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Lake Shore Bancorp 10-Q 2016

Documents found in this filing:

  1. 10-Q
  2. Ex-31.1
  3. Ex-31.2
  4. Ex-32.1
  5. Ex-32.2
  6. Ex-32.2
lsbk 20160930 10Q







United States

Securities and Exchange Commission

Washington, D.C. 20549



FORM 10-Q



(Mark One)

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

For the quarterly period ended September 30, 2016



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

Commission File No.:  000-51821





 

 

LAKE SHORE BANCORP, INC.

(Exact name of registrant as specified in its charter)



 

 

United States

 

20-4729288

(State or other jurisdiction of incorporation or organization)

 

(I.R.S. Employer Identification Number)



 

 

31 East Fourth Street, Dunkirk, New York

 

14048

(Address of principal executive offices)

 

(Zip code)



 

 



(716) 366-4070

 

(Registrant’s telephone number, including area code)



Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months,  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 (§232.405 of this chapter) 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 definition of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.





 

Large accelerated filer

Accelerated filer

Non-accelerated filer (Do not check if a smaller reporting company)

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]



Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practical date:



There were 6,097,756 shares of the registrant’s common stock, $0.01 par value per share, outstanding at November 4, 2016.



 


 







 

 

 



 

TABLE OF CONTENTS

 



 

 

 

ITEM

 

PART I

PAGE



 

 

 

1

FINANCIAL STATEMENTS

 



-

Consolidated Statements of Financial Condition as of September 30, 2016 and December 31, 2015 (Unaudited)

1



-

Consolidated Statements of Income for the Three and Nine Months Ended September 30, 2016 and 2015 (Unaudited)

2



-

Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2016 and 2015 (Unaudited)

3



-

Consolidated Statements of Stockholders’ Equity for the Nine Months Ended September 30, 2016 and  2015 (Unaudited)

4



-

Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2016 and  2015 (Unaudited)

5



-

Notes to Unaudited Consolidated Financial Statements

6

2

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

32

3

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

48

4

CONTROLS AND PROCEDURES

48



 

 

 



 

PART II

 



 

 

 

1A

RISK FACTORS

49

2

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

49

6

EXHIBITS 

49

SIGNATURES

 

 

50



 

 





 

 


 

PART I

Item 1. Financial Statements

Lake Shore Bancorp, Inc. and Subsidiary











 

 

 

 

 

 

Consolidated Statements of Financial Condition

 

 

 

 

 

 



 

 

 

 

 

 



 

September 30,

 

December 31,



 

2016

 

2015



 

(Unaudited)



 

(Dollars in thousands, except share data)



 

 

 

 

 

 

Assets

 

 

 

 

 

 

Cash and due from banks

 

$

8,622 

 

$

7,296 

Interest earning deposits

 

 

10,783 

 

 

12,714 

Federal funds sold

 

 

19,074 

 

 

14,217 

Cash and Cash Equivalents

 

 

38,479 

 

 

34,227 

Securities available for sale

 

 

91,047 

 

 

113,213 

Federal Home Loan Bank stock, at cost

 

 

1,340 

 

 

1,454 

Loans receivable, net of allowance for loan losses 2016 $2,120;  2015  $1,985

 

 

320,421 

 

 

297,101 

Premises and equipment, net

 

 

8,738 

 

 

9,144 

Accrued interest receivable

 

 

1,732 

 

 

1,648 

Bank owned life insurance

 

 

15,145 

 

 

14,938 

Other assets

 

 

1,529 

 

 

1,660 

Total Assets

 

$

478,431 

 

$

473,385 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

              Interest bearing

 

$

320,660 

 

$

323,931 

              Non-interest bearing

 

 

53,806 

 

 

45,224 

Total Deposits

 

 

374,466 

 

 

369,155 

Long-term debt

 

 

18,950 

 

 

21,150 

Advances from borrowers for taxes and insurance

 

 

1,847 

 

 

3,285 

Other liabilities

 

 

5,842 

 

 

5,919 

Total Liabilities

 

$

401,105 

 

$

399,509 

Commitments and Contingencies

 

 

 -

 

 

 -

Stockholders' Equity

 

 

 

 

 

 

Common stock, $0.01 par value per share, 25,000,000 shares authorized; 6,826,414 shares issued and 6,097,756 shares outstanding at September 30, 2016 and 6,727,428 shares issued and 6,003,416 shares outstanding at December 31, 2015

 

$

68 

 

$

67 

Additional paid-in capital

 

 

30,524 

 

 

29,359 

Treasury stock, at cost (728,658 shares at September 30, 2016 and 724,012 shares at December 31, 2015)

 

 

(7,167)

 

 

(7,026)

Unearned shares held by ESOP

 

 

(1,642)

 

 

(1,706)

Unearned shares held by compensation plans

 

 

(591)

 

 

(580)

Retained earnings

 

 

53,567 

 

 

50,919 

Accumulated other comprehensive income

 

 

2,567 

 

 

2,843 

Total Stockholders' Equity

 

 

77,326 

 

 

73,876 

Total Liabilities and Stockholders' Equity

 

$

478,431 

 

$

473,385 



 

 

 

 

 

 

See notes to consolidated financial statements.

 

 

 



 









1


 

Lake Shore Bancorp, Inc. and Subsidiary



 

 

 

 

 

 

 

 

 

 

 

 

Consolidated Statements of Income

 

 

 

 

 

 

 

 

 

 

 

 



 

Three Months Ended September 30,

 

Nine Months Ended September 30,



 

2016

 

 

2015

 

2016

 

2015



 

(Unaudited)



 

(Dollars in thousands, except per share data)

Interest Income

 

 

 

 

 

 

 

 

 

 

 

 

   Loans, including fees

 

$

3,681 

 

$

3,474 

 

$

10,797 

 

$

10,268 

   Investment securities, taxable

 

 

237 

 

 

435 

 

 

879 

 

 

1,377 

   Investment securities, tax-exempt

 

 

449 

 

 

513 

 

 

1,351 

 

 

1,573 

   Other

 

 

30 

 

 

 

 

81 

 

 

16 

         Total Interest Income

 

 

4,397 

 

 

4,427 

 

 

13,108 

 

 

13,234 

Interest Expense

 

 

 

 

 

 

 

 

 

 

 

 

   Deposits

 

 

449 

 

 

538 

 

 

1,373 

 

 

1,794 

   Long-term debt

 

 

93 

 

 

99 

 

 

280 

 

 

296 

   Other

 

 

23 

 

 

25 

 

 

69 

 

 

74 

         Total Interest Expense

 

 

565 

 

 

662 

 

 

1,722 

 

 

2,164 

         Net Interest Income

 

 

3,832 

 

 

3,765 

 

 

11,386 

 

 

11,070 

Provision for Loan Losses

 

 

125 

 

 

30 

 

 

310 

 

 

240 

         Net Interest Income after Provision for Loan Losses

 

 

3,707 

 

 

3,735 

 

 

11,076 

 

 

10,830 

Non-Interest Income

 

 

 

 

 

 

 

 

 

 

 

 

   Service charges and fees

 

 

461 

 

 

406 

 

 

1,326 

 

 

1,184 

   Earnings on bank owned life insurance

 

 

70 

 

 

68 

 

 

207 

 

 

204 

   Recovery on previously impaired investment securities

 

 

39 

 

 

48 

 

 

107 

 

 

123 

   Gain on sale of securities available for sale

 

 

 -

 

 

440 

 

 

1,636 

 

 

440 

   Net gain on sale of loans

 

 

56 

 

 

28 

 

 

117 

 

 

73 

   Other

 

 

32 

 

 

38 

 

 

78 

 

 

85 

         Total Non-Interest Income

 

 

658 

 

 

1,028 

 

 

3,471 

 

 

2,109 

Non-Interest Expenses

 

 

 

 

 

 

 

 

 

 

 

 

   Salaries and employee benefits

 

 

1,803 

 

 

1,663 

 

 

5,388 

 

 

5,150 

   Occupancy and equipment

 

 

549 

 

 

561 

 

 

1,707 

 

 

1,697 

   Data processing

 

 

289 

 

 

264 

 

 

815 

 

 

766 

   Professional services

 

 

257 

 

 

235 

 

 

784 

 

 

738 

   Advertising

 

 

81 

 

 

92 

 

 

383 

 

 

301 

   FDIC Insurance

 

 

68 

 

 

75 

 

 

192 

 

 

219 

   Postage and supplies

 

 

69 

 

 

74 

 

 

179 

 

 

201 

   Other

 

 

304 

 

 

300 

 

 

865 

 

 

761 

         Total Non-Interest Expenses

 

 

3,420 

 

 

3,264 

 

 

10,313 

 

 

9,833 

         Income before Income Taxes

 

 

945 

 

 

1,499 

 

 

4,234 

 

 

3,106 

Income Tax Expense

 

 

188 

 

 

263 

 

 

859 

 

 

602 

         Net Income

 

$

757 

 

$

1,236 

 

$

3,375 

 

$

2,504 

Basic and diluted earnings per common share

 

$

0.13 

 

$

0.21 

 

$

0.56 

 

$

0.42 

Dividends declared per share

 

$

0.07 

 

$

0.07 

 

$

0.21 

 

$

0.21 



 

 

 

 

 

 

 

 

 

 

 

 

See notes to consolidated financial statements.

 

 

 













2


 

Lake Shore Bancorp, Inc. and Subsidiary

Consolidated Statements of Comprehensive Income









 

 

 

 

 

 

 



 

 

Three Months Ended September 30,



 

 

2016

 

2015



 

 

(Unaudited)



 

 

(Dollars in thousands)



 

 

 

 

 

 

 

Net Income

 

 

$

757 

 

$

1,236 



 

 

 

 

 

 

 

Other Comprehensive Income (Loss), net of tax (expense) benefit:

 

 

 

 

 

 

 

Unrealized holding (losses) gains on securities available for sale, net of tax benefit (expense)

 

 

 

(451)

 

 

626 



 

 

 

 

 

 

 

Reclassification adjustments related to:

 

 

 

 

 

 

 

Recovery on  previously impaired investment securities included in net income, net of tax expense

 

 

 

(26)

 

 

(32)

Net gain on sale of securities included in net income, net of tax expense

 

 

 

 -

 

 

(290)

Total Other Comprehensive (Loss) Income

 

 

 

(477)

 

 

304 



 

 

 

 

 

 

 

Total Comprehensive Income

 

 

$

280 

 

$

1,540 



 

 

 

 

 

 

 



 

 

 

 

 

 

 



 

 

Nine Months Ended September 30,



 

 

2016

 

2015



 

 

(Unaudited)



 

 

(Dollars in thousands)



 

 

 

 

 

 

 

Net Income

 

 

$

3,375 

 

$

2,504 



 

 

 

 

 

 

 

Other Comprehensive Income (Loss), net of tax (expense) benefit:

 

 

 

 

 

 

 

Unrealized holding gains on securities available for sale, net of tax expense

 

 

 

875 

 

 

174 



 

 

 

 

 

 

 

Reclassification adjustments related to:

 

 

 

 

 

 

 

Recovery on  previously impaired investment securities included in net income, net of tax expense

 

 

 

(71)

 

 

(81)

Net gain on sale of securities included in net income, net of tax expense

 

 

 

(1,080)

 

 

(290)

Total Other Comprehensive Loss

 

 

 

(276)

 

 

(197)



 

 

 

 

 

 

 

Total Comprehensive Income

 

 

$

3,099 

 

$

2,307 



 

 

 

 

 

 

 



 

 

 

 

 

 

 

See notes to consolidated financial statements.

 

 

 

 





3


 

Lake Shore Bancorp, Inc. and Subsidiary

Consolidated Statements of Stockholders’ Equity

Nine Months Ended September 30, 2016 and 2015 (Unaudited)







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

Unearned

 

Unearned Shares

 

 

 

 

Accumulated

 

 

 



 

 

 

 

Additional

 

 

 

 

Shares

 

Held by

 

 

 

 

Other

 

 

 



 

Common

 

Paid-In

 

Treasury

 

Held by

 

Compensation

 

Retained

 

Comprehensive

 

 

 



 

Stock

 

Capital

 

Stock

 

ESOP

 

Plans

 

Earnings

 

Income

 

Total



 

(Dollars in thousands, except share and per share data)

Balance - January 1, 2015

 

$

67 

 

$

28,684 

 

$

(6,420)

 

$

(1,791)

 

$

(622)

 

$

48,192 

 

$

3,520 

 

$

71,630 

Net income

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

2,504 

 

 

 -

 

 

2,504 

Other comprehensive loss, net of tax benefit of $510

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

(197)

 

 

(197)

Stock options exercised (11,775 shares)

 

 

 -

 

 

136 

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

136 

ESOP shares earned (5,951 shares)

 

 

 -

 

 

17 

 

 

 -

 

 

64 

 

 

 -

 

 

 -

 

 

 -

 

 

81 

Stock based compensation

 

 

 -

 

 

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

Compensation plan shares granted (15,455 shares)

 

 

 -

 

 

 -

 

 

145 

 

 

 -

 

 

(145)

 

 

 -

 

 

 -

 

 

 -

Compensation plan shares earned (12,909 shares)

 

 

 -

 

 

53 

 

 

 -

 

 

 -

 

 

137 

 

 

 -

 

 

 -

 

 

190 

Purchase of treasury stock, at cost (39,900 shares)

 

 

 -

 

 

 -

 

 

(541)

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

(541)

Cash dividends declared ($0.21 per share)

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

(459)

 

 

 -

 

 

(459)

Balance - September 30, 2015

 

$

67 

 

$

28,891 

 

$

(6,816)

 

$

(1,727)

 

$

(630)

 

$

50,237 

 

$

3,323 

 

$

73,345 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance - January 1, 2016

 

$

67 

 

$

29,359 

 

$

(7,026)

 

$

(1,706)

 

$

(580)

 

$

50,919 

 

$

2,843 

 

$

73,876 

Net income

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

3,375 

 

 

 -

 

 

3,375 

Other comprehensive loss, net of tax benefit of $142

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

(276)

 

 

(276)

Stock options exercised (98,986 shares)

 

 

 

 

1,108 

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

1,109 

ESOP shares earned (5,951 shares)

 

 

 -

 

 

15 

 

 

 -

 

 

64 

 

 

 -

 

 

 -

 

 

 -

 

 

79 

Compensation plan shares granted (20,354 shares)

 

 

 -

 

 

 -

 

 

197 

 

 

 -

 

 

(197)

 

 

 -

 

 

 -

 

 

 -

Compensation plan shares earned (17,833 shares)

 

 

 -

 

 

42 

 

 

 -

 

 

 -

 

 

186 

 

 

 -

 

 

 -

 

 

228 

Purchase of treasury stock, at cost (25,000 shares)

 

 

 -

 

 

 -

 

 

(338)

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

(338)

Cash dividends declared ($0.21 per share)

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

(727)

 

 

 -

 

 

(727)

Balance - September 30, 2016

 

$

68 

 

$

30,524 

 

$

(7,167)

 

$

(1,642)

 

$

(591)

 

$

53,567 

 

$

2,567 

 

$

77,326 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See notes to consolidated financial statements.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 















4


 

Lake Shore Bancorp, Inc. and Subsidiary

Consolidated Statements of Cash Flows



 

 

 

 

 

 



 

Nine Months Ended September 30,



 

2016

 

2015



 

(Unaudited)



 

(Dollars in thousands)

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

 

 

 

Net income

 

$

3,375 

 

$

2,504 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

Net amortization of investment securities

 

 

138 

 

 

228 

Net amortization of deferred loan costs

 

 

412 

 

 

416 

Provision for loan losses

 

 

310 

 

 

240 

Recovery on previously impaired investment securities

 

 

(107)

 

 

(123)

Gain on sale of investment securities

 

 

(1,636)

 

 

(440)

Originations of loans held for sale

 

 

(4,628)

 

 

(6,811)

Proceeds from sales of loans held for sale

 

 

4,745 

 

 

6,884 

Gain on sale of loans

 

 

(117)

 

 

(73)

Depreciation and amortization

 

 

646 

 

 

625 

Increase in bank owned life insurance, net

 

 

(207)

 

 

(204)

ESOP shares committed to be released

 

 

79 

 

 

81 

Stock based compensation expense

 

 

228 

 

 

191 

Increase in accrued interest receivable

 

 

(84)

 

 

(86)

Decrease in other assets

 

 

326 

 

 

452 

Increase in other liabilities

 

 

65 

 

 

211 

Net Cash Provided by Operating Activities

 

 

3,545 

 

 

4,095 

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

 

 

 

 

Activity in available for sale securities:

 

 

 

 

 

 

Sales

 

 

14,406 

 

 

9,846 

Maturities, prepayments and calls

 

 

8,947 

 

 

11,178 

Purchases of Federal Home Loan Bank Stock

 

 

(3)

 

 

(254)

Redemptions of Federal Home Loan Bank Stock

 

 

117 

 

 

274 

Loan origination and principal collections, net

 

 

(24,237)

 

 

(10,646)

Additions to premises and equipment

 

 

(240)

 

 

(262)

Net Cash (Used in) Provided by Investing Activities

 

 

(1,010)

 

 

10,136 

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

 

 

 

Net increase (decrease) in deposits

 

 

5,311 

 

 

(15,069)

Net decrease in advances from borrowers for taxes and insurance

 

 

(1,438)

 

 

(1,521)

Proceeds from issuance of long-term debt

 

 

 -

 

 

8,250 

Repayment of long-term debt

 

 

(2,200)

 

 

(8,250)

Proceeds from stock options exercised

 

 

1,109 

 

 

136 

Purchase of treasury stock

 

 

(338)

 

 

(541)

Cash dividends paid

 

 

(727)

 

 

(459)

Net Cash Provided by (Used in) Financing Activities

 

 

1,717 

 

 

(17,454)

Net Increase (Decrease) in Cash and Cash Equivalents

 

 

4,252 

 

 

(3,223)

CASH AND CASH EQUIVALENTS - BEGINNING

 

 

34,227 

 

 

35,811 

CASH AND CASH EQUIVALENTS - ENDING

 

$

38,479 

 

$

32,588 

SUPPLEMENTARY CASH FLOWS INFORMATION

 

 

 

 

 

 

Interest paid

 

$

1,728 

 

$

2,169 

Income taxes paid

 

$

760 

 

$

370 



 

 

 

 

 

 

SUPPLEMENTARY SCHEDULE OF NONCASH INVESTING ACTIVITIES

 

 

 

 

 

 

Foreclosed real estate acquired in settlement of loans

 

$

199 

 

$

265 



 

 

 

 

 

 

See notes to consolidated financial statements.

 

 

 

5


 



Lake Shore Bancorp, Inc. and Subsidiary

Notes to Consolidated Financial Statements (Unaudited)



Note 1 – Basis of Presentation



The interim consolidated financial statements include the accounts of Lake Shore Bancorp, Inc. (the “Company”, “us”, “our”, or “we”) and Lake Shore Savings Bank (the “Bank”), its wholly owned subsidiary.  All intercompany accounts and transactions of the consolidated subsidiary have been eliminated in consolidation.



The interim consolidated financial statements included herein as of September 30, 2016 and for the three and nine months ended September 30, 2016 and 2015 have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission, and therefore, do not include all information or footnotes necessary for a complete presentation of the consolidated statements of financial condition, results of operations and cash flows in conformity with accounting principles generally accepted in the United States of America (“GAAP”).  The consolidated statement of financial condition at December 31, 2015 has been derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by GAAP for complete consolidated financial statements.  The consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair statement of such information and to make the financial statements not misleading.  These interim consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015.  The consolidated statements of income for the three and nine months ended September 30, 2016 are not necessarily indicative of the results for any subsequent period or the entire year ending December 31, 2016.



To prepare these consolidated financial statements in conformity with GAAP, management of the Company made a number of estimates and assumptions relating to the reporting of assets and liabilities and the reporting of revenue and expenses.  Actual results could differ from those estimates.  Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, securities valuation estimates, evaluation of impairment of securities and income taxes.



The Company has evaluated events and transactions occurring subsequent to the statement of financial condition as of September 30, 2016 for items that should potentially be recognized or disclosed in these consolidated financial statements.  The evaluation was conducted through the date these consolidated financial statements were issued.



Note 2 – New Accounting Standards



There were no new accounting standards affecting the Company during the period that were not previously disclosed.



6


 

Note 3 – Investment Securities

The amortized cost and fair value of securities are as follows:



 

 

 

 

 

 

 

 

 

 

 

 



 

September 30, 2016



 

 

 

 

Gross

 

Gross

 

 

 



 

Amortized

 

Unrealized

 

Unrealized

 

Fair



 

Cost

 

Gains

 

Losses

 

Value



 

 

(Dollars in thousands)

SECURITIES AVAILABLE FOR SALE:

 

 

 

 

 

 

 

 

 

 

 

 

Municipal bonds

 

$

48,878 

 

$

3,011 

 

$

 -

 

$

51,889 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

Collateralized mortgage obligations-private label

 

 

43 

 

 

 -

 

 

 -

 

 

43 

Collateralized mortgage obligations-government sponsored entities

 

 

31,573 

 

 

210 

 

 

(91)

 

 

31,692 

Government National Mortgage Association

 

 

327 

 

 

32 

 

 

 -

 

 

359 

Federal National Mortgage Association

 

 

3,694 

 

 

227 

 

 

 -

 

 

3,921 

Federal Home Loan Mortgage Corporation

 

 

1,929 

 

 

107 

 

 

 -

 

 

2,036 

Asset-backed securities-private label

 

 

618 

 

 

393 

 

 

(20)

 

 

991 

Asset-backed securities-government sponsored entities

 

 

74 

 

 

 

 

 -

 

 

81 

Equity securities

 

 

22 

 

 

13 

 

 

 -

 

 

35 



 

$

87,158 

 

$

4,000 

 

$

(111)

 

$

91,047 







 

 

 

 

 

 

 

 

 

 

 

 



 

December 31, 2015



 

 

 

 

Gross

 

Gross

 

 

 



 

Amortized

 

Unrealized

 

Unrealized

 

Fair



 

Cost

 

Gains

 

Losses

 

Value



 

 

(Dollars in thousands)

SECURITIES AVAILABLE FOR SALE:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury bonds

 

$

12,778 

 

$

1,333 

 

$

 -

 

$

14,111 

Municipal bonds

 

 

49,064 

 

 

2,746 

 

 

(2)

 

 

51,808 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

Collateralized mortgage obligations-private label

 

 

48 

 

 

 -

 

 

 -

 

 

48 

Collateralized mortgage obligations-government sponsored entities

 

 

38,838 

 

 

124 

 

 

(620)

 

 

38,342 

Government National Mortgage Association

 

 

396 

 

 

31 

 

 

 -

 

 

427 

Federal National Mortgage Association

 

 

4,355 

 

 

187 

 

 

 -

 

 

4,542 

Federal Home Loan Mortgage Corporation

 

 

2,217 

 

 

84 

 

 

 -

 

 

2,301 

Asset-backed securities-private label

 

 

1,099 

 

 

464 

 

 

(62)

 

 

1,501 

Asset-backed securities-government sponsored entities

 

 

89 

 

 

 

 

 -

 

 

97 

Equity securities

 

 

22 

 

 

14 

 

 

 -

 

 

36