For the fiscal year ended
|
December 31, 2015
|
For the transition period from
|
to
|
Commission file number
|
1-34682
|
Eagle Bancorp Montana, Inc.
|
Delaware
|
27-1449820
|
|
State or other jurisdiction of | (I.R.S. Employer | |
incorporation or organization | Identification No.) |
1400 Prospect Avenue, Helena, MT
|
59601
|
(Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code
|
406-442-3080
|
Title of each class
|
Name of each exchange on which registered
|
|
Common stock, par value $0.01
|
The NASDAQ Stock Market LLC
|
|
Large accelerated filer o
|
Accelerated filer o
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Non-accelerated filer o (Do not check if a smaller reporting company)
|
Smaller reporting company x
|
TABLE OF CONTENTS
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●
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changes in laws or government regulations or policies affecting financial institutions, including changes in regulatory fees and capital requirements;
|
●
|
general economic conditions, either nationally or in our market areas, that are worse than expected;
|
●
|
competition among depository and other financial institutions;
|
●
|
changes in the prices, values and sales volume of residential and commercial real estate in Montana;
|
●
|
inflation and changes in the interest rate environment that reduce our margins or reduce the fair value of financial instruments;
|
●
|
adverse changes or volatility in the securities markets;
|
●
|
our ability to enter new markets successfully and capitalize on growth opportunities;
|
●
|
our ability to successfully integrate acquired businesses;
|
●
|
changes in consumer spending, borrowing and savings habits;
|
●
|
our ability to continue to increase and manage our commercial and residential real estate, multi-family, and commercial business loans;
|
●
|
possible impairments of securities held by us, including those issued by government entities and government sponsored enterprises;
|
●
|
the level of future deposit insurance premium assessments;
|
●
|
the impact of a recurring recession on our loan portfolio (including cash flow and collateral values), investment portfolio, customers and capital market activities;
|
●
|
the Company’s ability to develop and maintain secure and reliable information technology systems;
|
●
|
the impact of the restructuring of the U.S. financial and regulatory system;
|
●
|
the failure of assumptions underlying the establishment of allowance for possible loan losses and other estimates;
|
●
|
changes in the financial performance and/or condition of our borrowers and their ability to repay their loans when due; and
|
●
|
the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Securities and Exchange Commission, the Public Company Accounting Oversight Board, the Financial Accounting Standards Board and other accounting standard setters.
|
DESCRIPTION OF BUSINESS.
|
●
|
Continue to diversify our portfolio through growth in commercial real estate and commercial business loans as a complement to our traditional single family residential real estate lending. As of December 31, 2015, such loans constituted approximately 50.7% of total loans;
|
●
|
Continue to emphasize the attraction and retention of lower cost long-term core deposits;
|
●
|
Seek opportunities where presented to acquire other institutions or expand our branch structure;
|
●
|
Maintain our high asset quality levels; and
|
●
|
Operate as a community-oriented independent financial institution that offers a broad array of financial services with high levels of customer service.
|
RISK FACTORS
|
UNRESOLVED STAFF COMMENTS.
|
PROPERTIES.
|
Value At
|
|||||||||||||
December 31, 2015
|
Square
|
||||||||||||
Location
|
Address
|
Opened
|
(In Thousands)
|
Footage
|
|||||||||
Helena Main Office
|
1400 Prospect Ave.
|
1997
|
$ | 3,405 | 32,304 | ||||||||
Helena, MT 59601
|
|||||||||||||
Helena Neill Avenue Branch
|
28 Neill Ave.
|
1987
|
$ | 874 | 1,391 | ||||||||
Helena, MT 59601
|
|||||||||||||
Helena Skyway Branch
|
2090 Cromwell Dixon
|
2009
|
$ | 2,005 | 4,643 | ||||||||
Helena, MT 59602
|
|||||||||||||
Butte Office
|
3401 Harrison Ave.
|
1979
|
$ | 387 | 3,890 | ||||||||
Butte, MT 59701
|
|||||||||||||
Bozeman - Oak Office
|
1455 Oak St.
|
2009
|
$ | 7,075 | 19,818 | ||||||||
Bozeman, MT 59715
|
|||||||||||||
Townsend Office
|
416 Broadway
|
1979
|
$ | 150 | 1,973 | ||||||||
Townsend, MT 59644
|
|||||||||||||
Bozeman - Downtown Branch
|
237 W. Main St.
|
2012 (Relocated 2015)
|
$ | 35 | 1,711 | ||||||||
Bozeman, MT 59715
|
|||||||||||||
Livingston Office
|
123 S. Main St.
|
2012 | * | $ | 825 | 11,072 | |||||||
Livingston, MT 59047
|
|||||||||||||
Big Timber Office
|
101 McLeod St.
|
2012 | $ | 824 | 2,004 | ||||||||
Big Timber, MT 59011
|
|||||||||||||
Billings Office
|
455 S. 24th St. West
|
2012 | * | $ | 132 | 3,778 | |||||||
Billings, MT 59102
|
|||||||||||||
Missoula - Higgins Branch
|
200 N. Higgins
|
2012 | * | $ | 207 | 3,079 | |||||||
Missoula, MT 59802
|
|||||||||||||
Missoula - Reserve Office
|
1510 S Reserve St.
|
2012 | * | $ | 69 | 4,320 | |||||||
Missoula, MT 59801
|
|||||||||||||
Hamilton Office
|
711 S. First Street
|
2012 | $ | 1,760 | 4,870 | ||||||||
Hamilton, MT 59840
|
|||||||||||||
Helena Operations Center
|
3210 Euclid Ave.
|
2012 | $ | 402 | 6,758 | ||||||||
3203 Broadwater Ave.
|
|||||||||||||
Bozeman Home Loan Office
|
1006 W. Main St.
|
2012 | * | $ | 29 | 2,981 | |||||||
Bozeman, MT 59715
|
|||||||||||||
Missoula Home Loan Office
|
2800 S. Reserve St.
|
2012 | * | $ | 29 | 2,965 | |||||||
Missoula, MT 59801
|
|||||||||||||
Great Falls Loan Production Office
|
120 1st Ave. North, Suite 201
|
2015 | * | $ | 9 | 1,883 | |||||||
Great Falls, MT 59401
|
|||||||||||||
* Leased location
|
LEGAL PROCEEDINGS.
|
MINE SAFETY DISCLOSURES.
|
MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.
|
Dividends
|
||||||||||||
Quarter Ended
|
High
|
Low
|
Paid
|
|||||||||
Calendar Year 2015:
|
||||||||||||
December 31, 2015
|
$ | 13.23 | $ | 11.26 | $ | 0.0775 | ||||||
September 30, 2015
|
$ | 12.46 | $ | 10.68 | $ | 0.0775 | ||||||
June 30, 2015
|
$ | 11.19 | $ | 10.54 | $ | 0.0750 | ||||||
March 31, 2015
|
$ | 11.20 | $ | 10.60 | $ | 0.0750 | ||||||
Six Months Ended December 31, 2014
|
||||||||||||
December 31, 2014
|
$ | 11.40 | $ | 10.50 | $ | 0.0750 | ||||||
September 30, 2014
|
$ | 10.94 | $ | 10.50 | $ | 0.0750 | ||||||
Fiscal Year 2014:
|
||||||||||||
June 30, 2014
|
$ | 11.37 | $ | 10.45 | $ | 0.0725 | ||||||
March 31, 2014
|
$ | 11.64 | $ | 10.60 | $ | 0.0725 | ||||||
December 31, 2013
|
$ | 11.05 | $ | 10.70 | $ | 0.0725 | ||||||
September 30, 2013
|
$ | 12.03 | $ | 10.66 | $ | 0.0725 |
Total Number
|
Maximum
|
|||||||||||||||
of Shares
|
Number of
|
|||||||||||||||
Purchased
|
Shares that
|
|||||||||||||||
Total
|
as Part of
|
May Yet Be
|
||||||||||||||
Number of
|
Average
|
Publicly
|
Purchased
|
|||||||||||||
Shares
|
Price Paid
|
Announced Plans
|
Under the Plans
|
|||||||||||||
Purchased
|
Per Share
|
or Programs
|
or Programs
|
|||||||||||||
October 1, 2015 through October 31, 2015
|
- | - | - | 53,935 | ||||||||||||
November 1, 2015 through November 30, 2015
|
15,000 | $ | 11.75 | 15,000 | 38,935 | |||||||||||
December 1, 2015 through December 31, 2015
|
- | - | - | 38,935 | ||||||||||||
Total
|
15,000 | $ | 11.75 | 15,000 |
SELECTED FINANCIAL DATA.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
|
December 31,
|
||||||||||||||||
2015
|
2014
|
|||||||||||||||
Fair Value
|
Percentage
of Total
|
Fair Value
|
Percentage
of Total
|
|||||||||||||
(Dollars in Thousands)
|
||||||||||||||||
Securities available-for-sale:
|
||||||||||||||||
U.S. government and agency
|
$ | 10,615 | 7.03 | % | $ | 33,181 | 20.11 | % | ||||||||
Municipal obligations
|
67,069 | 44.42 | % | 71,885 | 43.57 | % | ||||||||||
Corporate obligations
|
9,450 | 6.26 | % | 6,005 | 3.64 | % | ||||||||||
MBSs
|
32,735 | 21.68 | % | 21,964 | 13.31 | % | ||||||||||
CMOs
|
25,869 | 17.13 | % | 28,752 | 17.42 | % | ||||||||||
Total securities available-for-sale
|
145,738 | 96.52 | % | 161,787 | 98.05 | % | ||||||||||
Interest-bearing deposits
|
970 | 0.64 | % | 613 | 0.37 | % | ||||||||||
FHLB capital stock, at cost
|
3,397 | 2.25 | % | 1,968 | 1.19 | % | ||||||||||
FRB capital stock, at cost
|
887 | 0.59 | % | 641 | 0.39 | % | ||||||||||
Total
|
$ | 150,992 | 100.00 | % | $ | 165,009 | 100.00 | % |
December 31, 2015
|
||||||||||||||||||||||||||||||||||||||||||||
One Year or Less
|
One to Five Years
|
Five to Ten Years
|
After Ten Years
|
Total Investment Securities
|
||||||||||||||||||||||||||||||||||||||||
Fair Value
|
Annualized
Weighted
Average
Yield
|
Fair Value
|
Annualized
Weighted
Average
Yield
|
Fair Value
|
Annualized
Weighted
Average
Yield
|
Fair Value
|
Annualized
Weighted
Average
Yield
|
Fair Value
|
Approximate
Market Value
|
Annualized
Weighted
Average
Yield
|
||||||||||||||||||||||||||||||||||
(Dollars in Thousands)
|
||||||||||||||||||||||||||||||||||||||||||||
Securities available-for-sale:
|
||||||||||||||||||||||||||||||||||||||||||||
U.S. government and agency
|
$ | - | - | % | $ | - | - | % | $ | 987 | 2.02 | % | $ | 9,628 | 2.56 | % | $ | 10,615 | $ | 10,615 | 2.51 | % | ||||||||||||||||||||||
Municipal obligations
|
- | - | 1,357 | 2.19 | 9,779 | 3.06 | 55,933 | 3.92 | 67,069 | 67,069 | 3.76 | |||||||||||||||||||||||||||||||||
Corporate obligations
|
- | - | 5,537 | 1.32 | 3,913 | 1.48 | - | - | 9,450 | 9,450 | 1.39 | |||||||||||||||||||||||||||||||||
MBSs
|
- | - | - | - | 1,820 | 1.43 | 30,915 | 2.93 | 32,735 | 32,735 | 2.85 | |||||||||||||||||||||||||||||||||
CMOs
|
- | - | 4,415 | 1.37 | 10,201 | 1.94 | 11,253 | 2.33 | 25,869 | 25,869 | 2.01 | |||||||||||||||||||||||||||||||||
Total securities available-for-sale
|
- | - | 11,309 | 1.44 | 26,700 | 2.25 | 107,729 | 3.35 | 145,738 | 145,738 | 3.00 | |||||||||||||||||||||||||||||||||
Interest-bearing deposits
|
970 | 0.25 | - | - | - | - | - | - | 970 | 970 | 0.25 | |||||||||||||||||||||||||||||||||
Federal funds sold
|
- | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||
FHLB capital stock
|
- | - | - | - | 3,397 | 2.75 | - | - | 3,397 | 3,397 | 2.75 | |||||||||||||||||||||||||||||||||
FRB capital stock
|
- | - | - | - | 887 | 6.00 | - | - | 887 | 887 | 6.00 | |||||||||||||||||||||||||||||||||
Total
|
$ | 970 | 0.25 | % | $ | 11,309 | 1.44 | % | $ | 30,984 | 2.41 | % | $ | 107,729 | 3.35 | % | $ | 150,992 | $ | 150,992 | 2.99 | % |
December 31,
|
||||||||||||||||
2015
|
2014
|
|||||||||||||||
Amount
|
Percent of
Total
|
Amount
|
Percent of
Total
|
|||||||||||||
(Dollars in thousands)
|
||||||||||||||||
Real estate loans:
|
||||||||||||||||
Residential mortgage
|
||||||||||||||||
(1-4 family) (1)
|
$ | 118,133 | 28.95 | % | $ | 103,420 | 32.40 | % | ||||||||
Commercial real estate
|
167,930 | 41.15 | % | 116,105 | 36.37 | % | ||||||||||
Real estate construction
|
22,958 | 5.63 | % | 10,149 | 3.18 | % | ||||||||||
Total real estate loans
|
309,021 | 75.73 | % | 229,674 | 71.95 | % | ||||||||||
Other loans:
|
||||||||||||||||
Home equity
|
45,345 | 11.11 | % | 40,123 | 12.57 | % | ||||||||||
Consumer
|
14,641 | 3.59 | % | 13,827 | 4.33 | % | ||||||||||
Commercial
|
39,072 | 9.57 | % | 35,582 | 11.15 | % | ||||||||||
Total other loans
|
99,058 | 24.27 | % | 89,532 | 28.05 | % | ||||||||||
Total loans
|
408,079 | 100.00 | % | 319,206 | 100.00 | % | ||||||||||
Deferred loan fees
|
795 | 486 | ||||||||||||||
Allowance for loan losses
|
3,550 | 2,450 | ||||||||||||||
Total loans, net
|
$ | 403,734 | $ | 316,270 |
(1) Excludes loans held-for-sale.
|
One Year
or Less
|
One to Five
Years
|
After 5
Years
|
Total
|
|||||||||||||
Residential mortgage (1-4 family) (1)
|
$ | 2,025 | $ | 2,959 | $ | 131,851 | $ | 136,835 | ||||||||
Commercial real estate
|
22,100 | 17,569 | 128,261 | 167,930 | ||||||||||||
Real estate construction
|
18,464 | 2,690 | 1,804 | 22,958 | ||||||||||||
Home equity
|
4,180 | 6,693 | 34,472 | 45,345 | ||||||||||||
Consumer
|
1,460 | 9,079 | 4,102 | 14,641 | ||||||||||||
Commercial
|
11,336 | 14,607 | 13,129 | 39,072 | ||||||||||||
Total loans (1)
|
$ | 59,565 | $ | 53,597 | $ | 313,619 | $ | 426,781 | ||||||||
(1) Includes loans held-for-sale.
|
Fixed
|
Adjustable
|
Total
|
||||||||||
(Dollars in Thousands)
|
||||||||||||
Due after December 31, 2016:
|
||||||||||||
Residential mortgage (1 to 4 family) (1)
|
$ | 91,450 | $ | 43,360 | $ | 134,810 | ||||||
Commercial real estate
|
86,380 | 59,450 | 145,830 | |||||||||
Real estate construction
|
2,503 | 1,991 | 4,494 | |||||||||
Home equity
|
11,295 | 29,870 | 41,165 | |||||||||
Consumer
|
11,393 | 1,788 | 13,181 | |||||||||
Commercial
|
22,297 | 5,439 | 27,736 | |||||||||
Total (1)
|
225,318 | 141,898 | 367,216 | |||||||||
Due in less than one year
|
54,301 | 5,264 | 59,565 | |||||||||
Total Loans (1)
|
$ | 279,619 | $ | 147,162 | $ | 426,781 | ||||||
Percent of total
|
65.52 | % | 34.48 | % | 100.00 | % | ||||||
(1) Includes loans held-for-sale
|
Year Ended
|
Six Months Ended
|
Year Ended
|
||||||||||
December 31,
|
December 31,
|
June 30,
|
||||||||||
2015
|
2014
|
2014
|
||||||||||
(In Thousands)
|
||||||||||||
Net loans receivable at beginning of period (1)
|
$ | 333,857 | $ | 291,236 | $ | 235,484 | ||||||
Loans originated:
|
||||||||||||
Residential mortgage (1-4 family)
|
240,649 | 120,829 | 212,761 | |||||||||
Commercial real estate
|
80,505 | 35,225 | 41,425 | |||||||||
Real estate construction
|
16,561 | 5,292 | 10,267 | |||||||||
Home equity
|
13,544 | 4,958 | 12,921 | |||||||||
Consumer
|
8,106 | 4,343 | 8,230 | |||||||||
Commercial
|
20,993 | 5,212 | 12,179 | |||||||||
Total loans originated
|
380,358 | 175,859 | 297,783 | |||||||||
Loans sold:
|
||||||||||||
Whole loans
|
230,616 | 101,575 | 182,038 | |||||||||
Principal repayments and loan refinancings
|
62,572 | 32,061 | 60,414 | |||||||||
Deferred loan fees increase
|
309 | 73 | 296 | |||||||||
Allowance for losses increase
|
1,100 | 325 | 125 | |||||||||
Net loan increase
|
88,579 | 42,621 | 55,752 | |||||||||
Net loans receivable at end of period (1)
|
$ | 422,436 | $ | 333,857 | $ | 291,236 | ||||||
(1) Includes loans held-for-sale.
|
December 31, 2015
|
||||||||||||
Number
|
Amount
|
Percentage of
Total
|
||||||||||
(Dollars in Thousands)
|
||||||||||||
Loan type:
|
||||||||||||
Residential mortgage (1-4 family)
|
16 | $ | 1,163 | 43.43 | % | |||||||
Commercial real estate
|
3 | 177 | 6.61 | % | ||||||||
Real estate construction
|
5 | 662 | 24.72 | % | ||||||||
Home equity
|
18 | 319 | 11.91 | % | ||||||||
Consumer
|
67 | 184 | 6.87 | % | ||||||||
Commercial
|
11 | 173 | 6.46 | % | ||||||||
Total
|
120 | $ | 2,678 | 100.00 | % |
December 31,
|
||||||||
2015
|
2014
|
|||||||
(Dollars in Thousands)
|
||||||||
Non-accrual loans
|
||||||||
Real estate loans:
|
||||||||
Residential mortgage (1-4 family)
|
$ | 730 | $ | 821 | ||||
Commercial real estate
|
667 | - | ||||||
Other loans:
|
||||||||
Home equity
|
161 | 48 | ||||||
Consumer
|
145 | 16 | ||||||
Commercial
|
327 | 77 | ||||||
Accruing loans delinquent 90 days or more
|
||||||||
Real estate loans:
|
||||||||
Residential mortgage (1-4 family)
|
221 | - | ||||||
Commercial real estate
|
4 | - | ||||||
Real estate construction
|
247 | - | ||||||
Restructured loans:
|
||||||||
Home equity
|
46 | 48 | ||||||
Total nonperforming loans
|
2,548 | 1,010 | ||||||
Real estate owned and other repossessed property, net
|
595 | 637 | ||||||
Total nonperforming assets
|
$ | 3,143 | $ | 1,647 | ||||
Total nonperforming loans to total loans
|
0.63 | % | 0.32 | % | ||||
Total nonperforming loans to total assets
|
0.40 | % | 0.18 | % | ||||
Total allowance for loan loss to nonperforming loans
|
139.32 | % | 242.57 | % | ||||
Total nonperforming assets to total assets
|
0.50 | % | 0.29 | % |
December 31,
|
||||||||
2015
|
2014
|
|||||||
(In Thousands)
|
||||||||
Residential mortgage (1-4 family):
|
||||||||
Special mention
|
$ | - | $ | - | ||||
Substandard
|
1,422 | 1,331 | ||||||
Doubtful
|
- | - | ||||||
Loss
|
- | 140 | ||||||
Commercial real estate:
|
||||||||
Special mention
|
- | - | ||||||
Substandard
|
667 | - | ||||||
Doubtful
|
- | - | ||||||
Loss
|
- | - | ||||||
Real estate construction:
|
||||||||
Special mention
|
- | - | ||||||
Substandard
|
782 | - | ||||||
Doubtful
|
- | - | ||||||
Loss
|
- | - | ||||||
Home equity loans:
|
||||||||
Special mention
|
- | - | ||||||
Substandard
|
156 | 328 | ||||||
Doubtful
|
82 | - | ||||||
Loss
|
7 | - | ||||||
Consumer loans:
|
||||||||
Special mention
|
- | - | ||||||
Substandard
|
140 | 41 | ||||||
Doubtful
|
4 | 7 | ||||||
Loss
|
11 | 7 | ||||||
Commercial loans:
|
||||||||
Special mention
|
- | - | ||||||
Substandard
|
367 | 229 | ||||||
Doubtful
|
- | - | ||||||
Loss
|
30 | - | ||||||
Securities available-for-sale:
|
||||||||
Special mention
|
- | - | ||||||
Substandard
|
- | - | ||||||
Doubtful
|
- | - | ||||||
Loss
|
- | - | ||||||
Real estate owned/repossessed property
|
595 | 637 | ||||||
Total classified loans and real estate owned
|
$ | 4,263 | $ | 2,720 |
Year Ended
|
Six Months Ended
|
Year Ended
|
||||||||||
December 31,
|
December 31,
|
June 30,
|
||||||||||
2015
|
2014
|
2014
|
||||||||||
(Dollars in Thousands)
|
||||||||||||
Beginning balance
|
$ | 2,450 | $ | 2,125 | $ | 2,000 | ||||||
Provision for loan losses
|
1,303 | 515 | 608 | |||||||||
Loans charged-off
|
||||||||||||
Residentail mortgage (1-4 family)
|
(137 | ) | - | - | ||||||||
Commercial real estate
|
- | - | (199 | ) | ||||||||
Real estate construction
|
- | - | - | |||||||||
Home equity
|
- | (159 | ) | (73 | ) | |||||||
Consumer
|
(61 | ) | (65 | ) | (88 | ) | ||||||
Commercial
|
(25 | ) | (24 | ) | (144 | ) | ||||||
Recoveries
|
||||||||||||
Residentail mortgage (1-4 family)
|
- | - | - | |||||||||
Commercial real estate
|
- | 31 | 17 | |||||||||
Real estate construction
|
- | - | - | |||||||||
Home equity
|
1 | - | - | |||||||||
Consumer
|
18 | 27 | 4 | |||||||||
Commercial
|
1 | - | - | |||||||||
Net loans charged-off
|
(203 | ) | (190 | ) | (483 | ) | ||||||
Ending balance
|
$ | 3,550 | $ | 2,450 | $ | 2,125 | ||||||
Allowance for loan losses to total loans
|
0.87 | % | 0.77 | % | 0.77 | % | ||||||
Allowance for loan losses to total nonperforming loans
|
139.32 | % | 242.57 | % | 407.09 | % | ||||||
Net charge-offs to average loans outstanding during the period
|
0.05 | % | 0.06 | % | 0.19 | % |
December 31,
|
||||||||||||||||||||||||
2015
|
2014
|
|||||||||||||||||||||||
Amount
|
Percentage
of
Allowance
to Total
|
Loan
Category
to Total
Loans
|
Amount
|
Percentage
of
Allowance
to Total
|
Loan
Category
to Total
Loans
|
|||||||||||||||||||
(Dollars in Thousands)
|
||||||||||||||||||||||||
Real estate loans:
|
||||||||||||||||||||||||
Residential mortgage
|
||||||||||||||||||||||||
(1-4 family)
|
$ | 911 | 25.66 | % | 28.95 | % | $ | 684 | 27.92 | % | 32.40 | % | ||||||||||||
Commercial real estate
|
1,593 | 44.88 | % | 41.15 | % | 1,098 | 44.81 | % | 36.37 | % | ||||||||||||||
Real estate construction
|
184 | 5.18 | % | 5.63 | % | 35 | 1.43 | % | 3.18 | % | ||||||||||||||
Total real estate loans
|
2,688 | 75.72 | % | 75.73 | % | 1,817 | 74.16 | % | 71.95 | % | ||||||||||||||
Other loans:
|
||||||||||||||||||||||||
Home equity
|
342 | 9.63 | % | 11.11 | % | 270 | 11.02 | % | 12.57 | % | ||||||||||||||
Consumer
|
66 | 1.86 | % | 3.59 | % | 46 | 1.88 | % | 4.33 | % | ||||||||||||||
Commercial
|
454 | 12.79 | % | 9.57 | % | 317 | 12.94 | % | 11.15 | % | ||||||||||||||
Total other loans
|
862 | 24.28 | % | 24.27 | % | 633 | 25.84 | % | 28.05 | % | ||||||||||||||
Total
|
$ | 3,550 | 100.00 | % | 100.00 | % | $ | 2,450 | 100.00 | % | 100.00 | % |
December 31,
|
||||||||||||||||||||||||
2015
|
2014
|
|||||||||||||||||||||||
Weighted
|
Weighted
|
|||||||||||||||||||||||
Percent
|
Average
|
Percent
|
Average
|
|||||||||||||||||||||
Amount
|
of Total
|
Rate
|
Amount
|
of Total
|
Rate
|
|||||||||||||||||||
(Dollars in Thousands)
|
||||||||||||||||||||||||
Noninterest checking
|
$ | 77,031 | 15.94 | % | 0.00 | % | $ | 60,924 | 13.80 | % | 0.00 | % | ||||||||||||
Interest bearing checking
|
87,350 | 18.08 | % | 0.03 | % | 76,367 | 17.30 | % | 0.04 | % | ||||||||||||||
Savings
|
71,474 | 14.79 | % | 0.04 | % | 62,455 | 14.15 | % | 0.04 | % | ||||||||||||||
Money market accounts
|
94,880 | 19.64 | % | 0.12 | % | 91,431 | 20.72 | % | 0.11 | % | ||||||||||||||
Total
|
330,735 | 68.45 | % | 0.05 | % | 291,177 | 65.97 | % | 0.05 | % | ||||||||||||||
Certificates of deposit accounts:
|
||||||||||||||||||||||||
IRA certificates
|
33,262 | 6.88 | % | 0.96 | % | 34,216 | 7.75 | % | 1.01 | % | ||||||||||||||
Brokered certificates
|
7,071 | 1.46 | % | 1.02 | % | 4,195 | 0.95 | % | 1.80 | % | ||||||||||||||
Other certificates
|
112,114 | 23.21 | % | 0.89 | % | 111,812 | 25.33 | % | 0.86 | % | ||||||||||||||
Total certificates of deposit
|
152,447 | 31.55 | % | 0.92 | % | 150,223 | 34.03 | % | 0.92 | % | ||||||||||||||
Total deposits
|
$ | 483,182 | 100.00 | % | 0.32 | % | $ | 441,400 | 100.00 | % | 0.35 | % |
Balance |
|
|||||||||||
Greater
|
||||||||||||
$100 - $250 |
than $250
|
Total
|
||||||||||
(In Thousands)
|
||||||||||||
3 months or less
|
$ | 6,809 | $ | 1,960 | $ | 8,769 | ||||||
Over 3 to 6 months
|
8,632 | 4,074 | 12,706 | |||||||||
Over 6 to 12 months
|
10,939 | 7,367 | 18,306 | |||||||||
Over 12 months
|
19,817 | 10,791 | 30,608 | |||||||||
Total
|
$ | 46,197 | $ | 24,192 | $ | 70,389 |
Year Ended
|
Six Months Ended
|
Year Ended
|
||||||||||
December 31,
|
December 31,
|
June 30,
|
||||||||||
2015
|
2014
|
2014
|
||||||||||
(Dollars in Thousands)
|
||||||||||||
FHLB advances:
|
||||||||||||
Average balance
|
$ | 47,344 | $ | 45,598 | $ | 28,692 | ||||||
Maximum balance at any month-end
|
68,261 | 48,898 | 49,404 | |||||||||
Balance at period end
|
68,261 | 43,704 | 49,404 | |||||||||
Weighted average interest rate during the period
|
1.11 | % | 1.30 | % | 2.24 | % | ||||||
Weighted average interest rate at period end
|
1.08 | % | 1.28 | % | 1.20 | % | ||||||
Repurchase agreements:
|
||||||||||||
Average balance
|
$ | - | $ | - | $ | - | ||||||
Maximum balance at any month-end
|
- | - | - | |||||||||
Balance at period end
|
- | - | - | |||||||||
Weighted average interest rate during the period
|
0.00 | % | 0.00 | % | 0.00 | % | ||||||
Weighted average interest rate at period end
|
0.00 | % | 0.00 | % | 0.00 | % | ||||||
Other:
|
||||||||||||
Average balance
|
$ | 4,023 | $ | 5,512 | $ | 3,926 | ||||||
Maximum balance at any month-end
|
12,647 | 11,750 | 12,070 | |||||||||
Balance at period end
|
4,455 | 11,289 | 2,050 | |||||||||
Weighted average interest rate during the period
|
0.57 | % | 0.48 | % | 0.51 | % | ||||||
Weighted average interest rate at period end
|
0.68 | % | 0.41 | % | 0.65 | % | ||||||
Total borrowings:
|
||||||||||||
Average balance
|
$ | 51,367 | $ | 51,110 | $ | 32,618 | ||||||
Maximum balance at any month-end
|
72,716 | 55,471 | 51,454 | |||||||||
Balance at period end
|
72,716 | 54,993 | 51,454 | |||||||||
Weighted average interest rate during the period
|
1.07 | % | 1.21 | % | 2.04 | % | ||||||
Weighted average interest rate at period end
|
1.05 | % | 1.11 | % | 1.17 | % |
Year Ended December 31, 2015
|
Six Months Ended December 31, 2014
|
Year Ended June 30, 2014
|
||||||||||||||||||||||||||||||||||
Average
|
Interest
|
Average
|
Interest
|
Average
|
Interest
|
|||||||||||||||||||||||||||||||
Daily
|
and
|
Yield/
|
Daily
|
and
|
Yield/
|
Daily
|
and
|
Yield/
|
||||||||||||||||||||||||||||
Balance
|
Dividends
|
Cost(3)
|
Balance
|
Dividends
|
Cost(3)
|
Balance
|
Dividends
|
Cost(3)
|
||||||||||||||||||||||||||||
(Dollars in Thousands)
|
||||||||||||||||||||||||||||||||||||
Assets:
|
||||||||||||||||||||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||||||||||||||
FHLB and FRB stock
|
$ | 2,979 | $ | 67 | 2.25 | % | $ | 2,189 | $ | 19 | 1.72 | % | $ | 1,901 | $ | 2 | 0.10 | % | ||||||||||||||||||
Loans receivable, net
|
374,849 | 17,332 | 4.62 | % | 315,316 | 7,562 | 4.80 | % | 260,825 | 12,985 | 4.98 | % | ||||||||||||||||||||||||
Investment securities
|
150,520 | 3,058 | 2.03 | % | 181,668 | 2,026 | 2.23 | % | 200,226 | 4,283 | 2.14 | % | ||||||||||||||||||||||||
Other
|
4,913 | 9 | 0.18 | % | 4,754 | 2 | 0.03 | % | 3,106 | 11 | 0.26 | % | ||||||||||||||||||||||||
Total interest-earning assets
|
533,261 | 20,466 | 3.84 | % | 503,927 | 9,609 | 3.81 | % | 466,058 | 17,281 | 3.71 | % | ||||||||||||||||||||||||
Noninterest-earning assets
|
50,397 | 46,520 | 49,415 | |||||||||||||||||||||||||||||||||
Total assets
|
$ | 583,658 | $ | 550,447 | $ | 515,473 | ||||||||||||||||||||||||||||||
Liabilities and equity:
|
||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||||||||||||||
Deposit accounts:
|
||||||||||||||||||||||||||||||||||||
Money market
|
$ | 94,525 | $ | 107 | 0.11 | % | $ | 90,773 | $ | 51 | 0.11 | % | $ | 89,590 | $ | 78 | 0.09 | % | ||||||||||||||||||
Savings
|
67,051 | 30 | 0.04 | % | 60,960 | 13 | 0.04 | % | 58,782 | 33 | 0.06 | % | ||||||||||||||||||||||||
Checking
|
81,462 | 27 | 0.03 | % | 72,543 | 13 | 0.03 | % | 67,688 | 28 | 0.04 | % | ||||||||||||||||||||||||
Certificates of deposit
|
151,472 | 1,293 | 0.85 | % | 151,431 | 600 | 0.79 | % | 154,845 | 1,156 | 0.75 | % | ||||||||||||||||||||||||
Advances from FHLB and other borrowings
|
||||||||||||||||||||||||||||||||||||
including subordinated debt
|
61,392 | 998 | 1.63 | % | 55,424 | 353 | 1.27 | % | 36,908 | 750 | 2.03 | % | ||||||||||||||||||||||||
Total interest-bearing liabilities
|
455,902 | 2,455 | 0.54 | % | 431,131 | 1,030 | 0.48 | % | 407,813 | 2,045 | 0.50 | % | ||||||||||||||||||||||||
Non-interest checking
|
70,766 | 63,044 | 57,771 | |||||||||||||||||||||||||||||||||
Other noninterest-bearing liabilities
|
2,940 | 3,301 | 753 | |||||||||||||||||||||||||||||||||
Total liabilities
|
529,608 | 497,476 | 466,337 | |||||||||||||||||||||||||||||||||
Total equity
|
54,050 | 52,971 | 49,136 | |||||||||||||||||||||||||||||||||
Total liabilities and equity
|
$ | 583,658 | $ | 550,447 | $ | 515,473 | ||||||||||||||||||||||||||||||
Net interest income/interest rate spread(1)
|
$ | 18,011 | 3.30 | % | $ | 8,579 | 3.34 | % | $ | 15,236 | 3.21 | % | ||||||||||||||||||||||||
Net interest margin(2)
|
3.38 | % | 3.40 | % | 3.27 | % | ||||||||||||||||||||||||||||||
Total interest-earning assets to interest-bearing liabilities
|
116.97 | % | 116.88 | % | 114.28 | % |
(1) | Interest rate spread represents the difference between the average yield on interest-earning assets and the average rate on interest-bearing liabilities. |
(2) | Net interest margin represents income before the provision for loan losses divided by average interest-earning assets. |
(3) | For purposes of this table, tax exempt income is not calculated on a tax equivalent basis. |
Year Ended December 31, 2015
|
Six Months Ended December 31, 2014
|
Year Ended June 30, 2014
|
||||||||||||||||||||||||||||||||||
Due to
|
Due to
|
Due to
|
||||||||||||||||||||||||||||||||||
Volume
|
Rate
|
Net
|
Volume
|
Rate
|
Net
|
Volume
|
Rate
|
Net
|
||||||||||||||||||||||||||||
(In Thousands)
|
||||||||||||||||||||||||||||||||||||
Interest earning assets:
|
||||||||||||||||||||||||||||||||||||
FHLB and FRB stock
|
$ | 9 | $ | 39 | $ | 48 | $ | - | $ | 35 | $ | 35 | $ | - | $ | 2 | $ | 2 | ||||||||||||||||||
Loans receivable, net
|
3,923 | (786 | ) | 3,137 | 2,712 | (573 | ) | 2,139 | 2,801 | (1,016 | ) | 1,785 | ||||||||||||||||||||||||
Investment securities
|
(844 | ) | (307 | ) | (1,151 | ) | (397 | ) | 167 | (230 | ) | 707 | 8 | 715 | ||||||||||||||||||||||
Other earning assets
|
1 | - | 1 | 4 | (11 | ) | (7 | ) | (20 | ) | 1 | (19 | ) | |||||||||||||||||||||||
Total interest earning assets
|
3,089 | (1,054 | ) | 2,035 | 2,319 | (382 | ) | 1,937 | 3,488 | (1,005 | ) | 2,483 | ||||||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||||||||||||||
Savings, money market and
|
||||||||||||||||||||||||||||||||||||
checking accounts
|
11 | (8 | ) | 3 | 4 | 10 | 14 | 51 | (65 | ) | (14 | ) | ||||||||||||||||||||||||
Certificates of deposit
|
(12 | ) | 128 | 116 | (25 | ) | 71 | 46 | 247 | (137 | ) | 110 | ||||||||||||||||||||||||
Borrowings and
|
||||||||||||||||||||||||||||||||||||
subordinated debentures
|
229 | 73 | 302 | 375 | (420 | ) | (45 | ) | (51 | ) | (247 | ) | (298 | ) | ||||||||||||||||||||||
Total interest-bearing liabilities
|
228 | 193 | 421 | 354 | (339 | ) | 15 | 247 | (449 | ) | (202 | ) | ||||||||||||||||||||||||
Change in net interest income
|
$ | 2,861 | $ | (1,247 | ) | $ | 1,614 | $ | 1,965 | $ | (43 | ) | $ | 1,922 | $ | 3,241 | $ | (556 | ) | $ | 2,685 |
Changes in Market |
|
Rate Sensitivity
|
||||
Interest Rates
|
As of November 30, 2015
|
Policy | ||||
(Basis Points)
|
Year 1
|
Year 2
|
Limits | |||
+200
|
-1.3%
|
-1.2%
|
-15.0% | |||
-100
|
-1.4%
|
-6.2%
|
-15.0% |
Changes in Market |
|
EVE as a % Change from 0 Shock
|
||
Interest Rates
|
As of November 30, 2015 |
|
Board Policy
|
|
(Basis Points)
|
Projected EVE
|
Limit
|
||
Must be no greater than: | ||||
+300
|
-5.4%
|
-30.0%
|
||
+200
|
-1.8%
|
-20.0%
|
||
+100
|
0.8%
|
-10.0%
|
||
0
|
0.0%
|
0.0%
|
||
-100
|
-9.8%
|
-10.0%
|
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
|
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.
|
|
CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.
|
CONTROLS AND PROCEDURES.
|
OTHER INFORMATION.
|
DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE.
|
Peter J. Johnson, President/Chief Executive Officer | Age 58 |
Laura F. Clark, Senior Vice President/Chief Financial Officer | Age 59 |
Michael C. Mundt, Executive Vice President/Chief Community Banking Officer | Age 61 |
Rachel R. Amdahl, Senior Vice President/Chief Operations Officer | Age 47 |
Tracy A. Zepeda, Senior Vice President/Chief Retail Officer | Age 36 |
Dale F. Field, Senior Vice President/Chief Credit Officer | Age 44 |
Chantelle R. Nash, Senior Vice President/Chief Risk Officer | Age 45 |
Larry D. Williams, Senior Vice President/Senior Lending Officer | Age 48 |
George Ballew, Senior Vice President/Senior Mortgage Officer | Age 56 |
EXECUTIVE COMPENSATION.
|
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS.
|
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE.
|
PRINCIPAL ACCOUNTING FEES AND SERVICES.
|
EXHIBITS, FINANCIAL STATEMENT SCHEDULES.
|
(a)
|
(1)
|
The following documents are filed as part of this report: The audited Consolidated Statements of Financial Condition of Eagle Bancorp Montana, Inc. and subsidiaries as of December 31, 2015, December 31, 2014 and June 30, 2014 and the related Consolidated Statements of Income, Consolidated Statements of Comprehensive Income, Consolidated Statements of Changes in Shareholder Equity and Consolidated Statements of Cash Flows for the years then ended, together with the related notes and independent auditor’s reports.
|
|
(2)
|
Schedules omitted as they are not applicable.
|
|
(3)
|
Exhibits.
|
**
|
3.1
|
Amended and Restated Certificate of Incorporation of Eagle Bancorp Montana, Inc.
|
|
|
|
3.2
|
Bylaws of Eagle Bancorp Montana, Inc., amended as of August 20, 2015 (incorporated by reference to Exhibit 3.1 of our Current Report on Form 8-K filed on August 25, 2015).
|
|
|
|
|
*
|
4.1
|
Form of Common Stock Certificate of Eagle Bancorp Montana, Inc.
|
|
|
|
4.2
|
Form of 6.75% Subordinated Note due 2025 (incorporated by reference to Exhibit 4.1 of our Current Report on Form 8-K filed on June 19, 2015).
|
|
***
|
10.1
|
Eagle Bancorp 2000 Stock Incentive Plan.
|
|
|
|
10.2
|
Employment Contract, effective as of April 27, 2015, among Peter J. Johnson, Eagle Bancorp Montana, Inc. and Opportunity Bank of Montana (incorporated by reference to Exhibit 10.2 of our Current Report on Form 8-K filed on April 29, 2015).
|
|
10.3
|
Form of Change in Control Agreement entered into between Eagle Bancorp Montana, Inc. and its executive officers (incorporated by reference to Exhibit 10.3 of our Current Report on Form 8-K filed on August 24, 2015).
|
|
*
|
10.4
|
Salary Continuation Agreement, dated April 18, 2002, between Larry A. Dreyer and American Federal Savings Bank.
|
*
|
10.5
|
First Amendment to Salary Continuation Agreement, dated December 31, 2006, between Larry A. Dreyer and American Federal Savings Bank.
|
10.6
|
Amended Salary Continuation Agreement, dated April 27, 2015, between Peter J. Johnson and Opportunity Bank of Montana (incorporated by reference to Exhibit 10.7 of our Current Report on Form 8-K filed on August 24, 2015).
|
|
*
|
10.7
|
Salary Continuation Agreement, dated April 18, 2002, between Michael C. Mundt and American Federal Savings Bank.
|
*
|
10.8
|
First Amendment to Salary Continuation Agreement, dated December 31, 2006, between Michael C. Mundt and American Federal Savings Bank.
|
*
|
10.9
|
Salary Continuation Agreement, dated November 16, 2006, between Rachel R. Amdahl and American Federal Savings Bank.
|
*
|
10.10
|
American Federal Savings Bank Split-Dollar Plan, effective October 21, 2004.
|
*
|
10.11
|
Summary of American Federal Savings Bank Bonus Plan.
|
10.12
|
2011 Stock Incentive Plan for Directors, Officers and Employees (incorporated by reference to Exhibit 10.1 of the Registration Statement on Form S-8 (File No. 333-182360) filed with the SEC on June 27, 2012).
|
|
10.13
|
Amendment No. 1 to the Eagle Bancorp Montana, Inc. 2011 Stock Incentive Plan for Directors, Officers, and Employees.
|
|
10.14
|
Purchase and Assumption Agreement, dated June 29, 2012, by and among Sterling Savings Bank, Eagle Bancorp Montana, Inc. and American Federal Savings Bank (incorporated by reference to Exhibit 10.1 of our Current Report on Form 8-K filed on July 2, 2012).
|
|
10.15
|
Form of Subordinated Note Purchase Agreement (incorporated by reference to Exhibit 10.1 of our Current Report on Form 8-K filed on June 19, 2015).
|
|
21.1
|
Subsidiaries of Registrant.
|
|
23.1
|
Consent of Davis Kinard & Co, PC.
|
|
|
|
|
31.1
|
Certification by Peter J. Johnson, Chief Executive Officer, pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
31.2
|
Certification by Laura F. Clark, Chief Financial Officer, pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
32.1
|
Certification by Peter J. Johnson, Chief Executive Officer and Laura F. Clark, Chief Financial Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
*
|
Incorporated by reference to the identically numbered exhibit of the Registration Statement on Form S-1 (File No. 333-163790) filed with the SEC on December 17, 2009.
|
|
**
|
Incorporated by reference to the identically numbered exhibit of the Current Report on Form 8-K filed with the SEC on February 23, 2010.
|
|
***
|
Incorporated by reference to the proxy statement for the 2000 Annual Meeting filed with the SEC on September 19, 2000.
|
(b) |
See item 15(a)(3) above.
|
(c) |
See Item 15(a)(1) and 15(a)(2) above.
|
101.INS XBRL |
Instance Document
|
101.SCH XBRL | Taxonomy Extension Schema Document |
101.CAL XBRL | Taxonomy Extension Calculation Linkbase Document |
101.DEF XBRL | Taxonomy Extension Definition Linkbase Document |
101.LAB XBRL | Taxonomy Extension Label Linkbase Document |
101.PRE XBRL | Taxonomy Extension Presentation Linkbase Document |
EAGLE BANCORP MONTANA, INC. | ||
/s/ Peter J. Johnson
|
||
Peter J. Johnson
|
||
President and Chief Executive Officer
|
Signatures
|
Title
|
Date
|
||
/s/ Peter J. Johnson
|
President and Chief Executive Officer
|
3/15/2016
|
||
Peter J. Johnson
|
Director (Principal Executive Officer)
|
|||
/s/ Laura F. Clark
|
Senior Vice President and Chief Financial Officer
|
3/15/2016
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Laura F. Clark
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(Principal Financial Officer and Principal Accounting Officer)
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/s/ Larry A. Dreyer
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Chairman
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3/15/2016
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Larry A. Dreyer
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/s/ James A. Maierle
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Vice Chairman
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3/15/2016
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James A. Maierle
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/s/ Rick F. Hays
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Director
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3/15/2016
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Rick F. Hays
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/s/ Lynn E. Dickey
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Director
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3/15/2016
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Lynn E. Dickey
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/s/ Maureen J. Rude
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Director
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3/15/2016
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Maureen J. Rude
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/s/ Thomas J. McCarvel
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Director
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3/15/2016
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Thomas J. McCarvel
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/s/ Shavon R. Cape
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Director
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3/15/2016
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Shavon R. Cape
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||||
/s/ Tanya J. Chemodurow
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Director
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3/15/2016
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Tanya J. Chemodurow
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EAGLE BANCORP MONTANA, INC. AND SUBSIDIARIES
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Contents
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Page
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1
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Financial Statements
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2
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3
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4
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5
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6
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7
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First Financial Bank Building
400 Pine Street, Ste. 600, Abilene, TX 79601
325.672.4000 / 800.588.2525 / f: 325.672.7049
www.dkcpa.com
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Certified Public Accountants | |
Abilene, Texas | |
February 26, 2016 |
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
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||||||||
(Dollars in Thousands, Except for Per Share Data)
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||||||||
December 31,
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||||||||
2015
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2014
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|||||||
ASSETS:
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||||||||
Cash and due from banks
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$ | 6,468 | $ | 11,889 | ||||
Interest-bearing deposits in banks
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970 | 613 | ||||||
Total cash and cash equivalents
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7,438 | 12,502 | ||||||
Securities available-for-sale
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145,738 | 161,787 | ||||||
Federal Home Loan Bank stock
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3,397 | 1,968 | ||||||
Federal Reserve Bank stock
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887 | 641 | ||||||
Investment in Eagle Bancorp Statutory Trust I
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155 | 155 | ||||||
Mortgage loans held-for-sale
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18,702 | 17,587 | ||||||
Loans receivable, net of deferred loan fees of $795 at December 31, 2015
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||||||||
and $486 at December 31, 2014 and allowance for loan losses of
|
||||||||
$3,550 at December 31, 2015 and $2,450 at December 31, 2014
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403,734 | 316,270 | ||||||
Accrued interest and dividends receivable
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2,278 | 2,318 | ||||||
Mortgage servicing rights, net
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4,968 | 4,115 | ||||||
Premises and equipment, net
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18,217 | 19,964 | ||||||
Cash surrender value of life insurance
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12,514 | 11,735 | ||||||
Real estate and other repossessed assets acquired in
|
||||||||
settlement of loans, net
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595 | 637 | ||||||
Goodwill
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7,034 | 7,034 | ||||||
Core deposit intangible, net
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514 | 663 | ||||||
Deferred tax asset, net
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1,490 | 1,467 | ||||||
Other assets
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2,686 | 1,364 | ||||||
Total assets
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$ | 630,347 | $ | 560,207 | ||||
LIABILITIES:
|
||||||||
Deposit accounts:
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||||||||
Noninterest bearing
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$ | 77,031 | $ | 60,924 | ||||
Interest bearing
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406,151 | 380,476 | ||||||
Total deposits
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483,182 | 441,400 | ||||||
Accrued expenses and other liabilities
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4,050 | 4,161 | ||||||
Federal Home Loan Bank advances and other borrowings
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72,716 | 54,993 | ||||||
Subordinated debentures:
|
||||||||
Principal amount
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15,155 | 5,155 | ||||||
Unamortized debt issuance costs
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(206 | ) | - | |||||
Total subordinated debentures less unamortized debt issuance costs
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14,949 | 5,155 | ||||||
Total liabilities
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574,897 | 505,709 | ||||||
SHAREHOLDERS' EQUITY:
|
||||||||
Preferred stock (no par value; 1,000,000 shares authorized; no shares
|
||||||||
issued or outstanding)
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- | - | ||||||
Common stock ($0.01 par value; 8,000,000 shares authorized;
|
||||||||
4,083,127 shares issued; 3,779,464 and 3,878,781 shares
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||||||||
outstanding at December 31, 2015 and 2014, respectively)
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41 | 41 | ||||||
Additional paid-in capital
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22,152 | 22,122 | ||||||
Unallocated common stock held by Employee Stock Ownership Plan
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(975 | ) | (1,141 | ) | ||||
Treasury stock, at cost
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(3,321 | ) | (2,194 | ) | ||||
Retained earnings
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37,301 | 35,885 | ||||||
Net accumulated other comprehensive income (loss)
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252 | (215 | ) | |||||
Total shareholders' equity
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55,450 | 54,498 | ||||||
Total liabilities and shareholders' equity
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$ | 630,347 | $ | 560,207 |
CONSOLIDATED STATEMENTS OF INCOME
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(Dollars in Thousands, Except for Per Share Data)
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Year Ended
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Six Months Ended
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Year Ended
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December 31,
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December 31,
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June 30,
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||||||||||
2015
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2014
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2014
|
||||||||||
INTEREST AND DIVIDEND INCOME:
|
||||||||||||
Interest and fees on loans
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$ | 17,332 | $ | 7,562 | $ | 12,985 | ||||||
Securities available-for-sale
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3,058 | 2,026 | 4,285 | |||||||||
Federal Home Loan Bank and Federal Reserve Bank dividends
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67 | 19 | - | |||||||||
Trust preferred securities
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3 | 1 | 3 | |||||||||
Interest on deposits in banks
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1 | - | 4 | |||||||||
Other interest income
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5 | 1 | 4 | |||||||||
Total interest and dividend income
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20,466 | 9,609 | 17,281 | |||||||||
INTEREST EXPENSE:
|
||||||||||||
Deposits
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1,457 | 677 | 1,294 | |||||||||
Federal Home Loan Bank advances and other borrowings
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550 | 310 | 664 | |||||||||
Subordinated debentures
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448 | 43 | 87 | |||||||||
Total interest expense
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2,455 | 1,030 | 2,045 | |||||||||
NET INTEREST INCOME
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18,011 | 8,579 | 15,236 | |||||||||
Loan loss provision
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1,303 | 515 | 608 | |||||||||
NET INTEREST INCOME AFTER LOAN LOSS PROVISION
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16,708 | 8,064 | 14,628 | |||||||||
NONINTEREST INCOME:
|
||||||||||||
Service charges on deposit accounts
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1,009 | 538 | 1,022 | |||||||||
Net gain on sale of loans (includes $1,907 for CY 2015, $461 for six
|
||||||||||||
months ended December 31, 2014 and $582 for FY 2014 related
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||||||||||||
to accumulated other comprehensive earnings reclassification)
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6,672 | 2,864 | 4,586 | |||||||||
Mortgage loan service fees
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1,718 | 767 | 1,372 | |||||||||
Wealth management income
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625 | 290 | 527 | |||||||||
Interchange and ATM fees
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580 | 287 | 556 | |||||||||
Appreciation in cash surrender value of life insurance
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426 | 208 | 405 | |||||||||
Net gain on sale of available-for-sale securities (includes $234 for
|
||||||||||||
CY 2015, $335 for six months ended December 31, 2014 and
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||||||||||||
$1,073 for FY 2014 related to accumulated other comprehensive
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||||||||||||
earnings reclassification)
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234 | 335 | 1,073 | |||||||||
Net loss on fair value hedge
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(93 | ) | (364 | ) | (63 | ) | ||||||
Net loss on sale of real estate owned and other repossessed property
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(13 | ) | (1 | ) | (50 | ) | ||||||
Other noninterest income
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603 | 168 | 613 | |||||||||
Total noninterest income
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11,761 | 5,092 | 10,041 | |||||||||
NONINTEREST EXPENSE:
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Salaries and employee benefits
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14,350 | 6,274 | 12,822 | |||||||||
Occupancy and equipment expense
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2,988 | 1,426 | 2,774 | |||||||||
Data processing
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2,259 | 1,082 | 1,870 | |||||||||
Advertising
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800 | 408 | 816 | |||||||||
Amortization of mortgage servicing rights
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799 | 328 | 630 | |||||||||
Amortization of core deposit intangible and tax credits
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432 | 208 | 427 | |||||||||
Federal insurance premiums
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332 | 174 | 271 | |||||||||
Postage
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181 | 95 | 175 | |||||||||
Legal, accounting and examination fees
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520 | 469 | 555 | |||||||||
Consulting fees
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576 | 351 | 537 | |||||||||
Write-down on real estate owned and other repossessed property
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- | - | 10 | |||||||||
Other noninterest expense
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2,489 | 1,164 | 2,021 | |||||||||
Total noninterest expenses
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25,726 | 11,979 | 22,908 | |||||||||
INCOME BEFORE INCOME TAXES
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2,743 | 1,177 | 1,761 | |||||||||
Income tax provision (benefit) (includes $321 for CY 2015,
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||||||||||||
$1,405 for six months ended December 31, 2014 and
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$744 for FY 2014 related to income tax expense
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from reclassification items)
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163 | (465 | ) | (350 | ) | |||||||
NET INCOME
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$ | 2,580 | $ | 1,642 | $ | 2,111 | ||||||
BASIC EARNINGS PER SHARE
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$ | 0.68 | $ | 0.42 | $ | 0.54 | ||||||
DILUTED EARNINGS PER SHARE
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$ | 0.67 | $ | 0.42 | $ | 0.53 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
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(Dollars in Thousands, Except for Per Share Data)
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Year Ended
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Six Months Ended
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Year Ended
|
||||||||||
December 31,
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December 31,
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June 30,
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||||||||||
2015
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2014
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2014
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NET INCOME
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$ | 2,580 | $ | 1,642 | $ | 2,111 | ||||||
OTHER ITEMS OF COMPREHENSIVE INCOME (LOSS):
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||||||||||||
Change in fair value of investment securities available-for-sale,
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before income taxes
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883 | 3,749 | 3,093 | |||||||||
Reclassification for realized gains and losses on investment
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securities included in income, before income taxes
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(234 | ) | (335 | ) | (1,073 | ) | ||||||
Change in fair value of derivatives designated as cash flow
|
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hedges, before income taxes
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2,046 | 496 | 461 | |||||||||
Reclassification for realized gains on derivatives designated
|
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as cash flow hedges, before income taxes
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(1,907 | ) | (461 | ) | (582 | ) | ||||||
Total other items of comprehensive income
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788 | 3,449 | 1,899 | |||||||||
Income tax (expense) benefit related to:
|
||||||||||||
Investment securities
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(264 | ) | (1,391 | ) | (823 | ) | ||||||
Derivatives designated as cash flow hedges
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(57 | ) | (14 | ) | 49 | |||||||
(321 | ) | (1,405 | ) | (774 | ) | |||||||
COMPREHENSIVE INCOME
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$ | 3,047 | $ | 3,686 | $ | 3,236 |
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
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(Dollars in Thousands, Except for Per Share Data)
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Accumulated
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Unallocated
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Other
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Preferred
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Common
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Paid-In
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ESOP
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Treasury
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Retained
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Comprehensive
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Stock
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Stock
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Capital
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Shares
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Stock
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Earnings
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(Loss) Income
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Total
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Balance at July 1, 2013
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$ | - | $ | 41 | $ | 22,109 | $ | (1,390 | ) | $ | (1,993 | ) | $ | 33,849 | $ | (3,384 | ) | $ | 49,232 | |||||||||||||
Net income
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2,111 | 2,111 | ||||||||||||||||||||||||||||||
Other comprehensive income
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1,125 | 1,125 | ||||||||||||||||||||||||||||||
Dividends paid
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(1,136 | ) | (1,136 | ) | ||||||||||||||||||||||||||||
Stock compensation expense
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193 | 193 | ||||||||||||||||||||||||||||||
Treasury stock reissued for compensation
|
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(17,548 shares at $10.97 average cost per share )
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(193 | ) | 193 | - | ||||||||||||||||||||||||||||
Employee Stock Ownership Plan shares allocated or
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committed to be released for allocation (16,616 shares)
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14 | 166 | 180 | |||||||||||||||||||||||||||||
Balance at June 30, 2014
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$ | - | $ | 41 | $ | 22,123 | $ | (1,224 | ) | $ | (1,800 | ) | $ | 34,824 | $ | (2,259 | ) | $ | 51,705 | |||||||||||||
Net income
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1,642 | 1,642 | ||||||||||||||||||||||||||||||
Other comprehensive income
|
2,044 | 2,044 | ||||||||||||||||||||||||||||||
Dividends paid
|
(581 | ) | (581 | ) | ||||||||||||||||||||||||||||
Stock compensation expense
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186 | 186 | ||||||||||||||||||||||||||||||
Treasury stock purchased
|
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(55,000 shares at $10.66 average cost per share )
|
(587 | ) | (587 | ) | ||||||||||||||||||||||||||||
Treasury stock reissued for compensation
|
||||||||||||||||||||||||||||||||
(17,548 shares at $10.97 average cost per share )
|
(193 | ) | 193 | - | ||||||||||||||||||||||||||||
Employee Stock Ownership Plan shares allocated or
|
||||||||||||||||||||||||||||||||
committed to be released for allocation (8,308 shares)
|
6 | 83 | 89 | |||||||||||||||||||||||||||||
Balance at December 31, 2014
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$ | - | $ | 41 | $ | 22,122 | $ | (1,141 | ) | $ | (2,194 | ) | $ | 35,885 | $ | (215 | ) | $ | 54,498 | |||||||||||||
Net income
|
2,580 | 2,580 | ||||||||||||||||||||||||||||||
Other comprehensive income
|
467 | 467 | ||||||||||||||||||||||||||||||
Dividends paid
|
(1,164 | ) | (1,164 | ) | ||||||||||||||||||||||||||||
Stock compensation expense
|
204 | 204 | ||||||||||||||||||||||||||||||
Treasury stock purchased
|
||||||||||||||||||||||||||||||||
(116,865 shares at $11.30 average cost per share )
|
(1,320 | ) | (1,320 | ) | ||||||||||||||||||||||||||||
Treasury stock reissued for compensation
|
||||||||||||||||||||||||||||||||
(17,548 shares at $10.97 average cost per share )
|
(193 | ) | 193 | - | ||||||||||||||||||||||||||||
Employee Stock Ownership Plan shares allocated or
|
||||||||||||||||||||||||||||||||
committed to be released for allocation (16,616 shares)
|
19 | 166 | 185 | |||||||||||||||||||||||||||||
Balance at December 31, 2015
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$ | - | $ | 41 | $ | 22,152 | $ | (975 | ) | $ | (3,321 | ) | $ | 37,301 | $ | 252 | $ | 55,450 |
CONSOLIDATED STATEMENTS OF CASH FLOW
|
||||||||||||
(Dollars in Thousands, Except for Per Share Data)
|
||||||||||||
Year Ended
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Six Months Ended
|
Year Ended
|
||||||||||
December 31,
|
December 31,
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June 30,
|
||||||||||
2015
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2014
|
2014
|
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CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||||||
Net income
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$ | 2,580 | $ | 1,642 | $ | 2,111 | ||||||
Adjustments to reconcile net income to net cash provided by
|
||||||||||||
operating activities:
|
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Loan loss provision
|
1,303 | 515 | 608 | |||||||||
Write-down on real estate owned and other repossessed assets
|
- | - | 10 | |||||||||
Depreciation
|
1,231 | 585 | 1,146 | |||||||||
Net amortization of investment securities premium and discounts
|
1,988 | 1,025 | 2,839 | |||||||||
Amortization of mortgage servicing rights
|
799 | 328 | 630 | |||||||||
Amortization of core deposit intangible and tax credits
|
432 | 208 | 427 | |||||||||
Deferred income tax benefit
|
(344 | ) | (665 | ) | (153 | ) | ||||||
Net gain on sale of loans
|
(6,672 | ) | (2,864 | ) | (4,586 | ) | ||||||
Net gain on sale of available-for-sale securities
|
(234 | ) | (335 | ) | (1,073 | ) | ||||||
Net loss on sale of real estate owned and other repossessed assets
|
13 | 1 | 50 | |||||||||
Net loss on fair value hedge
|
93 | 364 | 63 | |||||||||
Net gain on sale/disposal of premises and equipment
|
(305 | ) | - | (15 | ) | |||||||
Net appreciation in cash surrender value of life insurance
|
(329 | ) | (158 | ) | (322 | ) | ||||||
Net change in:
|
||||||||||||
Accrued interest and dividends receivable
|
40 | 111 | (42 | ) | ||||||||
Loans held-for-sale
|
5,696 | 2,557 | 8,027 | |||||||||
Other assets
|
(1,603 | ) | 167 | (649 | ) | |||||||
Accrued expenses and other liabilities
|
196 | 738 | 526 | |||||||||
Net cash provided by operating activities
|
4,884 | 4,219 | 9,597 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||||||
Activity in available-for-sale securities:
|
||||||||||||
Sales
|
31,301 | 26,939 | 52,058 | |||||||||
Maturities, principal payments and calls
|
12,515 | 5,811 | 22,344 | |||||||||
Purchases
|
(28,872 | ) | (2,260 | ) | (44,738 | ) | ||||||
Federal Home Loan Bank stock (purchased) redeemed
|
(1,429 | ) | (90 | ) | 53 | |||||||
Federal Reserve Bank stock purchased
|
(246 | ) | (641 | ) | - | |||||||
Final valuation adjustments related to acquisition of Sterling Bank branches
|
- | - | (144 | ) | ||||||||
Loan origination and principal collection, net
|
(90,477 | ) | (43,665 | ) | (61,166 | ) | ||||||
Proceeds from Bank owned life insurance
|
- | - | 109 | |||||||||
Purchases of Bank owned life insurance
|
(450 | ) | (495 | ) | - | |||||||
Proceeds from sale of real estate and other repossessed assets
|
||||||||||||
acquired in settlement of loans
|
87 | 4 | 83 | |||||||||
Insurance proceeds related to premises and equipment
|
- | - | 31 | |||||||||
Proceeds from sale of premises and equipment
|
1,438 | - | - | |||||||||
Additions to premises and equipment
|
(630 | ) | (448 | ) | (2,320 | ) | ||||||
Net cash used in investing activities
|
(76,763 | ) | (14,845 | ) | (33,690 | ) | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||||||
Net increase in deposits
|
41,782 | 13,938 | 9,294 | |||||||||
Net short-term (payments) advances from Federal Home Loan Bank and other borrowings
|
(1,723 | ) | 3,639 | 20,793 | ||||||||
Long-term advances from Federal Home Loan Bank and other borrowings
|
33,000 | 2,000 | 5,000 | |||||||||
Payments on long-term Federal Home Loan Bank and other borrowings
|
(13,554 | ) | (2,100 | ) | (9,200 | ) | ||||||
Proceeds from issuance of subordinated debentures
|
10,000 | - | - | |||||||||
Payments for debt issuance costs
|
(206 | ) | - | - | ||||||||
Purchase of treasury stock, at cost
|
(1,320 | ) | (587 | ) | - | |||||||
Dividends paid
|
(1,164 | ) | (581 | ) | (1,136 | ) | ||||||
Net cash provided by financing activities
|
66,815 | 16,309 | 24,751 | |||||||||
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS
|
(5,064 | ) | 5,683 | 658 | ||||||||
CASH AND CASH EQUIVALENTS, beginning of period
|
12,502 | 6,819 | 6,161 | |||||||||
CASH AND CASH EQUIVALENTS, end of period
|
$ | 7,438 | $ | 12,502 | $ | 6,819 |
NOTE 1:
|
Organization and Operations
|
|
On April 5, 2010, Eagle Bancorp completed its second-step conversion from a partially-public mutual holding company structure to a fully publicly-owned stock holding company structure. As part of that transaction it also completed a related stock offering. As a result of the conversion and offering, Eagle Bancorp Montana, Inc. (“the Company”, or “Eagle”) became the stock holding company for American Federal Savings Bank (“AFSB”), and Eagle Financial MHC and Eagle Bancorp ceased to exist. The Company sold a total of 2,464,274 shares of common stock at a purchase price of $10.00 per share in the offering for gross proceeds of $24,643,000. Concurrent with the completion of the offering, shares of Eagle Bancorp common stock owned by the public were exchanged. Shareholders of Eagle Bancorp received 3.80 shares of the Company's common stock for each share of Eagle Bancorp common stock that they owned immediately prior to completion of the transaction.
The Company’s Employee Stock Ownership Plan (“ESOP”), which purchased shares in the offering, was authorized to purchase up to 8.00% of the shares sold in the offering, or 197,142 shares. The ESOP completed its purchase of all such authorized shares in the offering, at a total cost of $1,971,000.
|
|
In 2014, the Board of Directors (the “Board”) determined that it was in the Company’s best interests to adopt a Montana community bank charter and the Company applied to the State of Montana to form an interim bank for the purpose of facilitating the conversion of AFSB from a federally chartered savings bank to a Montana-chartered commercial bank. Upon receiving required approvals of the Montana Division of Banking and Financial Institutions and the federal banking agencies for the conversion the conversion became effective on October 14, 2014. Concurrent with the conversion, the Bank applied, and was approved, for membership in the Federal Reserve System of the Board of Governors. In connection with the conversion, AFSB changed its name to Opportunity Bank of Montana (“the Bank”). As a result of the conversion, the Bank is now regulated by the Montana Division of Banking and Financial Institutions. As a Federal Reserve Board (“FRB”) member bank, its primary federal regulator is the FRB, and the Company is a registered bank holding company regulated by the FRB. The Bank is a member of the Federal Home Loan Bank System and its deposit accounts are insured to the applicable limits by the Federal Deposit Insurance Corporation (“FDIC”).
|
|
The Bank is headquartered in Helena, Montana, and operates additional branches in Butte, Bozeman, Billings, Big Timber, Livingston, Missoula, Hamilton and Townsend, Montana. It also operates two separate mortgage loan origination locations in Bozeman and Missoula, Montana. The Bank opened a Loan Production Office in Great Falls, Montana in January 2015. The Bank’s market area is concentrated in southern Montana, to which it primarily offers commercial, residential and consumer loans. The Bank’s principal business is accepting deposits and, together with funds generated from operations and borrowings, investing in various types of loans and securities. Collectively, Eagle Bancorp Montana Inc. and its subsidiaries are referred to herein as “the Company.”
|
|
In August 2014, the Board of Directors (the “Board”) approved a change in the Company’s fiscal year end from June 30 to December 31 of each year. The year-end change was effective January 1, 2015. As a result of this change, the consolidated financial statements include presentation of calendar year (“CY”) 2015 for the period from January 1, 2015 through December 31, 2015, the six month transition period from July 1, 2014 through December 31, 2014 and fiscal year (“FY”) 2014 for the period from July 1, 2013 through June 30, 2014.
|
NOTE 2:
|
Summary of Significant Accounting Policies
|
|
Principles of Consolidation
|
|
The consolidated financial statements include the accounts of Eagle Bancorp Montana Inc., the Bank, Eagle Bancorp Statutory Trust I and AFSB NMTC Investment Fund, LLC. All significant intercompany transactions and balances have been eliminated in consolidation.
|
|
Consolidated Financial Statement Presentation and Use of Estimates
|
|
The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). In preparing consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated statement of financial condition and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, mortgage servicing rights, the valuation of financial instruments, deferred tax assets and liabilities, and the valuation of foreclosed assets. In connection with the determination of the estimated losses on loans, foreclosed assets, valuation of mortgage servicing rights and valuation of the interest rate swap, management obtains independent appraisals and valuations.
|
|
Certain prior period amounts have been reclassified to conform to the presentation for CY 2015. These reclassifications had no impact on net income or total shareholders’ equity. Certain loan amounts were reclassified for December 31, 2014 to be consistent with loan category classification for December 31, 2015. In addition, to be more consistent with regulatory reporting requirements, advances by borrowers for taxes and interest are included in noninterest bearing deposits at December 31, 2015 on the Consolidated Statement of Financial Condition. The escrow balance of $417,000 at December 31, 2014 was reclassed from accrued expenses and other liabilities to be consistent with the December 31, 2015 presentation. ATM servicing fees and appreciation in cash surrender value of life insurance have previously been included in other noninterest income on the Consolidated Statements of Income. These amounts were presented on their own lines for CY 2015 and prior year amounts were reclassed to be consistent with the current year presentation.
The Company evaluated subsequent events for potential recognition and/or disclosure through the date the consolidated financial statements were issued.
|
|
Significant Group Concentrations of Credit Risk
|
|
Most of the Company’s business activity is with customers located within Montana. Note 4: Investment Securities discusses the types of securities that the Company invests in. Note 5: Loans discusses the types of lending that the Company engages in. The Company does not have any significant concentrations to any one industry or customer.
|
|
The Company carries certain assets with other financial institutions which are subject to credit risk by the amount such assets exceed federal deposit insurance limits. At December 31, 2015 and 2014, no account balances were held with correspondent banks that were in excess of FDIC insured levels, except for federal funds sold or deposit balances held at Federal Home Loan Bank (“FHLB”) of Des Moines (formerly FHLB of Seattle) and Zions Bank. FHLB of Des Moines completed a merger with FHLB of Seattle in June 2015. Also, from time to time, the Company is due amounts in excess of FDIC insurance limits for checks and transit items.
|
NOTE 2:
|
Summary of Significant Accounting Policies – continued
|
|
Significant Group Concentrations of Credit Risk – continued
|
|
Management monitors the financial stability of correspondent banks and considers amounts advanced in excess of FDIC insurance limits to present no significant additional risk to the Company.
|
|
Cash and Cash Equivalents
|
|
For the purpose of presentation in the consolidated statements of cash flows, cash and cash equivalents are defined as those amounts included in the balance sheet captions “cash and due from banks” and “interest-bearing deposits in banks” all of which mature within ninety days.
|
|
The Bank is required to maintain a reserve balance with the FRB. The Bank properly maintained amounts in excess of required reserves of $0 as of December 31, 2015 and 2014.
|
|
Investment Securities
|
|
The Company can designate debt and equity securities as held-to-maturity, available-for-sale or trading. At December 31, 2015 and 2014 all securities were designated as available-for-sale.
|
|
Held-to-maturity – Debt investment securities that management has the positive intent and ability to hold until maturity are classified as held-to-maturity and are carried at their remaining unpaid principal balance, net of unamortized premiums or unaccreted discounts. Premiums are amortized and discounts are accreted using the interest method over the period remaining until maturity.
|
|
Available-for-sale – Investment securities that will be held for indefinite periods of time, including securities that may be sold in response to changes in market interest or prepayment rates, need for liquidity and changes in the availability of and the yield of alternative investments, are classified as available-for-sale. These assets are carried at fair value. Unrealized gains and losses, net of tax, are reported as other comprehensive income. Gains and losses on the sale of available-for-sale securities are recorded on the trade date and determined using the specific identification method.
|
|
Declines in the fair value of individual held-to-maturity and available-for-sale securities below their cost that are other than temporary are recognized by write-downs of the individual securities to their fair value. Such write-downs would be included in earnings as realized losses.
|
|
Trading – Investments that are purchased with the intent of selling them within a short period of time.
|
|
Federal Home Loan Bank Stock
|
|
The Company’s investment in FHLB stock is a restricted investment carried at cost ($100 per share par value), which approximates its fair value. As a member of the FHLB system, the Company is required to maintain a minimum level of investment in FHLB stock based on total assets and a specific percentage of its outstanding FHLB advances. The Company had 33,969 FHLB shares at December 31, 2015 and 19,682 shares at December 31, 2014. Dividends are paid quarterly and are subject to FHLB board approval.
|
NOTE 2:
|
Summary of Significant Accounting Policies – continued
|
|
Federal Reserve Bank Stock
|
|
The Company’s investment in FRB stock is a restricted investment carried at cost, which approximates its fair value. Although the par value of the stock is $100 per share, banks pay only $50 per share at the time of purchase, with the understanding that the other half of the subscription amount is subject to call at any time. As a member of the Federal Reserve System, the Company is required to maintain a minimum level of investment in FRB stock based on a specific percentage of its capital and surplus. The Company had 17,415 FRB shares at December 31, 2015 and 12,600 shares at December 31, 2014. Dividends are received semi-annually at a fixed rate of 6.00% on the total number of shares.
|
|
Mortgage Loans Held-for-Sale
|
|
Mortgage loans originated and intended for sale in the secondary market are carried at fair value, determined in aggregate, plus the fair value of associated derivative financial instruments. Net unrealized losses, if any, are recognized in a valuation allowance by a charge to income.
|
|
Loans
|
|
The Bank grants mortgage, commercial and consumer loans to customers. A substantial portion of the loan portfolio is represented by mortgage loans in Montana. The ability of the Bank’s debtors to honor their contracts is dependent upon the general economic conditions in this area.
|
|
Loans receivable that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at their outstanding unpaid principal balances net of any unearned income, allowance for loan losses, and unamortized deferred fees or costs on originated loans and unamortized premiums or unaccreted discounts on purchased loans. Loan origination fees, net of certain direct origination costs are deferred and amortized over the contractual life of the loan, and recorded as an adjustment to the yield, using the interest method.
Loan Origination/Risk Management. The Bank selectively extends credit for the purpose of establishing long-term relationships with its customers. The Bank mitigates the risks inherent in lending by focusing on businesses and individuals with demonstrated payment history, historically favorable profitability trends and stable cash flows. In addition to these primary sources of repayment, the Bank considers tangible collateral and personal guarantees as secondary sources of repayment. Lending officers are provided with detailed underwriting policies covering all lending activities in which the Bank is engaged and require all lenders to obtain appropriate approvals for the extension of credit. The Bank also maintains documentation requirements and extensive credit quality assurance practices in order to identify credit portfolio weaknesses as early as possible so any exposures that are discovered may be reduced.
A reporting system supplements the loan review process by providing management with frequent reports related to loan production, loan quality, concentrations of credit, loan delinquencies and nonperforming and potential problem loans. Diversification in the loan portfolio is a means of managing risk associated with fluctuations in economic conditions.
The Bank regularly contracts for independent loan reviews that validate the credit risk program. Results of these reviews are presented to management. The loan review process compliments and reinforces the risk identification and assessment decisions made by lenders and credit personnel, as well as, the Company’s policies and procedures.
|
NOTE 2:
|
Summary of Significant Accounting Policies – continued
|
|
Loans – continued
|
NOTE 2:
|
Summary of Significant Accounting Policies – continued
|
|
Loans – continued
|
NOTE 2:
|
Summary of Significant Accounting Policies – continued
|
|
Allowance for Loan Losses
|
|
The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes the uncollectability of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance.
|
|
The allowance consists of specific, general and unallocated components. For such loans that are classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The general component covers non-classified loans and is based on historical loss experience adjusted for qualitative factors. An unallocated component is maintained to cover uncertainties that could affect management's estimate of probable losses.
|
|
The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio.
|
|
Troubled Debt Restructured Loans
|
NOTE 2:
|
Summary of Significant Accounting Policies – continued
|
|
Mortgage Servicing Rights
|
|
Servicing assets are recognized as separate assets when rights are acquired through purchase or through sale of financial assets. Generally, purchased servicing rights are capitalized at the cost to acquire the rights. For sales of mortgage loans, a portion of the cost of originating the loan is allocated to the servicing right based on relative fair value. Fair value is based on a market price valuation model that calculates the present value of estimated future net servicing income. The valuation model incorporates assumptions that market participants would use in estimating future net servicing income, such as the cost to service, the discount rate, the custodial earnings rate, an inflation rate, ancillary income, prepayment speeds and default rates and losses.
|
|
Servicing fee income is recorded for fees earned for servicing loans. The fees are based on a contractual percentage of the outstanding principal and are recorded as income when earned. The amortization of mortgage servicing rights is netted against loan servicing fee income.
|
|
Cash Surrender Value of Life Insurance
|
|
Life insurance policies are initially recorded at cost at the date of purchase. Subsequent to purchase, the policies are periodically adjusted for fair value. The adjustment to fair value increases or decreases the carrying value of the policies and is recorded as an income or expense on the consolidated statement of income. For CY 2015, the six months ended December 31, 2014 and FY 2014, there were no adjustments to fair value that were outside the normal appreciation in cash surrender value.
|
|
Foreclosed Assets
|
|
Assets acquired through, or in lieu of, loan foreclosure are initially recorded at fair value less estimated selling cost at the date of foreclosure. All write-downs based on the asset’s fair value at the date of acquisition are charged to the allowance for loan losses. After foreclosure, property held-for-sale is carried at fair value less cost to sell. Impairment losses on property to be held and used are measured as the amount by which the carrying amount of a property exceeds its fair value. Costs of significant property improvements are capitalized, whereas costs relating to holding property are expensed. Valuations are periodically performed by management, and any subsequent write-downs are recorded as a charge to operations, if necessary, to reduce the carrying value of a property to the lower of its cost or fair value less cost to sell.
|
NOTE 2:
|
Summary of Significant Accounting Policies – continued
|
|
Premises and Equipment
|
|
Land is carried at cost. Property and equipment is recorded at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the expected useful lives of the assets, ranging from 3 to 40 years. The costs of maintenance and repairs are expensed as incurred, while major expenditures for renewals and betterments are capitalized.
|
|
Income Taxes
|
|
The Company adopted authoritative guidance related to accounting for uncertainty in income taxes, which sets out a consistent framework to determine the appropriate level of tax reserves to maintain for uncertain tax positions.
|
|
The Company’s income tax expense consists of the following components: current and deferred. Current income tax expense reflects taxes to be paid or refunded for the current period by applying the provisions of the enacted tax law to the taxable income or excess of deductions over revenues. The Company determines deferred income taxes using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is based on the tax effects of the differences between the book and tax bases of assets and liabilities, and enacted changes in tax rates and laws are recognized in the period in which they occur.
|
|
Deferred income tax expense results from changes in deferred tax assets and liabilities between periods. Deferred tax assets are recognized if it is more likely than not, based on the technical merits, that the tax position will be realized or sustained upon examination. The term more likely than not means a likelihood of more than 50 percent; the terms examined and upon examination also include resolution of the related appeals or litigation processes, if any. A tax position that meets the more-likely-than-not recognition threshold is initially and subsequently measured as the largest amount of tax benefit that has a greater than 50 percent likelihood of being realized upon settlement with a taxing authority that has full knowledge of all relevant information. The determination of whether or not a tax position has met the more-likely-than-not recognition threshold considers the facts, circumstances, and information available at the reporting date and is subject to management’s judgment. Deferred tax assets are reduced by a valuation allowance if, based on the weight of evidence available, it is more likely than not that some portion or all of a deferred tax asset will not be realized.
|
|
The Company recognizes interest accrued on penalties related to unrecognized tax benefits in tax expense. During CY 2015, the six months ended December 31, 2014 and FY 2014 the Company recognized no interest and penalties. Based on management’s analysis, the Company did not have any uncertain tax positions as of December 31, 2015 or 2014. The Company files tax returns in the U.S. federal jurisdiction and the State of Montana. There are currently no income tax examinations underway for these jurisdictions. The Company’s income tax returns are subject to examination by relevant taxing authorities as follows: U.S. Federal income tax returns for tax years 2012 and forward; Montana income tax returns for tax years 2012 and forward.
|
NOTE 2:
|
Summary of Significant Accounting Policies – continued
|
|
Treasury Stock
|
|
Treasury stock is accounted for on the cost method and consists of 303,663 shares at December 31, 2015 and 204,346 shares at December 31, 2014.
|
|
On July 23, 2015, the Board of Directors authorized the repurchase of up to 100,000 shares of its common stock. Under the plan, shares may be purchased by the Company on the open market or in privately negotiated transactions. The extent to which the company repurchases its shares and the timing of such repurchase will depend upon market conditions and other corporate considerations. During the three months ended December 31, 2015, 15,000 shares were purchased at an average price of $11.75 per share. During the three months ended September 30, 2015, 46,065 shares were purchased at an average price of $11.47 per share. 38,935 shares remain for purchase under this plan. The plan expires on July 23, 2016.
|
|
On July 1, 2014, the Company announced that its Board authorized the repurchase of up to 200,000 shares of its common stock. Under this plan, shares could be purchased on the open market or in privately negotiated transactions. Under this plan, 55,800 shares were purchased at an average price of $11.03 per share during the six months ended June 30, 2015. 55,000 shares were purchased at an average price of $10.66 per share during the six month transition period ended December 31, 2014. The plan expired on June 30, 2015.
|
|
On July 1, 2013, the Company announced that its Board authorized a common stock repurchase plan for 150,000 shares of common stock, effective July 1, 2013. The Company did not purchase any shares of our common stock during FY 2014. This plan expired on June 30, 2014.
|
|
Advertising Costs
|
|
The Company expenses advertising costs as they are incurred. Advertising costs were approximately $800,000 for CY 2015, $408,000 for the six months ended December 31, 2014 and $816,000 for FY 2014.
|
|
Compensation expense recognized for the Company’s ESOP equals the fair value of shares that have been allocated or committed to be released for allocation to participants. Any difference between the fair value of the shares at the time and the ESOP’s original acquisition cost is charged or credited to shareholders’ equity (capital surplus). The cost of ESOP shares that have not yet been allocated or committed to be released is deducted from shareholders’ equity.
|
|
Earnings Per Share
|
|
Earnings per common share is computed using the two-class method prescribed under ASC Topic 260, “Earnings Per Share.” ASC Topic 260 provides that unvested share based payment awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and shall be included in the computation of earnings per share pursuant to the two-class method. The Company has determined that its outstanding non-vested stock awards are participating securities. Under the two-class method, basic earnings per common share is computed by dividing net earnings allocated to common stock by the weighted-average number of common shares outstanding during the applicable period, excluding outstanding participating securities. Diluted earnings per common share is computed using the weighted-average number of shares determined for the basic earnings per common share computation plus the dilutive effect of stock compensation using the treasury stock method. A reconciliation of the weighted-average shares used in calculating basic earnings per common share and the weighted average common shares used in calculating diluted earnings per common share for the reported periods is provided in Note 3: Earnings Per Share.
|
NOTE 2:
|
Summary of Significant Accounting Policies – continued
|
|
Derivatives
|
|
Derivatives are recognized as assets and liabilities on the consolidated statement of financial condition and measured at fair value. For exchange-traded contracts, fair value is based on quoted market prices. For non-exchange traded contracts, fair value is based on dealer quotes, pricing models, discounted cash flow methodologies, or similar techniques for which the determination of fair value may require significant management judgment or estimation.
|
|
Interest Rate Swap Agreements
|
|
For asset/liability management purposes, the Company uses interest rate swap agreements to hedge various exposures or to modify interest rate characteristics of various balance sheet accounts. Interest rate swaps are contracts in which a series of interest rate flows are exchanged over a prescribed period. The notional amount on which the interest payments are based is not exchanged. These swap agreements are derivative instruments and generally convert a portion of the Company’s variable-rate debt to a fixed rate (cash flow hedge), and convert a portion of its fixed-rate loans to a variable rate (fair value hedge).
|
|
The gain or loss on a derivative designated and qualifying as a fair value hedging instrument, as well as the offsetting gain or loss on the hedged item attributable to the risk being hedged, is recognized currently in earnings in the same accounting period. The effective portion of the gain or loss on a derivative designated and qualifying as a cash flow hedging instrument is initially reported as a component of other comprehensive income and subsequently reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. The ineffective portion of the gain or loss on the derivative instrument, if any, is recognized currently in earnings.
|
|
The portion, if any, of the net settlement amount that did not offset changes in the value of the hedged asset or liability is recognized immediately in noninterest income.
|
NOTE 2:
|
Summary of Significant Accounting Policies – continued
|
|
Cash flows resulting from the derivative financial instruments that are accounted for as hedges of assets and liabilities are classified in the cash flow statement in the same category as the cash flows of the items being hedged.
|
|
Derivative Loan Commitments
|
|
Mortgage loan commitments that relate to the origination of a mortgage that will be held-for-sale upon funding are considered derivative instruments. Loan commitments that are derivatives are recognized at fair value on the consolidated balance sheet in other assets and other liabilities with changes in their fair values recorded in noninterest income.
|
|
The Company adopted ASC Subtopic 815-10-S99-1, “Written Loan Commitments Recorded at Fair Value Through Earnings” and began including the value associated with servicing of loans in the measurement of all written loan commitments issued after that date. ASC Subtopic 815-10-S99-1 requires that the expected net future cash flows related to servicing of a loan be included in the measurement of all written loan commitments that are accounted for at fair value through earnings. In estimating fair value, the Company assigns a probability to a loan commitment based on an expectation that it will be exercised and the loan will be funded. The adoption of ASC Subtopic 815-10-S99-1 generally has resulted in higher fair values being recorded upon initial recognition of derivative loan commitments.
|
|
Forward Loan Sale Commitments
|
|
The Company carefully evaluates all loan sales agreements to determine whether they meet the definition of a derivative as facts and circumstances may differ significantly. If agreements qualify, to protect against the price risk inherent in derivative loan commitments, the Company uses both “mandatory delivery” and “best efforts” forward loan sale commitments to mitigate the risk of potential decreases in the values of loans that would result from the exercise of the derivative loan commitments. Mandatory delivery contracts are accounted for as derivative instruments. Gains and losses on the items hedged are deferred and recognized in accumulated other comprehensive income until the commitments are completed. At the point of completion of the commitments the gains and losses are recognized in the Company’s income statement.
|
|
The Company estimates the fair value of its forward loan sales commitments using a methodology similar to that used for derivative loan commitments.
|
NOTE 2:
|
Summary of Significant Accounting Policies – continued
|
|
Transfers of Financial Assets
|
|
Transfers of financial assets are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company—put presumptively beyond the reach of the transferor and its creditors, even in bankruptcy or other receivership (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity or the ability to unilaterally cause the holder to return specific assets.
|
|
Business Combinations, Goodwill and Other Intangible Assets
|
|
Authoritative guidance requires that all business combinations initiated after December 31, 2001, be accounted for under the purchase method and addresses the initial recognition and measurement of goodwill and other intangible assets acquired in a business combination. The guidance also addresses the initial recognition and measurement of intangible assets acquired in a business combination and the accounting for goodwill and other intangible assets subsequent to their acquisition. The guidance provides that intangible assets with finite useful lives be amortized and that goodwill and intangible assets with indefinite lives not be amortized, but rather be tested at least annually for impairment.
|
|
The goodwill recorded for the acquisition of the branches of Sterling Financial Corporation (“Sterling”) in the second quarter of FY 2013 was $6,890,000 and is not subject to amortization in accordance with accounting guidance. Final valuation adjustments were recorded in the second quarter of FY 2014 for $144,000 and impacted goodwill. The final goodwill recorded related to the acquisition was $7,034,000. The Company performs a goodwill impairment test annually as of June 30. There have been no reductions of recorded goodwill resulting from the impairment tests. Other identifiable intangible assets recorded by the Company represent the future benefit associated with the acquisition of the core deposits of the Sterling branches and are being amortized over 7 years utilizing a method that approximates the expected attrition of the deposits. This amortization expense is included in the noninterest expense section of the consolidated statements of income.
|
|
Recent Accounting Pronouncements
|
|
In May 2014, the FASB issued Accounting Standards Update No. 2014-9, Revenue from Contracts with Customers (Topic 606). This guidance is a comprehensive new revenue recognition standard that will supersede substantially all existing revenue recognition guidance. The new standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under existing guidance. These may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. On July 9, 2015, the FASB agreed to delay the effective date of the standard by one year. Therefore, the new standard will be effective in the first quarter of 2018 and is not expected to have a significant impact to the Company’s financial statements.
|
NOTE 2:
|
Summary of Significant Accounting Policies – continued
|
|
Recent Accounting Pronouncements – continued
|
|
In 2015, the FASB amended its authoritative guidance related to debt issuance costs. The amendment requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the debt liability. However, the recognition and measurement guidance related to debt issuance costs is not affected by this amendment. The amendment is effective for annual and interim reporting periods beginning after December 15, 2015 and is to be applied on a retrospective basis. Early adoption is permitted. The Company adopted this standard during the quarter ended June 30, 2015 and has included the required disclosures in this report on Form 10-K.
|
|
In September 2015, the FASB issued ASU No. 2015-16, “Business Combinations: Simplifying the Accounting for Measurement-Period Adjustments.” The amendments in ASU 2015-16 require that an acquirer recognize adjustments to estimated amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The amendments require that the acquirer record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the estimated amounts, calculated as if the accounting had been completed at the acquisition date. The amendments also require an entity to present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the estimated amounts had been recognized as of the acquisition date. The amendment is effective for annual and interim reporting periods beginning after December 15, 2015 and is not expected to have a significant impact to the Company’s financial statements.
|
|
In January 2016, the FASB issued ASU No. 2016-01 “Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities.” The amendment has a number of provisions including the requirements that public business entities use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, a separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (i.e. securities or loans receivables), and eliminating the requirement for public business entities to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost. The amendment is effective for annual and interim reporting periods beginning after December 15, 2017. The Company is evaluating the potential impact of the amendment on the financial statements.
|
NOTE 3:
|
Earnings Per Share
|
Year Ended
|
Six Months Ended
|
Year Ended
|
||||||||||
December 31,
|
December 31,
|
June 30,
|
||||||||||
2015
|
2014
|
2014
|
||||||||||
(Dollars in Thousands)
|
||||||||||||
Weighted average shares outstanding
|
||||||||||||
during the period in which basic
|
||||||||||||
earnings per share is calculated
|
3,813,090 | 3,882,376 | 3,910,320 | |||||||||
Dilutive effect of stock compensation
|
46,535 | 49,176 | 63,996 | |||||||||
Average outstanding shares on which
|
||||||||||||
diluted earnings per share is calculated
|
3,859,625 | 3,931,552 | 3,974,316 | |||||||||
Net income applicable to common
|
||||||||||||
stockholders
|
$ | 2,580 | $ | 1,642 | $ | 2,111 | ||||||
Basic earnings per share
|
$ | 0.68 | $ | 0.42 | $ | 0.54 | ||||||
Diluted earnings per share
|
$ | 0.67 | $ | 0.42 | $ | 0.53 |
NOTE 4:
|
Investment Securities
|
|
The Company’s investment policy requires that the Company purchase only high-grade investment securities. Most municipal obligations are categorized as “A” or better by a nationally recognized statistical rating organization. These ratings are achieved because the securities are backed by the full faith and credit of the municipality and also supported by third-party credit insurance policies.
|
NOTE 4:
|
Investment Securities – continued
|
|
The amortized cost and fair values of securities, together with unrealized gains and losses, were as follows:
|
December 31, 2015
|
||||||||||||||||
Gross
|
Gross
|
|||||||||||||||
Amortized
|
Unrealized
|
Unrealized
|
Fair
|
|||||||||||||
Cost
|
Gains
|
Losses
|
Value
|
|||||||||||||
(In Thousands)
|
||||||||||||||||
Available-for-sale:
|
||||||||||||||||
U.S. government and agency
|
$ | 10,684 | $ | 26 | $ | (95 | ) | $ | 10,615 | |||||||
Municipal obligations
|
66,606 | 1,041 | (578 | ) | 67,069 | |||||||||||
Corporate obligations
|
9,615 | - | (165 | ) | 9,450 | |||||||||||
MBSs - government-backed
|
32,810 | 111 | (186 | ) | 32,735 | |||||||||||
CMOs - government-backed
|
26,233 | 40 | (404 | ) | 25,869 | |||||||||||
Total
|
$ | 145,948 | $ | 1,218 | $ | (1,428 | ) | $ | 145,738 | |||||||
December 31, 2014
|
||||||||||||||||
Gross
|
Gross
|
|||||||||||||||
Amortized
|
Unrealized
|
Unrealized
|
Fair
|
|||||||||||||
Cost
|
Gains
|
Losses
|
Value
|
|||||||||||||
(In Thousands)
|
||||||||||||||||
Available-for-sale:
|
||||||||||||||||
U.S. government and agency
|
$ | 33,472 | $ | 42 | $ | (333 | ) | $ | 33,181 | |||||||
Municipal obligations
|
71,844 | 1,243 | (1,202 | ) | 71,885 | |||||||||||
Corporate obligations
|
5,990 | 27 | (12 | ) | 6,005 | |||||||||||
MBSs - government-backed
|
22,097 | 56 | (189 | ) | 21,964 | |||||||||||
CMOs - government-backed
|
29,243 | 26 | (517 | ) | 28,752 | |||||||||||
Total
|
$ | 162,646 | $ | 1,394 | $ | (2,253 | ) | $ | 161,787 |
NOTE 4:
|
Investment Securities – continued
|
|
The amortized cost and fair value of securities at December 31, 2015 by contractual maturity are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
|
Amortized
|
Fair
|
|||||||
Cost
|
Value
|
|||||||
(In Thousands)
|
||||||||
Due in one year or less
|
$ | - | $ | - | ||||
Due from one to five years
|
6,976 | 6,894 | ||||||
Due from five to ten years
|
14,741 | 14,679 | ||||||
Due after ten years
|
65,188 | 65,561 | ||||||
86,905 | 87,134 | |||||||
MBSs - government-backed
|
32,810 | 32,735 | ||||||
CMOs - government-backed
|
26,233 | 25,869 | ||||||
Total
|
$ | 145,948 | $ | 145,738 |
|
The Company’s investment securities that have been in a continuous unrealized loss position for less than 12 months and those that have been in a continuous unrealized loss position for 12 or more months were as follows:
|
December 31, 2015
|
||||||||||||||||
Less than 12 Months
|
12 Months or Longer
|
|||||||||||||||
Gross
|
Gross
|
|||||||||||||||
Fair
|
Unrealized
|
Fair
|
Unrealized
|
|||||||||||||
Value
|
Losses
|
Value
|
Losses
|
|||||||||||||
(In Thousands)
|
||||||||||||||||
U.S. government and agency
|
$ | 3,173 | $ | (24 | ) | $ | 5,986 | $ | (71 | ) | ||||||
Municipal obligations
|
15,913 | (132 | ) | 21,163 | (446 | ) | ||||||||||
Corporate obligations
|
5,283 | (80 | ) | 3,915 | (85 | ) | ||||||||||
MBSs and CMOs - government-backed
|
23,164 | (249 | ) | 13,886 | (341 | ) | ||||||||||
Total
|
$ | 47,533 | $ | (485 | ) | $ | 44,950 | $ | (943 | ) | ||||||
December 31, 2014
|
||||||||||||||||
Less than 12 months
|
12 months or Longer
|
|||||||||||||||
Gross
|
Gross
|
|||||||||||||||
Fair
|
Unrealized
|
Fair
|
Unrealized
|
|||||||||||||
Value
|
Losses
|
Value
|
Losses
|
|||||||||||||
(In Thousands)
|
||||||||||||||||
U.S. government and agency
|
$ | 1,611 | $ | (19 | ) | $ | 27,733 | $ | (314 | ) | ||||||
Municipal obligations
|
2,330 | (48 | ) | 44,386 | (1,154 | ) | ||||||||||
Corporate obligations
|
997 | (2 | ) | 1,990 | (10 | ) | ||||||||||
MBSs and CMOs - government-backed
|
9,091 | (68 | ) | 35,333 | (638 | ) | ||||||||||
Total
|
$ | 14,029 | $ | (137 | ) | $ | 109,442 | $ | (2,116 | ) |
NOTE 4:
|
Investment Securities – continued
|
NOTE 5:
|
Loans
|
|
Loans receivable consisted of the following:
|
December 31,
|
||||||||
2015
|
2014
|
|||||||
(In Thousands)
|
||||||||
First mortgage loans:
|
||||||||
Residential mortgage (1-4 family)
|
$ | 118,133 | $ | 103,420 | ||||
Commercial real estate
|
167,930 | 116,105 | ||||||
Real estate construction
|
22,958 | 10,149 | ||||||
Other loans:
|
||||||||
Home equity
|
45,345 | 40,123 | ||||||
Consumer
|
14,641 | 13,827 | ||||||
Commercial
|
39,072 | 35,582 | ||||||
Total | 408,079 | 319,206 | ||||||
Allowance for loan losses
|
(3,550 | ) | (2,450 | ) | ||||
Deferred loan fees, net
|
(795 | ) | (486 | ) | ||||
Total loans, net | $ | 403,734 | $ | 316,270 |
|
The following table includes information regarding nonperforming assets.
|
December 31,
|
||||||||
2015
|
2014
|
|||||||
(Dollars in Thousands)
|
||||||||
Non-accrual loans
|
$ | 2,030 | $ | 962 | ||||
Accruing loans delinquent 90 days or more
|
472 | - | ||||||
Restructured loans, net
|
46 | 48 | ||||||
Total nonperforming loans | 2,548 | 1,010 | ||||||
Real estate owned and other repossessed assets, net
|
595 | 637 | ||||||
Total nonperforming assets | $ | 3,143 | $ | 1,647 | ||||
Total nonperforming assets as a percentage of total assets
|
0.50 | % | 0.29 | % | ||||
Allowance for loan losses
|
$ | 3,550 | $ | 2,450 | ||||
Percent of allowance for loan losses to nonperforming loans
|
139.32 | % | 242.57 | % | ||||
Percent of allowance for loan losses to nonperforming assets
|
112.95 | % | 148.76 | % |
NOTE 5:
|
Loans – continued
|
|
Allowance for loan losses activity was as follows:
|
Residential
|
||||||||||||||||||||||||||||
Mortgage
|
Commercial
|
Real Estate
|
Home
|
|||||||||||||||||||||||||
(1-4 Family)
|
Real Estate
|
Construction
|
Equity
|
Consumer
|
Commercial
|
Total
|
||||||||||||||||||||||
(In Thousands)
|
||||||||||||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||||||
Beginning balance, January 1, 2015
|
$ | 684 | $ | 1,098 | $ | 35 | $ | 270 | $ | 46 | $ | 317 | $ | 2,450 | ||||||||||||||
Charge-offs
|
(137 | ) | - | - | - | (61 | ) | (25 | ) | (223 | ) | |||||||||||||||||
Recoveries
|
- | - | - | 1 | 18 | 1 | 20 | |||||||||||||||||||||
Provision
|
364 | 495 | 149 | 71 | 63 | 161 | 1,303 | |||||||||||||||||||||
Ending balance, December 31, 2015
|
$ | 911 | $ | 1,593 | $ | 184 | $ | 342 | $ | 66 | $ | 454 | $ | 3,550 | ||||||||||||||
Ending balance, December 31, 2015 allocated to
|
||||||||||||||||||||||||||||
loans individually evaluated for impairment
|
$ | - | $ | - | $ | - | $ | 7 | $ | 11 | $ | 30 | $ | 48 | ||||||||||||||
Ending balance, December 31, 2015 allocated to
|
||||||||||||||||||||||||||||
loans collectively evaluated for impairment
|
$ | 911 | $ | 1,593 | $ | 184 | $ | 335 | $ | 55 | $ | 424 | $ | 3,502 | ||||||||||||||
Loans receivable:
|
||||||||||||||||||||||||||||
Ending balance, December 31, 2015
|
$ | 118,133 | $ | 167,930 | $ | 22,958 | $ | 45,345 | $ | 14,641 | $ | 39,072 | $ | 408,079 | ||||||||||||||
Ending balance, December 31, 2015 of loans
|
||||||||||||||||||||||||||||
individually evaluated for impairment
|
$ | 730 | $ | 667 | $ | - | $ | 207 | $ | 145 | $ | 327 | $ | 2,076 | ||||||||||||||
Ending balance, December 31, 2015 of loans
|
||||||||||||||||||||||||||||
collectively evaluated for impairment
|
$ | 117,403 | $ | 167,263 | $ | 22,958 | $ | 45,138 | $ | 14,496 | $ | 38,745 | $ | 406,003 |
Residential
|
||||||||||||||||||||||||||||
Mortgage
|
Commercial
|
Real Estate
|
Home
|
|||||||||||||||||||||||||
(1-4 Family)
|
Real Estate
|
Construction
|
Equity
|
Consumer
|
Commercial
|
Total
|
||||||||||||||||||||||
(In Thousands)
|
||||||||||||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||||||
Beginning balance, July 1, 2014
|
$ | 485 | $ | 974 | $ | 30 | $ | 299 | $ | 49 | $ | 288 | $ | 2,125 | ||||||||||||||
Charge-offs
|
- | - | - | (159 | ) | (65 | ) | (24 | ) | (248 | ) | |||||||||||||||||
Recoveries
|
- | 31 | - | - | 27 | - | 58 | |||||||||||||||||||||
Provision
|
199 | 93 | 5 | 130 | 35 | 53 | 515 | |||||||||||||||||||||
Ending balance, December 31, 2014
|
$ | 684 | $ | 1,098 | $ | 35 | $ | 270 | $ | 46 | $ | 317 | $ | 2,450 | ||||||||||||||
Ending balance, December 31, 2014 allocated to
|
||||||||||||||||||||||||||||
loans individually evaluated for impairment
|
$ | 140 | $ | - | $ | - | $ | - | $ | 7 | $ | - | $ | 147 | ||||||||||||||
Ending balance, December 31, 2014 allocated to
|
||||||||||||||||||||||||||||
loans collectively evaluated for impairment
|
$ | 544 | $ | 1,098 | $ | 35 | $ | 270 | $ | 39 | $ | 317 | $ | 2,303 | ||||||||||||||
Loans receivable:
|
||||||||||||||||||||||||||||
Ending balance, December 31, 2014
|
$ | 103,420 | $ | 116,105 | $ | 10,149 | $ | 40,123 | $ | 13,827 | $ | 35,582 | $ | 319,206 | ||||||||||||||
Ending balance, December 31, 2014 of loans
|
||||||||||||||||||||||||||||
individually evaluated for impairment
|
$ | 1,471 | $ | - | $ | - | $ | 328 | $ | 55 | $ | 229 | $ | 2,083 | ||||||||||||||
Ending balance, December 31, 2014 of loans
|
||||||||||||||||||||||||||||
collectively evaluated for impairment
|
$ | 101,949 | $ | 116,105 | $ | 10,149 | $ | 39,795 | $ | 13,772 | $ | 35,353 | $ | 317,123 |
NOTE 5:
|
Loans – continued
|
Residential
|
||||||||||||||||||||||||||||
Mortgage
|
Commercial
|
Real Estate
|
Home
|
|||||||||||||||||||||||||
(1-4 Family)
|
Real Estate
|
Construction
|
Equity
|
Consumer
|
Commercial
|
Total
|
||||||||||||||||||||||
(In Thousands)
|
||||||||||||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||||||
Beginning balance, July 1, 2013
|
$ | 423 | $ | 952 | $ | 15 | $ | 290 | $ | 40 | $ | 280 | $ | 2,000 | ||||||||||||||
Charge-offs
|
- | (199 | ) | - | (73 | ) | (88 | ) | (144 | ) | (504 | ) | ||||||||||||||||
Recoveries
|
- | 17 | - | - | 4 | - | 21 | |||||||||||||||||||||
Provision
|
62 | 204 | 15 | 82 | 93 | 152 | 608 | |||||||||||||||||||||
Ending balance, June 30, 2014
|
$ | 485 | $ | 974 | $ | 30 | $ | 299 | $ | 49 | $ | 288 | $ | 2,125 | ||||||||||||||
Ending balance, June 30, 2014 allocated to
|
||||||||||||||||||||||||||||
loans individually evaluated for impairment
|
$ | - | $ | - | $ | - | $ | 31 | $ | 20 | $ | 15 | $ | 66 | ||||||||||||||
Ending balance, June 30, 2014 allocated to
|
||||||||||||||||||||||||||||
loans collectively evaluated for impairment
|
$ | 485 | $ | 974 | $ | 30 | $ | 268 | $ | 29 | $ | 273 | $ | 2,059 | ||||||||||||||
Loans receivable:
|
||||||||||||||||||||||||||||
Ending balance, June 30, 2014
|
$ | 93,005 | $ | 91,125 | $ | 8,454 | $ | 37,866 | $ | 12,964 | $ | 33,115 | $ | 276,529 | ||||||||||||||
Ending balance, June 30, 2014 of loans
|
||||||||||||||||||||||||||||
individually evaluated for impairment
|
$ | 660 | $ | 280 | $ | - | $ | 288 | $ | 101 | $ | 315 | $ | 1,644 | ||||||||||||||
Ending balance, June 30, 2014 of loans
|
||||||||||||||||||||||||||||
collectively evaluated for impairment
|
$ | 92,345 | $ | 90,845 | $ | 8,454 | $ | 37,578 | $ | 12,863 | $ | 32,800 | $ | 274,885 |
Internal classification of the loan portfolio was as follows:
|
December 31, 2015
|
||||||||||||||||||||||||||||
Residential
|
||||||||||||||||||||||||||||
Mortgage
|
Commercial
|
Real Estate
|
Home
|
|||||||||||||||||||||||||
(1-4 Family)
|
Real Estate
|
Construction
|
Equity
|
Consumer
|
Commercial
|
Total
|
||||||||||||||||||||||
(In Thousands)
|
||||||||||||||||||||||||||||
Grade:
|
||||||||||||||||||||||||||||
Pass
|
$ | 116,711 | $ | 167,263 | $ | 22,176 | $ | 45,100 | $ | 14,486 | $ | 38,675 | $ | 404,411 | ||||||||||||||
Special mention
|
- | - | - | - | - | - | - | |||||||||||||||||||||
Substandard
|
1,422 | 667 | 782 | 156 | 140 | 367 | 3,534 | |||||||||||||||||||||
Doubtful
|
- | - | - | 82 | 4 | - | 86 | |||||||||||||||||||||
Loss
|
- | - | - | 7 | 11 | 30 | 48 | |||||||||||||||||||||
Total
|
$ | 118,133 | $ | 167,930 | $ | 22,958 | $ | 45,345 | $ | 14,641 | $ | 39,072 | $ | 408,079 | ||||||||||||||
Credit risk profile based on payment activity
|
||||||||||||||||||||||||||||
Performing
|
$ | 117,182 | $ | 167,259 | $ | 22,711 | $ | 45,138 | $ | 14,496 | $ | 38,745 | $ | 405,531 | ||||||||||||||
Restructured loans
|
- | - | - | 46 | - | - | 46 | |||||||||||||||||||||
Nonperforming
|
951 | 671 | 247 | 161 | 145 | 327 | 2,502 | |||||||||||||||||||||
Total
|
$ | 118,133 | $ | 167,930 | $ | 22,958 | $ | 45,345 | $ | 14,641 | $ | 39,072 | $ | 408,079 |
NOTE 5:
|
Loans – continued
|
December 31, 2014
|
||||||||||||||||||||||||||||
Residential
|
||||||||||||||||||||||||||||
Mortgage
|
Commercial
|
Real Estate
|
Home
|
|||||||||||||||||||||||||
(1-4 Family)
|
Real Estate
|
Construction
|
Equity
|
Consumer
|
Commercial
|
Total
|
||||||||||||||||||||||
(In Thousands)
|
||||||||||||||||||||||||||||
Grade:
|
||||||||||||||||||||||||||||
Pass
|
$ | 101,949 | $ | 116,105 | $ | 10,149 | $ | 39,795 | $ | 13,772 | $ | 35,353 | $ | 317,123 | ||||||||||||||
Special mention
|
- | - | - | - | - | - | - | |||||||||||||||||||||
Substandard
|
1,331 | - | - | 328 | 41 | 229 | 1,929 | |||||||||||||||||||||
Doubtful
|
- | - | - | - | 7 | - | 7 | |||||||||||||||||||||
Loss
|
140 | - | - | - | 7 | - | 147 | |||||||||||||||||||||
Total
|
$ | 103,420 | $ | 116,105 | $ | 10,149 | $ | 40,123 | $ | 13,827 | $ | 35,582 | $ | 319,206 | ||||||||||||||
Credit risk profile based on payment activity
|
||||||||||||||||||||||||||||
Performing
|
$ | 102,599 | $ | 116,105 | $ | 10,149 | $ | 40,027 | $ | 13,811 | $ | 35,505 | $ | 318,196 | ||||||||||||||
Restructured loans
|
- | - | - | 48 | - | - | 48 | |||||||||||||||||||||
Nonperforming
|
821 | - | - | 48 | 16 | 77 | 962 | |||||||||||||||||||||
Total
|
$ | 103,420 | $ | 116,105 | $ | 10,149 | $ | 40,123 | $ | 13,827 | $ | 35,582 | $ | 319,206 |
|
Loans rated Loss: these loans are considered uncollectible and of such little value that their continuance as assets without establishment of a specific reserve is not warranted. This classification does not mean that an asset has absolutely no recovery or salvage value, but, rather, that it is not practical or desirable to defer writing off a basically worthless asset even though practical recovery may be effected in the future.
|
NOTE 5:
|
Loans – continued
|
December 31, 2015
|
||||||||||||||||||||
Unpaid
|
Interest
|
Average
|
||||||||||||||||||
Recorded
|
Principal
|
Related
|
Income
|
Recorded
|
||||||||||||||||
Investment
|
Balance
|
Allowance
|
Recognized
|
Investment
|
||||||||||||||||
(In Thousands)
|
||||||||||||||||||||
With no related allowance:
|
||||||||||||||||||||
Residential mortgage (1-4 family)
|
$ | 730 | $ | 730 | $ | - | $ | - | $ | 690 | ||||||||||
Commercial real estate
|
667 | 667 | - | - | 334 | |||||||||||||||
Real estate construction
|
- | - | - | - | - | |||||||||||||||
Home equity
|
200 | 234 | - | 1 | 264 | |||||||||||||||
Consumer
|
134 | 134 | - | - | 91 | |||||||||||||||
Commercial
|
297 | 297 | - | - | 263 | |||||||||||||||
With a related allowance:
|
||||||||||||||||||||
Residential mortgage (1-4 family)
|
- | - | - | - | 411 | |||||||||||||||
Commercial real estate
|
- | - | - | - | - | |||||||||||||||
Real estate construction
|
- | - | - | - | - | |||||||||||||||
Home equity
|
7 | 7 | 7 | - | 3 | |||||||||||||||
Consumer
|
11 | 11 | 11 | - | 9 | |||||||||||||||
Commercial
|
30 | 30 | 30 | - | 15 | |||||||||||||||
Total:
|
||||||||||||||||||||
Residential mortgage (1-4 family)
|
730 | 730 | - | - | 1,101 | |||||||||||||||
Commercial real estate
|
667 | 667 | - | - | 334 | |||||||||||||||
Real estate construction
|
- | - | - | - | - | |||||||||||||||
Home equity
|
207 | 241 | 7 | 1 | 267 | |||||||||||||||
Consumer
|
145 | 145 | 11 | - | 100 | |||||||||||||||
Commercial
|
327 | 327 | 30 | - | 278 | |||||||||||||||
Total
|
$ | 2,076 | $ | 2,110 | $ | 48 | $ | 1 | $ | 2,080 |
NOTE 5:
|
Loans – continued
|
December 31, 2014
|
||||||||||||||||||||
Unpaid
|
Interest
|
Average
|
||||||||||||||||||
Recorded
|
Principal
|
Related
|
Income
|
Recorded
|
||||||||||||||||
Investment
|
Balance
|
Allowance
|
Recognized
|
Investment
|
||||||||||||||||
(In Thousands)
|
||||||||||||||||||||
With no related allowance:
|
||||||||||||||||||||
Residential mortgage (1-4 family)
|
$ | 650 | $ | 650 | $ | - | $ | 14 | $ | 655 | ||||||||||
Commercial real estate
|
- | - | - | - | 140 | |||||||||||||||
Real estate construction
|
- | - | - | 2 | - | |||||||||||||||
Home equity
|
328 | 392 | - | 6 | 293 | |||||||||||||||
Consumer
|
48 | 82 | - | 2 | 65 | |||||||||||||||
Commercial
|
229 | 259 | - | 9 | 265 | |||||||||||||||
With a related allowance:
|
||||||||||||||||||||
Residential mortgage (1-4 family)
|
821 | 821 | 140 | - | 411 | |||||||||||||||
Commercial real estate
|
- | - | - | - | - | |||||||||||||||
Real estate construction
|
- | - | - | - | - | |||||||||||||||
Home equity
|
- | - | - | - | 16 | |||||||||||||||
Consumer
|
7 | 7 | 7 | - | 14 | |||||||||||||||
Commercial
|
- | - | - | - | 8 | |||||||||||||||
Total:
|
||||||||||||||||||||
Residential mortgage (1-4 family)
|
1,471 | 1,471 | 140 | 14 | 1,066 | |||||||||||||||
Commercial real estate
|
- | - | - | - | 140 | |||||||||||||||
Real estate construction
|
- | - | - | 2 | - | |||||||||||||||
Home equity
|
328 | 392 | - | 6 | 309 | |||||||||||||||
Consumer
|
55 | 89 | 7 | 2 | 79 | |||||||||||||||
Commercial
|
229 | 259 | - | 9 | 273 | |||||||||||||||
Total
|
$ | 2,083 | $ | 2,211 | $ | 147 | $ | 33 | $ | 1,867 |
NOTE 5:
|
Loans – continued
|
December 31, 2015
|
||||||||||||||||||||||||
Recorded
|
||||||||||||||||||||||||
90 Days
|
Investment
|
|||||||||||||||||||||||
30-89 Days
|
and
|
Total
|
Total
|
>90 Days and
|
||||||||||||||||||||
Past Due
|
Greater
|
Past Due
|
Current
|
Loans
|
Still Accruing
|
|||||||||||||||||||
(In Thousands)
|
||||||||||||||||||||||||
Residential mortgage (1-4 family)
|
$ | 1,163 | $ | 951 | $ | 2,114 | $ | 116,019 | $ | 118,133 | $ | 221 | ||||||||||||
Commercial real estate
|
177 | 671 | 848 | 167,082 | 167,930 | 4 | ||||||||||||||||||
Real estate construction
|
662 | 247 | 909 | 22,049 | 22,958 | 247 | ||||||||||||||||||
Home equity
|
319 | 161 | 480 | 44,865 | 45,345 | - | ||||||||||||||||||
Consumer
|
184 | 145 | 329 | 14,312 | 14,641 | - | ||||||||||||||||||
Commercial
|
173 | 327 | 500 | 38,572 | 39,072 | - | ||||||||||||||||||
Total
|
$ | 2,678 | $ | 2,502 | $ | 5,180 | $ | 402,899 | $ | 408,079 | $ | 472 |
December 31, 2014
|
||||||||||||||||||||||||
Recorded
|
||||||||||||||||||||||||
90 Days
|
Investment
|
|||||||||||||||||||||||
30-89 Days
|
and
|
Total
|
Total
|
>90 Days and
|
||||||||||||||||||||
Past Due
|
Greater
|
Past Due
|
Current
|
Loans
|
Still Accruing
|
|||||||||||||||||||
(In Thousands)
|
||||||||||||||||||||||||
Residential mortgage (1-4 family)
|
$ | 203 | $ | 821 | $ | 1,024 | $ | 102,396 | $ | 103,420 | $ | - | ||||||||||||
Commercial real estate
|
131 | - | 131 | 115,974 | 116,105 | - | ||||||||||||||||||
Real estate construction
|
- | - | - | 10,149 | 10,149 | - | ||||||||||||||||||
Home equity
|
303 | 48 | 351 | 39,772 | 40,123 | - | ||||||||||||||||||
Consumer
|
258 | 16 | 274 | 13,553 | 13,827 | - | ||||||||||||||||||
Commercial
|
331 | 77 | 408 | 35,174 | 35,582 | - | ||||||||||||||||||
Total
|
$ | 1,226 | $ | 962 | $ | 2,188 | $ | 317,018 | $ | 319,206 | $ | - |
NOTE 5:
|
Loans – continued
|
|
Loans receivable (including loans sold and serviced for others) from directors and senior officers and their related parties were as follows:
|
(In Thousands)
|
||||
Balance at July 1, 2013
|
$ | 7,705 | ||
Principal additions
|
166 | |||
Principal payments
|
(695 | ) | ||
Balance at June 30, 2014
|
$ | 7,176 | ||
Principal additions
|
579 | |||
Principal payments
|
(320 | ) | ||
Balance at December 31, 2014
|
$ | 7,435 | ||
Principal additions
|
1,073 | |||
Principal payments
|
(6,132 | ) | ||
Balance at December 31, 2015
|
$ | 2,376 |
December 31,
|
||||||
2015
|
2014
|
|||||
(In Thousands)
|
||||||
Loans serviced, for the benefit of others,
|
||||||
for directors, senior officers and
|
||||||
their related parties
|
$ |
1,220
|
$ |
5,714
|
Year Ended
|
Six Months Ended
|
Year Ended
|
||||||||
December 31,
|
December 31,
|
June 30,
|
||||||||
2015
|
2014
|
2014
|
||||||||
(In Thousands)
|
||||||||||
Interest income from loans owned
|
||||||||||
for directors, senior officers and
|
||||||||||
their related parties
|
$
|
14
|
$
|
|
42
|
$
|
86
|
|
NOTE 6:
|
Troubled Debt Restructurings
|
NOTE 6:
|
Troubled Debt Restructurings – continued
|
December 31, 2015
|
||||||||||||
Accrual
|
Non-Accrual
|
Total
|
||||||||||
Status
|
Status
|
Modification
|
||||||||||
(In Thousands)
|
||||||||||||
Residential mortgage (1-4 family)
|
$ | - | $ | - | $ | - | ||||||
Commercial real estate
|
- | - | - | |||||||||
Real estate construction
|
- | - | - | |||||||||
Home equity
|
46 | - | 46 | |||||||||
Consumer
|
- | - | - | |||||||||
Commercial
|
- | - | - | |||||||||
Total
|
$ | 46 | $ | - | $ | 46 |
December 31, 2014
|
||||||||||||
Accrual
|
Non-Accrual
|
Total
|
||||||||||
Status
|
Status
|
Modification
|
||||||||||
(In Thousands)
|
||||||||||||
Residential mortgage (1-4 family)
|
$ | - | $ | - | $ | - | ||||||
Commercial real estate
|
- | - | - | |||||||||
Real estate construction
|
- | - | - | |||||||||
Home equity
|
48 | - | 48 | |||||||||
Consumer
|
- | - | - | |||||||||
Commercial
|
- | - | - | |||||||||
Total
|
$ | 48 | $ | - | $ | 48 |
NOTE 6:
|
Troubled Debt Restructurings – continued
|
NOTE 7:
|
Foreclosed Assets
|
|
Foreclosed assets are presented net of an allowance for losses. A summary of the balance of foreclosed assets is presented below:
|
December 31,
|
||||||||
2015
|
2014
|
|||||||
(In Thousands)
|
||||||||
Residential mortgage (1-4 family)
|
$ | - | $ | - | ||||
Land
|
595 | 619 | ||||||
Consumer
|
- | 18 | ||||||
Total foreclosed assets
|
$ | 595 | $ | 637 |
Year Ended
|
Six Months Ended
|
Year Ended
|
||||||||||
December 31,
|
December 31,
|
June 30,
|
||||||||||
2015
|
2014
|
2014
|
||||||||||
(In Thousands) | ||||||||||||
Write-down on real estate owned and
|
||||||||||||
other repossessed assets
|
$ | - | $ | - | $ | 10 | ||||||
Net loss on sale
|
13 | 1 | 50 | |||||||||
Operating expenses net of rental income
|
23 | 8 | 11 | |||||||||
Total expenses related to foreclosed assets
|
$ | 36 | $ | 9 | $ | 71 |
NOTE 8:
|
Mortgage Servicing Rights
|
|
The Company is servicing loans for the benefit of others totaling approximately $693,343,000 and $604,106,000 at December 31, 2015 and 2014, respectively. Servicing loans for others generally consists of collecting mortgage payments, maintaining escrow accounts, disbursing payments to investors and foreclosure processing.
|
|
Custodial escrow balances maintained in connection with the foregoing loan servicing, and included in demand deposits, were approximately $4,171,000 and $3,721,000 at December 31, 2015 and 2014, respectively.
|
NOTE 8:
|
Mortgage Servicing Rights – continued
|
|
The following table is a summary of activity in mortgage servicing rights and the valuation allowance.
|
Year Ended
|
Six Months Ended
|
Year Ended
|
||||||||||
December 31,
|
December 31,
|
June 30,
|
||||||||||
2015
|
2014
|
2014
|
||||||||||
(In Thousands)
|
||||||||||||
Mortgage servicing rights:
|
||||||||||||
Beginning balance
|
$ | 4,115 | $ | 3,756 | $ | 3,192 | ||||||
Mortgage servicing rights capitalized
|
1,652 | 687 | 1,194 | |||||||||
Amortization of mortgage servicing rights
|
(799 | ) | (328 | ) | (630 | ) | ||||||
Ending balance
|
4,968 | 4,115 | 3,756 | |||||||||
Valuation allowance:
|
||||||||||||
Beginning balance
|
- | - | - | |||||||||
Provision (credited) to operations
|
- | - | ||||||||||
Ending balance
|
- | - | - | |||||||||
Mortgage servicing rights, net
|
$ | 4,968 | $ | 4,115 | $ | 3,756 |
NOTE 9:
|
Premises and Equipment
|
|
The cost and accumulated depreciation of premises and equipment was as follows:
|
December 31,
|
||||||||
2015
|
2014
|
|||||||
(In Thousands)
|
||||||||
Land
|
$ | 3,803 | $ | 4,587 | ||||
Buildings and improvements
|
19,055 | 19,498 | ||||||
Furniture and equipment
|
6,035 | 5,597 | ||||||
Construction in progress
|
230 | 6 | ||||||
29,123 | 29,688 | |||||||
Accumulated depreciation
|
(10,906 | ) | (9,724 | ) | ||||
Premises and equipment, net
|
$ | 18,217 | $ | 19,964 |
NOTE 10:
|
Goodwill and Other Intangible Assets
|
December 31,
|
||||||||
2015
|
2014
|
|||||||
(In Thousands)
|
||||||||
Goodwill
|
$ | 7,034 | $ | 7,034 |
December 31,
|
||||||||
2015
|
2014
|
|||||||
(In Thousands)
|
||||||||
Core deposit intangible
|
$ | 1,031 | $ | 1,031 | ||||
Accumulated amortization
|
(517 | ) | (368 | ) | ||||
Core deposit intangible, net
|
$ | 514 | $ | 663 |
Years ended December 31:
|
(In Thousands)
|
|||
2016
|
$ | 130 | ||
2017
|
111 | |||
2018
|
92 | |||
2019
|
73 | |||
2020
|
55 | |||
Thereafter
|
53 | |||
Total
|
$ | 514 |
NOTE 11:
|
Deposits
|
|
Deposits are summarized as follows:
|
December 31,
|
||||||||||||||||
2015
|
2014
|
|||||||||||||||
Weighted
|
Weighted
|
|||||||||||||||
Average
|
Average
|
|||||||||||||||
Balance
|
Rate
|
Balance
|
Rate
|
|||||||||||||
(In Thousands)
|
||||||||||||||||
Noninterest checking
|
$ | 77,031 | 0.00 | % | $ | 60,924 | 0.00 | % | ||||||||
Interest bearing checking
|
87,350 | 0.03 | % | 76,367 | 0.04 | % | ||||||||||
Savings
|
71,474 | 0.04 | % | 62,455 | 0.04 | % | ||||||||||
Money market
|
94,880 | 0.12 | % | 91,431 | 0.11 | % | ||||||||||
Time certificates of deposits
|
152,447 | 0.92 | % | 150,223 | 0.92 | % | ||||||||||
Total
|
$ | 483,182 | 0.35 | % | $ | 441,400 | 0.35 | % |
|
Time certificates of deposit include $7,071,000 and $4,195,000 related to fixed rate brokered CDs at December 31, 2015 and 2014, respectively.
|
|
At December 31, 2015, the scheduled maturities of time deposits were as follows:
|
(In Thousands)
|
||||
Within one year
|
$ | 92,857 | ||
One to two years
|
33,430 | |||
Two to three years
|
18,025 | |||
Three to four years
|
4,209 | |||
Thereafter
|
3,926 | |||
Total
|
$ | 152,447 |
Year Ended
|
Six Months Ended
|
Year Ended
|
||||||||||
December 31,
|
December 31,
|
June 30,
|
||||||||||
2015
|
2014
|
2014
|
||||||||||
(In Thousands)
|
||||||||||||
Checking
|
$ | 27 | $ | 13 | $ | 28 | ||||||
Savings
|
30 | 13 | 31 | |||||||||
Money market
|
107 | 51 | 110 | |||||||||
Time certificates of deposits
|
1,293 | 600 | 1,125 | |||||||||
Total
|
$ | 1,457 | $ | 677 | $ | 1,294 |
NOTE 11:
|
Deposits – continued
|
|
At December 31, 2015 and 2014, the Company reclassified $75,000 and $82,000, respectively, in overdrawn deposits as loans.
|
|
Directors’ and senior officers’ deposit accounts at December 31, 2015 and 2014 were $983,000 and $565,000, respectively.
|
NOTE 12:
|
Advances from the Federal Home Loan Bank and Other Borrowings
|
|
Advances from the FHLB of Des Moines and other borrowings mature as follows:
|
December 31,
|
||||||||
2015
|
2014
|
|||||||
(In Thousands)
|
||||||||
Within one year
|
$ | 42,825 | $ | 44,132 | ||||
One to two years
|
7,884 | 2,200 | ||||||
Two to three years
|
9,767 | 200 | ||||||
Three to four years
|
10,649 | 5,200 | ||||||
Four to five years
|
1,446 | 3,065 | ||||||
Thereafter
|
145 | 196 | ||||||
Total
|
$ | 72,716 | $ | 54,993 |
|
The FHLB advances include both fixed and amortizing advances. The fixed advances are due at maturity. The advances are subject to prepayment penalties. The interest rates on these advances are fixed. The advances are collateralized by a blanket pledge of the Bank’s loan portfolio. At December 31, 2015 and 2014, the Company exceeded the collateral requirements of the FHLB. The Company’s investment in FHLB stock is also pledged as collateral on these advances. The total FHLB funding line available to the Company at December 31, 2015, was 35.00% of total Bank assets as determined by FHLB, or approximately $211,984,000. The balance of advances was $68,261,000 and $43,704,000 at December 31, 2015 and 2014, respectively.
|
|
Other Borrowings
|
|
The Bank had no structured repurchase agreements with PNC Financial Service Group, Inc. (“PNC”) at December 31, 2015 and 2014.
|
|
At December 31, 2015 and 2014, the Bank’s subsidiary had an $865,000 borrowing related to New Markets Tax Credits. The borrowing is interest only at 1.00% and matures in 2019.
|
|
Federal Funds Purchased
|
|
The Bank has a $7,000,000 Federal funds line of credit with PNC. The balance was $0 as of December 31, 2015 and 2014.
|
|
The Bank has a $10,000,000 Federal funds line of credit with Zions Bank. The balance was $0 and $3,919,000 as of December 31, 2015 and 2014, respectively.
|
NOTE 12:
|
Advances from the Federal Home Loan Bank and Other Borrowings – continued
|
|
Federal Funds Purchased – continued
|
|
The Bank has a $7,000,000 Federal funds line of credit with Stockman Bank. The balance was $3,590,000 and $6,505,000 as of December 31, 2015 and 2014, respectively.
|
|
Federal Reserve Bank Discount Window
|
|
For additional liquidity sources, the Bank has a credit facility at the Federal Reserve Bank’s Discount Window. The amount available to the Bank is limited by various collateral requirements. There were no pledged securities at the Federal Reserve Bank as of December 31, 2015 and 2014. The credit facility account had $0 balance as of December 31, 2015 and 2014.
|
|
The maximum amount outstanding at any month-end was $72,716,000 for CY 2015, $55,471,000 for the six months ended December 31, 2014 and $51,454,000 for FY 2014, respectively.
|
NOTE 13:
|
Subordinated Debentures
|
|
Subordinated debentures consisted of the following:
|
December 31,
|
||||||||||||||||
2015
|
2014
|
|||||||||||||||
Unamortized
|
Unamortized
|
|||||||||||||||
Debt
|
Debt
|
|||||||||||||||
Principal
|
Issuance
|
Principal
|
Issuance
|
|||||||||||||
Amount
|
Costs
|
Amount
|
Costs
|
|||||||||||||
(In Thousands)
|
||||||||||||||||
Subordinated debentures:
|
||||||||||||||||
Variable at 3-Month Libor plus 1.42%, due 2035
|
$ | 5,155 | $ | - | $ | 5,155 | $ | - | ||||||||
Fixed at 6.75%, due 2025
|
10,000 | (206 | ) | - | - | |||||||||||
Total
|
$ | 15,155 | $ | (206 | ) | $ | 5,155 | $ | - |
|
In June 2015, the Company completed the issuance of $10,000,000 in aggregate principal amount of subordinated notes due in 2025 in a private placement transaction to an institutional accredited investor. The notes will bear interest at an annual fixed rate of 6.75% and interest will be paid quarterly through maturity date or earlier redemption. The subordinated debentures qualify as Tier 2 capital for regulatory capital purposes.
|
NOTE 13:
|
Subordinated Debentures – continued
|
|
In September 2005, the Company completed the private placement of $5,155,000 in subordinated debentures to Eagle Bancorp Statutory Trust I (“the Trust”). The Trust funded the purchase of the subordinated debentures through the sale of trust preferred securities to First Tennessee Bank, N.A. with a liquidation value of $5,155,000. Using interest payments made by the Company on the debentures, the Trust began paying quarterly dividends to preferred security holders on December 15, 2005. The annual percentage rate of the interest payable on the subordinated debentures and distributions payable on the preferred securities was fixed at 6.02% until December 2010 then became variable at 3-Month LIBOR plus 1.42%, making the rate 2.033% and 1.676% as of December 31, 2015 and 2014, respectively. Dividends on the preferred securities are cumulative and the Trust may defer the payments for up to five years. The preferred securities mature in December 2035 unless the Company elects and obtains regulatory approval to accelerate the maturity date. The subordinated debentures qualify as Tier 1 capital for regulatory capital purposes.
|
NOTE 14:
|
Commitments and Contingencies
|
|
Various legal claims also arise from time to time in the normal course of business which, in the opinion of management, will have no material effect on the Company’s financial statements.
|
|
The Company leases certain office branches under short-term operating leases. Some of these leases have renewal options. Total lease expenditures were $559,000 for CY 2015, $262,000 for the six months ended December 31, 2014 and $511,000 for FY 2014. The future payments of all lease obligations are as follows:
|
Years ended December 31:
|
(In Thousands)
|
|||
2016
|
$ | 512 | ||
2017
|
412 | |||
2018
|
347 | |||
2019
|
354 | |||
2020
|
359 | |||
Thereafter
|
328 | |||
Total
|
$ | 2,312 |
NOTE 15:
|
Accumulated Other Comprehensive Income (Loss)
|
|
The following table includes information regarding the activity in accumulated other comprehensive income (loss):
|
Unrealized
|
Unrealized
|
|||||||||||
Gains (Losses)
|
(Losses) Gains
|
|||||||||||
on Derivatives
|
on Investment
|
|||||||||||
Designated as
|
Securities
|
|||||||||||
Cash Flow Hedges
|
Available for Sale
|
Total
|
||||||||||
(In Thousands) | ||||||||||||
Balance, July 1, 2013
|
$ | 345 | $ | (3,729 | ) | $ | (3,384 | ) | ||||
Other comprehensive income,
|
||||||||||||
before reclassifications and income taxes
|
461 | 3,093 | 3,554 | |||||||||
Amounts reclassified from accumulated other
|
||||||||||||
comprehensive income (loss), before income taxes
|
(582 | ) | (1,073 | ) | (1,655 | ) | ||||||
Income tax benefit (expense)
|
49 | (823 | ) | (774 | ) | |||||||
Total other comprehensive (loss) income
|
(72 | ) | 1,197 | 1,125 | ||||||||
Balance, June 30, 2014
|
$ | 273 | $ | (2,532 | ) | $ | (2,259 | ) | ||||
Other comprehensive income,
|
||||||||||||
before reclassifications and income taxes
|
496 | 3,749 | 4,245 | |||||||||
Amounts reclassified from accumulated other
|
||||||||||||
comprehensive income (loss), before income taxes
|
(461 | ) | (335 | ) | (796 | ) | ||||||
Income tax expense
|
(14 | ) | (1,391 | ) | (1,405 | ) | ||||||
Total other comprehensive income
|
21 | 2,023 | 2,044 | |||||||||
Balance, December 31, 2014
|
$ | 294 | $ | (509 | ) | $ | (215 | ) | ||||
Other comprehensive income,
|
||||||||||||
before reclassifications and income taxes
|
2,046 | 883 | 2,929 | |||||||||
Amounts reclassified from accumulated other
|
||||||||||||
comprehensive income (loss), before income taxes
|
(1,907 | ) | (234 | ) | (2,141 | ) | ||||||
Income tax expense
|
(57 | ) | (264 | ) | (321 | ) | ||||||
Total other comprehensive income
|
82 | 385 | 467 | |||||||||
Balance, December 31, 2015
|
$ | 376 | $ | (124 | ) | $ | 252 |
NOTE 16:
|
Income Taxes
|
|
The components of the Company’s income tax provision (benefit) were as follows:
|
Year Ended
|
Six Months Ended
|
Year Ended
|
||||||||||
December 31,
|
December 31,
|
June 30,
|
||||||||||
2015
|
2014
|
2014
|
||||||||||
(In Thousands)
|
||||||||||||
Current
|
||||||||||||
U.S. federal
|
$ | 424 | $ | 101 | $ | (164 | ) | |||||
Montana
|
83 | 99 | (33 | ) | ||||||||
507 | 200 | (197 | ) | |||||||||
Deferred
|
||||||||||||
U.S. federal
|
(426 | ) | (622 | ) | (113 | ) | ||||||
Montana
|
82 | (43 | ) | (40 | ) | |||||||
(344 | ) | (665 | ) | (153 | ) | |||||||
Total
|
$ | 163 | $ | (465 | ) | $ | (350 | ) |
December 31,
|
||||||||
2015
|
2014
|
|||||||
(In Thousands)
|
||||||||
Deferred tax assets:
|
||||||||
Loans receivable
|
$ | 1,204 | $ | 882 | ||||
Deferred loan fees
|
381 | 228 | ||||||
Deferred compensation
|
698 | 504 | ||||||
Employee benefits
|
321 | 94 | ||||||
Unrealized losses on
|
||||||||
securities available-for-sale
|
86 | 350 | ||||||
Acquisition costs
|
633 | 687 | ||||||
Interest rate swap
|
- | 180 | ||||||
New Market Tax Credits carry forward
|
633 | 124 | ||||||
Alternative Minimum Tax carry forward
|
445 | 358 | ||||||
Other
|
267 | 249 | ||||||
Total deferred tax assets
|
4,668 | 3,656 | ||||||
Deferred tax liabilities:
|
||||||||
Premises and equipment
|
931 | 944 | ||||||
Federal Home Loan Bank stock
|
529 | 529 | ||||||
Mortgage servicing rights
|
595 | - | ||||||
Unrealized gain on hedging
|
259 | 202 | ||||||
Goodwill
|
585 | 394 | ||||||
Other
|
279 | 120 | ||||||
Total deferred tax liabilities
|
3,178 | 2,189 | ||||||
Net deferred tax asset
|
$ | 1,490 | $ | 1,467 |
NOTE 16:
|
Income Taxes – continued
|
|
A reconciliation of the Company’s effective income tax provision (benefit) to the statutory federal income tax rate was as follows:
|
Year Ended
|
Six Months Ended
|
Year Ended
|
||||||||||||||||||||||
December 31,
|
December 31,
|
June 30,
|
||||||||||||||||||||||
2015
|
2014
|
2014
|
||||||||||||||||||||||
% of
|
% of
|
% of
|
||||||||||||||||||||||
Pretax
|
Pretax
|
Pretax
|
||||||||||||||||||||||
Amount
|
Income
|
Amount
|
Income
|
Amount
|
Income
|
|||||||||||||||||||
(Dollars in Thousands)
|
||||||||||||||||||||||||
Federal income taxes at the statutory rate
|
$ | 933 | 34.00 | % | $ | 400 | 34.00 | % | $ | 599 | 34.00 | % | ||||||||||||
State income taxes
|
185 | 6.75 | % | 79 | 6.75 | % | 119 | 6.75 | % | |||||||||||||||
Tax-exempt interest income
|
(440 | ) | -16.03 | % | (266 | ) | -22.61 | % | (574 | ) | -32.30 | % | ||||||||||||
Income from bank-owned life insurance
|
(174 | ) | -6.33 | % | (85 | ) | -7.19 | % | (165 | ) | -9.30 | % | ||||||||||||
New Market Tax Credits
|
(418 | ) | -15.24 | % | (190 | ) | -16.14 | % | (380 | ) | -21.39 | % | ||||||||||||
Other, net
|
77 | 2.79 | % | (403 | ) | -34.32 | % | 51 | 2.36 | % | ||||||||||||||
Actual tax benefit and effective tax rate
|
$ | 163 | 5.94 | % | $ | (465 | ) | -39.51 | % | $ | (350 | ) | -19.88 | % |
NOTE 17:
|
Supplemental Cash Flow Information
|
Year Ended
|
Six Months Ended
|
Year Ended
|
||||||||||
December 31,
|
December 31,
|
June 30,
|
||||||||||
2015
|
2014
|
2014
|
||||||||||
(In Thousands)
|
||||||||||||
Supplemental cash flow information:
|
||||||||||||
Cash paid during the year for interest
|
$ | 2,442 | $ | 1,037 | $ | 2,063 | ||||||
Cash paid during the year for income taxes
|
845 | 147 | 109 | |||||||||
Non-cash investing activities:
|
||||||||||||
Increase (decrease) in market
|
||||||||||||
value of securities available-for-sale
|
649 | 3,414 | 2,020 | |||||||||
Mortgage servicing rights recognized
|
1,652 | 687 | 1,194 | |||||||||
Loans transferred to real estate and
|
||||||||||||
other assets acquired in foreclosure
|
58 | 184 | 51 | |||||||||
Treasury shares reissued for compensation
|
193 | 193 | 193 | |||||||||
Employee Stock Ownership Plan shares released
|
185 | 89 | 180 |
NOTE 18:
|
Regulatory Capital Requirements
|
|
The Company (on a consolidated basis) and the Bank are subject to various regulatory capital requirements administered by federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of their assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. The capital amounts and classifications are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Prompt corrective action provisions are not applicable to bank holding companies.
|
|
Beginning January 1, 2015, community banking organizations became subject to a new regulatory rule recently adopted by federal banking agencies (commonly referred to as Basel III). The new rule establishes a new regulatory capital framework that incorporates revisions to the Basel capital framework, strengthens the definition of regulatory capital, increases risk-based capital requirements, and amends the methodologies for determining risk-weighted assets. These changes are expected to increase the amount of capital required by community banking organizations. Basel III includes a multiyear transition period from January 1, 2015 through December 31, 2019.
|
|
Management believes that, as of December 31, 2015, the Company and the Bank would meet all capital adequacy requirements under the Basel III Capital rules on a fully phased-in basis as if such requirements were currently in effect; however, final rules are subject to regulatory discretion and could result in the need for additional capital levels in the future.
|
|
Quantitative measures established by regulation to ensure capital adequacy require the Company and the Bank to maintain minimum amounts and ratios (set forth in the table below) of total and Tier 1 capital to risk-weighted assets and Tier 1 capital to total assets (all as defined in the regulations). Management believes, as of December 31, 2015 and 2014, that the Company and the Bank met all capital adequacy requirements to which they are subject.
|
NOTE 18:
|
Regulatory Capital Requirements – continued
|
|
As of December 31, 2015, the most recent notification from the FRB categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well-capitalized, the Bank must maintain minimum total risk-based, Tier 1 risk-based and Tier 1 leverage ratios as set forth in the table below. There are no conditions or events since the notification that management believes have changed the Banks’s category. The Bank’s actual capital amounts and ratios as of December 31, 2015 are presented in the table below:
|
Minimum
|
||||||||||||||||||||||||
To Be Well
|
||||||||||||||||||||||||
Minimum
|
Capitalized Under
|
|||||||||||||||||||||||
Capital
|
Prompt Corrective
|
|||||||||||||||||||||||
Actual
|
Requirement
|
Action Provisions
|
||||||||||||||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
|||||||||||||||||||
(Dollars in Thousands)
|
||||||||||||||||||||||||
December 31, 2015:
|
||||||||||||||||||||||||
Total risk-based capital
|
||||||||||||||||||||||||
to risk weighted assets
|
||||||||||||||||||||||||
Consolidated
|
$ | 66,725 | 15.39 | % | $ | 34,685 | 8.00 | % | $ | N/A | N/A | % | ||||||||||||
Bank
|
60,957 | 14.09 | 34,607 | 8.00 | 43,259 | 10.00 | ||||||||||||||||||
Tier I capital to
|
||||||||||||||||||||||||
risk weighted assets
|
||||||||||||||||||||||||
Consolidated
|
53,175 | 12.26 | 26,014 | 6.00 | N/A | N/A | ||||||||||||||||||
Bank
|
57,407 | 13.27 | 25,955 | 6.00 | 34,607 | 8.00 | ||||||||||||||||||
Common equity tier I capital to
|
||||||||||||||||||||||||
risk weighted assets
|
||||||||||||||||||||||||
Consolidated
|
48,112 | 11.10 | 19,511 | 4.50 | N/A | N/A | ||||||||||||||||||
Bank
|
57,407 | 13.27 | 19,466 | 4.50 | 28,118 | 6.50 | ||||||||||||||||||
Tier 1 capital to
|
||||||||||||||||||||||||
adjusted total assets
|
||||||||||||||||||||||||
Consolidated
|
53,175 | 9.22 | 23,063 | 4.00 | N/A | N/A | ||||||||||||||||||
Bank
|
57,407 | 9.36 | 24,530 | 4.00 | 30,662 | 5.00 |
NOTE 18:
|
Regulatory Capital Requirements – continued
|
Minimum
|
||||||||||||||||||||||||
To Be Well
|
||||||||||||||||||||||||
Minimum
|
Capitalized Under
|
|||||||||||||||||||||||
Capital
|
Prompt Corrective
|
|||||||||||||||||||||||
Actual
|
Requirement
|
Action Provisions
|
||||||||||||||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
|||||||||||||||||||
(Dollars in Thousands)
|
||||||||||||||||||||||||
December 31, 2014:
|
||||||||||||||||||||||||
Total risk-based capital
|
||||||||||||||||||||||||
to risk weighted assets
|
||||||||||||||||||||||||
Consolidated
|
$ | 54,109 | 15.27 | % | $ | 28,344 | 8.00 | % | $ | N/A | N/A | % | ||||||||||||
Bank
|
48,994 | 13.59 | 28,838 | 8.00 | 36,048 | 10.00 | ||||||||||||||||||
Tier I capital to
|
||||||||||||||||||||||||
risk weighted assets
|
||||||||||||||||||||||||
Consolidated
|
51,659 | 14.58 | 14,172 | 4.00 | N/A | N/A | ||||||||||||||||||
Bank
|
46,544 | 12.91 | 14,419 | 4.00 | 21,629 | 6.00 | ||||||||||||||||||
Tier I capital to
|
||||||||||||||||||||||||
adjusted total assets
|
||||||||||||||||||||||||
Consolidated
|
51,659 | 9.41 | 16,463 | 3.00 | N/A | N/A | ||||||||||||||||||
Bank
|
46,544 | 8.62 | 16,195 | 3.00 | 26,992 | 5.00 |
December 31,
|
||||||||
2015
|
2014
|
|||||||
(In Thousands)
|
||||||||
Capital determined by GAAP
|
$ | 64,726 | $ | 54,361 | ||||
Unrealized loss on securities available-for-sale
|
142 | 532 | ||||||
Unrealized gain on forward delivery commitments
|
(376 | ) | (294 | ) | ||||
Goodwill and core deposit intangibles, net of
|
||||||||
associated deferred tax liabilities for 2015
|
(6,654 | ) | (7,697 | ) | ||||
Disallowed deferred tax assets
|
(431 | ) | (358 | ) | ||||
Tier I capital
|
57,407 | 46,544 | ||||||
Allowance for loan losses
|
3,550 | 2,450 | ||||||
Total risk-based capital
|
$ | 60,957 | $ | 48,994 |
NOTE 18:
|
Regulatory Capital Requirements – continued
|
|
Under State of Montana banking regulation, member banks such as the Bank generally may declare annual cash dividends up to an amount equal to the previous two years’ net earnings. Dividends in excess of such amount require approval of the Division of Banking. The Bank paid dividends of $1,240,000 during CY 2015 to Eagle. The Bank did not pay any dividends to Eagle during the six months ended December 31, 2014. The Bank paid dividends of $1,030,000 during FY 2014 to Eagle. Eagle paid quarterly dividends of $0.075 per share to its shareholders for the first two quarters of CY 2015 and $0.0775 for the last two quarters of CY 2015. Eagle paid quarterly dividends of $0.075 for the six months ended December 31, 2014. Eagle paid quarterly dividends of $0.0725 per share to its shareholders for FY 2014.
|
|
Eagle Bancorp Montana, Inc. holds a liquidation account for the benefit of certain depositors of the Bank who remain depositors of the Bank at the time of liquidation. The liquidation account is designed to provide payments to these depositors of their liquidation interests in the event of a liquidation of Eagle and the Bank, or the Bank alone. In the unlikely event that Eagle and the Bank were to liquidate in the future, all claims of creditors, including those of depositors, would be paid first, followed by distribution to depositors as of November 30, 2008 (who continue to be the Bank’s depositors) of the liquidation account maintained by Eagle. Also, in a complete liquidation of both entities, or of just the Bank, when Eagle has insufficient assets to fund the liquidation account distribution due to depositors and the Bank has positive net worth, the Bank would immediately pay amounts necessary to fund Eagle’s remaining obligations under the liquidation account. If Eagle is completely liquidated or sold apart from a sale or liquidation of the Bank, then the rights of such depositors in the liquidation account maintained by Eagle would be surrendered and treated as a liquidation account in the Bank, the “bank liquidation account” and these depositors shall have an equivalent interest in the bank liquidation account and the same rights and terms as the liquidation account.
|
NOTE 19:
|
Related Party Transactions
|
|
The Bank has contracted with a subsidiary of a company which was previously partially owned by one of the Company’s directors. The director retired from the affiliated entity at the end of 2013. The Bank paid the affiliated entity $2,000 during the six months ended December 31, 2014 for support services, and an additional $13,000 for computer hardware and software used by the Bank for its computer network. For FY 2014, expenditures were $3,000 for support services and $33,000 for computer hardware and software.
|
NOTE 20:
|
Employee Benefits
|
|
Profit Sharing Plan
|
|
The Company provides a noncontributory profit sharing plan for eligible employees who have completed one year of service. The amount of the Company’s annual contribution, limited to a maximum of 15.00% of qualified employees’ salaries, is determined by the Board. Profit sharing expense was $452,000 for CY 2015, $200,000 for the six months ended December 31, 2014 and $379,000 for FY 2014.
|
|
The Company’s profit sharing plan includes a 401(k) feature. At the discretion of the Board, the Company may match up to 50.00% of participants’ contributions up to a maximum of 4.00% of participants’ salaries. For CY 2015, the six months ended December 31, 2014 and FY 2014, the Company’s match totaled $162,000, $72,000 and $148,000, respectively.
|
|
Deferred Compensation Plans
|
|
The Company has entered into deferred compensation contracts with current key employees. The contracts provide fixed benefits payable in equal annual installments upon retirement. The Company purchased life insurance contracts that may be used to fund the payments. The charge to expense is based on the present value computations of anticipated liabilities. For CY 2015, the six months ended December 31, 2014 and FY 2014, the total expense was $293,000, $103,000 and $131,000, respectively. The Company has recorded a liability for the deferred compensation plan of $1,423,000 and $1,236,000 at December 31, 2015 and 2014, respectively, which are included in accrued expenses and other liabilities in the consolidated statements of financial condition.
|
NOTE 20:
|
Employee Benefits – continued
|
|
Employee Stock Ownership Plan
|
|
The Company has established an ESOP for eligible employees who meet certain age and service requirements. At inception, in April 2000, the ESOP borrowed $368,000 from Eagle Bancorp and used the funds to purchase 46,006 shares of common stock, at $8 per share, in the initial offering. This borrowing was fully paid on December 31, 2009. Again, in conjunction with the subsequent offering in April 2010, the ESOP borrowed $1,971,420 from Eagle Bancorp Montana, Inc. and used the funds to purchase 197,142 shares of common stock, at $10 per share. The Bank makes periodic contributions to the ESOP sufficient to satisfy the debt service requirements of the loan that has a twelve-year term and bears interest at 8.00%. The ESOP uses these contributions, and any dividends received by the ESOP on unallocated shares, to make principal and interest payments on the loan.
|
|
Total ESOP expenses of $168,000, $69,000 and $142,000 were recognized for CY 2015, the six months ended December 31, 2014 and FY 2014, respectively. Shares totaling 16,616, 8,308 and 16,616 were released and allocated to participants during CY 2015, the six months ended December 31, 2014 and FY 2014, respectively. The cost of the 97,444 ESOP shares ($975,000 at December 31, 2015) that have not yet been allocated or committed to be released to participants is deducted from shareholders’ equity. The fair value of these shares was approximately $1,204,000 at December 31, 2015.
|
|
Stock Incentive Plan
|
|
The Company adopted the stock incentive plan on November 1, 2011 and the original number of shares of restricted stock for issuance under the plan was 98,571. The plan provides for different types of awards including stock options, restricted stock and performance shares. Under the plan, 98,571 shares of restricted stock were granted to directors and certain officers during FY 2012. The plan was amended during CY 2015 to increase the number of shares of restricted stock for issuance under the plan from 98,571 to 168,571. During CY 2015, 74,000 shares were granted. Shares of restricted stock vest in equal installments over five years beginning one year from the grant date.
|
NOTE 20:
|
Employee Benefits – continued
|
|
Stock Incentive Plan – continued
|
|
The following table shows the activity of the awards granted:
|
Number of
|
||||
Shares
|
||||
Unvested awards as of June 30, 2013
|
70,183 | |||
Awards granted
|
8,674 | |||
Awards vested
|
(17,548 | ) | ||
Awards forfeited
|
(6,505 | ) | ||
Unvested awards as of June 30, 2014
|
54,804 | |||
Awards granted
|
- | |||
Awards vested
|
(17,548 | ) | ||
Awards forfeited
|
- | |||
Unvested awards as of December 31, 2014
|
37,256 | |||
Awards granted
|
74,000 | |||
Awards vested
|
(17,548 | ) | ||
Awards forfeited
|
- | |||
Unvested awards as of December 31, 2015
|
93,708 |
|
$232,000, $88,000 and $193,000 was recognized as expense during CY 2015, the six months ended December 31, 2014 and FY 2014, respectively, and is included in salaries and employee benefits in the consolidated statements of income. As of December 31, 2015, 93,708 shares of restricted stock remain unvested, for which the Company expects to recognize expense of approximately $1,015,000 by November 2020.
|
NOTE 21:
|
Financial Instruments and Off-Balance-Sheet Activities
|
|
All financial instruments held or issued by the Company are held or issued for purposes other than trading. In the ordinary course of business, the Bank enters into off-balance-sheet financial instruments consisting of commitments to extend credit and forward delivery commitments for the sale of whole loans to the secondary market.
|
|
In response to marketplace demands, the Bank routinely makes commitments to extend credit for fixed rate and variable rate loans with or without rate lock guarantees. When rate lock guarantees are made to customers, the Bank becomes subject to market risk for changes in interest rates that occur between the rate lock date and the date that a firm commitment to purchase the loan is made by a secondary market investor.
|
|
Generally, as interest rates increase, the market value of the loan commitment goes down. The opposite effect takes place when interest rates decline.
|
NOTE 21:
|
Financial Instruments and Off-Balance-Sheet Activities – continued
|
|
Commitments to extend credit are agreements to lend to a customer as long as the borrower satisfies the Bank’s underwriting standards and related provisions of the borrowing agreements. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. The Bank uses the same credit policies in making commitments to extend credit as it does for on-balance-sheet instruments. Collateral is required for substantially all loans, and normally consists of real property. The Bank’s experience has been that substantially all loan commitments are completed or terminated by the borrower within 3 to 12 months.
|
|
The Bank has lines of credit representing credit risk of approximately $181,883,000 and $102,758,000 at December 31, 2015 and 2014, respectively, of which approximately $95,537,000 and $50,532,000 had been drawn at December 31, 2015 and 2014, respectively. The Bank has credit cards issued representing credit risk of approximately $1,239,000 and $1,119,000 at December 31, 2015 and 2014, respectively, of which approximately $96,000 and $72,000 had been drawn at December 31, 2015 and 2014, respectively. The Bank has letters of credits issued representing credit risk of approximately $3,124,000 and $4,454,000 at December 31, 2015 and 2014, respectively.
|
|
Mortgage loan commitments are referred to as derivative loan commitments if the loan that will result from exercise of the commitment will be held-for-sale upon funding. The Bank enters into commitments to fund residential mortgage loans at specified times in the future, with the intention that these loans will subsequently be sold in the secondary market. A mortgage loan commitment binds the Bank to lend funds to a potential borrower at a specified interest rate and within a specified period of time, generally up to 60 days after inception of the rate lock.
|
|
The Company has no other off-balance-sheet arrangements or transactions with unconsolidated, special purpose entities that would expose the Company to liability that is not reflected on the face of the financial statements.
|
NOTE 22:
|
Derivatives and Hedging Activities
|
|
Interest Rate Contracts
|
|
The Company is exposed to certain risks relating to its ongoing business operations. The primary risk managed by using derivative instruments is interest rate risk. The Company entered into an interest rate swap agreement on August 27, 2010 with a third party to manage interest rate risk associated with a fixed-rate loan. The interest rate swap agreement effectively converted the loan’s fixed rate into a variable rate. The derivatives and hedging accounting guidance (ASC Subtopic 815-10) requires that the Company recognize all derivative instruments as either assets or liabilities at fair value in the statement of financial position. In accordance with this guidance, the Company designates the interest rate swap on this fixed-rate loan as a fair value hedge.
|
NOTE 22:
|
Derivatives and Hedging Activities – continued
|
|
Interest Rate Contracts – continued
|
|
The Company was exposed to credit-related losses in the event of nonperformance by the counterparties to this agreement. The Company controlled the credit risk of its financial contracts through credit approvals, limits and monitoring procedures, and did not expect any counterparties to fail their obligations. The Company deals only with primary dealers.
|
|
If certain hedging criteria specified in derivatives and hedging accounting guidance are met, including testing for hedge effectiveness, hedge accounting may be applied. The hedge effectiveness assessment methodologies for similar hedges are performed in a similar manner and are used consistently throughout the hedging relationships.
|
|
The hedge documentation specifies the terms of the hedged item and the interest rate swap. The documentation also indicates the derivative is hedging a fixed-rate item, the hedge exposure is to the changes in the fair value of the hedged item, and the strategy is to eliminate fair value variability by converting fixed-rate interest payments to variable-rate interest payments.
|
|
For derivative instruments that are designated and qualify as a fair value hedge, the gain or loss on the derivative as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in current earnings. The Company includes the gain or loss on the hedged items in the same line item—noninterest income—as the offsetting loss or gain on the related interest rate swap.
|
|
The fixed rate loan hedged has an original maturity of 20 years and was not callable. This loan was hedged with a “pay fixed rate, receive variable rate” swap with a similar notional amount, maturity and fixed rate coupons. The swap was not callable. The loan had an outstanding principal balance of $10,641,000 and the interest rate swap had a notional value of $10,673,000 at December 31, 2014.
|
|
At December 31, 2014, the interest rate swap on the fixed-rate loan was ineffective. The Bank recorded a loss of $317,000 in noninterest income during the quarter ended December 31, 2014 related to the ineffectiveness. The interest rate swap was terminated during the quarter ended March 31, 2015. The Bank recorded a loss of $93,000 in noninterest income during the quarter ended March 31, 2015 related to the swap termination. The loan fair value adjustment of $138,000 at March 31, 2015 will be amortized over the remaining life of the loan which matures September 1, 2030.
|
NOTE 22:
|
Derivatives and Hedging Activities – continued
|
Effect of Derivative Instruments on Statement of Financial Condition
|
|||||||||||||||||||||||||||||
Fair Value of Derivative Instruments
|
|||||||||||||||||||||||||||||
Asset Derivatives
|
Liability Derivatives
|
||||||||||||||||||||||||||||
December 31, 2015
|
December 31, 2014
|
December 31, 2015
|
December 31, 2014
|
||||||||||||||||||||||||||
Balance
|
Balance
|
Balance
|
Balance
|
||||||||||||||||||||||||||
Sheet
|
Fair
|
Sheet
|
Fair
|
Sheet
|
Fair
|
Sheet
|
Fair
|
||||||||||||||||||||||
Location
|
Value
|
Location
|
Value
|
Location
|
Value
|
Location
|
Value
|
||||||||||||||||||||||
(In Thousands)
|
|||||||||||||||||||||||||||||
Derivatives designated
|
|||||||||||||||||||||||||||||
as fair value
|
|||||||||||||||||||||||||||||
hedging instruments
|
Other
|
||||||||||||||||||||||||||||
Interest rate contracts
|
n/a | $ | - | n/a | $ | - | n/a | $ | - |
Liabilities
|
$ | 579 | |||||||||||||||||
Change in fair value of
|
|||||||||||||||||||||||||||||
financial instrument
|
|||||||||||||||||||||||||||||
being hedged
|
|||||||||||||||||||||||||||||
Interest rate contracts
|
Loans
|
$ | 132 |
Loans
|
$ | 138 | n/a | $ | - |
n/a
|
$ | - |
Effect of Derivative Instruments on Statement of Income
|
||||||||||||
(In Thousands)
|
||||||||||||
Amount of Loss
|
||||||||||||
Location
|
Recognized in Income on Derivative
|
|||||||||||
of Loss
|
Year Ended
|
Six Months Ended
|
Year Ended
|
|||||||||
Derivatives Designated
|
Recognized in
|
December 31,
|
December 31,
|
June 30,
|
||||||||
as Hedging Instruments
|
Income on Derivative
|
2015
|
2014
|
2014
|
||||||||
Interest rate contracts
|
Noninterest income
|
$ |
(93)
|
$ |
(364)
|
$ |
(63)
|
|
The Company uses mandatory sell forward delivery commitments to sell whole loans. These commitments are also used as a hedge against exposure to interest-rate risks resulting from rate locked loan origination commitments on certain mortgage loans held-for-sale. Gains and losses on the items hedged are deferred and recognized in accumulated other comprehensive income until the commitments are completed. At the completion of the commitments the gains and losses are recognized in the Company’s income statement.
|
|
As of December 31, 2015 and 2014, the Company had entered into commitments to deliver approximately $18,208,000 and $17,166,000, respectively, in loans to various investors, all at fixed interest rates ranging from 2.25% to 5.13% and 2.45% to 6.00% at December 31, 2014, June 30, 2015 and 2014, respectively. The Company had approximately $635,000 and $496,000 of gains deferred as a result of the forward delivery commitments entered into as of December 31, 2015 and 2014, respectively.
|
|
The Company did not have any gains or losses reclassified into earnings as a result of the ineffectiveness of its hedging activities. The Company considers its hedging activities to be highly effective.
|
|
The Company did not have any gains or losses reclassified into earnings as a result of the discontinuance of cash flow hedges because it was probable that the original forecasted transaction would not occur by the end of the originally specified time frame as of December 31, 2015.
|
NOTE 23:
|
Fair Value Disclosures
|
■ |
Level 1 Inputs - Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date.
|
|
■ |
Level 2 Inputs - Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (for example, interest rates, volatilities, prepayment speeds, loss severities, credit risks and default rates) or inputs that are derived principally from or corroborated by observable market data by correlation or other means.
|
|
■ |
Level 3 Inputs - Significant unobservable inputs that reflect an entity’s own assumptions that market participants would use in pricing the assets or liabilities.
|
NOTE 23:
|
Fair Value Disclosures – continued
|
NOTE 23:
|
Fair Value Disclosures – continued
|
December 31, 2015
|
||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total Fair
|
|||||||||||||
Inputs
|
Inputs
|
Inputs
|
Value
|
|||||||||||||
(In Thousands)
|
||||||||||||||||
Financial Assets:
|
||||||||||||||||
Available-for-sale securities
|
||||||||||||||||
U.S. government and agency
|
$ | - | $ | 10,615 | $ | - | $ | 10,615 | ||||||||
Municipal obligations
|
- | 67,069 | - | 67,069 | ||||||||||||
Corporate obligations
|
- | 9,450 | - | 9,450 | ||||||||||||
MBSs - government-backed
|
- | 32,735 | - | 32,735 | ||||||||||||
CMOs - government-backed
|
- | 25,869 | - | 25,869 | ||||||||||||
Loans held-for-sale
|
- | 18,702 | - | 18,702 | ||||||||||||
December 31, 2014
|
||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total Fair
|
|||||||||||||
Inputs
|
Inputs
|
Inputs
|
Value
|
|||||||||||||
(In Thousands)
|
||||||||||||||||
Financial Assets:
|
||||||||||||||||
Available-for-sale securities
|
||||||||||||||||
U.S. government and agency
|
$ | - | $ | 33,181 | $ | - | $ | 33,181 | ||||||||
Municipal obligations
|
- | 71,885 | - | 71,885 | ||||||||||||
Corporate obligations
|
- | 6,005 | - | 6,005 | ||||||||||||
MBSs - government-backed
|
- | 21,964 | - | 21,964 | ||||||||||||
CMOs - government-backed
|
- | 28,752 | - | 28,752 | ||||||||||||
Loans held-for-sale
|
- | 17,587 | - | 17,587 | ||||||||||||
Financial Liabilities:
|
||||||||||||||||
Derivative financial instruments
|
- | 579 | - | 579 |
|
Certain financial assets and liabilities are measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment).
|
December 31, 2015
|
||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total Fair
|
|||||||||||||
Inputs
|
Inputs
|
Inputs
|
Value
|
|||||||||||||
(In Thousands)
|
||||||||||||||||
Impaired loans
|
$ | - | $ | - | $ | 2,028 | $ | 2,028 | ||||||||
Repossessed assets
|
- | - | 595 | 595 |
NOTE 23:
|
Fair Value Disclosures – continued
|
December 31, 2014
|
||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total Fair
|
|||||||||||||
Inputs
|
Inputs
|
Inputs
|
Value
|
|||||||||||||
(In Thousands)
|
||||||||||||||||
Impaired loans
|
$ | - | $ | - | $ | 1,936 | $ | 1,936 | ||||||||
Repossessed assets
|
- | - | 637 | 637 |
Fair Value at
|
Principal
|
Significant
|
Range of
|
|||||||||||||
December 31,
|
Valuation
|
Unobservable
|
Significant Input
|
|||||||||||||
Instrument
|
2015
|
2014
|
Technique
|
Inputs
|
Values
|
|||||||||||
(Dollars in Thousands)
|
||||||||||||||||
Appraisal of
|
Appraisal
|
|||||||||||||||
Impaired loans
|
$ | 2,028 | $ | 1,936 |
collateral (1)
|
adjustments
|
10-30% | |||||||||
Appraisal of
|
Liquidation
|
|||||||||||||||
Repossessed assets
|
$ | 595 | $ | 637 |
collateral (1) (3)
|
expenses (2)
|
10-30% |
(1) |
Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various level 3 inputs which are not identifiable, less associated allowance.
|
(2) |
Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal.
|
(3) |
Includes qualitative adjustments by management and estimated liquidation expenses.
|
NOTE 23:
|
Fair Value Disclosures – continued
|
December 31, 2015
|
||||||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
Carrying
|
||||||||||||||||
Inputs
|
Inputs
|
Inputs
|
Fair Value
|
Amount
|
||||||||||||||||
(In Thousands)
|
||||||||||||||||||||
Financial assets:
|
||||||||||||||||||||
Cash and cash equivalents
|
$ | 7,438 | $ | - | $ | - | $ | 7,438 | $ | 7,438 | ||||||||||
Federal Home Loan Bank stock
|
3,397 | - | - | 3,397 | 3,397 | |||||||||||||||
Federal Reserve Bank stock
|
887 | - | - | 887 | 887 | |||||||||||||||
Loans receivable, net
|
- | - | 408,414 | 408,414 | 401,706 | |||||||||||||||
Accrued interest and dividends
|
||||||||||||||||||||
receivable
|
2,278 | - | - | 2,278 | 2,278 | |||||||||||||||
Mortgage servicing rights
|
- | - | 6,452 | 6,452 | 4,968 | |||||||||||||||
Cash surrender value of
|
||||||||||||||||||||
life insurance
|
12,514 | - | - | 12,514 | 12,514 | |||||||||||||||
Financial liabilities:
|
||||||||||||||||||||
Non-maturing interest bearing deposits
|
- | 253,704 | - | 253,704 | 253,704 | |||||||||||||||
Noninterest bearing deposits
|
77,031 | - | - | 77,031 | 77,031 | |||||||||||||||
Time certificates of deposit
|
- | - | 152,691 | 152,691 | 152,447 | |||||||||||||||
Accrued expenses and other liabilities
|
4,050 | - | - | 4,050 | 4,050 | |||||||||||||||
Federal Home Loan Bank advances
|
||||||||||||||||||||
and other borrowings
|
- | - | 72,811 | 72,811 | 72,716 | |||||||||||||||
Subordinated debentures
|
- | - | 14,306 | 14,306 | 15,155 | |||||||||||||||
Off-balance-sheet instruments
|
||||||||||||||||||||
Forward loan sales commitments
|
- | - | - | - | - | |||||||||||||||
Commitments to extend credit
|
- | - | - | - | - | |||||||||||||||
Rate lock commitments
|
- | - | - | - | - |
NOTE 23:
|
Fair Value Disclosures – continued
|
December 31, 2014
|
||||||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
Carrying
|
||||||||||||||||
Inputs
|
Inputs
|
Inputs
|
Fair Value
|
Amount
|
||||||||||||||||
(In Thousands)
|
||||||||||||||||||||
Financial assets:
|
||||||||||||||||||||
Cash and cash equivalents
|
$ | 12,502 | $ | - | $ | - | $ | 12,502 | $ | 12,502 | ||||||||||
Federal Home Loan Bank stock
|
1,968 | - | - | 1,968 | 1,968 | |||||||||||||||
Federal Reserve Bank stock
|
641 | - | - | 641 | 641 | |||||||||||||||
Loans receivable, net
|
- | - | 321,312 | 321,312 | 314,334 | |||||||||||||||
Accrued interest and dividends
|
||||||||||||||||||||
receivable
|
2,318 | - | - | 2,318 | 2,318 | |||||||||||||||
Mortgage servicing rights
|
- | - | 5,168 | 5,168 | 4,115 | |||||||||||||||
Cash surrender value of
|
||||||||||||||||||||
life insurance
|
11,735 | - | - | 11,735 | 11,735 | |||||||||||||||
Financial liabilities:
|
||||||||||||||||||||
Non-maturing interest bearing deposits
|
- | 230,253 | - | 230,253 | 230,253 | |||||||||||||||
Noninterest bearing deposits
|
60,924 | - | - | 60,924 | 60,924 | |||||||||||||||
Time certificates of deposit
|
- | - | 151,004 | 151,004 | 150,223 | |||||||||||||||
Accrued expenses and other liabilities
|
4,161 | - | - | 4,161 | 4,161 | |||||||||||||||
Federal Home Loan Bank advances
|
||||||||||||||||||||
and other borrowings
|
- | - | 55,273 | 55,273 | 54,993 | |||||||||||||||
Subordinated debentures
|
- | - | 3,854 | 3,854 | 5,155 | |||||||||||||||
Off-balance-sheet instruments
|
||||||||||||||||||||
Forward loan sales commitments
|
- | - | - | - | - | |||||||||||||||
Commitments to extend credit
|
- | - | - | - | - | |||||||||||||||
Rate lock commitments
|
- | - | - | - | - |
|
Cash, Interest-Bearing Accounts, Accrued Interest and Dividend Receivable and Accrued Expenses and Other Liabilities – The carrying amounts approximate fair value due to the relatively short period of time between the origination of these instruments and their expected realization.
|
|
Stock in the FHLB and FRB – The fair value of stock approximates redemption value.
|
NOTE 23:
|
Fair Value Disclosures – continued
|
|
Fair values are adjusted for credit risk based on assessment of risk identified with specific loans, and risk adjustments on the remaining portfolio based on credit loss experience.
|
|
Assumptions regarding credit risk are judgmentally determined using specific borrower information, internal credit quality analysis, and historical information on segmented loan categories for non-specific borrowers.
|
|
Cash Surrender Value of Life Insurance – The carrying amount for cash surrender value of life insurance approximates fair value as policies are recorded at redemption value.
|
|
Deposits and Time Certificates of Deposit – The fair value of deposits with no stated maturity, such as checking, passbook, and money market, is equal to the amount payable on demand. The fair value of time certificates of deposit is based on the discounted value of contractual cash flows. The discount rate is estimated using the rates currently offered for deposits of similar maturities.
|
|
Advances from the FHLB and Subordinated Debentures – The fair value of the Company’s advances and debentures are estimated using discounted cash flow analysis based on the interest rate that would be effective December 31, 2015 and 2014, respectively if the borrowings repriced according to their stated terms.
|
NOTE 24:
|
Condensed Parent Company Financial Statements
|
|
Included below are the condensed financial statements of the Parent Company, Eagle Bancorp Montana, Inc.:
|
Eagle Bancorp Montana, Inc.
|
||||||||
Condensed Statements of Financial Condition
|
||||||||
December 31,
|
||||||||
2015
|
2014
|
|||||||
(In Thousands)
|
||||||||
Assets:
|
||||||||
Cash and cash equivalents
|
$ | 243 | $ | 147 | ||||
Securities available-for-sale
|
3,810 | 3,741 | ||||||
Investment in Eagle Bancorp Statutory Trust I
|
155 | 155 | ||||||
Investment in Opportunity Bank of Montana
|
64,726 | 54,361 | ||||||
Other assets
|
1,469 | 1,261 | ||||||
Total assets
|
$ | 70,403 | $ | 59,665 | ||||
Liabilities and Shareholders's Equity:
|
||||||||
Accounts payable and accrued expenses
|
$ | 4 | $ | 12 | ||||
Long-term subordinated debt
|
14,949 | 5,155 | ||||||
Shareholders' equity
|
55,450 | 54,498 | ||||||
Total liabilities and shareholders' equity
|
$ | 70,403 | $ | 59,665 |
Eagle Bancorp Montana, Inc.
|
||||||||||||
Condensed Statements of Income
|
||||||||||||
Year Ended
|
Six Months Ended
|
Year Ended
|
||||||||||
December 31,
|
December 31,
|
June 30,
|
||||||||||
2015
|
2014
|
2014
|
||||||||||
(In Thousands)
|
||||||||||||
Interest income
|
$ | 99 | $ | 54 | $ | 139 | ||||||
Interest expense
|
(448 | ) | (43 | ) | (87 | ) | ||||||
Noninterest income
|
14 | - | 15 | |||||||||
Noninterest expense
|
(593 | ) | (434 | ) | (556 | ) | ||||||
Loss before income taxes
|
(928 | ) | (423 | ) | (489 | ) | ||||||
Income tax expense (benefit)
|
(374 | ) | 273 | (478 | ) | |||||||
Loss before equity in undistributed
|
||||||||||||
earnings of Opportunity Bank of Montana
|
(554 | ) | (696 | ) | (11 | ) | ||||||
Equity in undistributed earnings
|
||||||||||||
of Opportunity Bank of Montana
|
3,134 | 2,338 | 2,122 | |||||||||
Net income | $ | 2,580 | $ | 1,642 | $ | 2,111 |
NOTE 24:
|
Condensed Parent Company Financial Statements – continued
|
Eagle Bancorp Montana, Inc.
|
||||||||||||
Condensed Statements of Cash Flow
|
||||||||||||
Year Ended
|
Six Months Ended
|
Year Ended
|
||||||||||
December 31,
|
December 31,
|
June 30,
|
||||||||||
2015
|
2014
|
2014
|
||||||||||
(In Thousands)
|
||||||||||||
Cash Flows from Operating Activities:
|
||||||||||||
Net income
|
$ | 2,580 | $ | 1,642 | $ | 2,111 | ||||||
Adjustments to reconcile net income
|
||||||||||||
to net cash used in operating activities:
|
||||||||||||
Equity in undistributed earnings
|
||||||||||||
of Opportunity Bank of Montana
|
(3,134 | ) | (2,338 | ) | (2,122 | ) | ||||||
Other adjustments, net
|
(204 | ) | 225 | (448 | ) | |||||||
Net cash used in operating activities
|
(758 | ) | (471 | ) | (459 | ) | ||||||
Cash Flows from Investing Activities:
|
||||||||||||
Cash contributions from Opportunity Bank of Montana
|
1,240 | - | 1,030 | |||||||||
Cash distributions to Opportunity Bank of Montana
|
(8,000 | ) | (25 | ) | - | |||||||
Activity in available-for-sale securities:
|
||||||||||||
Sales
|
790 | 2,008 | 427 | |||||||||
Maturities, principal payments and calls
|
330 | 132 | 371 | |||||||||
Purchases
|
(1,194 | ) | (832 | ) | (492 | ) | ||||||
Net cash (used in) provided by investing activities
|
(6,834 | ) | 1,283 | 1,336 | ||||||||
Cash Flows from Financing Activities:
|
||||||||||||
Employee Stock Ownership Plan payments and dividends
|
174 | 20 | 178 | |||||||||
Proceeds from issuance of subordinated debentures
|
10,000 | - | - | |||||||||
Payments for debt issuance costs
|
(206 | ) | - | - | ||||||||
Payments to purchase treasury stock
|
(1,320 | ) | (587 | ) | - | |||||||
Treasury shares reissued for compensation
|
204 | 186 | 193 | |||||||||
Dividends paid
|
(1,164 | ) | (581 | ) | (1,136 | ) | ||||||
Net cash provided by (used in) financing activities
|
7,688 | (962 | ) | (765 | ) | |||||||
Net Increase (Decrease) in
|
||||||||||||
Cash and Cash Equivalents
|
96 | (150 | ) | 112 | ||||||||
Cash and Cash Equivalents, beginning of period
|
147 | 297 | 185 | |||||||||
Cash and Cash Equivalents, end of period
|
$ | 243 | $ | 147 | $ | 297 |
NOTE 25:
|
Quarterly Results of Operations (Unaudited)
|
|
The following is a condensed summary of quarterly consolidated results of operations:
|
Year Ended December 31, 2015
|
||||||||||||||||
First
|
Second
|
Third
|
Fourth
|
|||||||||||||
Quarter
|
Quarter
|
Quarter
|
Quarter
|
|||||||||||||
(Dollars in Thousands, Except Per Share Data)
|
||||||||||||||||
Interest and dividend income
|
$ | 4,724 | $ | 5,015 | $ | 5,154 | $ | 5,573 | ||||||||
Interest expense
|
501 | 526 | 721 | 707 | ||||||||||||
Net interest income
|
4,223 | 4,489 | 4,433 | 4,866 | ||||||||||||
Loan loss provision
|
322 | 328 | 310 | 343 | ||||||||||||
Net interest income after loan loss provision
|
3,901 | 4,161 | 4,123 | 4,523 | ||||||||||||
Noninterest income
|
2,882 | 3,275 | 2,912 | 2,692 | ||||||||||||
Noninterest expense
|
6,361 | 6,472 | 6,492 | 6,401 | ||||||||||||
Income before income tax expense
|
422 | 964 | 543 | 814 | ||||||||||||
Income tax expense
|
36 | 172 | 22 | (67 | ) | |||||||||||
Net income
|
$ | 386 | $ | 792 | $ | 521 | $ | 881 | ||||||||
Other comprehensive income (loss)
|
$ | 795 | $ | (1,666 | ) | $ | 975 | $ | 363 | |||||||
Basic earnings per common share
|
$ | 0.10 | $ | 0.21 | $ | 0.14 | $ | 0.23 | ||||||||
Diluted earnings per common share
|
$ | 0.10 | $ | 0.21 | $ | 0.14 | $ | 0.22 |
Six Months Ended
|
||||||||
December 31, 2014
|
||||||||
First
|
Second
|
|||||||
Quarter
|
Quarter
|
|||||||
(Dollars in Thousands,
|
||||||||
Except per share Data)
|
||||||||
Interest and dividend income
|
$ | 4,703 | $ | 4,906 | ||||
Interest expense
|
515 | 515 | ||||||
Net interest income
|
4,188 | 4,391 | ||||||
Loan loss provision
|
215 | 300 | ||||||
Net interest income after loan loss provision
|
3,973 | 4,091 | ||||||
Noninterest income
|
2,657 | 2,435 | ||||||
Noninterest expense
|
5,865 | 6,114 | ||||||
Income before income tax expense
|
765 | 412 | ||||||
Income tax expense (benefit)
|
47 | (512 | ) | |||||
Net income | $ | 718 | $ | 924 | ||||
Other comprehensive income
|
$ | 1,000 | $ | 1,044 | ||||
Basic earnings per common share
|
$ | 0.18 | $ | 0.24 | ||||
Diluted earnings per common share
|
$ | 0.18 | $ | 0.24 |
NOTE 25:
|
Quarterly Results of Operations (Unaudited) – continued
|
Year Ended June 30, 2014
|
||||||||||||||||
First
|
Second
|
Third
|
Fourth
|
|||||||||||||
Quarter
|
Quarter
|
Quarter
|
Quarter
|
|||||||||||||
(Dollars in Thousands, Except Per Share Data)
|
||||||||||||||||
Interest and dividend income
|
$ | 4,141 | $ | 4,317 | $ | 4,321 | $ | 4,502 | ||||||||
Interest expense
|
524 | 516 | 502 | 503 | ||||||||||||
Net interest income
|
3,617 | 3,801 | 3,819 | 3,999 | ||||||||||||
Loan loss provision
|
159 | 153 | 128 | 168 | ||||||||||||
Net interest income after loan loss provision
|
3,458 | 3,648 | 3,691 | 3,831 | ||||||||||||
Noninterest income
|
3,098 | 2,469 | 2,123 | 2,351 | ||||||||||||
Noninterest expense
|
5,853 | 5,613 | 5,699 | 5,743 | ||||||||||||
Income before income tax expense
|
703 | 504 | 115 | 439 | ||||||||||||
Income tax expense
|
36 | 30 | 7 | (423 | ) | |||||||||||
Net income
|
$ | 667 | $ | 474 | $ | 108 | $ | 862 | ||||||||
Other comprehensive (loss) income
|
$ | (1,470 | ) | $ | (863 | ) | $ | 1,874 | $ | 1,584 | ||||||
Basic earnings per common share
|
$ | 0.17 | $ | 0.12 | $ | 0.03 | $ | 0.22 | ||||||||
Diluted earnings per common share
|
$ | 0.17 | $ | 0.12 | $ | 0.03 | $ | 0.21 |
NOTE 26:
|
Comparative Information for the Six Months Ended December 31, 2014
|
NOTE 26:
|
Comparative Information for the Six Months Ended December 31, 2014 – continued
|
|
Eagle Bancorp Montana, Inc. and Subsidiaries
|
|
Consolidated Statements of Income
|
|
(Dollars in Thousands, Except Per Share Data)
|
Six Months Ended
|
||||||||
December 31,
|
||||||||
2014
|
2013
|
|||||||
(Unaudited)
|
||||||||
Interest and Dividend Income:
|
||||||||
Interest and fees on loans
|
$ | 7,562 | $ | 6,352 | ||||
Securities available-for-sale
|
2,026 | 2,102 | ||||||
Federal Reserve Bank dividends
|
19 | - | ||||||
Trust preferred securities
|
1 | 1 | ||||||
Interest on deposits with banks
|
1 | 4 | ||||||
Total interest and dividend income
|
9,609 | 8,459 | ||||||
Interest Expense:
|
||||||||
Deposits
|
677 | 633 | ||||||
Federal Home Loan Bank advances and other borrowings
|
310 | 365 | ||||||
Subordinated debentures
|
43 | 43 | ||||||
Total interest expense
|
1,030 | 1,041 | ||||||
Net Interest Income
|
8,579 | 7,418 | ||||||
Loan loss provision
|
515 | 312 | ||||||
Net Interest Income after Loan Loss Provision
|
8,064 | 7,106 | ||||||
Noninterest Income:
|
||||||||
Service charges on deposit accounts
|
538 | 543 | ||||||
Net gain on sale of loans (includes $461 and $582 for the six
|
||||||||
months ended December 31, 2014 and 2013, respectively,
|
||||||||
related to accumulated other comprehensive
|
||||||||
earnings reclassification)
|
2,864 | 2,554 | ||||||
Mortgage loan servicing fees
|
767 | 653 | ||||||
Wealth management income
|
290 | 256 | ||||||
Net gain on sale of available-for-sale securities (includes $335 and
|
||||||||
$836 for the six months ended December 31, 2014 and 2013,
|
||||||||
respectively related to accumulated other comprehensive
|
||||||||
earnings reclassification)
|
335 | 836 | ||||||
Net (loss) gain on fair value hedge
|
(364 | ) | 71 | |||||
Net loss on sale of real estate owned and other repossessed property
|
(1 | ) | (50 | ) | ||||
Other noninterest income
|
663 | 704 | ||||||
Total noninterest income
|
5,092 | 5,567 |
NOTE 26:
|
Comparative Information for the Six Months Ended December 31, 2014 – continued
|
|
Eagle Bancorp Montana, Inc. and Subsidiaries
|
|
Consolidated Statements of Income – continued
|
|
(Dollars in Thousands, Except Per Share Data)
|
Six Months Ended
|
||||||||
December 31,
|
||||||||
2014
|
2013
|
|||||||
(Unaudited)
|
||||||||
Noninterest Expense:
|
||||||||
Salaries and employee benefits
|
6,274 | 6,430 | ||||||
Occupancy and equipment expense
|
1,426 | 1,375 | ||||||
Data processing
|
1,082 | 931 | ||||||
Advertising
|
408 | 457 | ||||||
Amortization of mortgage servicing rights
|
328 | 334 | ||||||
Amortization of core deposit intangible and tax credits
|
208 | 217 | ||||||
Federal insurance premiums
|
174 | 168 | ||||||
Postage
|
95 | 92 | ||||||
Legal, accounting and examination fees
|
469 | 269 | ||||||
Consulting fees
|
351 | 155 | ||||||
Other noninterest expense
|
1,164 | 1,038 | ||||||
Total noninterest expense
|
11,979 | 11,466 | ||||||
Income Before Provision for Income Taxes
|
1,177 | 1,207 | ||||||
Income Tax (Benefit) Expense (includes $1,405 and ($1,605)
|
||||||||
for the six months ended December 31, 2014 and 2013,
|
||||||||
respectively, related to income tax benefit from
|
||||||||
reclassification items)
|
(465 | ) | 66 | |||||
Net Income
|
$ | 1,642 | $ | 1,141 | ||||
Basic Earnings Per Common Share
|
$ | 0.42 | $ | 0.29 | ||||
Diluted Earnings Per Common share
|
$ | 0.42 | $ | 0.29 | ||||
Weighted Average Shares Outstanding (Basic EPS)
|
3,882,376 | 3,905,221 | ||||||
Weighted Average shares Outstanding (Diluted EPS)
|
3,931,552 | 3,978,260 |
|
NOTE 26:
|
Comparative Information for the Six Months Ended December 31, 2014 – continued
|
|
Eagle Bancorp Montana, Inc. and Subsidiaries
|
|
Consolidated Statements of Comprehensive Income
|
|
(Dollars in Thousands, Except Per Share Data)
|
Six Months Ended
|
||||||||
December 31,
|
||||||||
2014
|
2013
|
|||||||
(Unaudited)
|
||||||||
Net Income
|
$ | 1,642 | $ | 1,141 | ||||
Other Items of Comprehensive Income (Loss):
|
||||||||
Change in fair value of investment securities available-
|
||||||||
for-sale, before income taxes
|
3,749 | (2,886 | ) | |||||
Reclassification for realized gains and losses on investment
|
||||||||
securities included income, before income tax
|
(335 | ) | (836 | ) | ||||
Change in fair value of derivatives designated as cash flow
|
||||||||
hedges, before income taxes
|
496 | 366 | ||||||
Reclassification for realized gains on derivatives
|
||||||||
designated as cash flow hedges, before income taxes
|
(461 | ) | (582 | ) | ||||
Total other items of comprehensive income (loss)
|
3,449 | (3,938 | ) | |||||
Income tax (expense) benefit related to:
|
||||||||
Investment securities
|
(1,391 | ) | 1,517 | |||||
Derivatives designated as cash flow hedges
|
(14 | ) | 88 | |||||
(1,405 | ) | 1,605 | ||||||
Comprehensive Income (Loss)
|
$ | 3,686 | $ | (1,192 | ) |
NOTE 26:
|
Comparative Information for the Six Months Ended December 31, 2014 – continued
|
|
Eagle Bancorp Montana, Inc. and Subsidiaries
|
|
Consolidated Statements of Cash Flows
|
|
(Dollars in Thousands, Except Per Share Data)
|
Six Months Ended
|
||||||||
December 31,
|
||||||||
2014
|
2013
|
|||||||
(Unaudited)
|
||||||||
Cash Flows from Operating Activities:
|
||||||||
Net income
|
$ | 1,642 | $ | 1,141 | ||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Loan loss provision
|
515 | 312 | ||||||
Depreciation
|
585 | 574 | ||||||
Net amortization of investment securities premium and discounts
|
1,025 | 1,606 | ||||||
Amortization of mortgage servicing rights
|
328 | 334 | ||||||
Amortization of core deposit intangible and tax credits
|
208 | 217 | ||||||
Deferred income tax benefit
|
(665 | ) | (38 | ) | ||||
Net gain on sale of loans
|
(2,864 | ) | (2,554 | ) | ||||
Net gain on sale of available-for-sale securities
|
(335 | ) | (836 | ) | ||||
Net loss on sale of real estate owned and other repossessed assets
|
1 | 50 | ||||||
Net loss (gain) on fair value hedge
|
364 | (71 | ) | |||||
Net gain on sale/disposal of premises and equipment
|
- | (26 | ) | |||||
Net appreciation in cash surrender value of life insurance
|
(158 | ) | (166 | ) | ||||
Net change in:
|
||||||||
Accrued interest and dividends receivable
|
111 | (1 | ) | |||||
Loans held-for-sale
|
2,557 | 8,435 | ||||||
Other assets
|
167 | (195 | ) | |||||
Accrued expenses and other liabilities
|
738 | (10 | ) | |||||
Net cash provided by operating activities
|
4,219 | 8,772 | ||||||
Cash Flows from Investing Activities:
|
||||||||
Activity in available-for-sale securities:
|
||||||||
Sales
|
26,939 | 34,378 | ||||||
Maturities, principal payments and calls
|
5,811 | 14,491 | ||||||
Purchases
|
(2,260 | ) | (29,405 | ) | ||||
Federal Home Loan Bank stock (purchased) redeemed
|
(90 | ) | 35 | |||||
Federal Reserve Bank stock (purchased) redeemed
|
(641 | ) | - | |||||
Final valuation adjustments related to acquisition of Sterling Bank branches
|
- | (144 | ) | |||||
Loan origination and principal collection, net
|
(43,665 | ) | (33,682 | ) | ||||
Purchases of Bank owned life insurance
|
(495 | ) | - | |||||
Proceeds from sale of real estate and other repossessed
|
||||||||
assets acquired in the settlement of loans
|
4 | 81 | ||||||
Insurance proceeds related to premises and equipment
|
- | 28 | ||||||
Additions to premises and equipment
|
(448 | ) | (788 | ) | ||||
Net cash used in investing activities
|
(14,845 | ) | (15,006 | ) |
NOTE 26:
|
Comparative Information for the Six Months Ended December 31, 2014 – continued
|
|
Eagle Bancorp Montana, Inc. and Subsidiaries
|
|
Consolidated Statements of Cash Flows – continued
|
|
(Dollars in Thousands, Except Per Share Data)
|
Six Months Ended
|
||||||||
December 31,
|
||||||||
2014
|
2013
|
|||||||
(Unaudited)
|
||||||||
Cash Flows from Financing Activities:
|
||||||||
Net increase in deposits
|
$ | 13,938 | $ | 14,490 | ||||
Net short-term advances (payments) for Federal Home Loan Bank and other borrowings
|
3,639 | (2,694 | ) | |||||
Long-term advances from Federal Home Loan Bank and other borrowings
|
2,000 | - | ||||||
Payments on long-term Federal Home Loan Bank and other borrowings
|
(2,100 | ) | (4,100 | ) | ||||
Purchase of treasury stock, at cost
|
(587 | ) | - | |||||
Dividends paid
|
(581 | ) | (568 | ) | ||||
Net cash provided by financing activities
|
16,309 | 7,128 | ||||||
Net increase in cash
|
5,683 | 894 | ||||||
Cash and Cash Equivalents, beginning of period
|
6,819 | 6,161 | ||||||
Cash and Cash Equivalents, end of period
|
$ | 12,502 | $ | 7,055 | ||||
Supplemental Cash Flow Information:
|
||||||||
Cash paid during the period for interest
|
$ | 1,037 | $ | 1,067 | ||||
Cash paid during the period for income taxes
|
$ | 147 | $ | 108 | ||||
NON-CASH INVESTING ACTIVITIES:
|
||||||||
Increase (decrease) in market value of securities available-for-sale
|
$ | 3,414 | $ | (3,722 | ) | |||
Mortgage servicing rights recognized
|
$ | 687 | $ | 668 | ||||
Loans transferred to real estate and other assets acquired in foreclosure
|
$ | 184 | $ | - | ||||
Treasury shares reissued for compensation
|
$ | 193 | $ | 193 | ||||
Employee Stock Ownership Plan shares released
|
$ | 89 | $ | 92 |
Name
|
Ownership Percentage by the Registrant
|
Jurisdiction of Incorporation
|
||
Opportunity Bank of Montana
|
100%
|
Montana
|
||
Eagle Bancorp Statutory Trust I
|
100%
|
Delaware
|
||
AFSB NMTC Investment Fund, LLC
|
100%
|
Montana
|
First Financial Bank Building
400 Pine Street, Ste. 600, Abilene, TX 79601
325.672.4000 / 800.588.2525 / f: 325.672.7049
www.dkcpa.com
|
Certified Public Accountants | |
Abilene, Texas | |
March 15, 2016 |
1.
|
I have reviewed this annual report on Form 10-K of Eagle Bancorp Montana, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrant and have:
|
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
|
(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and | |
(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date: March 15, 2016
|
|
/s/ Peter J. Johnson | |
Peter J. Johnson | |
Chief Executive Officer
|
1.
|
I have reviewed this annual report on Form 10-K of Eagle Bancorp Montana, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrant and have:
|
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | |
(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
|
(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and | |
(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date: March 15, 2016
|
|
/s/ Laura F. Clark
|
|
Laura F. Clark | |
Chief Financial Officer
Principal Accounting Officer
|
/s/ Peter J. Johnson
|
/s/ Laura F. Clark
|
Peter J. Johnson | Laura F. Clark |
Chief Executive Officer | SVP and Chief Financial Officer and Principal Accounting Officer |
(Principal Executive Officer) |
(Principal Financial Officer)
|
March 15, 2016 | March 15, 2016 |
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Document and Entity Information - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Feb. 01, 2016 |
Jun. 30, 2015 |
|
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | EBMT | ||
Entity Registrant Name | Eagle Bancorp Montana, Inc. | ||
Entity Central Index Key | 0001478454 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Common Stock, Shares Outstanding | 3,779,464 | ||
Entity Public Float | $ 34,418,000 |
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Loans receivable, deferred loan fees | $ 795 | $ 486 |
Loans receivable, allowance for loan losses | $ 3,550 | $ 2,450 |
Preferred stock, par value | ||
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 8,000,000 | 8,000,000 |
Common stock, shares issued | 4,083,127 | 4,083,127 |
Common stock, shares outstanding | 3,779,464 | 3,878,781 |
Consolidated Statements of Income (Parenthetical) - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2015 |
Jun. 30, 2014 |
|
Income Statement [Abstract] | ||||
Gain on sale of loans, accumulated other comprehensive earnings reclassification | $ 461 | $ 582 | $ 1,907 | $ 582 |
Net gain on sale of available-for-sale securities, accumulated other comprehensive earnings reclassification | 335 | 836 | 234 | 1,073 |
Income tax expense, reclassification items | $ 1,405 | $ (1,605) | $ 321 | $ 774 |
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares |
6 Months Ended | 12 Months Ended | |
---|---|---|---|
Dec. 31, 2014 |
Dec. 31, 2015 |
Jun. 30, 2014 |
|
Statement of Stockholders' Equity [Abstract] | |||
Treasury stock purchased, shares | 55,000 | 116,865 | |
Treasury stock purchased, cost per share | $ 10.66 | $ 11.30 | |
Treasury stock purchased, shares | 17,548 | 17,548 | 17,548 |
Treasury stock purchased, cost per share | $ 10.97 | $ 10.97 | $ 10.97 |
ESOP shares allocated or committed to be released for allocation, shares | 8,308 | 16,616 | 16,616 |
Organization and Operations |
12 Months Ended | ||||||||||||
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Dec. 31, 2015 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Organization and Operations |
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Summary of Significant Accounting Policies |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies |
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share |
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Investment Securities |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Securities |
|
Loans |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans |
NOTE
5: Loans
Within
the commercial real estate loan category above, $12,117,000 and
$12,612,000 was guaranteed by the United States Department of
Agriculture Rural Development at December 31, 2015 and 2014,
respectively. In addition, within the commercial loan
category above, $1,917,000 and $3,704,000 were in loans originated
through a syndication program where the business resides outside of
Montana at December 31, 2015 and 2014, respectively.
The
Company utilizes a 5 point internal loan rating system, largely
based on regulatory classifications, for residential mortgage (1-4
family), commercial real estate, real estate construction, home
equity, consumer and commercial loans as follows:
Loans rated Pass: these are loans that are considered to be
protected by the current net worth and paying capacity of the
obligor, or by the value of the asset or the underlying
collateral.
Loans rated Special Mention: these loans have potential
weaknesses that deserve management’s close
attention. If left uncorrected, these potential
weaknesses may result in deterioration of the repayment prospects
for the asset at some future date.
Loans rated Substandard: these loans are inadequately
protected by the current net worth and paying capacity of the
obligor or the collateral pledged, if any. Loans so
classified have a well-defined weakness or
weaknesses. They are characterized by the distinct
possibility that the Company will sustain some loss if the
deficiencies are not corrected.
Loans rated Doubtful: these loans have all the weaknesses
inherent in those classified Substandard with the added
characteristic that the weaknesses make collection or liquidation
in full, on the basis of currently existing facts, conditions, and
values, highly questionable and improbable.
On
an annual basis, or more often if needed, the Company formally
reviews the ratings of all commercial real estate, real estate
construction and commercial business loans that have a principal
balance of $750,000 or more. Quarterly, the Company reviews the
rating of any consumer loan, broadly defined, that is delinquent 90
days or more. Likewise, quarterly, the Company reviews
the rating of any commercial loan, broadly defined, that is
delinquent 60 days or more. Annually, the Company
engages an independent third-party to review a significant portion
of loans within these segments. Management uses the results of
these reviews as part of its annual review process.
The
following tables include information regarding impaired
loans.
The
following tables include information regarding delinquencies within
the loan portfolio.
Interest
income not accrued on these loans and cash interest income was
immaterial for CY 2015, the six months ended December 31, 2014 and
FY 2014. The allowance for loan losses on non-accrual loans as of
December 31, 2015 and 2014 was $48,000 and $147,000,
respectively. There were $2,076,000 ($2,028,000 net of
loss reserves of $48,000) of loans considered impaired at December
31, 2015. There were $2,083,000 ($1,936,000 net of loss
reserves of $147,000) of loans considered impaired at December 31,
2014.
Loans
are granted to directors and officers of the Company in the
ordinary course of business. Such loans are made in
accordance with policies established for all loans of the Company,
except that directors, officers and employees may be eligible to
receive discounts on loan origination costs.
Principal
payments for CY 2015 include $5,849,000 related to a previously
affiliated entity loan. See Note 19: Related
Party Transactions for further information.
|
Troubled Debt Restructurings |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text Block [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Troubled Debt Restructurings |
NOTE
6: Troubled
Debt Restructurings
The
Company adopted the amendments in Accounting Standards Update No.
2011-02 (ASC Topic 310) during the quarter ended September 30,
2011. As required, the Company reassessed all
restructurings that occurred on or after the beginning of the
previous fiscal year (July 1, 2011) for identification as troubled
debt restructurings. The Company identified as troubled debt
restructurings certain receivables for which the allowance for
credit losses had previously been measured under a general
allowance for credit losses methodology (ASC Subtopic 450-20). Upon
identifying the reassessed receivables as troubled debt
restructurings, the Company also identified them as impaired under
the guidance in ASC Subtopic 310-10-35. The amendments in the
guidance require prospective application of the impairment
measurement for those receivables newly identified as
impaired.
As
of December 31, 2015, the recorded investment in receivables for
which the allowance for credit losses was previously measured under
a general allowance for credit losses methodology and are now
impaired under ASC Subtopic 310-10-35 was $46,000 (ASC Subtopic
310-40-65-1(b)), and there was no allowance for credit losses
associated with these receivables, on the basis of a current
evaluation of loss (ASC Subtopic 310-40-65-1(b)). There
was $34,000 charged-off at the time of restructure related to these
receivables.
Modification Categories
The
Company offers a variety of modifications to borrowers. The
modification categories offered can generally be described in the
following categories:
Rate Modification – A modification in which the
interest rate is changed.
Term Modification – A modification in which the
maturity date, timing of payments or frequency of payments is
changed.
Interest Only Modification – A modification in which
the loan is converted to interest only payments for a period of
time.
Payment Modification – A modification in which the
dollar amount of the payment is changed, other than an interest
only modification described above.
Combination Modification – Any other type of
modification, including the use of multiple categories
above.
The
following tables present troubled debt restructurings.
During
CY 2015, there were no new restructured loans.
There
were no loans modified as a troubled debt restructured loan within
the previous 12 months for which there was a payment default during
CY 2015. As of June 30, 2014, there was one loan
(included in Commercial real estate above) in default within 12
months after the troubled debt restructuring and this resulted in
the foreclosure and repossession of the applicable collateral
during the six months ended December 31, 2014. The
applicable collateral was recorded at fair value of $161,000 and is
included in real estate and other repossessed assets acquired in
settlement of loans, net on the consolidated statement of financial
condition. A default for purposes of this disclosure is
a troubled debt restructured loan in which the borrower is 90 days
past due or results in the foreclosure and repossession of the
applicable collateral.
As
of December 31, 2015 and 2014, the Company had no commitments to
lend additional funds to loan customers whose terms had been
modified in trouble debt restructures.
|
Foreclosed Assets |
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Banking and Thrift [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreclosed Assets |
NOTE
7: Foreclosed
Assets
Expenses
applicable to foreclosed assets included the
following:
|
Mortgage Servicing Rights |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers and Servicing [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage Servicing Rights |
NOTE
8: Mortgage
Servicing Rights
The
fair values of these rights were $6,452,000 and $5,168,000 at
December 31, 2015 and 2014, respectively. The fair value
of servicing rights was determined using discount rates ranging
from 10.00% to 12.00%, prepayment speeds ranging from 105.00% to
369.00% PSA, depending on stratification of the specific
loan. The fair value was also adjusted for the effect of
potential past dues and foreclosures. Individual
mortgage servicing rights values were capped at a maximum of 1.00%
for private investors and at a maximum of 1.25% for agency
investors.
|
Premises and Equipment |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Premises and Equipment |
Depreciation
expense was $1,231,000 for CY 2015, $585,000 for the six months
ended December 31, 2014 and $1,146,000 for FY 2014.
|
Goodwill and Other Intangible Assets |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Other Intangible Assets |
Goodwill
and other intangible assets were recorded as part of the Sterling
acquisition.
The
carrying amount of goodwill was as follows:
Goodwill
of $6,890,000 was recorded in the second quarter of FY 2013 for the
acquisition. Final valuation adjustments were recorded
in the second quarter of FY 2014 for $144,000 and impacted
goodwill. The final goodwill recorded related to the
acquisition was $7,034,000.
The
components of other intangible assets were as follows:
Core deposit intangible assets are amortized on an
accelerated basis over their estimated life of 10 years.
Amortization expense related to intangible assets was $149,000 for
CY 2015, $82,000 for the six months ended December 31, 2014 and
$177,000 for FY 2014. The estimated aggregate future amortization
expense for core deposit intangible assets remaining as of December
31, 2015 was as follows:
|
Deposits |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Banking and Thrift [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits |
Time
certificates of deposits with balances of $100,000 and greater was
$70,389,000 and $64,721,000 at December 31, 2015 and 2014,
respectively.
Interest
expense on deposits was as follows:
FDIC
insurance covers deposits up to $250,000. At December
31, 2015 the Company held $88,222,000 in deposit accounts that
included balances over $250,000.
|
Advances from the Federal Home Loan Bank and Other Borrowings |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Banking and Thrift [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Advances from the Federal Home Loan Bank and Other Borrowings |
NOTE 12: Advances from the Federal Home
Loan Bank and Other Borrowings
Federal Home Loan Bank Advances
All Borrowings Outstanding
For
all borrowings outstanding the weighted average interest rate for
advances at December 31, 2015 and 2014 was 1.05% and 1.11%,
respectively. The weighted average amount outstanding
was $51,367,000 for CY 2015, $51,134,000 for the six months ended
December 31, 2014 and $32,618,000 for FY 2014,
respectively.
|
Subordinated Debentures |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Brokers and Dealers [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated Debentures |
For
CY 2015, the six months ended December 31, 2014 and FY 2014,
interest expense on the subordinated debentures was $448,000,
$43,000 and $87,000, respectively.
|
Commitments and Contingencies |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies |
|
Accumulated Other Comprehensive Income (Loss) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) |
|
Income Taxes |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes |
The
nature and components of deferred tax assets and liabilities were
as follows:
The
Company believes, based upon the available evidence, that all
deferred tax assets will be realized in the normal course of
operations. Accordingly, these assets have not been
reduced by a valuation allowance.
The
Company has equity investments in Certified Development Entities
which have received allocations of New Markets Tax Credits.
Administered by the Community Development Financial Institutions
Fund of the U.S. Department of the Treasury, the program is aimed
at stimulating economic and community development and job creation
in low-income communities. The federal income tax credits received
are claimed over a seven-year credit allowance period. The federal
tax credit benefits were $418,000 for CY 2015, $190,000 for the six
months ended December 31, 2014 and $380,000 for FY
2014. Due to not having sufficient taxable income for CY
2015, the six months ended December 31, 2014 and FY 2014 only $0,
$99,000 and $256,000 of the federal tax credit benefits were
utilized, respectively. The remaining federal tax credit
benefits of $418,000 for CY 2015, $91,000 for the six months ended
December 31, 2014 and $124,000 for FY 2014 are recorded as deferred
tax assets and will be used in future periods.
|
Supplemental Cash Flow Information |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Elements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Information |
NOTE 17: Supplemental
Cash Flow Information
|
Regulatory Capital Requirements |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Banking and Thrift [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Capital Requirements |
The
Bank’s actual capital amounts and ratios as of December 31,
2014 are presented in the table below:
A
reconciliation of the Bank’s capital determined by GAAP to
capital defined for regulatory purposes is as follows:
Dividend Limitations
Liquidation Rights
After
two years from the date of conversion and upon the written request
of the Office of the Comptroller of the Currency
(“OCC”), Eagle will eliminate or transfer the
liquidation account and the interests in such account to the Bank
and the liquidation account would become the liquidation account of
the Bank and not subject in any manner or amount to Eagle’s
creditors. Also, under the rules and regulations of the
OCC, no post-conversion merger, consolidation, or similar
combination or transaction with another depository institution in
which Eagle or the Bank is not the surviving institution would be
considered a liquidation and, in such a transaction, the
liquidation account would be assumed by the surviving
institution.
|
Related Party Transactions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 | |||
Related Party Transactions [Abstract] | |||
Related Party Transactions |
NOTE 19: Related Party
Transactions
In
2007, the Bank made a construction loan, in the normal course of
lending, to this same affiliated entity for the construction of an
office building. In FY 2008 the construction was
completed and the loan was refinanced into $7,500,000 permanent
financing. On July 9, 2008, 80.00%, or $6,000,000 was
sold to the Montana Board of Investments. As of December
31, 2014 this loan’s principal balance was $5,849,000
($1,170,000 net of participation sold). The loan is no longer
considered a related party transaction due to the director’s
retirement from the affiliated entity. See the
disclosure for loans receivable from directors and senior officers
and their related parties in Note 5: Loans for further
information.
|
Employee Benefits |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Benefits |
NOTE 20: Employee
Benefits
Shares
purchased by the ESOP are held in a suspense account by the plan
trustee until allocated to participant accounts. Shares
released from the suspense account are allocated to participants on
the basis of their relative compensation in the year of
allocation. Participants become vested in the allocated
shares over a period not to exceed seven years. Any
forfeited shares are allocated to other participants in the same
proportion as contributions.
|
Financial Instruments and Off-Balance-Sheet Activities |
12 Months Ended | ||||||||||||||
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Dec. 31, 2015 | |||||||||||||||
Text Block [Abstract] | |||||||||||||||
Financial Instruments and Off-Balance-Sheet Activities |
NOTE 21: Financial Instruments and
Off-Balance-Sheet Activities
Outstanding
derivative loan commitments expose the Bank to the risk that the
price of the loans arising from exercise of the loan commitment
might decline from inception of the rate lock to funding of the
loan due to increases in mortgage interest rates. If
interest rates increase, the value of these loan commitments
decreases. Conversely, if interest rates decrease, the value of
these loan commitments increases. The notional amount of
interest rate lock commitments was $24,378,000 and $12,276,000 at
December 31, 2015 and 2014, respectively. Fixed rate
commitments are extended at rates ranging from 2.88% to 5.13% and
2.75% to 5.50% at December 31, 2015 and 2014,
respectively. The fair value of such commitments was
insignificant.
|
Derivatives and Hedging Activities |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives and Hedging Activities |
NOTE 22: Derivatives and Hedging
Activities
Forward Delivery
Commitments
Refer
to Note 21 for
additional information regarding the Company’s use of
derivative loan commitments. These derivative
instruments are not designated as hedging instruments.
|
Fair Value Disclosures |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures |
The
Company defines fair value as the price that would be received to
sell an asset or paid to transfer a liability in an orderly
transaction between market participants. A fair value measurement
assumes that the transaction to sell the asset or transfer the
liability occurs in the principal market for the asset or liability
or, in the absence of a principal market, the most advantageous
market for the asset or liability. The price in the principal (or
most advantageous) market used to measure the fair value of the
asset or liability shall not be adjusted for transaction costs. An
orderly transaction is a transaction that assumes exposure to the
market for a period prior to the measurement date to allow for
marketing activities that are usual and customary for transactions
involving such assets and liabilities; it is not a forced
transaction. Market participants are buyers and sellers in the
principal market that are (i) independent, (ii) knowledgeable,
(iii) able to transact and (iv) willing to
transact.
The
Company uses valuation techniques that are consistent with the
market approach, the income approach and/or the cost approach. The
market approach uses prices and other relevant information
generated by market transactions involving identical or comparable
assets and liabilities. The income approach uses valuation
techniques to convert future amounts, such as cash flows or
earnings, to a single present amount on a discounted basis. The
cost approach is based on the amount that currently would be
required to replace the service capacity of an asset (replacement
costs). Valuation techniques should be consistently
applied.
Inputs
to valuation techniques refer to the assumptions that market
participants would use in pricing the asset or liability. Inputs
may be observable, meaning those that reflect the assumptions
market participants would use in pricing the asset or liability
developed based on market data obtained from independent sources,
or unobservable, meaning those that reflect the reporting
entity’s own assumptions about the assumptions market
participants would use in pricing the asset or liability developed
based on the best information available in the circumstances. In
that regard, the Company establishes a fair value hierarchy for
valuation inputs that gives the highest priority to quoted prices
in active markets for identical assets or liabilities and the
lowest priority to unobservable inputs.
The
fair value hierarchy is as follows:
A
description of the valuation methodologies used for assets and
liabilities measured at fair value, as well as the general
classification of such instruments pursuant to the valuation
hierarchy, is set forth below.
In
general, fair value is based upon quoted market prices, where
available. If such quoted market prices are not available, fair
value is based upon internally developed models that primarily use,
as inputs, observable market-based parameters. Valuation
adjustments may be made to ensure that financial instruments are
recorded at fair value. While management believes the
Company’s valuation methodologies are appropriate and
consistent with other market participants, the use of different
methodologies or assumptions to determine the fair value of certain
financial instruments could result in a different estimate of fair
value at the reporting date.
Available-for-Sale Securities – Securities
classified as available-for-sale are reported at fair value
utilizing Level 1 and Level 2 inputs. For these securities, the
Company obtains fair value measurements from an independent pricing
service. The fair value measurements consider observable data that
may include dealer quotes, market spreads, cash flows, the U. S.
Treasury yield curve, live trading levels, trade execution data,
market consensus prepayments speeds, credit information and the
bond’s terms and conditions, among other things.
Impaired Loans – Impaired loans are reported at the
fair value of the underlying collateral if repayment is expected
solely from the collateral. Collateral values are estimated using
Level 3 inputs based on internally customized discounting
criteria.
Loans Held-for-Sale – These
loans are reported at fair value. Fair value is determined based on
expected proceeds based on sales contracts and commitments and are
considered Level 2 inputs.
Repossessed Assets – Fair values are valued at the
time the loan is foreclosed upon and the asset is transferred from
loans. The value is based upon primary third party
appraisals, less costs to sell. The appraisals are
generally discounted based on management’s historical
knowledge, changes in market conditions from the time of valuation,
and/or management’s expertise and knowledge of the client and
client’s business. Such discounts are typically
significant and result in Level 3 classification of the inputs for
determining fair value. Repossessed assets are reviewed
and evaluated on at least a quarterly basis for additional
impairment and adjusted accordingly, based on same or similar
factors above.
Loan Subject to Fair Value Hedge –
The Company has one loan that is carried at fair value subject to a
fair value hedge. Fair value is determined utilizing
valuation models that consider the scheduled cash flows through
anticipated maturity and is considered a Level 2
input.
Derivative Financial Instruments – Fair values for
interest rate swap agreements are based upon the amounts required
to settle the contracts. These instruments are valued
using Level 2 inputs utilizing valuation models that consider: (a)
time value, (b) volatility factors and (c) current market and
contractual prices for the underlying instruments, as well as other
relevant economic measures.
The
following table summarizes financial assets and liabilities
measured at fair value on a recurring basis, segregated by the
level of the valuation inputs within the fair value hierarchy
utilized to measure fair value:
The
following tables summarizes financial assets and liabilities
measured at fair value on a nonrecurring basis, segregated by the
level of the valuation inputs within the fair value hierarchy
utilized to measure fair value:
As
of December 31, 2015, certain impaired loans were remeasured and
reported at fair value through a specific valuation allowance
allocation of the allowance for possible loan losses based on the
fair value of the underlying collateral. Impaired loans with a
carrying value of $2,076,000 were reduced by specific valuation
allowance allocations totaling $48,000 to a total reported fair
value of $2,028,000 based on collateral valuations utilizing Level
3 valuation inputs.
As
of December 31, 2014, certain impaired loans were remeasured and
reported at fair value through a specific valuation allowance
allocation of the allowance for possible loan losses based on the
fair value of the underlying collateral. Impaired loans with a
carrying value of $2,083,000 were reduced by specific valuation
allowance allocations totaling $147,000 to a total reported fair
value of $1,936,000 based on collateral valuations utilizing Level
3 valuation inputs.
Quantitative Information about Significant Unobservable Inputs Used in Level 3 Fair Value Measurements
–
The following table represents the Banks’s Level 3 financial
assets and liabilities, the valuation techniques used to measure
the fair value of those financial assets and
liabilities,
and the significant unobservable inputs and the ranges of values
for those inputs:
ASC
Topic 825 requires disclosure of the fair value of financial
instruments, both assets and liabilities recognized and not
recognized in the statement of financial position, for which it is
practicable to estimate fair value. Below is a table
that summarizes the fair market values of all financial instruments
of the Company at December 31, 2015 and 2014, followed by methods
and assumptions that were used by the Company in estimating the
fair value of the classes of financial instruments.
The
fair value amounts of financial instruments have been determined by
the Company using available market information and appropriate
valuation methodologies. However, considerable judgment
is required to interpret data to develop the estimates of fair
value. Accordingly, the estimates presented herein are not
necessarily indicative of the amounts the Company could realize in
a current market exchange. The use of different market
assumptions and/or estimation methodologies may have a material
effect on the estimated fair value amounts.
The
following methods and assumptions were used by the Company in
estimating the fair value of the following classes of financial
instruments.
Securities Held-to-Maturity – Securities
classified as held-to-maturity are reported at amortized cost. For
these securities, the Company obtains fair value measurements from
an independent pricing service. The fair value measurements
consider observable data that may include dealer quotes, market
spreads, cash flows, the U. S. Treasury yield curve, live trading
levels, trade execution data, market consensus prepayments speeds,
credit information and the bond’s terms and conditions, among
other things.
Loans Receivable – Fair values
are estimated by stratifying the loan portfolio into groups of
loans with similar financial characteristics. Loans are
segregated by type such as real estate, commercial, and consumer,
with each category further segmented into fixed and adjustable rate
interest terms. For mortgage loans, the Company uses the
secondary market rates in effect for loans that have similar
characteristics. The fair value of other fixed rate
loans is calculated by discounting scheduled cash flows through the
anticipated maturities adjusted for prepayment
estimates. Adjustable interest rate loans are assumed to
approximate fair value because they generally reprice within the
short term.
Mortgage Servicing Rights – The fair
value of servicing rights was determined using discount rates
ranging from 10.00% to 12.00%, prepayment speeds ranging from
105.00% to 369.00% PSA, depending on stratification of the specific
right. The fair value was also adjusted for the effect
of potential past dues and foreclosures. Individual
mortgage servicing rights values were capped at a maximum of 1.00%
for private investors and at a maximum of 1.25% for agency
investors.
Off-Balance-Sheet Instruments -
Fair values for off-balance-sheet, credit-related financial
instruments are based on fees currently charged to enter into
similar agreements, taking into account the remaining terms of the
agreements and the counterparties’ credit
standing. The fair values of these financial instruments
are considered insignificant. Additionally, those
financial instruments have no carrying value.
|
Condensed Parent Company Financial Statements |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Parent Company Financial Statements |
|
Quarterly Results of Operations (Unaudited) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Results of Operations (Unaudited) |
|
Comparative Information for the Six Months Ended December 31, 2014 |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comparative Information for the Six Months Ended December 31, 2014 |
The
unaudited consolidated financial information for the six months
ended December 31, 2013 shown below is presented for comparative
purposes only and does not include financial statement disclosures
that would be required with a complete set of financial statements
presented in conformity with GAAP.
|
Summary of Significant Accounting Policies (Policies) |
12 Months Ended | ||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||
Principles of Consolidation |
|
||||||||||||||||||||||||
Consolidated Financial Statement Presentation and Use of Estimates |
|
||||||||||||||||||||||||
Significant Group Concentrations of Credit Risk |
|
||||||||||||||||||||||||
Cash and Cash Equivalents |
|
||||||||||||||||||||||||
Investment Securities |
|
||||||||||||||||||||||||
Federal Home Loan Bank Stock |
|
||||||||||||||||||||||||
Federal Reserve Bank Stock |
|
||||||||||||||||||||||||
Mortgage Loans Held-for-Sale |
|
||||||||||||||||||||||||
Loans |
|
||||||||||||||||||||||||
Allowance for Loan Losses |
|
||||||||||||||||||||||||
Troubled Debt Restructured Loans |
|
||||||||||||||||||||||||
Mortgage Servicing Rights |
|
||||||||||||||||||||||||
Cash Surrender Value of Life Insurance |
|
||||||||||||||||||||||||
Foreclosed Assets |
|
||||||||||||||||||||||||
Premises and Equipment |
|
||||||||||||||||||||||||
Income Taxes |
|
||||||||||||||||||||||||
Treasury Stock |
|
||||||||||||||||||||||||
Advertising Costs |
|
||||||||||||||||||||||||
Employee Stock Ownership Plan |
|
||||||||||||||||||||||||
Earnings Per Share |
|
||||||||||||||||||||||||
Derivatives |
|
||||||||||||||||||||||||
Forward Loan Sale Commitments |
|
||||||||||||||||||||||||
Transfers of Financial Assets |
|
||||||||||||||||||||||||
Business Combinations, Goodwill and Other Intangible Assets |
|
||||||||||||||||||||||||
Recent Accounting Pronouncements |
|
Earnings Per Share (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Computation of Basic and Diluted Earnings Per Share |
|
Investment Securities (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Amortized Cost, Estimated Fair values and Unrealized Gains and Losses |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Amortized Cost and Estimated Fair Value by Contractual Maturity |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Investment Securities That Have Been in a Continuous Unrealized-Loss Position |
|
Loans (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Loans Receivable |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Information Regarding Non-Performing Assets |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Allowance for Loan Losses Activity |
|
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Schedule of Information Regarding the Internal Classification of the Loan Portfolio |
|
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Schedule of Impaired Loans | The
following tables include information regarding impaired
loans.
|
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Schedule of Delinquencies Within the Loan Portfolio | The
following tables include information regarding delinquencies within
the loan portfolio.
|
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Directors, Senior Officers and their Related Parties [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Loans Receivable |
Principal
payments for CY 2015 include $5,849,000 related to a previously
affiliated entity loan. See Note 19: Related
Party Transactions for further information.
|
Troubled Debt Restructurings (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text Block [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Troubled Debt Restructurings | The
following tables present troubled debt restructurings.
|
Foreclosed Assets (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Banking and Thrift [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Summary of Balance of Foreclosed Assets |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Expenses Applicable to Foreclosed Assets | Expenses
applicable to foreclosed assets included the
following:
|
Mortgage Servicing Rights (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers and Servicing [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Activity in Mortgage Servicing Rights and the Valuation Allowance |
|
Premises and Equipment (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Cost and Accumulated Depreciation |
|
Goodwill and Other Intangible Assets (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Goodwill | The
carrying amount of goodwill was as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Other Intangible Assets | The
components of other intangible assets were as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
Core Deposit Intangible Assets Future Amortization Expense | The estimated aggregate future amortization expense
for core deposit intangible assets remaining as of December 31,
2015 was as follows:
|
Deposits (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Banking and Thrift [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Composition of Deposits |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Maturities of Time Deposits |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Interest Expense on Deposits | Interest
expense on deposits was as follows:
|
Advances from the Federal Home Loan Bank and Other Borrowings (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Banking and Thrift [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Advances from Federal Home Loan Bank and Other Borrowings Maturities |
|
Subordinated Debentures (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Brokers and Dealers [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Subordinated Debentures |
|
Commitments and Contingencies (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Future Payments of Lease Obligations |
|
Accumulated Other Comprehensive Income (Loss) (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Activity in Accumulated Other Comprehensive Income (Loss) |
|
Income Taxes (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Income Tax Provision (Benefit) |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Nature and Components of Deferred Tax Assets and Liabilities | The
nature and components of deferred tax assets and liabilities were
as follows:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Reconciliation of the Company's Effective Income Tax Provision (Benefit) to the Statutory Federal Income Tax Rate |
|
Supplemental Cash Flow Information (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Elements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Supplemental Cash Flow Information |
Supplemental Cash Flow Information
|
Regulatory Capital Requirements (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Banking and Thrift [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of the Bank's Actual Capital Amounts and Ratios |
The
Bank’s actual capital amounts and ratios as of December 31,
2014 are presented in the table below:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Reconciliation of the Bank's Capital | A
reconciliation of the Bank’s capital determined by GAAP to
capital defined for regulatory purposes is as follows:
|
Employee Benefits (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Activity of Awards Granted |
|
Derivatives and Hedging Activities (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Effect of Derivative Instruments on Statement of Financial Condition |
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Schedule of Effect of Derivative Instruments on Statement of Income |
|
Fair Value Disclosures (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis | The
following table summarizes financial assets and liabilities
measured at fair value on a recurring basis, segregated by the
level of the valuation inputs within the fair value hierarchy
utilized to measure fair value:
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Schedule of Financial Assets and Financial Liabilities Measured at Fair Value on a Nonrecurring Basis | The
following tables summarizes financial assets and liabilities
measured at fair value on a nonrecurring basis, segregated by the
level of the valuation inputs within the fair value hierarchy
utilized to measure fair value:
As
of December 31, 2015, certain impaired loans were remeasured and
reported at fair value through a specific valuation allowance
allocation of the allowance for possible loan losses based on the
fair value of the underlying collateral. Impaired loans with a
carrying value of $3,668,000 were reduced by specific valuation
allowance allocations totaling $48,000 to a total reported fair
value of $3,620,000 based on collateral valuations utilizing Level
3 valuation inputs.
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Schedule of Financial Assets and Liabilities, Valuation Techniques used to Measure Fair Value of Financial Assets and Liabilities | The
following table represents the Banks’s Level 3 financial
assets and liabilities, the valuation techniques used to measure
the fair value of those financial assets and
liabilities,
and the significant unobservable inputs and the ranges of values
for those inputs:
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Schedule of Estimated Fair Value and Carrying Amounts of Financial Instruments | The
fair value amounts of financial instruments have been determined by
the Company using available market information and appropriate
valuation methodologies. However, considerable judgment
is required to interpret data to develop the estimates of fair
value. Accordingly, the estimates presented herein are not
necessarily indicative of the amounts the Company could realize in
a current market exchange. The use of different market
assumptions and/or estimation methodologies may have a material
effect on the estimated fair value amounts.
|
Condensed Parent Company Financial Statements (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Statements of Financial Condition |
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Condensed Statements of Income |
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Condensed Statements of Cash Flow |
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Quarterly Results of Operations (Unaudited) (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Summary of Quarterly Results of Operations (Unaudited) |
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Comparative Information for the Six Months Ended December 31, 2014 (Tables) |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Statements of Income |
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Consolidated Statements of Comprehensive Income |
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Consolidated Statements of Cash Flows |
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Earnings Per Share (Schedule of Computation of Basic and Diluted Earnings Per Share) (Detail) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2013 |
Sep. 30, 2013 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2015 |
Jun. 30, 2014 |
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Earnings Per Share [Abstract] | ||||||||||||||
Weighted average shares outstanding during the period in which basic earnings per share is calculated | 3,882,376 | 3,905,221 | 3,813,090 | 3,910,320 | ||||||||||
Dilutive effect of stock compensation | 49,176 | 46,535 | 63,996 | |||||||||||
Average outstanding shares on which diluted earnings per share is calculated | 3,931,552 | 3,978,260 | 3,859,625 | 3,974,316 | ||||||||||
Net income applicable to common stockholders | $ 881 | $ 521 | $ 792 | $ 386 | $ 924 | $ 718 | $ 862 | $ 108 | $ 474 | $ 667 | $ 1,642 | $ 1,141 | $ 2,580 | $ 2,111 |
Basic earnings per share | $ 0.23 | $ 0.14 | $ 0.21 | $ 0.10 | $ 0.24 | $ 0.18 | $ 0.22 | $ 0.03 | $ 0.12 | $ 0.17 | $ 0.42 | $ 0.29 | $ 0.68 | $ 0.54 |
Diluted earnings per share | $ 0.22 | $ 0.14 | $ 0.21 | $ 0.10 | $ 0.24 | $ 0.18 | $ 0.21 | $ 0.03 | $ 0.12 | $ 0.17 | $ 0.42 | $ 0.29 | $ 0.67 | $ 0.53 |
Loans (Schedule of Summary of the Balances of Loans) (Detail) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Jun. 30, 2015 |
Dec. 31, 2014 |
Jun. 30, 2014 |
Dec. 31, 2013 |
---|---|---|---|---|---|
Receivables [Abstract] | |||||
Residential mortgage (1-4 family) | $ 118,133 | $ 103,420 | |||
Commercial real estate | 167,930 | 116,105 | |||
Real Estate Construction | 22,958 | 10,149 | |||
Home Equity | 45,345 | 40,123 | |||
Consumer | 14,641 | 13,827 | |||
Commercial | 39,072 | 35,582 | |||
Total | 408,079 | 319,206 | $ 276,529 | ||
Allowance for loan losses | (3,550) | $ (2,125) | (2,450) | $ (2,000) | $ (2,125) |
Deferred loan fees, net | (795) | (486) | |||
Total loans, net | $ 403,734 | $ 316,270 |
Loans (Schedule of Information Regarding Non-Performing Assets) (Detail) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Jun. 30, 2015 |
Dec. 31, 2014 |
Jun. 30, 2014 |
Dec. 31, 2013 |
---|---|---|---|---|---|
Receivables [Abstract] | |||||
Non-accrual loans | $ 2,030 | $ 962 | |||
Accruing loans delinquent 90 days or more | 472 | ||||
Restructured loans, net | 46 | 48 | |||
Total nonperforming loans | 2,548 | 1,010 | |||
Real estate owned and other repossessed assets, net | 595 | 637 | |||
Total | $ 3,143 | $ 1,647 | |||
Total non-performing assets as a percentage of total assets | 0.50% | 0.29% | |||
Allowance for loan losses | $ 3,550 | $ 2,125 | $ 2,450 | $ 2,000 | $ 2,125 |
Percent of allowance for loan losses to non-performing loans | 139.32% | 242.57% | |||
Percent of allowance for loan losses to non-performing assets | 112.95% | 148.76% |
Loans (Loans Receivable from Directors and Senior Officers and their Related Parties) (Detail) - Directors, Senior Officers and their Related Parties [Member] - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Jun. 30, 2014 |
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Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Beginning balance | $ 7,176 | $ 7,435 | $ 7,705 | |
Principal additions | 1,073 | $ 579 | 166 | |
Principal payments | (6,132) | (320) | (695) | |
Ending balance | 7,435 | 2,376 | 7,435 | 7,176 |
Loans serviced, for the benefit of others, for directors, senior officers and their related parties | 5,714 | 1,220 | $ 5,714 | |
Interest income from loans owned for directors, senior officers and their related parties | $ 42 | $ 14 | $ 86 |
Trouble Debt Restructurings (Narrative) (Detail) |
6 Months Ended | 12 Months Ended |
---|---|---|
Dec. 31, 2014
USD ($)
|
Dec. 31, 2015
USD ($)
Loan
|
|
Receivables [Abstract] | ||
Impaired receivables | $ 46,000 | |
Impaired receivables, allowance for credit losses | 0 | |
Impaired receivables, charged-off at time of restructure | $ 34,000 | |
Number of newly restructured loans | Loan | 0 | |
Loans modified as a troubled debt restructured loan within the previous 3 months and for which there was a payment default | $ 0 | |
Number of days past due for a troubled debt restructured loan to be categorized as default | 90 days | |
Fair value of applicable collateral | $ 161,000 | |
Commitments to lend additional funds to loan customers whose terms had been modified in trouble debt restructures | $ 0 | $ 0 |
Trouble Debt Restructurings (Schedule of Trouble Debt Restructurings by Accrual Status) (Detail) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructuring | $ 46 | $ 48 |
Home Equity [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructuring | 46 | 48 |
Accrual Status [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructuring | 46 | 48 |
Accrual Status [Member] | Home Equity [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructuring | $ 46 | $ 48 |
Foreclosed Assets (Schedule of Foreclosed Assets Net of Allowance for Losses) (Detail) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Foreclosed assets | $ 595 | $ 637 |
Land [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Foreclosed assets | $ 595 | 619 |
Consumer [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Foreclosed assets | $ 18 |
Foreclosed Assets (Schedule of Expenses Applicable to Foreclosed Assets) (Detail) - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2015 |
Jun. 30, 2014 |
|
Receivables [Abstract] | ||||
Write-down on real estate owned and other repossessed assets | $ 10 | |||
Net loss on sale | $ 1 | $ 50 | $ 13 | 50 |
Operating expenses net of rental income | 8 | 23 | 11 | |
Total expenses related to foreclosed assets | $ 9 | $ 36 | $ 71 |
Mortgage Servicing Rights (Schedule of Activity in Mortgage Servicing Rights and the Valuation Allowance) (Detail) - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2015 |
Jun. 30, 2014 |
|
Mortgage servicing rights | ||||
Balance at beginning of period | $ 3,756 | $ 3,192 | $ 4,115 | $ 3,192 |
Mortgage servicing rights capitalized | 687 | 1,652 | 1,194 | |
Amortization of mortgage servicing rights | (328) | (334) | (799) | (630) |
Balance at end of period | 4,115 | 4,968 | 3,756 | |
Valuation allowance | ||||
Balance at beginning of period | 0 | $ 0 | 0 | 0 |
Provision (credited) to operations | 0 | 0 | 0 | |
Balance at end of period | 0 | 0 | 0 | |
Net mortgage servicing rights | $ 4,115 | $ 4,968 | $ 3,756 |
Premises and Equipment (Schedule of Cost and Accumulated Depreciation) (Detail) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 29,123 | $ 29,688 |
Property, plant and equipment, accumulated depreciation | (10,906) | (9,724) |
Property, plant and equipment, net | 18,217 | 19,964 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 3,803 | 4,587 |
Building and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 19,055 | 19,498 |
Furniture and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 6,035 | 5,597 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 230 | $ 6 |
Premises and Equipment (Narrative) (Detail) - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2015 |
Jun. 30, 2014 |
|
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | $ 585 | $ 574 | $ 1,231 | $ 1,146 |
Goodwill and Other Intangible Assets (Schedule of Goodwill) (Detail) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
Jun. 30, 2014 |
Jun. 30, 2013 |
---|---|---|---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Goodwill | $ 7,034 | $ 7,034 | $ 7,034 | $ 6,890 |
Goodwill and Other Intangible Assets (Narrative) (Detail) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|---|
Jun. 30, 2014 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2015 |
Jun. 30, 2014 |
Jun. 30, 2013 |
|
Finite-Lived Intangible Assets [Line Items] | ||||||
Goodwill | $ 7,034 | $ 7,034 | $ 7,034 | $ 7,034 | $ 6,890 | |
Goodwill, valuation adjustment | $ 144 | |||||
Amortization expense of intangible assets | 208 | $ 217 | $ 432 | 427 | ||
Core Deposit Intangible Assets [Member] | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Finite-lived intangible assets, amortization period | 10 years | |||||
Amortization expense of intangible assets | $ 82 | $ 149 | $ 177 |
Goodwill and Other Intangible Assets (Components of Other Intangible Assets) (Detail) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, net | $ 514 | $ 663 |
Core Deposit Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross intangible assets | 1,031 | 1,031 |
Accumulated amortization | (517) | (368) |
Intangible assets, net | $ 514 | $ 663 |
Goodwill and Other Intangible Assets (Estimated Aggregate Future Amortization Expense) (Detail) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, net | $ 514 | $ 663 |
Core Deposit Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
2016 | 130 | |
2017 | 111 | |
2018 | 92 | |
2019 | 73 | |
2020 | 55 | |
Thereafter | 53 | |
Intangible assets, net | $ 514 | $ 663 |
Deposits (Schedule of Composition of Deposits) (Detail) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Other Liabilities Disclosure [Abstract] | ||
Noninterest checking | $ 77,031 | $ 60,924 |
Interest bearing checking | 87,350 | 76,367 |
Savings | 71,474 | 62,455 |
Money market | 94,880 | 91,431 |
Time certificates of deposits | 152,447 | 150,223 |
Total deposits | $ 483,182 | $ 441,400 |
Weighted average interest rate, noninterest checking | 0.00% | 0.00% |
Weighted average interest rate, interest bearing checking | 0.03% | 0.04% |
Weighted average interest rate, savings | 0.04% | 0.04% |
Weighted average interest rate, money market | 0.12% | 0.11% |
Weighted average interest rate, time certificates of deposits | 0.92% | 0.92% |
Weighted average interest rate, deposits | 0.35% | 0.35% |
Deposits (Narrative) (Detail) - USD ($) |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Deposit Liabilities [Line Items] | ||
Time certificates of deposit | $ 152,447,000 | $ 150,223,000 |
Time certificates of deposits, $100,000 and greater | 70,389,000 | 64,721,000 |
FDIC insurance coverage per account | 250,000 | |
Deposit accounts, $250,000 or more | 88,222,000 | |
Bank overdrafts reclassified as loans | 75,000 | 82,000 |
Deposits | 483,182,000 | 441,400,000 |
Directors, Senior Officers and their Related Parties [Member] | ||
Deposit Liabilities [Line Items] | ||
Deposits | 983,000 | 565,000 |
Brokered Deposits [Member] | ||
Deposit Liabilities [Line Items] | ||
Time certificates of deposit | $ 7,071,000 | $ 4,195,000 |
Deposits (Schedule of Maturities of Time Deposits) (Detail) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Other Liabilities Disclosure [Abstract] | ||
Maturities of time deposits, within one year | $ 92,857 | |
Maturities of time deposits, one to two years | 33,430 | |
Maturities of time deposits, two to three years | 18,025 | |
Maturities of time deposits, three to four years | 4,209 | |
Maturities of time deposits, thereafter | 3,926 | |
Maturities of time deposits, total | $ 152,447 | $ 150,223 |
Deposits (Schedule of Interest Expense on Deposits) (Detail) - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2015 |
Jun. 30, 2014 |
|
Other Liabilities Disclosure [Abstract] | ||||
Checking | $ 13 | $ 27 | $ 28 | |
Savings | 13 | 30 | 31 | |
Money market | 51 | 107 | 110 | |
Time certificates of deposits | 600 | 1,293 | 1,125 | |
Total interest expense deposits | $ 677 | $ 633 | $ 1,457 | $ 1,294 |
Advances from the Federal Home Loan Bank and Other Borrowings (Schedule of Maturities) (Detail) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Debt Disclosure [Abstract] | ||
Within one year | $ 42,825 | $ 44,132 |
One to two years | 7,884 | 2,200 |
Two to three years | 9,767 | 200 |
Three to four years | 10,649 | 5,200 |
Four to five years | 1,446 | 3,065 |
Thereafter | 145 | 196 |
Total | $ 72,716 | $ 54,993 |
Subordinated Debentures (Schedule of Subordinated Debentures) (Detail) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Jun. 30, 2015 |
Dec. 31, 2014 |
---|---|---|---|
Subordinated Borrowing [Line Items] | |||
Principal Amount | $ 15,155 | $ 5,155 | |
Unamortized debt issuance costs | (206) | ||
Variable Interest Rate Subordinated Debentures Due in 2035 [Member] | |||
Subordinated Borrowing [Line Items] | |||
Principal Amount | 5,155 | $ 5,155 | |
6.75% Subordinated Notes Due in 2025 [Member] | |||
Subordinated Borrowing [Line Items] | |||
Principal Amount | 10,000 | $ 10,000 | |
Unamortized debt issuance costs | $ (206) |
Subordinated Debentures (Schedule of Subordinated Debentures) (Parenthetical) (Detail) |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Jun. 30, 2015 |
|
Variable Interest Rate Subordinated Debentures Due in 2035 [Member] | ||
Subordinated Borrowing [Line Items] | ||
Debt instrument, variable interest rate | 3-Month Libor | |
Debt instrument, interest rate above LIBOR rate | 1.42% | |
Debt instrument, maturity year | 2035 | |
6.75% Subordinated Notes Due in 2025 [Member] | ||
Subordinated Borrowing [Line Items] | ||
Debt instrument, maturity year | 2025 | |
Debt instrument, fixed interest rate | 6.75% | 6.75% |
Commitments and Contingencies (Narrative) (Detail) - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended | |
---|---|---|---|
Dec. 31, 2014 |
Dec. 31, 2015 |
Jun. 30, 2014 |
|
Commitments and Contingencies Disclosure [Abstract] | |||
Lease expenditure | $ 262 | $ 559 | $ 511 |
Commitments and Contingencies (Schedule of Future Payments of Lease Obligations) (Detail) $ in Thousands |
Dec. 31, 2015
USD ($)
|
---|---|
Commitments and Contingencies Disclosure [Abstract] | |
2016 | $ 512 |
2017 | 412 |
2018 | 347 |
2019 | 354 |
2020 | 359 |
Thereafter | 328 |
Total | $ 2,312 |
Income Taxes (Schedule of Components of Income Tax Provision (Benefit) (Detail) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2013 |
Sep. 30, 2013 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2015 |
Jun. 30, 2014 |
|
Current | ||||||||||||||
U.S. federal | $ 101 | $ 424 | $ (164) | |||||||||||
Montana | 99 | 83 | (33) | |||||||||||
Current | 200 | 507 | (197) | |||||||||||
Deferred | ||||||||||||||
U.S. federal | (622) | (426) | (113) | |||||||||||
Montana | (43) | 82 | (40) | |||||||||||
Deferred | (665) | $ (38) | (344) | (153) | ||||||||||
Actual tax benefit and effective tax rate | $ (67) | $ 22 | $ 172 | $ 36 | $ (512) | $ 47 | $ (423) | $ 7 | $ 30 | $ 36 | $ (465) | $ 66 | $ 163 | $ (350) |
Income Taxes (Schedule of Nature and Components of Deferred Tax Assets and Liabilities) (Detail) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Deferred tax assets: | ||
Loans receivable | $ 1,204 | $ 882 |
Deferred loan fees | 381 | 228 |
Deferred compensation | 698 | 504 |
Employee benefits | 321 | 94 |
Unrealized losses on securities available-for-sale | 86 | 350 |
Acquisition costs | 633 | 687 |
Interest rate swap | 180 | |
New Market Tax Credits carry forward | 633 | 124 |
Alternative Minimum Tax carry forward | 445 | 358 |
Other | 267 | 249 |
Total deferred tax assets | 4,668 | 3,656 |
Deferred tax liabilities: | ||
Premises and equipment | 931 | 944 |
Federal Home Loan Bank stock | 529 | 529 |
Mortgage servicing rights | 595 | |
Unrealized gain on hedging | 259 | 202 |
Goodwill | 585 | 394 |
Other | 279 | 120 |
Total deferred tax liabilities | 3,178 | 2,189 |
Net deferred tax asset | $ 1,490 | $ 1,467 |
Income Taxes (Schedule of Reconciliation of the Company's Effective Income Tax Provision to the Statutory Federal Income Tax Rate) (Detail) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2013 |
Sep. 30, 2013 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2015 |
Jun. 30, 2014 |
|
Income Tax Disclosure [Abstract] | ||||||||||||||
Federal income taxes at the statutory rate | $ 400 | $ 933 | $ 599 | |||||||||||
State income taxes | 79 | 185 | 119 | |||||||||||
Tax-exempt interest income | (266) | (440) | (574) | |||||||||||
Income from bank-owned life insurance | (85) | (174) | (165) | |||||||||||
New Market Tax Credits | (190) | (418) | (380) | |||||||||||
Other, net | (403) | 77 | 51 | |||||||||||
Actual tax benefit and effective tax rate | $ (67) | $ 22 | $ 172 | $ 36 | $ (512) | $ 47 | $ (423) | $ 7 | $ 30 | $ 36 | $ (465) | $ 66 | $ 163 | $ (350) |
Federal income taxes at the statutory rate | 34.00% | 34.00% | 34.00% | |||||||||||
State income taxes | 6.75% | 6.75% | 6.75% | |||||||||||
Tax-exempt interest income | (22.61%) | (16.03%) | (32.30%) | |||||||||||
Income from bank-owned life insurance | (7.19%) | (6.33%) | (9.30%) | |||||||||||
New Market Tax Credits | (16.14%) | (15.24%) | (21.39%) | |||||||||||
Other, net | (34.32%) | 2.79% | 2.36% | |||||||||||
Actual tax benefit and effective tax rate | (39.51%) | 5.94% | (19.88%) |
Income Taxes (Narrative) (Detail) - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended | |
---|---|---|---|
Dec. 31, 2014 |
Dec. 31, 2015 |
Jun. 30, 2014 |
|
Income Tax Disclosure [Abstract] | |||
Federal tax credit, period | 7 years | ||
Federal tax credit benefits on investment | $ 190 | $ 418 | $ 380 |
Deferred tax assets | 91 | 418 | 124 |
Federal tax credit benefits utilized | $ 99 | $ 0 | $ 256 |
Supplemental Cash Flow Information (Detail) - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2015 |
Jun. 30, 2014 |
|
Supplemental Cash Flow Information: | ||||
Cash paid during the year for interest | $ 1,037 | $ 1,067 | $ 2,442 | $ 2,063 |
Cash paid during the year for income taxes | 147 | 108 | 845 | 109 |
NON-CASH INVESTING ACTIVITIES: | ||||
Increase (decrease) in market value of securities available-for-sale | 3,414 | 649 | 2,020 | |
Mortgage servicing rights recognized | 687 | 1,652 | 1,194 | |
Loans transferred to real estate and other assets acquired in foreclosure | 184 | 58 | 51 | |
Treasury shares reissued for compensation | 193 | 193 | 193 | |
Employee Stock Ownership Plan shares released | $ 89 | $ 92 | $ 185 | $ 180 |
Regulatory Capital Requirements (Schedule of Reconciliation of the Bank's Capital) (Detail) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Jun. 30, 2015 |
Dec. 31, 2014 |
Jun. 30, 2014 |
Dec. 31, 2013 |
---|---|---|---|---|---|
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||||
Tier I capital | $ 53,175 | $ 51,659 | |||
Allowance for loan losses | 3,550 | $ 2,125 | 2,450 | $ 2,000 | $ 2,125 |
Total risk-based capital | 66,725 | 54,109 | |||
Parent Company [Member] | |||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||||
Capital determined by GAAP | 64,726 | 54,361 | |||
Unrealized loss on securities available-for-sale | 142 | 532 | |||
Unrealized gain on forward delivery commitments | (376) | (294) | |||
Goodwill and core deposit intangibles net of associated deferred tax liabilities for 2015 | (6,654) | (7,697) | |||
Disallowed deferred tax assets | (431) | (358) | |||
Tier I capital | 57,407 | 46,544 | |||
Allowance for loan losses | 3,550 | 2,450 | |||
Total risk-based capital | $ 60,957 | $ 48,994 |
Regulatory Capital Requirements (Narrative) (Detail) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2015 |
Jun. 30, 2014 |
|
Regulated Operations [Abstract] | |||||||
Cash dividends paid, total | $ 0 | $ 1,240 | $ 1,030 | ||||
Cash dividends paid, per share | $ 0.0775 | $ 0.0775 | $ 0.0750 | $ 0.0750 | $ 0.0750 | $ 0.0725 |
Related Party Transactions (Narrative) (Detail) - USD ($) |
6 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Dec. 31, 2014 |
Jun. 30, 2014 |
Jun. 30, 2008 |
Dec. 31, 2015 |
Jul. 09, 2008 |
|
Subsidiary of a Company Partially Owned by Directors [Member] | |||||
Related Party Transaction [Line Items] | |||||
Cash paid by the Bank for support services | $ 2,000 | $ 3,000 | |||
Director [Member] | |||||
Related Party Transaction [Line Items] | |||||
Cash paid for computer and software used by the Bank | 13,000 | $ 33,000 | |||
Affiliated Entity [Member] | |||||
Related Party Transaction [Line Items] | |||||
Construction loan refinanced into permanent financing | $ 7,500,000 | ||||
Construction loan, principal balance | 5,849,000 | $ 5,849,000 | |||
Construction loan, principal balance net of participation sold | $ 1,170,000 | ||||
Montana Board of Investments [Member] | |||||
Related Party Transaction [Line Items] | |||||
Construction loan sold to a related party, percent | 80.00% | ||||
Construction loan sold to a related party, value | $ 6,000,000 |
Employee Benefits (Activity of Awards Granted) (Detail) - Restricted Stock - shares |
6 Months Ended | 12 Months Ended | |
---|---|---|---|
Dec. 31, 2014 |
Dec. 31, 2015 |
Jun. 30, 2014 |
|
Number of Shares | |||
Beginning Balance | 54,804 | 37,256 | 70,183 |
Awards granted | 74,000 | 8,674 | |
Awards vested | (17,548) | (17,548) | (17,548) |
Awards forfeited | (6,505) | ||
Ending Balance | 37,256 | 93,708 | 54,804 |
Derivatives and Hedging Activities (Narrative) (Detail) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | 12 Months Ended | |
---|---|---|---|---|
Mar. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2014 |
Dec. 31, 2015 |
|
Derivative [Line Items] | ||||
Fixed rate loan hedged, original maturity term | 20 years | |||
Loans receivable, outstanding principal balance | $ 10,641 | $ 10,641 | ||
Loan fair value adjustment | $ 138 | |||
Loan maturity date | Sep. 01, 2030 | |||
Notional amounts of commitments to extend loans | 17,166 | $ 18,208 | ||
Gains deferred as a result of the forward delivery commitments | 496 | $ 496 | $ 635 | |
Minimum [Member] | ||||
Derivative [Line Items] | ||||
Commitments to provide loans, fixed interest rates | 2.45% | 2.25% | ||
Maximum [Member] | ||||
Derivative [Line Items] | ||||
Commitments to provide loans, fixed interest rates | 6.00% | 5.13% | ||
Interest Rate Swap [Member] | ||||
Derivative [Line Items] | ||||
Notional amount | 10,673 | $ 10,673 | ||
Interest Rate Swap [Member] | Noninterest Income [Member] | ||||
Derivative [Line Items] | ||||
Gain (loss) recognized in income, related to ineffectiveness | $ (93) | $ (317) |
Derivatives and Hedging Activities (Schedule of Effect of Derivative Instruments on Statement of Financial Condition (Detail) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Derivative [Line Items] | ||
Change in fair value of financial instrument being hedged, interest rate contracts | $ 0 | $ 0 |
Change in fair value of financial instrument being hedged, interest rate contracts | $ 0 | 0 |
Other Liabilities [Member] | ||
Derivative [Line Items] | ||
Derivatives designated as hedging instruments, interest rate contracts | 579 | |
Derivatives designated as hedging instruments, interest rate contracts | $ 579 |
Derivatives and Hedging Activities (Schedule of Effect of Derivative Instruments on Statement of Income) (Detail) - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended | |
---|---|---|---|
Dec. 31, 2014 |
Dec. 31, 2015 |
Jun. 30, 2014 |
|
Noninterest Income [Member] | |||
Derivative [Line Items] | |||
Interest rate contracts, amount of gain (loss) recognized in income | $ (364) | $ (93) | $ (63) |
Fair Value Disclosures (Schedule of Quantitative Information about Significant Unobservable Inputs Used in Level 3 Fair Value Measurements) (Detail) - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Thousands |
12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
||||||||
Impaired Loans [Member] | |||||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||||||
Fair Value | $ 2,028 | $ 1,936 | |||||||
Principal Valuation Technique | [1] | Appraisal of collateral | Appraisal of collateral | ||||||
Significant Unobservable Inputs | Appraisal adjustments | Appraisal adjustments | |||||||
Repossessed Assets [Member] | |||||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||||||
Fair Value | $ 595 | $ 637 | |||||||
Principal Valuation Technique | [1],[2] | Appraisal of collateral | Appraisal of collateral | ||||||
Significant Unobservable Inputs | [3] | Liquidation expenses | Liquidation expenses | ||||||
Minimum [Member] | Impaired Loans [Member] | |||||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||||||
Range of Significant Input Values | 10.00% | 10.00% | |||||||
Minimum [Member] | Repossessed Assets [Member] | |||||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||||||
Range of Significant Input Values | 10.00% | 10.00% | |||||||
Maximum [Member] | Impaired Loans [Member] | |||||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||||||
Range of Significant Input Values | 30.00% | 30.00% | |||||||
Maximum [Member] | Repossessed Assets [Member] | |||||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||||||
Range of Significant Input Values | 30.00% | 30.00% | |||||||
|
Condensed Parent Company Financial Statements (Condensed Statements of Income) (Detail) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2013 |
Sep. 30, 2013 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2015 |
Jun. 30, 2014 |
|
Condensed Income Statements, Captions [Line Items] | ||||||||||||||
Interest expense | $ (707) | $ (721) | $ (526) | $ (501) | $ (515) | $ (515) | $ (503) | $ (502) | $ (516) | $ (524) | $ (1,030) | $ (1,041) | $ (2,455) | $ (2,045) |
Noninterest income | 2,692 | 2,912 | 3,275 | 2,882 | 2,435 | 2,657 | 2,351 | 2,123 | 2,469 | 3,098 | 5,092 | 5,567 | 11,761 | 10,041 |
Noninterest expense | (6,401) | (6,492) | (6,472) | (6,361) | (6,114) | (5,865) | (5,743) | (5,699) | (5,613) | (5,853) | (11,979) | (11,466) | (25,726) | (22,908) |
Income before income tax expense | 814 | 543 | 964 | 422 | 412 | 765 | 439 | 115 | 504 | 703 | 1,177 | 1,207 | 2,743 | 1,761 |
Income tax expense (benefit) | (67) | 22 | 172 | 36 | (512) | 47 | (423) | 7 | 30 | 36 | (465) | 66 | 163 | (350) |
NET INCOME | $ 881 | $ 521 | $ 792 | $ 386 | $ 924 | $ 718 | $ 862 | $ 108 | $ 474 | $ 667 | 1,642 | $ 1,141 | 2,580 | 2,111 |
Parent Company [Member] | ||||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||||
Interest income | 54 | 99 | 139 | |||||||||||
Interest expense | (43) | (448) | (87) | |||||||||||
Noninterest income | 14 | 15 | ||||||||||||
Noninterest expense | (434) | (593) | (556) | |||||||||||
Income before income tax expense | (423) | (928) | (489) | |||||||||||
Income tax expense (benefit) | 273 | (374) | (478) | |||||||||||
Loss before equity in undistributed earnings of Opportunity Bank of Montana | (696) | (554) | (11) | |||||||||||
Equity in undistributed earnings of Opportunity Bank of Montana | 2,338 | 3,134 | 2,122 | |||||||||||
NET INCOME | $ 1,642 | $ 2,580 | $ 2,111 |
Quarterly Results of Operations (Unaudited) (Detail) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2013 |
Sep. 30, 2013 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2015 |
Jun. 30, 2015 |
Dec. 31, 2014 |
Jun. 30, 2014 |
|
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||
Interest and dividend income | $ 5,573 | $ 5,154 | $ 5,015 | $ 4,724 | $ 4,906 | $ 4,703 | $ 4,502 | $ 4,321 | $ 4,317 | $ 4,141 | $ 9,609 | $ 8,459 | $ 20,466 | $ 17,281 | ||
Interest expense | 707 | 721 | 526 | 501 | 515 | 515 | 503 | 502 | 516 | 524 | 1,030 | 1,041 | 2,455 | 2,045 | ||
Net interest income | 4,866 | 4,433 | 4,489 | 4,223 | 4,391 | 4,188 | 3,999 | 3,819 | 3,801 | 3,617 | 8,579 | 7,418 | 18,011 | 15,236 | ||
Loan loss provision | 343 | 310 | 328 | 322 | 300 | 215 | 168 | 128 | 153 | 159 | 515 | 312 | 1,303 | $ 608 | $ 515 | 608 |
Net interest income after loan loss provision | 4,523 | 4,123 | 4,161 | 3,901 | 4,091 | 3,973 | 3,831 | 3,691 | 3,648 | 3,458 | 8,064 | 7,106 | 16,708 | 14,628 | ||
Noninterest income | 2,692 | 2,912 | 3,275 | 2,882 | 2,435 | 2,657 | 2,351 | 2,123 | 2,469 | 3,098 | 5,092 | 5,567 | 11,761 | 10,041 | ||
Noninterest expense | 6,401 | 6,492 | 6,472 | 6,361 | 6,114 | 5,865 | 5,743 | 5,699 | 5,613 | 5,853 | 11,979 | 11,466 | 25,726 | 22,908 | ||
Income before income tax expense | 814 | 543 | 964 | 422 | 412 | 765 | 439 | 115 | 504 | 703 | 1,177 | 1,207 | 2,743 | 1,761 | ||
Income tax expense | (67) | 22 | 172 | 36 | (512) | 47 | (423) | 7 | 30 | 36 | (465) | 66 | 163 | (350) | ||
NET INCOME | 881 | 521 | 792 | 386 | 924 | 718 | 862 | 108 | 474 | 667 | 1,642 | $ 1,141 | 2,580 | 2,111 | ||
Other comprehensive income (loss) | $ 363 | $ 975 | $ (1,666) | $ 795 | $ 1,044 | $ 1,000 | $ 1,584 | $ 1,874 | $ (863) | $ (1,470) | $ 2,044 | $ 467 | $ 1,125 | |||
Basic earnings per common share | $ 0.23 | $ 0.14 | $ 0.21 | $ 0.10 | $ 0.24 | $ 0.18 | $ 0.22 | $ 0.03 | $ 0.12 | $ 0.17 | $ 0.42 | $ 0.29 | $ 0.68 | $ 0.54 | ||
Diluted Earnings Per Common share | $ 0.22 | $ 0.14 | $ 0.21 | $ 0.10 | $ 0.24 | $ 0.18 | $ 0.21 | $ 0.03 | $ 0.12 | $ 0.17 | $ 0.42 | $ 0.29 | $ 0.67 | $ 0.53 |
Consolidated Statements of Income (Detail) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2013 |
Sep. 30, 2013 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2015 |
Jun. 30, 2015 |
Dec. 31, 2014 |
Jun. 30, 2014 |
|
Interest and Dividend Income: | ||||||||||||||||
Interest and fees on loans | $ 7,562 | $ 6,352 | $ 17,332 | $ 12,985 | ||||||||||||
Securities available-for-sale | 2,026 | 2,102 | 3,058 | 4,285 | ||||||||||||
Federal Reserve Bank dividends | 19 | 67 | ||||||||||||||
Trust preferred securities | 1 | 1 | 3 | 3 | ||||||||||||
Interest on deposits with banks | 1 | 4 | 1 | 4 | ||||||||||||
Total interest and dividend income | $ 5,573 | $ 5,154 | $ 5,015 | $ 4,724 | $ 4,906 | $ 4,703 | $ 4,502 | $ 4,321 | $ 4,317 | $ 4,141 | 9,609 | 8,459 | 20,466 | 17,281 | ||
INTEREST EXPENSE: | ||||||||||||||||
Deposits | 677 | 633 | 1,457 | 1,294 | ||||||||||||
Federal Home Loan Bank advances and other borrowings | 310 | 365 | 550 | 664 | ||||||||||||
Subordinated debentures | 43 | 43 | 448 | 87 | ||||||||||||
Total interest expense | 707 | 721 | 526 | 501 | 515 | 515 | 503 | 502 | 516 | 524 | 1,030 | 1,041 | 2,455 | 2,045 | ||
Net Interest Income | 4,866 | 4,433 | 4,489 | 4,223 | 4,391 | 4,188 | 3,999 | 3,819 | 3,801 | 3,617 | 8,579 | 7,418 | 18,011 | 15,236 | ||
Loan loss provision | 343 | 310 | 328 | 322 | 300 | 215 | 168 | 128 | 153 | 159 | 515 | 312 | 1,303 | $ 608 | $ 515 | 608 |
Net Interest Income after Loan Loss Provision | 4,523 | 4,123 | 4,161 | 3,901 | 4,091 | 3,973 | 3,831 | 3,691 | 3,648 | 3,458 | 8,064 | 7,106 | 16,708 | 14,628 | ||
NONINTEREST INCOME: | ||||||||||||||||
Service charges on deposit accounts | 538 | 543 | 1,009 | 1,022 | ||||||||||||
Net gain on sale of loans (includes $461 and $582 for the six months ended December 31, 2014 and 2013, respectively, related to accumulated other comprehensive earnings reclassification) | 2,864 | 2,554 | 6,672 | 4,586 | ||||||||||||
Mortgage loan servicing fees | 767 | 653 | 1,718 | 1,372 | ||||||||||||
Wealth management income | 290 | 256 | 625 | 527 | ||||||||||||
Net gain on sale of available-for-sale securities (includes $335 and $836 for the six months ended December 31, 2014 and 2013, respectively related to accumulated other comprehensive earnings reclassification) | 335 | 836 | 234 | 1,073 | ||||||||||||
Net (loss) gain on fair value hedge | (364) | 71 | (93) | (63) | ||||||||||||
Net loss on sale of real estate owned and other repossessed property | (1) | (50) | (13) | (50) | ||||||||||||
Other noninterest income | 168 | 704 | 603 | 613 | ||||||||||||
Total noninterest income | 2,692 | 2,912 | 3,275 | 2,882 | 2,435 | 2,657 | 2,351 | 2,123 | 2,469 | 3,098 | 5,092 | 5,567 | 11,761 | 10,041 | ||
NONINTEREST EXPENSE: | ||||||||||||||||
Salaries and employee benefits | 6,274 | 6,430 | 14,350 | 12,822 | ||||||||||||
Occupancy and equipment expense | 1,426 | 1,375 | 2,988 | 2,774 | ||||||||||||
Data processing | 1,082 | 931 | 2,259 | 1,870 | ||||||||||||
Advertising | 408 | 457 | 800 | 816 | ||||||||||||
Amortization of mortgage servicing rights | 328 | 334 | 799 | 630 | ||||||||||||
Amortization of core deposit intangible and tax credits | 208 | 217 | 432 | 427 | ||||||||||||
Federal insurance premiums | 174 | 168 | 332 | 271 | ||||||||||||
Postage | 95 | 92 | 181 | 175 | ||||||||||||
Legal, accounting and examination fees | 469 | 269 | 520 | 555 | ||||||||||||
Consulting fees | 351 | 155 | 576 | 537 | ||||||||||||
Other noninterest expense | 1,164 | 1,038 | 2,489 | 2,021 | ||||||||||||
Total noninterest expense | 6,401 | 6,492 | 6,472 | 6,361 | 6,114 | 5,865 | 5,743 | 5,699 | 5,613 | 5,853 | 11,979 | 11,466 | 25,726 | 22,908 | ||
Income before income tax expense | 814 | 543 | 964 | 422 | 412 | 765 | 439 | 115 | 504 | 703 | 1,177 | 1,207 | 2,743 | 1,761 | ||
Income Tax (Benefit) Expense (includes $1,405 and ($1,605) for the six months ended December 31, 2014 and 2013, respectively, related to income tax benefit from reclassification items) | (67) | 22 | 172 | 36 | (512) | 47 | (423) | 7 | 30 | 36 | (465) | 66 | 163 | (350) | ||
NET INCOME | $ 881 | $ 521 | $ 792 | $ 386 | $ 924 | $ 718 | $ 862 | $ 108 | $ 474 | $ 667 | $ 1,642 | $ 1,141 | $ 2,580 | $ 2,111 | ||
Basic earnings per common share | $ 0.23 | $ 0.14 | $ 0.21 | $ 0.10 | $ 0.24 | $ 0.18 | $ 0.22 | $ 0.03 | $ 0.12 | $ 0.17 | $ 0.42 | $ 0.29 | $ 0.68 | $ 0.54 | ||
Diluted Earnings Per Common share | $ 0.22 | $ 0.14 | $ 0.21 | $ 0.10 | $ 0.24 | $ 0.18 | $ 0.21 | $ 0.03 | $ 0.12 | $ 0.17 | $ 0.42 | $ 0.29 | $ 0.67 | $ 0.53 | ||
Weighted Average Shares Outstanding (Basic EPS) | 3,882,376 | 3,905,221 | 3,813,090 | 3,910,320 | ||||||||||||
Weighted Average shares Outstanding (Diluted EPS) | 3,931,552 | 3,978,260 | 3,859,625 | 3,974,316 |
Consolidated Statements of Income (Parenthetical) (Detail) - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2015 |
Jun. 30, 2014 |
|
Condensed Financial Information of Subsidiaries Disclosure [Abstract] | ||||
Gain on sale of loans, accumulated other comprehensive earnings reclassification | $ 461 | $ 582 | $ 1,907 | $ 582 |
Gain on sales of available for sale securities, accumulated other comprehensive earnings reclassification | 335 | 836 | 234 | 1,073 |
Income tax (benefit) expense, reclassification items | $ 1,405 | $ (1,605) | $ 321 | $ 774 |
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