SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q/A
Amendment No. 1
[X] |
Quarterly Report Pursuant To Section 13 or 15(d) of the Securities Exchange Act of 1934 |
For the quarterly period ended June 30, 2017 |
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. 000-204842
New Bancorp, Inc.
(Exact name of registrant as specified in its charter)
Maryland |
47-4314938 |
|
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification Number) |
|
45 North Whittaker Street, New Buffalo, Michigan |
49117 |
|
(Address of Principal Executive Offices) |
(Zip Code) |
(269) 469-2222
(Registrant’s telephone number)
N/A
(Former name or former address, if changed since last report)
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 (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such 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, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer [ ] |
Accelerated filer [ ] |
|
Non-accelerated filer [ ] (Do not check if smaller reporting company) Emerging growth company [ X ] |
Smaller reporting company [X] |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
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 August 11, 2017, the latest practicable date, 719,531 shares of the Registrant’s common stock, par value $0.01 per share, were issued and outstanding.
New Bancorp, Inc.
Form 10-Q
Explanatory Note
New Bancorp, Inc. (the “Company”) is filing this Amendment No. 1 on Form 10-Q/A to its Quarterly Report on Form 10-Q for quarter ended June 30, 2017, as filed with the Securities and Exchange Commission on August 14, 2017, solely for the purpose of correcting XBRL tagging within Exhibit 101. Other than as described above, no changes are made to the Quarterly Report on Form 10-Q as filed on August 14, 2017.
Item 6. |
Exhibits |
31.1 |
Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
31.2 |
Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
32 |
Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
101.INS |
XBRL Instance Document |
101.SCH |
XBRL Taxonomy Extension Schema Document |
101.CAL |
XBRL Taxonomy Extension Calculation Linkbase Document |
101.DEF |
XBRL Taxonomy Extension Definition Linkbase Document |
101.LAB |
XBRL Taxonomy Extension Label Linkbase Document |
101.PRE |
XBRL Taxonomy Extension Presentation Linkbase Document |
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.
NEW BANCORP, INC. |
||
Date: August 14, 2017 |
/s/ Richard C. Sauerman |
|
Richard C. Sauerman |
||
President and Chief Executive Officer |
||
Date: August 14, 2017 |
/s/ Shawna L. Zawada |
|
Shawna L. Zawada |
||
Chief Financial Officer |
2
Exhibit 31.1
Certification of Chief Executive Officer
Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
I, Richard C. Sauerman, certify that:
1. |
I have reviewed this Quarterly Report on Form 10-Q of New Bancorp, Inc.; |
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. |
Based on my knowledge, the consolidated financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. |
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) |
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) |
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. |
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors: |
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: August 14, 2017 |
/s/ Richard C. Sauerman |
Richard C. Sauerman |
|
President and Chief Executive Officer |
Exhibit 31.2
Certification of Chief Financial Officer
Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
I, Shawna L. Zawada, certify that:
1. |
I have reviewed this Quarterly Report on Form 10-Q of New Bancorp, Inc.; |
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. |
Based on my knowledge, the consolidated financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. |
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) |
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) |
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. |
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors: |
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: August 14, 2017 |
/s/ Shawna L. Zawada |
Shawna L. Zawada |
|
Chief Financial Officer |
Exhibit 32
Certification of Chief Executive Officer and Chief Financial Officer
Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
Richard C. Sauerman, President and Chief Executive Officer of New Bancorp, Inc., (the “Company”) and Shawna L. Zawada, Chief Financial Officer of the Company, each certify in his/her capacity as an officer of the Company that he/she has reviewed the quarterly report on Form 10-Q for the quarter ended June 30, 2017 (the “Report”) and that to the best of his/her knowledge:
1. |
the Report fully complies with the requirements of Sections 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 Company. |
Date: August 14, 2017 |
/s/ Richard C. Sauerman |
Richard C. Sauerman |
|
President and Chief Executive Officer |
|
Date: August 14, 2017 |
/s/ Shawna L. Zawada |
Shawna L. Zawada |
|
Chief Financial Officer |
A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.
Document And Entity Information - shares |
6 Months Ended | |
---|---|---|
Jun. 30, 2017 |
Aug. 11, 2017 |
|
Document Information [Line Items] | ||
Entity Registrant Name | New Bancorp, Inc. | |
Entity Central Index Key | 0001644482 | |
Trading Symbol | nwbb | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 719,531 | |
Document Type | 10-Q/A | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2017 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | true | |
Amendment Description | New Bancorp, Inc. (the "Company") is filing this Amendment No. 1 on Form 10-Q/A to its Quarterly Report on Form 10-Q for quarter ended June 30, 2017, as filed with the Securities and Exchange Commission on August 14, 2017, solely for the purpose of correcting XBRL tagging within Exhibit 101. Other than as described above, no changes are made to the Quarterly Report on Form 10-Q as filed on August 14, 2017. |
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Thousands |
Jun. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Allowance for loan losses | $ 1,086 | $ 1,063 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 4,000,000 | 4,000,000 |
Common stock, shares issued (in shares) | 719,531 | 696,600 |
Common stock, shares outstanding (in shares) | 719,531 | 696,600 |
Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - 6 months ended Jun. 30, 2017 - USD ($) $ in Thousands |
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Deferred Compensation, Share-based Payments [Member] |
Retained Earnings [Member] |
Maximum Cash Obligation Related to ESOP Shares [Member] |
Total |
---|---|---|---|---|---|---|
Balance at Dec. 31, 2016 | $ 7 | $ 5,761 | $ (501) | $ 9,302 | $ (73) | $ 14,496 |
Maximum cash obligation related to ESOP shares | (29) | (29) | ||||
ESOP shares earned | 9 | 13 | 22 | |||
Net income for the six months ended June 30, 2017 | 480 | 480 | ||||
Balance at Jun. 30, 2017 | $ 7 | $ 5,770 | $ (488) | $ 9,782 | $ (102) | $ 14,969 |
Note 1 - Basis of Presentation |
6 Months Ended |
---|---|
Jun. 30, 2017 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | Note 1: Basis of Presentation The accompanying condensed consolidated balance sheet of New Bancorp, Inc. (the Company) as of December 31, 2016, which has been derived from audited financial statements, and the unaudited condensed consolidated financial statements of the Company as of June 30, 2017 and for the three and six months ended June 30, 2017 and 2016, were prepared in accordance with instructions for Form 10 -Q and Article 10 of Regulation S-X 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 condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto of the Company for the year ended December 31, 2016 included in the Company’s Form 10 -K. Reference is made to the accounting policies of the Company described in the Notes to the Financial Statements contained in the Form 10 -K.In the opinion of management, all adjustments (consisting only of normal recurring adjustments) which are necessary for a fair presentation of the unaudited financial statements have been included to present fairly the financial position as of June 30, 2017 three and six months ended June 30, 2017 and 2016, and cash flows for the six months ended June 30, 2017 2016. All interim amounts have not been audited and the results of operations for the three and six months ended June 30, 2017 herein, are not necessarily indicative of the results of operations to be expected for the entire year. Principles of Consolidation The consolidated financial s tatements as of and for the periods ended June 30, 2017 and December 31, 2016, include New Bancorp, Inc. and its wholly-owned subsidiary the New Buffalo Savings Bank (“the Bank”), together referred to as the “Company.” Intercompany transactions and balances have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses, valuation of real estate acquired in connection with foreclosures or in satisfaction of loans, valuation of deferred tax assets and fair values of financial instruments. Reclassifications Certain reclassifications have been made to the December 31, 2016 financial statements to conform to the June 30, 2017 financial statement presentation. These reclassifications had no effect on our results of operations. |
Note 2 - Securities |
6 Months Ended |
---|---|
Jun. 30, 2017 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 2: Securities The Company had no June 30, 2017 and December 31, 2016. The Company had no six month periods ended June 30, 2017 and 2016. |
Note 3 - Loans and Allowance for Loan Losses |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Notes to Financial Statements | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Note 3: Loans and Allowance for Loan Losses The Company ’s loan and allowance for loan losses policies are as follows: Loans Receivable Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoffs are reported at their outstanding principal balances adjusted for unearned income, charge-offs, the allowance for loan losses and any unamortized deferred fees or costs on originated loans. For loans amortized at cost, interest income is accrued based on the unpaid princip al balance. Loan origination fees, net of certain direct origination costs, as well as premiums and discounts, are deferred and amortized as a level yield adjustment over the respective term of the loan. The accrual of interest on mortgage and commercial loans is discontinued at the time the loan is 90 days past due unless the credit is well-secured and in process of collection. Past-due status is based on contractual terms of the loan. In all cases, loans are placed on nonaccrual or charged off at an earlier date if collection of principal or interest is considered doubtful. All interest accrued but not collected for loans that are placed on nonaccrual or charged off is reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual status. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Allowance for Loan Losses The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses charged to income. Loan losses are charged against the allowance when ma nagement believes the non-collectability of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. The allowance for loan losses is evaluated on a regular basis by management and is based upon management ’s periodic review of the collectability of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral and prevailing economic conditions. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available.The allowance consists of allocated and general components. The allocated component relates to loans that are classified as impaired. For those loans that are classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The general component covers non-classified loans and is based on historical charge-off experience and expected loss given default derived from the Bank’s internal risk rating process. Other adjustments may be made to the allowance for pools of loans after an assessment of internal or external influences on credit quality that are not fully reflected in the historical loss or risk rating data.Classes of loans at June 30, 2017 and December 31, 2016 include:
Residential Real Estate: The residential real estate loans are generally secured by owner-occupied 1 -4 family residences. The Bank’s portfolio of home equity loans totaled $4.5 million and $4.7 million at June 30, 2017 and December 31, 2016, respectively, the majority of which were secured by first liens, or by second liens on properties where the Bank also holds the first lien. Repayment of these loans is primarily dependent on the personal income and credit rating of the borrowers. Credit risk in these loans can be impacted by economic conditions within the Bank’s market areas that might impact either property values or a borrower’s personal income. Risk is mitigated by the fact that the loans are of smaller individual amounts and spread over a large number of borrowers. Commercial Real Estate: Commercial real estate loans typically involve larger principal amounts, and repayment of these loans is generally dependent on the successful operations of the property securing the loan or the business conducted on the property securing the loan. These loans are viewed primarily as cash flow loans and secondarily as loans secured by real estate. Credit risk in these loans may be impacted by the creditworthiness of a borrower, property values and the local economy in the Bank’s market area. Construction and Land: Construction and land loans are usually based upon estimates of costs and estimated value of the completed project and include independent appraisal reviews and a financial analysis of the developers and property owners. Sources of repayment of these loans may include permanent loans, sales of developed property or an interim loan commitment from the Bank until permanent financing is obtained. These loans are considered to be higher risk than other real estate loans due to their ultimate repayment being sensitive to interest rate changes, general economic conditions and the availability of long-term financing. Credit risk in these loans may be impacted by the creditworthiness of a borrower, property values and the local economy in the Bank’s market area. Commercial Business : The commercial business loan portfolio includes loans to commercial customers for use in financing working capital needs, equipment purchases and expansions. The loans in this category are repaid primarily from the cash flow of a borrower’s principal business operation. Credit risk in these loans is driven by creditworthiness of a borrower and the economic conditions that impact the cash flow stability from business operations. Consumer: The consumer loan portfolio consists of various term and line of credit loans such as automobile loans and loans for other personal purposes. Repayment for these types of loans will come from a borrower’s income sources that are typically independent of the loan purpose. Credit risk is driven by consumer economic factors (such as unemployment and general economic conditions in the Bank’s market area) and the creditworthiness of a borrower. The following table s present by portfolio segment, the activity in the allowance for loan losses for the three and six months ended June 30, 2017 and 2016:
The following tables present the balance in the allowance for loan losses and the recorded investment in loans based on portfolio segment and impairment method as of June 30, 2017 and December 31, 2016:
Internal Risk Categories The Bank has adopted a standard loan grading system for all loans. Loans are selected for a grading review based on certain characteristics, including concentrations of credit and upon delinquency of 90 days or more. Definitions are as follows:Pass : Loans categorized as Pass are higher quality loans that do not fit any of the other categories described below.Special Mention /Watch : The loans identified as special mention/watch have an obvious flaw or a potential weakness that deserves special management attention, but which has not yet impacted collectability. These flaws or weaknesses, if left uncorrected, may result in the deterioration of the prospects of repayment or the deterioration of the Bank’s credit position. Substandard : not corrected. The loan may contain a flaw, which could impact the borrower’s ability to repay, or the borrower’s continuance as a “going concern”. When collateral values are not sufficient to secure the loan and other weaknesses are present, the loan may be rated substandard. A loan will also be graded substandard when full repayment is expected, but it must come from the liquidation of collateral. All loans that are past due 90 days or more are classified as substandard. Doubtful : These are loans with major defined weaknesses, where future charge-off of a part of the credit is highly likely. The primary repayment source is no longer viable and the viability of the secondary source of repayment is in doubt. The amount of loss is uncertain due to circumstances within the credit that are not yet fully developed and the loan is rated “Doubtful” until the loss can be accurately estimated. Loss : These are loans that represent near term charge-offs. Loans classified as loss are considered uncollectible and of such little value that it is not desirable to continue carrying them as assets on the Bank’s financial statements, even though partial recovery may be possible at some future time. The following tables present the credit risk profile of the Company’s loan portfolio based on internal rating category and payment activity as of June 30, 2017 and December 31, 2016:
The Company evaluates the loan risk grading system definitions and allowance for loan losses methodology on an ongoing basis. No significant changes were made to either during the past year.The following tables present the Company’s loan portfolio aging analysis of the recorded investment in loans as of June 30, 2017 and December 31, 2016:
A loan is considered impaired, in accordance with the impairment accounting guidance (ASC 310 -10 -35 -16 ), when based on current information and events, it is probable the Bank will be unable to collect all amounts due from the borrower in accordance with the contractual terms of the loan. Impaired loans include nonperforming multi-family and commercial loans but also include loans modified in troubled debt restructurings. The following table presents impaired loans as of June 30, 2017 and for the three and six month periods ended June 30, 2017 and 2016:
The following table presents impaired loans as of December 31, 2016:
The following table presents the Company’s nonaccrual loans at June 30, 2017 and December 31, 2016. The table excludes performing troubled debt restructurings.
At June 30, 2017 ( unaudited) and December 31, 2016, the Company had certain loans that were modified in troubled debt restructurings (TDRs) and impaired. The modification of terms of such loans generally included one or a combination of the following: an extension of the maturity date or a reduction of the stated interest rate. During the three and six months ended June 30, 2017 and 2016, there were no The Company had no twelve months ended June 30, 2017 and 2016 that subsequently defaulted. A loan is considered to be in payment default once it is 30 days contractually past due under the loan’s modified terms. In order to determine whether a borrower is experiencing financial difficulty, an evaluation is performed of the probability that the borrower will be in payment default on any of its debt in the foreseeable future without the modification. This evaluation is performed under the Bank’s internal underwriting policy. Foreclosed real estate held for sale consisted of residential real estate at June 30, 2017 and December 31, 2016. There were $290,000 and $323,000 of residential real estate loans in the process of foreclosure at June 30, 2017 and December 31, 2016, respectively. |
Note 4 - Regulatory Matters |
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Regulatory Capital Requirements under Banking Regulations [Text Block] | Note 4: Regulatory Matters The Bank is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory- and possibly additional discretionary- actions by regulators that, if undertaken, could have a direct material effect on the Bank ’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Furthermore, the Bank’s regulators could require adjustments to regulatory capital not reflected in these financial statements. At June 30, 2017 and December 31, 2016, quantitative measures established by regulation to ensure capital adequacy requires the Bank to maintain minimum amounts and ratios (set forth in the table below), of total capital, Tier 1 capital and common equity Tier 1 capital (as defined in the regulations) to risk-weighted assets (as defined) and of Tier 1 leverage capital to average total assets. Basel III was effective for the Company on January 1, 2015. Basel III requires the Company and the Bank to maintain minimum amounts and ratios of common equity Tier 1 capital to risk weighted assets, as defined in the regulation. Under the new Basel III rules, in order to avoid limitations on capital distributions, including dividends, the Company must hold a capital conservation buffer above the adequately capitalized common equity Tier 1 capital to risk-weighted assets ratio. The capital conservation buffer is being phased in from zero percent to 2.50 percent by 2019. Under Basel III, the Company and Bank elected to opt-out of including accumulated other comprehensive income in regulatory capital. Management believes, as of June 30, 2017 ( unaudited) and December 31, 2016, that the Bank meets all capital adequacy requirements to which it is subject.As of June 30, 2017 ( unaudited) and December 31, 2016, the most recent notification categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, the Bank must maintain minimum total risk-based, Tier I risk-based and Tier I leverage capital ratios as set forth in the table. There are no conditions or events since that notification that management believes have changed the Bank’s category.The Bank ’s actual capital amounts and ratios are presented in the following table:
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Note 5 - Disclosures About Fair Value of Assets and Liabilities |
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Fair Value Disclosures [Text Block] | Note 5: Disclosures about Fair Value of Assets and Liabilities Fair value is the exchange price that would be received to sell an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Fair value measurements must maximize the use of observable inputs and minimize the use of unobservable inputs. There is a hierarchy of three levels of inputs that may be used to measure fair value:
Nonrecurring Measurements The following table presents fair value measurements of assets measured at fair value on a non-recurring basis and the level within the fair value hierarchy in which fair value measurements fall at June 30, 2017 and December 31, 2016:
Following is a description of the valuation methodologies and inputs used for assets measured at fair value on a non-recurring basis and recognized in the accompanying balance sheets, as well as the general classification of such assets pursuant to the valuation hierarchy. For assets classified within Level 3 of the fair value hierarchy, the process used to develop the reported fair value is described below.Collateral-dependent Impaired Loans, Net of ALLL The estimated fair value of collateral-dependent impaired loans is based on the appraised fair value of the collateral, less estimated cost to sell. Collateral-dependent impaired loans are classified within Level 3 of the fair value hierarchy.The Bank considers the appraisal or evaluation as the starting point for determining fair value and then considers other factors and events in the environment that may affect the fair value. Appraisals of the collateral underlying collateral-dependent loans are obtained when the loan is determined to be collateral-dependent and subsequently as deemed necessary by management. Appraisals are reviewed for accuracy and consistency by management. Appraisers are selected from the list of approved appraisers maintained by management. The appraised values are reduced by discounts to consider lack of marketability and estimated cost to sell if repayment or satisfaction of the loan is dependent on the sale of the collateral. These discounts and estimates are developed by management by comparison to historical results. Unobservable (Level 3 ) InputsThe following table presents quantitative information about unobservable inputs used in nonrecurring Level 3 fair value measurements:
Fair Value of Financial Instruments The following table presents the estimated fair values of the Company’s financial instruments not carried at fair value and the level within the fair value hierarchy in which the fair value measurements fall at June 30, 2017 and December 31, 2016.
The following methods were used to estimate the fair value of all other financial instruments recognized in the accompanying balance sheets at amounts other than fair value. Cash and Due from Banks, Interest-earning Demand Deposits and Federal Funds Sold The carrying amount approximates fair value. Interest-earning Time Deposits in Banks The carrying amount approximates fair value. Loans Fair value is estimated by discounting the future cash flows using the market rates at which similar notes would be made to borrowers with similar credit ratings and for the same remaining maturities. The market rates used are based on current rates the Bank would impose for similar loans and reflect a market participant assumption about risks associated with nonperformance, illiquidity, and the structure and term of the loans along with local economic and market conditions. Federal Home Loan Bank Stock Fair value is estimated at book value due to restrictions that limit the sale or transfer of such securities. Accrued Interest Receivable and Payable The carrying amount approximates fair value. The carrying amount is determined using the interest rate, balance and last payment date. Servicing Rights S ervicing rights do not trade in an active, open market with readily observable prices. Accordingly, fair value is estimated using discounted cash flow models having significant inputs of discount rate, prepayment speed and default rate. Deposits Fair value of term deposits is estimated by discounting the future cash flows using rates of similar deposits with similar maturities. The market rates used were obtained from a knowledgeable independent third party and reviewed by the Bank. The rates were the average of current rates offered by local competitors of the Bank. The estimated fair val ue of demand, NOW, savings and money market deposits is the book value since rates are regularly adjusted to market rates and amounts are payable on demand at the reporting date. Federal Funds Purchased The carrying amount approximates fair value. F ederal Home Loan Bank Advances Fair value is estimated by discounting the future cash flows using rates of similar advances with similar maturities. These rates were obtained from current rates offered by the Federal Home Loan Bank. Commitments to Originate Loans, Letters of Credit and Lines of Credit The fair value of commitments to originate loans is estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties. For fixed-rate loan commitments, fair value also considers the difference between current levels of interest rates and the committed rates. The fair values of letters of credit and lines of credit are based on fees currently charged for similar agreements or on the estimated cost to terminate or otherwise settle the obligations with the counterparties at the reporting date. |
Note 6 - Recent Accounting Pronouncements |
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Jun. 30, 2017 | |||||||
Notes to Financial Statements | |||||||
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | Note 6: Recent Accounting Pronouncements The Company is an emerging growth company and as such will be subject to the effective dates noted for the private companies if they differ from the effective dates noted for public companies. FASB ASU 2014 -09, Revenue from Contracts with CustomersIn May 2014, the FASB issued Accounting Standards Update (ASU) 2014 -09, “Revenue from Contracts with Customers,” which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. In March, 2016 the FASB issued ASU 2016 -08, “Principal versus Agent Considerations (Reporting Revenue Gross versus Net),” which clarifies the guidance in determining revenue recognition as principal versus agent. In April 2016, the FASB issued ASU 2016 -10, “Identifying Performance Obligations and Licensing,” which provides guidance in accounting for immaterial performance obligations and shipping and handling. In May 2016, the FASB issued ASU 2016 -12, “Narrow-Scope Improvements and Practical Expedients” which provides clarification on assessing the collectability criterion, presentation of sales taxes, measurement date for noncash consideration and completed contracts at transition. This ASU also provides a practical expedient for contract modifications.The amendments are effective for annual reporting periods beginning after December 15, 2017 and for interim reporting periods within such annual periods. The Company is currently evaluating the impact of adopting the guidance.FASB ASU 2016 -01, Recognition and Measurement of Financial Assets and Financial LiabilitiesIn January 2016, the FASB issued ASU 2016 -01, “Recognition and Measurement of Financial Assets and Financial Liabilities”. For public business entities, the amendments in this update include the elimination of the requirement to disclose the method(s) and significant assumptions used to estimate fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet, the requirement to use the exit price notion when measuring fair value of financial instruments for disclosure purposes, the requirement to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments, the requirement for separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (that is, securities or loans and receivables) on the balance sheet or accompanying notes to the financial statements, and the amendments 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. The amendments in this update are effective, as to the Company, for fiscal years beginning after December 15, 2017 , including interim periods within those fiscal years. Early adoption of the amendments in this update is not permitted, except that early application by public business entities to financial statements of fiscal years or interim periods that have not yet been issued or, by all other entities, that have not yet been made available for issuance are permitted as of the beginning of the fiscal year of adoption for the following amendment: An entity should present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk if the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. An entity should apply the amendments to this update by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. Management is currently evaluating the impact of adopting this guidance on the Company’s financial statements. Adoption of ASU No. 2016 -01 is not expected to have a material impact on the Company's results of operations or financial position.FASB ASU 2016 -02, LeasesIn February 2016 the FASB issued ASU 2016 -02, “Leases”. Under the new guidance, lessees will be required to recognize the following for all leases (with the exception of short-term leases) at the commencement date:
Under the new guidance, lessor accounting is largely unchanged. Certain targeted improvements were made to align, where necessary, lessor accounting with the lessee accounting model and Topic 606, “Revenue from Contracts with Customers”. The new lease guidance simplified the accounting for sale and leaseback transactions primarily because lessees must recognize lease assets and lease liabilities. Lessees will no longer be provided with a source of off-balance sheet financing.The amendments in ASU 2016 -02 are effective, as to the Company, for years beginning after December 15, 2019, and for interim periods for years beginning after January 1, 2020. Lessees (for capital and operating leases) and lessors (for sales-type, direct financing, and operating leases) must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The modified retrospective approach would not require any transition accounting for leases that expired before the earliest comparative period presented. Lessees and lessors may not apply a full retrospective transition approach. Management is currently evaluating the impact of adopting this guidance on the Company’s financial statements.FASB ASU 2016 -13, Financial Instruments – Credit Losses In June 2016, FASB issued ASU 2016 -13, “Financial Instruments - Credit Losses”. The amendments in this Update replace the incurred loss model with a methodology that reflects expected credit losses over the life of the loan and requires consideration of a broader range of reasonable and supportable information to calculate credit loss estimates. ASU No. 2016 -13 replaces the incurred loss impairment methodology with a new methodology that reflects expected credit losses over the lives of the loans and requires consideration of a broader range of information to inform credit loss estimates. The ASU requires an organization to estimate all expected credit losses for financial assets measured at amortized cost, including loans and held-to-maturity debt securities, based on historical experience, current conditions, and reasonable and supportable forecasts. Additional disclosures are required. ASU No. 2016 -13 is effective, as to the Company, for fiscal years, beginning after December 15, 2020, and interim periods within those fiscal years, beginning after December 15, 2021. Management expects that the implementation of ASU No. 2016 -13 may increase the balance of the allowance for loan losses and is continuing to evaluate the potential impact on the Company's results of operations and financial position. |
Note 7 - Earnings (Loss) Per Share |
6 Months Ended |
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Jun. 30, 2017 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 7: Earnings (Loss) Per Share Basic earnings (loss) per share is calculated by dividing net income (loss) applicable to common stock by the weighted-average number of shares of common stock outstanding during the period. Unallocated common shares held by the Company’s Employee Stock Ownership Plan (the “ESOP”) are shown as a reduction in stockholders’ equity and are excluded from weighted-average common shares outstanding for basic and diluted earnings (loss) per share calculations until they are committed to be released. Earnings per share for the three and six months ended June 30, 2017 was $0.77 and $0.74, respectively, calculated using 596,542 and 596,417 average shares issued, less 50,155 no dilutive effect or potentially dilutive securities at June 30, 2017 as all options and restricted shares outstanding were granted on June 30, 2017. The Company had no June 30, 2016. Loss per share for the three and six months ended June 30, 2016 was $0.02 and $0.42, respectively, calculated using 640,872 52,353 |
Note 8 - Employee Stock Ownership Plan |
6 Months Ended |
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Jun. 30, 2017 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | Note 8: Employee Stock Ownership Plan As part of the Company ’s stock conversion, shares were purchased by the ESOP with a loan from New Bancorp. All employees of the Bank meeting certain tenure requirements are entitled to participate in the ESOP. Compensation expense related to the ESOP was $12,000 and $25,000 for the three and six month periods ended June 30, 2017, respectively. The stock price at the formation date was $10.00. The aggregate fair value of the 48,378 unallocated shares was $682,000 based on the $14.09 closing price of our common stock on June 30, 2017. |
Note 9 - Change in Corporate Form |
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Jun. 30, 2017 | |
Notes to Financial Statements | |
Change in Corporate Form [Text Block] | Note 9: Change in Corporate Form On October 19, 2015, the Bank converted into a federal stock savings bank and established a stock holding company, New Bancorp, Inc., as parent of the Bank. The Bank converted to the stock form of ownership, followed by the issuance of all of the Bank ’s outstanding stock to New Bancorp, Inc. The Bank became the wholly owned subsidiary of the Company, and the Company issued and sold shares of its capital stock pursuant to an independent valuation appraisal of the Bank and the Company. The stock was priced at The cost of the Conversion and issuing the capital stock $10.00 per share. In addition, the Bank’s board of directors adopted an employee stock ownership plan (ESOP) which subscribed for 8% of the common stock sold in the offering. The Conversion was completed on October 19, 2015 and resulted in the issuance of 696,600 common shares by the Company. totaled $1.2 million and was deducted from the proceeds of the offering. In accordance with OCC regulations, at the time of the Conversion, the Bank substantially restricted retained earnings by establishing a liquidation account. The liquidation account will be maintained for the benefit of eligible holders who continue to maintain their accounts at the Bank after the Conversion. The liquidation account will be reduced annually to the extent that eligible account holders have reduced their qualifying deposits. Subsequent increases will not restore an eligible account holder’s interest in the liquidation account. In the event of a complete liquidation of the Bank, and only in such event, each eligible account holder will be entitled to receive a distribution from the liquidation account in an amount proportionate to the adjusted qualifying account balances then held. The Bank may not pay dividends if those dividends would reduce equity capital below the required liquidation account amount. The conversion was accounted for as a change in corporate form with the historic basis of the Bank ’s assets, liabilities and equity unchanged as a result. |
Note 10 - Equity Incentive Plan |
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Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 10: Equity Incentive Plan In June 2017, the Company’s stockholders authorized the adoption of the New Bancorp, Inc. 2017 Equity Incentive Plan (the “2017 Plan”). No more than 97,524 shares of the Company’s common stock may be issued under the 2017 Plan, of which a maximum of 69,660 may be issued pursuant to the exercise of stock options and 27,864 may be issued pursuant to restricted stock awards, restricted stock units and unrestricted share awards. Stock options awarded to employees may be incentive stock options or non-qualified stock options. The shares that may be issued may be authorized but unissued shares or treasury shares. The 2017 Plan permits the grant of incentive awards in the form of options, stock appreciation rights, restricted share and share unit awards, and performance share awards. The 2017 Plan contains annual and lifetime limits on certain types of awards to individual participants.Awards may vest or become exercisable only upon the achievement of performance measures or based solely on the passage of time after award. Stock options and restricted stock awards provide for accelerated vesting if there is a change in control (as defined in the 2017 Plan).On June 30, 2017, the Company made awards of restricted shares and granted stock options for 22,931 and 60,080 shares, respectively, to members of the Board of Directors and to certain members of management. The awards vest over a five year period and the stock options have a ten year period to expiration. Each option has an exercise price of $14.09 as determined on the grant date and expires 10 years from the grant date. Stock Options The table below represents the stock option activity for the period shown:
As of June 30, 2017, the Company had $184,000 of unrecognized compensation expense related to stock options. The cost of stock options will be amortized in monthly installments over the five 2017 was $184,000. The options outstanding at June 30, 2017, were granted on June 30, 2017. Accordingly, there are no options currently exercisable and no compensation expense was recognized. Additionally, the options outstanding have no intrinsic value as of June 30, 2017. The fair value of the Company's stock options granted in 2017 was determined using the Black-Scholes option pricing formula. The following assumptions were used in the formula:
Expected volatility - Based on the historical volatility of share price for the Company. Risk-free interest rate - Based on the U.S. Treasury yield curve and expected life of the options at the time of grant. Dividend yield - New Bancorp, Inc. does not anticipate a quarterly dividend per share.Expected life - Based on average of the five year vesting period and the ten year contractual term of the stock option plan.Exercise price for the stock options - Based on the closing price of the Company's stock on the date of grant. Restricted Shares Restricted shares are accounted for as fixed grants using the fair value of the Company's stock at the time of the grant. Unvested restricted shares may not be disposed of or transferred during the vesting period.The table below presents the restricted stock award activity for the period shown:
As of June 30, 2017, the Company had $323,000 of unrecognized compensation expense related to restricted shares. The cost of the restricted shares will be amortized in monthly installments over the five -year vesting period. There was no expense recognized related to the restricted shares during the period ended June 30, 2017 as the shares were granted on June 30, 2017. |
Significant Accounting Policies (Policies) |
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Accounting Policies [Abstract] | |||||||
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The consolidated financial s tatements as of and for the periods ended June 30, 2017 and December 31, 2016, include New Bancorp, Inc. and its wholly-owned subsidiary the New Buffalo Savings Bank (“the Bank”), together referred to as the “Company.” Intercompany transactions and balances have been eliminated in consolidation. |
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Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses, valuation of real estate acquired in connection with foreclosures or in satisfaction of loans, valuation of deferred tax assets and fair values of financial instruments. |
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Reclassification, Policy [Policy Text Block] | Reclassifications Certain reclassifications have been made to the December 31, 2016 financial statements to conform to the June 30, 2017 financial statement presentation. These reclassifications had no effect on our results of operations. |
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New Accounting Pronouncements, Policy [Policy Text Block] | FASB ASU 2014 -09, Revenue from Contracts with CustomersIn May 2014, the FASB issued Accounting Standards Update (ASU) 2014 -09, “Revenue from Contracts with Customers,” which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. In March, 2016 the FASB issued ASU 2016 -08, “Principal versus Agent Considerations (Reporting Revenue Gross versus Net),” which clarifies the guidance in determining revenue recognition as principal versus agent. In April 2016, the FASB issued ASU 2016 -10, “Identifying Performance Obligations and Licensing,” which provides guidance in accounting for immaterial performance obligations and shipping and handling. In May 2016, the FASB issued ASU 2016 -12, “Narrow-Scope Improvements and Practical Expedients” which provides clarification on assessing the collectability criterion, presentation of sales taxes, measurement date for noncash consideration and completed contracts at transition. This ASU also provides a practical expedient for contract modifications.The amendments are effective for annual reporting periods beginning after December 15, 2017 and for interim reporting periods within such annual periods. The Company is currently evaluating the impact of adopting the guidance.FASB ASU 2016 -01, Recognition and Measurement of Financial Assets and Financial LiabilitiesIn January 2016, the FASB issued ASU 2016 -01, “Recognition and Measurement of Financial Assets and Financial Liabilities”. For public business entities, the amendments in this update include the elimination of the requirement to disclose the method(s) and significant assumptions used to estimate fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet, the requirement to use the exit price notion when measuring fair value of financial instruments for disclosure purposes, the requirement to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments, the requirement for separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (that is, securities or loans and receivables) on the balance sheet or accompanying notes to the financial statements, and the amendments 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. The amendments in this update are effective, as to the Company, for fiscal years beginning after December 15, 2017 , including interim periods within those fiscal years. Early adoption of the amendments in this update is not permitted, except that early application by public business entities to financial statements of fiscal years or interim periods that have not yet been issued or, by all other entities, that have not yet been made available for issuance are permitted as of the beginning of the fiscal year of adoption for the following amendment: An entity should present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk if the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. An entity should apply the amendments to this update by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. Management is currently evaluating the impact of adopting this guidance on the Company’s financial statements. Adoption of ASU No. 2016 -01 is not expected to have a material impact on the Company's results of operations or financial position.FASB ASU 2016 -02, LeasesIn February 2016 the FASB issued ASU 2016 -02, “Leases”. Under the new guidance, lessees will be required to recognize the following for all leases (with the exception of short-term leases) at the commencement date:
Under the new guidance, lessor accounting is largely unchanged. Certain targeted improvements were made to align, where necessary, lessor accounting with the lessee accounting model and Topic 606, “Revenue from Contracts with Customers”. The new lease guidance simplified the accounting for sale and leaseback transactions primarily because lessees must recognize lease assets and lease liabilities. Lessees will no longer be provided with a source of off-balance sheet financing.The amendments in ASU 2016 -02 are effective, as to the Company, for years beginning after December 15, 2019, and for interim periods for years beginning after January 1, 2020. Lessees (for capital and operating leases) and lessors (for sales-type, direct financing, and operating leases) must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The modified retrospective approach would not require any transition accounting for leases that expired before the earliest comparative period presented. Lessees and lessors may not apply a full retrospective transition approach. Management is currently evaluating the impact of adopting this guidance on the Company’s financial statements.FASB ASU 2016 -13, Financial Instruments – Credit Losses In June 2016, FASB issued ASU 2016 -13, “Financial Instruments - Credit Losses”. The amendments in this Update replace the incurred loss model with a methodology that reflects expected credit losses over the life of the loan and requires consideration of a broader range of reasonable and supportable information to calculate credit loss estimates. ASU No. 2016 -13 replaces the incurred loss impairment methodology with a new methodology that reflects expected credit losses over the lives of the loans and requires consideration of a broader range of information to inform credit loss estimates. The ASU requires an organization to estimate all expected credit losses for financial assets measured at amortized cost, including loans and held-to-maturity debt securities, based on historical experience, current conditions, and reasonable and supportable forecasts. Additional disclosures are required. ASU No. 2016 -13 is effective, as to the Company, for fiscal years, beginning after December 15, 2020, and interim periods within those fiscal years, beginning after December 15, 2021. Management expects that the implementation of ASU No. 2016 -13 may increase the balance of the allowance for loan losses and is continuing to evaluate the potential impact on the Company's results of operations and financial position. |
Note 3 - Loans and Allowance for Loan Losses (Tables) |
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Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] |
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Allowance for Credit Losses on Financing Receivables [Table Text Block] |
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Financing Receivable Credit Quality Indicators [Table Text Block] |
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Past Due Financing Receivables [Table Text Block] |
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Impaired Financing Receivables [Table Text Block] |
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Schedule of Financing Receivables, Non Accrual Status [Table Text Block] |
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Note 4 - Regulatory Matters (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes Tables | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] |
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Note 5 - Disclosures About Fair Value of Assets and Liabilities (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fair Value Measurements, Nonrecurring [Table Text Block] |
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Fair Value Inputs, Assets, Quantitative Information [Table Text Block] |
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Fair Value, by Balance Sheet Grouping [Table Text Block] |
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Note 10 - Equity Incentive Plan (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||
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Jun. 30, 2017 | |||||||||||||||||||||||||||||
Notes Tables | |||||||||||||||||||||||||||||
Share-based Compensation, Stock Options, Activity [Table Text Block] |
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Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] |
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Nonvested Restricted Stock Shares Activity [Table Text Block] |
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Note 2 - Securities (Details Textual) - USD ($) $ in Thousands |
6 Months Ended | ||
---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Dec. 31, 2016 |
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Proceeds from Sale of Available-for-sale Securities | $ 0 | $ 0 | |
Available-for-sale Securities | $ 0 | $ 0 |
Note 3 - Loans and Allowance for Loan Losses (Details Textual) xbrli-pure in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2017
USD ($)
|
Jun. 30, 2016 |
Jun. 30, 2017
USD ($)
|
Jun. 30, 2016 |
Dec. 31, 2016
USD ($)
|
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Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 0 | 0 | |||
Mortgage Loans in Process of Foreclosure, Amount | $ 290,000 | $ 290,000 | $ 323,000 | ||
Financing Receivable, Modifications, Number of Contracts | 0 | 0 | 0 | 0 | |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | |||||
Loans and Leases Receivable, Collateral for Secured Borrowings | $ 4,500,000 | $ 4,500,000 | $ 4,700,000 |
Note 3 - Loans and Allowance for Loan Losses - Classes of Loans (Details) - USD ($) $ in Thousands |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
---|---|---|---|---|---|---|
Loans | $ 93,817 | $ 85,913 | ||||
Net deferred loan fees, premiums and discounts | (237) | (70) | ||||
Undisbursed loans in process | (1,663) | (1,772) | ||||
Allowance for loan losses | (1,086) | $ (1,042) | (1,063) | $ (1,196) | $ (1,155) | $ (1,155) |
Net loans | 90,831 | 83,008 | ||||
Residential Portfolio Segment [Member] | ||||||
Loans | 43,989 | 43,036 | ||||
Allowance for loan losses | (545) | (578) | (656) | (766) | (739) | (648) |
Commercial Real Estate Portfolio Segment [Member] | ||||||
Loans | 38,077 | 32,175 | ||||
Allowance for loan losses | (442) | (365) | (326) | (331) | (311) | (383) |
Construction and Land Real Estate [Member] | ||||||
Loans | 9,669 | 9,543 | ||||
Allowance for loan losses | (76) | (78) | (72) | (88) | (91) | (102) |
Commercial Portfolio Segment [Member] | ||||||
Loans | 1,428 | 383 | ||||
Allowance for loan losses | (15) | (13) | (4) | (6) | (7) | (19) |
Consumer Portfolio Segment [Member] | ||||||
Loans | 654 | 776 | ||||
Allowance for loan losses | $ (8) | $ (8) | $ (5) | $ (5) | $ (7) | $ (3) |
Note 3 - Loans and Allowance for Loan Losses - Nonaccrual Loans (Details) - USD ($) $ in Thousands |
Jun. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Nonaccrual loans | $ 455 | $ 618 |
Residential Portfolio Segment [Member] | ||
Nonaccrual loans | 455 | 614 |
Commercial Real Estate Portfolio Segment [Member] | ||
Nonaccrual loans | 4 | |
Construction and Land Real Estate [Member] | ||
Nonaccrual loans | ||
Commercial Portfolio Segment [Member] | ||
Nonaccrual loans | ||
Consumer Portfolio Segment [Member] | ||
Nonaccrual loans |
Note 4 - Regulatory Matters (Details Textual) |
Jan. 01, 2019 |
Dec. 31, 2015 |
---|---|---|
Capital Conservation Buffer | 0.00% | |
Scenario, Forecast [Member] | ||
Capital Conservation Buffer | 2.50% |
Note 5 - Disclosures About Fair Value of Assets and Liabilities - Assets Measured at Fair Value on a Non-Recurring Basis (Details) - Impaired Loans, Collateral-Dependent [Member] - USD ($) $ in Thousands |
Jun. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Assets, fair value, non-recurring basis | $ 232 | |
Fair Value, Inputs, Level 1 [Member] | ||
Assets, fair value, non-recurring basis | ||
Fair Value, Inputs, Level 2 [Member] | ||
Assets, fair value, non-recurring basis | ||
Fair Value, Inputs, Level 3 [Member] | ||
Assets, fair value, non-recurring basis | $ 232 |
Note 5 - Disclosures About Fair Value of Assets and Liabilities - Quantitative Information About Unobservable Inputs (Details) - Impaired Loans, Collateral-Dependent [Member] - Market Approach Valuation Technique [Member] - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2017 |
Dec. 31, 2016 |
|
Fair value | $ 232 | |
Valuation technique | Marketable comparable properties | Marketable comparable properties |
Unobservable input | Marketability discount | Marketability discount |
Minimum [Member] | ||
Marketability discount | 10.00% | |
Maximum [Member] | ||
Marketability discount | 15.00% |
Note 7 - Earnings (Loss) Per Share (Details Textual) - $ / shares |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Earnings Per Share, Basic and Diluted | $ 0.77 | $ (0.02) | $ 0.74 | $ (0.42) |
Weighted Average Number of Shares Issued, Basic | 596,542 | 640,872 | 596,417 | 640,872 |
Weighted Average Number of Shares, Employee Stock Ownership Plan Shares Not Committed to be Released | 50,155 | 52,353 | 50,155 | 52,353 |
Weighted Average Number Diluted Shares Outstanding Adjustment | 0 | 0 | 0 | 0 |
Note 8 - Employee Stock Ownership Plan (Details Textual) - USD ($) |
3 Months Ended | 6 Months Ended | |
---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Employee Stock Ownership Plan (ESOP), Compensation Expense | $ 12,000 | $ 25,000 | |
Share Price at Formation Date | $ 10 | $ 10 | |
Shares Held in Employee Stock Option Plan, Committed-to-be-Released | 48,378 | 48,378 | |
Employee Stock Ownership Plan (ESOP), Deferred Shares, Fair Value | $ 682,000 | $ 682,000 | |
Share Price | $ 14.09 | $ 14.09 |
Note 9 - Change in Corporate Form (Details Textual) - USD ($) $ / shares in Units, $ in Millions |
Jun. 30, 2017 |
Dec. 31, 2016 |
Oct. 19, 2015 |
---|---|---|---|
Sale of Stock, Price Per Share | $ 10 | ||
Common Stock, Subscriptions, Percentage | 8.00% | ||
Common Stock, Shares, Issued | 719,531 | 696,600 | 696,600 |
Costs of Conversion and to Issue Stock | $ 1.2 |
Note 10 - Equity Incentive Plan - Fair Value Assumptions (Details) - The 2017 Equity Incentive Plan [Member] - Employee Stock Option [Member] |
6 Months Ended |
---|---|
Jun. 30, 2017
$ / shares
| |
Expected volatility | 13.87% |
Risk-free interest rate | 2.18% |
Expected dividend yield | |
Expected life (in years) (Year) | 7 years |
Exercise price for the stock options (in dollars per share) | $ 14.09 |
Note 10 - Equity Incentive Plan - Restricted Stock Activity (Details) - The 2017 Equity Incentive Plan [Member] - Restricted Stock [Member] - $ / shares |
6 Months Ended | |
---|---|---|
Jun. 30, 2017 |
Jun. 30, 2017 |
|
Non-vested at January 1, 2017, Service-based restricted stock awards (in shares) | ||
Non-vested at January 1, 2017, Weighted average grant date fair value (in dollars per share) | ||
Granted, Service-based restricted stock awards (in shares) | 22,931 | 22,931 |
Granted, Weighted average grant date fair value (in dollars per share) | $ 14.09 | |
Vested, Service-based restricted stock awards (in shares) | ||
Vested, Weighted average grant date fair value (in dollars per share) | ||
Nonvested at June 30, 2017, Weighted average grant date fair value (in dollars per share) | $ 14.09 | $ 14.09 |
Forfeited, Service-based restricted stock awards (in shares) | ||
Forfeited, Weighted average grant date fair value (in dollars per share) | ||
Nonvested at June 30, 2017, Service-based restricted stock awards (in shares) | 22,931 | 22,931 |
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