Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | Apr. 28, 2017 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | NORTHWEST INDIANA BANCORP | |
Entity Central Index Key | 919,864 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Trading Symbol | NWIN | |
Entity Common Stock, Shares Outstanding | 2,864,732 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
ASSETS | ||
Cash and non-interest bearing deposits in other financial institutions | $ 9,541 | $ 15,338 |
Interest bearing deposits in other financial institutions | 5,145 | 29,556 |
Federal funds sold | 1,098 | 215 |
Total cash and cash equivalents | 15,784 | 45,109 |
Securities available-for-sale | 237,279 | 233,625 |
Loans held-for-sale | 841 | 2,193 |
Loans receivable | 596,100 | 583,650 |
Less: allowance for loan losses | (6,834) | (7,698) |
Net loans receivable | 589,266 | 575,952 |
Federal Home Loan Bank stock | 3,000 | 3,000 |
Accrued interest receivable | 2,895 | 3,086 |
Premises and equipment | 19,666 | 19,287 |
Foreclosed real estate | 2,621 | 2,665 |
Cash value of bank owned life insurance | 19,010 | 18,895 |
Goodwill | 2,792 | 2,792 |
Other assets | 6,029 | 7,022 |
Total assets | 899,183 | 913,626 |
Deposits: | ||
Non-interest bearing | 118,137 | 111,800 |
Interest bearing | 652,492 | 667,971 |
Total | 770,629 | 779,771 |
Repurchase agreements | 12,096 | 13,998 |
Borrowed funds | 21,493 | 25,828 |
Accrued expenses and other liabilities | 8,538 | 9,921 |
Total liabilities | 812,756 | 829,518 |
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: March 31, 2017 - 2,920,770 December 31, 2016 - 2,916,195 shares outstanding: March 31, 2017 - 2,864,732 December 31, 2016 - 2,860,157 | 361 | 361 |
Additional paid-in capital | 4,348 | 4,300 |
Accumulated other comprehensive loss | (730) | (1,506) |
Retained earnings | 82,448 | 80,953 |
Total stockholders' equity | 86,427 | 84,108 |
Total liabilities and stockholders' equity | $ 899,183 | $ 913,626 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - shares | Mar. 31, 2017 | Dec. 31, 2016 |
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 | 2,920,770 | 2,916,195 |
Common stock, shares outstanding | 2,864,732 | 2,860,157 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Loans receivable | ||
Real estate loans | $ 5,421 | $ 5,676 |
Commercial loans | 1,013 | 882 |
Consumer loans | 5 | 6 |
Total loan interest | 6,439 | 6,564 |
Securities | 1,617 | 1,545 |
Other interest earning assets | 22 | 6 |
Total interest income | 8,078 | 8,115 |
Interest expense: | ||
Deposits | 459 | 429 |
Repurchase agreements | 21 | 24 |
Borrowed funds | 83 | 127 |
Total interest expense | 563 | 580 |
Net interest income | 7,515 | 7,535 |
Provision for loan losses | 234 | 296 |
Net interest income after provision for loan losses | 7,281 | 7,239 |
Noninterest income: | ||
Fees and service charges | 740 | 663 |
Wealth management operations | 410 | 423 |
Gain on sale of securities, net | 293 | 253 |
Gain on sale of loans held-for-sale, net | 200 | 250 |
Increase in cash value of bank owned life insurance | 115 | 116 |
Gain on sale of foreclosed real estate, net | 0 | 32 |
Other | 27 | 1 |
Total noninterest income | 1,785 | 1,738 |
Noninterest expense: | ||
Compensation and benefits | 3,613 | 3,562 |
Occupancy and equipment | 882 | 904 |
Data processing | 368 | 325 |
Marketing | 135 | 114 |
Federal deposit insurance premiums | 77 | 137 |
Other | 1,225 | 1,063 |
Total noninterest expense | 6,300 | 6,105 |
Income before income tax expenses | 2,766 | 2,872 |
Income tax expenses | 468 | 628 |
Net income | $ 2,298 | $ 2,244 |
Earnings per common share: | ||
Basic | $ 0.8 | $ 0.79 |
Diluted | 0.8 | 0.79 |
Dividends declared per common share | $ 0.28 | $ 0.27 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Net income | $ 2,298 | $ 2,244 |
Net change in net unrealized gains and losses on securities available-for-sale: | ||
Unrealized gains arising during the period | 1,468 | 2,359 |
Less: reclassification adjustment for gains included in net income | (293) | (253) |
Net securities gain during the period | 1,175 | 2,106 |
Tax effect | (399) | (715) |
Net of tax amount | 776 | 1,391 |
Net change in unrealized gain on postretirement benefit: | ||
Amortization of net actuarial gain | 0 | (1) |
Net loss during the period | 0 | (1) |
Net of tax amount | 0 | (1) |
Other comprehensive income, net of tax | 776 | 1,390 |
Comprehensive income, net of tax | $ 3,074 | $ 3,634 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity $ in Thousands | USD ($) |
Balance at beginning of period at Dec. 31, 2015 | $ 80,909 |
Comprehensive income: | |
Net income | 2,244 |
Net unrealized gains on securities available-for-sale, net of reclassifications and tax effects | 1,391 |
Amortization of unrecognized gain on postretirement benefit | (1) |
Comprehensive income, net of tax | 3,634 |
Stock based compensation expense | 30 |
Cash dividends | (771) |
Balance at end of period at Mar. 31, 2016 | 83,802 |
Balance at beginning of period at Dec. 31, 2016 | 84,108 |
Comprehensive income: | |
Net income | 2,298 |
Net unrealized gains on securities available-for-sale, net of reclassifications and tax effects | 776 |
Amortization of unrecognized gain on postretirement benefit | 0 |
Comprehensive income, net of tax | 3,074 |
Stock based compensation expense | 47 |
Cash dividends | (802) |
Balance at end of period at Mar. 31, 2017 | $ 86,427 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 2,298 | $ 2,244 |
Adjustments to reconcile net income to net cash provided by/(used in) operating activities: | ||
Origination of loans for sale | (6,332) | (8,995) |
Sale of loans originated for sale | 7,876 | 10,173 |
Depreciation and amortization, net of accretion | 620 | 598 |
Amortization of mortgage servicing rights | 13 | 15 |
Stock based compensation expense | 47 | 30 |
Gain on sale of securities, net | (293) | (253) |
Gain on sale of loans held-for-sale, net | (200) | (250) |
Gain on sale of foreclosed real estate, net | 0 | (32) |
Provision for loan losses | 234 | 296 |
Net change in: | ||
Interest receivable | 191 | 147 |
Other assets | 587 | (299) |
Accrued expenses and other liabilities | (1,383) | 3,000 |
Total adjustments | 1,360 | 4,430 |
Net cash - operating activities | 3,658 | 6,674 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Proceeds from maturities and pay downs of securities available-for-sale | 6,700 | 13,370 |
Proceeds from sales of securities available-for-sale | 17,964 | 8,247 |
Purchase of securities available-for-sale | (27,117) | (26,047) |
Net change in loans receivable | (13,504) | 641 |
Purchase of premises and equipment, net | (732) | (387) |
Proceeds from sale of foreclosed real estate, net | 0 | 209 |
Change in cash value of bank owned life insurance | (115) | (116) |
Net cash - investing activities | (16,804) | (4,083) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net change in deposits | (9,142) | 3,821 |
Proceeds from FHLB advances | 0 | 1,000 |
Repayment of FHLB advances | (4,000) | (15,000) |
Change in other borrowed funds | (2,237) | 6,751 |
Dividends paid | (800) | (771) |
Net cash - financing activities | (16,179) | (4,199) |
Net change in cash and cash equivalents | (29,325) | (1,608) |
Cash and cash equivalents at beginning of period | 45,109 | 11,533 |
Cash and cash equivalents at end of period | 15,784 | 9,925 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||
Interest | 567 | 581 |
Income taxes | 0 | 235 |
Noncash activities: | ||
Transfers from loans to foreclosed real estate | $ 0 | $ 10 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Accounting [Text Block] | Note 1 - Basis of Presentation The consolidated financial statements include the accounts of NorthWest Indiana Bancorp (the “Bancorp”), its wholly-owned subsidiaries NWIN Risk Management, Inc. (a captive insurance subsidiary) and Peoples Bank SB (the “Bank”), and the Bank’s wholly-owned subsidiaries, Peoples Service Corporation, NWIN, LLC, NWIN Funding, Incorporated, and Columbia Development Company, LLC. The Bancorp’s business activities include being a holding company for the Bank as well as a holding company for NWIN Risk Management, Inc. The Bancorp’s earnings are primarily dependent upon the earnings of the Bank. The accompanying unaudited consolidated financial statements were prepared in accordance with instructions for Form 10-Q and, therefore, do not include all disclosures required by U.S. generally accepted accounting principles for complete presentation of consolidated financial statements. In the opinion of management, the consolidated financial statements contain all adjustments necessary to present fairly the consolidated balance sheets of the Bancorp as of March 31, 2017 and December 31, 2016, and the consolidated statements of income, comprehensive income, changes in stockholders’ equity, and cash flows for the three months ended March 31, 2017 and 2016. |
Use of Estimates
Use of Estimates | 3 Months Ended |
Mar. 31, 2017 | |
Use of Estimates [Abstract] | |
Use of Estimates [Text Block] | Note 2 - Use of Estimates Preparing financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period, as well as the disclosures provided. Actual results could differ from those estimates. Estimates associated with the allowance for loan losses, fair values of foreclosed real estate, loan servicing rights, investment securities, deferred tax assets, goodwill, and the status of contingencies are particularly susceptible to material change in the near term. |
Securities
Securities | 3 Months Ended |
Mar. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 3 - Securities The estimated fair value of available-for-sale securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive income were as follows: (Dollars in thousands) Gross Gross Estimated Cost Unrealized Unrealized Fair Basis Gains Losses Value March 31, 2017 Money market fund $ 353 $ - $ - $ 353 U.S. government sponsored entities 13,995 - (272 ) 13,723 Collateralized mortgage obligations and residential mortgage-backed securities 125,005 411 (1,252 ) 124,164 Municipal securities 94,094 2,349 (379 ) 96,064 Collateralized debt obligations 4,935 - (1,960 ) 2,975 Total securities available-for-sale $ 238,382 $ 2,760 $ (3,863 ) $ 237,279 (Dollars in thousands) Gross Gross Estimated Cost Unrealized Unrealized Fair Basis Gains Losses Value December 31, 2016 Money market fund $ 222 $ - $ - $ 222 U.S. government sponsored entities 16,643 - (369 ) 16,274 Collateralized mortgage obligations and residential mortgage-backed securities 118,807 441 (1,273 ) 117,975 Municipal securities 95,242 2,146 (643 ) 96,745 Collateralized debt obligations 4,989 - (2,580 ) 2,409 Total securities available-for-sale $ 235,903 $ 2,587 $ (4,865 ) $ 233,625 The estimated fair value of available-for-sale debt securities at March 31, 2017, by contractual maturity, were as follows. Securities not due at a single maturity date, primarily collateralized mortgage obligations and residential mortgage-backed securities, are shown separately. (Dollars in thousands) Available-for-sale Estimated Fair Tax-Equivalent March 31, 2017 Value Yield (%) Due in one year or less $ 545 7.13 Due from one to five years 11,756 3.19 Due from five to ten years 31,164 4.72 Due over ten years 69,650 4.40 Collateralized mortgage obligations and residential mortgage-backed securities 124,164 2.58 Total $ 237,279 3.43 Sales of available-for-sale securities were as follows for the three months ended: (Dollars in thousands) March 31, March 31, 2017 2016 Proceeds $ 17,964 $ 8,247 Gross gains 334 253 Gross losses (41 ) - Accumulated other comprehensive income/(loss) balances, net of tax, related to available-for-sale securities, were as follows: (Dollars in thousands) Unrealized Ending balance, December 31, 2016 $ (1,506 ) Current period change 776 Ending balance, March 31, 2017 $ (730 ) Securities with carrying values of approximately $27.1 million and $32.4 million were pledged as of March 31, 2017 and December 31, 2016, respectively, as collateral for repurchase agreements, public funds, and for other purposes as permitted or required by law. Securities with gross unrealized losses at March 31, 2017 and December 31, 2016 not recognized in income are as follows: (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 March 31, 2017 U.S. government sponsored entities $ 13,723 $ (272 ) $ - $ - $ 13,723 $ (272 ) Collateralized mortgage obligations and residential mortgage-backed securities 75,029 (1,160 ) 2,203 (92 ) 77,232 (1,252 ) Municipal securities 15,711 (379 ) - - 15,711 (379 ) Collateralized debt obligations - - 2,975 (1,960 ) 2,975 (1,960 ) Total temporarily impaired $ 104,463 $ (1,811 ) $ 5,178 $ (2,052 ) $ 109,641 $ (3,863 ) Number of securities 84 6 90 (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 30, 2016 U.S. government sponsored entities $ 16,274 $ (369 ) $ - $ - $ 16,274 $ (369 ) Collateralized mortgage obligations and residential mortgage-backed securities 75,931 (1,183 ) 2,287 (90 ) 78,218 (1,273 ) Municipal securities 20,775 (643 ) - - 20,775 (643 ) Collateralized debt obligations - - 2,409 (2,580 ) 2,409 (2,580 ) Total temporarily impaired $ 112,980 $ (2,195 ) $ 4,696 $ (2,670 ) $ 117,676 $ (4,865 ) Number of securities 97 6 103 Unrealized losses on securities have not been recognized into income because the securities are of high credit quality or have undisrupted cash flows. Management has the intent and ability to hold those securities for the foreseeable future, and the decline in fair value is largely due to changes in interest rates and volatility in securities markets. The fair values are expected to recover as the securities approach maturity. |
Loans Receivable
Loans Receivable | 3 Months Ended |
Mar. 31, 2017 | |
Receivables [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Note 4 - Loans Receivable Loans receivable are summarized below: (Dollars in thousands) March 31, 2017 December 31, 2016 Loans secured by real estate: Residential real estate, including home equity $ 209,505 $ 205,979 Commercial real estate, construction & land development, and other dwellings 274,541 270,092 Commercial participations purchased 409 369 Total loans secured by real estate 484,455 476,440 Consumer 479 522 Commercial business 80,250 77,513 Government 31,771 29,529 Subtotal 596,955 584,004 Less: Net deferred loan origination fees (162 ) (162 ) Undisbursed loan funds (693 ) (192 ) Loans receivable $ 596,100 $ 583,650 (Dollars in thousands) Residential Real Consumer Commercial Real Commercial Commercial Government Total The Bancorp's activity in the allowance for loan losses, by loan segment, is summarized below for the three months ended March 31, 2017: Allowance for loan losses: Beginning Balance $ 2,410 $ 34 $ 4,302 $ - $ 896 $ 56 $ 7,698 Charge-offs (858 ) (5 ) - - (245 ) - (1,108 ) Recoveries - 2 - - 8 - 10 Provisions 49 (3 ) 50 - 136 2 234 Ending Balance $ 1,601 $ 28 $ 4,352 $ - $ 795 $ 58 $ 6,834 The Bancorp's activity in the allowance for loan losses, by loan segment, is summarized below for the three months ended March 31, 2016: Allowance for loan losses: Beginning Balance $ 1,711 $ 38 $ 4,422 $ 14 $ 698 $ 70 $ 6,953 Charge-offs (49 ) (4 ) - - - - (53 ) Recoveries 1 3 - - 8 - 12 Provisions 68 7 179 (1 ) 41 2 296 Ending Balance $ 1,731 $ 44 $ 4,601 $ 13 $ 747 $ 72 $ 7,208 (Dollars in thousands) Residential Consumer Commercial Commercial Commercial Government Total The Bancorp's allowance for loan losses impairment evaluation and loan receivables are summarized below at March 31, 2017: Ending balance: individually evaluated for impairment $ - $ - $ 115 $ - $ 81 $ - $ 196 Ending balance: collectively evaluated for impairment $ 1,601 $ 28 $ 4,237 $ - $ 714 $ 58 $ 6,638 LOAN RECEIVABLES Ending balance $ 209,361 $ 481 $ 274,541 $ 409 $ 79,537 $ 31,771 $ 596,100 Ending balance: individually evaluated for impairment $ 544 $ - $ 615 $ 80 $ 384 $ - $ 1,623 Ending balance: purchased credit impaired individually evaluated for impairment $ 847 $ - $ - $ - $ - $ - $ 847 Ending balance: collectively evaluated for impairment $ 207,970 $ 481 $ 273,926 $ 329 $ 79,153 $ 31,771 $ 593,630 (Dollars in thousands) Residential Real Estate, Including Home Equity Consumer Commercial Real Estate, Construction & Land Development, and Other Dwellings Commercial Participations Purchased Commercial Business Government Total The Bancorp's allowance for loan losses impairment evaluation and loan receivables are summarized below at December 31, 2016: Ending balance: individually evaluated for impairment $ 879 $ - $ 3 $ - $ 354 $ - $ 1,236 Ending balance: collectively evaluated for impairment $ 1,531 $ 34 $ 4,299 $ - $ 542 $ 56 $ 6,462 LOAN RECEIVABLES Ending balance $ 205,837 $ 524 $ 270,092 $ 369 $ 77,299 $ 29,529 $ 583,650 Ending balance: individually evaluated for impairment $ 1,419 $ - $ 374 $ 82 $ 687 $ - $ 2,562 Ending balance: purchased credit impaired individually evaluated for impairment $ 956 $ - $ - $ - $ - $ - $ 956 Ending balance: collectively evaluated for impairment $ 203,462 $ 524 $ 269,718 $ 287 $ 76,612 $ 29,529 $ 580,132 The Bancorp's credit quality indicators are summarized below at March 31, 2017 and December 31, 2016: (Dollars in thousands) Corporate Credit Exposure - Credit Risk Portfolio By Creditworthiness Category Commercial Real Estate, Construction Commercial Participations Purchased Commercial Business Government Loan Grades 2017 2016 2017 2016 2017 2016 2017 2016 2 Moderate risk $ 242 $ 248 $ - $ - $ 6,923 $ 6,315 $ - $ - 3 Above average acceptable risk 2,838 3,147 - - 20,189 15,043 912 955 4 Acceptable risk 120,706 121,583 182 188 20,341 24,754 27,759 25,474 5 Marginally acceptable risk 102,827 100,615 131 83 18,470 18,787 3,100 3,100 6 Pass/monitor 41,582 38,326 16 16 11,714 10,653 - - 7 Special mention (watch) 5,731 5,799 - - 1,008 533 - - 8 Substandard 615 374 80 82 892 1,214 - - Total $ 274,541 $ 270,092 $ 409 $ 369 $ 79,537 $ 77,299 $ 31,771 $ 29,529 (Dollars in thousands) Consumer Credit Exposure - Credit Risk Profile Based On Payment Activity Residential Real Estate, Including Consumer 2017 2016 2017 2016 Performing $ 204,936 $ 200,816 $ 481 $ 524 Non-performing 4,425 5,021 - - Total $ 209,361 $ 205,837 $ 481 $ 524 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. Performing loans are loans that are paying as agreed and are approximately less than ninety days past due on payments of interest and principal. During the first quarter of 2017, no loans were modified as a troubled debt restructuring. No troubled debt restructurings have subsequently defaulted during the periods presented. 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. The Bancorp's individually evaluated impaired loans are summarized below: As of March 31, 2017 For the three months ended (Dollars in thousands) Recorded Unpaid Principal Related Average Interest With no related allowance recorded: Residential real estate, including home equity $ 1,391 $ 4,233 $ - $ 1,350 $ 11 Commercial real estate, construction & land development, and other dwellings 475 475 - 416 - Commercial participations purchased 80 80 - 81 1 Commercial business 206 206 - 209 1 With an allowance recorded: Residential real estate, including home equity - - - 533 - Commercial real estate, construction & land development, and other dwellings 140 140 115 79 - Commercial participations purchased - - - - - Commercial business 178 178 81 327 - Total: Residential real estate, including home equity $ 1,391 $ 4,233 $ - $ 1,883 $ 11 Commercial real estate, construction & land development, and other dwellings $ 615 $ 615 $ 115 $ 495 $ - Commercial participations purchased $ 80 $ 80 $ - $ 81 $ 1 Commercial business $ 384 $ 384 $ 81 $ 536 $ 1 As of December 31, 2016 For the three months ended (Dollars in thousands) Recorded Unpaid Principal Related Average Interest With no related allowance recorded: Residential real estate, including home equity $ 1,309 $ 3,293 $ - $ 2,610 $ 48 Commercial real estate, construction & land development, and other dwellings 356 356 - 2,604 - Commercial participations purchased 82 82 - - - Commercial business 212 212 - 83 1 With an allowance recorded: Residential real estate, including home equity 1,066 1,066 879 174 - Commercial real estate, construction & land development, and other dwellings 18 18 3 120 - Commercial participations purchased - - - 92 1 Commercial business 475 475 354 125 - Total: Residential real estate, including home equity $ 2,375 $ 4,359 $ 879 $ 2,784 $ 48 Commercial real estate, construction & land development, and other dwellings $ 374 $ 374 $ 3 $ 2,724 $ - Commercial participations purchased $ 82 $ 82 $ - $ 92 $ 1 Commercial business $ 687 $ 687 $ 354 $ 208 $ 1 As part of the previously disclosed acquisitions of First Federal Savings and Loan Association of Hammond (“First Federal”), which closed during the second quarter of 2014, and Liberty Savings Bank (“Liberty”), which closed during the third quarter of 2015, 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 March 31, 2017, total purchased credit impaired loans with unpaid principal balances totaled $2.8 million with a recorded investment of $847 thousand, compared to December 31, 2016, which unpaid principal balances totaled $2.9 million with a recorded investment of $956 thousand. First Federal purchased credit impaired loans with unpaid principal balances totaled $1.1 million with a recorded investment of $415 thousand, compared to December 31, 2016, which unpaid principal balances totaled $1.2 million with a recorded investment of $507 thousand. Liberty purchased credit impaired loans with unpaid principal balances totaled $1.7 million with a recorded investment of $432 thousand compared to December 31, 2016, which unpaid principal balances totaled $1.7 million with a recorded investment of $449 thousand. 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 March 31, 2017 Residential real estate, including home equity $ 3,647 $ 1,213 $ 3,142 $ 8,002 $ 201,359 $ 209,361 $ 391 Consumer - - - - 481 481 - Commercial real estate, construction & land development, and other dwellings 111 480 692 1,283 273,258 274,541 94 Commercial participations purchased - - 80 80 329 409 - Commercial business 241 52 169 462 79,075 79,537 - Government - - - - 31,771 31,771 - Total $ 3,999 $ 1,745 $ 4,083 $ 9,827 $ 586,273 $ 596,100 $ 485 December 31, 2016 Residential real estate, including home equity $ 3,974 $ 1,775 $ 4,024 $ 9,773 $ 196,064 $ 205,837 $ 500 Consumer - - - - 524 524 - Commercial real estate, construction & land development, and other dwellings 396 189 374 959 269,133 270,092 - Commercial participations purchased - - 82 82 287 369 - Commercial business 171 217 466 854 76,445 77,299 - Government - - - - 29,529 29,529 - Total $ 4,541 $ 2,181 $ 4,946 $ 11,668 $ 571,982 $ 583,650 $ 500 The Bancorp's loans on nonaccrual status are summarized below: (Dollars in thousands) March 31, December 31, Residential real estate, including home equity $ 4,035 $ 4,521 Consumer - - Commercial real estate, construction & land development, and other dwellings 615 374 Commercial participations purchased 80 82 Commercial business 326 628 Government - - Total $ 5,056 $ 5,605 |
Foreclosed Real Estate
Foreclosed Real Estate | 3 Months Ended |
Mar. 31, 2017 | |
Other Real Estate and Foreclosed Assets [Abstract] | |
Real Estate Disclosure [Text Block] | Note 5 - Foreclosed Real Estate Foreclosed real estate at period-end is summarized below: (Dollars in thousands) March 31, December 31, 2017 2016 Residential real estate, including home equity $ 1,783 $ 1,810 Commercial real estate, construction & land development and other dwellings 838 855 Commercial business - - Total $ 2,621 $ 2,665 |
Goodwill, Other Intangible Asse
Goodwill, Other Intangible Assets, and Acquisition Related Accounting | 3 Months Ended |
Mar. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 6 - Goodwill, Other Intangible Assets, and Acquisition Related Accounting The Bancorp established a goodwill balance totaling $2.8 million with the acquisitions of First Federal and Liberty. Goodwill of $2.0 million was established with the acquisition of First Federal and goodwill of $804 thousand was established with the acquisition of Liberty. 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 second quarter of 2016, original estimates related to Liberty goodwill components were adjusted. Estimates of fair values related to a pool of purchased loans were determined to be lower than originally estimated, which led to the addition of $178 thousand to goodwill. Fixed asset valuations were also determined to be higher than originally estimated, which led to a reduction of $109 thousand to goodwill. Also, the valuation of the accrued withdrawal liability for the defined benefit plan was determined to be higher than originally estimated leading to the addition of $162 thousand to goodwill. Goodwill totaled $2.8 million at March 31, 2017 compared to $2.8 million at December 31, 2016. 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 $3 thousand of amortization was taken during the three months ended March 31, 2017 and March 31, 2016. It is estimated that an additional $9 thousand of additional amortization will occur during 2017 and the remaining amount of $48 thousand will be amortized through to the first quarter of 2022. A core deposit intangible of $471 thousand for the acquisition of Liberty was established and is being amortized over 8.2 years on a straight line basis. Approximately $14 thousand of amortization was taken during the three months ended March 31, 2017 compared to $14 thousand during the three months ended March 31, 2016. It is estimated that $43 thousand of additional amortization will occur during 2017 and the remaining amount of $327 thousand will be 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 $37 thousand of accretion was taken into income for the three months ended March 31, 2017, compared to $47 thousand for the three months ended March 31, 2016. It is estimated that $129 thousand of additional accretion will occur in 2017, and accretion of $143 thousand will occur during 2018. Similarly, for the Liberty 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 $81 thousand of accretion was taken into income for the three months ended March 31, 2017, compared to $76 thousand for the three months ended March 31, 2016. It is estimated that $209 thousand of additional accretion will occur in 2017, accretion of $279 thousand will occur in 2018, and accretion of $46 thousand will occur during 2019. For the Liberty acquisition, as part of the fair value of certificates of deposit, a fair value premium was established of $124 thousand that was amortized over 17 months on a straight line basis. No amortization expense was taken during the three months ended March 31, 2017, compared to $22 thousand of amortization taken as expense during the three months ended March 31, 2016. No additional amortization expense will occur during 2017. |
Concentrations of Credit Risk
Concentrations of Credit Risk | 3 Months Ended |
Mar. 31, 2017 | |
Risks and Uncertainties [Abstract] | |
Concentration Risk Disclosure [Text Block] | Note 7 - Concentrations of Credit Risk The primary lending area of the Bancorp encompasses all of Lake County in northwest Indiana, where a majority of loan activity is concentrated. The Bancorp is also an active lender in Porter County, and to a lesser extent, LaPorte, Newton and Jasper counties in Indiana, and Lake, Cook and Will counties in Illinois. Substantially all loans are secured by specific items of collateral including residences, commercial real estate, land development, business assets and consumer assets. |
Earnings per Share
Earnings per Share | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | Note 8 - Earnings per 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 and diluted earnings per common share computations for the three months ended March 31, 2017 and 2016 are as follows: Three Months Ended (Dollars in thousands, except per share data) March 31, 2017 2016 Basic earnings per common share: Net income as reported $ 2,298 $ 2,244 Weighted average common shares outstanding 2,863,156 2,854,872 Basic earnings per common share $ 0.80 $ 0.79 Diluted earnings per common share: Net income as reported $ 2,298 $ 2,244 Weighted average common shares outstanding 2,863,156 2,854,872 Add: Dilutive effect of assumed stock option exercises 139 750 Weighted average common and dilutive potential common shares outstanding 2,863,295 2,855,622 Diluted earnings per common share $ 0.80 $ 0.79 |
Stock Based Compensation
Stock Based Compensation | 3 Months Ended |
Mar. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 9 - 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 27, 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. As required by the Stock Compensation Topic, companies are required to record compensation cost for stock options and awards provided to employees in return for employment service. For the three months ended March 31, 2017, stock based compensation expense of $47 thousand was recorded, compared to $30 thousand for the three months ended March 31, 2016. It is anticipated that current outstanding unvested options and awards will result in additional compensation expense of approximately $156 thousand in 2017 and $150 thousand in 2018. There were no incentive stock options granted during the first three months of 2017 or 2016. When options are granted, the cost is measured at the fair value of the options when granted, and this cost is expensed over the employment service period, which is normally the vesting period of the options or awards. A summary of incentive option activity under the Bancorp’s stock option and incentive plans described above for the three months ended March 31, 2017 follows: Weighted- Weighted- Average Average Remaining Aggregate Exercise Contractual Intrinsic Incentive options Shares Price Term Value Outstanding at January 1, 2017 500 $ 28.50 Granted - - Exercised - - Forfeited - - Expired - $ - Outstanding at March 31, 2017 500 $ 28.50 0.9 - Exercisable at March 31, 2017 500 $ 28.50 0.9 - There were 4,575 shares of restricted stock granted during the first three months of 2017 compared to 5,240 shares granted during the first three months of 2016. Restricted stock awards are issued with an award price equal to the market price of the Bancorp’s common stock on the award date and vest five years after the grant date. Forfeiture provisions exist for personnel that separate employment before the vesting period expires. A summary of restricted stock activity under the Bancorp’s incentive stock option and incentive plans described above for the three months ended March 31, 2017 follows: Weighted- Average Grant Date Restricted stock Shares Fair Value Nonvested at January 1, 2017 28,465 $ 26.67 Granted 4,575 39.00 Vested 1,625 25.81 Forfeited - - Nonvested at March 31, 2017 31,415 $ 28.51 |
Adoption of New Accounting Stan
Adoption of New Accounting Standards | 3 Months Ended |
Mar. 31, 2017 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | Note 10 - Adoption of New Accounting Standards In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers (Topic 606) In January 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities In February 2016, the Financial Accounting Standards Board (FASB) issued ASU 2016-02, Lease In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments |
Fair Value
Fair Value | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | Note 11 - Fair Value The Fair Value Measurements 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: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3: Significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. 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 a 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 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 Investments Debt and Equity Securities (Dollars in thousands) Collateralized debt obligations other-than-temporary impairment Ending balance, December 31, 2016 $ 271 Additions not previously recognized - Ending balance, March 31, 2017 $ 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 CC BB CCC Number of performing banks 60 33 61 51 Number of performing insurance companies 13 7 10 n/a Number of issuers in default 17 7 2 4 Number of issuers in deferral 3 2 3 1 Defaults & deferrals as a % of performing collateral 29.67 % 20.06 % 4.38 % 8.11 % Subordination: As a % of performing collateral 21.67 % 8.35 % 52.45 % 35.58 % As a % of performing collateral - adjusted for projected future defaults 16.93 % 1.24 % 49.09 % 31.69 % Other-than-temporary impairment model assumptions: Defaults: Year 1 - issuer average 1.90 % 2.40 % 2.20 % 1.90 % Year 2 - issuer average 1.90 % 2.40 % 2.20 % 1.90 % Year 3 - issuer average 1.90 % 2.40 % 2.20 % 1.90 % > 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 preceding table, 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 March 31, 2017, 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 a 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 March 31, 2017, three of the trust preferred securities with a cost basis of $3.6 million continue to be 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 Assets and Liabilities Measured at Fair Value on a Recurring Basis (Dollars in thousands) Fair Value Measurements at March 31, 2017 Using (Dollars in thousands) Estimated Quoted Prices in Significant Other Significant Available-for-sale debt securities: Money market fund $ 353 $ 353 $ - $ - U.S. government sponsored entities 13,723 - 13,723 - Collateralized mortgage obligations and residential mortgage-backed securities 124,164 - 124,164 - Municipal securities 96,064 - 96,064 - Collateralized debt obligations 2,975 - - 2,975 Total securities available-for-sale $ 237,279 $ 353 $ 233,951 $ 2,975 (Dollars in thousands) Fair Value Measurements at December 31, 2016 Using (Dollars in thousands) Estimated Quoted Prices in Significant Other Significant Available-for-sale debt securities: Money market fund $ 222 $ 222 $ - $ - U.S. government sponsored entities 16,274 - 16,274 - Collateralized mortgage obligations and residential mortgage-backed securities 117,975 - 117,975 - Municipal securities 96,745 - 96,745 - Collateralized debt obligations 2,409 - - 2,409 Total securities available-for-sale $ 233,625 $ 222 $ 230,994 $ 2,409 (Dollars in thousands) Estimated Fair Value Available-for- Beginning balance, January 1, 2016 $ 2,734 Principal payments (107 ) Total unrealized losses, included in other comprehensive income (218 ) Transfers in and/or (out) of Level 3 - Ending balance, December 31, 2016 $ 2,409 Beginning balance, January 1, 2017 $ 2,409 Principal payments (54 ) Total unrealized gains, included in other comprehensive income 620 Transfers in and/or (out) of Level 3 - Ending balance, March 31, 2017 $ 2,975 (Dollars in thousands) Fair Value Measurements at March 31, 2017 Using (Dollars in thousands) Estimated Quoted Prices in Significant Other Significant Impaired loans $ 2,274 $ - $ - $ 2,274 Foreclosed real estate 2,621 - - 2,621 (Dollars in thousands) Fair Value Measurements at December 31, 2016 Using (Dollars in thousands) Estimated Quoted Prices in Significant Other Significant Impaired loans $ 2,282 $ - $ - $ 2,282 Foreclosed real estate 2,665 - - 2,665 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 a present value of 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 in impaired loans was approximately $2.5 million and the related specific reserves totaled approximately $196 thousand, resulting in a fair value of impaired loans totaling approximately $2.3 million, at March 31, 2017. The recorded investment of impaired loans was approximately $3.5 million and the related specific reserves totaled approximately $1.2 million, resulting in a fair value of impaired loans totaling approximately $2.3 million, at December 31, 2016. 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. March 31, 2017 Estimated Fair Value Measurements at March 31, 2017 Using (Dollars in thousands) Carrying Estimated Quoted Prices in Significant Significant Financial assets: Cash and cash equivalents $ 15,784 $ 15,784 $ 15,784 $ - $ - Securities available-for-sale 237,279 237,279 353 233,951 2,975 Loans held-for-sale 841 850 850 - - Loans receivable, net 589,266 581,591 - - 581,591 Federal Home Loan Bank stock 3,000 3,000 - 3,000 - Accrued interest receivable 2,895 2,895 - 2,895 - Financial liabilities: Non-interest bearing deposits 118,137 118,137 118,137 - - Interest bearing deposits 652,492 651,603 469,867 181,736 - Repurchase agreements 12,096 12,092 10,340 1,752 - Borrowed funds 21,493 21,518 393 21,125 - Accrued interest payable 37 37 - 37 - December 31, 2016 Estimated Fair Value Measurements at December 31, 2016 Using (Dollars in thousands) Carrying Estimated Quoted Prices in Significant Significant Financial assets: Cash and cash equivalents $ 45,109 $ 45,109 $ 45,109 $ - $ - Securities available-for-sale 233,625 233,625 222 230,994 2,409 Loans held-for-sale 2,193 2,242 2,242 - - Loans receivable, net 575,952 568,855 - - 568,855 Federal Home Loan Bank stock 3,000 3,000 - 3,000 - Accrued interest receivable 3,086 3,086 - 3,086 - Financial liabilities: Non-interest bearing deposits 111,800 111,800 111,800 - - Interest bearing deposits 667,971 667,227 482,307 184,920 - Repurchase agreements 13,998 13,995 11,439 2,556 - Borrowed funds 25,828 25,840 700 25,140 - Accrued interest payable 41 41 - 41 - The following methods were used to estimate the fair value of financial instruments presented in the preceding table for the periods ended March 31, 2017 and December 31, 2016: Cash and cash equivalents 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 value of accrued interest receivable and payable approximates 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 (included in borrowed funds) 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. |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Available-for-sale Securities [Table Text Block] | The estimated fair value of available-for-sale securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive income were as follows: (Dollars in thousands) Gross Gross Estimated Cost Unrealized Unrealized Fair Basis Gains Losses Value March 31, 2017 Money market fund $ 353 $ - $ - $ 353 U.S. government sponsored entities 13,995 - (272) 13,723 Collateralized mortgage obligations and residential mortgage-backed securities 125,005 411 (1,252) 124,164 Municipal securities 94,094 2,349 (379) 96,064 Collateralized debt obligations 4,935 - (1,960) 2,975 Total securities available-for-sale $ 238,382 $ 2,760 $ (3,863) $ 237,279 (Dollars in thousands) Gross Gross Estimated Cost Unrealized Unrealized Fair Basis Gains Losses Value December 31, 2016 Money market fund $ 222 $ - $ - $ 222 U.S. government sponsored entities 16,643 - (369) 16,274 Collateralized mortgage obligations and residential mortgage-backed securities 118,807 441 (1,273) 117,975 Municipal securities 95,242 2,146 (643) 96,745 Collateralized debt obligations 4,989 - (2,580) 2,409 Total securities available-for-sale $ 235,903 $ 2,587 $ (4,865) $ 233,625 |
Schedule of Contractual Maturities of Available-for-sale Debt Securities [Table Text Block] | The estimated fair value of available-for-sale debt securities at March 31, 2017, by contractual maturity, were as follows. Securities not due at a single maturity date, primarily collateralized mortgage obligations and residential mortgage-backed securities, are shown separately. (Dollars in thousands) Available-for-sale Estimated Fair Tax-Equivalent March 31, 2017 Value Yield (%) Due in one year or less $ 545 7.13 Due from one to five years 11,756 3.19 Due from five to ten years 31,164 4.72 Due over ten years 69,650 4.40 Collateralized mortgage obligations and residential mortgage-backed securities 124,164 2.58 Total $ 237,279 3.43 |
Schedule of Realized Gain (Loss) [Table Text Block] | Sales of available-for-sale securities were as follows for the three months ended: (Dollars in thousands) March 31, March 31, 2017 2016 Proceeds $ 17,964 $ 8,247 Gross gains 334 253 Gross losses (41) - |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Accumulated other comprehensive income/(loss) balances, net of tax, related to available-for-sale securities, were as follows: (Dollars in thousands) Unrealized gain/(loss) Ending balance, December 31, 2016 $ (1,506) Current period change 776 Ending balance, March 31, 2017 $ (730) |
Unrealized Gain (Loss) on Investments [Table Text Block] | Securities with gross unrealized losses at March 31, 2017 and December 31, 2016 not recognized in income are as follows: (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 March 31, 2017 U.S. government sponsored entities $ 13,723 $ (272) $ - $ - $ 13,723 $ (272) Collateralized mortgage obligations and residential mortgage-backed securities 75,029 (1,160) 2,203 (92) 77,232 (1,252) Municipal securities 15,711 (379) - - 15,711 (379) Collateralized debt obligations - - 2,975 (1,960) 2,975 (1,960) Total temporarily impaired $ 104,463 $ (1,811) $ 5,178 $ (2,052) $ 109,641 $ (3,863) Number of securities 84 6 90 (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 30, 2016 U.S. government sponsored entities $ 16,274 $ (369) $ - $ - $ 16,274 $ (369) Collateralized mortgage obligations and residential mortgage-backed securities 75,931 (1,183) 2,287 (90) 78,218 (1,273) Municipal securities 20,775 (643) - - 20,775 (643) Collateralized debt obligations - - 2,409 (2,580) 2,409 (2,580) Total temporarily impaired $ 112,980 $ (2,195) $ 4,696 $ (2,670) $ 117,676 $ (4,865) Number of securities 97 6 103 |
Loans Receivable (Tables)
Loans Receivable (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Loans receivable are summarized below: (Dollars in thousands) March 31, 2017 December 31, 2016 Loans secured by real estate: Residential real estate, including home equity $ 209,505 $ 205,979 Commercial real estate, construction & land development, and other dwellings 274,541 270,092 Commercial participations purchased 409 369 Total loans secured by real estate 484,455 476,440 Consumer 479 522 Commercial business 80,250 77,513 Government 31,771 29,529 Subtotal 596,955 584,004 Less: Net deferred loan origination fees (162 ) (162 ) Undisbursed loan funds (693 ) (192 ) Loans receivable $ 596,100 $ 583,650 |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | (Dollars in thousands) Residential Real Consumer Commercial Real Commercial Commercial Government Total The Bancorp's activity in the allowance for loan losses, by loan segment, is summarized below for the three months ended March 31, 2017: Allowance for loan losses: Beginning Balance $ 2,410 $ 34 $ 4,302 $ - $ 896 $ 56 $ 7,698 Charge-offs (858 ) (5 ) - - (245 ) - (1,108 ) Recoveries - 2 - - 8 - 10 Provisions 49 (3 ) 50 - 136 2 234 Ending Balance $ 1,601 $ 28 $ 4,352 $ - $ 795 $ 58 $ 6,834 The Bancorp's activity in the allowance for loan losses, by loan segment, is summarized below for the three months ended March 31, 2016: Allowance for loan losses: Beginning Balance $ 1,711 $ 38 $ 4,422 $ 14 $ 698 $ 70 $ 6,953 Charge-offs (49 ) (4 ) - - - - (53 ) Recoveries 1 3 - - 8 - 12 Provisions 68 7 179 (1 ) 41 2 296 Ending Balance $ 1,731 $ 44 $ 4,601 $ 13 $ 747 $ 72 $ 7,208 (Dollars in thousands) Residential Consumer Commercial Commercial Commercial Government Total The Bancorp's allowance for loan losses impairment evaluation and loan receivables are summarized below at March 31, 2017: Ending balance: individually evaluated for impairment $ - $ - $ 115 $ - $ 81 $ - $ 196 Ending balance: collectively evaluated for impairment $ 1,601 $ 28 $ 4,237 $ - $ 714 $ 58 $ 6,638 LOAN RECEIVABLES Ending balance $ 209,361 $ 481 $ 274,541 $ 409 $ 79,537 $ 31,771 $ 596,100 Ending balance: individually evaluated for impairment $ 544 $ - $ 615 $ 80 $ 384 $ - $ 1,623 Ending balance: purchased credit impaired individually evaluated for impairment $ 847 $ - $ - $ - $ - $ - $ 847 Ending balance: collectively evaluated for impairment $ 207,970 $ 481 $ 273,926 $ 329 $ 79,153 $ 31,771 $ 593,630 (Dollars in thousands) Residential Real Estate, Including Home Equity Consumer Commercial Real Estate, Construction & Land Development, and Other Dwellings Commercial Participations Purchased Commercial Business Government Total The Bancorp's allowance for loan losses impairment evaluation and loan receivables are summarized below at December 31, 2016: Ending balance: individually evaluated for impairment $ 879 $ - $ 3 $ - $ 354 $ - $ 1,236 Ending balance: collectively evaluated for impairment $ 1,531 $ 34 $ 4,299 $ - $ 542 $ 56 $ 6,462 LOAN RECEIVABLES Ending balance $ 205,837 $ 524 $ 270,092 $ 369 $ 77,299 $ 29,529 $ 583,650 Ending balance: individually evaluated for impairment $ 1,419 $ - $ 374 $ 82 $ 687 $ - $ 2,562 Ending balance: purchased credit impaired individually evaluated for impairment $ 956 $ - $ - $ - $ - $ - $ 956 Ending balance: collectively evaluated for impairment $ 203,462 $ 524 $ 269,718 $ 287 $ 76,612 $ 29,529 $ 580,132 |
Financing Receivable Credit Quality Indicators [Table Text Block] | The Bancorp's credit quality indicators are summarized below at March 31, 2017 and December 31, 2016: (Dollars in thousands) Corporate Credit Exposure - Credit Risk Portfolio By Creditworthiness Category Commercial Real Estate, Construction Commercial Participations Purchased Commercial Business Government Loan Grades 2017 2016 2017 2016 2017 2016 2017 2016 2 Moderate risk $ 242 $ 248 $ - $ - $ 6,923 $ 6,315 $ - $ - 3 Above average acceptable risk 2,838 3,147 - - 20,189 15,043 912 955 4 Acceptable risk 120,706 121,583 182 188 20,341 24,754 27,759 25,474 5 Marginally acceptable risk 102,827 100,615 131 83 18,470 18,787 3,100 3,100 6 Pass/monitor 41,582 38,326 16 16 11,714 10,653 - - 7 Special mention (watch) 5,731 5,799 - - 1,008 533 - - 8 Substandard 615 374 80 82 892 1,214 - - Total $ 274,541 $ 270,092 $ 409 $ 369 $ 79,537 $ 77,299 $ 31,771 $ 29,529 (Dollars in thousands) Consumer Credit Exposure - Credit Risk Profile Based On Payment Activity Residential Real Estate, Including Consumer 2017 2016 2017 2016 Performing $ 204,936 $ 200,816 $ 481 $ 524 Non-performing 4,425 5,021 - - Total $ 209,361 $ 205,837 $ 481 $ 524 |
Impaired Financing Receivables [Table Text Block] | The Bancorp's individually evaluated impaired loans are summarized below: As of March 31, 2017 For the three months ended (Dollars in thousands) Recorded Unpaid Principal Related Average Interest With no related allowance recorded: Residential real estate, including home equity $ 1,391 $ 4,233 $ - $ 1,350 $ 11 Commercial real estate, construction & land development, and other dwellings 475 475 - 416 - Commercial participations purchased 80 80 - 81 1 Commercial business 206 206 - 209 1 With an allowance recorded: Residential real estate, including home equity - - - 533 - Commercial real estate, construction & land development, and other dwellings 140 140 115 79 - Commercial participations purchased - - - - - Commercial business 178 178 81 327 - Total: Residential real estate, including home equity $ 1,391 $ 4,233 $ - $ 1,883 $ 11 Commercial real estate, construction & land development, and other dwellings $ 615 $ 615 $ 115 $ 495 $ - Commercial participations purchased $ 80 $ 80 $ - $ 81 $ 1 Commercial business $ 384 $ 384 $ 81 $ 536 $ 1 As of December 31, 2016 For the three months ended (Dollars in thousands) Recorded Unpaid Principal Related Average Interest With no related allowance recorded: Residential real estate, including home equity $ 1,309 $ 3,293 $ - $ 2,610 $ 48 Commercial real estate, construction & land development, and other dwellings 356 356 - 2,604 - Commercial participations purchased 82 82 - - - Commercial business 212 212 - 83 1 With an allowance recorded: Residential real estate, including home equity 1,066 1,066 879 174 - Commercial real estate, construction & land development, and other dwellings 18 18 3 120 - Commercial participations purchased - - - 92 1 Commercial business 475 475 354 125 - Total: Residential real estate, including home equity $ 2,375 $ 4,359 $ 879 $ 2,784 $ 48 Commercial real estate, construction & land development, and other dwellings $ 374 $ 374 $ 3 $ 2,724 $ - Commercial participations purchased $ 82 $ 82 $ - $ 92 $ 1 Commercial business $ 687 $ 687 $ 354 $ 208 $ 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 March 31, 2017 Residential real estate, including home equity $ 3,647 $ 1,213 $ 3,142 $ 8,002 $ 201,359 $ 209,361 $ 391 Consumer - - - - 481 481 - Commercial real estate, construction & land development, and other dwellings 111 480 692 1,283 273,258 274,541 94 Commercial participations purchased - - 80 80 329 409 - Commercial business 241 52 169 462 79,075 79,537 - Government - - - - 31,771 31,771 - Total $ 3,999 $ 1,745 $ 4,083 $ 9,827 $ 586,273 $ 596,100 $ 485 December 31, 2016 Residential real estate, including home equity $ 3,974 $ 1,775 $ 4,024 $ 9,773 $ 196,064 $ 205,837 $ 500 Consumer - - - - 524 524 - Commercial real estate, construction & land development, and other dwellings 396 189 374 959 269,133 270,092 - Commercial participations purchased - - 82 82 287 369 - Commercial business 171 217 466 854 76,445 77,299 - Government - - - - 29,529 29,529 - Total $ 4,541 $ 2,181 $ 4,946 $ 11,668 $ 571,982 $ 583,650 $ 500 |
Schedule of Financing Receivables, Non Accrual Status [Table Text Block] | The Bancorp's loans on nonaccrual status are summarized below: (Dollars in thousands) March 31, December 31, Residential real estate, including home equity $ 4,035 $ 4,521 Consumer - - Commercial real estate, construction & land development, and other dwellings 615 374 Commercial participations purchased 80 82 Commercial business 326 628 Government - - Total $ 5,056 $ 5,605 |
Foreclosed Real Estate (Tables)
Foreclosed Real Estate (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Other Real Estate and Foreclosed Assets [Abstract] | |
Schedule of Real Estate Properties [Table Text Block] | Foreclosed real estate at period-end is summarized below: (Dollars in thousands) March 31, December 31, 2017 2016 Residential real estate, including home equity $ 1,783 $ 1,810 Commercial real estate, construction & land development and other dwellings 838 855 Commercial business - - Total $ 2,621 $ 2,665 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | A reconciliation of the numerators and denominators of the basic and diluted earnings per common share computations for the three months ended March 31, 2017 and 2016 are as follows: Three Months Ended (Dollars in thousands, except per share data) March 31, 2017 2016 Basic earnings per common share: Net income as reported $ 2,298 $ 2,244 Weighted average common shares outstanding 2,863,156 2,854,872 Basic earnings per common share $ 0.80 $ 0.79 Diluted earnings per common share: Net income as reported $ 2,298 $ 2,244 Weighted average common shares outstanding 2,863,156 2,854,872 Add: Dilutive effect of assumed stock option exercises 139 750 Weighted average common and dilutive potential common shares outstanding 2,863,295 2,855,622 Diluted earnings per common share $ 0.80 $ 0.79 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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 incentive option activity under the Bancorp’s stock option and incentive plans described above for the three months ended March 31, 2017 follows: Weighted- Weighted- Average Average Remaining Aggregate Exercise Contractual Intrinsic Incentive options Shares Price Term Value Outstanding at January 1, 2017 500 $ 28.50 Granted - - Exercised - - Forfeited - - Expired - $ - Outstanding at March 31, 2017 500 $ 28.50 0.9 - Exercisable at March 31, 2017 500 $ 28.50 0.9 - |
Nonvested Restricted Stock Shares Activity [Table Text Block] | A summary of restricted stock activity under the Bancorp’s incentive stock option and incentive plans described above for the three months ended March 31, 2017 follows: Weighted- Average Grant Date Restricted stock Shares Fair Value Nonvested at January 1, 2017 28,465 $ 26.67 Granted 4,575 39.00 Vested 1,625 25.81 Forfeited - - Nonvested at March 31, 2017 31,415 $ 28.51 |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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 on a year-to-date basis 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, 2016 $ 271 Additions not previously recognized - Ending balance, March 31, 2017 $ 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 impairment evaluation as of December 31, 2016: 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 CC BB CCC Number of performing banks 60 33 61 51 Number of performing insurance companies 13 7 10 n/a Number of issuers in default 17 7 2 4 Number of issuers in deferral 3 2 3 1 Defaults & deferrals as a % of performing collateral 29.67 % 20.06 % 4.38 % 8.11 % Subordination: As a % of performing collateral 21.67 % 8.35 % 52.45 % 35.58 % As a % of performing collateral - adjusted for projected future defaults 16.93 % 1.24 % 49.09 % 31.69 % Other-than-temporary impairment model assumptions: Defaults: Year 1 - issuer average 1.90 % 2.40 % 2.20 % 1.90 % Year 2 - issuer average 1.90 % 2.40 % 2.20 % 1.90 % Year 3 - issuer average 1.90 % 2.40 % 2.20 % 1.90 % > 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 three months ended March 31, 2017. Assets measured at fair value on a recurring basis are summarized below: (Dollars in thousands) Fair Value Measurements at March 31, 2017 Using (Dollars in thousands) Estimated Quoted Prices in Significant Other Significant Available-for-sale debt securities: Money market fund $ 353 $ 353 $ - $ - U.S. government sponsored entities 13,723 - 13,723 - Collateralized mortgage obligations and residential mortgage-backed securities 124,164 - 124,164 - Municipal securities 96,064 - 96,064 - Collateralized debt obligations 2,975 - - 2,975 Total securities available-for-sale $ 237,279 $ 353 $ 233,951 $ 2,975 (Dollars in thousands) Fair Value Measurements at December 31, 2016 Using (Dollars in thousands) Estimated Quoted Prices in Significant Other Significant Available-for-sale debt securities: Money market fund $ 222 $ 222 $ - $ - U.S. government sponsored entities 16,274 - 16,274 - Collateralized mortgage obligations and residential mortgage-backed securities 117,975 - 117,975 - Municipal securities 96,745 - 96,745 - Collateralized debt obligations 2,409 - - 2,409 Total securities available-for-sale $ 233,625 $ 222 $ 230,994 $ 2,409 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | A roll forward of available-for-sale securities, which require significant adjustment based on unobservable data, are presented in the following table: (Dollars in thousands) Estimated Fair Value Available-for- Beginning balance, January 1, 2016 $ 2,734 Principal payments (107 ) Total unrealized losses, included in other comprehensive income (218 ) Transfers in and/or (out) of Level 3 - Ending balance, December 31, 2016 $ 2,409 Beginning balance, January 1, 2017 $ 2,409 Principal payments (54 ) Total unrealized gains, included in other comprehensive income 620 Transfers in and/or (out) of Level 3 - Ending balance, March 31, 2017 $ 2,975 |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Table Text Block] | Assets measured at fair value on a non-recurring basis are summarized below: (Dollars in thousands) Fair Value Measurements at March 31, 2017 Using (Dollars in thousands) Estimated Quoted Prices in Significant Other Significant Impaired loans $ 2,274 $ - $ - $ 2,274 Foreclosed real estate 2,621 - - 2,621 (Dollars in thousands) Fair Value Measurements at December 31, 2016 Using (Dollars in thousands) Estimated Quoted Prices in Significant Other Significant Impaired loans $ 2,282 $ - $ - $ 2,282 Foreclosed real estate 2,665 - - 2,665 |
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. March 31, 2017 Estimated Fair Value Measurements at March 31, 2017 Using (Dollars in thousands) Carrying Estimated Quoted Prices in Significant Significant Financial assets: Cash and cash equivalents $ 15,784 $ 15,784 $ 15,784 $ - $ - Securities available-for-sale 237,279 237,279 353 233,951 2,975 Loans held-for-sale 841 850 850 - - Loans receivable, net 589,266 581,591 - - 581,591 Federal Home Loan Bank stock 3,000 3,000 - 3,000 - Accrued interest receivable 2,895 2,895 - 2,895 - Financial liabilities: Non-interest bearing deposits 118,137 118,137 118,137 - - Interest bearing deposits 652,492 651,603 469,867 181,736 - Repurchase agreements 12,096 12,092 10,340 1,752 - Borrowed funds 21,493 21,518 393 21,125 - Accrued interest payable 37 37 - 37 - December 31, 2016 Estimated Fair Value Measurements at December 31, 2016 Using (Dollars in thousands) Carrying Estimated Quoted Prices in Significant Significant Financial assets: Cash and cash equivalents $ 45,109 $ 45,109 $ 45,109 $ - $ - Securities available-for-sale 233,625 233,625 222 230,994 2,409 Loans held-for-sale 2,193 2,242 2,242 - - Loans receivable, net 575,952 568,855 - - 568,855 Federal Home Loan Bank stock 3,000 3,000 - 3,000 - Accrued interest receivable 3,086 3,086 - 3,086 - Financial liabilities: Non-interest bearing deposits 111,800 111,800 111,800 - - Interest bearing deposits 667,971 667,227 482,307 184,920 - Repurchase agreements 13,998 13,995 11,439 2,556 - Borrowed funds 25,828 25,840 700 25,140 - Accrued interest payable 41 41 - 41 - |
Securities (Details)
Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Cost Basis | $ 238,382 | $ 235,903 |
Gross Unrealized Gains | 2,760 | 2,587 |
Gross Unrealized Losses | (3,863) | (4,865) |
Estimated Fair Value | 237,279 | 233,625 |
U.S. government sponsored entities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost Basis | 13,995 | 16,643 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (272) | (369) |
Estimated Fair Value | 13,723 | 16,274 |
Collateralized mortgage obligations and residential mortgage-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost Basis | 125,005 | 118,807 |
Gross Unrealized Gains | 411 | 441 |
Gross Unrealized Losses | (1,252) | (1,273) |
Estimated Fair Value | 124,164 | 117,975 |
Collateralized Debt Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost Basis | 4,935 | 4,989 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (1,960) | (2,580) |
Estimated Fair Value | 2,975 | 2,409 |
Money market fund [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost Basis | 353 | 222 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 353 | 222 |
Municipal securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost Basis | 94,094 | 95,242 |
Gross Unrealized Gains | 2,349 | 2,146 |
Gross Unrealized Losses | (379) | (643) |
Estimated Fair Value | $ 96,064 | $ 96,745 |
Securities (Details 1)
Securities (Details 1) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Contractual Maturities Of Available For Sale Debt Securities [Line Items] | ||
Estimated Fair Value, Due in one year or less | $ 545 | |
Estimated Fair Value, Due from one to five years | 11,756 | |
Estimated Fair Value, Due from five to ten years | 31,164 | |
Estimated Fair Value, Due over ten years | 69,650 | |
Estimated Fair Value, Total | $ 237,279 | $ 233,625 |
Tax-Equivalent Yield, Due in one year or less | 7.13% | |
Tax-Equivalent Yield, Due from one to five years | 3.19% | |
Tax-Equivalent Yield, Due from five to ten years | 4.72% | |
Tax-Equivalent Yield, Due over ten years | 4.40% | |
Tax-Equivalent Yield, Total | 3.43% | |
Collateralized mortgage obligations and residential mortgage-backed securities [Member] | ||
Contractual Maturities Of Available For Sale Debt Securities [Line Items] | ||
Estimated Fair Value, Total | $ 124,164 | $ 117,975 |
Tax-Equivalent Yield, Total | 2.58% |
Securities (Details 2)
Securities (Details 2) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Realized Gain Loss [Line Items] | ||
Proceeds | $ 17,964 | $ 8,247 |
Gross gains | 334 | 253 |
Gross losses | $ (41) | $ 0 |
Securities (Details 3)
Securities (Details 3) $ in Thousands | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Ending balance, December 31, 2016 | $ (1,506) |
Current period change | 776 |
Ending balance, March 31, 2017 | $ (730) |
Securities (Details 4)
Securities (Details 4) $ in Thousands | Mar. 31, 2017USD ($)Securities | Dec. 30, 2016USD ($)Securities |
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value, Less than 12 months | $ 104,463 | $ 112,980 |
Unrealized Losses, Less than 12 months | (1,811) | (2,195) |
Estimated Fair Value, 12 months or longer | 5,178 | 4,696 |
Unrealized Losses, 12 months or longer | (2,052) | (2,670) |
Estimated Fair Value, Total | 109,641 | 117,676 |
Unrealized Losses, Total | $ (3,863) | $ (4,865) |
Number of securities, Unrealized Losses, Less than 12 months | Securities | 84 | 97 |
Number of securities, Unrealized Losses, 12 months or longer | Securities | 6 | 6 |
Number of securities, Unrealized Losses, Total | Securities | 90 | 103 |
U.S. government sponsored entities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value, Less than 12 months | $ 13,723 | $ 16,274 |
Unrealized Losses, Less than 12 months | (272) | (369) |
Estimated Fair Value, 12 months or longer | 0 | 0 |
Unrealized Losses, 12 months or longer | 0 | 0 |
Estimated Fair Value, Total | 13,723 | 16,274 |
Unrealized Losses, Total | (272) | (369) |
Collateralized mortgage obligations and residential mortgage-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value, Less than 12 months | 75,029 | 75,931 |
Unrealized Losses, Less than 12 months | (1,160) | (1,183) |
Estimated Fair Value, 12 months or longer | 2,203 | 2,287 |
Unrealized Losses, 12 months or longer | (92) | (90) |
Estimated Fair Value, Total | 77,232 | 78,218 |
Unrealized Losses, Total | (1,252) | (1,273) |
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 | 2,975 | 2,409 |
Unrealized Losses, 12 months or longer | (1,960) | (2,580) |
Estimated Fair Value, Total | 2,975 | 2,409 |
Unrealized Losses, Total | (1,960) | (2,580) |
Municipal securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value, Less than 12 months | 15,711 | 20,775 |
Unrealized Losses, Less than 12 months | (379) | (643) |
Estimated Fair Value, 12 months or longer | 0 | 0 |
Unrealized Losses, 12 months or longer | 0 | 0 |
Estimated Fair Value, Total | 15,711 | 20,775 |
Unrealized Losses, Total | $ (379) | $ (643) |
Securities (Details Textual)
Securities (Details Textual) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Trading Securities Pledged as Collateral | $ 27.1 | $ 32.4 |
Loans Receivable (Details)
Loans Receivable (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Subtotal | $ 596,955 | $ 584,004 |
Less: Net deferred loan origination fees | (162) | (162) |
Less: Undisbursed loan funds | (693) | (192) |
Loan receivables | 596,100 | 583,650 |
Loans secured by real estate: | ||
Total loans secured by real estate | 484,455 | 476,440 |
Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable before Fees, Gross | 479 | 522 |
Commercial business [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable before Fees, Gross | 80,250 | 77,513 |
Government [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable before Fees, Gross | 31,771 | 29,529 |
Residential Including Home Equity [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loan receivables | 209,361 | 205,837 |
Loans secured by real estate: | ||
Total loans secured by real estate | 209,505 | 205,979 |
Commercial Real Estate, Construction & Land Development, and Other Dwellings [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loan receivables | 274,541 | 270,092 |
Loans secured by real estate: | ||
Total loans secured by real estate | 274,541 | 270,092 |
Commercial Participations Purchased [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loan receivables | 409 | 369 |
Loans secured by real estate: | ||
Total loans secured by real estate | $ 409 | $ 369 |
Loans Receivable (Details 1)
Loans Receivable (Details 1) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Allowance for loan losses: | |||
Beginning Balance | $ 7,698 | $ 6,953 | |
Charge-offs | (1,108) | (53) | |
Recoveries | 10 | 12 | |
Provisions | 234 | 296 | |
Ending Balance | 6,834 | 7,208 | |
Ending balance: individually evaluated for impairment | 196 | $ 1,236 | |
Ending balance: collectively evaluated for impairment | 6,638 | 6,462 | |
LOAN RECEIVABLES | |||
Ending balance | 596,100 | 583,650 | |
Ending balance: individually evaluated for impairment | 1,623 | 2,562 | |
Ending balance: purchased credit impaired individually evaluated for impairment | 847 | 956 | |
Ending balance: collectively evaluated for impairment | 593,630 | 580,132 | |
Government loans [Member] | |||
Allowance for loan losses: | |||
Beginning Balance | 56 | 70 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Provisions | 2 | 2 | |
Ending Balance | 58 | 72 | |
Ending balance: individually evaluated for impairment | 0 | 0 | |
Ending balance: collectively evaluated for impairment | 58 | 56 | |
LOAN RECEIVABLES | |||
Ending balance | 31,771 | 29,529 | |
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 | 31,771 | 29,529 | |
Residential Real Estate Including Home Equity [Member] | |||
Allowance for loan losses: | |||
Beginning Balance | 2,410 | 1,711 | |
Charge-offs | (858) | (49) | |
Recoveries | 0 | 1 | |
Provisions | 49 | 68 | |
Ending Balance | 1,601 | 1,731 | |
Ending balance: individually evaluated for impairment | 0 | 879 | |
Ending balance: collectively evaluated for impairment | 1,601 | 1,531 | |
LOAN RECEIVABLES | |||
Ending balance | 209,361 | 205,837 | |
Ending balance: individually evaluated for impairment | 544 | 1,419 | |
Ending balance: purchased credit impaired individually evaluated for impairment | 847 | 956 | |
Ending balance: collectively evaluated for impairment | 207,970 | 203,462 | |
Consumer Loan [Member] | |||
Allowance for loan losses: | |||
Beginning Balance | 34 | 38 | |
Charge-offs | (5) | (4) | |
Recoveries | 2 | 3 | |
Provisions | (3) | 7 | |
Ending Balance | 28 | 44 | |
Ending balance: individually evaluated for impairment | 0 | 0 | |
Ending balance: collectively evaluated for impairment | 28 | 34 | |
LOAN RECEIVABLES | |||
Ending balance | 481 | 524 | |
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 | 481 | 524 | |
Commercial Real Estate, Construction & Land Development, and Other Dwellings [Member] | |||
Allowance for loan losses: | |||
Beginning Balance | 4,302 | 4,422 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Provisions | 50 | 179 | |
Ending Balance | 4,352 | 4,601 | |
Ending balance: individually evaluated for impairment | 115 | 3 | |
Ending balance: collectively evaluated for impairment | 4,237 | 4,299 | |
LOAN RECEIVABLES | |||
Ending balance | 274,541 | 270,092 | |
Ending balance: individually evaluated for impairment | 615 | 374 | |
Ending balance: purchased credit impaired individually evaluated for impairment | 0 | 0 | |
Ending balance: collectively evaluated for impairment | 273,926 | 269,718 | |
Commercial Participations Purchased [Member] | |||
Allowance for loan losses: | |||
Beginning Balance | 0 | 14 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Provisions | 0 | (1) | |
Ending Balance | 0 | 13 | |
Ending balance: individually evaluated for impairment | 0 | 0 | |
Ending balance: collectively evaluated for impairment | 0 | 0 | |
LOAN RECEIVABLES | |||
Ending balance | 409 | 369 | |
Ending balance: individually evaluated for impairment | 80 | 82 | |
Ending balance: purchased credit impaired individually evaluated for impairment | 0 | 0 | |
Ending balance: collectively evaluated for impairment | 329 | 287 | |
Commercial business [Member] | |||
Allowance for loan losses: | |||
Beginning Balance | 896 | 698 | |
Charge-offs | (245) | 0 | |
Recoveries | 8 | 8 | |
Provisions | 136 | 41 | |
Ending Balance | 795 | $ 747 | |
Ending balance: individually evaluated for impairment | 81 | 354 | |
Ending balance: collectively evaluated for impairment | 714 | 542 | |
LOAN RECEIVABLES | |||
Ending balance | 79,537 | 77,299 | |
Ending balance: individually evaluated for impairment | 384 | 687 | |
Ending balance: purchased credit impaired individually evaluated for impairment | 0 | 0 | |
Ending balance: collectively evaluated for impairment | $ 79,153 | $ 76,612 |
Loans Receivable (Details 2)
Loans Receivable (Details 2) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Government loans [Member] | Corporate Credit Exposure [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | $ 31,771 | $ 29,529 |
Commercial Real Estate, Construction & Land Development, and Other Dwellings [Member] | Corporate Credit Exposure [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 274,541 | 270,092 |
Commercial Participations Purchased [Member] | Corporate Credit Exposure [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 409 | 369 |
Commercial business [Member] | Corporate Credit Exposure [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 79,537 | 77,299 |
Residential Real Estate [Member] | Consumer Credit Exposure [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 209,361 | 205,837 |
Consumer Loan [Member] | Consumer Credit Exposure [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 481 | 524 |
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 | 242 | 248 |
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 | 6,923 | 6,315 |
Above Average Acceptable Risk [Member] | Government loans [Member] | Corporate Credit Exposure [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 912 | 955 |
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 | 2,838 | 3,147 |
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 | 20,189 | 15,043 |
Acceptable Risk [Member] | Government loans [Member] | Corporate Credit Exposure [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 27,759 | 25,474 |
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 | 120,706 | 121,583 |
Acceptable Risk [Member] | Commercial Participations Purchased [Member] | Corporate Credit Exposure [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 182 | 188 |
Acceptable Risk [Member] | Commercial business [Member] | Corporate Credit Exposure [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 20,341 | 24,754 |
Marginally Acceptable Risk [Member] | Government loans [Member] | Corporate Credit Exposure [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 3,100 | 3,100 |
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 | 102,827 | 100,615 |
Marginally Acceptable Risk [Member] | Commercial Participations Purchased [Member] | Corporate Credit Exposure [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 131 | 83 |
Marginally Acceptable Risk [Member] | Commercial business [Member] | Corporate Credit Exposure [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 18,470 | 18,787 |
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 | 41,582 | 38,326 |
Pass/monitor [Member] | Commercial Participations Purchased [Member] | Corporate Credit Exposure [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 16 | 16 |
Pass/monitor [Member] | Commercial business [Member] | Corporate Credit Exposure [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 11,714 | 10,653 |
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 | 5,731 | 5,799 |
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 | 1,008 | 533 |
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 | 615 | 374 |
Substandard [Member] | Commercial Participations Purchased [Member] | Corporate Credit Exposure [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 80 | 82 |
Substandard [Member] | Commercial business [Member] | Corporate Credit Exposure [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 892 | 1,214 |
Performing Financing Receivable [Member] | Residential Real Estate [Member] | Consumer Credit Exposure [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 204,936 | 200,816 |
Performing Financing Receivable [Member] | Consumer Loan [Member] | Consumer Credit Exposure [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 481 | 524 |
Non-performing Financing Receivable [Member] | Residential Real Estate [Member] | Consumer Credit Exposure [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 4,425 | 5,021 |
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 | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Residential Real Estate Including Home Equity [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | $ 1,391 | $ 2,375 | |
Unpaid Principal Balance | 4,233 | 4,359 | |
Related Allowance | 0 | 879 | |
Average Recorded Investment | 1,883 | $ 2,784 | |
Interest Income Recognized | 11 | 48 | |
Commercial Real Estate, Construction & Land Development, and Other Dwellings [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 615 | 374 | |
Unpaid Principal Balance | 615 | 374 | |
Related Allowance | 115 | 3 | |
Average Recorded Investment | 495 | 2,724 | |
Interest Income Recognized | 0 | 0 | |
Commercial Participations Purchased [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 80 | 82 | |
Unpaid Principal Balance | 80 | 82 | |
Related Allowance | 0 | 0 | |
Average Recorded Investment | 81 | 92 | |
Interest Income Recognized | 1 | 1 | |
Commercial business [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 384 | 687 | |
Unpaid Principal Balance | 384 | 687 | |
Related Allowance | 81 | 354 | |
Average Recorded Investment | 536 | 208 | |
Interest Income Recognized | 1 | 1 | |
Impaired Loans With No Related Allowance [Member] | Residential Real Estate Including Home Equity [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 1,391 | 1,309 | |
Unpaid Principal Balance | 4,233 | 3,293 | |
Related Allowance | 0 | 0 | |
Average Recorded Investment | 1,350 | 2,610 | |
Interest Income Recognized | 11 | 48 | |
Impaired Loans With No Related Allowance [Member] | Commercial Real Estate, Construction & Land Development, and Other Dwellings [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 475 | 356 | |
Unpaid Principal Balance | 475 | 356 | |
Related Allowance | 0 | 0 | |
Average Recorded Investment | 416 | 2,604 | |
Interest Income Recognized | 0 | 0 | |
Impaired Loans With No Related Allowance [Member] | Commercial Participations Purchased [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 80 | 82 | |
Unpaid Principal Balance | 80 | 82 | |
Related Allowance | 0 | 0 | |
Average Recorded Investment | 81 | 0 | |
Interest Income Recognized | 1 | 0 | |
Impaired Loans With No Related Allowance [Member] | Commercial business [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 206 | 212 | |
Unpaid Principal Balance | 206 | 212 | |
Related Allowance | 0 | 0 | |
Average Recorded Investment | 209 | 83 | |
Interest Income Recognized | 1 | 1 | |
Impaired Loans With Related Allowance [Member] | Residential Real Estate Including Home Equity [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 0 | 1,066 | |
Unpaid Principal Balance | 0 | 1,066 | |
Related Allowance | 0 | 879 | |
Average Recorded Investment | 533 | 174 | |
Interest Income Recognized | 0 | 0 | |
Impaired Loans With Related Allowance [Member] | Commercial Real Estate, Construction & Land Development, and Other Dwellings [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 140 | 18 | |
Unpaid Principal Balance | 140 | 18 | |
Related Allowance | 115 | 3 | |
Average Recorded Investment | 79 | 120 | |
Interest Income Recognized | 0 | 0 | |
Impaired Loans With Related Allowance [Member] | Commercial Participations Purchased [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 0 | 0 | |
Unpaid Principal Balance | 0 | 0 | |
Related Allowance | 0 | 0 | |
Average Recorded Investment | 0 | 92 | |
Interest Income Recognized | 0 | 1 | |
Impaired Loans With Related Allowance [Member] | Commercial business [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 178 | 475 | |
Unpaid Principal Balance | 178 | 475 | |
Related Allowance | 81 | $ 354 | |
Average Recorded Investment | 327 | 125 | |
Interest Income Recognized | $ 0 | $ 0 |
Loans Receivable (Details 4)
Loans Receivable (Details 4) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 9,827 | $ 11,668 |
Current | 586,273 | 571,982 |
Total Loans | 596,100 | 583,650 |
Recorded Investments Greater than 90 Days and Accruing | 485 | 500 |
Government loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Current | 31,771 | 29,529 |
Total Loans | 31,771 | 29,529 |
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 | 8,002 | 9,773 |
Current | 201,359 | 196,064 |
Total Loans | 209,361 | 205,837 |
Recorded Investments Greater than 90 Days and Accruing | 391 | 500 |
Consumer Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Current | 481 | 524 |
Total Loans | 481 | 524 |
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 | 1,283 | 959 |
Current | 273,258 | 269,133 |
Total Loans | 274,541 | 270,092 |
Recorded Investments Greater than 90 Days and Accruing | 94 | 0 |
Commercial Participations Purchased [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 80 | 82 |
Current | 329 | 287 |
Total Loans | 409 | 369 |
Recorded Investments Greater than 90 Days and Accruing | 0 | 0 |
Commercial business [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 462 | 854 |
Current | 79,075 | 76,445 |
Total Loans | 79,537 | 77,299 |
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 | 3,999 | 4,541 |
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 | 3,647 | 3,974 |
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 | 111 | 396 |
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 | 241 | 171 |
Financing Receivables, 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,745 | 2,181 |
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 | 1,213 | 1,775 |
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 | 480 | 189 |
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 | 52 | 217 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 4,083 | 4,946 |
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 | 3,142 | 4,024 |
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 | 692 | 374 |
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 | 80 | 82 |
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 | $ 169 | $ 466 |
Loans Receivable (Details 5)
Loans Receivable (Details 5) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables on nonaccrual status | $ 5,056 | $ 5,605 |
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 | 4,035 | 4,521 |
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 | 615 | 374 |
Commercial Participations Purchased [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables on nonaccrual status | 80 | 82 |
Commercial business [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables on nonaccrual status | $ 326 | $ 628 |
Loans Receivable (Details Textu
Loans Receivable (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
First Federal Acquisition [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Impaired Financing Receivable, Unpaid Principal Balance, Total | $ 1,100 | $ 1,200 |
Impaired Financing Receivable, Recorded Investment, Total | 415 | 507 |
Liberty Savings [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Impaired Financing Receivable, Unpaid Principal Balance, Total | 1,700 | 1,700 |
Impaired Financing Receivable, Recorded Investment, Total | 432 | 449 |
Impaired Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Impaired Financing Receivable, Unpaid Principal Balance, Total | 2,800 | 2,900 |
Impaired Financing Receivable, Recorded Investment, Total | $ 847 | $ 956 |
Foreclosed Real Estate (Details
Foreclosed Real Estate (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Real Estate Properties [Line Items] | ||
Foreclosed real estate | $ 2,621 | $ 2,665 |
Residential Real Estate Including Home Equity [Member] | ||
Real Estate Properties [Line Items] | ||
Foreclosed real estate | 1,783 | 1,810 |
Commercial Real Estate Construction And Land Development And Other Dwellings [Member] | ||
Real Estate Properties [Line Items] | ||
Foreclosed real estate | 838 | 855 |
Commercial Business [Member] | ||
Real Estate Properties [Line Items] | ||
Foreclosed real estate | $ 0 | $ 0 |
Goodwill, Other Intangible As39
Goodwill, Other Intangible Assets, and Acquisition Related Accounting (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2017 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2016 | |
Indefinite-lived Intangible Assets [Line Items] | ||||
Goodwill | $ 2,792 | $ 2,792 | ||
Pool Of Purchased Loans [Member] | ||||
Indefinite-lived Intangible Assets [Line Items] | ||||
Goodwill, Purchase Accounting Adjustments | $ 178 | |||
Fixed Assets Valuations [Member] | ||||
Indefinite-lived Intangible Assets [Line Items] | ||||
Goodwill, Purchase Accounting Adjustments | 109 | |||
Accrued WithDrawal Liability [Member] | ||||
Indefinite-lived Intangible Assets [Line Items] | ||||
Goodwill, Purchase Accounting Adjustments | $ 162 | |||
First Federal Acquisition [Member] | ||||
Indefinite-lived Intangible Assets [Line Items] | ||||
Goodwill | 2,000 | |||
Amortization of Intangible Assets | 3 | $ 3 | ||
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 | $ 37 | 47 | ||
First Federal Acquisition [Member] | During 2017 [Member] | ||||
Indefinite-lived Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Assets, Amortization Expense, Next Rolling Twelve Months | 9 | |||
First Federal Acquisition [Member] | During 2017 [Member] | Loans Receivable [Member] | ||||
Indefinite-lived Intangible Assets [Line Items] | ||||
Accretion (Amortization) of Discounts and Premiums, Investments | 129 | |||
First Federal Acquisition [Member] | Through 2022 [Member] | ||||
Indefinite-lived Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year | 48 | |||
First Federal Acquisition [Member] | During 2018 [Member] | Loans Receivable [Member] | ||||
Indefinite-lived Intangible Assets [Line Items] | ||||
Accretion Expense | 143 | |||
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 | $ 804 | |||
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 | $ 0 | 22 | ||
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 | $ 81 | $ 76 | ||
Liberty Savings [Member] | During 2017 [Member] | Loans Receivable [Member] | ||||
Indefinite-lived Intangible Assets [Line Items] | ||||
Accretion Expense | 209 | |||
Liberty Savings [Member] | During 2019 [Member] | Loans Receivable [Member] | ||||
Indefinite-lived Intangible Assets [Line Items] | ||||
Accretion Expense | 46 | |||
Liberty Savings [Member] | During 2018 [Member] | Loans Receivable [Member] | ||||
Indefinite-lived Intangible Assets [Line Items] | ||||
Accretion Expense | 279 | |||
Liberty Savings [Member] | First Federal Acquisition [Member] | ||||
Indefinite-lived Intangible Assets [Line Items] | ||||
Goodwill | 2,800 | |||
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 | $ 14 | |||
Liberty Savings [Member] | Core Deposits [Member] | During 2017 [Member] | ||||
Indefinite-lived Intangible Assets [Line Items] | ||||
Amortization of Intangible Assets | 43 | |||
Liberty Savings [Member] | Core Deposits [Member] | Through Third Quarter 2023 [Member] | ||||
Indefinite-lived Intangible Assets [Line Items] | ||||
Amortization of Intangible Assets | $ 327 |
Earnings per Share (Details)
Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Basic earnings per common share: | ||
Net income as reported | $ 2,298 | $ 2,244 |
Weighted average common shares outstanding | 2,863,156 | 2,854,872 |
Basic earnings per common share | $ 0.8 | $ 0.79 |
Diluted earnings per common share: | ||
Net income as reported | $ 2,298 | $ 2,244 |
Weighted average common shares outstanding | 2,863,156 | 2,854,872 |
Add: Dilutive effect of assumed stock option exercises | 139 | 750 |
Weighted average common and dilutive potential common shares outstanding | 2,863,295 | 2,855,622 |
Diluted earnings per common share | $ 0.8 | $ 0.79 |
Stock Based Compensation (Detai
Stock Based Compensation (Details) - Employee Stock Option [Member] | 3 Months Ended |
Mar. 31, 2017USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares - Outstanding Begining Balance (in shares) | shares | 500 |
Shares - Granted (in shares) | shares | 0 |
Shares - Exercised (in shares) | shares | 0 |
Shares - Forfeited (in shares) | shares | 0 |
Shares - Expired (in shares) | shares | 0 |
Shares - Outstanding Ending Balance (in shares) | shares | 500 |
Shares - Exercisable (in shares) | shares | 500 |
Weighted-Average Exercise Price - Outstanding at Begining of period (in dollars per share) | $ / shares | $ 28.5 |
Weighted-Average Exercise Price - Granted (in dollars per shares) | $ / shares | 0 |
Weighted-Average Exercise Price - Exercised (in dollars per share) | $ / shares | 0 |
Weighted-Average Exercise Price - Forfeited (in dollars per share) | $ / shares | 0 |
Weighted-Average Exercise Price - Expired (in dollars per share) | $ / shares | 0 |
Weighted-Average Exercise Price - Outstanding at end of period (in dollars per share) | $ / shares | 28.50 |
Weighted-Average Exercise Price - Exercisable at end of period (in dollars per share) | $ / shares | $ 28.5 |
Weighted-Average Remaining Contractual Term - Outstanding at end of period (in years) | 10 months 24 days |
Weighted-Average Remaining Contractual Term - Exercisable at end of period (in years) | 10 months 24 days |
Aggregate Intrinsic Value - Outstanding at end of period (in dollars) | $ | $ 0 |
Aggregate Intrinsic Value - Exercisable at end of period (in dollars) | $ | $ 0 |
Stock Based Compensation (Det42
Stock Based Compensation (Details 1) - Employee Stock Option [Member] | 3 Months Ended |
Mar. 31, 2017$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares - Nonvested, Beginning Balance (in shares) | shares | 28,465 |
Shares - Granted (in shares) | shares | 4,575 |
Shares - Vested (in shares) | shares | 1,625 |
Shares - Forfeited (in shares) | shares | 0 |
Shares - Nonvested, Ending Balance (in shares) | shares | 31,415 |
Weighted Average Exercise Price - Nonvested, Beginning Balance (in dollars per share) | $ / shares | $ 26.67 |
Weighted Average Exercise Price - Granted (in dollars per share) | $ / shares | 39 |
Weighted Average Exercise Price - Vested (in dollars per share) | $ / shares | 25.81 |
Weighted Average Exercise Price - Forfeited (in dollars per share) | $ / shares | 0 |
Weighted Average Exercise Price - Nonvested, Ending Balance (in dollars per share) | $ / shares | $ 28.51 |
Stock Based Compensation (Det43
Stock Based Compensation (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
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 | |
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 4,575 | 5,240 |
Allocated Share-based Compensation Expense | $ 47 | $ 30 |
Share-based Compensation Expense, Estimated for Remainder of Fiscal Year | 156 | |
Share-based Compensation Expense, Estimated for Year Two | $ 150 |
Fair Value (Details)
Fair Value (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | |
Ending balance, December 31, 2016 | $ 271 |
Additions not previously recognized | 0 |
Ending balance, March 31, 2017 | $ 271 |
Fair Value (Details 1)
Fair Value (Details 1) - USD ($) | 3 Months Ended | ||
Mar. 31, 2017 | Dec. 31, 2016 | ||
Other-than-temporary impairment model assumptions: | |||
Other-than-temporary impairment | $ 271,000 | $ 271,000 | |
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 | 60 | ||
Number of performing insurance companies | 13 | ||
Number of issuers in default | 17 | ||
Number of issuers in deferral | 3 | ||
Defaults & deferrals as a % of performing collateral | 29.67% | ||
Subordination: | |||
As a % of performing collateral | 21.67% | ||
As a % of performing collateral - adjusted for projected future defaults | 16.93% | ||
Other-than-temporary impairment model assumptions: | |||
Year 1 - issuer average | 1.90% | ||
Year 2 - issuer average | 1.90% | ||
Year 3 - issuer average | 1.90% | ||
> 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 | CC | ||
Number of performing banks | 33 | ||
Number of performing insurance companies | 7 | ||
Number of issuers in default | 7 | ||
Number of issuers in deferral | 2 | ||
Defaults & deferrals as a % of performing collateral | 20.06% | ||
Subordination: | |||
As a % of performing collateral | 8.35% | ||
As a % of performing collateral - adjusted for projected future defaults | 1.24% | ||
Other-than-temporary impairment model assumptions: | |||
Year 1 - issuer average | 2.40% | ||
Year 2 - issuer average | 2.40% | ||
Year 3 - issuer average | 2.40% | ||
> 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 | 61 | ||
Number of performing insurance companies | 10 | ||
Number of issuers in default | 2 | ||
Number of issuers in deferral | 3 | ||
Defaults & deferrals as a % of performing collateral | 4.38% | ||
Subordination: | |||
As a % of performing collateral | 52.45% | ||
As a % of performing collateral - adjusted for projected future defaults | 49.09% | ||
Other-than-temporary impairment model assumptions: | |||
Year 1 - issuer average | 2.20% | ||
Year 2 - issuer average | 2.20% | ||
Year 3 - issuer average | 2.20% | ||
> 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 | 51 | ||
Number of issuers in default | 4 | ||
Number of issuers in deferral | 1 | ||
Defaults & deferrals as a % of performing collateral | 8.11% | ||
Subordination: | |||
As a % of performing collateral | 35.58% | ||
As a % of performing collateral - adjusted for projected future defaults | 31.69% | ||
Other-than-temporary impairment model assumptions: | |||
Year 1 - issuer average | 1.90% | ||
Year 2 - issuer average | 1.90% | ||
Year 3 - issuer average | 1.90% | ||
> 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 Value (Details 2)
Fair Value (Details 2) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available-for-sale | $ 237,279 | $ 233,625 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available-for-sale | 353 | 222 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available-for-sale | 233,951 | 230,994 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available-for-sale | 2,975 | 2,409 |
Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available-for-sale | 237,279 | 233,625 |
Fair Value Measurements [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available-for-sale | 353 | 222 |
Fair Value Measurements [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available-for-sale | 233,951 | 230,994 |
Fair Value Measurements [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available-for-sale | 2,975 | 2,409 |
Money market fund [Member] | Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available-for-sale | 353 | 222 |
Money market fund [Member] | Fair Value Measurements [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available-for-sale | 353 | 222 |
Money market fund [Member] | Fair Value Measurements [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available-for-sale | 0 | 0 |
Money market fund [Member] | Fair Value Measurements [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available-for-sale | 0 | 0 |
Municipal securities [Member] | Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available-for-sale | 96,064 | 96,745 |
Municipal securities [Member] | Fair Value Measurements [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available-for-sale | 0 | 0 |
Municipal securities [Member] | Fair Value Measurements [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available-for-sale | 96,064 | 96,745 |
Municipal securities [Member] | Fair Value Measurements [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available-for-sale | 0 | 0 |
U.S. government sponsored entities [Member] | Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available-for-sale | 13,723 | 16,274 |
U.S. government sponsored entities [Member] | Fair Value Measurements [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available-for-sale | 0 | 0 |
U.S. government sponsored entities [Member] | Fair Value Measurements [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available-for-sale | 13,723 | 16,274 |
U.S. government sponsored entities [Member] | Fair Value Measurements [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available-for-sale | 0 | 0 |
Collateralized mortgage obligations and residential mortgage-backed securities [Member] | Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available-for-sale | 124,164 | 117,975 |
Collateralized mortgage obligations and residential mortgage-backed securities [Member] | Fair Value Measurements [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available-for-sale | 0 | 0 |
Collateralized mortgage obligations and residential mortgage-backed securities [Member] | Fair Value Measurements [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available-for-sale | 124,164 | 117,975 |
Collateralized mortgage obligations and residential mortgage-backed securities [Member] | Fair Value Measurements [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available-for-sale | 0 | 0 |
Collateralized debt obligations [Member] | Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available-for-sale | 2,975 | 2,409 |
Collateralized debt obligations [Member] | Fair Value Measurements [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available-for-sale | 0 | 0 |
Collateralized debt obligations [Member] | Fair Value Measurements [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available-for-sale | 0 | 0 |
Collateralized debt obligations [Member] | Fair Value Measurements [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available-for-sale | $ 2,975 | $ 2,409 |
Fair Value (Details 3)
Fair Value (Details 3) - Collateralized Debt Obligations [Member] - Fair Value, Measurements, Recurring [Member] - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | $ 2,409 | $ 2,734 |
Principal payments | (54) | (107) |
Total unrealized gains (losses), included in other comprehensive income | 620 | (218) |
Transfers in and/or (out) of Level 3 | 0 | 0 |
Ending balance | $ 2,975 | $ 2,409 |
Fair Value (Details 4)
Fair Value (Details 4) - Fair Value Measurements [Member] - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Impaired loans [Member] | ||
Fair Value Asset Measured On Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | $ 2,274 | $ 2,282 |
Foreclosed real estate [Member] | ||
Fair Value Asset Measured On Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 2,621 | 2,665 |
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 | 2,274 | 2,282 |
Fair Value, Inputs, Level 3 [Member] | Foreclosed real estate [Member] | ||
Fair Value Asset Measured On Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | $ 2,621 | $ 2,665 |
Fair Value (Details 5)
Fair Value (Details 5) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Financial assets, Carrying value: | ||
Cash and cash equivalents - Carrying Value | $ 15,784 | $ 45,109 |
Securities available-for-sale - Carrying Value | 237,279 | 233,625 |
Loans held-for-sale - Carrying Value | 841 | 2,193 |
Loans receivable, net - Carrying Value | 589,266 | 575,952 |
Federal Home Loan Bank stock - Carrying Value | 3,000 | 3,000 |
Accrued interest receivable - Carrying Value | 2,895 | 3,086 |
Financial liabilities, Carrying value: | ||
Non-interest bearing deposits - Carrying Value | 118,137 | 111,800 |
Interest bearing deposits - Carrying Value | 652,492 | 667,971 |
Repurchase agreements - Carrying Value | 12,096 | 13,998 |
Borrowed funds - Carrying Value | 21,493 | 25,828 |
Accrued interest payable - Carrying Value | 37 | 41 |
Financial assets, Fair value: | ||
Cash and cash equivalents - Estimated Fair Value | 15,784 | 45,109 |
Securities available-for-sale - Estimated Fair Value | 237,279 | 233,625 |
Loans held-for-sale - Estimated Fair Value | 850 | 2,242 |
Loans receivable, net - Estimated Fair Value | 581,591 | 568,855 |
Federal Home Loan Bank stock - Estimated Fair Value | 3,000 | 3,000 |
Accrued interest receivable - Estimated Fair Value | 2,895 | 3,086 |
Financial liabilities, Fair value: | ||
Non-interest bearing deposits - Estimated Fair Value | 118,137 | 111,800 |
Interest bearing deposits - Estimated Fair Value | 651,603 | 667,227 |
Repurchase agreements - Estimated Fair Value | 12,092 | 13,995 |
Borrowed funds - Estimated Fair Value | 21,518 | 25,840 |
Accrued interest payable - Estimated Fair Value | 37 | 41 |
Fair Value, Inputs, Level 1 [Member] | ||
Financial assets, Fair value: | ||
Cash and cash equivalents - Estimated Fair Value | 15,784 | 45,109 |
Securities available-for-sale - Estimated Fair Value | 353 | 222 |
Loans held-for-sale - Estimated Fair Value | 850 | 2,242 |
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 | 118,137 | 111,800 |
Interest bearing deposits - Estimated Fair Value | 469,867 | 482,307 |
Repurchase agreements - Estimated Fair Value | 10,340 | 11,439 |
Borrowed funds - Estimated Fair Value | 393 | 700 |
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 | 233,951 | 230,994 |
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 | 3,000 |
Accrued interest receivable - Estimated Fair Value | 2,895 | 3,086 |
Financial liabilities, Fair value: | ||
Non-interest bearing deposits - Estimated Fair Value | 0 | 0 |
Interest bearing deposits - Estimated Fair Value | 181,736 | 184,920 |
Repurchase agreements - Estimated Fair Value | 1,752 | 2,556 |
Borrowed funds - Estimated Fair Value | 21,125 | 25,140 |
Accrued interest payable - Estimated Fair Value | 37 | 41 |
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 | 2,975 | 2,409 |
Loans held-for-sale - Estimated Fair Value | 0 | 0 |
Loans receivable, net - Estimated Fair Value | 581,591 | 568,855 |
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 Value (Details Textual)
Fair Value (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Fair Values of Financial Instruments [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 | $ 3,600 | |
Unpaid Principal Balance | 2,500 | $ 3,500 |
Impaired Financing Receivable, Reserve | 196 | 1,200 |
Impaired Financing Receivable, Fair Value | $ 2,300 | $ 2,300 |