related Allowance | 22 | 34 |
Average Recorded Investment | 103 | 333 |
Interest Income Recognized | 0 | 1 |
Impaired Loans With No Related Allowance [Member] | Residential Real Estate Including Home Equity [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 1,741 | 0 |
Unpaid Principal Balance | 4,737 | 0 |
Average Recorded Investment | 1,327 | 0 |
Interest Income Recognized | 3 | 0 |
Impaired Loans With No Related Allowance [Member] | Commercial Real Estate, Construction & Land Development, and Other Dwellings [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 5,075 | 524 |
Unpaid Principal Balance | 5,075 | 524 |
Average Recorded Investment | 5,040 | 527 |
Interest Income Recognized | 8 | 22 |
Impaired Loans With No Related Allowance [Member] | Commercial Participations Purchased [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Impaired Loans With No Related Allowance [Member] | Commercial business [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 74 | 25 |
Unpaid Principal Balance | 74 | 25 |
Average Recorded Investment | 80 | 25 |
Interest Income Recognized | 0 | 0 |
Impaired Loans With Related Allowance [Member] | Residential Real Estate Including Home Equity [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 177 | 685 |
Unpaid Principal Balance | 177 | 1,258 |
Related Allowance | 149 | 15 |
Average Recorded Investment | 185 | 703 |
Interest Income Recognized | 0 | 6 |
Impaired Loans With Related Allowance [Member] | Commercial Real Estate, Construction & Land Development, and Other Dwellings [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 223 | 5,716 |
Unpaid Principal Balance | 223 | 6,952 |
Related Allowance | 171 | 366 |
Average Recorded Investment | 69 | 6,089 |
Interest Income Recognized | 0 | 193 |
Impaired Loans With Related Allowance [Member] | Commercial Participations Purchased [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 92 | 103 |
Unpaid Principal Balance | 92 | 103 |
Related Allowance | 14 | 11 |
Average Recorded Investment | 96 | 103 |
Interest Income Recognized | 0 | 1 |
Impaired Loans With Related Allowance [Member] | Commercial business [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 22 | 303 |
Unpaid Principal Balance | 22 | 571 |
Related Allowance | 22 | 34 |
Average Recorded Investment | 23 | 308 |
Interest Income Recognized | $ 0 | $ 1 |
Loans Receivable (Details 4)
Loans Receivable (Details 4) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 12,323 | $ 13,261 |
Current | 559,575 | 474,892 |
Total Loans | 571,898 | 488,153 |
Recorded Investments Greater than 90 Days and Accruing | 377 | 941 |
Government loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Current | 29,062 | 26,134 |
Total Loans | 29,062 | 26,134 |
Recorded Investments Greater than 90 Days and Accruing | 0 | 0 |
Residential Real Estate Including Home Equity [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 11,044 | 9,677 |
Current | 202,711 | 179,852 |
Total Loans | 213,755 | 189,529 |
Recorded Investments Greater than 90 Days and Accruing | 377 | 941 |
Consumer Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Current | 535 | 357 |
Total Loans | 535 | 357 |
Recorded Investments Greater than 90 Days and Accruing | 0 | 0 |
Commercial Real Estate, Construction & Land Development, and Other Dwellings [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 921 | 2,828 |
Current | 258,558 | 208,334 |
Total Loans | 259,479 | 211,162 |
Recorded Investments Greater than 90 Days and Accruing | 0 | 0 |
Commercial Participations Purchased [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 92 | 103 |
Current | 218 | 2,186 |
Total Loans | 310 | 2,289 |
Recorded Investments Greater than 90 Days and Accruing | 0 | 0 |
Commercial business [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 266 | 653 |
Current | 68,491 | 58,029 |
Total Loans | 68,757 | 58,682 |
Recorded Investments Greater than 90 Days and Accruing | 0 | 0 |
Financing Receivables, 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 5,626 | 5,599 |
Financing Receivables, 30-59 Days Past Due [Member] | Government loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Financing Receivables, 30-59 Days Past Due [Member] | Residential Real Estate Including Home Equity [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 5,559 | 4,405 |
Financing Receivables, 30-59 Days Past Due [Member] | Consumer Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Financing Receivables, 30-59 Days Past Due [Member] | Commercial Real Estate, Construction & Land Development, and Other Dwellings [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 855 |
Financing Receivables, 30-59 Days Past Due [Member] | Commercial Participations Purchased [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Financing Receivables, 30-59 Days Past Due [Member] | Commercial business [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 67 | 339 |
Financing Receivables, 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,818 | 2,959 |
Financing Receivables, 60-89 Days Past Due [Member] | Government loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Financing Receivables, 60-89 Days Past Due [Member] | Residential Real Estate Including Home Equity [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,430 | 2,693 |
Financing Receivables, 60-89 Days Past Due [Member] | Consumer Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Financing Receivables, 60-89 Days Past Due [Member] | Commercial Real Estate, Construction & Land Development, and Other Dwellings [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 211 | 190 |
Financing Receivables, 60-89 Days Past Due [Member] | Commercial Participations Purchased [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Financing Receivables, 60-89 Days Past Due [Member] | Commercial business [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 177 | 76 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3,879 | 4,703 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Government loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Residential Real Estate Including Home Equity [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3,055 | 2,579 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Consumer Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial Real Estate, Construction & Land Development, and Other Dwellings [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 710 | 1,783 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial Participations Purchased [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 92 | 103 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial business [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 22 | $ 238 |
Loans Receivable (Details 5)
Loans Receivable (Details 5) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables on nonaccrual status | $ 5,201 | $ 4,599 |
Government loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables on nonaccrual status | 0 | 0 |
Residential Real Estate Including Home Equity [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables on nonaccrual status | 4,172 | 2,443 |
Consumer Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables on nonaccrual status | 0 | 0 |
Commercial Real Estate, Construction & Land Development, and Other Dwellings [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables on nonaccrual status | 915 | 1,815 |
Commercial Participations Purchased [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables on nonaccrual status | 92 | 103 |
Commercial business [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables on nonaccrual status | $ 22 | $ 238 |
Loans Receivable (Details Textu
Loans Receivable (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Individually Evaluated for Impairment | $ 5,713 | $ 6,768 |
Residential Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Individually Evaluated for Impairment | 1,700 | 588 |
Impaired Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Impaired Financing Receivable, Unpaid Principal Balance, Total | $ 4,000 | $ 1,300 |
Premises and Equipment, Net (De
Premises and Equipment, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Cost: | ||
Land | $ 5,216 | $ 4,623 |
Buildings and improvements | 21,712 | 20,742 |
Furniture and equipment | 13,929 | 12,608 |
Total cost | 40,857 | 37,973 |
Less accumulated depreciation | (21,915) | (20,249) |
Premises and equipment, net | $ 18,942 | $ 17,724 |
Premises and Equipment, Net (57
Premises and Equipment, Net (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | ||
Depreciation | $ 1,390 | $ 1,360 |
Foreclosed Real Estate (Details
Foreclosed Real Estate (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Real Estate Properties [Line Items] | ||
Foreclosed real estate | $ 1,590 | $ 1,745 |
Residential Real Estate Including Home Equity [Member] | ||
Real Estate Properties [Line Items] | ||
Foreclosed real estate | 496 | 324 |
Commercial Real Estate Construction And Land Development And Other Dwellings [Member] | ||
Real Estate Properties [Line Items] | ||
Foreclosed real estate | 1,014 | 1,218 |
Commercial Business [Member] | ||
Real Estate Properties [Line Items] | ||
Foreclosed real estate | $ 80 | $ 203 |
Goodwill and Other Intangible59
Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Indefinite-lived Intangible Assets [Line Items] | |||
Goodwill | $ 2,561 | $ 1,611 | |
First Federal Acquisition [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Goodwill | 2,000 | 1,600 | |
Amortization of Intangible Assets | 12 | 9 | |
Goodwill, Acquired During Period | $ 377 | ||
Impaired Loan, Additions | $ 423 | ||
First Federal Acquisition [Member] | Certificates of Deposit [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Accretion (Amortization) of Discounts and Premiums, Investments | $ 276 | ||
Accretion Amortization Of Discounts And Premiums Term | 17 months | ||
Accretion Expense | $ 126 | 150 | |
First Federal Acquisition [Member] | Loans Receivable [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Accretion (Amortization) of Discounts and Premiums, Investments | $ 1,100 | ||
Accretion Amortization Of Discounts And Premiums Term | 55 months | ||
Accretion Expense | $ 240 | $ 318 | |
First Federal Acquisition [Member] | During 2018 [Member] | Loans Receivable [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Accretion Expense | 157 | ||
First Federal Acquisition [Member] | During 2016 [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year | 12 | ||
First Federal Acquisition [Member] | Through to 2017 [Member] | Loans Receivable [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Accretion Expense | 189 | ||
First Federal Acquisition [Member] | Through 2022 [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year | 72 | ||
Core Deposits [Member] | First Federal Acquisition [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Finite-Lived Core Deposits, Gross | $ 93 | ||
Finite-Lived Intangible Asset, Useful Life | 7 years 10 months 24 days | ||
Liberty Savings [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Goodwill, Acquired During Period | $ 573,000 | ||
Liberty Savings [Member] | Certificates of Deposit [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Accretion (Amortization) of Discounts and Premiums, Investments | $ 124 | ||
Accretion Amortization Of Discounts And Premiums Term | 17 months | ||
Accretion Expense | $ 44 | ||
Liberty Savings [Member] | Loans Receivable [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Accretion (Amortization) of Discounts and Premiums, Investments | $ 1,200 | ||
Accretion Amortization Of Discounts And Premiums Term | 44 months | ||
Accretion Expense | $ 159 | ||
Liberty Savings [Member] | Through 2018 [Member] | Loans Receivable [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Accretion Expense | 317 | ||
Liberty Savings [Member] | During 2016 [Member] | Certificates of Deposit [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Accretion Expense | 80 | ||
Liberty Savings [Member] | During 2019 [Member] | Loans Receivable [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Accretion Expense | 53 | ||
Liberty Savings [Member] | First Federal Acquisition [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Goodwill | 2,600 | ||
Liberty Savings [Member] | Core Deposits [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Finite-Lived Core Deposits, Gross | $ 471 | ||
Finite-Lived Intangible Asset, Useful Life | 8 years 2 months 12 days | ||
Amortization of Intangible Assets | $ 29 | ||
Liberty Savings [Member] | Core Deposits [Member] | During 2016 [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Amortization of Intangible Assets | 58 | ||
Liberty Savings [Member] | Core Deposits [Member] | During 2023 [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Amortization of Intangible Assets | $ 385 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Federal: | ||
Current | $ 2,387 | $ 1,787 |
Deferred | (527) | 88 |
State: | ||
Current | 79 | 50 |
Deferred, net of valuation allowance | 82 | 228 |
Removal of valuation allowance on state NOL, net | (223) | 0 |
Income tax expense | $ 1,798 | $ 2,153 |
Income Taxes (Details 1)
Income Taxes (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Federal statutory rate | 34.00% | 34.00% |
Tax expense at statutory rate | $ 3,281 | $ 3,246 |
State tax, net of federal effect | 106 | 183 |
Tax exempt income | (1,271) | (1,184) |
Bank owned life insurance | (150) | (142) |
Removel of valuation allowance on state NOL, net | (223) | 0 |
Other | 55 | 50 |
Total income tax expense | $ 1,798 | $ 2,153 |
Income Taxes (Details 2)
Income Taxes (Details 2) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets: | ||
Bad debts | $ 2,591 | $ 2,372 |
Deferred loan fees | 65 | 73 |
Deferred compensation | 498 | 484 |
Net operating loss, state | 449 | 557 |
Tax credits | 91 | 85 |
Nonaccrual loan interest income | 53 | 62 |
Restricted stock awards | 39 | 43 |
REO writedowns | 12 | 24 |
Unqualified deferred compensation plan | 70 | 63 |
Post retirement benefit | 47 | 52 |
Other-than-temporary impairment | 92 | 92 |
Accrued vacation | 116 | 98 |
Impairment on land | 71 | 71 |
Purchase accounting | 21 | 47 |
Other | 28 | 1 |
Total deferred tax assets | 4,243 | 4,124 |
Deferred tax liabilities: | ||
Depreciation | (901) | (1,034) |
Prepaids | (133) | (337) |
Mortgage servicing rights | (60) | (79) |
Deferred stock dividends | (97) | (109) |
Unrealized appreciation on securities available-for-sale, net | (722) | (826) |
Post retirement unrealized gain | (20) | (23) |
Other | (90) | (105) |
Total deferred tax liabilities | (2,023) | (2,513) |
Valuation allowance | (91) | (257) |
Net deferred tax asset | $ 2,129 | $ 1,354 |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Loss Carryforwards | $ 10,200 | |
Operating Loss Carryforwards Date Of Expiration | 2,022 | |
Deferred Tax Assets, Valuation Allowance | $ 91 | $ 257 |
Deferred Tax Liabilities Retained Earnings | 6,000 | 6,000 |
Tax Credit Carryforward, Amount | 2,000 | $ 2,000 |
State and Local Jurisdiction [Member] | ||
Operating Loss Carryforwards | $ 139 | |
Operating Loss Carryforwards Date Of Expiration | 2,017 |
Deposits (Details)
Deposits (Details) $ in Thousands | Dec. 31, 2015USD ($) |
2,016 | $ 142,683 |
2,017 | 35,016 |
2,018 | 10,266 |
2,019 | 3,649 |
2,020 | 2,564 |
Thereafter | 231 |
Total | $ 194,409 |
Deposits (Details Textual)
Deposits (Details Textual) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Time Deposits 250000 Or More | $ 26.1 | $ 22.8 |
Borrowed Funds (Details)
Borrowed Funds (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fixed rate advances from the FHLB | $ 34,100 | $ 36,100 |
Variable rate advances from the FHLB | 5,000 | 0 |
Line of credit at FHLB | 0 | 0 |
Other | 393 | 281 |
Total | $ 39,493 | $ 36,381 |
Borrowed Funds (Details 1)
Borrowed Funds (Details 1) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
2,016 | $ 15,393 | |
2,017 | 12,000 | |
2,018 | 6,100 | |
2,019 | 4,000 | |
2,020 | 2,000 | |
Total | $ 39,493 | $ 36,381 |
Borrowed Funds (Details 2)
Borrowed Funds (Details 2) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Ending balance | $ 18,508 | $ 17,525 |
Average balance during the year | 18,003 | 18,029 |
Maximum month-end balance during the year | 22,020 | 25,540 |
Securities underlying the agreements at year end, Carrying value | 23,479 | 103,754 |
Securities underlying the agreements at year end, Fair value | $ 23,479 | $ 103,754 |
Average interest rate during the year | 0.38% | 0.37% |
Average interest rate at year end | 0.45% | 0.35% |
Borrowed Funds (Details 3)
Borrowed Funds (Details 3) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fixed rate advances, maturing January 2016 through June 2020 at rates from 0.61% to 2.11%; average rate: 2015 - 1.29%; 2014 - 1.31% | $ 34,100 | $ 36,100 |
Variable rate advances, maturing May 2016 at the rate of 0.62% average rate: 2015 - 0.62%; 2014 - N/A | $ 5,000 | $ 0 |
Borrowed Funds (Details Textual
Borrowed Funds (Details Textual) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | $ 231,900,000 | $ 208,100,000 |
Long-term Line of Credit | $ 0 | $ 0 |
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Interest Rate, Range from | 0.61% | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Interest Rate, Range to | 2.11% | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Weighted Average Interest Rate | 1.29% | 1.31% |
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Due Date | 2,016 | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Due Date, Earliest | 2,016 | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Due Date, Last | 2,020 | |
Federal Home Loan Bank, Advances, Interest Rate | 0.62% | |
Federal Home Loan Bank Advances Average Interest Rate | 0.62% | |
Federal Home Loan Bank Advances [Member] | ||
Long-term Line of Credit | $ 10,000,000 |
Employees' Benefit Plans (Detai
Employees' Benefit Plans (Details) | Dec. 31, 2015 | Dec. 31, 2014 |
Defined Benefit Plan, Funded Percentage | 91.47% | 94.17% |
Employees' Benefit Plans (Det72
Employees' Benefit Plans (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Eligibility Of Employees | Employees are eligible to participate in the Employees Savings and Profit Sharing Plan and Trust on the next January 1 or July 1 following the completion of one year of employment, attaining age 18, and completion of 1,000 hours of service. | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 8.00% | 8.00% | ||
Defined Contribution Plan, Cost Recognized | $ 705 | $ 599 | ||
Deferred Compensation Liability, Current and Noncurrent | 188 | 171 | ||
Deferred Compensation Arrangement with Individual, Compensation Expense | 17 | 15 | ||
Deferred Costs | 97 | 106 | ||
Deferred Fee Liability | $ 1,340 | $ 1,300 | ||
Defined Benefit Plan, Funded Percentage | 91.47% | 94.17% | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | $ 1,500 | |||
Trust for Benefit of Employees [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Description of Defined Contribution Pension and Other Postretirement Plans | Participants also become 100% vested in the employer contributions and accrued earnings in their account upon their death, approved disability, or attainment of age 65 while employed at the Bank. | |||
Two Years Of Service [Member] | Trust for Benefit of Employees [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Funded Percentage | 40.00% | |||
Three Years Of Service [Member] | Trust for Benefit of Employees [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Funded Percentage | 60.00% | |||
Four Years Of Service [Member] | Trust for Benefit of Employees [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Funded Percentage | 80.00% | |||
Five Years Of Service [Member] | Trust for Benefit of Employees [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Funded Percentage | 100.00% | |||
Pentegra DB Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Contribution Plan, Cost Recognized | $ 190,800 | $ 136,500 | ||
Maximum [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan Employees Pre Tax Contributions | 50.00% | |||
Minimum [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan Employees Pre Tax Contributions | 1.00% |
Regulatory Capital (Details)
Regulatory Capital (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Regulatory Capital [Line Items] | ||
Tier 1 capital to risk-weighted assets Actual (in dollars) | $ 76 | $ 72 |
Tier 1 capital to risk-weighted assets Minimum Required For Capital Adequacy Purposes (in dollars) | 36.8 | 21.1 |
Tier 1 capital to risk-weighted assets Minimum Required To Be Well Capitalized Under Prompt Corrective Action Regulations (in dollars) | 49.1 | 31.7 |
Total capital to risk-weighted assets Actual (in dollars) | 83 | 78.4 |
Total capital to risk-weighted assets Minimum Required For Capital Adequacy Purposes (in dollars) | 49.1 | 42.3 |
Total capital to risk-weighted assets Minimum Required To Be Well Capitalized Under Prompt Corrective Action Regulations (in dollars) | 61.3 | 52.8 |
Tier 1 capital to adjusted average assets Actual (in dollars) | 76 | 72 |
Tier 1 capital to adjusted average assets Minimum Required For Capital Adequacy Purposes (in dollars) | 33.9 | 23.5 |
Tier 1 capital to adjusted average assets Minimum Required To Be Well Capitalized Under Prompt Corrective Action Regulations (in dollars) | $ 42.3 | $ 39.2 |
Tier 1 capital to risk-weighted assets Actual | 12.40% | 13.60% |
Tier 1 capital to risk-weighted assets Minimum Required For Capital Adequacy Purposes | 6.00% | 4.00% |
Tier 1 capital to risk-weighted assets Minimum Required To Be Well Capitalized Under Prompt Corrective Action Regulations | 8.00% | 6.00% |
Total capital to risk-weighted assets Actual | 13.50% | 14.80% |
Total capital to risk-weighted assets Minimum Required For Capital Adequacy Purposes | 8.00% | 8.00% |
Total capital to risk-weighted assets Minimum Required To Be Well Capitalized Under Prompt Corrective Action Regulations | 10.00% | 10.00% |
Tier 1 capital to adjusted average assets Actual | 9.00% | 9.20% |
Tier 1 capital to adjusted average assets Minimum Required For Capital Adequacy Purposes | 4.00% | 3.00% |
Tier 1 capital to adjusted average assets Minimum Required To Be Well Capitalized Under Prompt Corrective Action Regulations | 5.00% | 5.00% |
Common Stock [Member] | ||
Regulatory Capital [Line Items] | ||
Tier 1 capital to risk-weighted assets Actual (in dollars) | $ 76 | |
Tier 1 capital to risk-weighted assets Minimum Required For Capital Adequacy Purposes (in dollars) | 27.6 | |
Tier 1 capital to risk-weighted assets Minimum Required To Be Well Capitalized Under Prompt Corrective Action Regulations (in dollars) | $ 39.9 | |
Tier 1 capital to risk-weighted assets Actual | 12.40% | |
Tier 1 capital to risk-weighted assets Minimum Required For Capital Adequacy Purposes | 4.50% | |
Tier 1 capital to risk-weighted assets Minimum Required To Be Well Capitalized Under Prompt Corrective Action Regulations | 6.50% |
Regulatory Capital (Details Tex
Regulatory Capital (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Regulatory Capital [Line Items] | |||
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments without Regulatory Approval | $ 9.7 | $ 9.7 | |
Common Stock, Dividends, Per Share, Declared | $ 0.27 | $ 1.06 | $ 0.97 |
Stock Based Compensation (Detai
Stock Based Compensation (Details) - Employee Stock Option [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares - Outstanding Begining Balance (in shares) | 750 | 6,350 |
Shares - Granted (in shares) | 0 | 0 |
Shares - Exercised (in shares) | 0 | 0 |
Shares - Forfeited or expired (in shares) | 0 | (5,600) |
Shares - Outstanding Ending Balance (in shares) | 750 | 750 |
Shares - Vested or expected to vest (in shares) | 750 | 750 |
Shares - Exercisable (in shares) | 750 | 750 |
Weighted-Average Exercise Price - Outstanding at Begining of period (in dollars per share) | $ 28.50 | $ 29.82 |
Weighted-Average Exercise Price - Granted (in dollars per shares) | 0 | 0 |
Weighted-Average Exercise Price - Exercised (in dollars per share) | 0 | 0 |
Weighted-Average Exercise Price - Forfeited or expired (in dollars per share) | 0 | 30 |
Weighted-Average Exercise Price - Outstanding at end of period (in dollars per share) | 28.50 | 28.50 |
Weighted Average Exercise Price - Vested or expected to vest (in dollars per share) | 28.50 | 28.50 |
Weighted-Average Exercise Price - Exercisable at December (in dollars per share) | $ 28.50 | $ 28.50 |
Weighted-Average Remaining Contractual Term - Outstanding at end of period (in years) | 2 years 2 months 12 days | 3 years 2 months 12 days |
Weighted Remaining Contractual Term - Vested or expected to vest (in years) | 2 years 2 months 12 days | 3 years 2 months 12 days |
Weighted-Average Remaining Contractual Term - Exercisable at December (in years) | 2 years 2 months 12 days | 3 years 2 months 12 days |
Aggregate Intrinsic Value - Outstanding at end of period (in dollars) | $ 0 | $ 0 |
Aggregate Intrinsic Value -Vested or expected to vest (in dollars) | 0 | 0 |
Aggregate Intrinsic Value - Exercisable at December (in dollars) | $ 0 | $ 0 |
Stock Based Compensation (Det76
Stock Based Compensation (Details 1) - Employee Stock Option [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares - Non-vested (in shares) | 12,775 | 11,100 |
Shares - Granted (in shares) | 7,250 | 4,175 |
Shares - Vested (in shares) | (300) | (2,500) |
Shares - Forfeited (in shares) | 0 | 0 |
Shares - Non-vested (in shares) | 19,725 | 12,775 |
Weighted-Average Grant Date Fair Value - Non-vested (in dollars per share) | $ 23.63 | $ 21.54 |
Weighted-Average Grant Date Fair Value - Granted (in dollars per share) | 27.50 | 26.32 |
Weighted-Average Grant Date Fair Value - Vested (in dollars per share) | 16.75 | 18.86 |
Weighted-Average Grant Date Fair Value - Forfeited (in dollars per share) | 0 | 0 |
Weighted-Average Grant Date Fair Value - Non-vested (in dollars per share) | $ 25.15 | $ 23.63 |
Stock Based Compensation (Det77
Stock Based Compensation (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 250,000 | |
Adjustments to Additional Paid in Capital, Share-based Compensation, Stock Options, Requisite Service Period Recognition | $ 96 | $ 61 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 316 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 1 month 6 days |
Earnings per Common Share (Deta
Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Basic earnings per common share: | ||
Net income available to common stockholders | $ 7,852 | $ 7,394 |
Weighted-average common shares outstanding | 2,850,801 | 2,844,033 |
Basic earnings per common share | $ 2.75 | $ 2.6 |
Diluted earnings per common share: | ||
Net income available to common stockholders | $ 7,852 | $ 7,394 |
Weighted-average common shares outstanding | 2,850,801 | 2,844,033 |
Weighted-average common and dilutive potential common shares outstanding | 2,850,801 | 2,844,033 |
Diluted earnings per common share | $ 2.75 | $ 2.6 |
Earnings per Common Share (De79
Earnings per Common Share (Details Textual) - shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Weighted Average Number Diluted Shares Outstanding Adjustment | 750 | 750 |
Related Party Transactions (Det
Related Party Transactions (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Related Party Transaction [Line Items] | |
Aggregate balance at the beginning of the year | $ 4,098 |
New loans | 1,974 |
Repayments | (1,773) |
Aggregate balance at the end of the year | $ 4,299 |
Related Party Transactions (D81
Related Party Transactions (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Related Party Transaction [Line Items] | ||
Loans and Leases Receivable, Related Parties | $ 4,299 | $ 4,098 |
Deposits, Total | 714,875 | 633,946 |
Directors and Executive Officers [Member] | ||
Related Party Transaction [Line Items] | ||
Deposits, Total | 2,800 | $ 2,200 |
Directors and Executive Officers [Member] | Minimum [Member] | ||
Related Party Transaction [Line Items] | ||
Loans and Leases Receivable, Related Parties | $ 120 |
Commitments and Contingencies82
Commitments and Contingencies (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Commitments and Contingencies [Line Items] | ||
Loans and Leases Receivable, Commitments, Fixed Rates | $ 47,231 | $ 39,922 |
Loans and Leases Receivable, Commitments, Variable Rates | 64,373 | 52,814 |
Loans And Leases Receivable Commitments | 111,604 | 92,736 |
Residential Real Estate Including Home Equity [Member] | ||
Commitments and Contingencies [Line Items] | ||
Loans and Leases Receivable, Commitments, Fixed Rates | 21,638 | 19,010 |
Loans and Leases Receivable, Commitments, Variable Rates | 6,590 | 6,052 |
Loans And Leases Receivable Commitments | 28,228 | 25,062 |
Consumer Loan [Member] | ||
Commitments and Contingencies [Line Items] | ||
Loans and Leases Receivable, Commitments, Fixed Rates | 11,796 | 11,037 |
Loans and Leases Receivable, Commitments, Variable Rates | 0 | 0 |
Loans And Leases Receivable Commitments | 11,796 | 11,037 |
Commercial Real Estate [Member] | ||
Commitments and Contingencies [Line Items] | ||
Loans and Leases Receivable, Commitments, Fixed Rates | 12,619 | 8,534 |
Loans and Leases Receivable, Commitments, Variable Rates | 18,170 | 6,842 |
Loans And Leases Receivable Commitments | 30,789 | 15,376 |
Commercial Participations Purchased [Member] | ||
Commitments and Contingencies [Line Items] | ||
Loans and Leases Receivable, Commitments, Fixed Rates | 83 | 83 |
Loans and Leases Receivable, Commitments, Variable Rates | 0 | 0 |
Loans And Leases Receivable Commitments | 83 | 83 |
Commercial business [Member] | ||
Commitments and Contingencies [Line Items] | ||
Loans and Leases Receivable, Commitments, Fixed Rates | 1,095 | 1,258 |
Loans and Leases Receivable, Commitments, Variable Rates | 39,613 | 39,920 |
Loans And Leases Receivable Commitments | $ 40,708 | $ 41,178 |
Commitments and Contingencies83
Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Commitments and Contingencies [Line Items] | ||
Loans and Leases Receivable, Commitments, Fixed Rates | $ 47,231 | $ 39,922 |
Standby Letters of Credit [Member] | ||
Commitments and Contingencies [Line Items] | ||
Letters of Credit Outstanding, Amount | $ 8,400 | $ 7,900 |
Minimum [Member] | ||
Commitments and Contingencies [Line Items] | ||
Loans Receivable Fixed Rates Of Interest | 2.75% | 1.49% |
Maximum [Member] | ||
Commitments and Contingencies [Line Items] | ||
Loans Receivable Fixed Rates Of Interest | 10.00% | 10.00% |
Fair Values of Financial Inst84
Fair Values of Financial Instruments (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | |
Ending balance, December 31, 2014 | $ 271 |
Additions not previously recognized | 0 |
Ending balance, December 31, 2015 | $ 271 |
Fair Values of Financial Inst85
Fair Values of Financial Instruments (Details 1) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)Number | Dec. 31, 2014USD ($) | ||
Other-than-temporary impairment model assumptions: | |||
Other-than-temporary impairment | $ | $ 271 | $ 271 | |
Cusip One [Member] | |||
Fair Value Pooled Trust Preferred Securities [Line Items] | |||
Cusip | 74043CAC1 | ||
Deal name | PreTSL XXIV | ||
Class | B1 | ||
Lowest credit rating assigned | CC | ||
Number of performing banks | 57 | ||
Number of performing insurance companies | 13 | ||
Number of issuers in default | 19 | ||
Number of issuers in deferral | 4 | ||
Defaults & deferrals as a % of performing collateral | 36.46% | ||
Subordination: | |||
As a % of performing collateral | 9.51% | ||
As a % of performing collateral - adjusted for projected future defaults | 4.35% | ||
Other-than-temporary impairment model assumptions: | |||
Year 1 - issuer average | 1.80% | ||
Year 2 - issuer average | 1.80% | ||
Year 3 - issuer average | 1.80% | ||
> 3 Years - issuer average | [1] | ||
Discount rate - 3 month Libor, plus implicit yield spread at purchase | 1.48% | ||
Recovery assumptions | [2] | ||
Prepayments | 0.00% | ||
Other-than-temporary impairment | $ | $ 41 | ||
Cusip Two [Member] | |||
Fair Value Pooled Trust Preferred Securities [Line Items] | |||
Cusip | 74042TAJ0 | ||
Deal name | PreTSL XXVII | ||
Class | C1 | ||
Lowest credit rating assigned | C | ||
Number of performing banks | 30 | ||
Number of performing insurance companies | 7 | ||
Number of issuers in default | 8 | ||
Number of issuers in deferral | 4 | ||
Defaults & deferrals as a % of performing collateral | 27.32% | ||
Subordination: | |||
As a % of performing collateral | (3.69%) | ||
As a % of performing collateral - adjusted for projected future defaults | (11.38%) | ||
Other-than-temporary impairment model assumptions: | |||
Year 1 - issuer average | 2.30% | ||
Year 2 - issuer average | 2.30% | ||
Year 3 - issuer average | 2.30% | ||
> 3 Years - issuer average | [1] | ||
Discount rate - 3 month Libor, plus implicit yield spread at purchase | 1.23% | ||
Recovery assumptions | [2] | ||
Prepayments | 0.00% | ||
Other-than-temporary impairment | $ | $ 132 | ||
Cusip Three [Member] | |||
Fair Value Pooled Trust Preferred Securities [Line Items] | |||
Cusip | 01449TAB9 | ||
Deal name | Alesco IX | ||
Class | A-2A | ||
Lowest credit rating assigned | BB | ||
Number of performing banks | 59 | ||
Number of performing insurance companies | 10 | ||
Number of issuers in default | 2 | ||
Number of issuers in deferral | 5 | ||
Defaults & deferrals as a % of performing collateral | 7.23% | ||
Subordination: | |||
As a % of performing collateral | 46.16% | ||
As a % of performing collateral - adjusted for projected future defaults | 43.09% | ||
Other-than-temporary impairment model assumptions: | |||
Year 1 - issuer average | 1.80% | ||
Year 2 - issuer average | 1.80% | ||
Year 3 - issuer average | 1.80% | ||
> 3 Years - issuer average | [1] | ||
Discount rate - 3 month Libor, plus implicit yield spread at purchase | 1.27% | ||
Recovery assumptions | [2] | ||
Prepayments | 0.00% | ||
Other-than-temporary impairment | $ | $ 36 | ||
Cusip Four [Member] | |||
Fair Value Pooled Trust Preferred Securities [Line Items] | |||
Cusip | 01450NAC6 | ||
Deal name | Alesco XVII | ||
Class | B | ||
Lowest credit rating assigned | CCC | ||
Number of performing banks | 48 | ||
Number of performing insurance companies | 0 | ||
Number of issuers in default | 4 | ||
Number of issuers in deferral | 4 | ||
Defaults & deferrals as a % of performing collateral | 16.96% | ||
Subordination: | |||
As a % of performing collateral | 25.85% | ||
As a % of performing collateral - adjusted for projected future defaults | 21.62% | ||
Other-than-temporary impairment model assumptions: | |||
Year 1 - issuer average | 1.80% | ||
Year 2 - issuer average | 1.80% | ||
Year 3 - issuer average | 1.80% | ||
> 3 Years - issuer average | [1] | ||
Discount rate - 3 month Libor, plus implicit yield spread at purchase | 1.44% | ||
Recovery assumptions | [2] | ||
Prepayments | 0.00% | ||
Other-than-temporary impairment | $ | $ 62 | ||
[1] | Default rates > 3 years are evaluated on a issuer by issuer basis and range from 0.25% to 5.00%. | ||
[2] | Recovery assumptions are evaluated on a issuer by issuer basis and range from 0% to 15% with a five year lag. |
Fair Values of Financial Inst86
Fair Values of Financial Instruments (Details 2) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | $ 233,350 | $ 220,053 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 525 | 6,453 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 230,091 | 211,168 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 2,734 | 2,432 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 233,350 | 220,053 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 525 | 6,453 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 230,091 | 211,168 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 2,734 | 2,432 |
Money Market Funds [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 525 | 6,453 |
Money Market Funds [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 525 | 6,453 |
Money Market Funds [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Money Market Funds [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Municipal Bonds [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 93,487 | 80,725 |
Municipal Bonds [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Municipal Bonds [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 93,487 | 80,725 |
Municipal Bonds [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 17,431 | 12,869 |
US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 17,431 | 12,869 |
US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Collateralized Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 119,173 | 117,574 |
Collateralized Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Collateralized Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 119,173 | 117,574 |
Collateralized Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Collateralized Debt Obligations [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 2,734 | 2,432 |
Collateralized Debt Obligations [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Collateralized Debt Obligations [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Collateralized Debt Obligations [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | $ 2,734 | $ 2,432 |
Fair Values of Financial Inst87
Fair Values of Financial Instruments (Details 3) - Collateralized Debt Obligations [Member] - Fair Value, Measurements, Recurring [Member] - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | $ 2,432 | $ 1,968 |
Included in earnings | 0 | 0 |
Total unrealized gains, included in other comprehensive income | 302 | 464 |
Transfers in and/or (out) of Level 3 | 0 | 0 |
Ending balance | $ 2,734 | $ 2,432 |
Fair Values of Financial Inst88
Fair Values of Financial Instruments (Details 4) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Impaired Loans [Member] | ||
Fair Value Asset Measured On Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | $ 7,048 | $ 6,930 |
Foreclosed Real Estate [Member] | ||
Fair Value Asset Measured On Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 1,590 | 1,745 |
Fair Value, Inputs, Level 1 [Member] | Impaired Loans [Member] | ||
Fair Value Asset Measured On Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Foreclosed Real Estate [Member] | ||
Fair Value Asset Measured On Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Impaired Loans [Member] | ||
Fair Value Asset Measured On Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Foreclosed Real Estate [Member] | ||
Fair Value Asset Measured On Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Impaired Loans [Member] | ||
Fair Value Asset Measured On Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 7,048 | 6,930 |
Fair Value, Inputs, Level 3 [Member] | Foreclosed Real Estate [Member] | ||
Fair Value Asset Measured On Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | $ 1,590 | $ 1,745 |
Fair Values of Financial Inst89
Fair Values of Financial Instruments (Details 5) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Financial assets, Carrying value: | ||
Cash and cash equivalents - Carrying Value | $ 11,533 | $ 21,963 |
Securities available-for-sale - Carrying Value | 233,350 | 220,053 |
Loans held-for-sale - Carrying Value | 2,435 | 2,913 |
Loans receivable, net - Carrying Value | 564,945 | 481,792 |
Federal Home Loan Bank stock - Carrying Value | 3,000 | 3,681 |
Accrued interest receivable - Carrying Value | 3,000 | 2,727 |
Financial liabilities, Carrying value: | ||
Non-interest bearing deposits - Carrying Value | 100,031 | 80,352 |
Interest bearing deposits - Carrying Value | 614,844 | 553,594 |
Repurchase agreements - Carrying Value | 18,508 | 17,525 |
Borrowed funds - Carrying Value | 39,493 | 36,381 |
Accrued interest payable - Carrying Value | 45 | 49 |
Financial assets, Fair value: | ||
Cash and cash equivalents - Estimated Fair Value | 11,533 | 21,963 |
Securities available-for-sale - Estimated Fair Value | 233,350 | 220,053 |
Loans held-for-sale - Estimated Fair Value | 2,504 | 2,983 |
Loans receivable, net - Estimated Fair Value | 561,122 | 480,736 |
Federal Home Loan Bank stock - Estimated Fair Value | 3,000 | 3,681 |
Accrued interest receivable - Estimated Fair Value | 3,000 | 2,727 |
Financial liabilities, Fair value: | ||
Non-interest bearing deposits - Estimated Fair Value | 100,031 | 80,352 |
Interest bearing deposits - Estimated Fair Value | 614,226 | 552,872 |
Repurchase agreements - Estimated Fair Value | 18,476 | 17,528 |
Borrowed funds - Estimated Fair Value | 39,504 | 36,424 |
Accrued interest payable - Estimated Fair Value | 45 | 49 |
Fair Value, Inputs, Level 1 [Member] | ||
Financial assets, Fair value: | ||
Cash and cash equivalents - Estimated Fair Value | 11,533 | 21,963 |
Securities available-for-sale - Estimated Fair Value | 525 | 6,453 |
Loans held-for-sale - Estimated Fair Value | 2,504 | 2,983 |
Loans receivable, net - Estimated Fair Value | 0 | 0 |
Federal Home Loan Bank stock - Estimated Fair Value | 0 | 0 |
Accrued interest receivable - Estimated Fair Value | 0 | 0 |
Financial liabilities, Fair value: | ||
Non-interest bearing deposits - Estimated Fair Value | 100,031 | 80,352 |
Interest bearing deposits - Estimated Fair Value | 420,354 | 368,501 |
Repurchase agreements - Estimated Fair Value | 13,628 | 12,010 |
Borrowed funds - Estimated Fair Value | 393 | 281 |
Accrued interest payable - Estimated Fair Value | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Financial assets, Fair value: | ||
Cash and cash equivalents - Estimated Fair Value | 0 | 0 |
Securities available-for-sale - Estimated Fair Value | 230,091 | 211,168 |
Loans held-for-sale - Estimated Fair Value | 0 | 0 |
Loans receivable, net - Estimated Fair Value | 0 | 0 |
Federal Home Loan Bank stock - Estimated Fair Value | 3,000 | 3,681 |
Accrued interest receivable - Estimated Fair Value | 3,000 | 2,727 |
Financial liabilities, Fair value: | ||
Non-interest bearing deposits - Estimated Fair Value | 0 | 0 |
Interest bearing deposits - Estimated Fair Value | 193,872 | 184,371 |
Repurchase agreements - Estimated Fair Value | 4,848 | 5,518 |
Borrowed funds - Estimated Fair Value | 39,111 | 36,143 |
Accrued interest payable - Estimated Fair Value | 45 | 49 |
Fair Value, Inputs, Level 3 [Member] | ||
Financial assets, Fair value: | ||
Cash and cash equivalents - Estimated Fair Value | 0 | 0 |
Securities available-for-sale - Estimated Fair Value | 2,734 | 2,432 |
Loans held-for-sale - Estimated Fair Value | 0 | 0 |
Loans receivable, net - Estimated Fair Value | 561,122 | 480,736 |
Federal Home Loan Bank stock - Estimated Fair Value | 0 | 0 |
Accrued interest receivable - Estimated Fair Value | 0 | 0 |
Financial liabilities, Fair value: | ||
Non-interest bearing deposits - Estimated Fair Value | 0 | 0 |
Interest bearing deposits - Estimated Fair Value | 0 | 0 |
Repurchase agreements - Estimated Fair Value | 0 | 0 |
Borrowed funds - Estimated Fair Value | 0 | 0 |
Accrued interest payable - Estimated Fair Value | $ 0 | $ 0 |
Fair Values of Financial Inst90
Fair Values of Financial Instruments (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value [Line Items] | ||
Minimum Percentage of Defaults Rates on Above 3 Years Issuer Average in Other than Temporary Impairment Model Assumptions | 0.25% | |
Maximum Percentage of Defaults Rates on Above 3 Years Issuer Average in Other than Temporary Impairment Model Assumptions | 5.00% | |
Minimum Percentage of Recovery Assumptions on Other than Temporary Impairment Model Assumptions | 0.00% | |
Maximum Percentage of Recovery Assumptions on Other than Temporary Impairment Model Assumptions | 15.00% | |
Available-for-sale Securities, Amortized Cost Basis | $ 3,800 | $ 3,800 |
Unpaid Principal Balance | 7,400 | 7,300 |
Impaired Financing Receivable, Reserve | 356 | 426 |
Impaired Financing Receivable, Fair Value | $ 7,000 | $ 6,900 |
Parent Company Only Statement91
Parent Company Only Statements (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Assets | |||
Cash on deposit with Peoples Bank | $ 9,915 | $ 8,057 | |
Investment in Peoples Bank | 773 | 5,866 | |
Other assets | 5,111 | 4,021 | |
Total assets | 864,893 | 775,044 | |
Liabilities and stockholders' equity | |||
Total liabilities | 783,984 | 698,879 | |
Common stock | 361 | 361 | |
Additional paid in capital | 4,158 | 4,062 | |
Accumulated other comprehensive income | 1,406 | 1,588 | |
Retained earnings | 74,984 | 70,154 | |
Total stockholders’ equity | 80,909 | 76,165 | $ 66,761 |
Total liabilities and stockholders’ equity | 864,893 | 775,044 | |
Parent Company [Member] | |||
Assets | |||
Cash on deposit with Peoples Bank | 741 | 143 | |
Investment in Peoples Bank | 80,551 | 75,781 | |
Dividends receivable from Peoples Bank | 770 | 711 | |
Other assets | 150 | 313 | |
Total assets | 82,212 | 76,948 | |
Liabilities and stockholders' equity | |||
Dividends payable | 770 | 711 | |
Other liabilities | 533 | 72 | |
Total liabilities | 1,303 | 783 | |
Common stock | 361 | 361 | |
Additional paid in capital | 4,158 | 4,062 | |
Accumulated other comprehensive income | 1,406 | 1,588 | |
Retained earnings | 74,984 | 70,154 | |
Total stockholders’ equity | 80,909 | 76,165 | |
Total liabilities and stockholders’ equity | $ 82,212 | $ 76,948 |
Parent Company Only Statement92
Parent Company Only Statements (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Condensed Income Statements, Captions [Line Items] | ||
Dividends from Peoples Bank | $ 3,022 | $ 2,759 |
Income before income taxes and equity in undistributed income of Peoples Bank | 9,650 | 9,547 |
Income tax benefit | 1,798 | 2,153 |
Net income | 7,852 | 7,394 |
Parent Company [Member] | ||
Condensed Income Statements, Captions [Line Items] | ||
Dividends from Peoples Bank | 3,021 | 2,759 |
Operating expenses | 151 | 154 |
Income before income taxes and equity in undistributed income of Peoples Bank | 2,870 | 2,605 |
Income tax benefit | (29) | (49) |
Income before equity in undistributed income of Peoples Bank | 2,899 | 2,654 |
Equity in undistributed income of Peoples Bank | 4,953 | 4,740 |
Net income | $ 7,852 | $ 7,394 |
Parent Company Only Statement93
Parent Company Only Statements (Details 2) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities: | ||
Net income | $ 7,852 | $ 7,394 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Stock based compensation expense | 96 | 61 |
Change in other assets | (49) | 281 |
Total adjustments | 1,608 | 2,184 |
Cash flows from financing activities: | ||
Dividends paid | (2,962) | (2,673) |
Treasury stock purchased | 0 | (31) |
Net change in cash | (10,430) | 2,175 |
Cash and cash equivalents at beginning of period | 21,963 | 19,788 |
Cash and cash equivalents at end of period | 11,533 | 21,963 |
Parent Company [Member] | ||
Cash flows from operating activities: | ||
Net income | 7,852 | 7,394 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Equity in undistributed net income of Peoples Bank | (4,953) | (4,740) |
Stock based compensation expense | 96 | 61 |
Change in other assets | 104 | 198 |
Change in other liabilities | 461 | (208) |
Total adjustments | (4,292) | (4,689) |
Net cash - operating activities | 3,560 | 2,705 |
Cash flows from investing activities | 0 | 0 |
Cash flows from financing activities: | ||
Dividends paid | (2,962) | (2,673) |
Treasury stock purchased | 0 | (31) |
Net cash - financing activities | (2,962) | (2,704) |
Net change in cash | 598 | 1 |
Cash and cash equivalents at beginning of period | 143 | 142 |
Cash and cash equivalents at end of period | $ 741 | $ 143 |