10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

FORM 10-Q

(Mark One)

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2016

OR

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to _______________

Commission File No. 001-35399

CHEVIOT FINANCIAL CORP.

(Exact name of registrant as specified in its charter)

Maryland	90-0789920
(State or other jurisdiction of	(I.R.S. Employer
incorporation or organization)	Identification Number)

3723 Glenmore Avenue, Cincinnati, Ohio  45211

(Address of principal executive office)

Registrant’s telephone number, including area code: (513) 661-0457

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Sections 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.

Yes x          No ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes x          No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one.)

Large accelerated filer ¨	Accelerated filer x	Non-accelerated filer ¨
Smaller reporting company ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ¨          No x

As of May 6, 2016, the latest practicable date, 6,802,944 shares of the registrant’s common stock, $.01 par value, were issued and outstanding.

INDEX

			Page
PART I	-	FINANCIAL INFORMATION
		Consolidated Statements of Financial Condition	3
		Consolidated Statements of Earnings	4
		Consolidated Statements of Comprehensive Income	5
		Consolidated Statements of Cash Flows	6
		Notes to Consolidated Financial Statements	8
		Management’s Discussion and Analysis of Financial Condition and Results of Operations	36
		Quantitative and Qualitative Disclosures about Market Risk	43
		Controls and Procedures	43
PART II	-	OTHER INFORMATION	44
SIGNATURES			46

2

Cheviot Financial Corp.

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

March 31, 2016 and December 31, 2015

(In thousands, except share data)

	March 31,			December 31,
	2016			2015
	(Unaudited)
ASSETS
Cash and due from banks	$	22,941		$	28,597
Interest-earning deposits in other financial institutions		16,398			14,408
Cash and cash equivalents		39,339			43,005
Investment securities available for sale – at fair value		76,915			91,220
Mortgage-backed securities available for sale - at fair value		24,792			7,503
Loans receivable - net		365,874			374,274
Loans held for sale - at lower of cost or market		1,351			1,897
Real estate acquired through foreclosure - net		1,310			1,633
Office premises and equipment - at depreciated cost		10,713			10,869
Federal Home Loan Bank stock - at cost		8,651			8,651
Accrued interest receivable on loans		1,079			1,046
Accrued interest receivable on mortgage-backed securities		72			27
Accrued interest receivable on investments and interest-earning deposits		282			597
Goodwill		10,309			10,309
Core deposit intangible - net		247			274
Prepaid expenses and other assets		4,239			4,001
Bank-owned life insurance		16,515			16,407
Deferred federal income taxes		220			287
Total assets	$	561,908		$	572,000
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits	$	446,702		$	454,885
Advances from the Federal Home Loan Bank		12,072			12,578
Advances by borrowers for taxes and insurance		1,609			2,494
Accrued interest payable		46			50
Accounts payable and other liabilities		5,153			5,485
Accrued federal income taxes		25			39
Total liabilities		465,607			475,531
Shareholders’ equity
Preferred stock - authorized 5,000,000 shares, $.01 par value; none issued Common stock - authorized 30,000,000 shares, $.01 par value; 6,802,944 and 6,802,944 shares issued at March 31, 2016 and December 31, 2015		68			68
Additional paid-in capital		56,817			56,757
Shares acquired by stock benefit plans		(1,362	)		(1,374	)
Retained earnings - restricted		40,809			41,486
Accumulated comprehensive loss, unrealized losses on securities available for sale, net of related tax effects		(31	)		(468	)
Total shareholders’ equity		96,301			96,469
Total liabilities and shareholders’ equity	$	561,908		$	572,000

See accompanying notes to consolidated financial statements.

3

Cheviot Financial Corp.

CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)

For the three months ended March 31, 2016 and 2015

(In thousands, except per share data)

	2016			2015
Interest income
Loans	$	3,883		$	3,631
Mortgage-backed securities		59			40
Investment securities		418			688
Interest-earning deposits and other		105			93
Total interest income		4,465			4,452
Interest expense
Deposits		692			779
Borrowings		93			112
Total interest expense		785			891
Net interest income		3,680			3,561
Provision for losses on loans		541			143
Net interest income after provision for losses on loans		3,139			3,418
Other income
Rental		25			28
Gain (loss) on sale of real estate acquired through foreclosure		3			(9	)
Gain on sale of on office premises and equipment		1			-
Gain on sale of loans		180			205
Earnings on bank-owned life insurance		109			110
Service fee income		371			345
Other operating		-			2
Total other income		689			681
General, administrative and other expense
Employee compensation and benefits		1,616			2,271
Occupancy and equipment		310			320
Property, payroll and other taxes		339			317
Data processing		208			200
Legal and professional		409			213
Advertising		62			81
FDIC expense		93			81
ATM processing expense		123			95
Real estate owned impairment		258			108
Core deposit intangible amortization		28			34
Other operating		409			356
Total general, administrative and other expense		3,855			4,076
Earnings (loss) before federal income taxes		(27	)		23
Federal income taxes (benefits)
Current		127			-
Deferred		(158	)		22
Total federal income taxes (benefits)		(31	)		22
NET EARNINGS	$	4		$	1
EARNINGS PER SHARE
Basic	$	.00		$	.00
Diluted	$	.00		$	.00
Dividends declared per share	$	.10		$	.09

See accompanying notes to consolidated financial statements.

4

Cheviot Financial Corp.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

For the three months ended March 31, 2016 and 2015

(In thousands)

	2016			2015
Net earnings for the period	$	4		$	1
Other comprehensive income, net of related tax expense:
Unrealized holding gains on securities during the period, net of tax expense of $225 and $627 for the periods ended March 31, 2016 and 2015, respectively		437			1,217
Comprehensive income	$	441		$	1,218
Accumulated comprehensive loss	$	(31	)	$	(329	)

5

Cheviot Financial Corp.

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

For the three months ended March 31, 2016 and 2015

(In thousands)

	2016			2015
Cash flows from operating activities:
Net earnings for the period	$	4		$	1
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Amortization of premiums and discounts on investment and mortgage-backed securities, net		-			(3	)
Depreciation		158			157
Amortization of deferred loan origination costs - net		(18	)		49
Proceeds from sale of loans in the secondary market		5,745			9,348
Loans originated for sale in the secondary market		(5,390	)		(9,569	)
Gain on sale of loans		(180	)		(205	)
Amortization of expense related to stock benefit plans		27			15
Provision for losses on loans		541			143
Amortization of fair value adjustments		(37	)		(93	)
(Gain) loss on real estate acquired through foreclosure		(3	)		9
Impairment on real estate acquired through foreclosure		258			108
Gain on sale of office premises and equipment		(1	)		-
Net increase in cash surrender value of bank-owned life insurance		(109	)		(110	)
Increase (decrease) in cash, due to changes in:
Accrued interest receivable on loans		(32	)		-
Accrued interest receivable on mortgage-backed securities		(46	)		3
Accrued interest receivable on investments and interest-earning deposits		315			309
Prepaid expenses and other assets		(238	)		(299	)
Accrued interest payable		(4	)		(2	)
Accounts payable and other liabilities		(356	)		(980	)
Federal income taxes
Current		(14	)		1
Deferred		(158	)		22
Net cash flows provided by (used in) operating activities		462			(1,096	)
Cash flows provided by (used in) investing activities:
Principal repayments on loans		19,603			14,152
Loan disbursements		(11,286	)		(14,794	)
Purchase of investment securities – available for sale		-			(24,996	)
Proceeds from maturity of investment securities – available for sale		15,000			15,000
Principal repayments on mortgage-backed securities – available for sale		292			574
Purchase of mortgage-backed securities – available for sale		(17,613	)		-
Proceeds from the sale of real estate acquired through foreclosure		65			81
Purchase of office premises and equipment		(2	)		(56	)
Net cash flows provided by (used in) investing activities		6,059			(10,039	)
Cash flows provided by (used in) financing activities:
Net increase (decrease) in deposits		(8,183	)		3,739
Repayments on Federal Home Loan Bank advances		(482	)		(972	)
Advances by borrowers for taxes and insurance		(885	)		(990	)
Stock option expense, net		44			35
Common stock issued		-			45
Dividends paid on common stock		(681	)		(608	)
Net cash flows provided by (used in) financing activities		(10,187	)		1,249
Net change in cash and cash equivalents		(3,666	)		(9,886	)
Cash and cash equivalents at beginning of period		43,005			42,439
Cash and cash equivalents at end of period	$	39,339		$	32,553

See accompanying notes to consolidated financial statements.

6

Cheviot Financial Corp.

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (CONTINUED)

For the three months ended March 31, 2016 and 2015

(In thousands)

	2016		2015
Supplemental disclosure of cash flow information:
Cash paid during the period for:
Federal income taxes	$	141	$	-
Interest on deposits and borrowings	$	789	$	893
Supplemental disclosure of non-cash investing activities:
Transfer from loans to real estate acquired through foreclosure	$	-	$	27
Recognition of mortgage servicing rights	$	33	$	69

See accompanying notes to consolidated financial statements.

7

Cheviot Financial Corp.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

For the three months ended March 31, 2016 and 2015

1. Basis of Presentation

Cheviot Financial Corp. (“Cheviot Financial” or the “Corporation”) is a savings and loan holding company, the principal asset of which consists of its ownership of Cheviot Savings Bank (the “Savings Bank”). The Savings Bank conducts a general banking business in southwestern Ohio, which consists of attracting deposits and applying those funds primarily to the origination of real estate loans. The Savings Bank’s profitability is significantly dependent on net interest income, which is the difference between interest income from interest-earning assets and the interest expense paid on interest-bearing liabilities. Net interest income is affected by the relative amount of interest-earning assets and interest-bearing liabilities and the interest received or paid on these balances.

On January 18, 2012, we completed our second step reorganization and sale of common stock. Prior to the completion of the second step conversion, Cheviot Financial was a federal corporation and mid-tier holding company. Following the reorganization Cheviot Financial is the Maryland incorporated holding company of the Savings Bank.

The accompanying unaudited consolidated financial statements were prepared in accordance with instructions for Form 10-Q and, therefore, do not include information or footnotes necessary for a complete presentation of financial position, results of operations and cash flows in conformity with accounting principles generally accepted in the United States of America. Accordingly, these consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto of Cheviot Financial included in the Annual Report on Form 10-K for the year ended December 31, 2015. However, in the opinion of management, all adjustments (consisting of only normal recurring accruals) which are necessary for a fair presentation of the consolidated financial statements have been included. The results of operations for the three month period ended March 31, 2016 are not necessarily indicative of the results which may be expected for the entire year.

On November 23, 2015, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with MainSource Financial Group, Inc., an Indiana corporation (“MainSource”), pursuant to which the Company will merge with and into MainSource, whereupon the separate corporate existence of the Company will cease and MainSource will survive (the “Merger”).  It is anticipated that immediately after the Merger, the Bank will merge with and into MainSource Bank, an Indiana chartered commercial bank and wholly-owned subsidiary of MainSource, with MainSource Bank as the surviving bank.

Subject to the approval of the Company’s shareholders of the Merger, regulatory approvals and other customary closing conditions, the parties anticipate completing the Merger in the second quarter of 2016. At the effective time of the Merger, the Company’s shareholders will have the right to elect to receive either 0.6916 shares of MainSource common stock or $15.00 in cash for each share of Company common stock owned, subject to proration provisions specified in the Merger Agreement that provide for a targeted aggregate split of total consideration of 50% common stock and 50% cash.

Cheviot Financial evaluates subsequent events through the date of filing with the Securities and Exchange Commission.

2. Principles of Consolidation

The accompanying consolidated financial statements as of and for the three months ended March 31, 2016 and 2015 include the accounts of the Corporation and its wholly-owned subsidiary, the Savings Bank. All significant intercompany items have been eliminated.

8

Cheviot Financial Corp.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

For the three months ended March 31, 2016 and 2015

3. Liquidity and Capital Resources

Liquidity describes our ability to meet the financial obligations that arise in the ordinary course of business. Liquidity is primarily needed to meet the borrowing and deposit withdrawal requirements of our customers and to fund current and planned expenditures. Our primary sources of funds are deposits, scheduled amortization and prepayments of loan principal and mortgage-backed securities, maturities and calls of securities and funds provided by our operations. In addition, we may borrow from the Federal Home Loan Bank of Cincinnati. At March 31, 2016 and December 31, 2015, we had $12.1 million and $12.6 million, respectively, in outstanding borrowings from the Federal Home Loan Bank of Cincinnati and had the capacity to increase such borrowings at those dates by approximately $135.6 million and $139.1 million, respectively.

Loan repayments and maturing securities are a relatively predictable source of funds. However, deposit flows, calls of securities and prepayments of loans and mortgage-backed securities are strongly influenced by interest rates, general and local economic conditions and competition in the marketplace. These factors reduce the predictability of these sources of funds.

Our primary investing activities are the origination of one- to four-family real estate loans, commercial real estate, construction and consumer loans, and the purchase of securities. For the three months ended March 31, 2016, loan originations totaled $16.7 million, compared to $24.4 million for the three months ended March 31, 2015.

Total deposits decreased $8.2 million during the three months ended March 31, 2016 and increased $3.7 million during the three months ended March 31, 2015. Deposit flows are affected by the level of interest rates, the interest rates and products offered by competitors and other factors.

The following table sets forth information regarding the Corporation’s obligations and commitments to make future payments under contracts as of March 31, 2016.

			Payments due by period
	Less		More than		More than		More
	than		1-3		3-5		than
	1 year		years		years		5 years		Total
	(In thousands)
Contractual obligations:
Advances from the Federal Home Loan Bank	$	10,154	$	834	$	1,084	$	-	$	12,072
Certificates of deposit		106,511		41,542		47,213		82		195,348
Lease obligations		125		170		119		70		484
Amount of loan commitments and expiration per period:
Commitments to originate one- to four-family loans		1,452		-		-		-		1,452
Commitments to originate commercial loans		470		-		-		-		470
Home equity lines of credit		24,955		-		-		-		24,955
Commercial lines of credit		13,855		-		-		-		13,855
Undisbursed loans in process		12,343		-		-		-		12,343
Total contractual obligations	$	169,865	$	42,546	$	48,416	$	152	$	260,979

We are committed to maintaining a strong liquidity position and we monitor our liquidity position on a daily basis. We anticipate that we will have sufficient funds to meet our current funding commitments. Based on our deposit retention experience and current pricing strategy, we anticipate that a significant portion of maturing time deposits will be retained.

9

Cheviot Financial Corp.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

For the three months ended March 31, 2016 and 2015

3. Liquidity and Capital Resources (continued)

The following sets forth our regulatory capital position, compared to requirements to be considered “well-capitalized” as of March 31, 2016 under regulatory capital requirements enacted in 2015.

	As of March 31, 2016
	(Dollars in Thousands)
	Required Ratio			Actual Amount		Actual Ratio
Tier 1 Leverage		5.00	%	$	78,886		14.3	%
Common Equity Tier 1 Capital		6.50	%	$	78,886		22.0	%
Tier 1 Risk-Based Capital		8.00	%	$	78,886		22.0	%
Total Capital		10.00	%	$	82,897		23.1	%

	As of December 31, 2015
	(Dollars in Thousands)
	Required Ratio			Actual Amount		Actual Ratio
Tier 1 Leverage		5.00	%	$	78,699		13.9	%
Common Equity Tier 1 Capital		6.50	%	$	78,699		21.6	%
Tier 1 Risk-Based Capital		8.00	%	$	78,699		21.6	%
Total Capital		10.00	%	$	82,236		22.5	%

4. Earnings Per Share

Basic earnings per share is computed based upon the weighted-average common shares outstanding during the period, less shares in the Employee Stock Ownership Plan (the “ESOP”) that are unallocated and not committed to be released plus shares in the ESOP that have been allocated. Weighted-average common shares deemed outstanding gives effect to 149,600 and 158,950 unallocated shares held by the ESOP for the three months ended March 31, 2016 and 2015, respectively.

	For the three months ended
	March 31,
	2016		2015
Weighted-average common shares  outstanding (basic)		6,647,068		6,573,652
Dilutive effect of assumed exercise of stock options		96,007		90,132
Weighted-average common shares  outstanding (diluted)		6,743,075		6,663,784

10

Cheviot Financial Corp.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

For the three months ended March 31, 2016 and 2015

5. Stock Option Plan

The Corporation established Stock Incentive Plans that provides for grants of up to 884,018 stock options. During 2015, 189,070 stock options were granted in accordance with the 2005 and 2013 Equity Incentive Plans subject to a five year vesting period in which the options granted will vest ratably annually beginning one year from the date of grant. As of March 31, 2016, all option shares have been granted in accordance with the 2005 and 2013 Equity Incentive Plans. The shares in the 2005 plan and shares granted prior to the second step conversion have been adjusted to reflect the exchange ratio of 0.857 for the second step conversion that occurred in 2012.

The Corporation follows Financial Accounting Standards Board (FASB) Accounting Standard Codification (ASC) Topic 718, “Compensation – Stock Compensation,” for its stock option plans, and accordingly, the Corporation recognizes the expense of these grants as required. Stock-based employee compensation costs pertaining to stock options is reflected as a net increase in equity, for both any new grants, as well as for all unvested options outstanding, in both cases using the fair values established by usage of the Black-Scholes option pricing model, expensed over the vesting period of the underlying option.

The compensation cost recorded for unvested equity-based awards is based on their grant-date fair value. For the three months ended March 31, 2016, the Corporation recorded $44,000 of compensation cost for equity-based awards that vested during the three months ended March 31, 2016. The Corporation has $621,000 of unrecognized compensation cost related to non-vested equity-based awards granted under its stock incentive plan as of March 31, 2016, which is expected to be recognized over a weighted-average vesting period of approximately 3.6 years.

11

Cheviot Financial Corp.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

For the three months ended March 31, 2016 and 2015

5. Stock Option Plan (continued)

A summary of the status of the Corporation’s stock option plans (or “stock opions”) as of March 31, 2016, and changes during the period then ended is presented below:

	Three months ended				Year ended
	March 31, 2016				December 31, 2015
			Weighted-					Weighted-
			average					average
			exercise					exercise
	Shares		price		Shares			price
Outstanding at beginning of period		544,168	$	13.29		758,929		$	12.67
Granted		-		-		189,070			14.96
Exercised		-		-		(328,831	)		13.01
Forfeited		-		-		(75,000	)		12.48
Outstanding at end of period		544,168	$	13.29		544,168		$	13.29
Options exercisable at period-end		112,264	$	12.32		112,264		$	12.32
Options expected to be exercisable at year-end		211,872				112,264
Fair value of options granted				NA				$	2.05

The following information applies to options outstanding at March 31, 2016:

Number outstanding		544,168
Exercise price	$	8.30 - $15.90
Weighted-average exercise price	$	13.29
Weighted-average remaining contractual life		8.3 years

The expected term of options is based on evaluations of historical and expected future employee exercise behavior. The risk free interest rate is based upon the U.S. Treasury rates at the date of grant with maturity dates approximately equal to the expected life at the grant date. Volatility is based upon the historical volatility of the Corporation’s stock.

The fair value of each option granted is estimated on the date of grant using the modified Black-Scholes options-pricing model with the following weighted-average assumptions used for the July 7, 2015 and May 4, 2015 grants: dividend yield of 2.70% and 2.33%; expected volatility of 15.09% and 15.56%; risk-free interest rates of 2.27% and 2.16%; and expected lives of 10 years. There were no grants during the three months ended March 31, 2016.

The effects of expensing stock options are reported in “cash provided by financing activities” in the Consolidated Statements of Cash Flows.

12

Cheviot Financial Corp.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

For the three months ended March 31, 2016 and 2015

6. Investment and Mortgage-backed Securities

The amortized cost, gross unrealized gains, gross unrealized losses and estimated fair values of investment securities at March 31, 2016 and December 31, 2015 are shown below.

	March 31, 2016
			Gross		Gross		Estimated
	Amortized		unrealized		unrealized		fair
	cost		gains		losses		value
	(In thousands)
Available for Sale:
U.S. Government agency securities	$	75,679	$	53	$	121	$	75,611
Municipal obligations		1,256		48		-		1,304
	$	76,935	$	101	$	121	$	76,915

	December 31, 2015
			Gross		Gross		Estimated
	Amortized		unrealized		unrealized		fair
	cost		gains		losses		value
	(In thousands)
Available for Sale:
U.S. Government agency securities	$	90,674	$	35	$	804	$	89,905
Municipal obligations		1,256		59		-		1,315
	$	91,930	$	94	$	804	$	91,220

The amortized cost of investment securities at March 31, 2016, by contractual term to maturity, is shown below.

	March 31,
	2016
	(In thousands)
One to five years	$	35,701
Five to ten years		40,544
More than ten years		690
	$	76,935

13

Cheviot Financial Corp.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

For the three months ended March 31, 2016 and 2015

6. Investment and Mortgage-backed Securities (continued)

The amortized cost, gross unrealized gains, gross unrealized losses and estimated fair values of mortgage-backed securities at March 31, 2016 and December 31, 2015 are shown below.

	March 31, 2016
			Gross		Gross		Estimated
	Amortized		unrealized		unrealized		fair
	cost		holding gains		holding losses		value
	(In thousands)
Available for sale:
Federal Home Loan Mortgage
Corporation adjustable-rate
participation certificates	$	19,648	$	32	$	47	$	19,633
Federal National Mortgage
Association adjustable-rate
Participation certificates		5,171		-		12		5,159
	$	24,819	$	32	$	59	$	24,792

	December 31, 2015
			Gross		Gross		Estimated
	Amortized		unrealized		unrealized		fair
	cost		holding gains		holding losses		value
	(In thousands)
Available for sale:
Federal Home Loan Mortgage
Corporation adjustable-rate
participation certificates	$	7,502	$	1	$	-	$	7,503

14

Cheviot Financial Corp.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

For the three months ended March 31, 2016 and 2015

6. Investment and Mortgage-backed Securities (continued)

The amortized cost of mortgage-backed securities, including those designated as available for sale, at March 31, 2016, by contractual terms to maturity, is shown below. Expected maturities will differ from contractual maturities because borrowers may generally prepay obligations without prepayment penalties.

	March 31,
	2016
	(In thousands)
Due in one year or less	$	1,889
Due in more than one year through five years		6,246
Due in more than five years through ten years		5,998
Due in more than ten years		10,686
	$	24,819

The table below indicates the length of time individual securities have been in a continuous unrealized loss position at March 31, 2016:

	Less than 12 months						12 months or longer								Total
Description of	Number of		Fair		Unrealized		Number of		Fair		Unrealized		Number of		Fair		Unrealized
securities	investments		value		losses		investments		value		losses		investments		value		losses
	(Dollars in thousands)
U.S. Government agency securities		1	$	2,996	$	3		8	$	37,575	$	118		9	$	40,571	$	121
Municipal obligations		-		-		-		-		-		-		-		-		-
Mortgage-backed securities		4		17,553		59		-		-		-		4		17,553		59
Total temporarily impaired securities		5	$	20,549	$	62		8	$	37,575	$	118		13	$	58,124	$	180

15

Cheviot Financial Corp.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

For the three months ended March 31, 2016 and 2015

6. Investment and Mortgage-backed Securities (continued)

Management does not intend to sell any of the debt securities with an unrealized loss and does not believe that it is more likely than not that we will be required to sell a security in an unrealized loss position prior to a recovery in value. The decline in the fair value is primarily due to an increase in market interest rates. The fair values are expected to recover as securities approach maturity dates. The Corporation has evaluated these securities and has determined that the decline in their values is temporary.

7. Income Taxes

The Corporation uses an asset and liability approach to accounting for income taxes. The asset and liability approach requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities. Deferred tax assets are recognized if it is more likely than not that a future benefit will be realized. The Corporation accounts for income taxes in accordance with FASB ASC 740, Income Taxes, which prescribes the recognition and measurement criteria related to tax positions taken or expected to be taken in a tax return.

The Corporation’s principal temporary differences between financial income and taxable income result mainly from different methods of accounting for Federal Home Loan Bank stock dividends, the general loan loss allowance, deferred compensation, stock benefit plans, fair value adjustments arising from the First Franklin Corporation acquisition. The Corporation has approximately $400,000 of net operating losses to offset future taxable income. This amount is expected to be utilized during the current year.

The Corporation recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. At adoption date, January 1, 2007, the Corporation applied the standard to all tax positions for which the statute of limitations remained open and was not required to record any liability for unrecognized tax benefits as that date. There have been no material changes in unrecognized tax benefits since January 1, 2007.

The Corporation is subject to income taxes in the U.S. federal jurisdiction, as well as various state jurisdictions. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require significant judgment to apply. With few exceptions, the Corporation is no longer subject to U.S. federal, state and local, or non U.S. income tax examinations by tax authorities for the years before 2012.

The Corporation will recognize, if applicable, interest accrued related to unrecognized tax liabilities in interest expense and penalties in operating expenses.

16

Cheviot Financial Corp.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

For the three months ended March 31, 2016 and 2015

7. Income Taxes (continued)

Federal income tax on earnings differs from that computed at the statutory corporate tax rate for the periods ended March 31, 2016 and 2015:

	2016			2015
	(Dollars in thousands)
Federal income taxes (benefits) at statutory rate of 34%	$	(9	)	$	8
Increase (decrease) in taxes resulting primarily from:
Stock compensation		17			54
Nontaxable interest income		(4	)		(5	)
Cash surrender value of life insurance		(37	)		(37	)
Other		2			2
Federal income taxes (benefits) per financial statements	$	(31	)	$	22

8. Fair Value of Financial Instruments

Fair value information about financial instruments, whether or not recognized in the balance sheet, for which it is practical to estimate the value, is based upon the characteristics of the instruments and relevant market information. Financial instruments include cash, evidence of ownership in an entity or contracts that convey or impose on an entity the contractual right or obligation to either receive or deliver cash for another financial instrument. These fair value estimates are based on relevant market information and information about the financial instruments. Fair value estimates are intended to represent the price for which an asset could be sold or liability could be settled. However, given there is no active market or observable market transactions identical to many of the Corporation’s financial instruments, estimates of many of these fair values are based upon observable inputs which are subjective in nature, involve uncertainties and matters of significant judgment, and therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimated values.

The following methods and assumptions were used by the Corporation in estimating its fair value disclosures for financial instruments at March 31, 2016:

Cash and cash equivalents: The carrying amounts presented in the consolidated statements of financial condition for cash and cash equivalents are deemed to approximate fair value.

Investment and mortgage-backed securities: For investment and mortgage-backed securities, fair value is deemed to equal the quoted market price.

Loans receivable: The loan portfolio was segregated into categories with similar characteristics, such as one-to four-family residential, multi-family residential and commercial real estate. These loan categories were further delineated into fixed-rate and adjustable-rate loans. The fair values for the resultant loan categories were computed via discounted cash flow analysis, using current interest rates offered for loans with similar terms to borrowers of similar credit quality. For loans on deposit accounts, fair values were deemed to equal the historic carrying values. The historical carrying amount of accrued interest on loans is deemed to approximate fair value.

Federal Home Loan Bank stock: The carrying amount presented in the consolidated statements of financial condition is deemed to approximate fair value.

17

Cheviot Financial Corp.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

For the three months ended March 31, 2016 and 2015

8. Fair Value of Financial Instruments (continued)

Deposits: The fair value of NOW accounts, passbook accounts, and money market demand deposits is deemed to approximate the amount payable on demand at March 31, 2016. Fair values for fixed-rate certificates of deposit have been estimated using a discounted cash flow calculation using the interest rates currently offered for deposits of similar remaining maturities.

Advances from the Federal Home Loan Bank: The fair value of these advances is estimated using the rates currently offered for similar advances of similar remaining maturities or, when available, quoted market prices.

Advances by Borrowers for Taxes and Insurance: The carrying amount of advances by borrowers for taxes and insurance is deemed to approximate fair value.

Commitments to extend credit: For fixed-rate loan commitments, the fair value estimate considers the difference between current levels of interest rates and committed rates. At March 31, 2016, the fair value of the derivative loan commitments was not material.

9. Disclosures about Fair Value of Assets and Liabilities

The estimated fair values of the Company’s financial instruments are as follows:

	March 31, 2016				December 31, 2015
	Carrying		Fair		Carrying		Fair
	value		value		value		value
	(In thousands)
Financial assets
Cash and cash equivalents	$	39,339	$	39,339	$	43,005	$	43,005
Investment securities		76,915		76,915		91,220		91,220
Mortgage-backed securities		24,792		24,792		7,503		7,503
Loans receivable – net and loans held for sale		367,225		378,449		376,171		387,103
Accrued interest receivable		1,433		1,433		1,670		1,670
Federal Home Loan Bank stock		8,651		8,651		8,651		8,651
	$	518,355	$	529,579	$	528,220	$	539,152
Financial liabilities
Deposits	$	446,702	$	446,314	$	454,885	$	454,483
Advances from the Federal Home Loan Bank		12,072		11,708		12,578		12,178
Accrued interest payable		46		46		50		50
Advances by borrowers for taxes and insurance		1,609		1,609		2,494		2,494
	$	460,429	$	459,677	$	470,007	$	469,205

18

Cheviot Financial Corp.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

For the three months ended March 31, 2016 and 2015

9. Disclosures about Fair Value of Assets and Liabilities (continued)

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-level hierarchy exists for fair value measurements based upon the inputs to the valuation of an asset or liability.

Level 1 Quoted prices in active markets for identical assets or liabilities.

Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

Fair value methods and assumptions are set forth below for each type of financial instrument.

Securities available for sale: Fair value on available for sale securities was based upon a market approach. Securities which are fixed income instruments that are not quoted on an exchange, but are traded in active markets, are valued using prices obtained from our custodian, which used third party data service providers and classified as level 2 assets. Management compares the fair values to another third party report for reasonableness. Available for sale securities includes U.S. agency securities, municipal bonds and mortgage-backed agency securities.

			Quoted prices
			in active		Significant		Significant
			markets for		other		other
			identical		observable		unobservable
			assets		inputs		inputs
	Total		(Level 1)		(Level 2)		(Level 3)
	(In thousands)
Securities available for sale at March 31, 2016:
U.S. Government agency securities	$	75,611		-	$	75,611		-
Municipal obligations		1,304		-		1,304		-
Mortgage-backed securities		24,792		-		24,792		-
Securities available for sale at December 31, 2015:
U.S. Government agency securities	$	89,905		-	$	89,905		-
Municipal obligations		1,315		-		1,315		-
Mortgage-backed securities		7,503		-		7,503		-

19

Cheviot Financial Corp.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

For the three months ended March 31, 2016 and 2015

9. Disclosures about Fair Value of Assets and Liabilities (continued)

Fair value measurements for certain assets and liabilities recognized in the accompanying statements of financial condition and measured at fair value on a nonrecurring basis:

			Quoted prices
			in active		Significant		Significant
			markets for		other		other
			identical		observable		unobservable
			assets		inputs		inputs
	Total		(Level 1)		(Level 2)		(Level 3)
	(In thousands)
March 31, 2016:
Real estate acquired through foreclosure	$	1,310		-	$	1,310		-
Loans held for sale		1,351		-		1,351		-
Impaired loans		15,865		-		15,865		-
December 31, 2015:
Real estate acquired through foreclosure	$	1,633		-	$	1,633		-
Loans held for sale		1,897		-		1,897		-
Impaired loans		14,395		-		14,395		-

The following table presents fair value measurements for the Company’s financial instruments which are not recognized at fair value in the accompanying statements of financial position on a recurring or nonrecurring basis.

	Total		Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant other unobservable inputs (Level 3)
	(In thousands)
March 31, 2016:
Financial assets:
Cash and cash equivalents	$	39,339	$	39,339	$	-	$	-
Loans receivable - net		378,449		-		378,449		-
Federal Home Loan Bank stock		8,651		-		8,651		-
Accrued interest receivable		1,433		-		1,433		-
Financial liabilities:
Deposits		446,314		-		446,314		-
Advances from the Federal Home Loan Bank		11,708		-		11,708		-
Advances by borrowers for taxes and insurance		1,609		-		1,609		-
Accrued interest payable		46		-		46		-

20

Cheviot Financial Corp.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

For the three months ended March 31, 2016 and 2015

9. Disclosures about Fair Value of Assets and Liabilities (continued)

	Total		Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant other unobservable inputs (Level 3)
December 31, 2015:	(In thousands)
Financial assets:
Cash and cash equivalents	$	43,005	$	43,005	$	-	$	-
Mortgage-backed securities		-		-		-		-
Loans receivable - net		387,103		-		387,103		-
Federal Home Loan Bank stock		8,651		-		8,651		-
Accrued interest receivable		1,670		-		1,670		-
Financial liabilities:
Deposits		454,483		-		454,483		-
Advances from the Federal Home Loan Bank		12,178		-		12,178		-
Advances by borrowers for taxes and insurance		2,494		-		2,494		-
Accrued interest payable		50		-		50		-

10. Effects of Recent Accounting Pronouncements

We adopted the following accounting guidance in 2016, which did not have a material effect, if any, on our consolidated financial position or results of operations.

In January 2016, FASB issued ASU No. 2016-01, Financial Instruments-Overall (Subtopic 825-10). The amendments in this update affect all entities that hold financial assets or owe financial liabilities. The update’s main provisions applicable to the Corporation are as follows: 1) Require equity investments with readily available fair values (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income; 2) Simplify the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment; 3) Eliminate the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet; 4) Require public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; 5) Require separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or the accompanying notes to the financial statements; and 6) Clarify that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity’s other deferred tax assets. Public companies should apply the guidance in Update 2016-01 to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Early adoption is generally not permitted. An entity should apply the amendments by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the annual reporting period of adoption. We do not expect the adoption of these provisions to have a significant impact on the Company’s consolidated financial statements.

21

Cheviot Financial Corp.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

For the three months ended March 31, 2016 and 2015

11. Intangible Assets

The Corporation recorded goodwill and other intangibles associated with the purchase of First Franklin and Franklin Savings in March 2011 totaling $11.6 million. Goodwill is not amortized, but is periodically evaluated for impairment. The Corporation did not recognize any impairment during the quarter ended March 31, 2016. The carrying amount of the goodwill at March 31, 2016 was $10.3 million.

Identifiable intangibles are amortized to their estimated residual values over the expected useful lives. Such lives are also periodically reassessed to determine if any amortization period adjustments are required. During the quarter ended March 31, 2016, no such adjustments were recorded. The identifiable intangible asset consists of a core deposit intangible which is being amortized on an accelerated basis over the useful life of such asset. The gross carrying amount of the core deposit intangible at March 31, 2016 was $1.3 million with $1.1 million in accumulated amortization as of that date.

As of March 31, 2016, the current year and estimated future amortization expense for the core deposit intangible was:

	(In thousands)
2016	$	82
2017		110
2018		55
Total	$	247

22

Cheviot Financial Corp.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

For the three months ended March 31, 2016 and 2015

12. Financing Receivables

The recorded investment in loans was as follows as of March 31, 2016:

	One-to-four
	Family			Multi-family
	Residential			Residential			Construction			Commercial			Consumer			Total
	(In thousands)
Purchased loans	$	49,498		$	2,903		$	-		$	20,079		$	128		$	72,608
Fair value discount – Credit impaired purchased loans		(532	)		(2	)		-			(577	)		-			(1,111	)
Fair value discount – Non-impaired purchased loans		(125	)		(16	)		-			(62	)		(7	)		(210	)
Purchased loans book value(3)		48,841			2,885			-			19,440			121			71,287
Originated loans (1)		162,833			30,375			20,095	(2)		93,525			3,035			309,863
Ending balance	$	211,674		$	33,260		$	20,095		$	112,965		$	3,156		$	381,150

(1) Includes loans held for sale

(2) Before consideration of undisbursed loans-in-process

(3) Loans purchased in acquisition of First Franklin

The carrying amount of purchased loans consisting of credit-impaired purchased loans and non-impaired purchased loans is shown in the following table as of March 31, 2016.

	Credit
	Non-impaired		Impaired
	Purchased Loans		Purchased Loans
	(In thousands)
One-to-four family residential (1)	$	45,245	$	3,596
Multi-family residential		2,535		350
Construction		-		-
Commercial		14,508		4,932
Consumer		121		-
Total	$	62,409	$	8,878

(1) Includes home equity lines of credit

23

Cheviot Financial Corp.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

For the three months ended March 31, 2016 and 2015

12. Financing receivables (continued)

Activity during 2016 for the accretable discount related to acquired credit impaired loans is as follows:

	(In thousands)
Accretable discount at December 31, 2015:	$	3,432
Reclass from accretable difference to nonaccretable discount		(91	)
Less transferred to other real estate owned		-
Less accretion		(119	)
Accretable discount at March 31, 2016:	$	3,222

The recorded investment in loans was as follows as of March 31, 2016. Subsequent to acquisition, we regularly evaluate our estimates of cash flows expected to be collected on purchased impaired loans. If we have probable decreases in cash flows expected to be collected (other than due to decreases in interest rate indices and changes in prepayment assumptions), we charge the provision for credit losses, resulting in an increase to the allowance for loan losses. If we have probable and significant increases in cash flows expected to be collected, we first reverse any previously established allowance for loan losses and then increase interest income as a prospective yield adjustment over the remaining life of the loan, or pool of loans. Estimates of cash flows are impacted by changes in interest rate indices for variable rate loans and prepayment assumptions, both of which are treated as prospective yield adjustments included in interest income. Cheviot Financial’s allowance at March 31, 2016 does not include any credit quality discount related to loans acquired from First Franklin, other than $910,000 for certain one-to-four family residential and nonresidential and commercial real estate loans. Due to uncertainties in the evaluation of allowance for loan loss, it is at least reasonably possible that management’s estimate of the outcome will change within the next year.

24

Cheviot Financial Corp.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

For the three months ended March 31, 2016 and 2015

12. Financing receivables (continued)

The following summarizes activity in the allowance for credit losses:

	March 31, 2016
	One-to-four
	Family			Multi-family
	Residential			Residential		Construction			Commercial		Consumer		Total
	(In thousands)
Allowance for loan losses:
Beginning balance	$	1,748		$	439	$	25		$	1,314	$	11	$	3,537
Provision		525			6		(1	)		11		-		541
Charge-offs		(73	)		-		-			-		-		(73	)
Recoveries		3			-		-			2		1		6
Ending balance	$	2,203		$	445	$	24		$	1,327	$	12	$	4,011
Originated loans:
Individually evaluated for impairment	$	166		$	-	$	-		$	7	$	-	$	173
Purchased loans:
Individually evaluated for impairment	$	135		$	-	$	-		$	360	$	-	$	495
Originated Loans:
Collectively evaluated for impairment	$	1,566		$	445	$	24		$	881	$	12	$	2,928
Purchased loans:
Loans acquired with deteriorated credit quality	$	336		$	-	$	-		$	79	$	-	$	415
Loans receivable:
Ending balance	$	211,674		$	33,260	$	20,095		$	112,965	$	3,156	$	381,150
Ending balance:
Individually evaluated for impairment	$	4,493		$	301	$	-		$	2,189	$	4	$	6,987
Ending balance:
Collectively evaluated for impairment	$	203,585		$	32,609	$	20,095		$	105,844	$	3,152	$	365,285
Ending balance:
Loans acquired with deteriorated credit quality	$	3,596		$	350	$	-		$	4,932	$	-	$	8,878

25

Cheviot Financial Corp.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

For the three months ended March 31, 2016 and 2015

12. Financing receivables (continued)

	December 31, 2015
	One-to-four
	Family			Multi-family
	Residential			Residential			Construction		Commercial			Consumer			Total
	(In thousands)
Allowance for loan losses:
Beginning balance	$	1,813		$	209		$	7	$	199		$	8		$	2,236
Provision		107			309			18		1,225			4			1,663
Charge-offs		(340	)		(79	)		-		(119	)		(1	)		(539	)
Recoveries		168			-			-		9			-			177
Ending balance	$	1,748		$	439		$	25	$	1,314		$	11		$	3,537
Originated loans:
Individually evaluated for impairment	$	158		$	-		$	-	$	7		$	-		$	165
Purchased loans:
Individually evaluated for impairment	$	93		$	-		$	-	$	47		$	-		$	140
Originated Loans:
Collectively evaluated for impairment	$	1,137		$	439		$	25	$	1,225		$	11		$	2,837
Purchased loans:
Loans acquired with deteriorated credit quality	$	360		$	-		$	-	$	35		$	-		$	395
Loans receivable:
Ending balance	$	219,113		$	32,634		$	23,781	$	114,514		$	2,894		$	392,936
Ending balance:
Individually evaluated for impairment	$	4,230		$	302		$	-	$	779		$	5		$	5,316
Ending balance:
Collectively evaluated for impairment	$	211,301		$	31,978		$	23,781	$	108,591		$	2,889		$	378,540
Ending balance:
Loans acquired with deteriorated credit quality	$	3,582		$	354		$	-	$	5,144		$	-		$	9,080

26

Cheviot Financial Corp.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

For the three months ended March 31, 2016 and 2015

12. Financing receivables (continued)

The Corporation assigns credit risk grades to evaluated loans using grading standards employed by regulatory agencies. Loans judged to carry lower-risk attributes are assigned a “pass” grade, indicating a minimal likelihood of loss. Loans judged to carry a higher-risk attributes are referred to as “classified loans” and are further disaggregated, with increasing expectations for loss recognition, as “special mention”, “substandard”, “doubtful”, and “loss”. The Loan Classification of Assets committee assigns the credit risk grades to loans and reports to the board on a monthly basis the “classified asset” report.

The following table summarizes the credit risk profile by internally assigned grade:

	Originated Loans at March 31, 2016
	One-to-four
	Family		Multi-family
	Residential		Residential		Construction		Commercial		Consumer		Total
	(In thousands)
Grade:
Pass	$	160,447	$	30,182	$	20,095	$	91,139	$	3,031	$	304,894
Special mention		-		-		-		-		-		-
Substandard		2,386		193		-		2,386		4		4,969
Doubtful		-		-		-		-		-		-
Loss		-		-		-		-		-		-
Total	$	162,833	$	30,375	$	20,095	$	93,525	$	3,035	$	309,863

	Originated Loans at December 31, 2015
	One-to-four
	Family		Multi-family
	Residential		Residential		Construction		Commercial		Consumer		Total
	(In thousands)
Grade:
Pass	$	165,368	$	29,344	$	23,781	$	93,199	$	2,768	$	314,460
Special mention		-		-		-		-		-		-
Substandard		2,638		193		-		1,262		5		4,098
Doubtful		-		-		-		-		-		-
Loss		-		-		-		-		-		-
Total	$	168,006	$	29,537	$	23,781	$	94,461	$	2,773	$	318,558

	Purchased Loans at March 31, 2016
	One-to-four
	Family		Multi-family
	Residential		Residential		Construction		Commercial		Consumer		Total
	(In thousands)
Grade:
Pass	$	46,204	$	2,777	$	-	$	15,358	$	121	$	64,460
Special mention		-		-		-		-		-		-
Substandard		2,637		108		-		4,082		-		6,827
Doubtful		-		-		-		-		-		-
Loss		-		-		-		-		-		-
Total	$	48,841	$	2,885	$	-	$	19,440	$	121	$	71,287

27

Cheviot Financial Corp.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

For the three months ended March 31, 2016 and 2015

12. Financing receivables (continued)

	Purchased Loans at December 31, 2015
	One-to-four
	Family		Multi-family
	Residential		Residential		Construction		Commercial		Consumer		Total
	(In thousands)
Grade:
Pass	$	48,281	$	2,988	$	-	$	15,836	$	121	$	67,226
Special mention		-		-		-		-		-		-
Substandard		2,826		109		-		4,217		-		7,152
Doubtful		-		-		-		-		-		-
Loss		-		-		-		-		-		-
Total	$	51,107	$	3,097	$	-	$	20,053	$	121	$	74,378

The following tables summarizes loans by delinquency, nonaccrual status and impaired loans:

	Age Analysis of Past Due Originated Loans Receivable
	As of March 31, 2016
													Recorded
													Investment
	30-89 Days		Greater than		Total Past		Current &				Total Loan		90 Days and
	Past Due		90 Days		Due		Accruing		Nonaccrual		Receivables		Accruing
	(In thousands)
Real Estate:
One-to-four family Residential	$	1,101	$	1,136	$	2,237	$	159,765	$	1,967	$	162,833	$	-
Multi-family Residential		-		193		193		30,182		193		30,375		-
Construction		-		-		-		20,095		-		20,095		-
Commercial		-		47		47		93,463		62		93,525		-
Consumer		-		4		4		3,031		4		3,035		-
Total	$	1,101	$	1,380	$	2,481	$	306,536	$	2,226	$	309,863	$	-

	Age Analysis of Past Due Originated Loans Receivable
	As of December 31, 2015
													Recorded
													Investment
	30-89 Days		90 Days		Total Past		Current				Total Loan		90 Days and
	Past Due		or more		Due		& Accruing		Nonaccrual		Receivables		Accruing
	(In thousands)
Real Estate:
One-to-four family Residential	$	1,143	$	1,172	$	2,315	$	164,715	$	2,148	$	168,006	$	-
Multi-family		-		193		193		29,344		193		29,537		-
Construction		-		-		-		23,781		-		23,781		-
Commercial		-		62		62		94,339		62		94,461		-
Consumer		-		5		5		2,768		5		2,773		-
Total	$	1,143	$	1,432	$	2,575	$	314,947	$	2,408	$	318,558	$	-

28

Cheviot Financial Corp.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

For the three months ended March 31, 2016 and 2015

12. Financing receivables (continued)

	Age Analysis of Past Due Purchased Loans Receivable
	As of March 31, 2016
													Recorded
													Investment
	30-89 Days		Greater than		Total Past		Current &				Total Loan		90 Days and
	Past Due		90 Days		Due		Accruing		Nonaccrual		Receivables		Accruing
	(In thousands)
Real Estate:
One-to-four family Residential	$	1,628	$	3,518	$	5,146	$	44,687	$	2,526	$	48,841	$	-
Multi-family Residential		108		-		108		2,777		108		2,885		-
Construction		-		-		-		-		-		-		-
Commercial		279		-		279		17,034		2,127		19,440		-
Consumer		-		-		-		121		-		121		-
Total	$	2,015	$	3,518	$	5,533	$	64,619	$	4,761	$	71,287	$	-

	Age Analysis of Past Due Purchased Loans Receivable
	As of December 31, 2015
													Recorded
													Investment
	30-89 Days		90 Days		Total Past		Current				Total Loan		90 Days and
	Past Due		or More		Due		& Accruing		Nonaccrual		Receivables		Accruing
	(In thousands)
Real Estate:
One-to-four family Residential	$	4,213	$	1,426	$	5,639	$	44,180	$	2,714	$	51,107	$	-
Multi-family		-		-		-		2,988		109		3,097		-
Construction		-		-		-		-		-		-		-
Commercial		409		287		696		17,409		2,235		20,053		-
Consumer		-		-		-		121		-		121		-
Total	$	4,622	$	1,713	$	6,335	$	64,698	$	5,058	$	74,378	$	-

29

Cheviot Financial Corp.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

For the three months ended March 31, 2016 and 2015

12. Financing receivables (continued)

	Impaired Loans
	As of March 31, 2016
			Unpaid				Average		Interest
	Recorded		Principal		Related		Recorded		Income
	Investment		Balance		Allowance		Investment		Recognized
	(In thousands)
Purchased loans with a fair value discount and no related allowance recorded:
Real Estate:
One-to-four family Residential	$	4,119	$	4,119	$	-	$	3,850	$	8
Multi-family		350		350		-		352		1
Construction		-		-		-		-		-
Commercial		5,030		5,030		-		5,087		14
Consumer		-		-		-		-		-
Total	$	9,499	$	9,499	$	-	$	9,289	$	23
Purchased loans with no fair value discount and no related allowance recorded:
Real Estate:
One-to-four family Residential	$	-	$	-	$	-	$	-	$	-
Multi-family Residential		-		-		-		-		-
Construction		-		-		-		-		-
Commercial		1,426		1,426		211		713		-
Consumer		-		-		-		-		-
Total	$	1,426	$	1,426	$	211	$	713	$	-
Purchased loans with no credit quality discount and no related allowance recorded:
Real Estate:
One-to-four family Residential	$	1,373	$	1,373	$	-	$	1,450	$	18
Multi-family Residential		108		108		-		108		2
Construction		-		-		-		-		-
Commercial		191		191		-		310		3
Consumer		-		-		-		-		-
Total	$	1,672	$	1,672	$	-	$	1,868	$	23
Purchased loans with an allowance recorded:
Real Estate:
One-to-four family Residential	$	630	$	630	$	135	$	592	$	4
Multi-family Residential		-		-		-		-		-
Construction		-		-		-		-		-
Commercial		412		412		149		350		4
Consumer		-		-		-		-		-
Total	$	1,042	$	1,042	$	284	$	942	$	8

30

Cheviot Financial Corp.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

For the three months ended March 31, 2016 and 2015

12. Financing receivables (continued)

			Impaired Loans
			As of March 31, 2016
			Unpaid				Average		Interest
	Recorded		Principal		Related		Recorded		Income
	Investment		Balance		Allowance		Investment		Recognized
	(In thousands)
Originated loans with no related allowance recorded:
Real Estate:
One-to-four family Residential	$	1,428	$	1,428	$	-	$	1,545	$	14
Multi-family		193		193		-		193		-
Construction		-		-		-		-		-
Commercial		15		15		-		15		-
Consumer		4		4		-		4		-
Total	$	1,640	$	1,640	$	-	$	1,757	$	14
Originated loans with an allowance recorded:
Real Estate:
One-to-four family Residential	$	539	$	539	$	166	$	512	$	3
Multi-family		-		-		-		-		-
Construction		-		-		-		-		-
Commercial		47		47		7		47		1
Consumer		-		-		-		-		-
Total	$	586	$	586	$	173	$	559	$	4
Total:
Real Estate:
One-to-four family Residential	$	8,089	$	8,089	$	301	$	7,949	$	47
Multi-family		651		651		-		653		3
Construction		-		-		-		-		-
Commercial		7,121		7,121		367		6,522		22
Consumer		4		4		-		4		-
Total	$	15,865	$	15,865	$	668	$	15,128	$	72

31

Cheviot Financial Corp.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

For the three months ended March 31, 2016 and 2015

12. Financing receivables (continued)

			Impaired Loans
			As of December 31, 2015
			Unpaid				Average		Interest
	Recorded		Principal		Related		Recorded		Income
	Investment		Balance		Allowance		Investment		Recognized
	(In thousands)
Purchased loans with a credit quality discount and no related allowance recorded:
Real Estate:
One-to-four family Residential	$	3,582	$	3,582	$	-	$	3,780	$	62
Multi-family		354		354		-		357
Construction		-		-		-		-		-
Commercial		5,144		5,144		-		5,736		62
Consumer		-		-		-		-		-
Total	$	9,080	$	9,080	$	-	$	9,873	$	124
Purchased loans with a credit quality discount and an allowance recorded:
Real Estate:
One-to-four family Residential	$	-	$	-	$	-	$	-	$	-
Multi-family		-		-		-		-		-
Construction		-		-		-		-		-
Commercial		-		-		-		-		-
Consumer		-		-		-		-		-
Total	$	-	$	-	$	-	$	-	$	-
Purchased loans with no credit quality discount and no related allowance recorded:
Real Estate:
One-to-four family Residential	$	1,526	$	1,526	$	-	$	1,303	$	-
Multi-family Residential		109		109		-		55		-
Construction		-		-		-		-		-
Commercial		430		430		-		542		-
Consumer		-		-		-		-		-
Total	$	2,065	$	2,065	$	-	$	1,900	$	-
Purchased loans with an allowance recorded:
Real Estate:
One-to-four family Residential	$	555	$	555	$	93	$	597	$	-
Multi-family Residential		-		-		-		-		-
Construction		-		-		-		-		-
Commercial		287		287		47		144		-
Consumer		-		-		-		-		-
Total	$	842	$	639	$	140	$	741	$	-

32

Cheviot Financial Corp.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

For the three months ended March 31, 2016 and 2015

12. Financing receivables (continued)

			Impaired Loans
			As of December 31, 2015
			Unpaid				Average		Interest
	Recorded		Principal		Related		Recorded		Income
	Investment		Balance		Allowance		Investment		Recognized
	(In thousands)
Originated loans with no related allowance recorded:
Real Estate:
One-to-four family Residential	$	1,662	$	1,662	$	-	$	1,514	$	8
Multi-family		193		193		-		144		-
Construction		-		-		-		-		-
Commercial		15		15		-		65		1
Consumer		5		5		-		3		-
Total	$	1,875	$	1,875	$	-	$	1,726	$	9
Originated loans with an allowance recorded:
Real Estate:
One-to-four family Residential	$	486	$	486	$	158	$	577	$	25
Multi-family		-		-		-		-		-
Construction		-		-		-		-		-
Commercial		47		47		7		47		-
Consumer		-		-		-		-		-
Total	$	533	$	533	$	165	$	624	$	25
Total:
Real Estate:
One-to-four family Residential	$	7,811	$	7,811	$	251	$	7,771	$	95
Multi-family		656		656		-		556		-
Construction		-		-		-		-		-
Commercial		5,923		5,923		54		6,534		63
Consumer		5		5		-		3		-
Total	$	14,395	$	14,395	$	305	$	14,864	$	158

33

Cheviot Financial Corp.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

For the three months ended March 31, 2016 and 2015

12. Financing receivables (continued)

	Modifications
	As of March 31, 2016
			Pre-Modification		Post-Modification
			Outstanding		Outstanding
	Number of		Recorded		Recorded
	Contracts		Investment		Investment
	(In thousands)
Troubled Debt Restructurings
Real Estate:
One-to-four family Residential		2	$	198	$	198
Multi-family Residential		-		-		-
Construction		-		-		-
Commercial		-		-		-
Consumer		-		-		-
	Modifications
	For the three months ended March 31, 2016
	Number of		Recorded
	Contracts		Investment
			(In thousands)
Troubled Debt Restructurings
That Subsequently Defaulted
Real Estate:
One-to-four family Residential		-	$	-
Multi-family Residential		-		-
Construction		-		-
Commercial		-		-
Consumer		-		-

34

Cheviot Financial Corp.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

For the three months ended March 31, 2016 and 2015

12. Financing receivables (continued)

	Modifications
	As of December 31, 2015
			Pre-Modification		Post-Modification
			Outstanding		Outstanding
	Number of		Recorded		Recorded
	Contracts		Investment		Investment
			(In thousands)
Troubled Debt Restructurings
Real Estate:
One-to-four family Residential		6	$	383	$	383
Multi-family Residential		-		-		-
Construction		-		-		-
Commercial		-		-		-
Consumer		-		-		-
	Modifications
	For the year ended December 31, 2015
	Number of		Recorded
	Contracts		Investment
			(In thousands)
Troubled Debt Restructurings
That Subsequently Defaulted
Real Estate:
One-to-four family Residential		5	$	837
Multi-family Residential		-		-
Construction		-		-
Commercial		1		1,532
Consumer		-		-

The modifications related to interest only payments ranging from a three to six month period. Due to the short term cash flow deficiency, no related allowance was recorded as a result of the restructurings. The collateral value was updated with recent appraisals which gave no indication of impairment.

35

Cheviot Financial Corp.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Forward Looking Statements

This report on Form 10-Q contains forward-looking statements, which can be identified by the use of such words as estimate, project, believe, intend, anticipate, plan, seek, expect and similar expressions. These forward-looking statements include, among other things:

• statements of our goals, intentions and expectations;

• statements regarding our business plans and prospects and growth and operating strategies;

• statements concerning trends in our provision for loan losses and charge-offs;

• statements regarding the trends in factors affecting our financial condition and results of operations, including asset quality of our loan and investment portfolios; and

• estimates of our risks and future costs and benefits.

These forward-looking statements are subject to significant risks, assumptions and uncertainties, including, among other things, the following important factors that could affect the actual outcome of future events: significantly increased competition among depository and other financial institutions; inflation and changes in the interest rate environment that reduce our interest margins or reduce the fair value of financial instruments; general economic conditions, either nationally or in our market areas, including employment prospects, real estate values and conditions that are worse than expected; decreased demand for our products and services and lower revenue and earnings because of a recession or other events; adverse changes and volatility in the securities markets or credit markets; legislative or regulatory changes that adversely affect our business, including changes in regulatory costs and capital requirements; our ability to enter new markets successfully and take advantage of growth opportunities, and the possible short-term dilutive effect of potential acquisitions or de novo branches, if any; changes in accounting policies and practices, as may be adopted by the bank regulatory agencies, the Financial Accounting Standards Board or the Public Company Accounting Oversight Board; changes in monetary and fiscal policy of the U.S. Government, including policies of the U.S. Treasury and the Federal Reserve and changes in the level of government support of housing finance; changes in policy and/or assessment rates of taxing authorities that adversely affect us; changes in our organization, or compensation and benefit plans and changes in expense trends (including, but not limited to trends affecting non-performing assets, charge-offs and provisions for loan losses); the impact of the governmental effort to restructure the U.S. financial and regulatory system, including the extensive reforms enacted in the Dodd-Frank Act and the continuing impact of our coming under the jurisdiction of new federal regulators; the inability of third-party providers to perform their obligations to us; and the ability of the U.S. Government to manage federal debt limits.

Because of these and other uncertainties, our actual future results may be materially different from the results indicated by any forward-looking statements. Any forward-looking statement made by us in this report speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as may be required by law.

36

Cheviot Financial Corp.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS (CONTINUED)

Critical Accounting Policies

We consider accounting policies involving significant judgments and assumptions by management that have, or could have, a material impact on the carrying value of certain assets or on income to be critical accounting policies. We consider the accounting method used for the allowance for loan losses to be a critical accounting policy.

The allowance for loan losses is the estimated amount considered necessary to cover inherent, but unconfirmed credit losses in the loan portfolio at the balance sheet date. The allowance is established through the provision for losses on loans which is charged against income. In determining the allowance for loan losses, management makes significant estimates and has identified this policy as one of the most critical for Cheviot Financial.

Management performs a quarterly evaluation of the allowance for loan losses. Consideration is given to a variety of factors in establishing this estimate including, but not limited to, current economic conditions, delinquency statistics, geographic and industry concentrations, the adequacy of the underlying collateral, the financial strength of the borrower, results of internal loan review and other relevant factors. This evaluation is inherently subjective as it requires material estimates that may be susceptible to significant change.

The analysis has two components, specific and general allocations. Specific allocations are made for unconfirmed losses related to loans that are determined to be impaired. Impairment is measured by determining the present value of expected future cash flows or, for collateral-dependent loans, the fair value of the collateral adjusted for market conditions and selling expenses. If the fair value of the loan is less than the loan’s carrying value, a charge-off is recorded for the difference. The general allocation is determined by segregating the remaining loans by type of loan, risk weighting (if applicable) and payment history. We also analyze historical loss experience, delinquency trends, general economic conditions and geographic and industry concentrations. This analysis establishes factors that are applied to the loan groups to determine the amount of the general allowance. Actual loan losses may be significantly more than the allowances we have established which could result in a material negative effect on our financial results.

The acquired assets and assumed liabilities of First Franklin were measured at estimated fair values, as required by FASB under Business Combinations. Management made significant estimates and exercised significant judgment in accounting for the acquisition. Management measured loan fair values based on loan file reviews (including borrower financial statements or tax returns), appraised collateral values, expected cash flows and historical loss factors of Franklin Savings. Real estate acquired through foreclosure was primarily valued based on appraised collateral values. The Corporation also recorded an identifiable intangible asset representing the core deposit base of Franklin Savings based on management’s evaluation of the cost of such deposits relative to alternative funding sources. Management used significant estimates including the average lives of depository accounts, future interest rate levels, the cost of servicing various depository products and other significant estimates. Management used market quotations to determine the fair value of investment securities and FHLB advances.

The acquired assets of First Franklin and Franklin Savings include loans receivable. Loans receivable acquired with a deteriorated credit quality amounted to $25.0 million with a related fair value discount of $5.5 million. The method of measuring carrying value of purchased loans differs from loans originated by the Corporation, and as such, the Corporation identifies purchased loans and purchased loans with a fair value discount.

37

Cheviot Financial Corp.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS (CONTINUED)

Critical Accounting Policies (continued)

We classify our investments in debt and equity securities as either held-to-maturity or available-for-sale. Securities classified as held-to-maturity are recorded at cost or amortized cost. Available-for-sale securities are carried at fair value. We obtain our estimated fair values from a third party service. This service’s fair value calculations are based on quoted market prices when such prices are available. If quoted market prices are not available, estimates of fair value are computed using a variety of techniques, including extrapolation from the quoted prices of similar instruments or recent trades for thinly traded securities, fundamental analysis, or through obtaining purchase quotes. Due to the subjective nature of the valuation process, it is possible that the actual fair values of these investments could differ from the estimated amounts, thereby affecting our financial position, results of operations and cash flows. If the estimated value of investments is less than the cost or amortized cost, we evaluate whether an event or change in circumstances has occurred that may have a significant adverse effect on the fair value of the investment. If such an event or change has occurred and we determine that the impairment is other-than-temporary, we expense the impairment of the investment in the period in which the event or change occurred. We also consider how long a security has been in a loss position in determining if it is other than temporarily impaired. Management also assesses the nature of the unrealized losses taking into consideration factors such as changes in risk-free interest rates, general credit spread widening, market supply and demand, creditworthiness of the issuer, and quality of the underlying collateral.

Discussion of Financial Condition Changes at March 31, 2016 and December 31, 2015

At March 31, 2016, total assets were $561.9 million, compared with $572.0 million at December 31, 2015. Total assets decreased $10.1 million, or 1.8%, primarily due to a decrease in investment securities of $14.3 million and a decrease in loans receivable of $8.9 million, which were partially offset by an increase in mortgage-backed securities of $17.3 million.

Cash, federal funds and interest-earning deposits decreased $3.7 million, or 8.5% to $39.3 million at March 31, 2016. The decrease in cash and cash equivalents at March 31, 2016 was due to a $5.7 million decrease in cash and due from banks, which was partially offset by an increase $2.0 million in interest-earning deposits. Investment securities decreased $14.3 million, or 15.7% to $76.9 million at March 31, 2016. The decrease in investment securities was a result of maturities and investments called at par of $15.0 million. At March 31, 2016, all investment securities were classified as available for sale.

38

Cheviot Financial Corp.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS (CONTINUED)

Discussion of Financial Condition Changes at March 31, 2016 and December 31, 2015 (continued)

Mortgage-backed securities increased $17.3 million to $24.8 million at March 31, 2016, from $7.5 million at December 31, 2015. The increase in mortgage-backed securities was due primarily to purchases of $17.6 million, which was partially offset by $292,000 in principal repayments. At March 31, 2016, all mortgage-backed securities were classified as available for sale.

Loans receivable, including loans held for sale, decreased $8.9 million, or 2.4%, to $367.2 million at March 31, 2016, from $376.2 million at December 31, 2015. The decrease in loans receivable resulted from principal repayments of $19.6 million and the sale of loans in the secondary market of $5.7 million, which was partially offset by loan originations of $16.7 million.

The allowance for loan losses totaled $4.0 million and $3.5 million at March 31, 2016 and December 31, 2015, respectively. In determining the adequacy of the allowance for loan losses at any point in time, management and the board of directors apply a systematic process focusing on the risk of loss in the portfolio. First, the loan portfolio is segregated by loan types to be evaluated collectively and loan types to be evaluated individually. Delinquent multi-family and commercial loans are evaluated individually for potential impairments in their carrying value. Second, the allowance for loan losses entails utilizing our historic loss experience by applying such loss percentage to the loan types to be collectively evaluated in the portfolio. The $541,000 provision for losses on loans during the quarter ended March 31, 2016 reflected these factors. The analysis of the allowance for loan losses requires an element of judgment and is subject to the possibility that the allowance may need to be increased, with a corresponding reduction in earnings. To the best of management’s knowledge, all known and inherent losses that are probable and that can be reasonably estimated have been recorded at March 31, 2016.

Originated non-performing and impaired loans totaled $2.2 million and $2.4 million at March 31, 2016 and December 31, 2015, respectively. At March 31, 2016, originated non-performing and impaired loans were comprised of 25 loans secured by one- to four-family residential real estate totaling $2.0 million, one multi-family loan totaling $193,000, two commercial and non-residential loans totaling $62,000 and one consumer loan totaling $4,000. At March 31, 2016 and December 31, 2015 real estate acquired through foreclosure was $1.3 million and $1.6 million, respectively. The allowance for loan losses represented 139.4% and 124.6% of Cheviot Financial’s originated non-performing and impaired loans at March 31, 2016 and December 31, 2015, respectively. Although management believes that the Corporation’s allowance for loan losses conforms to generally accepted accounting principles based upon the available facts and circumstances, there can be no assurance that additions to the allowance will not be necessary in future periods, which would adversely affect our results of operations.

Deposits totaled $446.7 million at March 31, 2016, a decrease of $8.2 million, or 1.8%, from $454.9 million at December 31, 2015. Advances from the Federal Home Loan Bank of Cincinnati decreased by $506,000, or 4.0%, to $12.1 million at March 31, 2016, from $12.6 million at December 31, 2015. The decrease is a result of $482,000 in repayments during the three months ended March 31, 2016.

39

Cheviot Financial Corp.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS (CONTINUED)

Discussion of Financial Condition Changes at March 31, 2016 and December 31, 2015 (continued)

Shareholders’ equity at March 31, 2016 was $96.3 million, a decrease of $168,000, or 0.2%, from December 31, 2015. The decrease primarily resulted from dividend payments on common stock of $681,000, which was partially offset by a decrease of $437,000 in other comprehensive loss on securities designated as available for sale. At March 31, 2016, tangible book value per share was $12.60 as compared to $12.59 at December 31, 2015. Tangible book value per share was affected by the increase in the fair market value of investment securities designated as available for sale as other comprehensive loss decreased during the 2016 period. At March 31, 2016 accumulated comprehensive loss was $31,000. Over time, the impact of the accumulated comprehensive loss on our tangible book value per share would decrease as investments are called or mature at par, however, a sudden increase in interest rates can have an adverse effect, as increases in rates may increase accumulated comprehensive loss.

Liquidity and Capital Resources

We monitor our liquidity position on a daily basis using reports that summarize all deposit activity and loan commitments. A significant portion of our deposit base is comprised of time deposits. At March 31, 2016, $106.5 million of time deposits are due to mature within one year. The daily deposit activity report allows us to price our time deposits competitively. Because of this and our deposit retention experience, we anticipate that a significant portion of maturing time deposits will be retained. At March 31, 2016, we had loan commitments of $1.9 million. Our loan commitments are funded or expire within 45 days from the date of the commitment.

Borrowings from the Federal Home Loan Bank of Cincinnati decreased $506,000 during the three months ended March 31, 2016. At March 31, 2016, we had the ability to increase such borrowings by approximately $135.6 million. The additional borrowings can be used to offset any decrease in customer deposits or to fund loan commitments. The Corporation’s other liabilities were primarily limited to $484,000 of lease obligations.

Comparison of Operating Results for the Three-Month Periods Ended March 31, 2016 and 2015

General

Net earnings for the three months ended March 31, 2016 totaled $4,000, a $3,000 increase from the $1,000 earnings reported in the 2015 period. The increase in net earnings reflects a decrease in general, administrative and other expenses of $221,000, an increase of $119,000 in net interest income and an increase of $8,000 in other income, which were partially offset by an increase in the provision for losses on loans of $398,000 and a decrease of $53,000 in the provision for federal income taxes.

Total interest income increased $13,000, or 0.3%, to $4.5 million for the three months ended March 31, 2016, from the comparable quarter in 2015. Interest income on loans increased $252,000, or 6.9%, to $3.9 million during the 2016 quarter from $3.6 million for the 2015 quarter. This increase was due primarily to a $35.3 million, or 10.5%, increase in the average balance of loans outstanding, which was partially offset by a 14 basis point decrease in the average yield on loans to 4.18% for the 2016 quarter from 4.32% for the three months ended March 31, 2015.

40

Cheviot Financial Corp.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS (CONTINUED)

Comparison of Operating Results for the Three-Month Periods Ended March 31, 2016 and 2015 (continued)

Net Interest Income

Interest income on mortgage-backed securities increased $19,000, or 47.5%, to $59,000 for the three months ended March 31, 2016, from $40,000 for the comparable 2015 quarter, due primarily to a $1.5 million, or 16.6% increase in the average balance of securities outstanding and a 46 basis point increase in the average yield. Interest income on investment securities decreased $270,000, or 39.2%, to $418,000 for the three months ended March 31, 2016, compared to $688,000 for the same quarter in 2015, due primarily to a decrease of $48.5 million, or 36.8% in the average balance of investment securities outstanding and by an eight basis point decrease in the average yield to 2.01% in the 2016 quarter. Interest income on other interest-earning deposits increased $12,000, or 12.9% to $105,000 for the three months ended March 31, 2016.

Interest expense decreased $106,000, or 11.9% to $785,000 for the three months ended March 31, 2016, from $891,000 for the same quarter in 2015. Interest expense on borrowings decreased by $19,000, or 17.0%, due primarily to a $2.1 million decrease in the average balance outstanding, and a nine basis point decrease in the average cost of borrowings. Interest expense on deposits decreased by $87,000, or 11.2%, to $692,000, from $779,000, due primarily to a seven basis point decrease in the average cost of deposits to 0.62% and by a $4.9 million, or 1.1% decrease in the average balance of deposits outstanding.

As a result of the foregoing changes in interest income and interest expense, net interest income increased by $119,000, or 3.3%, to $3.7 million for the three months ended March 31, 2016, as compared to the same quarter in 2015. The average interest rate spread increased to 2.95% for the three months ended March 31, 2016 from 2.85% for the three months ended March 31, 2015. The net interest margin increased to 3.00% for the three months ended March 31, 2016 from 2.89% for the three months ended March 31, 2015.

Provision for Losses on Loans

As a result of an analysis of historical experience, the volume and type of lending conducted by the Savings Bank, the status of past due principal and interest payments, general economic conditions, particularly as such conditions relate to the Savings Bank’s market area, and other factors related to the collectability of the Savings Bank’s loan portfolio, management recorded a $541,000 provision for losses on loans for the three months ended March 31, 2016 and $143,000 for the three months ended March 31, 2015. Non-performing originated loans were 0.8% of net originated loans at both March 31, 2016 and December 31, 2015, respectively. The 2016 provision for loan losses reflects the amount necessary to maintain an adequate allowance based on our historical loss experience and other external factors. These other external factors, economic conditions, and collateral value changes, have had a negative impact on non-owner-occupied loans in the portfolio. There can be no assurance that the loan loss allowance will be sufficient to cover losses on non-performing loans in the future; however, management believes they have identified all known and inherent losses that are probable and that can be reasonably estimated within the loan portfolio, and that the allowance is adequate to absorb such losses.

41

Cheviot Financial Corp.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS (CONTINUED)

Comparison of Operating Results for the Three-Month Periods Ended March 31, 2016 and 2015 (continued)

Other Income

Other income increased $8,000, or 1.2%, to $689,000 for the three months ended March 31, 2016, compared to the same quarter in 2015. The increase is due primarily to an increase in service fee income of $26,000 and an increase in the gain on sale of real estate acquired through foreclosure of $12,000, which was partially offset by a decrease in the gain on sale of loans of $25,000.

General, Administrative and Other Expense

General, administrative and other expense decreased $221,000, or 5.4%, to $3.9 million for of the three months ended March 31, 2016. This decrease is primarily a result of a decrease in employee compensation and benefits of $655,000, which was partially offset by an increase of $196,000 in legal and professional expense and an increase of $150,000 in real estate owned impairment. The increase in legal and professional expense was due primarily to fees incurred in relation to our proposed merger with MainSource Financial Group.

As previously announced, on February 3, 2015 we entered into a severance agreement (the “Agreement”) with our former President and Chief Executive Officer in connection with his retirement. The Agreement included non-competition, non-solicitation and confidentiality provisions and a full and final release of claims, in exchange for which we paid the former President and Chief Executive officer a total of $765,330 upon his retirement. The execution of this Agreement and resulting payments caused the majority of the decrease in employee compensation and benefits and related property, payroll and other taxes for the quarter ended March 31, 2016 as compared to the quarter ended March 31, 2015.

Federal Income Taxes

The provision for federal income taxes decreased $53,000 for the three months ended March 31, 2016. Cheviot Financial has approximately $400,000 of net operating losses to offset future taxable income. This amount is expected to be utilized during the current year.

42

Cheviot Financial Corp.

ITEM 3 QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

There has been no material change in the Corporation’s market risk since the Form 10-K filed with the Securities and Exchange Commission for the year ended December 31, 2015.

ITEM 4 CONTROLS AND PROCEDURES

The Corporation’s Chief Executive Officer and Chief Financial Officer evaluated the disclosure controls and procedures (as defined under Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended) as of the end of the period covered by this quarterly report. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that the Corporation’s disclosure controls and procedures are effective.

There were no changes in the Corporation’s internal controls or in other factors that have materially affected, or are reasonably be likely to materially affect, these controls subsequent to the date of their evaluation by the Corporation’s Chief Executive Officer and Chief Financial Officer.

43

Cheviot Financial Corp.

PART II

ITEM 1. Legal Proceedings

None.

ITEM 1A. Risk Factors

There have been no material changes to the Risk Factors disclosed in the Corporation’s annual report on Form 10-K for the year ended December 31, 2015.

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds

On October 15, 2013, the Corporation amended the authorization of a stock repurchase plan. Under this program the Corporation is authorized to repurchase 341,845 shares constituting 5% of the outstanding shares of common stock. As of March 31, 2016, the Corporation had repurchased 127,000 shares at an average price of $11.37.

During the three months ended March 31, 2016, there were no stock repurchases in accordance with stock repurchase plan.

ITEM 3. Defaults Upon Senior Securities

Not applicable.

ITEM 4. Mine Safety Disclosures

Not applicable.

ITEM 5. Other Information

None.

ITEM 6. Exhibits

31.1	Certification of Principal Executive Officer Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, As Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2	Certification of Principal Financial Officer Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, As Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1	Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2	Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

44

Cheviot Financial Corp.

PART II (Continued)

101 The following financial statements of the Corporation at March 31, 2016 and December 31, 3015 and for the three months ended March 31, 2016 and 2015 formatted in XBRL: Consolidated Statements of Financial Condition; Consolidated Statements of Earnings; Consolidated Statements of Comprehensive Income; Consolidated Statements of Cash Flows; and Notes to Consolidated Financial Statements.

45

Cheviot Financial Corp.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Date:	May 6, 2016	By:	/s/ Mark T. Reitzes
			Mark T. Reitzes
			President and Chief Executive Officer
Date:	May 6, 2016	By:	/s/ Scott T. Smith
			Scott T. Smith
			Chief Financial Officer

46

EX-31.1

Exhibit 31.1

CERTIFICATION PURSUANT TO RULE 13A-14

OF THE SECURITIES EXCHANGE ACT OF 1934

AS ADOPTED PURSUANT TO SECTION 302 OF THE

SARBANES-OXLEY ACT OF 2002

I, Mark T. Reitzes, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Cheviot Financial Corp.;

2. Based on my knowledge, this quarterly 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 quarterly report;

3. Based on my knowledge, the financial statements, and other financial information included in this quarterly 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 quarterly 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 Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a. Designed such disclosure controls and procedures or caused such disclosure controls 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 quarterly 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 quarterly report based on such evaluation; and

d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal 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 registrant’s board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:  May 6, 2016	/s/Mark T. Reitzes
	Mark T. Reitzes
	President and Chief Executive Officer
	(principal executive officer)

EX-31.2

Exhibit 31.2

CERTIFICATION PURSUANT TO RULE 13A-14

OF THE SECURITIES EXCHANGE ACT OF 1934

AS ADOPTED PURSUANT TO SECTION 302 OF THE

SARBANES-OXLEY ACT OF 2002

I, Scott T. Smith, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Cheviot Financial Corp.;

2. Based on my knowledge, this quarterly 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 quarterly report;

3. Based on my knowledge, the financial statements, and other financial information included in this quarterly 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 quarterly 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 Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a. Designed such disclosure controls and procedures or caused such disclosure controls 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 quarterly 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 quarterly report based on such evaluation; and

d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal 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 registrant’s board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:  May 6, 2016	/s/Scott T. Smith
	Scott T. Smith
	Chief Financial Officer
	(principal financial officer)

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Cheviot Financial Corp. (the “Corporation”), on Form 10-Q for the period ended March 31, 2016, as filed with the Securities and Exchange Commission on the date of this Certification (the “Report”), I, Mark T. Reitzes, President and Chief Executive Officer of the Corporation, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Corporation.

A signed original of this written statement required by Section 906 has been provided to Cheviot Financial Corporation and will be retained by Cheviot Financial Corporation and furnished to the Securities and Exchange Commission or its staff upon request.

/s/Mark T. Reitzes

Mark T. Reitzes

President and Chief Executive Officer

Date: May 6, 2016

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Cheviot Financial Corp. (the “Corporation”), on Form 10-Q for the period ended March 31, 2016, as filed with the Securities and Exchange Commission on the date of this Certification (the “Report”), I, Scott T. Smith, Chief Financial Officer of the Corporation, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Corporation.

A signed original of this written statement required by Section 906 has been provided to Cheviot Financial Corporation and will be retained by Cheviot Financial Corporation and furnished to the Securities and Exchange Commission or its staff upon request.

/s/Scott T. Smith

Scott T. Smith

Chief Financial Officer

Date: May 6, 2016

XML

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	May. 06, 2016
Document and Entity Information [Abstract]
Entity Registrant Name	Cheviot Financial Corp.
Entity Central Index Key	0001528843
Trading Symbol	chev
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		6,802,944
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
Amendment Flag	false
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q1

XML

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
ASSETS
Cash and due from banks	$ 22,941	$ 28,597
Interest-earning deposits in other financial institutions	16,398	14,408
Cash and cash equivalents	39,339	43,005
Investment securities available for sale - at fair value	76,915	91,220
Mortgage-backed securities available for sale - at fair value	24,792	7,503
Loans receivable - net	365,874	374,274
Loans held for sale - at lower of cost or market	1,351	1,897
Real estate acquired through foreclosure - net	1,310	1,633
Office premises and equipment - at depreciated cost	10,713	10,869
Federal Home Loan Bank stock - at cost	8,651	8,651
Accrued interest receivable on loans	1,079	1,046
Accrued interest receivable on mortgage-backed securities	72	27
Accrued interest receivable on investments and interest-earning deposits	282	597
Goodwill	10,309	10,309
Core deposit intangible - net	247	274
Prepaid expenses and other assets	4,239	4,001
Bank-owned life insurance	16,515	16,407
Deferred federal income taxes	220	287
Total assets	561,908	572,000
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits	446,702	454,885
Advances from the Federal Home Loan Bank	12,072	12,578
Advances by borrowers for taxes and insurance	1,609	2,494
Accrued interest payable	46	50
Accounts payable and other liabilities	5,153	5,485
Accrued federal income taxes	25	39
Total liabilities	$ 465,607	$ 475,531
Shareholders' equity
Preferred stock - authorized 5,000,000 shares, $.01 par value; none issued
Common stock - authorized 30,000,000 shares, $.01 par value;6,802,944 and 6,802,944 shares issued at March 31, 2016 and December 31, 2015	$ 68	$ 68
Additional paid-in capital	56,817	56,757
Shares acquired by stock benefit plans	(1,362)	(1,374)
Retained earnings - restricted	40,809	41,486
Accumulated comprehensive loss, unrealized losses on securities available for sale, net of related tax effects	(31)	(468)
Total shareholders' equity	96,301	96,469
Total liabilities and shareholders' equity	$ 561,908	$ 572,000

XML

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parentheticals) - $ / shares	Mar. 31, 2016	Dec. 31, 2015
Statement Of Financial Position [Abstract]
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares issued	0	0
Common stock, shares authorized	30,000,000	30,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares issued	6,802,944	6,802,944

XML

CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Interest income
Loans	$ 3,883	$ 3,631
Mortgage-backed securities	59	40
Investment securities	418	688
Interest-earning deposits and other	105	93
Total interest income	4,465	4,452
Interest expense
Deposits	692	779
Borrowings	93	112
Total interest expense	785	891
Net interest income	3,680	3,561
Provision for losses on loans	541	143
Net interest income after provision for losses on loans	3,139	3,418
Other income
Rental	25	28
Gain (loss) on sale of real estate acquired through foreclosure	3	(9)
Gain on sale of on office premises and equipment	1
Gain on sale of loans	180	205
Earnings on bank-owned life insurance	109	110
Service fee income	371	345
Other operating		2
Total other income	689	681
General, administrative and other expense
Employee compensation and benefits	1,616	2,271
Occupancy and equipment	310	320
Property, payroll and other taxes	339	317
Data processing	208	200
Legal and professional	409	213
Advertising	62	81
FDIC expense	93	81
ATM processing expense	123	95
Real estate owned impairment	258	108
Core deposit intangible amortization	28	34
Other operating	409	356
Total general, administrative and other expense	3,855	4,076
Earnings (loss) before federal income taxes	(27)	23
Federal income taxes (benefits)
Current	127
Deferred	(158)	22
Total federal income taxes (benefits)	(31)	22
NET EARNINGS	$ 4	$ 1
EARNINGS PER SHARE
Basic (in dollars per share)	$ 0.00	$ 0.00
Diluted (in dollars per share)	0.00	0.00
Dividends declared per share (in dollars per share)	$ 0.10	$ 0.09

XML

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement Of Income and Comprehensive Income [Abstract]
Net earnings for the period	$ 4	$ 1
Other comprehensive income, net of related tax expense:
Unrealized holding gains on securities during the period, net of tax expense of $225 and $627 for the periods ended March 31, 2016 and 2015, respectively	437	1,217
Comprehensive income	441	1,218
Accumulated comprehensive loss	$ (31)	$ (329)

XML

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)(Parentheticals) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement Of Income and Comprehensive Income [Abstract]
Tax (benefits) expense of unrealized holding gains (losses) on securities	$ 225	$ 627

XML

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities:
Net earnings for the period	$ 4	$ 1
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Amortization of premiums and discounts on investment and mortgage-backed securities, net		(3)
Depreciation	158	157
Amortization of deferred loan origination costs - net	(18)	49
Proceeds from sale of loans in the secondary market	5,745	9,348
Loans originated for sale in the secondary market	(5,390)	(9,569)
Gain on sale of loans	(180)	(205)
Amortization of expense related to stock benefit plans	27	15
Provision for losses on loans	541	143
Amortization of fair value adjustments	(37)	(93)
(Gain) loss on real estate acquired through foreclosure	(3)	9
Impairment on real estate acquired through foreclosure	258	108
Gain on sale of office premises and equipment	(1)
Net increase in cash surrender value of bank-owned life insurance	(109)	(110)
Increase (decrease) in cash, due to changes in:
Accrued interest receivable on loans	(32)
Accrued interest receivable on mortgage-backed securities	(46)	3
Accrued interest receivable on investments and interest-earning deposits	315	309
Prepaid expenses and other assets	(238)	(299)
Accrued interest payable	(4)	(2)
Accounts payable and other liabilities	(356)	(980)
Federal income taxes
Current	(14)	1
Deferred	(158)	22
Net cash flows provided by (used in) operating activities	462	(1,096)
Cash flows provided by (used in) investing activities:
Principal repayments on loans	19,603	14,152
Loan disbursements	(11,286)	(14,794)
Purchase of investment securities - available for sale		(24,996)
Proceeds from maturity of investment securities - available for sale	15,000	15,000
Principal repayments on mortgage-backed securities - available for sale	292	574
Purchase of mortgage-backed securities - available for sale	(17,613)
Proceeds from the sale of real estate acquired through foreclosure	65	81
Purchase of office premises and equipment	(2)	(56)
Net cash flows provided by (used in) investing activities	6,059	(10,039)
Cash flows provided by (used in) financing activities:
Net increase (decrease) in deposits	(8,183)	3,739
Repayments on Federal Home Loan Bank advances	(482)	(972)
Advances by borrowers for taxes and insurance	(885)	(990)
Stock option expense, net	44	35
Common stock issued		45
Dividends paid on common stock	(681)	(608)
Net cash flows provided by (used in) financing activities	(10,187)	1,249
Net change in cash and cash equivalents	(3,666)	(9,886)
Cash and cash equivalents at beginning of period	43,005	42,439
Cash and cash equivalents at end of period	39,339	32,553
Cash paid during the period for:
Federal income taxes	141
Interest on deposits and borrowings	789	893
Supplemental disclosure of non-cash investing activities:
Transfer from loans to real estate acquired through foreclosure		27
Recognition of mortgage servicing rights	$ 33	$ 69

XML

Basis of Presentation

3 Months Ended

Mar. 31, 2016

Basis Of Presentation [Abstract]

Basis of Presentation

1. Basis of Presentation

Cheviot Financial Corp. (“Cheviot Financial” or the “Corporation”) is a savings and loan holding company, the principal asset of which consists of its ownership of Cheviot Savings Bank (the “Savings Bank”). The Savings Bank conducts a general banking business in southwestern Ohio, which consists of attracting deposits and applying those funds primarily to the origination of real estate loans. The Savings Bank’s profitability is significantly dependent on net interest income, which is the difference between interest income from interest-earning assets and the interest expense paid on interest-bearing liabilities. Net interest income is affected by the relative amount of interest-earning assets and interest-bearing liabilities and the interest received or paid on these balances.

On January 18, 2012, we completed our second step reorganization and sale of common stock. Prior to the completion of the second step conversion, Cheviot Financial was a federal corporation and mid-tier holding company. Following the reorganization Cheviot Financial is the Maryland incorporated holding company of the Savings Bank.

The accompanying unaudited consolidated financial statements were prepared in accordance with instructions for Form 10-Q and, therefore, do not include information or footnotes necessary for a complete presentation of financial position, results of operations and cash flows in conformity with accounting principles generally accepted in the United States of America. Accordingly, these consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto of Cheviot Financial included in the Annual Report on Form 10-K for the year ended December 31, 2015. However, in the opinion of management, all adjustments (consisting of only normal recurring accruals) which are necessary for a fair presentation of the consolidated financial statements have been included. The results of operations for the three month period ended March 31, 2016 are not necessarily indicative of the results which may be expected for the entire year.

On November 23, 2015, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with MainSource Financial Group, Inc., an Indiana corporation (“MainSource”), pursuant to which the Company will merge with and into MainSource, whereupon the separate corporate existence of the Company will cease and MainSource will survive (the “Merger”).  It is anticipated that immediately after the Merger, the Bank will merge with and into MainSource Bank, an Indiana chartered commercial bank and wholly-owned subsidiary of MainSource, with MainSource Bank as the surviving bank.

Subject to the approval of the Company’s shareholders of the Merger, regulatory approvals and other customary closing conditions, the parties anticipate completing the Merger in the second quarter of 2016. At the effective time of the Merger, the Company’s shareholders will have the right to elect to receive either 0.6916 shares of MainSource common stock or $15.00 in cash for each share of Company common stock owned, subject to proration provisions specified in the Merger Agreement that provide for a targeted aggregate split of total consideration of 50% common stock and 50% cash.

Cheviot Financial evaluates subsequent events through the date of filing with the Securities and Exchange Commission.

XML

Principles of Consolidation

3 Months Ended

Mar. 31, 2016

Organization, Consolidation and Presentation Of Financial Statements [Abstract]

Principles of Consolidation

2. Principles of Consolidation

The accompanying consolidated financial statements as of and for the three months ended March 31, 2016 and 2015 include the accounts of the Corporation and its wholly-owned subsidiary, the Savings Bank. All significant intercompany items have been eliminated.

XML

Liquidity and Capital Resources

3 Months Ended

Mar. 31, 2016

Liquidity and Capital Resources [Abstract]

Liquidity and Capital Resources

3. Liquidity and Capital Resources

Liquidity describes our ability to meet the financial obligations that arise in the ordinary course of business. Liquidity is primarily needed to meet the borrowing and deposit withdrawal requirements of our customers and to fund current and planned expenditures. Our primary sources of funds are deposits, scheduled amortization and prepayments of loan principal and mortgage-backed securities, maturities and calls of securities and funds provided by our operations. In addition, we may borrow from the Federal Home Loan Bank of Cincinnati. At March 31, 2016 and December 31, 2015, we had $12.1 million and $12.6 million, respectively, in outstanding borrowings from the Federal Home Loan Bank of Cincinnati and had the capacity to increase such borrowings at those dates by approximately $135.6 million and $139.1 million, respectively.

Loan repayments and maturing securities are a relatively predictable source of funds. However, deposit flows, calls of securities and prepayments of loans and mortgage-backed securities are strongly influenced by interest rates, general and local economic conditions and competition in the marketplace. These factors reduce the predictability of these sources of funds.

Our primary investing activities are the origination of one- to four-family real estate loans, commercial real estate, construction and consumer loans, and the purchase of securities. For the three months ended March 31, 2016, loan originations totaled $16.7 million, compared to $24.4 million for the three months ended March 31, 2015.

Total deposits decreased $8.2 million during the three months ended March 31, 2016 and increased $3.7 million during the three months ended March 31, 2015. Deposit flows are affected by the level of interest rates, the interest rates and products offered by competitors and other factors.

The following table sets forth information regarding the Corporation’s obligations and commitments to make future payments under contracts as of March 31, 2016.

			Payments due by period
	Less		More than		More than		More
	than		1-3		3-5		than
	1 year		years		years		5 years		Total
	(In thousands)
Contractual obligations:
Advances from the Federal Home Loan Bank	$	10,154	$	834	$	1,084	$	-	$	12,072
Certificates of deposit		106,511		41,542		47,213		82		195,348
Lease obligations		125		170		119		70		484
Amount of loan commitments and expiration per period:
Commitments to originate one- to four-family loans		1,452		-		-		-		1,452
Commitments to originate commercial loans		470		-		-		-		470
Home equity lines of credit		24,955		-		-		-		24,955
Commercial lines of credit		13,855		-		-		-		13,855
Undisbursed loans in process		12,343		-		-		-		12,343
Total contractual obligations	$	169,865	$	42,546	$	48,416	$	152	$	260,979

We are committed to maintaining a strong liquidity position and we monitor our liquidity position on a daily basis. We anticipate that we will have sufficient funds to meet our current funding commitments. Based on our deposit retention experience and current pricing strategy, we anticipate that a significant portion of maturing time deposits will be retained.

The following sets forth our regulatory capital position, compared to requirements to be considered “well-capitalized” as of March 31, 2016 under regulatory capital requirements enacted in 2015.

	As of March 31, 2016
	(Dollars in Thousands)
	Required Ratio			Actual Amount		Actual Ratio
Tier 1 Leverage		5.00	%	$	78,886		14.3	%
Common Equity Tier 1 Capital		6.50	%	$	78,886		22.0	%
Tier 1 Risk-Based Capital		8.00	%	$	78,886		22.0	%
Total Capital		10.00	%	$	82,897		23.1	%

	As of December 31, 2015
	(Dollars in Thousands)
	Required Ratio			Actual Amount		Actual Ratio
Tier 1 Leverage		5.00	%	$	78,699		13.9	%
Common Equity Tier 1 Capital		6.50	%	$	78,699		21.6	%
Tier 1 Risk-Based Capital		8.00	%	$	78,699		21.6	%
Total Capital		10.00	%	$	82,236		22.5	%

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Earnings Per Share

3 Months Ended

Mar. 31, 2016

Earnings Per Share [Abstract]

Earnings Per Share

4. Earnings Per Share

Basic earnings per share is computed based upon the weighted-average common shares outstanding during the period, less shares in the Employee Stock Ownership Plan (the “ESOP”) that are unallocated and not committed to be released plus shares in the ESOP that have been allocated. Weighted-average common shares deemed outstanding gives effect to 149,600 and 158,950 unallocated shares held by the ESOP for the three months ended March 31, 2016 and 2015, respectively.

	For the three months ended
	March 31,
	2016		2015
Weighted-average common shares  outstanding (basic)		6,647,068		6,573,652
Dilutive effect of assumed exercise of stock options		96,007		90,132
Weighted-average common shares  outstanding (diluted)		6,743,075		6,663,784

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Stock Option Plan

3 Months Ended

Mar. 31, 2016

Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]

Stock Option Plan

5. Stock Option Plan

The Corporation established Stock Incentive Plans that provides for grants of up to 884,018 stock options. During 2015, 189,070 stock options were granted in accordance with the 2005 and 2013 Equity Incentive Plans subject to a five year vesting period in which the options granted will vest ratably annually beginning one year from the date of grant. As of March 31, 2016, all option shares have been granted in accordance with the 2005 and 2013 Equity Incentive Plans. The shares in the 2005 plan and shares granted prior to the second step conversion have been adjusted to reflect the exchange ratio of 0.857 for the second step conversion that occurred in 2012.

The Corporation follows Financial Accounting Standards Board (FASB) Accounting Standard Codification (ASC) Topic 718, “Compensation – Stock Compensation,” for its stock option plans, and accordingly, the Corporation recognizes the expense of these grants as required. Stock-based employee compensation costs pertaining to stock options is reflected as a net increase in equity, for both any new grants, as well as for all unvested options outstanding, in both cases using the fair values established by usage of the Black-Scholes option pricing model, expensed over the vesting period of the underlying option.

The compensation cost recorded for unvested equity-based awards is based on their grant-date fair value. For the three months ended March 31, 2016, the Corporation recorded $44,000 of compensation cost for equity-based awards that vested during the three months ended March 31, 2016. The Corporation has $621,000 of unrecognized compensation cost related to non-vested equity-based awards granted under its stock incentive plan as of March 31, 2016, which is expected to be recognized over a weighted-average vesting period of approximately 3.6 years.

A summary of the status of the Corporation’s stock option plans (or “stock opions”) as of March 31, 2016, and changes during the period then ended is presented below:

	Three months ended				Year ended
	March 31, 2016				December 31, 2015
			Weighted-					Weighted-
			average					average
			exercise					exercise
	Shares		price		Shares			price
Outstanding at beginning of period		544,168	$	13.29		758,929		$	12.67
Granted		-		-		189,070			14.96
Exercised		-		-		(328,831	)		13.01
Forfeited		-		-		(75,000	)		12.48
Outstanding at end of period		544,168	$	13.29		544,168		$	13.29
Options exercisable at period-end		112,264	$	12.32		112,264		$	12.32
Options expected to be exercisable at year-end		211,872				112,264
Fair value of options granted				NA				$	2.05

The following information applies to options outstanding at March 31, 2016:

Number outstanding		544,168
Exercise price	$	8.30 - $15.90
Weighted-average exercise price	$	13.29
Weighted-average remaining contractual life		8.3 years

The expected term of options is based on evaluations of historical and expected future employee exercise behavior. The risk free interest rate is based upon the U.S. Treasury rates at the date of grant with maturity dates approximately equal to the expected life at the grant date. Volatility is based upon the historical volatility of the Corporation’s stock.

The fair value of each option granted is estimated on the date of grant using the modified Black-Scholes options-pricing model with the following weighted-average assumptions used for the July 7, 2015 and May 4, 2015 grants: dividend yield of 2.70% and 2.33%; expected volatility of 15.09% and 15.56%; risk-free interest rates of 2.27% and 2.16%; and expected lives of 10 years. There were no grants during the three months ended March 31, 2016.

The effects of expensing stock options are reported in “cash provided by financing activities” in the Consolidated Statements of Cash Flows.

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Investment and Mortgage-backed Securities

3 Months Ended

Mar. 31, 2016

Investments, Debt and Equity Securities [Abstract]

Investment and Mortgage-backed Securities

6. Investment and Mortgage-backed Securities

The amortized cost, gross unrealized gains, gross unrealized losses and estimated fair values of investment securities at March 31, 2016 and December 31, 2015 are shown below.

	March 31, 2016
			Gross		Gross		Estimated
	Amortized		unrealized		unrealized		fair
	cost		gains		losses		value
	(In thousands)
Available for Sale:
U.S. Government agency securities	$	75,679	$	53	$	121	$	75,611
Municipal obligations		1,256		48		-		1,304
	$	76,935	$	101	$	121	$	76,915

	December 31, 2015
			Gross		Gross		Estimated
	Amortized		unrealized		unrealized		fair
	cost		gains		losses		value
	(In thousands)
Available for Sale:
U.S. Government agency securities	$	90,674	$	35	$	804	$	89,905
Municipal obligations		1,256		59		-		1,315
	$	91,930	$	94	$	804	$	91,220

The amortized cost of investment securities at March 31, 2016, by contractual term to maturity, is shown below.

	March 31,
	2016
	(In thousands)
One to five years	$	35,701
Five to ten years		40,544
More than ten years		690
	$	76,935

The amortized cost, gross unrealized gains, gross unrealized losses and estimated fair values of mortgage-backed securities at March 31, 2016 and December 31, 2015 are shown below.

	March 31, 2016
			Gross		Gross		Estimated
	Amortized		unrealized		unrealized		fair
	cost		holding gains		holding losses		value
	(In thousands)
Available for sale:
Federal Home Loan Mortgage
Corporation adjustable-rate
participation certificates	$	19,648	$	32	$	47	$	19,633
Federal National Mortgage
Association adjustable-rate
Participation certificates		5,171		-		12		5,159
	$	24,819	$	32	$	59	$	24,792

	December 31, 2015
			Gross		Gross		Estimated
	Amortized		unrealized		unrealized		fair
	cost		holding gains		holding losses		value
	(In thousands)
Available for sale:
Federal Home Loan Mortgage
Corporation adjustable-rate
participation certificates	$	7,502	$	1	$	-	$	7,503

The amortized cost of mortgage-backed securities, including those designated as available for sale, at March 31, 2016, by contractual terms to maturity, is shown below. Expected maturities will differ from contractual maturities because borrowers may generally prepay obligations without prepayment penalties.

	March 31,
	2016
	(In thousands)
Due in one year or less	$	1,889
Due in more than one year through five years		6,246
Due in more than five years through ten years		5,998
Due in more than ten years		10,686
	$	24,819

The table below indicates the length of time individual securities have been in a continuous unrealized loss position at March 31, 2016:

	Less than 12 months						12 months or longer								Total
Description of	Number of		Fair		Unrealized		Number of		Fair		Unrealized		Number of		Fair		Unrealized
securities	investments		value		losses		investments		value		losses		investments		value		losses
	(Dollars in thousands)
U.S. Government  agency securities		1	$	2,996	$	3		8	$	37,575	$	118		9	$	40,571	$	121
Municipal obligations		-		-		-		-		-		-		-		-		-
Mortgage-backed  securities		4		17,553		59		-		-		-		4		17,553		59
Total temporarily impaired securities		5	$	20,549	$	62		8	$	37,575	$	118		13	$	58,124	$	180

Management does not intend to sell any of the debt securities with an unrealized loss and does not believe that it is more likely than not that we will be required to sell a security in an unrealized loss position prior to a recovery in value. The decline in the fair value is primarily due to an increase in market interest rates. The fair values are expected to recover as securities approach maturity dates. The Corporation has evaluated these securities and has determined that the decline in their values is temporary.

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Income Taxes

3 Months Ended

Mar. 31, 2016

Income Tax Disclosure [Abstract]

Income Taxes

7. Income Taxes

The Corporation uses an asset and liability approach to accounting for income taxes. The asset and liability approach requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities. Deferred tax assets are recognized if it is more likely than not that a future benefit will be realized. The Corporation accounts for income taxes in accordance with FASB ASC 740, Income Taxes, which prescribes the recognition and measurement criteria related to tax positions taken or expected to be taken in a tax return.

The Corporation’s principal temporary differences between financial income and taxable income result mainly from different methods of accounting for Federal Home Loan Bank stock dividends, the general loan loss allowance, deferred compensation, stock benefit plans, fair value adjustments arising from the First Franklin Corporation acquisition. The Corporation has approximately $400,000 of net operating losses to offset future taxable income. This amount is expected to be utilized during the current year.

The Corporation recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. At adoption date, January 1, 2007, the Corporation applied the standard to all tax positions for which the statute of limitations remained open and was not required to record any liability for unrecognized tax benefits as that date. There have been no material changes in unrecognized tax benefits since January 1, 2007.

The Corporation is subject to income taxes in the U.S. federal jurisdiction, as well as various state jurisdictions. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require significant judgment to apply. With few exceptions, the Corporation is no longer subject to U.S. federal, state and local, or non U.S. income tax examinations by tax authorities for the years before 2012.

The Corporation will recognize, if applicable, interest accrued related to unrecognized tax liabilities in interest expense and penalties in operating expenses.

Federal income tax on earnings differs from that computed at the statutory corporate tax rate for the periods ended March 31, 2016 and 2015:

	2016			2015
	(Dollars in thousands)
Federal income taxes (benefits) at statutory rate of 34%	$	(9	)	$	8
Increase (decrease) in taxes resulting primarily from:
Stock compensation		17			54
Nontaxable interest income		(4	)		(5	)
Cash surrender value of life insurance		(37	)		(37	)
Other		2			2
Federal income taxes (benefits) per financial statements	$	(31	)	$	22

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Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2016

Fair Value Of Financial Instruments [Abstract]

Fair Value of Financial Instruments

8. Fair Value of Financial Instruments

Fair value information about financial instruments, whether or not recognized in the balance sheet, for which it is practical to estimate the value, is based upon the characteristics of the instruments and relevant market information. Financial instruments include cash, evidence of ownership in an entity or contracts that convey or impose on an entity the contractual right or obligation to either receive or deliver cash for another financial instrument. These fair value estimates are based on relevant market information and information about the financial instruments. Fair value estimates are intended to represent the price for which an asset could be sold or liability could be settled. However, given there is no active market or observable market transactions identical to many of the Corporation’s financial instruments, estimates of many of these fair values are based upon observable inputs which are subjective in nature, involve uncertainties and matters of significant judgment, and therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimated values.

The following methods and assumptions were used by the Corporation in estimating its fair value disclosures for financial instruments at March 31, 2016:

Cash and cash equivalents: The carrying amounts presented in the consolidated statements of financial condition for cash and cash equivalents are deemed to approximate fair value.

Investment and mortgage-backed securities: For investment and mortgage-backed securities, fair value is deemed to equal the quoted market price.

Loans receivable: The loan portfolio was segregated into categories with similar characteristics, such as one-to four-family residential, multi-family residential and commercial real estate. These loan categories were further delineated into fixed-rate and adjustable-rate loans. The fair values for the resultant loan categories were computed via discounted cash flow analysis, using current interest rates offered for loans with similar terms to borrowers of similar credit quality. For loans on deposit accounts, fair values were deemed to equal the historic carrying values. The historical carrying amount of accrued interest on loans is deemed to approximate fair value.

Federal Home Loan Bank stock: The carrying amount presented in the consolidated statements of financial condition is deemed to approximate fair value.

Deposits: The fair value of NOW accounts, passbook accounts, and money market demand deposits is deemed to approximate the amount payable on demand at March 31, 2016. Fair values for fixed-rate certificates of deposit have been estimated using a discounted cash flow calculation using the interest rates currently offered for deposits of similar remaining maturities.

Advances from the Federal Home Loan Bank: The fair value of these advances is estimated using the rates currently offered for similar advances of similar remaining maturities or, when available, quoted market prices.

Advances by Borrowers for Taxes and Insurance: The carrying amount of advances by borrowers for taxes and insurance is deemed to approximate fair value.

Commitments to extend credit: For fixed-rate loan commitments, the fair value estimate considers the difference between current levels of interest rates and committed rates. At March 31, 2016, the fair value of the derivative loan commitments was not material.

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Disclosures about Fair Value of Assets and Liabilities

3 Months Ended

Mar. 31, 2016

Fair Value Disclosures [Abstract]

Disclosures about Fair Value of Assets and Liabilities

9. Disclosures about Fair Value of Assets and Liabilities

The estimated fair values of the Company’s financial instruments are as follows:

	March 31, 2016				December 31, 2015
	Carrying		Fair		Carrying		Fair
	value		value		value		value
	(In thousands)
Financial assets
Cash and cash equivalents	$	39,339	$	39,339	$	43,005	$	43,005
Investment securities		76,915		76,915		91,220		91,220
Mortgage-backed securities		24,792		24,792		7,503		7,503
Loans receivable – net and loans held for sale		367,225		378,449		376,171		387,103
Accrued interest receivable		1,433		1,433		1,670		1,670
Federal Home Loan Bank stock		8,651		8,651		8,651		8,651
	$	518,355	$	529,579	$	528,220	$	539,152
Financial liabilities
Deposits	$	446,702	$	446,314	$	454,885	$	454,483
Advances from the Federal Home Loan Bank		12,072		11,708		12,578		12,178
Accrued interest payable		46		46		50		50
Advances by borrowers for taxes and insurance		1,609		1,609		2,494		2,494
	$	460,429	$	459,677	$	470,007	$	469,205

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-level hierarchy exists for fair value measurements based upon the inputs to the valuation of an asset or liability.

Level 1 Quoted prices in active markets for identical assets or liabilities.

Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

Fair value methods and assumptions are set forth below for each type of financial instrument.

Securities available for sale: Fair value on available for sale securities was based upon a market approach. Securities which are fixed income instruments that are not quoted on an exchange, but are traded in active markets, are valued using prices obtained from our custodian, which used third party data service providers and classified as level 2 assets. Management compares the fair values to another third party report for reasonableness. Available for sale securities includes U.S. agency securities, municipal bonds and mortgage-backed agency securities.

			Quoted prices
			in active		Significant		Significant
			markets for		other		other
			identical		observable		unobservable
			assets		inputs		inputs
	Total		(Level 1)		(Level 2)		(Level 3)
	(In thousands)
Securities available for sale at March 31, 2016:
U.S. Government agency securities	$	75,611		-	$	75,611		-
Municipal obligations		1,304		-		1,304		-
Mortgage-backed securities		24,792		-		24,792		-
Securities available for sale at December 31, 2015:
U.S. Government agency securities	$	89,905		-	$	89,905		-
Municipal obligations		1,315		-		1,315		-
Mortgage-backed securities		7,503		-		7,503		-

Fair value measurements for certain assets and liabilities recognized in the accompanying statements of financial condition and measured at fair value on a nonrecurring basis:

			Quoted prices
			in active		Significant		Significant
			markets for		other		other
			identical		observable		unobservable
			assets		inputs		inputs
	Total		(Level 1)		(Level 2)		(Level 3)
	(In thousands)
March 31, 2016:
Real estate acquired through foreclosure	$	1,310		-	$	1,310		-
Loans held for sale		1,351		-		1,351		-
Impaired loans		15,865		-		15,865		-
December 31, 2015:
Real estate acquired through foreclosure	$	1,633		-	$	1,633		-
Loans held for sale		1,897		-		1,897		-
Impaired loans		14,395		-		14,395		-

The following table presents fair value measurements for the Company’s financial instruments which are not recognized at fair value in the accompanying statements of financial position on a recurring or nonrecurring basis.

	Total		Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant other unobservable inputs (Level 3)
	(In thousands)
March 31, 2016:
Financial assets:
Cash and cash equivalents	$	39,339	$	39,339	$	-	$	-
Loans receivable - net		378,449		-		378,449		-
Federal Home Loan Bank stock		8,651		-		8,651		-
Accrued interest receivable		1,433		-		1,433		-
Financial liabilities:
Deposits		446,314		-		446,314		-
Advances from the Federal Home Loan Bank		11,708		-		11,708		-
Advances by borrowers for taxes and insurance		1,609		-		1,609		-
Accrued interest payable		46		-		46		-

	Total		Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant other unobservable inputs (Level 3)
December 31, 2015:	(In thousands)
Financial assets:
Cash and cash equivalents	$	43,005	$	43,005	$	-	$	-
Mortgage-backed securities		-		-		-		-
Loans receivable - net		387,103		-		387,103		-
Federal Home Loan Bank stock		8,651		-		8,651		-
Accrued interest receivable		1,670		-		1,670		-
Financial liabilities:
Deposits		454,483		-		454,483		-
Advances from the Federal Home Loan Bank		12,178		-		12,178		-
Advances by borrowers for taxes and insurance		2,494		-		2,494		-
Accrued interest payable		50		-		50		-

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Effects of Recent Accounting Pronouncements

3 Months Ended

Mar. 31, 2016

New Accounting Pronouncements and Changes in Accounting Principles [Abstract]

Effects of Recent Accounting Pronouncements

10. Effects of Recent Accounting Pronouncements

We adopted the following accounting guidance in 2016, which did not have a material effect, if any, on our consolidated financial position or results of operations.

In January 2016, FASB issued ASU No. 2016-01, Financial Instruments-Overall (Subtopic 825-10). The amendments in this update affect all entities that hold financial assets or owe financial liabilities. The update’s main provisions applicable to the Corporation are as follows: 1) Require equity investments with readily available fair values (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income; 2) Simplify the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment; 3) Eliminate the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet; 4) Require public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; 5) Require separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or the accompanying notes to the financial statements; and 6) Clarify that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity’s other deferred tax assets. Public companies should apply the guidance in Update 2016-01 to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Early adoption is generally not permitted. An entity should apply the amendments by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the annual reporting period of adoption. We do not expect the adoption of these provisions to have a significant impact on the Company’s consolidated financial statements.

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Intangible Assets

3 Months Ended

Mar. 31, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

11. Intangible Assets

The Corporation recorded goodwill and other intangibles associated with the purchase of First Franklin and Franklin Savings in March 2011 totaling $11.6 million. Goodwill is not amortized, but is periodically evaluated for impairment. The Corporation did not recognize any impairment during the quarter ended March 31, 2016. The carrying amount of the goodwill at March 31, 2016 was $10.3 million.

Identifiable intangibles are amortized to their estimated residual values over the expected useful lives. Such lives are also periodically reassessed to determine if any amortization period adjustments are required. During the quarter ended March 31, 2016, no such adjustments were recorded. The identifiable intangible asset consists of a core deposit intangible which is being amortized on an accelerated basis over the useful life of such asset. The gross carrying amount of the core deposit intangible at March 31, 2016 was $1.3 million with $1.1 million in accumulated amortization as of that date.

As of March 31, 2016, the current year and estimated future amortization expense for the core deposit intangible was:

	(In thousands)
2016	$	82
2017		110
2018		55
Total	$	247

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Financing Receivables

3 Months Ended

Mar. 31, 2016

Receivables [Abstract]

Financing Receivables

12. Financing Receivables

The recorded investment in loans was as follows as of March 31, 2016:

	One-to-four
	Family			Multi-family
	Residential			Residential			Construction			Commercial			Consumer			Total
	(In thousands)
Purchased loans	$	49,498		$	2,903		$	-		$	20,079		$	128		$	72,608
Fair value discount – Credit impaired purchased loans		(532	)		(2	)		-			(577	)		-			(1,111	)
Fair value discount – Non-impaired purchased loans		(125	)		(16	)		-			(62	)		(7	)		(210	)
Purchased loans book value(3)		48,841			2,885			-			19,440			121			71,287
Originated loans (1)		162,833			30,375			20,095	(2)		93,525			3,035			309,863
Ending balance	$	211,674		$	33,260		$	20,095		$	112,965		$	3,156		$	381,150

(1) Includes loans held for sale

(2) Before consideration of undisbursed loans-in-process

(3) Loans purchased in acquisition of First Franklin

The carrying amount of purchased loans consisting of credit-impaired purchased loans and non-impaired purchased loans is shown in the following table as of March 31, 2016.

	Credit
	Non-impaired		Impaired
	Purchased Loans		Purchased Loans
	(In thousands)
One-to-four family residential (1)	$	45,245	$	3,596
Multi-family residential		2,535		350
Construction		-		-
Commercial		14,508		4,932
Consumer		121		-
Total	$	62,409	$	8,878

(1) Includes home equity lines of credit

Activity during 2016 for the accretable discount related to acquired credit impaired loans is as follows:

	(In thousands)
Accretable discount at December 31, 2015:	$	3,432
Reclass from accretable difference to nonaccretable discount		(91	)
Less transferred to other real estate owned		-
Less accretion		(119	)
Accretable discount at March 31, 2016:	$	3,222

The recorded investment in loans was as follows as of March 31, 2016. Subsequent to acquisition, we regularly evaluate our estimates of cash flows expected to be collected on purchased impaired loans. If we have probable decreases in cash flows expected to be collected (other than due to decreases in interest rate indices and changes in prepayment assumptions), we charge the provision for credit losses, resulting in an increase to the allowance for loan losses. If we have probable and significant increases in cash flows expected to be collected, we first reverse any previously established allowance for loan losses and then increase interest income as a prospective yield adjustment over the remaining life of the loan, or pool of loans. Estimates of cash flows are impacted by changes in interest rate indices for variable rate loans and prepayment assumptions, both of which are treated as prospective yield adjustments included in interest income. Cheviot Financial’s allowance at March 31, 2016 does not include any credit quality discount related to loans acquired from First Franklin, other than $910,000 for certain one-to-four family residential and nonresidential and commercial real estate loans. Due to uncertainties in the evaluation of allowance for loan loss, it is at least reasonably possible that management’s estimate of the outcome will change within the next year.

The following summarizes activity in the allowance for credit losses:

	March 31, 2016
	One-to-four
	Family			Multi-family
	Residential			Residential		Construction			Commercial		Consumer		Total
	(In thousands)
Allowance for loan losses:
Beginning balance	$	1,748		$	439	$	25		$	1,314	$	11	$	3,537
Provision		525			6		(1	)		11		-		541
Charge-offs		(73	)		-		-			-		-		(73	)
Recoveries		3			-		-			2		1		6
Ending balance	$	2,203		$	445	$	24		$	1,327	$	12	$	4,011
Originated loans:
Individually evaluated for impairment	$	166		$	-	$	-		$	7	$	-	$	173
Purchased loans:
Individually evaluated for impairment	$	135		$	-	$	-		$	360	$	-	$	495
Originated Loans:
Collectively evaluated for impairment	$	1,566		$	445	$	24		$	881	$	12	$	2,928
Purchased loans:
Loans acquired with deteriorated credit quality	$	336		$	-	$	-		$	79	$	-	$	415
Loans receivable:
Ending balance	$	211,674		$	33,260	$	20,095		$	112,965	$	3,156	$	381,150
Ending balance:
Individually evaluated for impairment	$	4,493		$	301	$	-		$	2,189	$	4	$	6,987
Ending balance:
Collectively evaluated for impairment	$	203,585		$	32,609	$	20,095		$	105,844	$	3,152	$	365,285
Ending balance:
Loans acquired with deteriorated credit quality	$	3,596		$	350	$	-		$	4,932	$	-	$	8,878

	December 31, 2015
	One-to-four
	Family			Multi-family
	Residential			Residential			Construction		Commercial			Consumer			Total
	(In thousands)
Allowance for loan losses:
Beginning balance	$	1,813		$	209		$	7	$	199		$	8		$	2,236
Provision		107			309			18		1,225			4			1,663
Charge-offs		(340	)		(79	)		-		(119	)		(1	)		(539	)
Recoveries		168			-			-		9			-			177
Ending balance	$	1,748		$	439		$	25	$	1,314		$	11		$	3,537
Originated loans:
Individually evaluated for impairment	$	158		$	-		$	-	$	7		$	-		$	165
Purchased loans:
Individually evaluated for impairment	$	93		$	-		$	-	$	47		$	-		$	140
Originated Loans:
Collectively evaluated for impairment	$	1,137		$	439		$	25	$	1,225		$	11		$	2,837
Purchased loans:
Loans acquired with deteriorated credit quality	$	360		$	-		$	-	$	35		$	-		$	395
Loans receivable:
Ending balance	$	219,113		$	32,634		$	23,781	$	114,514		$	2,894		$	392,936
Ending balance:
Individually evaluated for impairment	$	4,230		$	302		$	-	$	779		$	5		$	5,316
Ending balance:
Collectively evaluated for impairment	$	211,301		$	31,978		$	23,781	$	108,591		$	2,889		$	378,540
Ending balance:
Loans acquired with deteriorated credit quality	$	3,582		$	354		$	-	$	5,144		$	-		$	9,080

The Corporation assigns credit risk grades to evaluated loans using grading standards employed by regulatory agencies. Loans judged to carry lower-risk attributes are assigned a “pass” grade, indicating a minimal likelihood of loss. Loans judged to carry a higher-risk attributes are referred to as “classified loans” and are further disaggregated, with increasing expectations for loss recognition, as “special mention”, “substandard”, “doubtful”, and “loss”. The Loan Classification of Assets committee assigns the credit risk grades to loans and reports to the board on a monthly basis the “classified asset” report.

The following table summarizes the credit risk profile by internally assigned grade:

	Originated Loans at March 31, 2016
	One-to-four
	Family		Multi-family
	Residential		Residential		Construction		Commercial		Consumer		Total
	(In thousands)
Grade:
Pass	$	160,447	$	30,182	$	20,095	$	91,139	$	3,031	$	304,894
Special mention		-		-		-		-		-		-
Substandard		2,386		193		-		2,386		4		4,969
Doubtful		-		-		-		-		-		-
Loss		-		-		-		-		-		-
Total	$	162,833	$	30,375	$	20,095	$	93,525	$	3,035	$	309,863

	Originated Loans at December 31, 2015
	One-to-four
	Family		Multi-family
	Residential		Residential		Construction		Commercial		Consumer		Total
	(In thousands)
Grade:
Pass	$	165,368	$	29,344	$	23,781	$	93,199	$	2,768	$	314,460
Special mention		-		-		-		-		-		-
Substandard		2,638		193		-		1,262		5		4,098
Doubtful		-		-		-		-		-		-
Loss		-		-		-		-		-		-
Total	$	168,006	$	29,537	$	23,781	$	94,461	$	2,773	$	318,558

	Purchased Loans at March 31, 2016
	One-to-four
	Family		Multi-family
	Residential		Residential		Construction		Commercial		Consumer		Total
	(In thousands)
Grade:
Pass	$	46,204	$	2,777	$	-	$	15,358	$	121	$	64,460
Special mention		-		-		-		-		-		-
Substandard		2,637		108		-		4,082		-		6,827
Doubtful		-		-		-		-		-		-
Loss		-		-		-		-		-		-
Total	$	48,841	$	2,885	$	-	$	19,440	$	121	$	71,287

	Purchased Loans at December 31, 2015
	One-to-four
	Family		Multi-family
	Residential		Residential		Construction		Commercial		Consumer		Total
	(In thousands)
Grade:
Pass	$	48,281	$	2,988	$	-	$	15,836	$	121	$	67,226
Special mention		-		-		-		-		-		-
Substandard		2,826		109		-		4,217		-		7,152
Doubtful		-		-		-		-		-		-
Loss		-		-		-		-		-		-
Total	$	51,107	$	3,097	$	-	$	20,053	$	121	$	74,378

The following tables summarizes loans by delinquency, nonaccrual status and impaired loans:

	Age Analysis of Past Due Originated Loans Receivable
	As of March 31, 2016
													Recorded
													Investment
	30-89 Days		Greater than		Total Past		Current &				Total Loan		90 Days and
	Past Due		90 Days		Due		Accruing		Nonaccrual		Receivables		Accruing
	(In thousands)
Real Estate:
One-to-four family Residential	$	1,101	$	1,136	$	2,237	$	159,765	$	1,967	$	162,833	$	-
Multi-family Residential		-		193		193		30,182		193		30,375		-
Construction		-		-		-		20,095		-		20,095		-
Commercial		-		47		47		93,463		62		93,525		-
Consumer		-		4		4		3,031		4		3,035		-
Total	$	1,101	$	1,380	$	2,481	$	306,536	$	2,226	$	309,863	$	-

	Age Analysis of Past Due Originated Loans Receivable
	As of December 31, 2015
													Recorded
													Investment
	30-89 Days		90 Days		Total Past		Current				Total Loan		90 Days and
	Past Due		or more		Due		& Accruing		Nonaccrual		Receivables		Accruing
	(In thousands)
Real Estate:
One-to-four family Residential	$	1,143	$	1,172	$	2,315	$	164,715	$	2,148	$	168,006	$	-
Multi-family		-		193		193		29,344		193		29,537		-
Construction		-		-		-		23,781		-		23,781		-
Commercial		-		62		62		94,339		62		94,461		-
Consumer		-		5		5		2,768		5		2,773		-
Total	$	1,143	$	1,432	$	2,575	$	314,947	$	2,408	$	318,558	$	-

	Age Analysis of Past Due Purchased Loans Receivable
	As of March 31, 2016
													Recorded
													Investment
	30-89 Days		Greater than		Total Past		Current &				Total Loan		90 Days and
	Past Due		90 Days		Due		Accruing		Nonaccrual		Receivables		Accruing
	(In thousands)
Real Estate:
One-to-four family Residential	$	1,628	$	3,518	$	5,146	$	44,687	$	2,526	$	48,841	$	-
Multi-family Residential		108		-		108		2,777		108		2,885		-
Construction		-		-		-		-		-		-		-
Commercial		279		-		279		17,034		2,127		19,440		-
Consumer		-		-		-		121		-		121		-
Total	$	2,015	$	3,518	$	5,533	$	64,619	$	4,761	$	71,287	$	-

	Age Analysis of Past Due Purchased Loans Receivable
	As of December 31, 2015
													Recorded
													Investment
	30-89 Days		90 Days		Total Past		Current				Total Loan		90 Days and
	Past Due		or More		Due		& Accruing		Nonaccrual		Receivables		Accruing
	(In thousands)
Real Estate:
One-to-four family Residential	$	4,213	$	1,426	$	5,639	$	44,180	$	2,714	$	51,107	$	-
Multi-family		-		-		-		2,988		109		3,097		-
Construction		-		-		-		-		-		-		-
Commercial		409		287		696		17,409		2,235		20,053		-
Consumer		-		-		-		121		-		121		-
Total	$	4,622	$	1,713	$	6,335	$	64,698	$	5,058	$	74,378	$	-

	Impaired Loans
	As of March 31, 2016
			Unpaid				Average		Interest
	Recorded		Principal		Related		Recorded		Income
	Investment		Balance		Allowance		Investment		Recognized
	(In thousands)
Purchased loans with a fair value discount and no related allowance recorded:
Real Estate:
One-to-four family Residential	$	4,119	$	4,119	$	-	$	3,850	$	8
Multi-family		350		350		-		352		1
Construction		-		-		-		-		-
Commercial		5,030		5,030		-		5,087		14
Consumer		-		-		-		-		-
Total	$	9,499	$	9,499	$	-	$	9,289	$	23
Purchased loans with no fair value discount and no related allowance recorded:
Real Estate:
One-to-four family Residential	$	-	$	-	$	-	$	-	$	-
Multi-family Residential		-		-		-		-		-
Construction		-		-		-		-		-
Commercial		1,426		1,426		211		713		-
Consumer		-		-		-		-		-
Total	$	1,426	$	1,426	$	211	$	713	$	-
Purchased loans with no credit quality discount and no related allowance recorded:
Real Estate:
One-to-four family Residential	$	1,373	$	1,373	$	-	$	1,450	$	18
Multi-family Residential		108		108		-		108		2
Construction		-		-		-		-		-
Commercial		191		191		-		310		3
Consumer		-		-		-		-		-
Total	$	1,672	$	1,672	$	-	$	1,868	$	23
Purchased loans with an allowance recorded:
Real Estate:
One-to-four family Residential	$	630	$	630	$	135	$	592	$	4
Multi-family Residential		-		-		-		-		-
Construction		-		-		-		-		-
Commercial		412		412		149		350		4
Consumer		-		-		-		-		-
Total	$	1,042	$	1,042	$	284	$	942	$	8

			Impaired Loans
			As of March 31, 2016
			Unpaid				Average		Interest
	Recorded		Principal		Related		Recorded		Income
	Investment		Balance		Allowance		Investment		Recognized
	(In thousands)
Originated loans with no related allowance recorded:
Real Estate:
One-to-four family Residential	$	1,428	$	1,428	$	-	$	1,545	$	14
Multi-family		193		193		-		193		-
Construction		-		-		-		-		-
Commercial		15		15		-		15		-
Consumer		4		4		-		4		-
Total	$	1,640	$	1,640	$	-	$	1,757	$	14
Originated loans with an allowance recorded:
Real Estate:
One-to-four family Residential	$	539	$	539	$	166	$	512	$	3
Multi-family		-		-		-		-		-
Construction		-		-		-		-		-
Commercial		47		47		7		47		1
Consumer		-		-		-		-		-
Total	$	586	$	586	$	173	$	559	$	4
Total:
Real Estate:
One-to-four family Residential	$	8,089	$	8,089	$	301	$	7,949	$	47
Multi-family		651		651		-		653		3
Construction		-		-		-		-		-
Commercial		7,121		7,121		367		6,522		22
Consumer		4		4		-		4		-
Total	$	15,865	$	15,865	$	668	$	15,128	$	72

			Impaired Loans
			As of December 31, 2015
			Unpaid				Average		Interest
	Recorded		Principal		Related		Recorded		Income
	Investment		Balance		Allowance		Investment		Recognized
	(In thousands)
Purchased loans with a credit quality discount and no related allowance recorded:
Real Estate:
One-to-four family Residential	$	3,582	$	3,582	$	-	$	3,780	$	62
Multi-family		354		354		-		357
Construction		-		-		-		-		-
Commercial		5,144		5,144		-		5,736		62
Consumer		-		-		-		-		-
Total	$	9,080	$	9,080	$	-	$	9,873	$	124
Purchased loans with a credit quality discount and an allowance recorded:
Real Estate:
One-to-four family Residential	$	-	$	-	$	-	$	-	$	-
Multi-family		-		-		-		-		-
Construction		-		-		-		-		-
Commercial		-		-		-		-		-
Consumer		-		-		-		-		-
Total	$	-	$	-	$	-	$	-	$	-
Purchased loans with no credit quality discount and no related allowance recorded:
Real Estate:
One-to-four family Residential	$	1,526	$	1,526	$	-	$	1,303	$	-
Multi-family Residential		109		109		-		55		-
Construction		-		-		-		-		-
Commercial		430		430		-		542		-
Consumer		-		-		-		-		-
Total	$	2,065	$	2,065	$	-	$	1,900	$	-
Purchased loans with an allowance recorded:
Real Estate:
One-to-four family Residential	$	555	$	555	$	93	$	597	$	-
Multi-family Residential		-		-		-		-		-
Construction		-		-		-		-		-
Commercial		287		287		47		144		-
Consumer		-		-		-		-		-
Total	$	842	$	639	$	140	$	741	$	-

			Impaired Loans
			As of December 31, 2015
			Unpaid				Average		Interest
	Recorded		Principal		Related		Recorded		Income
	Investment		Balance		Allowance		Investment		Recognized
	(In thousands)
Originated loans with no related allowance recorded:
Real Estate:
One-to-four family Residential	$	1,662	$	1,662	$	-	$	1,514	$	8
Multi-family		193		193		-		144		-
Construction		-		-		-		-		-
Commercial		15		15		-		65		1
Consumer		5		5		-		3		-
Total	$	1,875	$	1,875	$	-	$	1,726	$	9
Originated loans with an allowance recorded:
Real Estate:
One-to-four family Residential	$	486	$	486	$	158	$	577	$	25
Multi-family		-		-		-		-		-
Construction		-		-		-		-		-
Commercial		47		47		7		47		-
Consumer		-		-		-		-		-
Total	$	533	$	533	$	165	$	624	$	25
Total:
Real Estate:
One-to-four family Residential	$	7,811	$	7,811	$	251	$	7,771	$	95
Multi-family		656		656		-		556		-
Construction		-		-		-		-		-
Commercial		5,923		5,923		54		6,534		63
Consumer		5		5		-		3		-
Total	$	14,395	$	14,395	$	305	$	14,864	$	158

	Modifications
	As of March 31, 2016
			Pre-Modification		Post-Modification
			Outstanding		Outstanding
	Number of		Recorded		Recorded
	Contracts		Investment		Investment
	(In thousands)
Troubled Debt Restructurings
Real Estate:
One-to-four family Residential		2	$	198	$	198
Multi-family Residential		-		-		-
Construction		-		-		-
Commercial		-		-		-
Consumer		-		-		-
	Modifications
	For the three months ended March 31, 2016
	Number of		Recorded
	Contracts		Investment
			(In thousands)
Troubled Debt Restructurings
That Subsequently Defaulted
Real Estate:
One-to-four family Residential		-	$	-
Multi-family Residential		-		-
Construction		-		-
Commercial		-		-
Consumer		-		-

	Modifications
	As of December 31, 2015
			Pre-Modification		Post-Modification
			Outstanding		Outstanding
	Number of		Recorded		Recorded
	Contracts		Investment		Investment
			(In thousands)
Troubled Debt Restructurings
Real Estate:
One-to-four family Residential		6	$	383	$	383
Multi-family Residential		-		-		-
Construction		-		-		-
Commercial		-		-		-
Consumer		-		-		-
	Modifications
	For the year ended December 31, 2015
	Number of		Recorded
	Contracts		Investment
			(In thousands)
Troubled Debt Restructurings
That Subsequently Defaulted
Real Estate:
One-to-four family Residential		5	$	837
Multi-family Residential		-		-
Construction		-		-
Commercial		1		1,532
Consumer		-		-

The modifications related to interest only payments ranging from a three to six month period. Due to the short term cash flow deficiency, no related allowance was recorded as a result of the restructurings. The collateral value was updated with recent appraisals which gave no indication of impairment.

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Liquidity and Capital Resources (Tables)

3 Months Ended

Mar. 31, 2016

Liquidity and Capital Resources [Abstract]

Schedule of contractual obligation and commitment rolling year maturity

			Payments due by period
	Less		More than		More than		More
	than		1-3		3-5		than
	1 year		years		years		5 years		Total
	(In thousands)
Contractual obligations:
Advances from the Federal Home Loan Bank	$	10,154	$	834	$	1,084	$	-	$	12,072
Certificates of deposit		106,511		41,542		47,213		82		195,348
Lease obligations		125		170		119		70		484
Amount of loan commitments and expiration per period:
Commitments to originate one- to four-family loans		1,452		-		-		-		1,452
Commitments to originate commercial loans		470		-		-		-		470
Home equity lines of credit		24,955		-		-		-		24,955
Commercial lines of credit		13,855		-		-		-		13,855
Undisbursed loans in process		12,343		-		-		-		12,343
Total contractual obligations	$	169,865	$	42,546	$	48,416	$	152	$	260,979

Schedule of compliance with regulatory capital

	As of March 31, 2016
	(Dollars in Thousands)
	Required Ratio			Actual Amount		Actual Ratio
Tier 1 Leverage		5.00	%	$	78,886		14.3	%
Common Equity Tier 1 Capital		6.50	%	$	78,886		22.0	%
Tier 1 Risk-Based Capital		8.00	%	$	78,886		22.0	%
Total Capital		10.00	%	$	82,897		23.1	%

	As of December 31, 2015
	(Dollars in Thousands)
	Required Ratio			Actual Amount		Actual Ratio
Tier 1 Leverage		5.00	%	$	78,699		13.9	%
Common Equity Tier 1 Capital		6.50	%	$	78,699		21.6	%
Tier 1 Risk-Based Capital		8.00	%	$	78,699		21.6	%
Total Capital		10.00	%	$	82,236		22.5	%

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Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2016

Earnings Per Share [Abstract]

Schedule of weighted average number of shares

	For the three months ended
	March 31,
	2016		2015
Weighted-average common shares  outstanding (basic)		6,647,068		6,573,652
Dilutive effect of assumed exercise of stock options		96,007		90,132
Weighted-average common shares  outstanding (diluted)		6,743,075		6,663,784

XML

Stock Option Plan (Tables)

3 Months Ended

Mar. 31, 2016

Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]

Schedule of stock option plan activity

	Three months ended				Year ended
	March 31, 2016				December 31, 2015
			Weighted-					Weighted-
			average					average
			exercise					exercise
	Shares		price		Shares			price
Outstanding at beginning of period		544,168	$	13.29		758,929		$	12.67
Granted		-		-		189,070			14.96
Exercised		-		-		(328,831	)		13.01
Forfeited		-		-		(75,000	)		12.48
Outstanding at end of period		544,168	$	13.29		544,168		$	13.29
Options exercisable at period-end		112,264	$	12.32		112,264		$	12.32
Options expected to be exercisable at year-end		211,872				112,264
Fair value of options granted				NA				$	2.05

Schedule of options outstanding

Number outstanding		544,168
Exercise price	$	8.30 - $15.90
Weighted-average exercise price	$	13.29
Weighted-average remaining contractual life		8.3 years

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Investment and Mortgage-backed Securities (Tables)

3 Months Ended

Mar. 31, 2016

Investments, Debt and Equity Securities [Abstract]

Schedule of amortized cost, gross unrealized gains, gross unrealized losses and estimated fair values of investment securities

	March 31, 2016
			Gross		Gross		Estimated
	Amortized		unrealized		unrealized		fair
	cost		gains		losses		value
	(In thousands)
Available for Sale:
U.S. Government agency securities	$	75,679	$	53	$	121	$	75,611
Municipal obligations		1,256		48		-		1,304
	$	76,935	$	101	$	121	$	76,915

	December 31, 2015
			Gross		Gross		Estimated
	Amortized		unrealized		unrealized		fair
	cost		gains		losses		value
	(In thousands)
Available for Sale:
U.S. Government agency securities	$	90,674	$	35	$	804	$	89,905
Municipal obligations		1,256		59		-		1,315
	$	91,930	$	94	$	804	$	91,220

Schedule of amortized cost of investment securities by contractual term to maturity

	March 31,
	2016
	(In thousands)
One to five years	$	35,701
Five to ten years		40,544
More than ten years		690
	$	76,935

Schedule of amortized cost, gross unrealized gains, gross unrealized losses and estimated fair values of mortgage-backed securities

	March 31, 2016
			Gross		Gross		Estimated
	Amortized		unrealized		unrealized		fair
	cost		holding gains		holding losses		value
	(In thousands)
Available for sale:
Federal Home Loan Mortgage
Corporation adjustable-rate
participation certificates	$	19,648	$	32	$	47	$	19,633
Federal National Mortgage
Association adjustable-rate
Participation certificates		5,171		-		12		5,159
	$	24,819	$	32	$	59	$	24,792

	December 31, 2015
			Gross		Gross		Estimated
	Amortized		unrealized		unrealized		fair
	cost		holding gains		holding losses		value
	(In thousands)
Available for sale:
Federal Home Loan Mortgage
Corporation adjustable-rate
participation certificates	$	7,502	$	1	$	-	$	7,503

Schedule of amortized cost of mortgage-backed securities, including those designated as available for sale, by contractual terms to maturity

	March 31,
	2016
	(In thousands)
Due in one year or less	$	1,889
Due in more than one year through five years		6,246
Due in more than five years through ten years		5,998
Due in more than ten years		10,686
	$	24,819

Schedule of unrealized loss position

	Less than 12 months						12 months or longer								Total
Description of	Number of		Fair		Unrealized		Number of		Fair		Unrealized		Number of		Fair		Unrealized
securities	investments		value		losses		investments		value		losses		investments		value		losses
	(Dollars in thousands)
U.S. Government  agency securities		1	$	2,996	$	3		8	$	37,575	$	118		9	$	40,571	$	121
Municipal obligations		-		-		-		-		-		-		-		-		-
Mortgage-backed  securities		4		17,553		59		-		-		-		4		17,553		59
Total temporarily impaired securities		5	$	20,549	$	62		8	$	37,575	$	118		13	$	58,124	$	180

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Income Taxes (Tables)

3 Months Ended

Mar. 31, 2016

Income Tax Disclosure [Abstract]

Schedule of federal income tax on earnings and computation of statutory corporate tax rate

	2016			2015
	(Dollars in thousands)
Federal income taxes (benefits) at statutory rate of 34%	$	(9	)	$	8
Increase (decrease) in taxes resulting primarily from:
Stock compensation		17			54
Nontaxable interest income		(4	)		(5	)
Cash surrender value of life insurance		(37	)		(37	)
Other		2			2
Federal income taxes (benefits) per financial statements	$	(31	)	$	22

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Disclosures About Fair Value of Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2016

Fair Value Disclosures [Abstract]

Schedule of fair value of assets and liabilities

	March 31, 2016				December 31, 2015
	Carrying		Fair		Carrying		Fair
	value		value		value		value
	(In thousands)
Financial assets
Cash and cash equivalents	$	39,339	$	39,339	$	43,005	$	43,005
Investment securities		76,915		76,915		91,220		91,220
Mortgage-backed securities		24,792		24,792		7,503		7,503
Loans receivable – net and loans held for sale		367,225		378,449		376,171		387,103
Accrued interest receivable		1,433		1,433		1,670		1,670
Federal Home Loan Bank stock		8,651		8,651		8,651		8,651
	$	518,355	$	529,579	$	528,220	$	539,152
Financial liabilities
Deposits	$	446,702	$	446,314	$	454,885	$	454,483
Advances from the Federal Home Loan Bank		12,072		11,708		12,578		12,178
Accrued interest payable		46		46		50		50
Advances by borrowers for taxes and insurance		1,609		1,609		2,494		2,494
	$	460,429	$	459,677	$	470,007	$	469,205

Schedule of available for sale securities

			Quoted prices
			in active		Significant		Significant
			markets for		other		other
			identical		observable		unobservable
			assets		inputs		inputs
	Total		(Level 1)		(Level 2)		(Level 3)
	(In thousands)
Securities available for sale at March 31, 2016:
U.S. Government agency securities	$	75,611		-	$	75,611		-
Municipal obligations		1,304		-		1,304		-
Mortgage-backed securities		24,792		-		24,792		-
Securities available for sale at December 31, 2015:
U.S. Government agency securities	$	89,905		-	$	89,905		-
Municipal obligations		1,315		-		1,315		-
Mortgage-backed securities		7,503		-		7,503		-

Schedule of fair value on a nonrecurring basis

			Quoted prices
			in active		Significant		Significant
			markets for		other		other
			identical		observable		unobservable
			assets		inputs		inputs
	Total		(Level 1)		(Level 2)		(Level 3)
	(In thousands)
March 31, 2016:
Real estate acquired through foreclosure	$	1,310		-	$	1,310		-
Loans held for sale		1,351		-		1,351		-
Impaired loans		15,865		-		15,865		-
December 31, 2015:
Real estate acquired through foreclosure	$	1,633		-	$	1,633		-
Loans held for sale		1,897		-		1,897		-
Impaired loans		14,395		-		14,395		-

Schedule of financial instrument measured on recurring and non recurring basis

	Total		Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant other unobservable inputs (Level 3)
	(In thousands)
March 31, 2016:
Financial assets:
Cash and cash equivalents	$	39,339	$	39,339	$	-	$	-
Loans receivable - net		378,449		-		378,449		-
Federal Home Loan Bank stock		8,651		-		8,651		-
Accrued interest receivable		1,433		-		1,433		-
Financial liabilities:
Deposits		446,314		-		446,314		-
Advances from the Federal Home Loan Bank		11,708		-		11,708		-
Advances by borrowers for taxes and insurance		1,609		-		1,609		-
Accrued interest payable		46		-		46		-

	Total		Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant other unobservable inputs (Level 3)
December 31, 2015:	(In thousands)
Financial assets:
Cash and cash equivalents	$	43,005	$	43,005	$	-	$	-
Mortgage-backed securities		-		-		-		-
Loans receivable - net		387,103		-		387,103		-
Federal Home Loan Bank stock		8,651		-		8,651		-
Accrued interest receivable		1,670		-		1,670		-
Financial liabilities:
Deposits		454,483		-		454,483		-
Advances from the Federal Home Loan Bank		12,178		-		12,178		-
Advances by borrowers for taxes and insurance		2,494		-		2,494		-
Accrued interest payable		50		-		50		-

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Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of future amortization expense

	(In thousands)
2016	$	82
2017		110
2018		55
Total	$	247

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Financing Receivables (Tables)

3 Months Ended

Mar. 31, 2016

Receivables [Abstract]

Schedule of financing receivable recorded investment

	One-to-four
	Family			Multi-family
	Residential			Residential			Construction			Commercial			Consumer			Total
	(In thousands)
Purchased loans	$	49,498		$	2,903		$	-		$	20,079		$	128		$	72,608
Fair value discount – Credit impaired purchased loans		(532	)		(2	)		-			(577	)		-			(1,111	)
Fair value discount – Non-impaired purchased loans		(125	)		(16	)		-			(62	)		(7	)		(210	)
Purchased loans book value(3)		48,841			2,885			-			19,440			121			71,287
Originated loans (1)		162,833			30,375			20,095	(2)		93,525			3,035			309,863
Ending balance	$	211,674		$	33,260		$	20,095		$	112,965		$	3,156		$	381,150

(1) Includes loans held for sale

(2) Before consideration of undisbursed loans-in-process

(3) Loans purchased in acquisition of First Franklin

Schedule of credit-impaired purchased loans and non-impaired purchased loans

	Credit
	Non-impaired		Impaired
	Purchased Loans		Purchased Loans
	(In thousands)
One-to-four family residential (1)	$	45,245	$	3,596
Multi-family residential		2,535		350
Construction		-		-
Commercial		14,508		4,932
Consumer		121		-
Total	$	62,409	$	8,878

(1) Includes home equity lines of credit

Schedule of accretable discount related to acquired credit impaired loans

	(In thousands)
Accretable discount at December 31, 2015:	$	3,432
Reclass from accretable difference to nonaccretable discount		(91	)
Less transferred to other real estate owned		-
Less accretion		(119	)
Accretable discount at March 31, 2016:	$	3,222

Schedule of allowance for credit losses activity

	March 31, 2016
	One-to-four
	Family			Multi-family
	Residential			Residential		Construction			Commercial		Consumer		Total
	(In thousands)
Allowance for loan losses:
Beginning balance	$	1,748		$	439	$	25		$	1,314	$	11	$	3,537
Provision		525			6		(1	)		11		-		541
Charge-offs		(73	)		-		-			-		-		(73	)
Recoveries		3			-		-			2		1		6
Ending balance	$	2,203		$	445	$	24		$	1,327	$	12	$	4,011
Originated loans:
Individually evaluated for impairment	$	166		$	-	$	-		$	7	$	-	$	173
Purchased loans:
Individually evaluated for impairment	$	135		$	-	$	-		$	360	$	-	$	495
Originated Loans:
Collectively evaluated for impairment	$	1,566		$	445	$	24		$	881	$	12	$	2,928
Purchased loans:
Loans acquired with deteriorated credit quality	$	336		$	-	$	-		$	79	$	-	$	415
Loans receivable:
Ending balance	$	211,674		$	33,260	$	20,095		$	112,965	$	3,156	$	381,150
Ending balance:
Individually evaluated for impairment	$	4,493		$	301	$	-		$	2,189	$	4	$	6,987
Ending balance:
Collectively evaluated for impairment	$	203,585		$	32,609	$	20,095		$	105,844	$	3,152	$	365,285
Ending balance:
Loans acquired with deteriorated credit quality	$	3,596		$	350	$	-		$	4,932	$	-	$	8,878

	December 31, 2015
	One-to-four
	Family			Multi-family
	Residential			Residential			Construction		Commercial			Consumer			Total
	(In thousands)
Allowance for loan losses:
Beginning balance	$	1,813		$	209		$	7	$	199		$	8		$	2,236
Provision		107			309			18		1,225			4			1,663
Charge-offs		(340	)		(79	)		-		(119	)		(1	)		(539	)
Recoveries		168			-			-		9			-			177
Ending balance	$	1,748		$	439		$	25	$	1,314		$	11		$	3,537
Originated loans:
Individually evaluated for impairment	$	158		$	-		$	-	$	7		$	-		$	165
Purchased loans:
Individually evaluated for impairment	$	93		$	-		$	-	$	47		$	-		$	140
Originated Loans:
Collectively evaluated for impairment	$	1,137		$	439		$	25	$	1,225		$	11		$	2,837
Purchased loans:
Loans acquired with deteriorated credit quality	$	360		$	-		$	-	$	35		$	-		$	395
Loans receivable:
Ending balance	$	219,113		$	32,634		$	23,781	$	114,514		$	2,894		$	392,936
Ending balance:
Individually evaluated for impairment	$	4,230		$	302		$	-	$	779		$	5		$	5,316
Ending balance:
Collectively evaluated for impairment	$	211,301		$	31,978		$	23,781	$	108,591		$	2,889		$	378,540
Ending balance:
Loans acquired with deteriorated credit quality	$	3,582		$	354		$	-	$	5,144		$	-		$	9,080

Schedule of credit risk

	Originated Loans at March 31, 2016
	One-to-four
	Family		Multi-family
	Residential		Residential		Construction		Commercial		Consumer		Total
	(In thousands)
Grade:
Pass	$	160,447	$	30,182	$	20,095	$	91,139	$	3,031	$	304,894
Special mention		-		-		-		-		-		-
Substandard		2,386		193		-		2,386		4		4,969
Doubtful		-		-		-		-		-		-
Loss		-		-		-		-		-		-
Total	$	162,833	$	30,375	$	20,095	$	93,525	$	3,035	$	309,863

	Originated Loans at December 31, 2015
	One-to-four
	Family		Multi-family
	Residential		Residential		Construction		Commercial		Consumer		Total
	(In thousands)
Grade:
Pass	$	165,368	$	29,344	$	23,781	$	93,199	$	2,768	$	314,460
Special mention		-		-		-		-		-		-
Substandard		2,638		193		-		1,262		5		4,098
Doubtful		-		-		-		-		-		-
Loss		-		-		-		-		-		-
Total	$	168,006	$	29,537	$	23,781	$	94,461	$	2,773	$	318,558

	Purchased Loans at March 31, 2016
	One-to-four
	Family		Multi-family
	Residential		Residential		Construction		Commercial		Consumer		Total
	(In thousands)
Grade:
Pass	$	46,204	$	2,777	$	-	$	15,358	$	121	$	64,460
Special mention		-		-		-		-		-		-
Substandard		2,637		108		-		4,082		-		6,827
Doubtful		-		-		-		-		-		-
Loss		-		-		-		-		-		-
Total	$	48,841	$	2,885	$	-	$	19,440	$	121	$	71,287

	Purchased Loans at December 31, 2015
	One-to-four
	Family		Multi-family
	Residential		Residential		Construction		Commercial		Consumer		Total
	(In thousands)
Grade:
Pass	$	48,281	$	2,988	$	-	$	15,836	$	121	$	67,226
Special mention		-		-		-		-		-		-
Substandard		2,826		109		-		4,217		-		7,152
Doubtful		-		-		-		-		-		-
Loss		-		-		-		-		-		-
Total	$	51,107	$	3,097	$	-	$	20,053	$	121	$	74,378

Schedule of loans by delinquency, nonaccrual status and impaired loans

	Age Analysis of Past Due Originated Loans Receivable
	As of March 31, 2016
													Recorded
													Investment
	30-89 Days		Greater than		Total Past		Current &				Total Loan		90 Days and
	Past Due		90 Days		Due		Accruing		Nonaccrual		Receivables		Accruing
	(In thousands)
Real Estate:
One-to-four family Residential	$	1,101	$	1,136	$	2,237	$	159,765	$	1,967	$	162,833	$	-
Multi-family Residential		-		193		193		30,182		193		30,375		-
Construction		-		-		-		20,095		-		20,095		-
Commercial		-		47		47		93,463		62		93,525		-
Consumer		-		4		4		3,031		4		3,035		-
Total	$	1,101	$	1,380	$	2,481	$	306,536	$	2,226	$	309,863	$	-

	Age Analysis of Past Due Originated Loans Receivable
	As of December 31, 2015
													Recorded
													Investment
	30-89 Days		90 Days		Total Past		Current				Total Loan		90 Days and
	Past Due		or more		Due		& Accruing		Nonaccrual		Receivables		Accruing
	(In thousands)
Real Estate:
One-to-four family Residential	$	1,143	$	1,172	$	2,315	$	164,715	$	2,148	$	168,006	$	-
Multi-family		-		193		193		29,344		193		29,537		-
Construction		-		-		-		23,781		-		23,781		-
Commercial		-		62		62		94,339		62		94,461		-
Consumer		-		5		5		2,768		5		2,773		-
Total	$	1,143	$	1,432	$	2,575	$	314,947	$	2,408	$	318,558	$	-

	Age Analysis of Past Due Purchased Loans Receivable
	As of March 31, 2016
													Recorded
													Investment
	30-89 Days		Greater than		Total Past		Current &				Total Loan		90 Days and
	Past Due		90 Days		Due		Accruing		Nonaccrual		Receivables		Accruing
	(In thousands)
Real Estate:
One-to-four family Residential	$	1,628	$	3,518	$	5,146	$	44,687	$	2,526	$	48,841	$	-
Multi-family Residential		108		-		108		2,777		108		2,885		-
Construction		-		-		-		-		-		-		-
Commercial		279		-		279		17,034		2,127		19,440		-
Consumer		-		-		-		121		-		121		-
Total	$	2,015	$	3,518	$	5,533	$	64,619	$	4,761	$	71,287	$	-

	Age Analysis of Past Due Purchased Loans Receivable
	As of December 31, 2015
													Recorded
													Investment
	30-89 Days		90 Days		Total Past		Current				Total Loan		90 Days and
	Past Due		or More		Due		& Accruing		Nonaccrual		Receivables		Accruing
	(In thousands)
Real Estate:
One-to-four family Residential	$	4,213	$	1,426	$	5,639	$	44,180	$	2,714	$	51,107	$	-
Multi-family		-		-		-		2,988		109		3,097		-
Construction		-		-		-		-		-		-		-
Commercial		409		287		696		17,409		2,235		20,053		-
Consumer		-		-		-		121		-		121		-
Total	$	4,622	$	1,713	$	6,335	$	64,698	$	5,058	$	74,378	$	-

Schedule of impaired loans

	Impaired Loans
	As of March 31, 2016
			Unpaid				Average		Interest
	Recorded		Principal		Related		Recorded		Income
	Investment		Balance		Allowance		Investment		Recognized
	(In thousands)
Purchased loans with a fair value discount and no related allowance recorded:
Real Estate:
One-to-four family Residential	$	4,119	$	4,119	$	-	$	3,850	$	8
Multi-family		350		350		-		352		1
Construction		-		-		-		-		-
Commercial		5,030		5,030		-		5,087		14
Consumer		-		-		-		-		-
Total	$	9,499	$	9,499	$	-	$	9,289	$	23
Purchased loans with no fair value discount and no related allowance recorded:
Real Estate:
One-to-four family Residential	$	-	$	-	$	-	$	-	$	-
Multi-family Residential		-		-		-		-		-
Construction		-		-		-		-		-
Commercial		1,426		1,426		211		713		-
Consumer		-		-		-		-		-
Total	$	1,426	$	1,426	$	211	$	713	$	-
Purchased loans with no credit quality discount and no related allowance recorded:
Real Estate:
One-to-four family Residential	$	1,373	$	1,373	$	-	$	1,450	$	18
Multi-family Residential		108		108		-		108		2
Construction		-		-		-		-		-
Commercial		191		191		-		310		3
Consumer		-		-		-		-		-
Total	$	1,672	$	1,672	$	-	$	1,868	$	23
Purchased loans with an allowance recorded:
Real Estate:
One-to-four family Residential	$	630	$	630	$	135	$	592	$	4
Multi-family Residential		-		-		-		-		-
Construction		-		-		-		-		-
Commercial		412		412		149		350		4
Consumer		-		-		-		-		-
Total	$	1,042	$	1,042	$	284	$	942	$	8

			Impaired Loans
			As of March 31, 2016
			Unpaid				Average		Interest
	Recorded		Principal		Related		Recorded		Income
	Investment		Balance		Allowance		Investment		Recognized
	(In thousands)
Originated loans with no related allowance recorded:
Real Estate:
One-to-four family Residential	$	1,428	$	1,428	$	-	$	1,545	$	14
Multi-family		193		193		-		193		-
Construction		-		-		-		-		-
Commercial		15		15		-		15		-
Consumer		4		4		-		4		-
Total	$	1,640	$	1,640	$	-	$	1,757	$	14
Originated loans with an allowance recorded:
Real Estate:
One-to-four family Residential	$	539	$	539	$	166	$	512	$	3
Multi-family		-		-		-		-		-
Construction		-		-		-		-		-
Commercial		47		47		7		47		1
Consumer		-		-		-		-		-
Total	$	586	$	586	$	173	$	559	$	4
Total:
Real Estate:
One-to-four family Residential	$	8,089	$	8,089	$	301	$	7,949	$	47
Multi-family		651		651		-		653		3
Construction		-		-		-		-		-
Commercial		7,121		7,121		367		6,522		22
Consumer		4		4		-		4		-
Total	$	15,865	$	15,865	$	668	$	15,128	$	72

			Impaired Loans
			As of December 31, 2015
			Unpaid				Average		Interest
	Recorded		Principal		Related		Recorded		Income
	Investment		Balance		Allowance		Investment		Recognized
	(In thousands)
Purchased loans with a credit quality discount and no related allowance recorded:
Real Estate:
One-to-four family Residential	$	3,582	$	3,582	$	-	$	3,780	$	62
Multi-family		354		354		-		357
Construction		-		-		-		-		-
Commercial		5,144		5,144		-		5,736		62
Consumer		-		-		-		-		-
Total	$	9,080	$	9,080	$	-	$	9,873	$	124
Purchased loans with a credit quality discount and an allowance recorded:
Real Estate:
One-to-four family Residential	$	-	$	-	$	-	$	-	$	-
Multi-family		-		-		-		-		-
Construction		-		-		-		-		-
Commercial		-		-		-		-		-
Consumer		-		-		-		-		-
Total	$	-	$	-	$	-	$	-	$	-
Purchased loans with no credit quality discount and no related allowance recorded:
Real Estate:
One-to-four family Residential	$	1,526	$	1,526	$	-	$	1,303	$	-
Multi-family Residential		109		109		-		55		-
Construction		-		-		-		-		-
Commercial		430		430		-		542		-
Consumer		-		-		-		-		-
Total	$	2,065	$	2,065	$	-	$	1,900	$	-
Purchased loans with an allowance recorded:
Real Estate:
One-to-four family Residential	$	555	$	555	$	93	$	597	$	-
Multi-family Residential		-		-		-		-		-
Construction		-		-		-		-		-
Commercial		287		287		47		144		-
Consumer		-		-		-		-		-
Total	$	842	$	639	$	140	$	741	$	-

			Impaired Loans
			As of December 31, 2015
			Unpaid				Average		Interest
	Recorded		Principal		Related		Recorded		Income
	Investment		Balance		Allowance		Investment		Recognized
	(In thousands)
Originated loans with no related allowance recorded:
Real Estate:
One-to-four family Residential	$	1,662	$	1,662	$	-	$	1,514	$	8
Multi-family		193		193		-		144		-
Construction		-		-		-		-		-
Commercial		15		15		-		65		1
Consumer		5		5		-		3		-
Total	$	1,875	$	1,875	$	-	$	1,726	$	9
Originated loans with an allowance recorded:
Real Estate:
One-to-four family Residential	$	486	$	486	$	158	$	577	$	25
Multi-family		-		-		-		-		-
Construction		-		-		-		-		-
Commercial		47		47		7		47		-
Consumer		-		-		-		-		-
Total	$	533	$	533	$	165	$	624	$	25
Total:
Real Estate:
One-to-four family Residential	$	7,811	$	7,811	$	251	$	7,771	$	95
Multi-family		656		656		-		556		-
Construction		-		-		-		-		-
Commercial		5,923		5,923		54		6,534		63
Consumer		5		5		-		3		-
Total	$	14,395	$	14,395	$	305	$	14,864	$	158

Schedule of modifications of troubled debt restructurings

	Modifications
	As of March 31, 2016
			Pre-Modification		Post-Modification
			Outstanding		Outstanding
	Number of		Recorded		Recorded
	Contracts		Investment		Investment
	(In thousands)
Troubled Debt Restructurings
Real Estate:
One-to-four family Residential		2	$	198	$	198
Multi-family Residential		-		-		-
Construction		-		-		-
Commercial		-		-		-
Consumer		-		-		-
	Modifications
	For the three months ended March 31, 2016
	Number of		Recorded
	Contracts		Investment
			(In thousands)
Troubled Debt Restructurings
That Subsequently Defaulted
Real Estate:
One-to-four family Residential		-	$	-
Multi-family Residential		-		-
Construction		-		-
Commercial		-		-
Consumer		-		-

	Modifications
	As of December 31, 2015
			Pre-Modification		Post-Modification
			Outstanding		Outstanding
	Number of		Recorded		Recorded
	Contracts		Investment		Investment
			(In thousands)
Troubled Debt Restructurings
Real Estate:
One-to-four family Residential		6	$	383	$	383
Multi-family Residential		-		-		-
Construction		-		-		-
Commercial		-		-		-
Consumer		-		-		-
	Modifications
	For the year ended December 31, 2015
	Number of		Recorded
	Contracts		Investment
			(In thousands)
Troubled Debt Restructurings
That Subsequently Defaulted
Real Estate:
One-to-four family Residential		5	$	837
Multi-family Residential		-		-
Construction		-		-
Commercial		1		1,532
Consumer		-		-

XML

Basis of Presentation (Detail Textuals) - Merger Agreement - Main Source Financial Group Inc	3 Months Ended
	Mar. 31, 2016 $ / shares shares
Basis Of Presentation [Line Items]
Common stock issued (in shares) | shares	0.6916
Share price | $ / shares	$ 15.00
Percentage of total consideration of common stock	50.00%
Cash consideration from merger	50.00%

XML

Liquidity and Capital Resources - Information regarding Corporation's obligations and commitments to make future payments under contracts (Details) $ in Thousands	Mar. 31, 2016 USD ($)
Payments due by period
Less than 1 year	$ 169,865
More than 1-3 years	42,546
More than 3-5 years	48,416
More than 5 years	152
Total	260,979
Advances from the Federal Home Loan Bank
Payments due by period
Less than 1 year	10,154
More than 1-3 years	834
More than 3-5 years	$ 1,084
More than 5 years
Total	$ 12,072
Certificates of deposit
Payments due by period
Less than 1 year	106,511
More than 1-3 years	41,542
More than 3-5 years	47,213
More than 5 years	82
Total	195,348
Lease obligations
Payments due by period
Less than 1 year	125
More than 1-3 years	170
More than 3-5 years	119
More than 5 years	70
Total	484
Commitments to originate one- to four-family loans
Payments due by period
Less than 1 year	$ 1,452
More than 1-3 years
More than 3-5 years
More than 5 years
Total	$ 1,452
Commitments to originate commercial loans
Payments due by period
Less than 1 year	$ 470
More than 1-3 years
More than 3-5 years
More than 5 years
Total	$ 470
Home equity lines of credit
Payments due by period
Less than 1 year	$ 24,955
More than 1-3 years
More than 3-5 years
More than 5 years
Total	$ 24,955
Commercial lines of credit
Payments due by period
Less than 1 year	$ 13,855
More than 1-3 years
More than 3-5 years
More than 5 years
Total	$ 13,855
Undisbursed loans in process
Payments due by period
Less than 1 year	$ 12,343
More than 1-3 years
More than 3-5 years
More than 5 years
Total	$ 12,343

XML

Liquidity and Capital Resources - Information regarding regulatory capital position (Details 1) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Liquidity and Capital Resources [Abstract]
Tier 1 Leverage, Required Ratio	5.00%	5.00%
Tier 1 Leverage, Actual Amount	$ 78,886	$ 78,699
Tier 1 Leverage, Actual Ratio	14.30%	13.90%
Common Equity Tier 1 Risk-Based Capital, Required Ratio	6.50%	6.50%
Common Equity Tier 1 Risk-Based Capital, Actual Amount	$ 78,886	$ 78,699
Common Equity Tier 1 Risk-Based Capital, Actual Ratio	22.00%	21.60%
Tier 1 Risk-Based Capital, Required Ratio	8.00%	8.00%
Tier 1 Risk-Based Capital, Actual Amount	$ 78,886	$ 78,699
Tier 1 Risk-Based Capital, Actual Ratio	22.00%	21.60%
Total Capital, Required Ratio	10.00%	10.00%
Total Capital, Actual Amount	$ 82,897	$ 82,236
Total Capital, Actual Ratio	23.10%	22.50%

XML

Liquidity and Capital Resources (Detail Textuals) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Schedule Of Liquidity and Capital Resources [Line Items]
Loan originations	$ 16.7	$ 24.4
Increase (decrease) in deposits	(8.2)	$ 3.7
Federal Home Loan Bank Of Cincinnati
Schedule Of Liquidity and Capital Resources [Line Items]
Outstanding borrowings from the Federal Home Loan Bank of Cincinnati	12.1		$ 12.6
Maximum possible increase in borrowings from Federal Home Loan Bank	$ 135.6		$ 139.1

XML

Earnings Per Share - Summary of earnings Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Earnings Per Share [Abstract]
Weighted-average common shares outstanding (basic)	6,647,068	6,573,652
Dilutive effect of assumed exercise of stock options	96,007	90,132
Weighted-average common shares outstanding (diluted)	6,743,075	6,663,784

XML

Earnings Per Share (Detail Textuals) - shares	Mar. 31, 2016	Mar. 31, 2015
Earnings Per Share [Abstract]
Unallocated shares held by the ESOP	149,600	158,950

XML

Stock Option Plan - Changes in Stock Option (Details) - Stock Incentive Plan - Stock Options - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Shares
Outstanding at beginning of period	544,168	758,929
Granted		189,070
Exercised		(328,831)
Forfeited		(75,000)
Outstanding at end of period	544,168	544,168
Options exercisable at period-end	112,264	112,264
Options expected to be exercisable at year-end	211,872	112,264
Weighted-average exercise price
Outstanding at beginning of period	$ 13.29	$ 12.67
Granted		14.96
Exercised		13.01
Forfeited		12.48
Outstanding at end of period	$ 13.29	13.29
Options exercisable at period-end	$ 12.32	12.32
Weighted fair value of options granted		$ 2.05

XML

Stock Option Plan - Information of options outstanding (Details 1) - Stock Incentive Plan - Stock Options - $ / shares	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number outstanding	544,168	544,168	758,929
Exercise price, lower	$ 8.30
Exercise price, upper	15.90
Weighted-average exercise price	$ 13.29	$ 13.29	$ 12.67
Weighted-average remaining contractual life	8 years 3 months 18 days

XML

Stock Option Plan (Detail Textuals) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Stock Incentive Plan | Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares for grants (in shares)	884,018
After-tax compensation cost for vested equity-based awards recognized	$ 44,000
Unrecognized pre-tax compensation cost for non vested equity based awards granted	$ 621,000
Weighted-average vesting period of unrecognized pre-tax compensation cost	3 years 7 months 6 days
2013 Equity Incentive Plan | Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted subject to vesting period (in shares)		189,070
Vesting period of options granted		5 years
2005 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exchange ratio after adjustment in shares under plan	0.857%
2005 Equity Incentive Plan | Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted subject to vesting period (in shares)		189,070
Vesting period of options granted		5 years

XML

Stock Option Plan (Detail Textuals 1) - Stock Incentive Plan - Stock Options	Jul. 07, 2015	May. 04, 2015
Share-Based Compensation Arrangement By Share-Based Payment Award [Line Items]
Fair value assumption, method used	Black-Scholes options-pricing model	Black-Scholes options-pricing model
Dividend yield	2.70%	2.33%
Expected volatility	15.09%	15.56%
Risk-free interest rate	2.27%	2.16%
Expected life of options	10 years	10 years

XML

Investment and Mortgage-backed Securities - Amortized cost, gross unrealized gains, gross unrealized losses and estimated fair values of investment securities (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Available for sale:
Amortized cost	$ 76,935	$ 91,930
Gross unrealized gains	101	94
Gross unrealized losses	121	804
Estimated fair value	76,915	91,220
U.S. Government agency securities
Available for sale:
Amortized cost	75,679	90,674
Gross unrealized gains	53	35
Gross unrealized losses	121	804
Estimated fair value	75,611	89,905
Municipal obligations
Available for sale:
Amortized cost	1,256	1,256
Gross unrealized gains	$ 48	$ 59
Gross unrealized losses
Estimated fair value	$ 1,304	$ 1,315

XML

Investment and Mortgage-backed Securities - Amortized cost of investment securities by contractual maturity (Details 1) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Investments, Debt and Equity Securities [Abstract]
One to five years	$ 35,701
Five to ten years	40,544
More than ten years	690
Amortized cost	$ 76,935	$ 91,930

XML

Investment and Mortgage-backed Securities - Amortized cost, gross unrealized gains, gross unrealized losses and estimated fair values of mortgage-backed securities (Details 2) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Available for sale:
Amortized cost	$ 76,935	$ 91,930
Gross unrealized holding gains	101	94
Gross unrealized holding losses	121	804
Estimated fair value	76,915	91,220
Available-for-sale Securities
Available for sale:
Amortized cost	24,819
Gross unrealized holding gains	32
Gross unrealized holding losses	59
Estimated fair value	24,792
Federal Home Loan Mortgage Corporation adjustable-rate participation certificates | Available-for-sale Securities
Available for sale:
Amortized cost	19,648	7,502
Gross unrealized holding gains	32	$ 1
Gross unrealized holding losses	47
Estimated fair value	19,633	$ 7,503
Federal National Mortgage Association Adjustable-Rate Participation Certificates | Available-for-sale Securities
Available for sale:
Amortized cost	$ 5,171
Gross unrealized holding gains
Gross unrealized holding losses	$ 12
Estimated fair value	$ 5,159

XML

Investment and Mortgage-backed Securities - Amortized cost of mortgage-backed securities by contractual maturity (Details 3) - Mortgage-backed securities $ in Thousands	Mar. 31, 2016 USD ($)
Schedule Of Marketable Securities [Line Items]
Due in one year or less	$ 1,889
Due in more than one year through five years	6,246
Due in more than five years through ten years	5,998
Due in more than ten years	10,686
Total	$ 24,819

XML

Investment and Mortgage-backed Securities - Continuous unrealized loss position (Details 4) $ in Thousands	Mar. 31, 2016 USD ($) Security
Schedule Of Marketable Securities [Line Items]
Temporarily impaired securities, number of investments, less than 12 months | Security	5
Temporarily impaired securities, fair value, less than 12 months	$ 20,549
Temporarily impaired securities, unrealized losses, less than 12 months	$ 62
Temporarily impaired securities, number of investments, 12 months or longer | Security	8
Temporarily impaired securities, fair value, 12 months or longer	$ 37,575
Temporarily impaired securities, unrealized losses, 12 months or longer	$ 118
Temporarily impaired securities, number of investments | Security	13
Temporarily impaired securities, total fair value	$ 58,124
Temporarily impaired securities, unrealized losses	$ 180
U.S. Government agency securities
Schedule Of Marketable Securities [Line Items]
Temporarily impaired securities, number of investments, less than 12 months | Security	1
Temporarily impaired securities, fair value, less than 12 months	$ 2,996
Temporarily impaired securities, unrealized losses, less than 12 months	$ 3
Temporarily impaired securities, number of investments, 12 months or longer | Security	8
Temporarily impaired securities, fair value, 12 months or longer	$ 37,575
Temporarily impaired securities, unrealized losses, 12 months or longer	$ 118
Temporarily impaired securities, number of investments | Security	9
Temporarily impaired securities, total fair value	$ 40,571
Temporarily impaired securities, unrealized losses	$ 121
Municipal obligations
Schedule Of Marketable Securities [Line Items]
Temporarily impaired securities, number of investments, less than 12 months | Security
Temporarily impaired securities, fair value, less than 12 months
Temporarily impaired securities, unrealized losses, less than 12 months
Temporarily impaired securities, number of investments, 12 months or longer | Security
Temporarily impaired securities, fair value, 12 months or longer
Temporarily impaired securities, unrealized losses, 12 months or longer
Temporarily impaired securities, number of investments | Security
Temporarily impaired securities, total fair value
Temporarily impaired securities, unrealized losses
Mortgage-backed securities
Schedule Of Marketable Securities [Line Items]
Temporarily impaired securities, number of investments, less than 12 months | Security	4
Temporarily impaired securities, fair value, less than 12 months	$ 17,553
Temporarily impaired securities, unrealized losses, less than 12 months	$ 59
Temporarily impaired securities, number of investments, 12 months or longer | Security
Temporarily impaired securities, fair value, 12 months or longer
Temporarily impaired securities, unrealized losses, 12 months or longer
Temporarily impaired securities, number of investments | Security	4
Temporarily impaired securities, total fair value	$ 17,553
Temporarily impaired securities, unrealized losses	$ 59

XML

Income Taxes - Federal income tax on earnings differs from that computed at statutory corporate tax rate (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Tax Disclosure [Abstract]
Federal income taxes (benefits) at statutory rate of 34%	$ (9)	$ 8
Increase (decrease) in taxes resulting primarily from:
Stock compensation	17	54
Nontaxable interest income	(4)	(5)
Cash surrender value of life insurance	(37)	(37)
Other	$ (2)	$ (2)
Federal income taxes (benefits) per financial statements	(31.00%)	22.00%

XML

Income Taxes - Federal income tax on earnings differs from that computed at statutory corporate tax rate (Parentheticals) (Details)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Tax Disclosure [Abstract]
Federal income taxes at statutory rate	34.00%	34.00%

XML

Income Taxes (Detail Textuals)	Mar. 31, 2016 USD ($)
Income Tax Disclosure [Abstract]
Net operating losses to carryforward	$ 400,000

XML

Disclosures about Fair Value of Assets and Liabilities - Estimated fair values of Corporation's financial instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Financial assets
Investment securities	$ 76,915	$ 91,220
Accrued interest receivable	1,079	1,046
Federal Home Loan Bank stock	8,651	8,651
Financial liabilities
Deposits	446,702	454,885
Advances by borrowers for taxes and insurance	1,609	2,494
Accrued interest payable	46	50
Carrying value
Financial assets
Cash and cash equivalents	39,339	43,005
Investment securities	76,915	91,220
Mortgage-backed securities	24,792	7,503
Loans receivable - net and loans held for sale	367,225	376,171
Accrued interest receivable	1,433	1,670
Federal Home Loan Bank stock	8,651	8,651
Total financial assets	518,355	528,220
Financial liabilities
Deposits	446,702	454,885
Advances from the Federal Home Loan Bank	12,072	12,578
Advances by borrowers for taxes and insurance	46	50
Accrued interest payable	1,609	2,494
Total financial liabilities	460,429	470,007
Fair value
Financial assets
Cash and cash equivalents	39,339	43,005
Investment securities	76,915	91,220
Mortgage-backed securities	24,792	7,503
Loans receivable - net and loans held for sale	378,449	387,103
Accrued interest receivable	1,433	1,670
Federal Home Loan Bank stock	8,651	8,651
Total financial assets	529,579	539,152
Financial liabilities
Deposits	446,314	454,483
Advances from the Federal Home Loan Bank	11,708	12,178
Advances by borrowers for taxes and insurance	46	50
Accrued interest payable	1,609	2,494
Total financial liabilities	$ 459,677	$ 469,205

XML

Disclosures About Fair Value of Assets and Liabilities -Summary of fair value measurements (Details 1) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	$ 76,915	$ 91,220
U.S. Government agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	75,611	89,905
Municipal obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	1,304	1,315
Mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	$ 24,792	$ 7,503
Quoted prices in active markets for identical assets (Level 1) | U.S. Government agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale
Quoted prices in active markets for identical assets (Level 1) | Municipal obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale
Quoted prices in active markets for identical assets (Level 1) | Mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale
Significant other observable inputs (Level 2) | U.S. Government agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	$ 75,611	$ 89,905
Significant other observable inputs (Level 2) | Municipal obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	1,304	1,315
Significant other observable inputs (Level 2) | Mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	$ 24,792	$ 7,503
Significant other unobservable inputs (Level 3) | U.S. Government agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale
Significant other unobservable inputs (Level 3) | Municipal obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale
Significant other unobservable inputs (Level 3) | Mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale

XML

Disclosures about Fair Value of Assets and Liabilities (Details 2) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Real estate acquired through foreclosure	$ 1,310	$ 1,633
Loans held for sale	1,351	1,897
Non Recurring Basis | Total
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Real estate acquired through foreclosure	1,310	1,633
Loans held for sale	1,351	1,897
Impaired loans	$ 15,865	$ 14,395
Non Recurring Basis | Quoted prices in active markets for identical assets (Level 1)
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Real estate acquired through foreclosure
Loans held for sale
Impaired loans
Non Recurring Basis | Significant other observable inputs (Level 2)
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Real estate acquired through foreclosure	$ 1,310	$ 1,633
Loans held for sale	1,351	1,897
Impaired loans	$ 15,865	$ 14,395
Non Recurring Basis | Significant other unobservable inputs (Level 3)
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Real estate acquired through foreclosure
Loans held for sale
Impaired loans

XML

Disclosures About Fair Value of Assets and Liabilities (Details 3) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Financial assets:
Mortgage-backed securities	$ 24,792	$ 7,503
Total
Financial assets:
Cash and cash equivalents	39,339	$ 43,005
Mortgage-backed securities
Loans receivable - net	378,449	$ 387,103
Federal Home Loan Bank stock	8,651	8,651
Accrued interest receivable	1,433	1,670
Financial liabilities:
Deposits	446,314	454,483
Advances from the Federal Home Loan Bank	11,708	12,178
Advances by borrowers for taxes and insurance	1,609	2,494
Accrued interest payable	46	50
Quoted prices in active markets for identical assets (Level 1)
Financial assets:
Cash and cash equivalents	$ 39,339	$ 43,005
Mortgage-backed securities
Loans receivable - net
Federal Home Loan Bank stock
Accrued interest receivable
Financial liabilities:
Deposits
Advances from the Federal Home Loan Bank
Advances by borrowers for taxes and insurance
Accrued interest payable
Significant other observable inputs (Level 2)
Financial assets:
Cash and cash equivalents
Mortgage-backed securities
Loans receivable - net	$ 378,449	$ 387,103
Federal Home Loan Bank stock	8,651	8,651
Accrued interest receivable	1,433	1,670
Financial liabilities:
Deposits	446,314	454,483
Advances from the Federal Home Loan Bank	11,708	12,178
Advances by borrowers for taxes and insurance	1,609	2,494
Accrued interest payable	$ 46	$ 50
Significant other unobservable inputs (Level 3)
Financial assets:
Cash and cash equivalents
Mortgage-backed securities
Loans receivable - net
Federal Home Loan Bank stock
Accrued interest receivable
Financial liabilities:
Deposits
Advances from the Federal Home Loan Bank
Advances by borrowers for taxes and insurance
Accrued interest payable

XML

Intangible Assets - Summary of current year and estimated future amortization expense for core deposit intangible (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Total	$ 247	$ 274
Core Deposit
Finite-Lived Intangible Assets [Line Items]
2016	82
2017	110
2018	55
Total	$ 247

XML

Intangible Assets (Detail Textuals) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2011
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 10,309	$ 10,309
Gross carrying amount of core deposit, intangible	1,300
Accumulated amortization of core deposit intangible	$ 1,100
First Franklin and Franklin Savings
Finite-Lived Intangible Assets [Line Items]
Goodwill and intangible assets			$ 11,600

XML

Financing Receivables - Recorded investment in loans (Details) - USD ($) $ in Thousands		Mar. 31, 2016		Dec. 31, 2015
Loans Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Ending balance		$ 381,150		$ 392,936
Loans Receivable | Residential | One-to-four Family
Accounts, Notes, Loans and Financing Receivable [Line Items]
Ending balance		211,674		219,113
Loans Receivable | Residential | Multi-family
Accounts, Notes, Loans and Financing Receivable [Line Items]
Ending balance		33,260		32,634
Loans Receivable | Residential | Construction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Ending balance		20,095		23,781
Loans Receivable | Commercial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Ending balance		112,965		114,514
Loans Receivable | Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Ending balance		3,156		2,894
Purchased Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Purchased loans		72,608
Purchased loans book value		71,287	[1]	74,378
Purchased Loans | Residential | One-to-four Family
Accounts, Notes, Loans and Financing Receivable [Line Items]
Purchased loans		49,498
Purchased loans book value		48,841	[1]	51,107
Purchased Loans | Residential | Multi-family
Accounts, Notes, Loans and Financing Receivable [Line Items]
Purchased loans		2,903
Purchased loans book value		$ 2,885	[1]	$ 3,097
Purchased Loans | Residential | Construction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Purchased loans
Purchased loans book value			[1]
Purchased Loans | Commercial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Purchased loans		$ 20,079
Purchased loans book value		19,440	[1]	$ 20,053
Purchased Loans | Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Purchased loans		128
Purchased loans book value		121	[1]	121
Purchased Loans | Credit Impaired Purchased Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value discount		(1,111)
Purchased loans book value		8,878
Purchased Loans | Credit Impaired Purchased Loans | Residential | One-to-four Family
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value discount		(532)
Purchased loans book value	[2]	3,596
Purchased Loans | Credit Impaired Purchased Loans | Residential | Multi-family
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value discount		(2)
Purchased loans book value		$ 350
Purchased Loans | Credit Impaired Purchased Loans | Residential | Construction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value discount
Purchased loans book value
Purchased Loans | Credit Impaired Purchased Loans | Commercial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value discount		$ (577)
Purchased loans book value		$ 4,932
Purchased Loans | Credit Impaired Purchased Loans | Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value discount
Purchased loans book value
Purchased Loans | Non-impaired Purchased Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value discount		$ (210)
Purchased loans book value		62,409
Purchased Loans | Non-impaired Purchased Loans | Residential | One-to-four Family
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value discount		(125)
Purchased loans book value	[2]	45,245
Purchased Loans | Non-impaired Purchased Loans | Residential | Multi-family
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value discount		(16)
Purchased loans book value		$ 2,535
Purchased Loans | Non-impaired Purchased Loans | Residential | Construction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value discount
Purchased loans book value
Purchased Loans | Non-impaired Purchased Loans | Commercial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value discount		$ (62)
Purchased loans book value		14,508
Purchased Loans | Non-impaired Purchased Loans | Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value discount		(7)
Purchased loans book value		121
Originated Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Purchased loans book value		309,863	[3]	318,558
Originated Loans | Residential | One-to-four Family
Accounts, Notes, Loans and Financing Receivable [Line Items]
Purchased loans book value		162,833	[3]	168,006
Originated Loans | Residential | Multi-family
Accounts, Notes, Loans and Financing Receivable [Line Items]
Purchased loans book value		30,375	[3]	29,537
Originated Loans | Residential | Construction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Purchased loans book value		20,095	[3],[4]	23,781
Originated Loans | Commercial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Purchased loans book value		93,525	[3]	94,461
Originated Loans | Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Purchased loans book value		$ 3,035	[3]	$ 2,773

[1] Loans purchased in acquisition of First Franklin

[2] Includes home equity lines of credit

[3] Includes loans held for sale

[4] Before consideration of undisbursed loans-in-process

XML

Financing Receivables - Carrying amount of purchased loans (Details 1) - Purchased Loans - USD ($) $ in Thousands		Mar. 31, 2016		Dec. 31, 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying amount of purchased loans		$ 71,287	[1]	$ 74,378
Residential | One-to-four Family
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying amount of purchased loans		48,841	[1]	51,107
Residential | Multi-family
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying amount of purchased loans		$ 2,885	[1]	$ 3,097
Residential | Construction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying amount of purchased loans			[1]
Commercial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying amount of purchased loans		$ 19,440	[1]	$ 20,053
Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying amount of purchased loans		121	[1]	$ 121
Credit Non-impaired Purchased Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying amount of purchased loans		62,409
Credit Non-impaired Purchased Loans | Residential | One-to-four Family
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying amount of purchased loans	[2]	45,245
Credit Non-impaired Purchased Loans | Residential | Multi-family
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying amount of purchased loans		$ 2,535
Credit Non-impaired Purchased Loans | Residential | Construction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying amount of purchased loans
Credit Non-impaired Purchased Loans | Commercial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying amount of purchased loans		$ 14,508
Credit Non-impaired Purchased Loans | Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying amount of purchased loans		121
Impaired Purchased Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying amount of purchased loans		8,878
Impaired Purchased Loans | Residential | One-to-four Family
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying amount of purchased loans	[2]	3,596
Impaired Purchased Loans | Residential | Multi-family
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying amount of purchased loans		$ 350
Impaired Purchased Loans | Residential | Construction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying amount of purchased loans
Impaired Purchased Loans | Commercial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying amount of purchased loans		$ 4,932
Impaired Purchased Loans | Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying amount of purchased loans

[1] Loans purchased in acquisition of First Franklin

[2] Includes home equity lines of credit

XML

Financing Receivables - Activity for accretable discount related to acquired credit impaired loans (Details 2) - Loans Receivable - Credit impaired loans $ in Thousands	3 Months Ended
	Mar. 31, 2016 USD ($)
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward]
Accretable discount at December 31, 2015:	$ 3,432
Reclass from accretable difference to nonaccretable discount	$ (91)
Less transferred to other real estate owned
Less accretion	$ (119)
Accretable discount at March 31, 2016:	$ 3,222

XML

Financing Receivables - Allowance for credit losses (Details 3) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Allowance for loan losses:
Provision	$ 541	$ 143
Loans Receivable
Allowance for loan losses:
Beginning balance	3,537	2,236	$ 2,236
Provision	541		1,663
Charge-offs	(73)		(539)
Recoveries	6		177
Ending balance	4,011		3,537
Loans receivable:
Ending balance	381,150		392,936
Individually evaluated for impairment	6,987		5,316
Collectively evaluated for impairment	365,285		378,540
Loans Receivable | Loans acquired with deteriorated credit quality
Loans receivable:
Ending balance	8,878		9,080
Loans Receivable | Residential | One-to-four Family
Allowance for loan losses:
Beginning balance	1,748	1,813	1,813
Provision	525		107
Charge-offs	(73)		(340)
Recoveries	3		168
Ending balance	2,203		1,748
Loans receivable:
Ending balance	211,674		219,113
Individually evaluated for impairment	4,493		4,230
Collectively evaluated for impairment	203,585		211,301
Loans Receivable | Residential | One-to-four Family | Loans acquired with deteriorated credit quality
Loans receivable:
Ending balance	3,596		3,582
Loans Receivable | Residential | Multi-family
Allowance for loan losses:
Beginning balance	439	209	209
Provision	$ 6		309
Charge-offs			$ (79)
Recoveries
Ending balance	$ 445		$ 439
Loans receivable:
Ending balance	33,260		32,634
Individually evaluated for impairment	301		302
Collectively evaluated for impairment	32,609		31,978
Loans Receivable | Residential | Multi-family | Loans acquired with deteriorated credit quality
Loans receivable:
Ending balance	350		354
Loans Receivable | Residential | Construction
Allowance for loan losses:
Beginning balance	25	7	7
Provision	$ (1)		$ 18
Charge-offs
Recoveries
Ending balance	$ 24		$ 25
Loans receivable:
Ending balance	$ 20,095		$ 23,781
Individually evaluated for impairment
Collectively evaluated for impairment	$ 20,095		$ 23,781
Loans Receivable | Residential | Construction | Loans acquired with deteriorated credit quality
Loans receivable:
Ending balance
Loans Receivable | Commercial
Allowance for loan losses:
Beginning balance	$ 1,314	199	$ 199
Provision	$ 11		1,225
Charge-offs			(119)
Recoveries	$ 2		9
Ending balance	1,327		1,314
Loans receivable:
Ending balance	112,965		114,514
Individually evaluated for impairment	2,189		779
Collectively evaluated for impairment	105,844		108,591
Loans Receivable | Commercial | Loans acquired with deteriorated credit quality
Loans receivable:
Ending balance	4,932		5,144
Loans Receivable | Consumer
Allowance for loan losses:
Beginning balance	$ 11	$ 8	8
Provision			4
Charge-offs			$ (1)
Recoveries	$ 1
Ending balance	12		$ 11
Loans receivable:
Ending balance	3,156		2,894
Individually evaluated for impairment	4		5
Collectively evaluated for impairment	$ 3,152		$ 2,889
Loans Receivable | Consumer | Loans acquired with deteriorated credit quality
Loans receivable:
Ending balance
Originated Loans
Allowance for loan losses:
Individually evaluated for impairment	$ 173		$ 165
Collectively evaluated for impairment	2,928		2,837
Originated Loans | Residential | One-to-four Family
Allowance for loan losses:
Individually evaluated for impairment	166		158
Collectively evaluated for impairment	$ 1,566		$ 1,137
Originated Loans | Residential | Multi-family
Allowance for loan losses:
Individually evaluated for impairment
Collectively evaluated for impairment	$ 445		$ 439
Originated Loans | Residential | Construction
Allowance for loan losses:
Individually evaluated for impairment
Collectively evaluated for impairment	$ 24		$ 25
Originated Loans | Commercial
Allowance for loan losses:
Individually evaluated for impairment	7		7
Collectively evaluated for impairment	$ 881		$ 1,225
Originated Loans | Consumer
Allowance for loan losses:
Individually evaluated for impairment
Collectively evaluated for impairment	$ 12		$ 11
Purchased Loans
Allowance for loan losses:
Individually evaluated for impairment	495		140
Purchased Loans | Loans acquired with deteriorated credit quality
Allowance for loan losses:
Beginning balance	395
Ending balance	415		395
Purchased Loans | One-to-four Family | Loans acquired with deteriorated credit quality
Allowance for loan losses:
Beginning balance	360
Ending balance	$ 336		$ 360
Purchased Loans | Multi-family | Loans acquired with deteriorated credit quality
Allowance for loan losses:
Beginning balance
Ending balance
Purchased Loans | Construction | Loans acquired with deteriorated credit quality
Allowance for loan losses:
Beginning balance
Ending balance
Purchased Loans | Residential | One-to-four Family
Allowance for loan losses:
Individually evaluated for impairment	$ 135		$ 93
Purchased Loans | Residential | Multi-family
Allowance for loan losses:
Individually evaluated for impairment
Purchased Loans | Residential | Construction
Allowance for loan losses:
Individually evaluated for impairment
Purchased Loans | Commercial
Allowance for loan losses:
Individually evaluated for impairment	$ 360		$ 47
Purchased Loans | Commercial | Loans acquired with deteriorated credit quality
Allowance for loan losses:
Beginning balance	35
Ending balance	$ 79		$ 35
Purchased Loans | Consumer
Allowance for loan losses:
Individually evaluated for impairment
Purchased Loans | Consumer | Loans acquired with deteriorated credit quality
Allowance for loan losses:
Beginning balance
Ending balance

XML

Financing Receivables - Credit risk profile by internally assigned grade (Details 4) - USD ($) $ in Thousands	Mar. 31, 2016		Dec. 31, 2015
Originated Loans
Financing Receivable, Recorded Investment [Line Items]
Investment loan	$ 309,863	[1]	$ 318,558
Originated Loans | Residential | One-to-four Family
Financing Receivable, Recorded Investment [Line Items]
Investment loan	162,833	[1]	168,006
Originated Loans | Residential | Multi-family
Financing Receivable, Recorded Investment [Line Items]
Investment loan	30,375	[1]	29,537
Originated Loans | Residential | Construction
Financing Receivable, Recorded Investment [Line Items]
Investment loan	20,095	[1],[2]	23,781
Originated Loans | Commercial
Financing Receivable, Recorded Investment [Line Items]
Investment loan	93,525	[1]	94,461
Originated Loans | Consumer
Financing Receivable, Recorded Investment [Line Items]
Investment loan	3,035	[1]	2,773
Originated Loans | Pass
Financing Receivable, Recorded Investment [Line Items]
Investment loan	304,894		314,460
Originated Loans | Pass | Residential | One-to-four Family
Financing Receivable, Recorded Investment [Line Items]
Investment loan	160,447		165,368
Originated Loans | Pass | Residential | Multi-family
Financing Receivable, Recorded Investment [Line Items]
Investment loan	30,182		29,344
Originated Loans | Pass | Residential | Construction
Financing Receivable, Recorded Investment [Line Items]
Investment loan	20,095		23,781
Originated Loans | Pass | Commercial
Financing Receivable, Recorded Investment [Line Items]
Investment loan	91,139		93,199
Originated Loans | Pass | Consumer
Financing Receivable, Recorded Investment [Line Items]
Investment loan	$ 3,031		$ 2,768
Originated Loans | Special Mention
Financing Receivable, Recorded Investment [Line Items]
Investment loan
Originated Loans | Special Mention | Residential | One-to-four Family
Financing Receivable, Recorded Investment [Line Items]
Investment loan
Originated Loans | Special Mention | Residential | Multi-family
Financing Receivable, Recorded Investment [Line Items]
Investment loan
Originated Loans | Special Mention | Residential | Construction
Financing Receivable, Recorded Investment [Line Items]
Investment loan
Originated Loans | Special Mention | Commercial
Financing Receivable, Recorded Investment [Line Items]
Investment loan
Originated Loans | Special Mention | Consumer
Financing Receivable, Recorded Investment [Line Items]
Investment loan
Originated Loans | Substandard
Financing Receivable, Recorded Investment [Line Items]
Investment loan	$ 4,969		$ 4,098
Originated Loans | Substandard | Residential | One-to-four Family
Financing Receivable, Recorded Investment [Line Items]
Investment loan	2,386		2,638
Originated Loans | Substandard | Residential | Multi-family
Financing Receivable, Recorded Investment [Line Items]
Investment loan	$ 193		$ 193
Originated Loans | Substandard | Residential | Construction
Financing Receivable, Recorded Investment [Line Items]
Investment loan
Originated Loans | Substandard | Commercial
Financing Receivable, Recorded Investment [Line Items]
Investment loan	$ 2,386		$ 1,262
Originated Loans | Substandard | Consumer
Financing Receivable, Recorded Investment [Line Items]
Investment loan	$ 4		$ 5
Originated Loans | Doubtful
Financing Receivable, Recorded Investment [Line Items]
Investment loan
Originated Loans | Doubtful | Residential | One-to-four Family
Financing Receivable, Recorded Investment [Line Items]
Investment loan
Originated Loans | Doubtful | Residential | Multi-family
Financing Receivable, Recorded Investment [Line Items]
Investment loan
Originated Loans | Doubtful | Residential | Construction
Financing Receivable, Recorded Investment [Line Items]
Investment loan
Originated Loans | Doubtful | Commercial
Financing Receivable, Recorded Investment [Line Items]
Investment loan
Originated Loans | Doubtful | Consumer
Financing Receivable, Recorded Investment [Line Items]
Investment loan
Originated Loans | Loss
Financing Receivable, Recorded Investment [Line Items]
Investment loan
Originated Loans | Loss | Residential | One-to-four Family
Financing Receivable, Recorded Investment [Line Items]
Investment loan
Originated Loans | Loss | Residential | Multi-family
Financing Receivable, Recorded Investment [Line Items]
Investment loan
Originated Loans | Loss | Residential | Construction
Financing Receivable, Recorded Investment [Line Items]
Investment loan
Originated Loans | Loss | Commercial
Financing Receivable, Recorded Investment [Line Items]
Investment loan
Originated Loans | Loss | Consumer
Financing Receivable, Recorded Investment [Line Items]
Investment loan
Purchased Loans
Financing Receivable, Recorded Investment [Line Items]
Investment loan	$ 71,287	[3]	$ 74,378
Purchased Loans | Residential | One-to-four Family
Financing Receivable, Recorded Investment [Line Items]
Investment loan	48,841	[3]	51,107
Purchased Loans | Residential | Multi-family
Financing Receivable, Recorded Investment [Line Items]
Investment loan	$ 2,885	[3]	$ 3,097
Purchased Loans | Residential | Construction
Financing Receivable, Recorded Investment [Line Items]
Investment loan		[3]
Purchased Loans | Commercial
Financing Receivable, Recorded Investment [Line Items]
Investment loan	$ 19,440	[3]	$ 20,053
Purchased Loans | Consumer
Financing Receivable, Recorded Investment [Line Items]
Investment loan	121	[3]	121
Purchased Loans | Pass
Financing Receivable, Recorded Investment [Line Items]
Investment loan	64,460		67,226
Purchased Loans | Pass | Residential | One-to-four Family
Financing Receivable, Recorded Investment [Line Items]
Investment loan	46,204		48,281
Purchased Loans | Pass | Residential | Multi-family
Financing Receivable, Recorded Investment [Line Items]
Investment loan	$ 2,777		$ 2,988
Purchased Loans | Pass | Residential | Construction
Financing Receivable, Recorded Investment [Line Items]
Investment loan
Purchased Loans | Pass | Commercial
Financing Receivable, Recorded Investment [Line Items]
Investment loan	$ 15,358		$ 15,836
Purchased Loans | Pass | Consumer
Financing Receivable, Recorded Investment [Line Items]
Investment loan	$ 121		$ 121
Purchased Loans | Special Mention
Financing Receivable, Recorded Investment [Line Items]
Investment loan
Purchased Loans | Special Mention | Residential | One-to-four Family
Financing Receivable, Recorded Investment [Line Items]
Investment loan
Purchased Loans | Special Mention | Residential | Multi-family
Financing Receivable, Recorded Investment [Line Items]
Investment loan
Purchased Loans | Special Mention | Residential | Construction
Financing Receivable, Recorded Investment [Line Items]
Investment loan
Purchased Loans | Special Mention | Commercial
Financing Receivable, Recorded Investment [Line Items]
Investment loan
Purchased Loans | Special Mention | Consumer
Financing Receivable, Recorded Investment [Line Items]
Investment loan
Purchased Loans | Substandard
Financing Receivable, Recorded Investment [Line Items]
Investment loan	$ 6,827		$ 7,152
Purchased Loans | Substandard | Residential | One-to-four Family
Financing Receivable, Recorded Investment [Line Items]
Investment loan	2,637		2,826
Purchased Loans | Substandard | Residential | Multi-family
Financing Receivable, Recorded Investment [Line Items]
Investment loan	$ 108		$ 109
Purchased Loans | Substandard | Residential | Construction
Financing Receivable, Recorded Investment [Line Items]
Investment loan
Purchased Loans | Substandard | Commercial
Financing Receivable, Recorded Investment [Line Items]
Investment loan	$ 4,082		$ 4,217
Purchased Loans | Substandard | Consumer
Financing Receivable, Recorded Investment [Line Items]
Investment loan
Purchased Loans | Doubtful
Financing Receivable, Recorded Investment [Line Items]
Investment loan
Purchased Loans | Doubtful | Residential | One-to-four Family
Financing Receivable, Recorded Investment [Line Items]
Investment loan
Purchased Loans | Doubtful | Residential | Multi-family
Financing Receivable, Recorded Investment [Line Items]
Investment loan
Purchased Loans | Doubtful | Residential | Construction
Financing Receivable, Recorded Investment [Line Items]
Investment loan
Purchased Loans | Doubtful | Commercial
Financing Receivable, Recorded Investment [Line Items]
Investment loan
Purchased Loans | Doubtful | Consumer
Financing Receivable, Recorded Investment [Line Items]
Investment loan
Purchased Loans | Loss
Financing Receivable, Recorded Investment [Line Items]
Investment loan
Purchased Loans | Loss | Residential | One-to-four Family
Financing Receivable, Recorded Investment [Line Items]
Investment loan
Purchased Loans | Loss | Residential | Multi-family
Financing Receivable, Recorded Investment [Line Items]
Investment loan
Purchased Loans | Loss | Residential | Construction
Financing Receivable, Recorded Investment [Line Items]
Investment loan
Purchased Loans | Loss | Commercial
Financing Receivable, Recorded Investment [Line Items]
Investment loan
Purchased Loans | Loss | Consumer
Financing Receivable, Recorded Investment [Line Items]
Investment loan

[1] Includes loans held for sale

[2] Before consideration of undisbursed loans-in-process

[3] Loans purchased in acquisition of First Franklin

XML

Financing Receivables - Loans by delinquency, nonaccrual status and impaired loans (Details 5) - USD ($) $ in Thousands	Mar. 31, 2016		Dec. 31, 2015
Originated Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Total Past	$ 2,481		$ 2,575
Financing Receivable Recorded Investment Current And Accruing	306,536		314,947
Financing Receivable, Recorded Investment, Nonaccrual Status	2,226		2,408
Investment loan	$ 309,863	[1]	$ 318,558
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing
Originated Loans | 30-89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Total Past	$ 1,101		$ 1,143
Originated Loans | Greater than 90 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Total Past	1,380		1,432
Originated Loans | Residential | One-to-four Family
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Total Past	2,237		2,315
Financing Receivable Recorded Investment Current And Accruing	159,765		164,715
Financing Receivable, Recorded Investment, Nonaccrual Status	1,967		2,148
Investment loan	$ 162,833	[1]	$ 168,006
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing
Originated Loans | Residential | One-to-four Family | 30-89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Total Past	$ 1,101		$ 1,143
Originated Loans | Residential | One-to-four Family | Greater than 90 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Total Past	1,136		1,172
Originated Loans | Residential | Multi-family
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Total Past	193		193
Financing Receivable Recorded Investment Current And Accruing	30,182		29,344
Financing Receivable, Recorded Investment, Nonaccrual Status	193		193
Investment loan	$ 30,375	[1]	$ 29,537
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing
Originated Loans | Residential | Multi-family | 30-89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Total Past
Originated Loans | Residential | Multi-family | Greater than 90 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Total Past	$ 193		$ 193
Originated Loans | Residential | Construction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Total Past
Financing Receivable Recorded Investment Current And Accruing	$ 20,095		$ 23,781
Financing Receivable, Recorded Investment, Nonaccrual Status
Investment loan	$ 20,095	[1],[2]	$ 23,781
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing
Originated Loans | Residential | Construction | 30-89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Total Past
Originated Loans | Residential | Construction | Greater than 90 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Total Past
Originated Loans | Commercial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Total Past	$ 47		$ 62
Financing Receivable Recorded Investment Current And Accruing	93,463		94,339
Financing Receivable, Recorded Investment, Nonaccrual Status	62		62
Investment loan	$ 93,525	[1]	$ 94,461
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing
Originated Loans | Commercial | 30-89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Total Past
Originated Loans | Commercial | Greater than 90 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Total Past	$ 47		$ 62
Originated Loans | Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Total Past	4		5
Financing Receivable Recorded Investment Current And Accruing	3,031		2,768
Financing Receivable, Recorded Investment, Nonaccrual Status	4		5
Investment loan	$ 3,035	[1]	$ 2,773
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing
Originated Loans | Consumer | 30-89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Total Past
Originated Loans | Consumer | Greater than 90 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Total Past	$ 4		$ 5
Purchased Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Total Past	5,533		6,335
Financing Receivable Recorded Investment Current And Accruing	64,619		64,698
Financing Receivable, Recorded Investment, Nonaccrual Status	4,761		5,058
Investment loan	$ 71,287	[3]	$ 74,378
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing
Purchased Loans | 30-89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Total Past	$ 2,015		$ 4,622
Purchased Loans | Greater than 90 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Total Past	3,518		1,713
Purchased Loans | Residential | One-to-four Family
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Total Past	5,146		5,639
Financing Receivable Recorded Investment Current And Accruing	44,687		44,180
Financing Receivable, Recorded Investment, Nonaccrual Status	2,526		2,714
Investment loan	$ 48,841	[3]	$ 51,107
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing
Purchased Loans | Residential | One-to-four Family | 30-89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Total Past	$ 1,628		$ 4,213
Purchased Loans | Residential | One-to-four Family | Greater than 90 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Total Past	3,518		$ 1,426
Purchased Loans | Residential | Multi-family
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Total Past	108
Financing Receivable Recorded Investment Current And Accruing	2,777		$ 2,988
Financing Receivable, Recorded Investment, Nonaccrual Status	108		109
Investment loan	$ 2,885	[3]	$ 3,097
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing
Purchased Loans | Residential | Multi-family | 30-89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Total Past	$ 108
Purchased Loans | Residential | Multi-family | Greater than 90 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Total Past
Purchased Loans | Residential | Construction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Total Past
Financing Receivable Recorded Investment Current And Accruing
Financing Receivable, Recorded Investment, Nonaccrual Status
Investment loan		[3]
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing
Purchased Loans | Residential | Construction | 30-89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Total Past
Purchased Loans | Residential | Construction | Greater than 90 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Total Past
Purchased Loans | Commercial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Total Past	$ 279		$ 696
Financing Receivable Recorded Investment Current And Accruing	17,034		17,409
Financing Receivable, Recorded Investment, Nonaccrual Status	2,127		2,235
Investment loan	$ 19,440	[3]	$ 20,053
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing
Purchased Loans | Commercial | 30-89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Total Past	$ 279		$ 409
Purchased Loans | Commercial | Greater than 90 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Total Past			$ 287
Purchased Loans | Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Total Past
Financing Receivable Recorded Investment Current And Accruing	$ 121		$ 121
Financing Receivable, Recorded Investment, Nonaccrual Status
Investment loan	$ 121	[3]	$ 121
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing
Purchased Loans | Consumer | 30-89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Total Past
Purchased Loans | Consumer | Greater than 90 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Total Past

[1] Includes loans held for sale

[2] Before consideration of undisbursed loans-in-process

[3] Loans purchased in acquisition of First Franklin

XML

Financing Receivables - Impaired Loans (Details 6) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Loans Receivable
Financing Receivable, Impaired [Line Items]
Related Allowance	$ 668	$ 305
Recorded Investment	15,865	14,395
Unpaid Principal Balance	15,865	14,395
Average Recorded Investment	15,128	14,864
Interest Income Recognized	72	158
Loans Receivable | Residential | One-to-four Family
Financing Receivable, Impaired [Line Items]
Related Allowance	301	251
Recorded Investment	8,089	7,811
Unpaid Principal Balance	8,089	7,811
Average Recorded Investment	7,949	7,771
Interest Income Recognized	$ 47	$ 95
Loans Receivable | Residential | Multi-family
Financing Receivable, Impaired [Line Items]
Related Allowance
Recorded Investment	$ 651	$ 656
Unpaid Principal Balance	651	656
Average Recorded Investment	653	$ 556
Interest Income Recognized	$ 3
Loans Receivable | Residential | Construction
Financing Receivable, Impaired [Line Items]
Related Allowance
Recorded Investment
Unpaid Principal Balance
Average Recorded Investment
Interest Income Recognized
Loans Receivable | Commercial
Financing Receivable, Impaired [Line Items]
Related Allowance	$ 367	$ 54
Recorded Investment	7,121	5,923
Unpaid Principal Balance	7,121	5,923
Average Recorded Investment	6,522	6,534
Interest Income Recognized	$ 22	$ 63
Loans Receivable | Consumer
Financing Receivable, Impaired [Line Items]
Related Allowance
Recorded Investment	$ 4	$ 5
Unpaid Principal Balance	4	5
Average Recorded Investment	$ 4	$ 3
Interest Income Recognized
Purchased loans
Financing Receivable, Impaired [Line Items]
Recorded Investment, with related allowance	$ 1,042	$ 842
Unpaid Principal Balance, with related allowance	1,042	639
Related Allowance	284	140
Average Recorded Investment, with related allowance	942	$ 741
Interest Income Recognized, with related allowance	8
Purchased loans | With fair value discount
Financing Receivable, Impaired [Line Items]
Recorded Investment, with no related allowance recorded	9,499
Unpaid Principal Balance, with no related allowance recorded	$ 9,499
Related Allowance, with no related allowance recorded
Average Recorded Investment, with no related allowance	$ 9,289
Interest Income Recognized, with no related allowance	23
Purchased loans | With no fair value discount
Financing Receivable, Impaired [Line Items]
Recorded Investment, with no related allowance recorded	1,426
Unpaid Principal Balance, with no related allowance recorded	1,426
Related Allowance, with no related allowance recorded	211
Average Recorded Investment, with no related allowance	$ 713
Interest Income Recognized, with no related allowance
Purchased loans | With Credit Quality Discount
Financing Receivable, Impaired [Line Items]
Recorded Investment, with no related allowance recorded		$ 9,080
Unpaid Principal Balance, with no related allowance recorded		$ 9,080
Related Allowance, with no related allowance recorded
Average Recorded Investment, with no related allowance		$ 9,873
Interest Income Recognized, with no related allowance		$ 124
Recorded Investment, with related allowance
Unpaid Principal Balance, with related allowance
Related Allowance
Average Recorded Investment, with related allowance
Interest Income Recognized, with related allowance
Purchased loans | With no credit quality discount
Financing Receivable, Impaired [Line Items]
Recorded Investment, with no related allowance recorded	$ 1,672	$ 2,065
Unpaid Principal Balance, with no related allowance recorded	$ 1,672	$ 2,065
Related Allowance, with no related allowance recorded
Average Recorded Investment, with no related allowance	$ 1,868	$ 1,900
Interest Income Recognized, with no related allowance	23
Purchased loans | Residential | One-to-four Family
Financing Receivable, Impaired [Line Items]
Recorded Investment, with related allowance	630	$ 555
Unpaid Principal Balance, with related allowance	630	555
Related Allowance	135	93
Average Recorded Investment, with related allowance	592	$ 597
Interest Income Recognized, with related allowance	4
Purchased loans | Residential | One-to-four Family | With fair value discount
Financing Receivable, Impaired [Line Items]
Recorded Investment, with no related allowance recorded	4,119
Unpaid Principal Balance, with no related allowance recorded	$ 4,119
Related Allowance, with no related allowance recorded
Average Recorded Investment, with no related allowance	$ 3,850
Interest Income Recognized, with no related allowance	$ 8
Purchased loans | Residential | One-to-four Family | With no fair value discount
Financing Receivable, Impaired [Line Items]
Recorded Investment, with no related allowance recorded
Unpaid Principal Balance, with no related allowance recorded
Related Allowance, with no related allowance recorded
Average Recorded Investment, with no related allowance
Interest Income Recognized, with no related allowance
Purchased loans | Residential | One-to-four Family | With Credit Quality Discount
Financing Receivable, Impaired [Line Items]
Recorded Investment, with no related allowance recorded		$ 3,582
Unpaid Principal Balance, with no related allowance recorded		$ 3,582
Related Allowance, with no related allowance recorded
Average Recorded Investment, with no related allowance		$ 3,780
Interest Income Recognized, with no related allowance		$ 62
Recorded Investment, with related allowance
Unpaid Principal Balance, with related allowance
Related Allowance
Average Recorded Investment, with related allowance
Interest Income Recognized, with related allowance
Purchased loans | Residential | One-to-four Family | With no credit quality discount
Financing Receivable, Impaired [Line Items]
Recorded Investment, with no related allowance recorded	$ 1,373	$ 1,526
Unpaid Principal Balance, with no related allowance recorded	$ 1,373	$ 1,526
Related Allowance, with no related allowance recorded
Average Recorded Investment, with no related allowance	$ 1,450	$ 1,303
Interest Income Recognized, with no related allowance	$ 18
Purchased loans | Residential | Multi-family
Financing Receivable, Impaired [Line Items]
Recorded Investment, with related allowance
Unpaid Principal Balance, with related allowance
Related Allowance
Average Recorded Investment, with related allowance
Interest Income Recognized, with related allowance
Purchased loans | Residential | Multi-family | With fair value discount
Financing Receivable, Impaired [Line Items]
Recorded Investment, with no related allowance recorded	$ 350
Unpaid Principal Balance, with no related allowance recorded	$ 350
Related Allowance, with no related allowance recorded
Average Recorded Investment, with no related allowance	$ 352
Interest Income Recognized, with no related allowance	$ 1
Purchased loans | Residential | Multi-family | With no fair value discount
Financing Receivable, Impaired [Line Items]
Recorded Investment, with no related allowance recorded
Unpaid Principal Balance, with no related allowance recorded
Related Allowance, with no related allowance recorded
Average Recorded Investment, with no related allowance
Interest Income Recognized, with no related allowance
Purchased loans | Residential | Multi-family | With Credit Quality Discount
Financing Receivable, Impaired [Line Items]
Recorded Investment, with no related allowance recorded		$ 354
Unpaid Principal Balance, with no related allowance recorded		$ 354
Related Allowance, with no related allowance recorded
Average Recorded Investment, with no related allowance		$ 357
Interest Income Recognized, with no related allowance
Recorded Investment, with related allowance
Unpaid Principal Balance, with related allowance
Related Allowance
Average Recorded Investment, with related allowance
Interest Income Recognized, with related allowance
Purchased loans | Residential | Multi-family | With no credit quality discount
Financing Receivable, Impaired [Line Items]
Recorded Investment, with no related allowance recorded	$ 108	$ 109
Unpaid Principal Balance, with no related allowance recorded	$ 108	$ 109
Related Allowance, with no related allowance recorded
Average Recorded Investment, with no related allowance	$ 108	$ 55
Interest Income Recognized, with no related allowance	$ 2
Purchased loans | Residential | Construction
Financing Receivable, Impaired [Line Items]
Recorded Investment, with related allowance
Unpaid Principal Balance, with related allowance
Related Allowance
Average Recorded Investment, with related allowance
Interest Income Recognized, with related allowance
Purchased loans | Residential | Construction | With fair value discount
Financing Receivable, Impaired [Line Items]
Recorded Investment, with no related allowance recorded
Unpaid Principal Balance, with no related allowance recorded
Related Allowance, with no related allowance recorded
Average Recorded Investment, with no related allowance
Interest Income Recognized, with no related allowance
Purchased loans | Residential | Construction | With no fair value discount
Financing Receivable, Impaired [Line Items]
Recorded Investment, with no related allowance recorded
Unpaid Principal Balance, with no related allowance recorded
Related Allowance, with no related allowance recorded
Average Recorded Investment, with no related allowance
Interest Income Recognized, with no related allowance
Purchased loans | Residential | Construction | With Credit Quality Discount
Financing Receivable, Impaired [Line Items]
Recorded Investment, with no related allowance recorded
Unpaid Principal Balance, with no related allowance recorded
Related Allowance, with no related allowance recorded
Average Recorded Investment, with no related allowance
Interest Income Recognized, with no related allowance
Recorded Investment, with related allowance
Unpaid Principal Balance, with related allowance
Related Allowance
Average Recorded Investment, with related allowance
Interest Income Recognized, with related allowance
Purchased loans | Residential | Construction | With no credit quality discount
Financing Receivable, Impaired [Line Items]
Recorded Investment, with no related allowance recorded
Unpaid Principal Balance, with no related allowance recorded
Related Allowance, with no related allowance recorded
Average Recorded Investment, with no related allowance
Interest Income Recognized, with no related allowance
Purchased loans | Commercial
Financing Receivable, Impaired [Line Items]
Recorded Investment, with related allowance	$ 412	$ 287
Unpaid Principal Balance, with related allowance	412	287
Related Allowance	149	47
Average Recorded Investment, with related allowance	350	$ 144
Interest Income Recognized, with related allowance	4
Purchased loans | Commercial | With fair value discount
Financing Receivable, Impaired [Line Items]
Recorded Investment, with no related allowance recorded	5,030
Unpaid Principal Balance, with no related allowance recorded	$ 5,030
Related Allowance, with no related allowance recorded
Average Recorded Investment, with no related allowance	$ 5,087
Interest Income Recognized, with no related allowance	14
Purchased loans | Commercial | With no fair value discount
Financing Receivable, Impaired [Line Items]
Recorded Investment, with no related allowance recorded	1,426
Unpaid Principal Balance, with no related allowance recorded	1,426
Related Allowance, with no related allowance recorded	211
Average Recorded Investment, with no related allowance	$ 713
Interest Income Recognized, with no related allowance
Purchased loans | Commercial | With Credit Quality Discount
Financing Receivable, Impaired [Line Items]
Recorded Investment, with no related allowance recorded		$ 5,144
Unpaid Principal Balance, with no related allowance recorded		$ 5,144
Related Allowance, with no related allowance recorded
Average Recorded Investment, with no related allowance		$ 5,736
Interest Income Recognized, with no related allowance		$ 62
Recorded Investment, with related allowance
Unpaid Principal Balance, with related allowance
Related Allowance
Average Recorded Investment, with related allowance
Interest Income Recognized, with related allowance
Purchased loans | Commercial | With no credit quality discount
Financing Receivable, Impaired [Line Items]
Recorded Investment, with no related allowance recorded	$ 191	$ 430
Unpaid Principal Balance, with no related allowance recorded	$ 191	$ 430
Related Allowance, with no related allowance recorded
Average Recorded Investment, with no related allowance	$ 310	$ 542
Interest Income Recognized, with no related allowance	$ 3
Purchased loans | Consumer
Financing Receivable, Impaired [Line Items]
Recorded Investment, with related allowance
Unpaid Principal Balance, with related allowance
Related Allowance
Average Recorded Investment, with related allowance
Interest Income Recognized, with related allowance
Purchased loans | Consumer | With fair value discount
Financing Receivable, Impaired [Line Items]
Recorded Investment, with no related allowance recorded
Unpaid Principal Balance, with no related allowance recorded
Related Allowance, with no related allowance recorded
Average Recorded Investment, with no related allowance
Interest Income Recognized, with no related allowance
Purchased loans | Consumer | With no fair value discount
Financing Receivable, Impaired [Line Items]
Recorded Investment, with no related allowance recorded
Unpaid Principal Balance, with no related allowance recorded
Related Allowance, with no related allowance recorded
Average Recorded Investment, with no related allowance
Interest Income Recognized, with no related allowance
Purchased loans | Consumer | With Credit Quality Discount
Financing Receivable, Impaired [Line Items]
Recorded Investment, with no related allowance recorded
Unpaid Principal Balance, with no related allowance recorded
Related Allowance, with no related allowance recorded
Average Recorded Investment, with no related allowance
Interest Income Recognized, with no related allowance
Recorded Investment, with related allowance
Unpaid Principal Balance, with related allowance
Related Allowance
Average Recorded Investment, with related allowance
Interest Income Recognized, with related allowance
Purchased loans | Consumer | With no credit quality discount
Financing Receivable, Impaired [Line Items]
Recorded Investment, with no related allowance recorded
Unpaid Principal Balance, with no related allowance recorded
Related Allowance, with no related allowance recorded
Average Recorded Investment, with no related allowance
Interest Income Recognized, with no related allowance
Originated loans
Financing Receivable, Impaired [Line Items]
Recorded Investment, with no related allowance recorded	$ 1,640	$ 1,875
Unpaid Principal Balance, with no related allowance recorded	$ 1,640	$ 1,875
Related Allowance, with no related allowance recorded
Average Recorded Investment, with no related allowance	$ 1,757	$ 1,726
Interest Income Recognized, with no related allowance	14	9
Recorded Investment, with related allowance	586	533
Unpaid Principal Balance, with related allowance	586	533
Related Allowance	173	165
Average Recorded Investment, with related allowance	559	624
Interest Income Recognized, with related allowance	4	25
Originated loans | Residential | One-to-four Family
Financing Receivable, Impaired [Line Items]
Recorded Investment, with no related allowance recorded	1,428	1,662
Unpaid Principal Balance, with no related allowance recorded	$ 1,428	$ 1,662
Related Allowance, with no related allowance recorded
Average Recorded Investment, with no related allowance	$ 1,545	$ 1,514
Interest Income Recognized, with no related allowance	14	8
Recorded Investment, with related allowance	539	486
Unpaid Principal Balance, with related allowance	539	486
Related Allowance	166	158
Average Recorded Investment, with related allowance	512	577
Interest Income Recognized, with related allowance	3	25
Originated loans | Residential | Multi-family
Financing Receivable, Impaired [Line Items]
Recorded Investment, with no related allowance recorded	193	193
Unpaid Principal Balance, with no related allowance recorded	$ 193	$ 193
Related Allowance, with no related allowance recorded
Average Recorded Investment, with no related allowance	$ 193	$ 144
Interest Income Recognized, with no related allowance
Recorded Investment, with related allowance
Unpaid Principal Balance, with related allowance
Related Allowance
Average Recorded Investment, with related allowance
Interest Income Recognized, with related allowance
Originated loans | Residential | Construction
Financing Receivable, Impaired [Line Items]
Recorded Investment, with no related allowance recorded
Unpaid Principal Balance, with no related allowance recorded
Related Allowance, with no related allowance recorded
Average Recorded Investment, with no related allowance
Interest Income Recognized, with no related allowance
Recorded Investment, with related allowance
Unpaid Principal Balance, with related allowance
Related Allowance
Average Recorded Investment, with related allowance
Interest Income Recognized, with related allowance
Originated loans | Commercial
Financing Receivable, Impaired [Line Items]
Recorded Investment, with no related allowance recorded	$ 15	$ 15
Unpaid Principal Balance, with no related allowance recorded	$ 15	$ 15
Related Allowance, with no related allowance recorded
Average Recorded Investment, with no related allowance	$ 15	$ 65
Interest Income Recognized, with no related allowance		1
Recorded Investment, with related allowance	$ 47	47
Unpaid Principal Balance, with related allowance	47	47
Related Allowance	7	7
Average Recorded Investment, with related allowance	47	$ 47
Interest Income Recognized, with related allowance	1
Originated loans | Consumer
Financing Receivable, Impaired [Line Items]
Recorded Investment, with no related allowance recorded	4	$ 5
Unpaid Principal Balance, with no related allowance recorded	$ 4	$ 5
Related Allowance, with no related allowance recorded
Average Recorded Investment, with no related allowance	$ 4	$ 3
Interest Income Recognized, with no related allowance
Recorded Investment, with related allowance
Unpaid Principal Balance, with related allowance
Related Allowance
Average Recorded Investment, with related allowance
Interest Income Recognized, with related allowance

XML

Financing Receivables - Modifications as of date (Details 7) - Loans Receivable $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2016 USD ($) Contract	Dec. 31, 2015 USD ($) Contract
Residential | One-to-four Family
Financing Receivable, Modifications [Line Items]
Number of Contracts | Contract	2	6
Pre-Modification Outstanding Recorded Investment	$ 198	$ 383
Post-Modification Outstanding Recorded Investment	$ 198	$ 383
Number of Contracts | Contract		5
Recorded Investment		$ 837
Residential | Multi-family
Financing Receivable, Modifications [Line Items]
Number of Contracts | Contract
Pre-Modification Outstanding Recorded Investment
Post-Modification Outstanding Recorded Investment
Number of Contracts | Contract
Recorded Investment
Residential | Construction
Financing Receivable, Modifications [Line Items]
Number of Contracts | Contract
Pre-Modification Outstanding Recorded Investment
Post-Modification Outstanding Recorded Investment
Number of Contracts | Contract
Recorded Investment
Commercial
Financing Receivable, Modifications [Line Items]
Number of Contracts | Contract
Pre-Modification Outstanding Recorded Investment
Post-Modification Outstanding Recorded Investment
Number of Contracts | Contract		1
Recorded Investment		$ 1,532
Consumer
Financing Receivable, Modifications [Line Items]
Number of Contracts | Contract
Pre-Modification Outstanding Recorded Investment
Post-Modification Outstanding Recorded Investment
Number of Contracts | Contract
Recorded Investment