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Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($)
$ in Thousands
Total
Preferred Stock [Member]
Common Stock [Member]
Additional Paid in Capital [Member]
Retained Earnings [Member]
Accumulated Other Comprehensive Loss [Member]
Unearned ESOP [Member]
Non-controlling Interest [Member]
Balance at Dec. 31, 2017 $ 62,144   $ 43 $ 28,170 $ 39,020 $ (4,208) $ (1,214) $ 333
Net income 2,911       2,934     (23)
Other comprehensive income (loss), net of tax (1,946)         (1,946)    
ESOP shares earned 285     150     135  
Stock based compensation 259     259        
Stock options exercised 363   1 362        
Cumulative effect of change in measurement | Accounting Standards Update 2016-01 (53) [1]       53 [2] (53) [2]    
Cumulative effect of change in measurement | ASU 2017-12 [Member] [3] 359         359    
Common stock dividends declared (752)       (752)      
Cumulative effect of affiliate capital allocation       (8) 15     (7)
Distributions From Affiliates (60)             (60)
Balance at Sep. 30, 2018 63,563   44 28,933 41,270 (5,848) (1,079) 243
Balance at Jun. 30, 2018 62,869   43 28,629 40,540 (5,471) (1,124) 252
Net income 976       985     (9)
Other comprehensive income (loss), net of tax (377)         (377)    
ESOP shares earned 94     49     45  
Stock based compensation 97     97        
Stock options exercised 159   1 158        
Common stock dividends declared (255)       (255)      
Balance at Sep. 30, 2018 63,563   44 28,933 41,270 (5,848) (1,079) 243
Balance at Dec. 31, 2018 64,459   44 29,139 42,114 (6,042) (1,034) 238
Net income 2,420       2,416     4
Other comprehensive income (loss), net of tax 3,276         3,276    
Proceeds of common stock private placement, net of expenses [4] 3,826   3 3,823        
Proceeds of preferred stock private placement, net of expenses [4] 15,370 $ 12   15,358        
Effect of warrant issued from private placement [4] 373     373        
ESOP shares earned 258     123     135  
Stock based compensation 220     220        
Stock options exercised 200     200        
Cumulative effect of change in measurement | ASU 2016-02 [Member] [5] (239)       (239)      
Common stock dividends declared (805)       (805)      
Preferred stock dividends declared (139)       (139)      
Warrant dividends declared (15)       (15)      
Distributions From Affiliates (13)             (13)
Balance at Sep. 30, 2019 89,191 12 47 49,236 43,332 (2,766) (899) 229
Balance at Jun. 30, 2019 87,844 12 47 49,125 42,389 (3,024) (944) 239
Net income 1,285       1,295     (10)
Other comprehensive income (loss), net of tax 258         258    
ESOP shares earned 82     37     45  
Stock based compensation 74     74        
Common stock dividends declared (275)       (275)      
Preferred stock dividends declared (70)       (70)      
Warrant dividends declared (7)       (7)      
Balance at Sep. 30, 2019 $ 89,191 $ 12 $ 47 $ 49,236 $ 43,332 $ (2,766) $ (899) $ 229
[1] Cumulative effect of unrealized gain on marketable equity securities based on the adoption of ASU 2016-01 – Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Liabilities.
[2] Cumulative effect of unrealized gain on marketable equity securities based on the adoption of ASU 2016-01 - Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Liabilities.
[3] Cumulative effect of unrealized gains on the transfer of 52 investment securities from held-to-maturity classification to available-for-sale classification based on the adoption of ASU 2017-12: Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities.
[4] On May 8, 2019, the Company entered into a Securities Purchase Agreement with an institutional investor, in which it sold: (i) 37,700 shares of the Company’s common stock, (ii) 1,155,283 shares of a new series of preferred stock, Series B convertible perpetual preferred stock; and (iii) a warrant to purchase 125,000 shares of common stock in a private placement transaction. The Company also entered into Subscription Agreements with certain directors and executive officers of the Company as well as other accredited investors. Pursuant to the Subscription Agreements, the investors purchased an aggregate of 269,277 shares of common stock.
[5] Cumulative effect of the adoption of ASU 2016-02, Leases (Topic 842), based on the difference in the right-of-use asset and lease liability as of January 1, 2019.