☒
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
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For the quarterly period ended March 31, 2016
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☐
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
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For the transition period from _____ to _____.
|
Delaware
|
27-1449820
|
(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
|
Common stock, par value $0.01 per share
|
3,779,464 shares outstanding
|
PART I.
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FINANCIAL INFORMATION
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PAGE
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Item1.
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Financial Statements (Unaudited)
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Item 4. | Controls and Procedures | 43 | ||
PART II. | OTHER INFORMATION | |||
Item 1. Legal Proceedings | 44 | |||
Item 1A. Risk Factors | 44 | |||
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds | 44 | |||
Item 3. Defaults Upon Senior Securities | 45 | |||
Item 4. Mine Safety Disclosures | 45 | |||
Item 5. Other Information | 45 | |||
Item 6. Exhibits | 45 |
Signatures | 46 | |||
Exhibit 31.1 | ||||
Exhibit 31.2 | ||||
Exhibit 32.1 | ||||
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 |
·
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statements of our goals, intentions and expectations;
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·
|
statements regarding our business plans, prospects, growth and operating strategies;
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·
|
statements regarding the asset quality of our loan and investment portfolios; and
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·
|
estimates of our risks and future costs and benefits.
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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;
|
·
|
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, effectively defend itself against cyberattacks, or recover from breaches to its technology infrastructure;
|
·
|
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.
|
March 31,
|
December 31,
|
|||||||
2016
|
2015
|
|||||||
ASSETS:
|
||||||||
Cash and due from banks
|
$
|
5,620
|
$
|
6,468
|
||||
Interest-bearing deposits in banks
|
993
|
970
|
||||||
Total cash and cash equivalents
|
6,613
|
7,438
|
||||||
Securities available-for-sale
|
145,070
|
145,738
|
||||||
Federal Home Loan Bank stock
|
3,564
|
3,397
|
||||||
Federal Reserve Bank stock
|
871
|
887
|
||||||
Investment in Eagle Bancorp Statutory Trust I
|
155
|
155
|
||||||
Mortgage loans held-for-sale
|
18,284
|
18,702
|
||||||
Loans receivable, net of deferred loan fees of $882 at March 31, 2016
|
||||||||
and $795 at December 31, 2015 and allowance for loan losses of $3,940 at
|
||||||||
March 31, 2016 and $3,550 at December 31, 2015
|
418,941
|
403,734
|
||||||
Accrued interest and dividends receivable
|
2,213
|
2,278
|
||||||
Mortgage servicing rights, net
|
4,988
|
4,968
|
||||||
Premises and equipment, net
|
18,145
|
18,217
|
||||||
Cash surrender value of life insurance
|
12,598
|
12,514
|
||||||
Real estate and other repossessed assets acquired in settlement of loans, net
|
606
|
595
|
||||||
Goodwill
|
7,034
|
7,034
|
||||||
Core deposit intangible, net
|
481
|
514
|
||||||
Deferred tax asset, net
|
1,198
|
1,490
|
||||||
Other assets
|
2,210
|
2,686
|
||||||
Total assets
|
$
|
642,971
|
$
|
630,347
|
March 31,
|
December 31,
|
|||||||
2016
|
2015
|
|||||||
LIABILITIES:
|
||||||||
Deposit accounts:
|
||||||||
Noninterest bearing
|
$
|
90,308
|
$
|
77,031
|
||||
Interest bearing
|
403,877
|
406,151
|
||||||
Total deposits
|
494,185
|
483,182
|
||||||
Accrued expenses and other liabilities
|
5,933
|
4,050
|
||||||
Federal Home Loan Bank advances and other borrowings
|
71,204
|
72,716
|
||||||
Subordinated debentures
|
||||||||
Principal amount
|
15,155
|
15,155
|
||||||
Unamortized debt issuance costs
|
(201
|
)
|
(206
|
)
|
||||
Total subordinated debentures less unamortized debt issuance costs
|
14,954
|
14,949
|
||||||
Total liabilities
|
586,276
|
574,897
|
||||||
SHAREHOLDERS' EQUITY:
|
||||||||
Preferred stock (no par value; 1,000,000 shares authorized; no shares
|
||||||||
issued or outstanding)
|
-
|
-
|
||||||
Common stock (par value $0.01 per share; 8,000,000 shares authorized;
|
||||||||
4,083,127 shares issued; 3,779,464 shares outstanding at March 31, 2016
|
||||||||
and December 31, 2015)
|
41
|
41
|
||||||
Additional paid-in capital
|
22,157
|
22,152
|
||||||
Unallocated common stock held by Employee Stock Ownership Plan
|
(933
|
)
|
(975
|
)
|
||||
Treasury stock, at cost
|
(3,321
|
)
|
(3,321
|
)
|
||||
Retained earnings
|
37,831
|
37,301
|
||||||
Net accumulated other comprehensive income
|
920
|
252
|
||||||
Total shareholders' equity
|
56,695
|
55,450
|
||||||
Total liabilities and shareholders' equity
|
$
|
642,971
|
$
|
630,347
|
Three Months Ended
|
||||||||
March 31,
|
||||||||
2016
|
2015
|
|||||||
INTEREST AND DIVIDEND INCOME:
|
||||||||
Interest and fees on loans
|
$
|
5,063
|
$
|
3,962
|
||||
Securities available-for-sale
|
747
|
759
|
||||||
Federal Home Loan Bank dividends
|
31
|
-
|
||||||
Interest on deposits in banks
|
-
|
-
|
||||||
Other interest income
|
3
|
3
|
||||||
Total interest and dividend income
|
5,844
|
4,724
|
||||||
INTEREST EXPENSE:
|
||||||||
Deposits
|
355
|
337
|
||||||
Federal Home Loan Bank advances and other borrowings
|
201
|
143
|
||||||
Subordinated debentures
|
194
|
21
|
||||||
Total interest expense
|
750
|
501
|
||||||
NET INTEREST INCOME
|
5,094
|
4,223
|
||||||
Loan loss provision
|
450
|
322
|
||||||
NET INTEREST INCOME AFTER LOAN LOSS PROVISION
|
4,644
|
3,901
|
||||||
NONINTEREST INCOME:
|
||||||||
Service charges on deposit accounts
|
199
|
223
|
||||||
Net gain on sale of loans (includes $635 and $496 for the three
|
||||||||
months ended March 31, 2016 and 2015, respectively, related
|
||||||||
to accumulated other comprehensive earnings reclassification)
|
1,718
|
1,631
|
||||||
Mortgage loan servicing fees
|
346
|
415
|
||||||
Wealth management income
|
136
|
185
|
||||||
Interchange and ATM fees
|
202
|
126
|
||||||
Appreciation in cash surrender value of life insurance
|
112
|
105
|
||||||
Net gain on sale of available-for-sale securities (includes $0 and $186
|
||||||||
for the three months ended March 31, 2016 and 2015, respectively,
|
||||||||
related to accumulated other comprehensive earnings reclassification)
|
-
|
186
|
||||||
Net loss on sale of real estate owned and other repossessed property
|
-
|
(1
|
)
|
|||||
Net loss on fair value hedge
|
-
|
(93
|
)
|
|||||
Other noninterest income
|
166
|
105
|
||||||
Total noninterest income
|
2,879
|
2,882
|
Three Months Ended
|
||||||||
March 31,
|
||||||||
2016
|
2015
|
|||||||
NONINTEREST EXPENSE:
|
||||||||
Salaries and employee benefits
|
3,690
|
3,379
|
||||||
Occupancy and equipment expense
|
789
|
736
|
||||||
Data processing
|
548
|
509
|
||||||
Advertising
|
188
|
219
|
||||||
Amortization of mortgage servicing rights
|
228
|
217
|
||||||
Amortization of core deposit intangible and tax credits
|
112
|
100
|
||||||
Federal insurance premiums
|
83
|
95
|
||||||
Postage
|
54
|
46
|
||||||
Legal, accounting and examination fees
|
98
|
156
|
||||||
Consulting fees
|
83
|
240
|
||||||
Other noninterest expense
|
675
|
664
|
||||||
Total noninterest expense
|
6,548
|
6,361
|
||||||
INCOME BEFORE INCOME TAXES
|
975
|
422
|
||||||
Income tax expense (includes $460 and $547 for the three
|
||||||||
months ended March 31, 2016 and 2015, respectively,
|
||||||||
related to income tax expense from reclassification items)
|
152
|
36
|
||||||
NET INCOME
|
$
|
823
|
$
|
386
|
||||
BASIC EARNINGS PER SHARE
|
$
|
0.22
|
$
|
0.10
|
||||
DILUTED EARNINGS PER SHARE
|
$
|
0.21
|
$
|
0.10
|
||||
WEIGHTED AVERAGE SHARES OUTSTANDING (BASIC EPS)
|
3,779,464
|
3,844,617
|
||||||
WEIGHTED AVERAGE SHARES OUTSTANDING (DILUTED EPS) | 3,873,171 | 3,881,872 |
Three Months Ended
|
||||||||
March 31,
|
||||||||
2016
|
2015
|
|||||||
NET INCOME
|
$
|
823
|
$
|
386
|
||||
OTHER ITEMS OF COMPREHENSIVE INCOME (LOSS):
|
||||||||
Change in fair value of investment securities
|
||||||||
available-for-sale, before income taxes
|
1,127
|
1,495
|
||||||
Reclassification for realized gains and losses on investment
|
||||||||
securities included in income, before income tax
|
-
|
(186
|
)
|
|||||
Change in fair value of derivatives designated as cash flow
|
||||||||
hedges, before income taxes
|
636
|
529
|
||||||
Reclassification for realized gains on derivatives designated
|
||||||||
as cash flow hedges, before income taxes
|
(635
|
)
|
(496
|
)
|
||||
Total other items of comprehensive income
|
1,128
|
1,342
|
||||||
Income tax expense related to:
|
||||||||
Investment securities
|
(460
|
)
|
(534
|
)
|
||||
Derivatives designated as cash flow hedges
|
-
|
(13
|
)
|
|||||
(460
|
)
|
(547
|
)
|
|||||
COMPREHENSIVE INCOME
|
$
|
1,491
|
$
|
1,181
|
ACCUMULATED
|
||||||||||||||||||||||||||||||||
UNALLOCATED
|
OTHER
|
|||||||||||||||||||||||||||||||
PREFERRED
|
COMMON
|
PAID-IN
|
ESOP
|
TREASURY
|
RETAINED
|
COMPREHENSIVE
|
||||||||||||||||||||||||||
STOCK
|
STOCK
|
CAPITAL
|
SHARES
|
STOCK
|
EARNINGS
|
(LOSS) INCOME
|
TOTAL
|
|||||||||||||||||||||||||
Balance at January 1, 2015
|
$
|
-
|
$
|
41
|
$
|
22,122
|
$
|
(1,141
|
)
|
$
|
(2,194
|
)
|
$
|
35,885
|
$
|
(215
|
)
|
$
|
54,498
|
|||||||||||||
Net income
|
386
|
386
|
||||||||||||||||||||||||||||||
Other comprehensive income
|
795
|
795
|
||||||||||||||||||||||||||||||
Dividends paid ($0.075 per share)
|
(288
|
)
|
(288
|
)
|
||||||||||||||||||||||||||||
Treasury stock purchased (55,800 shares purchased at $11.03 average cost per share)
|
(616
|
)
|
(616
|
)
|
||||||||||||||||||||||||||||
Employee Stock Ownership Plan
shares allocated or committed to be released for allocation (4,154 shares)
|
4
|
42
|
46
|
|||||||||||||||||||||||||||||
Balance at March 31, 2015
|
$
|
-
|
$
|
41
|
$
|
22,126
|
$
|
(1,099
|
)
|
$
|
(2,810
|
)
|
$
|
35,983
|
$
|
580
|
$
|
54,821
|
Balance at January 1, 2016
|
$
|
-
|
$
|
41
|
$
|
22,152
|
$
|
(975
|
)
|
$
|
(3,321
|
)
|
$
|
37,301
|
$
|
252
|
$
|
55,450
|
||||||||||||||
Net income
|
823
|
823
|
||||||||||||||||||||||||||||||
Other comprehensive income
|
668
|
668
|
||||||||||||||||||||||||||||||
Dividends paid ($0.0775 per share)
|
(293
|
)
|
(293
|
)
|
||||||||||||||||||||||||||||
Employee Stock Ownership Plan
shares allocated or committed to be released for allocation (4,154 shares)
|
5
|
42
|
47
|
|||||||||||||||||||||||||||||
Balance at March 31, 2016
|
$
|
-
|
$
|
41
|
$
|
22,157
|
$
|
(933
|
)
|
$
|
(3,321
|
)
|
$
|
37,831
|
$
|
920
|
$
|
56,695
|
Three Months Ended
|
||||||||
March 31,
|
||||||||
2016
|
2015
|
|||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net income
|
$
|
823
|
$
|
386
|
||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Loan loss provision
|
450
|
322
|
||||||
Depreciation
|
284
|
296
|
||||||
Net amortization of investment securities premium and discounts
|
503
|
533
|
||||||
Amortization of mortgage servicing rights
|
228
|
217
|
||||||
Amortization of core deposit intangible and tax credits
|
112
|
100
|
||||||
Deferred income tax (benefit) expense
|
(168
|
)
|
121
|
|||||
Net gain on sale of loans
|
(1,718
|
)
|
(1,631
|
)
|
||||
Net gain on sale of available-for-sale securities
|
-
|
(186
|
)
|
|||||
Net loss on sale of real estate owned and other repossessed assets
|
-
|
1
|
||||||
Net loss on fair value hedge
|
-
|
93
|
||||||
Net gain on sale/disposal of premises and equipment
|
(6
|
)
|
-
|
|||||
Net appreciation in cash surrender value of life insurance
|
(84
|
)
|
(81
|
)
|
||||
Net change in:
|
||||||||
Accrued interest and dividends receivable
|
65
|
172
|
||||||
Loans held-for-sale
|
2,137
|
2,230
|
||||||
Other assets
|
402
|
(473
|
)
|
|||||
Accrued expenses and other liabilities
|
1,930
|
(575
|
)
|
|||||
Net cash provided by operating activities
|
4,958
|
1,525
|
||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Activity in available-for-sale securities:
|
||||||||
Sales
|
-
|
8,947
|
||||||
Maturities, principal payments and calls
|
2,823
|
2,612
|
||||||
Purchases
|
(1,531
|
)
|
(1,049
|
)
|
||||
Federal Home Loan Bank stock (purchased) redeemed
|
(167
|
)
|
1
|
|||||
Federal Reserve Bank stock redeemed
|
16
|
-
|
||||||
Loan origination and principal collection, net
|
(15,931
|
)
|
(18,224
|
)
|
||||
Proceeds from sale of real estate and other repossessed
|
||||||||
assets acquired in settlement of loans
|
15
|
3
|
||||||
Proceeds from sale of premises and equipment
|
6
|
-
|
||||||
Additions to premises and equipment
|
(212
|
)
|
(26
|
)
|
||||
Net cash used in investing activities
|
(14,981
|
)
|
(7,736
|
)
|
Three Months Ended
|
||||||||
March 31,
|
||||||||
2016
|
2015
|
|||||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Net increase in deposits
|
$
|
11,003
|
$
|
11,716
|
||||
Net short-term advances (payments) on Federal Home Loan Bank and other borrowings
|
642
|
(12,303
|
)
|
|||||
Long-term advances from Federal Home Loan Bank and other borrowings
|
-
|
5,000
|
||||||
Payments on long-term Federal Home Loan Bank and other borrowings
|
(2,154
|
)
|
(5,050
|
)
|
||||
Dividends paid
|
(293
|
)
|
(288
|
)
|
||||
Purchase of treasury stock, at cost
|
-
|
(616
|
)
|
|||||
Net cash provided by (used in) financing activities
|
9,198
|
(1,541
|
)
|
|||||
NET DECREASE IN CASH AND CASH EQUIVALENTS
|
(825
|
)
|
(7,752
|
)
|
||||
CASH AND CASH EQUIVALENTS, beginning of period
|
7,438
|
12,502
|
||||||
CASH AND CASH EQUIVALENTS, end of period
|
$
|
6,613
|
$
|
4,750
|
||||
SUPPLEMENTAL CASH FLOW INFORMATION:
|
||||||||
Cash paid during the period for interest
|
$
|
734
|
$
|
490
|
||||
Cash paid during the period for income taxes
|
$
|
-
|
$
|
27
|
||||
NON-CASH INVESTING ACTIVITIES:
|
||||||||
Increase in market value of securities available-for-sale
|
$
|
1,127
|
$
|
1,309
|
||||
Mortgage servicing rights recognized
|
$
|
248
|
$
|
373
|
||||
Loans transferred to real estate and other assets acquired in foreclosure
|
$
|
26
|
$
|
9
|
||||
Employee Stock Ownership Plan shares released
|
$
|
47
|
$
|
46
|
March 31, 2016
|
December 31, 2015
|
|||||||||||||||||||||||||||||||
Gross
|
Gross
|
|||||||||||||||||||||||||||||||
Amortized
|
Unrealized
|
Fair
|
Amortized
|
Unrealized
|
Fair
|
|||||||||||||||||||||||||||
Cost
|
Gains
|
(Losses)
|
Value
|
Cost
|
Gains
|
(Losses)
|
Value
|
|||||||||||||||||||||||||
(In Thousands)
|
||||||||||||||||||||||||||||||||
Available-for-Sale:
|
||||||||||||||||||||||||||||||||
U.S. government and
|
||||||||||||||||||||||||||||||||
agency obligations
|
$
|
9,968
|
$
|
63
|
$
|
(7
|
)
|
$
|
10,024
|
$
|
10,684
|
$
|
26
|
$
|
(95
|
)
|
$
|
10,615
|
||||||||||||||
Municipal obligations
|
65,763
|
1,252
|
(312
|
)
|
66,703
|
66,606
|
1,041
|
(578
|
)
|
67,069
|
||||||||||||||||||||||
Corporate obligations
|
9,575
|
5
|
(208
|
)
|
9,372
|
9,615
|
-
|
(165
|
)
|
9,450
|
||||||||||||||||||||||
MBSs - government-backed
|
33,221
|
307
|
(155
|
)
|
33,373
|
32,810
|
111
|
(186
|
)
|
32,735
|
||||||||||||||||||||||
CMOs - government backed
|
25,626
|
61
|
(89
|
)
|
25,598
|
26,233
|
40
|
(404
|
)
|
25,869
|
||||||||||||||||||||||
Total
|
$
|
144,153
|
$
|
1,688
|
$
|
(771
|
)
|
$
|
145,070
|
$
|
145,948
|
$
|
1,218
|
$
|
(1,428
|
)
|
$
|
145,738
|
Amortized
|
Fair
|
|||||||
Cost
|
Value
|
|||||||
(In Thousands)
|
||||||||
Due in one year or less
|
$
|
-
|
$
|
-
|
||||
Due from one to five years
|
8,279
|
8,267
|
||||||
Due from five to ten years
|
14,881
|
14,899
|
||||||
Due after ten years
|
62,146
|
62,933
|
||||||
85,306
|
86,099
|
|||||||
MBSs - government-backed
|
33,221
|
33,373
|
||||||
CMOs - government-backed
|
25,626
|
25,598
|
||||||
Total
|
$
|
144,153
|
$
|
145,070
|
March 31, 2016
|
||||||||||||||||
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
|
$
|
6,636
|
$
|
(7
|
)
|
$
|
-
|
$
|
-
|
|||||||
Municipal obligations
|
9,924
|
(54
|
)
|
12,344
|
(258
|
)
|
||||||||||
Corporate obligations
|
2,016
|
(27
|
)
|
6,009
|
(181
|
)
|
||||||||||
MBSs and CMOs - government-backed
|
24,849
|
(192
|
)
|
5,981
|
(52
|
)
|
||||||||||
Total
|
$
|
43,425
|
$
|
(280
|
)
|
$
|
24,334
|
$
|
(491
|
)
|
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
|
)
|
March 31,
|
December 31,
|
|||||||
2016
|
2015
|
|||||||
(In Thousands)
|
||||||||
First mortgage loans:
|
||||||||
Residential mortgage (1-4 family)
|
$
|
113,364
|
$
|
118,133
|
||||
Commercial real estate
|
194,479
|
167,930
|
||||||
Real estate construction
|
15,673
|
22,958
|
||||||
Other loans:
|
||||||||
Home equity
|
45,404
|
45,345
|
||||||
Consumer
|
14,229
|
14,641
|
||||||
Commercial
|
40,614
|
39,072
|
||||||
Total
|
423,763
|
408,079
|
||||||
Allowance for loan losses
|
(3,940
|
)
|
(3,550
|
)
|
||||
Deferred loan fees, net
|
(882
|
)
|
(795
|
)
|
||||
Total loans, net
|
$
|
418,941
|
$
|
403,734
|
March 31,
|
December 31,
|
|||||||
2016
|
2015
|
|||||||
(Dollars in Thousands)
|
||||||||
Non-accrual loans
|
$
|
1,580
|
$
|
2,030
|
||||
Accruing loans delinquent 90 days or more
|
710
|
472
|
||||||
Restructured loans, net
|
45
|
46
|
||||||
Total nonperforming loans
|
2,335
|
2,548
|
||||||
Real estate owned and other repossessed assets, net
|
606
|
595
|
||||||
Total nonperforming assets
|
$
|
2,941
|
$
|
3,143
|
||||
Total non-performing assets as a percentage of total assets
|
0.46
|
%
|
0.50
|
%
|
||||
Allowance for loan losses
|
$
|
3,940
|
$
|
3,550
|
||||
Percent of allowance for loan losses to non-performing loans
|
168.74
|
%
|
139.32
|
%
|
||||
Percent of allowance for loan losses to non-performing assets
|
133.97
|
%
|
112.95
|
%
|
Three Months Ended
|
||||||||||||||||||||||||||||
March 31, 2016
|
||||||||||||||||||||||||||||
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, 2016
|
$
|
911
|
$
|
1,593
|
$
|
184
|
$
|
342
|
$
|
66
|
$
|
454
|
$
|
3,550
|
||||||||||||||
Charge-offs
|
-
|
-
|
-
|
(7
|
)
|
(24
|
)
|
(32
|
)
|
(63
|
)
|
|||||||||||||||||
Recoveries
|
-
|
-
|
-
|
-
|
3
|
-
|
3
|
|||||||||||||||||||||
Provision
|
70
|
142
|
60
|
30
|
120
|
28
|
450
|
|||||||||||||||||||||
Ending balance, March 31, 2016
|
$
|
981
|
$
|
1,735
|
$
|
244
|
$
|
365
|
$
|
165
|
$
|
450
|
$
|
3,940
|
||||||||||||||
Ending balance, March 31, 2016 allocated to
|
||||||||||||||||||||||||||||
loans individually evaluated for impairment
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
76
|
$
|
5
|
$
|
81
|
||||||||||||||
Ending balance, March 31, 2016 allocated to
|
||||||||||||||||||||||||||||
loans collectively evaluated for impairment
|
$
|
981
|
$
|
1,735
|
$
|
244
|
$
|
365
|
$
|
89
|
$
|
445
|
$
|
3,859
|
||||||||||||||
Loans receivable:
|
||||||||||||||||||||||||||||
Ending balance, March 31, 2016
|
$
|
113,364
|
$
|
194,479
|
$
|
15,673
|
$
|
45,404
|
$
|
14,229
|
$
|
40,614
|
$
|
423,763
|
||||||||||||||
Ending balance, March 31, 2016 of loans
|
||||||||||||||||||||||||||||
individually evaluated for impairment
|
$
|
605
|
$
|
658
|
$
|
-
|
$
|
265
|
$
|
92
|
$
|
5
|
$
|
1,625
|
||||||||||||||
Ending balance, March 31, 2016 of loans
|
||||||||||||||||||||||||||||
collectively evaluated for impairment
|
$
|
112,759
|
$
|
193,821
|
$
|
15,673
|
$
|
45,139
|
$
|
14,137
|
$
|
40,609
|
$
|
422,138
|
Three Months Ended
|
||||||||||||||||||||||||||||
March 31, 2015
|
||||||||||||||||||||||||||||
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
|
)
|
-
|
-
|
-
|
(11
|
)
|
-
|
(148
|
)
|
||||||||||||||||||
Recoveries
|
-
|
-
|
-
|
-
|
1
|
-
|
1
|
|||||||||||||||||||||
Provision
|
98
|
128
|
5
|
36
|
14
|
41
|
322
|
|||||||||||||||||||||
Ending balance, March 31, 2015
|
$
|
645
|
$
|
1,226
|
$
|
40
|
$
|
306
|
$
|
50
|
$
|
358
|
$
|
2,625
|
||||||||||||||
Ending balance, March 31, 2015 allocated to
|
||||||||||||||||||||||||||||
loans individually evaluated for impairment
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
5
|
$
|
-
|
$
|
5
|
||||||||||||||
Ending balance, March 31, 2015 allocated to
|
||||||||||||||||||||||||||||
loans collectively evaluated for impairment
|
$
|
645
|
$
|
1,226
|
$
|
40
|
$
|
306
|
$
|
45
|
$
|
358
|
$
|
2,620
|
||||||||||||||
Loans receivable:
|
||||||||||||||||||||||||||||
Ending balance, March 31, 2015
|
$
|
105,428
|
$
|
130,374
|
$
|
10,313
|
$
|
40,312
|
$
|
13,664
|
$
|
36,877
|
$
|
336,968
|
||||||||||||||
Ending balance, March 31, 2015 of loans
|
||||||||||||||||||||||||||||
individually evaluated for impairment
|
$
|
648
|
$
|
-
|
$
|
-
|
$
|
224
|
$
|
53
|
$
|
566
|
$
|
1,491
|
||||||||||||||
Ending balance, March 31, 2015 of loans
|
||||||||||||||||||||||||||||
collectively evaluated for impairment
|
$
|
104,780
|
$
|
130,374
|
$
|
10,313
|
$
|
40,088
|
$
|
13,611
|
$
|
36,311
|
$
|
335,477
|
March 31, 2016
|
||||||||||||||||||||||||||||
Residential
|
||||||||||||||||||||||||||||
Mortgage
|
Commercial
|
Real Estate
|
Home
|
|||||||||||||||||||||||||
(1-4 Family)
|
Real Estate
|
Construction
|
Equity
|
Consumer
|
Commercial
|
Total
|
||||||||||||||||||||||
(In Thousands)
|
||||||||||||||||||||||||||||
Grade:
|
||||||||||||||||||||||||||||
Pass
|
$
|
111,955
|
$
|
193,438
|
$
|
14,875
|
$
|
45,035
|
$
|
14,118
|
$
|
40,202
|
$
|
419,623
|
||||||||||||||
Special mention
|
-
|
-
|
-
|
-
|
-
|
46
|
46
|
|||||||||||||||||||||
Substandard
|
1,409
|
1,041
|
798
|
287
|
32
|
294
|
3,861
|
|||||||||||||||||||||
Doubtful
|
-
|
-
|
-
|
82
|
3
|
67
|
152
|
|||||||||||||||||||||
Loss
|
-
|
-
|
-
|
-
|
76
|
5
|
81
|
|||||||||||||||||||||
Total
|
$
|
113,364
|
$
|
194,479
|
$
|
15,673
|
$
|
45,404
|
$
|
14,229
|
$
|
40,614
|
$
|
423,763
|
||||||||||||||
Credit risk profile based on payment activity
|
||||||||||||||||||||||||||||
Performing
|
$
|
112,538
|
$
|
193,817
|
$
|
15,409
|
$
|
45,059
|
$
|
14,137
|
$
|
40,468
|
$
|
421,428
|
||||||||||||||
Restructured loans
|
-
|
-
|
-
|
45
|
-
|
-
|
45
|
|||||||||||||||||||||
Nonperforming
|
826
|
662
|
264
|
300
|
92
|
146
|
2,290
|
|||||||||||||||||||||
Total
|
$
|
113,364
|
$
|
194,479
|
$
|
15,673
|
$
|
45,404
|
$
|
14,229
|
$
|
40,614
|
$
|
423,763
|
December 31, 2015
|
||||||||||||||||||||||||||||
Residential
|
||||||||||||||||||||||||||||
Mortgage
|
Commercial
|
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
|
March 31, 2016
|
||||||||||||||||||||||||
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)
|
$
|
1,988
|
$
|
826
|
$
|
2,814
|
$
|
110,550
|
$
|
113,364
|
$
|
221
|
||||||||||||
Commercial real estate
|
869
|
662
|
1,531
|
192,948
|
194,479
|
4
|
||||||||||||||||||
Real estate construction
|
1,183
|
264
|
1,447
|
14,226
|
15,673
|
264
|
||||||||||||||||||
Home equity
|
474
|
300
|
774
|
44,630
|
45,404
|
80
|
||||||||||||||||||
Consumer
|
205
|
92
|
297
|
13,932
|
14,229
|
-
|
||||||||||||||||||
Commercial
|
445
|
146
|
591
|
40,023
|
40,614
|
141
|
||||||||||||||||||
Total
|
$
|
5,164
|
$
|
2,290
|
$
|
7,454
|
$
|
416,309
|
$
|
423,763
|
$
|
710
|
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
|
March 31, 2016
|
||||||||||||
Unpaid
|
||||||||||||
Recorded
|
Principal
|
Related
|
||||||||||
Investment
|
Balance
|
Allowance
|
||||||||||
(In Thousands)
|
||||||||||||
With no related allowance:
|
||||||||||||
Residential mortgage (1-4 family)
|
$
|
605
|
$
|
607
|
$
|
-
|
||||||
Commercial real estate
|
658
|
667
|
-
|
|||||||||
Construction
|
-
|
-
|
-
|
|||||||||
Home equity
|
265
|
299
|
-
|
|||||||||
Consumer
|
16
|
16
|
-
|
|||||||||
Commercial
|
-
|
-
|
-
|
|||||||||
With a related allowance:
|
||||||||||||
Residential mortgage (1-4 family)
|
-
|
-
|
-
|
|||||||||
Commercial real estate
|
-
|
-
|
-
|
|||||||||
Construction
|
-
|
-
|
-
|
|||||||||
Home equity
|
-
|
-
|
-
|
|||||||||
Consumer
|
76
|
76
|
76
|
|||||||||
Commercial
|
5
|
5
|
5
|
|||||||||
Total:
|
||||||||||||
Residential mortgage (1-4 family)
|
605
|
607
|
-
|
|||||||||
Commercial real estate
|
658
|
667
|
-
|
|||||||||
Construction
|
-
|
-
|
-
|
|||||||||
Home equity
|
265
|
299
|
-
|
|||||||||
Consumer
|
92
|
92
|
76
|
|||||||||
Commercial
|
5
|
5
|
5
|
|||||||||
Total
|
$
|
1,625
|
$
|
1,670
|
$
|
81
|
December 31, 2015
|
||||||||||||
Unpaid
|
||||||||||||
Recorded
|
Principal
|
Related
|
||||||||||
Investment
|
Balance
|
Allowance
|
||||||||||
(In Thousands)
|
||||||||||||
With no related allowance:
|
||||||||||||
Residential mortgage (1-4 family)
|
$
|
730
|
$
|
730
|
$
|
-
|
||||||
Commercial real estate
|
667
|
667
|
-
|
|||||||||
Construction
|
-
|
-
|
-
|
|||||||||
Home equity
|
200
|
234
|
-
|
|||||||||
Consumer
|
134
|
134
|
-
|
|||||||||
Commercial
|
297
|
297
|
-
|
|||||||||
With a related allowance:
|
||||||||||||
Residential mortgage (1-4 family)
|
-
|
-
|
-
|
|||||||||
Commercial real estate
|
-
|
-
|
-
|
|||||||||
Construction
|
-
|
-
|
-
|
|||||||||
Home equity
|
7
|
7
|
7
|
|||||||||
Consumer
|
11
|
11
|
11
|
|||||||||
Commercial
|
30
|
30
|
30
|
|||||||||
Total:
|
||||||||||||
Residential mortgage (1-4 family)
|
730
|
730
|
-
|
|||||||||
Commercial real estate
|
667
|
667
|
-
|
|||||||||
Construction
|
-
|
-
|
-
|
|||||||||
Home equity
|
207
|
241
|
7
|
|||||||||
Consumer
|
145
|
145
|
11
|
|||||||||
Commercial
|
327
|
327
|
30
|
|||||||||
Total
|
$
|
2,076
|
$
|
2,110
|
$
|
48
|
Three Months Ended
|
||||||||
March 31,
|
||||||||
2016
|
2015
|
|||||||
Average Recorded Investment
|
||||||||
(In Thousands)
|
||||||||
Residential mortgage (1-4 family)
|
$
|
668
|
$
|
1,060
|
||||
Commercial real estate
|
662
|
-
|
||||||
Construction
|
-
|
-
|
||||||
Home equity
|
236
|
276
|
||||||
Consumer
|
119
|
54
|
||||||
Commercial
|
166
|
398
|
||||||
Total
|
$
|
1,851
|
$
|
1,788
|
March 31, 2016
|
||||||||||||
Accrual
|
Non-Accrual
|
Total
|
||||||||||
Status
|
Status
|
Modification
|
||||||||||
(In Thousands)
|
||||||||||||
Residential mortgage (1-4 family)
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||
Commercial real estate
|
-
|
-
|
-
|
|||||||||
Real estate construction
|
-
|
-
|
-
|
|||||||||
Home equity
|
45
|
-
|
45
|
|||||||||
Consumer
|
-
|
-
|
-
|
|||||||||
Commercial
|
-
|
-
|
-
|
|||||||||
Total
|
$
|
45
|
$
|
-
|
$
|
45
|
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
|
March 31,
|
December 31,
|
|||||||
2016
|
2015
|
|||||||
(In Thousands)
|
||||||||
Noninterest checking
|
$
|
90,308
|
$
|
77,031
|
||||
Interest bearing checking
|
86,373
|
87,350
|
||||||
Savings
|
74,538
|
71,474
|
||||||
Money market
|
91,560
|
94,880
|
||||||
Time certificates of deposit
|
151,406
|
152,447
|
||||||
Total
|
$
|
494,185
|
$
|
483,182
|
March 31, 2016
|
December 31, 2015
|
||||||||||||||||
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
|
(201
|
)
|
10,000
|
(206
|
)
|
|||||||||||
Total
|
$
|
15,155
|
$
|
(201
|
)
|
$
|
15,155
|
$
|
(206
|
)
|
Unrealized
|
Unrealized
|
|||||||||||
Gains (Losses)
|
(Losses) Gains
|
|||||||||||
on Derivatives
|
on Investment
|
|||||||||||
Designated as
|
Securities
|
|||||||||||
Cash Flow Hedges
|
Available-for-Sale
|
Total
|
||||||||||
Balance, January 1, 2016
|
$
|
376
|
$
|
(124
|
)
|
$
|
252
|
|||||
Other comprehensive income before,
|
||||||||||||
reclassifications and income taxes
|
636
|
1,127
|
1,763
|
|||||||||
Amounts reclassified from accumulated other
|
||||||||||||
comprehensive income (loss), before income taxes
|
(635
|
)
|
-
|
(635
|
)
|
|||||||
Income tax expense
|
-
|
(460
|
)
|
(460
|
)
|
|||||||
Total other comprehensive income
|
1
|
667
|
668
|
|||||||||
Balance, March 31, 2016
|
$
|
377
|
$
|
543
|
$
|
920
|
||||||
Balance, January 1, 2015
|
$
|
294
|
$
|
(509
|
)
|
$
|
(215
|
)
|
||||
Other comprehensive income before,
|
||||||||||||
reclassifications and income taxes
|
529
|
1,495
|
2,024
|
|||||||||
Amounts reclassified from accumulated other
|
||||||||||||
comprehensive income (loss), before income taxes
|
(496
|
)
|
(186
|
)
|
(682
|
)
|
||||||
Income tax expense
|
(13
|
)
|
(534
|
)
|
(547
|
)
|
||||||
Total other comprehensive income
|
20
|
775
|
795
|
|||||||||
Balance, March 31, 2015
|
$
|
314
|
$
|
266
|
$
|
580
|
March 31, 2016
|
||||||||||||||||
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
|
$
|
-
|
$
|
10,024
|
$
|
-
|
$
|
10,024
|
||||||||
Municipal obligations
|
-
|
66,703
|
-
|
66,703
|
||||||||||||
Corporate obligations
|
-
|
9,372
|
-
|
9,372
|
||||||||||||
MBSs - government-backed
|
-
|
33,373
|
-
|
33,373
|
||||||||||||
CMOs - government backed
|
-
|
25,598
|
-
|
25,598
|
||||||||||||
Loans held-for-sale
|
-
|
18,284
|
-
|
18,284
|
||||||||||||
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
|
March 31, 2016
|
||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total Fair
|
|||||||||||||
Inputs
|
Inputs
|
Inputs
|
Value
|
|||||||||||||
(In Thousands)
|
||||||||||||||||
Impaired loans
|
$
|
-
|
$
|
-
|
$
|
1,544
|
$
|
1,544
|
||||||||
Repossessed assets
|
-
|
-
|
606
|
606
|
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
|
Fair Value at
|
Principal
|
Significant
|
Range of
|
||||||||||||||
March 31,
|
December 31,
|
Valuation
|
Unobservable
|
Signficant Input
|
|||||||||||||
Instrument
|
2016
|
2015
|
Technique
|
Inputs
|
Values
|
||||||||||||
(Dollars In Thousands)
|
|||||||||||||||||
Appraisal of
|
Appraisal
|
||||||||||||||||
Impaired loans
|
$
|
1,544
|
$
|
2,028
|
collateral (1)
|
adjustments
|
10-30
|
%
|
|||||||||
Appraisal of
|
Liquidation
|
||||||||||||||||
Repossessed Assets | $ |
606
|
$ | 595 | 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 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.
|
March 31, 2016
|
||||||||||||||||||||
Total
|
||||||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Estimated
|
Carrying
|
||||||||||||||||
Inputs
|
Inputs
|
Inputs
|
Fair Value
|
Amount
|
||||||||||||||||
(In Thousands)
|
||||||||||||||||||||
Financial Assets:
|
||||||||||||||||||||
Cash and cash equivalents
|
$
|
6,613
|
$
|
-
|
$
|
-
|
$
|
6,613
|
$
|
6,613
|
||||||||||
Federal Home Loan Bank stock
|
3,564
|
-
|
-
|
3,564
|
3,564
|
|||||||||||||||
Federal Reserve Bank stock
|
871
|
-
|
-
|
871
|
871
|
|||||||||||||||
Loans receivable, net
|
-
|
-
|
425,828
|
425,828
|
417,397
|
|||||||||||||||
Accrued interest and dividends
|
||||||||||||||||||||
receivable
|
2,213
|
-
|
-
|
2,213
|
2,213
|
|||||||||||||||
Mortgage servicing rights
|
-
|
-
|
6,255
|
6,255
|
4,988
|
|||||||||||||||
Cash surrender value of life insurance
|
12,598
|
-
|
-
|
12,598
|
12,598
|
|||||||||||||||
Financial Liabilities:
|
||||||||||||||||||||
Non-maturing interest bearing deposits
|
-
|
252,471
|
-
|
252,471
|
252,471
|
|||||||||||||||
Noninterest bearing deposits
|
90,308
|
-
|
-
|
90,308
|
90,308
|
|||||||||||||||
Time certificates of deposit
|
-
|
-
|
151,800
|
151,800
|
151,406
|
|||||||||||||||
Accrued expenses and other liabilities
|
5,933
|
-
|
-
|
5,933
|
5,933
|
|||||||||||||||
Federal Home Loan Bank advances
|
||||||||||||||||||||
and other borrowings
|
-
|
-
|
71,482
|
71,482
|
71,204
|
|||||||||||||||
Subordinated debentures
|
-
|
-
|
14,690
|
14,690
|
15,155
|
|||||||||||||||
Off-balance-sheet instruments
|
-
|
|||||||||||||||||||
Forward loan sales commitments
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Commitments to extend credit
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Rate lock commitments
|
-
|
-
|
-
|
-
|
-
|
December 31, 2015
|
||||||||||||||||||||
Total
|
||||||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Estimated
|
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
|
-
|
-
|
-
|
-
|
-
|
March 31,
|
December 31,
|
|||||||||||||||
2016
|
2015
|
|||||||||||||||
Fair Value
|
Percentage
of Total
|
Fair Value
|
Percentage
of Total
|
|||||||||||||
(Dollars in Thousands)
|
||||||||||||||||
Securities available-for-sale:
|
||||||||||||||||
U.S. government and agency
|
$
|
10,024
|
6.66
|
%
|
$
|
10,615
|
7.03
|
%
|
||||||||
Municipal obligations
|
66,703
|
44.32
|
%
|
67,069
|
44.42
|
%
|
||||||||||
Corporate obligations
|
9,372
|
6.23
|
%
|
9,450
|
6.26
|
%
|
||||||||||
MBSs - government-backed
|
33,373
|
22.18
|
%
|
32,735
|
21.68
|
%
|
||||||||||
CMOs - government-backed
|
25,598
|
17.01
|
%
|
25,869
|
17.13
|
%
|
||||||||||
Total securities available-for-sale
|
145,070
|
96.40
|
%
|
145,738
|
96.52
|
%
|
||||||||||
Interest-bearing deposits
|
993
|
0.66
|
%
|
970
|
0.64
|
%
|
||||||||||
FHLB capital stock, at cost
|
3,564
|
2.36
|
%
|
3,397
|
2.25
|
%
|
||||||||||
FRB capital stock, at cost
|
871
|
0.58
|
%
|
887
|
0.59
|
%
|
||||||||||
Total
|
$
|
150,498
|
100.00
|
%
|
$
|
150,992
|
100.00
|
%
|
March 31,
|
December 31,
|
|||||||||||||||
2016
|
2015
|
|||||||||||||||
Amount
|
Percent of
Total
|
Amount
|
Percent of
Total
|
|||||||||||||
(Dollars in thousands)
|
||||||||||||||||
Real estate loans:
|
||||||||||||||||
Residential mortgage
|
||||||||||||||||
(1-4 family) (1)
|
$
|
113,364
|
26.75
|
%
|
$
|
118,133
|
28.95
|
%
|
||||||||
Commercial real estate
|
194,479
|
45.89
|
%
|
167,930
|
41.15
|
%
|
||||||||||
Real estate construction
|
15,673
|
3.70
|
%
|
22,958
|
5.63
|
%
|
||||||||||
Total real estate loans
|
323,516
|
76.34
|
%
|
309,021
|
75.73
|
%
|
||||||||||
Other loans:
|
||||||||||||||||
Home equity
|
45,404
|
10.72
|
%
|
45,345
|
11.11
|
%
|
||||||||||
Consumer
|
14,229
|
3.36
|
%
|
14,641
|
3.59
|
%
|
||||||||||
Commercial
|
40,614
|
9.58
|
%
|
39,072
|
9.57
|
%
|
||||||||||
Total other loans
|
100,247
|
23.66
|
%
|
99,058
|
24.27
|
%
|
||||||||||
Total loans
|
423,763
|
100.00
|
%
|
408,079
|
100.00
|
%
|
||||||||||
Deferred loan fees
|
882
|
795
|
||||||||||||||
Allowance for loan losses
|
3,940
|
3,550
|
||||||||||||||
Total loans, net
|
$
|
418,941
|
$
|
403,734
|
(1) Excludes loans held-for-sale.
|
March 31,
|
December 31,
|
|||||||
2016
|
2015
|
|||||||
(Dollars in Thousands)
|
||||||||
Non-accrual loans
|
||||||||
Real estate loans:
|
||||||||
Residential mortgage (1-4 family)
|
$
|
605
|
$
|
730
|
||||
Commercial real estate
|
658
|
667
|
||||||
Other loans:
|
||||||||
Home equity
|
220
|
161
|
||||||
Consumer
|
92
|
145
|
||||||
Commercial
|
5
|
327
|
||||||
Accruing loans delinquent 90 days or more
|
||||||||
Real estate loans:
|
||||||||
Residential mortgage (1-4 family)
|
221
|
221
|
||||||
Commercial real estate
|
4
|
4
|
||||||
Real estate construction
|
264
|
247
|
||||||
Other loans:
|
||||||||
Home equity
|
80
|
-
|
||||||
Commercial
|
141
|
-
|
||||||
Restructured loans:
|
||||||||
Other loans:
|
||||||||
Home equity
|
45
|
46
|
||||||
Total nonperforming loans
|
2,335
|
2,548
|
||||||
Real estate owned and other repossed property, net
|
606
|
595
|
||||||
Total nonperforming assets
|
$
|
2,941
|
$
|
3,143
|
||||
Total nonperforming loans to total loans
|
0.55
|
%
|
0.63
|
%
|
||||
Total nonperforming loans to total assets
|
0.36
|
%
|
0.40
|
%
|
||||
Total allowance for loan loss to nonperforming loans
|
168.74
|
%
|
139.32
|
%
|
||||
Total nonperforming assets to total assets
|
0.46
|
%
|
0.50
|
%
|
March 31,
|
December 31,
|
|||||||||||||||
2016
|
2015
|
|||||||||||||||
Percent
|
Percent
|
|||||||||||||||
Amount
|
of Total
|
Amount
|
of Total
|
|||||||||||||
(Dollars in Thousands)
|
||||||||||||||||
Noninterest checking
|
$
|
90,308
|
18.27
|
%
|
$
|
77,031
|
15.94
|
%
|
||||||||
Interest bearing checking
|
86,373
|
17.48
|
%
|
87,350
|
18.08
|
%
|
||||||||||
Savings
|
74,538
|
15.08
|
%
|
71,474
|
14.79
|
%
|
||||||||||
Money market accounts
|
91,560
|
18.53
|
%
|
94,880
|
19.64
|
%
|
||||||||||
Total
|
342,779
|
69.36
|
%
|
330,735
|
68.45
|
%
|
||||||||||
Certificates of deposit accounts:
|
||||||||||||||||
IRA certificates
|
32,853
|
6.65
|
%
|
33,262
|
6.88
|
%
|
||||||||||
Brokered certificates
|
7,071
|
1.43
|
%
|
7,071
|
1.46
|
%
|
||||||||||
Other certificates
|
111,482
|
22.56
|
%
|
112,114
|
23.21
|
%
|
||||||||||
Total certificates of deposit
|
151,406
|
30.64
|
%
|
152,447
|
31.55
|
%
|
||||||||||
Total deposits
|
$
|
494,185
|
100.00
|
%
|
$
|
483,182
|
100.00
|
%
|
For the Three Months Ended March 31,
|
||||||||||||||||||||||||
2016
|
2015
|
|||||||||||||||||||||||
Average
|
Interest
|
Average
|
Interest
|
|||||||||||||||||||||
Daily
|
and
|
Yield/
|
Daily
|
and
|
Yield/
|
|||||||||||||||||||
Balance
|
Dividends
|
Cost(3)
|
Balance
|
Dividends
|
Cost(3)
|
|||||||||||||||||||
(Dollars in Thousands)
|
||||||||||||||||||||||||
Assets:
|
||||||||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||
FHLB and FRB stock
|
$
|
4,579
|
$
|
31
|
2.71
|
%
|
$
|
2,609
|
$
|
-
|
0.00
|
%
|
||||||||||||
Loans receivable, net(1)
|
428,408
|
5,063
|
4.73
|
%
|
339,006
|
3,962
|
4.68
|
%
|
||||||||||||||||
Investment securities
|
145,708
|
747
|
2.05
|
%
|
157,505
|
759
|
1.93
|
%
|
||||||||||||||||
Other earning assets
|
2,899
|
3
|
0.41
|
%
|
4,774
|
3
|
0.23
|
%
|
||||||||||||||||
Total interest-earning assets
|
581,594
|
5,844
|
4.02
|
%
|
503,894
|
4,724
|
3.75
|
%
|
||||||||||||||||
Noninterest-earning assets
|
50,404
|
47,086
|
||||||||||||||||||||||
Total assets
|
$
|
631,998
|
$
|
550,980
|
||||||||||||||||||||
Liabilities and equity:
|
||||||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Deposit accounts:
|
||||||||||||||||||||||||
Money market
|
$
|
93,016
|
$
|
27
|
0.12
|
%
|
$
|
93,277
|
$
|
25
|
0.11
|
%
|
||||||||||||
Savings
|
70,507
|
7
|
0.04
|
%
|
64,228
|
7
|
0.04
|
%
|
||||||||||||||||
Checking
|
87,297
|
7
|
0.03
|
%
|
75,470
|
6
|
0.03
|
%
|
||||||||||||||||
Certificates of deposit
|
151,690
|
314
|
0.83
|
%
|
149,319
|
299
|
0.80
|
%
|
||||||||||||||||
Advances from FHLB and other
|
||||||||||||||||||||||||
borrowings including subordinated debt
|
89,345
|
395
|
1.77
|
%
|
47,697
|
164
|
1.38
|
%
|
||||||||||||||||
Total interest-bearing liabilities
|
491,855
|
750
|
0.61
|
%
|
429,991
|
501
|
0.47
|
%
|
||||||||||||||||
Noninterest checking
|
77,746
|
63,360
|
||||||||||||||||||||||
Other noninterest-bearing liabilities
|
5,630
|
2,782
|
||||||||||||||||||||||
Total liabilities
|
575,231
|
496,133
|
||||||||||||||||||||||
Total equity
|
56,767
|
54,847
|
||||||||||||||||||||||
Total liabilities and equity
|
$
|
631,998
|
$
|
550,980
|
||||||||||||||||||||
Net interest income/interest rate spread(2)
|
$
|
5,094
|
3.41
|
%
|
$
|
4,223
|
3.28
|
%
|
||||||||||||||||
Net interest margin(3)
|
3.50
|
%
|
3.35
|
%
|
||||||||||||||||||||
Total interest-earning assets to interest-bearing liabilities
|
118.25
|
%
|
117.19
|
%
|
(1)
|
Includes loans held-for-sale.
|
(2)
|
Interest rate spread represents the difference between the average yield on interest-earning assets and the average rate
|
|
on interest-bearing liabilities. |
(3)
|
Net interest margin represents income before the provision for loan losses divided by average interest-earning assets.
|
(4)
|
For purposes of this table, tax exempt income is not calculated on a tax equivalent basis.
|
For the Three Months Ended March 31,
|
||||||||||||||||||||||||
|
2016 |
|
2015 | |||||||||||||||||||||
Due to
|
Due to
|
|||||||||||||||||||||||
Volume
|
Rate
|
Net
|
Volume
|
Rate
|
Net
|
|||||||||||||||||||
(In Thousands)
|
||||||||||||||||||||||||
Interest earning assets:
|
||||||||||||||||||||||||
FHLB and FRB stock
|
$
|
1
|
$
|
30
|
$
|
31
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||||||
Loans receivable, net
|
1,045
|
56
|
1,101
|
947
|
(239
|
)
|
708
|
|||||||||||||||||
Investment securities
|
(57
|
)
|
45
|
(12
|
)
|
(211
|
)
|
(96
|
)
|
(307
|
)
|
|||||||||||||
Other earning assets
|
(1
|
)
|
1
|
-
|
-
|
2
|
2
|
|||||||||||||||||
Total interest earning assets
|
988
|
132
|
1,120
|
736
|
(333
|
)
|
403
|
|||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Savings, money market and
|
||||||||||||||||||||||||
checking accounts
|
2
|
1
|
3
|
2
|
(8
|
)
|
(6
|
)
|
||||||||||||||||
Certificates of deposit
|
4
|
11
|
15
|
(11
|
)
|
25
|
14
|
|||||||||||||||||
Advances from FHLB and other borrowings
|
||||||||||||||||||||||||
including subordinated debentures
|
144
|
87
|
231
|
104
|
(113
|
)
|
(9
|
)
|
||||||||||||||||
Total interest-bearing liabilities
|
150
|
99
|
249
|
95
|
(96
|
)
|
(1
|
)
|
||||||||||||||||
Change in net interest income
|
$
|
838
|
$
|
33
|
$
|
871
|
$
|
641
|
$
|
(237
|
)
|
$
|
404
|
March 31, 2016
|
||||||||
(Unaudited)
|
||||||||
Dollar
|
% of
|
|||||||
Amount
|
Assets
|
|||||||
(Dollars in Thousands)
|
||||||||
Total risk-based capital to risk weighted assets:
|
||||||||
Capital level
|
$
|
61,581
|
13.72
|
%
|
||||
Requirement
|
35,898
|
8.00
|
||||||
Excess
|
$
|
25,683
|
5.72
|
%
|
||||
Tier I capital to risk weighted assets:
|
||||||||
Capital level
|
$
|
57,641
|
12.85
|
%
|
||||
Requirement
|
26,923
|
6.00
|
||||||
Excess
|
$
|
30,718
|
6.85
|
%
|
||||
Common equity tier I capital to risk weighted assets:
|
||||||||
Capital level
|
$
|
57,641
|
12.85
|
%
|
||||
Requirement
|
20,192
|
4.50
|
||||||
Excess
|
$
|
37,449
|
8.35
|
%
|
||||
Tier I capital to adjusted total assets:
|
||||||||
Capital level
|
$
|
57,641
|
9.29
|
%
|
||||
Requirement
|
24,811
|
4.00
|
||||||
Excess
|
$
|
32,830
|
5.29
|
%
|
Changes in Market
|
Rate Sensitivity
|
||||||||||||
Interest Rates
|
As of February 29, 2016
|
Policy
|
|||||||||||
(Basis Points)
|
Year 1
|
Year 2
|
Limits
|
||||||||||
+200
|
-0.47
|
%
|
1.04
|
%
|
-15.00
|
%
|
|||||||
-100
|
-1.49
|
%
|
-6.23
|
%
|
-15.00
|
%
|
Item 1.
|
Item 1A.
|
Item 3.
|
Item 4.
|
Item 5.
|
Item 6.
|
Exhibit
Number
|
Description
|
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 (a) 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 (a) of the Sarbanes-Oxley Act of 2002.
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32.1
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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.
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101.INS
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XBRL Instance Document
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101.SCH
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XBRL Taxonomy Extension Schema Document
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101.CAL
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XBRL Taxonomy Extension Calculation Linkbase Document
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101.DEF
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XBRL Taxonomy Extension Definition Linkbase Document
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101.LAB
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XBRL Taxonomy Extension Label Linkbase Document
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101.PRE
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XBRL Taxonomy Extension Presentation Linkbase Document
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EAGLE BANCORP MONTANA, INC.
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Date: May 11, 2016
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By:
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/s/ Peter J. Johnson
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Peter J. Johnson
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President/CEO
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Date: May 11, 2016
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By:
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/s/ Laura F. Clark
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Laura F. Clark
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Senior Vice President/CFO
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1. | I have reviewed this quarterly report on Form 10-Q 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 and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules13a-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 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 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. |
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/s/ Peter J. Johnson | |
Peter J. Johnson | ||
President and Chief Executive Officer | ||
(Principal Executive Officer) |
1. | I have reviewed this quarterly report on Form 10-Q 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 and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules13a-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 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 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. |
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/s/ Laura F. Clark | |
Laura F. Clark | ||
Senior VP and Chief Financial Officer | ||
(Principal Financial Officer)
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(1)
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The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
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(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
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/s/ Peter J. Johnson
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/s/ Laura F. Clark
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Peter J. Johnson
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Laura F. Clark
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Chief Executive Officer
(Principal Executive Officer)
May 11, 2016
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Chief Financial Officer and Principal Accounting Officer
(Principal Financial Officer)
May 11, 2016
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Document and Entity Information - shares |
3 Months Ended | |
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Mar. 31, 2016 |
May. 11, 2016 |
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Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2016 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | EBMT | |
Entity Registrant Name | Eagle Bancorp Montana, Inc. | |
Entity Central Index Key | 0001478454 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 3,779,464 |
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Loans receivable, deferred loan fees | $ 882 | $ 795 |
Loans receivable, allowance for loan losses | $ 3,940 | $ 3,550 |
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 | 3,779,464 |
Consolidated Statements of Income (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | |
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Mar. 31, 2016 |
Mar. 31, 2015 |
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Income Statement [Abstract] | ||
Gain on sale of loans, accumulated other comprehensive earnings reclassification | $ 635 | $ 496 |
Net gain on sale of available-for-sale securities, accumulated other comprehensive earnings reclassification | 0 | 186 |
Income tax expense, reclassification items | $ 460 | $ 547 |
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended | |
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Mar. 31, 2016 |
Mar. 31, 2015 |
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Statement of Comprehensive Income [Abstract] | ||
Net income | $ 823 | $ 386 |
OTHER ITEMS OF COMPREHENSIVE INCOME (LOSS): | ||
Change in fair value of investment securities available-for-sale, before income taxes | 1,127 | 1,495 |
Reclassification for realized gains and losses on investment securities included in income, before income tax | 0 | (186) |
Change in fair value of derivatives designated as cash flow hedges, before income taxes | 636 | 529 |
Reclassification for realized gains on derivatives designated as cash flow hedges, before income taxes | (635) | (496) |
Total other items of comprehensive income | 1,128 | 1,342 |
Income tax expense related to: | ||
Investment securities | (460) | (534) |
Derivatives designated as cash flow hedges | (13) | |
Income tax expense | (460) | (547) |
COMPREHENSIVE INCOME | $ 1,491 | $ 1,181 |
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands |
Total |
PREFERRED STOCK |
COMMON STOCK |
PAID-IN CAPITAL |
UNALLOCATED ESOP SHARES |
TREASURY STOCK |
RETAINED EARNINGS |
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME |
---|---|---|---|---|---|---|---|---|
Balance at Dec. 31, 2014 | $ 54,498 | $ 41 | $ 22,122 | $ (1,141) | $ (2,194) | $ 35,885 | $ (215) | |
Net income | 386 | 386 | ||||||
Other comprehensive income | 795 | 795 | ||||||
Dividends paid | (288) | (288) | ||||||
Treasury stock purchased | (616) | (616) | ||||||
Employee Stock Ownership Plan shares allocated or committed to be released for allocation | 46 | 4 | 42 | |||||
Balance at Mar. 31, 2015 | 54,821 | 41 | 22,126 | (1,099) | (2,810) | 35,983 | 580 | |
Balance at Dec. 31, 2015 | 55,450 | 41 | 22,152 | (975) | (3,321) | 37,301 | 252 | |
Net income | 823 | 823 | ||||||
Other comprehensive income | 668 | 668 | ||||||
Dividends paid | (293) | (293) | ||||||
Employee Stock Ownership Plan shares allocated or committed to be released for allocation | 47 | 5 | 42 | |||||
Balance at Mar. 31, 2016 | $ 56,695 | $ 41 | $ 22,157 | $ (933) | $ (3,321) | $ 37,831 | $ 920 |
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares |
3 Months Ended | |
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Mar. 31, 2016 |
Mar. 31, 2015 |
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Statement of Stockholders' Equity [Abstract] | ||
Dividends paid, per share | $ 0.0775 | $ 0.075 |
Treasury stock purchased, shares | 55,800 | |
Treasury stock purchased, cost per share | $ 11.03 | |
ESOP shares allocated or committed to be released for allocation, shares | 4,154 | 4,154 |
Basis of Presentation |
3 Months Ended |
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Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | NOTE 1. BASIS OF
PRESENTATION
The accompanying unaudited consolidated financial statements have
been prepared in accordance with the rules and regulations of the
Securities and Exchange Commission. Accordingly, they do not
include all of the information and footnotes required by accounting
principles generally accepted in the United States of America for
annual reports. However, such information reflects all adjustments
(consisting of normal recurring adjustments) which are, in the
opinion of management, necessary for a fair presentation of our
financial position, results of operations, changes in comprehensive
income and cash flows for the unaudited interim periods.
The results of operations for the three month period ended March
31, 2016 are not necessarily indicative of the results to be
expected for the year ending December 31, 2016 or any other period.
The unaudited consolidated financial statements and notes presented
herein should be read in conjunction with the audited consolidated
financial statements and related notes thereto included in
Eagle’s Form 10-K for the year ended December 31, 2015.
Certain prior period amounts have been reclassified to conform to
the presentation for 2016. These reclassifications had no impact on
net income or total shareholders’ equity. Certain loan
amounts were reclassified for prior periods to be consistent with
loan category classification for March 31, 2016. Interchange and
ATM fees and appreciation in cash surrender value of life insurance
were previously included in other noninterest income on the
Consolidated Statements of Income. These amounts were presented on
their own lines for the three months ended March 31, 2016 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.
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Investment Securities |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Securities |
NOTE 2. INVESTMENT
SECURITIES
Investment securities are summarized as follows:
There were no sales of securities available-for-sale during the
three months ended March 31, 2016. For the three months ended March
31, 2015, net proceeds from sales of securities available-for-sale
were $8,947,000. For the three months ended March 31, 2015, gross
realized gains were $242,000 and gross realized losses were
$56,000.
The amortized cost and fair value of securities at March 31, 2016
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.
Maturities of securities do not reflect repricing opportunities
present in adjustable rate securities.
The Company’s investment securities that have been in a
continuous unrealized loss position for less than twelve months and
those that have been in a continuous unrealized loss position for
twelve or more months were as follows:
Management evaluates securities for other-than-temporary impairment
at least quarterly, and more frequently when economic or market
concerns warrant such evaluation. Consideration is given to (1) the
length of time and the extent to which the fair value has been less
than cost, (2) the financial condition and near-term prospects of
the issuer and (3) the intent and ability of the Company to retain
its investment in the issuer for a period of time sufficient to
allow for any anticipated recovery in fair value. As of March 31,
2016 and December 31, 2015, there were, respectively, 57 and 85
securities in an unrealized loss position and that were considered
to be temporarily impaired and therefore an impairment charge has
not been recorded.
At March 31, 2016, 32 U.S. government and agency securities and
municipal obligations had unrealized losses with aggregate
depreciation of approximately 1.09% from the Company’s
amortized cost basis of these securities. At December 31, 2015, 52
U.S. government and agency securities and municipal obligations had
unrealized losses with aggregate depreciation of approximately
1.43% from the Company’s amortized cost basis of these
securities. These unrealized losses are principally due to changes
in interest rates and credit spreads. In analyzing an issuer's
financial condition, management considers whether the securities
are issued by the federal government or its agencies, whether
downgrades by bond rating agencies have occurred and industry
analysts' reports. As management has the ability to hold debt
securities until maturity, or for the foreseeable future, no
declines are deemed to be other than temporary.
At March 31, 2016, 11 corporate obligations had an unrealized loss
of approximately 2.53% from the Company’s amortized cost
basis of this security. At December 31, 2015, 13 corporate
obligations had an unrealized loss with aggregate depreciation of
approximately 1.76% from the Company's cost basis. This unrealized
loss is principally due to changes in interest rates. No credit
issues have been identified that cause management to believe the
declines in market value are other than temporary. In analyzing the
issuer's financial condition, management considers industry
analysts' reports, financial performance and projected target
prices of investment analysts within a one-year time frame. As
management has the ability to hold debt securities until maturity,
or for the foreseeable future, no declines are deemed to be other
than temporary.
At March 31, 2016, 14 mortgage-backed securities
(“MBSs”) and collateralized mortgage obligations
(“CMOs”) had unrealized losses with aggregate
depreciation of approximately 0.79% from the Company’s cost
basis of these securities. At December 31, 2015, 20 MBSs and CMOs
have unrealized losses with aggregate depreciation of approximately
1.57% from the Company’s cost basis. We believe these
unrealized losses are principally due to the credit market’s
concerns regarding the stability of the mortgage market, changes in
interest rates and credit spreads and uncertainty of future
prepayment speeds. Management considers available evidence to
assess whether it is more likely-than-not that all amounts due
would not be collected. In such assessment, management considers
the severity and duration of the impairment, the credit ratings of
the security, the overall deal and payment structure, including the
Company's position within the structure, underlying obligor,
financial condition and near term prospects of the issuer,
delinquencies, defaults, loss severities, recoveries, prepayments,
cumulative loss projections, discounted cash flows and fair value
estimates. There has been no disruption of the scheduled cash flows
on any of the securities. Management’s analysis as of March
31, 2016 revealed no expected credit losses on the securities and
therefore, declines are not deemed to be other than
temporary.
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Loans Receivable |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Receivable |
NOTE 3. LOANS
RECEIVABLE
Loans receivable consisted of the following:
Within the commercial real estate loan category above, $11,987,000
and $12,117,000 was guaranteed by the United States Department of
Agriculture Rural Development, at March 31, 2016 and December 31,
2015, respectively. In addition, within the commercial loan
category above, $1,878,000 and $1,917,000 were in loans originated
through a syndication program where the business resides outside of
Montana, at March 31, 2016, and December 31, 2015,
respectively.
The following table includes information regarding nonperforming
assets.
Allowance for loan losses activity was as follows:
The Company utilizes a 5 point internal loan rating system,
largely based on regulatory classifications, for 1-4 family real
estate, commercial real estate, construction, home equity and
commercial loans as follows:
Loans rated Pass –
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 –Loans
that 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 –
Loans that are inadequately protected by the current net worth and
paying capacity of the obligor of 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 –
Loans that 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.
Loans rated Loss –
Loans that 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
affected in the future.
On an annual basis, or more often if needed, the Company formally
reviews the ratings of all commercial 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.
Internal classification of the loan portfolio was as follows:
The following tables include
information regarding delinquencies within the loan
portfolio.
The following tables include information regarding impaired
loans.
Interest income recognized on impaired loans for the three
months ended March 31, 2016 and 2015 are considered
insignificant.
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Troubled Debt Restructurings |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Text Block [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Troubled Debt Restructurings |
NOTE 4. TROUBLED
DEBT RESTRUCTURINGS
The Company adopted the amendments in Accounting Standards Update
No. 2011-02 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 Accounting Standards Update No.
2011-02 require prospective application of the impairment
measurement guidance in Section 310-10-35 for those receivables
newly identified as impaired.
As of March 31, 2016, 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 $45,000 (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 (310-40-65-1(b)). There was $34,000 charged-off
at the time of restructure related to these receivables.
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.
The Bank’s policy is that loans placed on non-accrual will
typically remain on non-accrual status until all principal and
interest payments are brought current and the prospect for future
payment in accordance with the loan agreement appears relatively
certain. The Bank’s policy generally refers to six months of
payment performance as sufficient to warrant a return to accrual
status.
During the three months ended March 31, 2016 and 2015, there were
no new restructured loans.
There were no loans modified as a troubled debt restructured loan
within the previous three months for which there was a payment
default during the three months ended March 31, 2016.
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 March 31, 2016 and December 31, 2015, the Company
had no commitments to lend additional funds to loan customers whose
terms had been modified in trouble debt restructures.
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Deposits |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Banking and Thrift [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits |
NOTE 5. DEPOSITS
Deposits are summarized as follows:
|
Subordinated Debentures |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Brokers and Dealers [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated Debentures |
NOTE 6. SUBORDINATED
DEBENTURES
Subordinated debentures consisted of the following:
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.
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 in December 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 2.049% and 2.033% as of March 31,
2016 and December 31, 2015, 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.
|
Earnings Per Share |
3 Months Ended |
---|---|
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share |
NOTE 7. EARNINGS
PER SHARE
Basic earnings per share for the three months ended March 31, 2016
was computed using 3,779,464 weighted average shares outstanding.
Basic earnings per share for the three months ended March 31, 2015
was computed using 3,844,617 weighted average shares outstanding.
Diluted earnings per share was computed using the treasury stock
method by adjusting the number of shares outstanding by the shares
purchased. The weighted average shares outstanding for the diluted
earnings per share calculations was 3,873,171 for the three months
ended March 31, 2016 and 3,881,872 for the three months ended March
31, 2015.
|
Dividends and Stock Repurchase Program |
3 Months Ended |
---|---|
Mar. 31, 2016 | |
Equity [Abstract] | |
Dividends and Stock Repurchase Program |
NOTE 8. DIVIDENDS
AND STOCK REPURCHASE PROGRAM
For the year ended December 31, 2015, Eagle paid dividends of
$0.075 per share for the quarters ended March 31 and June 30, 2015.
Eagle paid dividends of $0.0775 per share for the quarters ended
September 30 and December 31, 2015. A dividend of $0.0775 per share
was declared on January 21, 2016, and paid March 4, 2016 to
shareholders of record on February 12, 2016. A dividend of $0.0775
per share was declared on April 28, 2016, payable on June 3, 2016
to shareholders of record on May 13, 2016.
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. The plan expires on July 23, 2016 and 38,935 shares
remain for purchase under this plan.
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. In addition, under this plan,
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.
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Accumulated Other Comprehensive Income (Loss) |
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Mar. 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) |
NOTE 9. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The following table includes information regarding the activity in
accumulated other comprehensive income (loss).
|
Derivatives and Hedging Activities |
3 Months Ended |
---|---|
Mar. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activities | NOTE 10.
DERIVATIVES AND HEDGING ACTIVITIES
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 (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 designated the
interest rate swap on this fixed-rate loan as a fair value
hedge.
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 had 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 is not callable.
At December 31, 2014, 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, 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. The remaining balance was $129,000 at March 31, 2016.
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 Company 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 Company 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.
Outstanding derivative loan commitments expose the Company 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 $33,441,000 and $24,378,000 at March 31,
2016 and December 31, 2015, respectively.
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.
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures |
NOTE 11. FAIR VALUE DISCLOSURES
FASB ASC 820 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.
FASB ASC 820 requires the use of 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, FASB ASC 820 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:
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, or convert to cash in the short term.
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.
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 the
lower of cost or 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
previously had one loan that was carried at fair value subject to a
fair value hedge. Fair value was determined utilizing valuation
models that considered the scheduled cash flows through anticipated
maturity and was considered a Level 2 input. The interest rate swap
was terminated during the quarter ended March 31, 2015. See Note 10
– Derivatives and Hedging Activities for more
information.
Derivative Financial Instruments – Fair values for
interest rate swap agreements were based upon the amounts required
to settle the contracts. These instruments were valued using Level
3 inputs utilizing valuation models that considered: (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 tables summarize financial assets and financial
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.
Certain financial assets and
financial 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).
The following table summarizes financial assets and financial
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 March 31, 2016, certain impaired loans were remeasured and
reported at fair value through a specific valuation allowance
allocation of the allowance for possible loan losses based upon the
fair value of the underlying collateral. Impaired loans with a
carrying value of $1,625,000 were reduced by specific valuation
allowance allocations totaling $81,000 to a total reported fair
value of $1,544,000 based on collateral valuations utilizing Level
3 valuation inputs.
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 upon 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.
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.
FASB 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 March 31, 2016 and December 31, 2015, 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. However, the Form 10-K for the year ended December 31,
2015 provides additional description of valuation methodologies
used in estimating fair value of these financial instruments.
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 Federal Home Loan Bank of Des Moines
(“FHLB”) and Federal Reserve Bank
(“FRB”) – The fair value of stock
approximates redemption value.
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.
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.
Mortgage servicing rights – the fair value of
servicing rights was determined using discount rates ranging from
approximately 10.00% to 12.00%, prepayment speeds ranging from
approximately 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.
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 & 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 March 31, 2016 and December 31, 2015,
respectively if the borrowings repriced according to their stated
terms.
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.
|
Recent Accounting Pronouncements |
3 Months Ended |
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Mar. 31, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements |
NOTE 12. 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.
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
Company’s financial statements.
In February 2016, the FASB issued ASU No. 2016-2, Leases (Topic
842) intended to improve financial reporting regarding leasing
transactions. The new standard affects all companies and
organizations that lease assets. The standard will require
organizations to recognize on the balance sheet the assets and
liabilities for the rights and obligations created by those leases
if the lease terms are more than 12 months. The guidance also will
require qualitative and quantitative disclosures providing
additional information about the amounts recorded in the financial
statements. The amendments in this update are effective for
fiscal years beginning after December 15, 2018, including interim
periods within those fiscal years. The Company is evaluating
the potential impact of the amendment on the Company’s
financial statements.
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Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Amortized Cost, Estimated Fair values and Unrealized Gains and Losses |
Investment securities are summarized as follows:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Amortized Cost and Estimated Fair Value by Contractual Maturity |
The amortized cost and fair value of securities at March 31, 2016
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.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Investment Securities That Have Been in a Continuous Unrealized-Loss Position |
The Company’s investment securities that have been in a
continuous unrealized loss position for less than twelve months and
those that have been in a continuous unrealized loss position for
twelve or more months were as follows:
|
Loans Receivable (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Loans Receivable |
Loans receivable consisted of the following:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Information Regarding Non-Performing Assets |
The following table includes information regarding nonperforming
assets.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Allowance for Loan Losses Activity | Allowance for loan losses activity was as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Information Regarding the Internal Classification of the Loan Portfolio |
Internal classification of the loan portfolio was as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Delinquencies Within the Loan Portfolio | The following tables include
information regarding delinquencies within the loan
portfolio.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Impaired Loans | The following tables include information regarding impaired
loans.
|
Troubled Debt Restructurings (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text Block [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Troubled Debt Restructurings | The following tables present troubled debt
restructurings.
|
Deposits (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Banking and Thrift [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Composition of Deposits |
Deposits are summarized as follows:
|
Subordinated Debentures (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Brokers and Dealers [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Subordinated Debentures |
Subordinated debentures consisted of the following:
|
Accumulated Other Comprehensive Income (Loss) (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Activity in Accumulated Other Comprehensive Income (Loss) |
The following table includes information regarding the activity in
accumulated other comprehensive income (loss).
|
Fair Value Disclosures (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis |
The following tables summarize financial assets and financial
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 table summarizes financial assets and financial
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:
|
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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.
|
Loans (Schedule of Summary of the Balances of Loans) (Detail) - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
---|---|---|---|---|
Receivables [Abstract] | ||||
Residential Mortgage (1-4 Family) | $ 113,364 | $ 118,133 | ||
Commercial Real Estate | 194,479 | 167,930 | ||
Real estate construction | 15,673 | 22,958 | ||
Home equity | 45,404 | 45,345 | ||
Consumer | 14,229 | 14,641 | ||
Commercial | 40,614 | 39,072 | ||
Total | 423,763 | 408,079 | $ 336,968 | |
Allowance for loan losses | (3,940) | (3,550) | $ (2,625) | $ (2,450) |
Deferred loan fees, net | (882) | (795) | ||
Total loans, net | $ 418,941 | $ 403,734 |
Loans Receivable (Narrative) (Detail) - USD ($) |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Dec. 31, 2015 |
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial real estate loans | $ 194,479,000 | $ 167,930,000 |
Commercial loans | 40,614,000 | 39,072,000 |
Minimum principal balance of loans for quarterly rating review | $ 750,000 | |
Minimum number of days consumer loans are delinquent for quarterly rating review | 90 days | |
Minimum number of days commercial loans are delinquent for quarterly rating review | 60 days | |
Syndicated Loan Facility [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial loans | $ 1,878,000 | 1,917,000 |
United States Department of Agriculture Rural Development [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial real estate loans | $ 11,987,000 | $ 12,117,000 |
Loans (Schedule of Information Regarding Non-Performing Assets) (Detail) - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
---|---|---|---|---|
Receivables [Abstract] | ||||
Non-accrual loans | $ 1,580 | $ 2,030 | ||
Accruing loans delinquent 90 days or more | 710 | 472 | ||
Restructured loans, net | 45 | 46 | ||
Total nonperforming loans | 2,335 | 2,548 | ||
Real estate owned and other repossessed assets, net | 606 | 595 | ||
Total | $ 2,941 | $ 3,143 | ||
Total non-performing assets as a percentage of total assets | 0.46% | 0.50% | ||
Allowance for loan losses | $ 3,940 | $ 3,550 | $ 2,625 | $ 2,450 |
Percent of allowance for loan losses to non-performing loans | 168.74% | 139.32% | ||
Percent of allowance for loan losses to non-performing assets | 133.97% | 112.95% |
Trouble Debt Restructurings (Narrative) (Detail) |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2016
USD ($)
Loan
|
Mar. 31, 2015
Loan
|
Dec. 31, 2015
USD ($)
|
|
Receivables [Abstract] | |||
Impaired receivables | $ 45,000 | ||
Impaired receivables, allowance for credit losses | 0 | ||
Impaired receivables, charged-off at time of restructure | $ 34,000 | ||
Number of newly restructured loans | Loan | 0 | 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 | ||
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 |
Mar. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructuring | $ 45 | $ 46 |
Home Equity [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructuring | 45 | 46 |
Accrual Status [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructuring | 45 | 46 |
Accrual Status [Member] | Home Equity [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructuring | $ 45 | $ 46 |
Deposits (Schedule of Composition of Deposits) (Detail) - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Other Liabilities Disclosure [Abstract] | ||
Noninterest checking | $ 90,308 | $ 77,031 |
Interest bearing checking | 86,373 | 87,350 |
Savings | 74,538 | 71,474 |
Money market | 91,560 | 94,880 |
Time certificates of deposit | 151,406 | 152,447 |
Total deposits | $ 494,185 | $ 483,182 |
Subordinated Debentures (Schedule of Subordinated Debentures) (Detail) - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
Jun. 30, 2015 |
---|---|---|---|
Subordinated Borrowing [Line Items] | |||
Principal Amount | $ 15,155 | $ 15,155 | |
Unamortized debt issuance costs | (201) | (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 | $ 10,000 |
Unamortized debt issuance costs | $ (201) | $ (206) |
Subordinated Debentures (Schedule of Subordinated Debentures) (Parenthetical) (Detail) |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
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% |
Earnings Per Share (Narrative) (Detail) - shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Earnings Per Share [Abstract] | ||
Weighted average shares outstanding during the year on which basic earnings per share is calculated | 3,779,464 | 3,844,617 |
Average outstanding shares on which diluted earnings per share is calculated | 3,873,171 | 3,881,872 |
Derivatives and Hedging Activities (Narrative) (Detail) - USD ($) $ in Thousands |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
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 | |||
Loan fair value adjustment | $ 138 | |||
Loan maturity date | Sep. 01, 2030 | |||
Commitments to extend credit, maximum binding period | 60 months | |||
Notional amount of interest rate lock commitments | $ 33,441 | $ 24,378 | ||
Interest Rate Swap [Member] | ||||
Derivative [Line Items] | ||||
Loans receivable, outstanding principal balance | $ 129 | |||
Notional amount | 10,673 | |||
Interest Rate Swap [Member] | Noninterest Income [Member] | ||||
Derivative [Line Items] | ||||
Gain (loss) recognized in income, related to ineffectiveness | $ (93) | $ (317) |
Fair Value Disclosures (Schedule of Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis) (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Financial Assets: | ||
Loans held-for-sale | $ 18,284 | $ 18,702 |
Available-for-sale Securities [Member] | ||
Financial Assets: | ||
U.S. government and agency | 10,024 | 10,615 |
Municipal obligations | 66,703 | 67,069 |
Corporate obligations | 9,372 | 9,450 |
MBSs - government-backed | 33,373 | 32,735 |
CMOs - government backed | 25,598 | 25,869 |
Fair Value, Inputs, Level 2 [Member] | ||
Financial Assets: | ||
Loans held-for-sale | 18,284 | 18,702 |
Fair Value, Inputs, Level 2 [Member] | Available-for-sale Securities [Member] | ||
Financial Assets: | ||
U.S. government and agency | 10,024 | 10,615 |
Municipal obligations | 66,703 | 67,069 |
Corporate obligations | 9,372 | 9,450 |
MBSs - government-backed | 33,373 | 32,735 |
CMOs - government backed | $ 25,598 | $ 25,869 |
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 |
3 Months Ended | 12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2016 |
Dec. 31, 2015 |
||||||||
Impaired Loans [Member] | |||||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||||||
Fair Value | $ 1,544 | $ 2,028 | |||||||
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 | $ 606 | $ 595 | |||||||
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% | |||||||
|
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