|
Maryland
|
| |
81-1959486
|
|
|
(State or other jurisdiction of
incorporation or organization) |
| |
(I.R.S. Employer
Identification Number) |
|
|
100 East Clay Street, Collinsville, Illinois
|
| |
62234
|
|
|
(Address of Principal Executive Offices)
|
| |
Zip Code
|
|
|
Title of Each Class
|
|
|
Common Stock, par value $0.01 per share
|
|
| Large accelerated filer ☐ | | | Accelerated filer ☐ | | | Non-accelerated filer ☐ | | | Smaller reporting company ☒ | |
| PART I | | | |||||
| | | | | 1 | | | |
| | | | | 33 | | | |
| | | | | 33 | | | |
| | | | | 33 | | | |
| | | | | 33 | | | |
| | | | | 33 | | | |
| PART II | | | |||||
| | | | | 34 | | | |
| | | | | 35 | | | |
| | | | | 37 | | | |
| | | | | 48 | | | |
| | | | | 49 | | | |
| | | | | 87 | | | |
| | | | | 87 | | | |
| | | | | 87 | | | |
| PART III | | | | | | | |
| | | | | 88 | | | |
| | | | | 88 | | | |
| | | | | 88 | | | |
| | | | | 89 | | | |
| | | | | 89 | | | |
| PART IV | | | | | | | |
| | | | | 90 | | | |
| | | | | 91 | | |
| | |
At December 31,
|
| |||||||||||||||||||||
| | |
2017
|
| |
2016
|
| ||||||||||||||||||
| | |
Amount
|
| |
Percent
|
| |
Amount
|
| |
Percent
|
| ||||||||||||
| | |
(Dollars in thousands)
|
| |||||||||||||||||||||
Real estate mortgage loans: | | | | | | | | | | | | | | | | | | | | | | | | | |
One- to four-family, owner occupied
|
| | | $ | 44,660 | | | | | | 54.2% | | | | | $ | 47,971 | | | | | | 63.5% | | |
One- to four-family, non-owner occupied
|
| | | | 6,651 | | | | | | 8.1 | | | | | | 5,251 | | | | | | 7.0 | | |
Commercial and multi-family
|
| | | | 23,790 | | | | | | 28.9 | | | | | | 17,785 | | | | | | 23.6 | | |
Construction and land
|
| | | | 3,619 | | | | | | 4.4 | | | | | | 2,676 | | | | | | 3.5 | | |
Commercial business loans
|
| | | | 2,048 | | | | | | 2.5 | | | | | | 921 | | | | | | 1.2 | | |
Consumer loans
|
| | | | 1,584 | | | | | | 1.9 | | | | | | 901 | | | | | | 1.2 | | |
Total gross loans
|
| | | | 82,352 | | | | | | 100.0% | | | | | | 75,505 | | | | | | 100.0% | | |
Net deferred loan fees
|
| | | | (9) | | | | | | | | | | | | (43) | | | | | | | | |
Allowance for loan losses
|
| | | | (1,215) | | | | | | | | | | | | (1,214) | | | | | | | | |
Total loans
|
| | | $ | 81,128 | | | | | | | | | | | $ | 74,248 | | | | | | | | |
|
December 31, 2017
|
| |
One-to-Four
Family, Owner Occupied |
| |
One-to-Four
Family, Non-owner Occupied |
| |
Commercial
and Multi- Family Real Estate |
| |
Construction
and Land |
| ||||||||||||
| | |
(In thousands)
|
| |||||||||||||||||||||
Amounts due in: | | | | | | | | | | | | | | | | | | | | | | | | | |
One year or less
|
| | | $ | 5,318 | | | | | $ | 1,151 | | | | | $ | 1,049 | | | | | $ | 1,975 | | |
More than one to two years
|
| | | | 1,649 | | | | | | 1,358 | | | | | | 2,903 | | | | | | 748 | | |
More than two to three years
|
| | | | 1,295 | | | | | | 960 | | | | | | 4,058 | | | | | | 359 | | |
More than three to five years
|
| | | | 3,610 | | | | | | 1,604 | | | | | | 6,212 | | | | | | 452 | | |
More than five to ten years
|
| | | | 3,070 | | | | | | 609 | | | | | | 7,968 | | | | | | 37 | | |
More than ten to 15 years
|
| | | | 10,439 | | | | | | 583 | | | | | | 119 | | | | | | 13 | | |
More than 15 years
|
| | | | 19,279 | | | | | | 386 | | | | | | 1,481 | | | | | | 35 | | |
Total
|
| | | $ | 44,660 | | | | | $ | 6,651 | | | | | $ | 23,790 | | | | | $ | 3,619 | | |
|
December 31, 2017
|
| |
Commercial
Business |
| |
Consumer
|
| |
Total
|
| |||||||||
| | |
(In thousands)
|
| |||||||||||||||
Amounts due in: | | | | | | | | | | | | | | | | | | | |
One year or less
|
| | | $ | 841 | | | | | $ | 165 | | | | | $ | 10,499 | | |
More than one to two years
|
| | | | 366 | | | | | | 807 | | | | | | 7,831 | | |
More than two to three years
|
| | | | 449 | | | | | | 544 | | | | | | 7,665 | | |
More than three to five years
|
| | | | 112 | | | | | | 68 | | | | | | 12,058 | | |
More than five to ten years
|
| | | | 280 | | | | | | — | | | | | | 11,964 | | |
More than ten to 15 years
|
| | | | — | | | | | | — | | | | | | 11,154 | | |
More than 15 years
|
| | | | — | | | | | | — | | | | | | 21,181 | | |
Total
|
| | | $ | 2,048 | | | | | $ | 1,584 | | | | | $ | 82,352 | | |
|
| | |
Due After December 31, 2018
|
| |||||||||||||||
| | |
Fixed Rate
|
| |
Balloon and
Adjustable-Rate |
| |
Total
|
| |||||||||
| | |
(In thousands)
|
| |||||||||||||||
Real estate mortgage loans: | | | | | | | | | | | | | | | | | | | |
One- to four-family, owner occupied
|
| | | $ | 32,991 | | | | | $ | 7,537 | | | | | $ | 40,528 | | |
One- to four-family, non-owner occupied
|
| | | | 1,054 | | | | | | 1,649 | | | | | | 2,703 | | |
Commercial and multi-family
|
| | | | 27,303 | | | | | | 538 | | | | | | 27,842 | | |
Construction and land
|
| | | | 100 | | | | | | 677 | | | | | | 777 | | |
Commercial business loans
|
| | | | — | | | | | | 2 | | | | | | 2 | | |
Consumer loans
|
| | | | 1 | | | | | | 1 | | | | | | 1 | | |
Total loans
|
| | | $ | 61,449 | | | | | $ | 10,404 | | | | | $ | 71,853 | | |
|
Industry Type
|
| |
Number of Loans
|
| |
Balance
|
| ||||||
| | | | | | | | |
(Dollars in thousands)
|
| |||
Apartment complexes
|
| | | | 16 | | | | | $ | 8,794 | | |
Professional office buildings
|
| | | | 9 | | | | | | 2,765 | | |
Churches
|
| | | | 1 | | | | | | 1,481 | | |
Nursing homes
|
| | | | 1 | | | | | | 1,682 | | |
Restaurants and bars
|
| | | | 2 | | | | | | 731 | | |
Other retail or service establishments
|
| | | | 1 | | | | | | 1,164 | | |
Hotels
|
| | | | 1 | | | | | | 957 | | |
Medical buildings
|
| | | | 1 | | | | | | 658 | | |
Laundromats
|
| | | | 1 | | | | | | 552 | | |
Commercial use buildings
|
| | | | 14 | | | | | | 3,649 | | |
Mixed use facilities
|
| | | | 1 | | | | | | 197 | | |
Other miscellaneous
|
| | | | 3 | | | | | | 1,160 | | |
Total
|
| | | | 51 | | | | | $ | 23,790 | | |
|
| | |
Number of
Loans |
| |
Loans in
Process |
| |
Net Principal
Balance |
| |||||||||
| | | | | | | | |
(Dollars in thousands)
|
| |||||||||
One-to four-family
|
| | | | 9 | | | | | $ | 852 | | | | | $ | 1,503 | | |
Residential land
|
| | | | 14 | | | | | | — | | | | | | 1,161 | | |
Commercial land
|
| | | | 2 | | | | | | — | | | | | | 55 | | |
Commercial construction
|
| | | | 8 | | | | | | — | | | | | | 900 | | |
Total construction and land loans
|
| | | | 33 | | | | | $ | 852 | | | | | $ | 3,619 | | |
|
| | |
Years Ended December 31,
|
| |||||||||
| | |
2017
|
| |
2016
|
| ||||||
| | |
(In thousands)
|
| |||||||||
Total gross loans at beginning of year
|
| | | $ | 75,505 | | | | | $ | 75,630 | | |
Loans originated: | | | | | | | | | | | | | |
Real estate loans:
|
| | | | | | | | | | | | |
One- to four-family, owner occupied
|
| | | | 4,558 | | | | | | 3,842 | | |
One- to four-family, non-owner occupied
|
| | | | 3,345 | | | | | | 1,255 | | |
Commercial and multi-family
|
| | | | 7,590 | | | | | | 4,440 | | |
Construction and land
|
| | | | 2,011 | | | | | | 971 | | |
Commercial business
|
| | | | 1,712 | | | | | | 552 | | |
Consumer
|
| | | | 298 | | | | | | 469 | | |
Total loans originated
|
| | | | 19,514 | | | | | | 11,529 | | |
Total loans purchased:
|
| | | | | | | | | | | | |
Commercial and multi-family real estate
|
| | | | — | | | | | | — | | |
Loans sold: | | | | | | | | | | | | | |
Real estate loans:
|
| | | | | | | | | | | | |
One- to four-family, owner occupied
|
| | | | (474) | | | | | | — | | |
One- to four-family, non-owner occupied
|
| | | | — | | | | | | — | | |
Commercial and multi-family
|
| | | | — | | | | | | — | | |
Construction and land
|
| | | | — | | | | | | — | | |
Commercial business
|
| | | | — | | | | | | — | | |
Consumer
|
| | | | — | | | | | | — | | |
Total loans sold
|
| | | | (474) | | | | | | — | | |
Other: | | | | | | | | | | | | | |
Principal repayments and other
|
| | | | (12,193) | | | | | | 11,654 | | |
Net loan activity
|
| | | | 6,847 | | | | | | 23,183 | | |
Total gross loans at end of year
|
| | | $ | 82,352 | | | | | $ | 98,813 | | |
|
| | |
At December 31, 2017
|
| |||||||||||||||||||||||||||||||||
| | |
30-89 Days
|
| |
90 Days and Over
|
| |
Total
|
| |||||||||||||||||||||||||||
| | |
Number
|
| |
Amount
|
| |
Number
|
| |
Amount
|
| |
Number
|
| |
Amount
|
| ||||||||||||||||||
| | |
(Dollars in thousands)
|
| |||||||||||||||||||||||||||||||||
Real estate mortgage loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
One- to four-family, owner occupied
|
| | | | 11 | | | | | $ | 713 | | | | | | — | | | | | $ | — | | | | | | 11 | | | | | $ | 713 | | |
One- to four-family, non-owner occupied
|
| | | | 1 | | | | | | 24 | | | | | | 1 | | | | | | 39 | | | | | | 2 | | | | | | 63 | | |
Commercial and multi-family
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Construction and land
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commercial business loans
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Consumer loans
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total
|
| | | | 12 | | | | | $ | 737 | | | | | | 1 | | | | | $ | 39 | | | | | | 13 | | | | | $ | 776 | | |
|
| | |
At December 31, 2016
|
| |||||||||||||||||||||||||||||||||
| | |
30-89 Days
|
| |
90 Days and Over
|
| |
Total
|
| |||||||||||||||||||||||||||
| | |
Number
|
| |
Amount
|
| |
Number
|
| |
Amount
|
| |
Number
|
| |
Amount
|
| ||||||||||||||||||
| | |
(Dollars in thousands)
|
| |||||||||||||||||||||||||||||||||
Real estate mortgage loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
One- to four-family, owner occupied
|
| | | | 9 | | | | | $ | 545 | | | | | | 1 | | | | | $ | 39 | | | | | | 10 | | | | | $ | 584 | | |
One- to four-family, non-owner occupied
|
| | | | 3 | | | | | | 55 | | | | | | — | | | | | | — | | | | | | 3 | | | | | | 55 | | |
Commercial and multi-family
|
| | | | 1 | | | | | | 69 | | | | | | — | | | | | | — | | | | | | 1 | | | | | | 69 | | |
Construction and land
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commercial business loans
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Consumer loans
|
| | | | 1 | | | | | | 3 | | | | | | — | | | | | | — | | | | | | 1 | | | | | | 3 | | |
Total
|
| | | | 14 | | | | | $ | 672 | | | | | | 1 | | | | | $ | 39 | | | | | | 15 | | | | | $ | 711 | | |
|
| | |
At December 31,
|
| |||||||||
| | |
2017
|
| |
2016
|
| ||||||
| | |
(Dollars in thousands)
|
| |||||||||
Non-accrual loans: | | | | | | | | | | | | | |
Real estate mortgage loans:
|
| | | | | | | | | | | | |
One- to four-family, owner occupied
|
| | | $ | — | | | | | $ | 39 | | |
One- to four-family, non-owner occupied
|
| | | | — | | | | | | 30 | | |
Commercial and multi-family
|
| | | | — | | | | | | 69 | | |
Construction and land
|
| | | | 13 | | | | | | 16 | | |
Commercial business loans
|
| | | | — | | | | | | — | | |
Consumer loans
|
| | | | — | | | | | | — | | |
Total non-accrual loans
|
| | | | 13 | | | | | | 154 | | |
Accruing loans past due 90 days or more:
|
| | | | | | | | | | | | |
One- to four-family, non-owner occupied
|
| | | | 39 | | | | | | — | | |
Accruing troubled debt restructured loans:
|
| | | | | | | | | | | | |
Real estate mortgage loans:
|
| | | | | | | | | | | | |
One- to four-family, owner occupied
|
| | | | 84 | | | | | | 87 | | |
One- to four-family, non-owner occupied
|
| | | | — | | | | | | — | | |
Commercial and multi-family
|
| | | | — | | | | | | — | | |
Construction and land
|
| | | | — | | | | | | — | | |
Commercial business loans
|
| | | | — | | | | | | — | | |
Consumer loans
|
| | | | — | | | | | | — | | |
Total accruing troubled debt restructured loans
|
| | | | 84 | | | | | | 87 | | |
Total non-performing loans
|
| | | | 136 | | | | | | 241 | | |
Foreclosed real estate held for sale:
|
| | | | | | | | | | | | |
One- to four-family
|
| | | | 81 | | | | | | — | | |
Commercial and multi-family
|
| | | | — | | | | | | — | | |
Construction and land
|
| | | | — | | | | | | — | | |
Total foreclosed real estate held for sale
|
| | | | 81 | | | | | | — | | |
Total non-performing assets
|
| | | $ | 217 | | | | | $ | 241 | | |
Total non-performing loans to total gross loans
|
| | | | 0.17% | | | | | | 0.32% | | |
Total non-performing assets to total assets
|
| | | | 0.20% | | | | | | 0.22% | | |
| | |
At December 31,
|
| |||||||||
| | |
2017
|
| |
2016
|
| ||||||
| | |
(In thousands)
|
| |||||||||
Classified loans: | | | | | | | | | | | | | |
Substandard
|
| | | $ | 1,421 | | | | | $ | 1,594 | | |
Loss
|
| | | | — | | | | | | — | | |
Total classified loans
|
| | | $ | 1,421 | | | | | $ | 1,594 | | |
Special mention loans
|
| | | $ | 350 | | | | | $ | 250 | | |
Real estate owned
|
| | | $ | 81 | | | | | $ | — | | |
|
| | |
Years Ended December 31,
|
| |||||||||
| | |
2017
|
| |
2016
|
| ||||||
| | |
(Dollars in thousands)
|
| |||||||||
Allowance at beginning of year
|
| | | $ | 1,214 | | | | | $ | 1,249 | | |
Provision for loan losses
|
| | | | — | | | | | | — | | |
Charge offs: | | | | | | | | | | | | | |
Real estate mortgage loans:
|
| | | | | | | | | | | | |
One- to four-family, owner occupied
|
| | | | (34) | | | | | | (68) | | |
One- to four-family, non-owner occupied
|
| | | | (19) | | | | | | (22) | | |
Commercial and multi-family
|
| | | | — | | | | | | — | | |
Construction and land
|
| | | | — | | | | | | — | | |
Commercial business loans
|
| | | | — | | | | | | — | | |
Consumer loans
|
| | | | — | | | | | | — | | |
Total charge-offs
|
| | | | (53) | | | | | | (90) | | |
Recoveries: | | | | | | | | | | | | | |
Real estate mortgage loans: | | | | | | | | | | | | | |
One- to four-family, owner occupied
|
| | | | 42 | | | | | | 43 | | |
One- to four-family, non-owner occupied
|
| | | | 4 | | | | | | 12 | | |
Commercial and multi-family
|
| | | | — | | | | | | — | | |
Construction and land
|
| | | | 8 | | | | | | — | | |
Commercial business loans
|
| | | | — | | | | | | — | | |
Consumer loans
|
| | | | — | | | | | | — | | |
Total recoveries
|
| | | | 54 | | | | | | 55 | | |
Net (charge-offs) recoveries
|
| | | | 1 | | | | | | (35) | | |
Allowance at end of year
|
| | | $ | 1,215 | | | | | $ | 1,214 | | |
Allowance to non-performing loans at end of year
|
| | | | 893.38% | | | | | | 503.73% | | |
Allowance to total gross loans outstanding at end of year
|
| | | | 1.48% | | | | | | 1.61% | | |
Net charge-offs to average loans outstanding during year
|
| | | | 0.00% | | | | | | 0.14% | | |
| | |
At December 31,
|
| |||||||||||||||||||||||||||||||||
| | |
2017
|
| |
2016
|
| ||||||||||||||||||||||||||||||
| | |
Allowance
for Loan Losses |
| |
Percent of
Total Allowance |
| |
Percent of
Loans in Each Category to Total Loans |
| |
Allowance
for Loan Losses |
| |
Percent of
Total Allowance |
| |
Percent of
Loans in Each Category to Total Loans |
| ||||||||||||||||||
| | |
(Dollars in thousands)
|
| |||||||||||||||||||||||||||||||||
Real estate mortgage loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
One- to four-family, owner occupied
|
| | | $ | 525 | | | | | | 43.2% | | | | | | 54.2% | | | | | $ | 657 | | | | | | 54.1% | | | | | | 63.5% | | |
One- to four-family, non-owner occupied
|
| | | | 81 | | | | | | 6.7 | | | | | | 8.1 | | | | | | 113 | | | | | | 9.3 | | | | | | 7.0 | | |
Commercial and multi-family
|
| | | | 407 | | | | | | 33.5 | | | | | | 28.9 | | | | | | 309 | | | | | | 25.5 | | | | | | 23.6 | | |
Construction and land
|
| | | | 34 | | | | | | 2.8 | | | | | | 4.4 | | | | | | 42 | | | | | | 3.5 | | | | | | 3.5 | | |
Commercial business loans
|
| | | | 41 | | | | | | 3.4 | | | | | | 2.5 | | | | | | 18 | | | | | | 1.5 | | | | | | 1.2 | | |
Consumer loans
|
| | | | 39 | | | | | | 3.2 | | | | | | 1.9 | | | | | | 26 | | | | | | 2.1 | | | | | | 1.2 | | |
Unallocated
|
| | | | 88 | | | | | | 7.2 | | | | | | 0.0 | | | | | | 49 | | | | | | 4.0 | | | | | | — | | |
Total
|
| | | $ | 1,215 | | | | | | 100% | | | | | | 100% | | | | | $ | 1,214 | | | | | | 100% | | | | | | 100% | | |
|
| | |
At December 31,
|
||||||||||||||||||||
| | |
2017
|
| |
2016
|
|||||||||||||||||
| | |
Amortized
Cost |
| |
Estimated
Fair Value |
| |
Amortized
Cost |
| |
Estimated
Fair Value |
|||||||||||
| | |
(In thousands)
|
||||||||||||||||||||
U.S. Government agency – SBAP security
|
| | | $ | 786 | | | | | $ | 762 | | | | | $ | 1,005 | | | | | $ | 976 |
U.S. Government agency mortgage-backed securities – residential(1)
|
| | | | 15,808 | | | | | | 15,449 | | | | | | 24,563 | | | | | | 24,186 |
Total
|
| | | $ | 16,594 | | | | | $ | 16,211 | | | | | $ | 25,568 | | | | | $ | 25,162 |
|
| | |
One Year or Less
|
| |
More than One Year
through Five Years |
| |
More than Five Years
through Ten Years |
| |||||||||||||||||||||||||||
| | |
Amortized
Cost |
| |
Weighted
Average Yield |
| |
Amortized
Cost |
| |
Weighted
Average Yield |
| |
Amortized
Cost |
| |
Weighted
Average Yield |
| ||||||||||||||||||
| | |
(Dollars in thousands)
|
| |||||||||||||||||||||||||||||||||
U.S. Government agency SBAP security
|
| | | $ | — | | | | | | —% | | | | | $ | 786 | | | | | | 1.72% | | | | | $ | — | | | | | | —% | | |
U.S. Government agency mortgage-backed
securities – residential(1) |
| | | | | | | | | | — | | | | | | 14,514 | | | | | | 1.64 | | | | | | 1,294 | | | | | | 2.21 | | |
Total
|
| | | $ | — | | | | | | —% | | | | | $ | 15,300 | | | | | | 1.64% | | | | | $ | 1,294 | | | | | | 2.21% | | |
|
| | |
More than Ten Years
|
| |
Total
|
| ||||||||||||||||||
| | |
Amortized
Cost |
| |
Weighted
Average Yield |
| |
Amortized
Cost |
| |
Weighted
Average Yield |
| ||||||||||||
| | |
(Dollars in thousands)
|
| |||||||||||||||||||||
U.S. Government agency SBAP security
|
| | | $ | — | | | | | | —% | | | | | $ | 786 | | | | | | 1.72% | | |
U.S. Government agency mortgage-backed securities – residential(1)
|
| | | | — | | | | | | — | | | | | | 15,808 | | | | | | 1.69 | | |
Total
|
| | | $ | — | | | | | | —% | | | | | $ | 16,594 | | | | | | 1.69% | | |
|
| | |
At December 31,
|
| |||||||||||||||||||||
| | |
2017
|
| |
2016
|
| ||||||||||||||||||
| | |
Amount
|
| |
Percent
|
| |
Amount
|
| |
Percent
|
| ||||||||||||
| | |
(Dollars in thousands)
|
| |||||||||||||||||||||
NOW and demand deposits(1)
|
| | | $ | 5,532 | | | | | | 6.4% | | | | | $ | 5,255 | | | | | | 5.9% | | |
Money market deposits
|
| | | | 14,792 | | | | | | 17.0 | | | | | | 13,025 | | | | | | 14.7 | | |
Regular savings and other deposits
|
| | | | 7,067 | | | | | | 8.1 | | | | | | 7,217 | | | | | | 8.2 | | |
Certificates of deposit – IRA
|
| | | | 17,116 | | | | | | 19.7 | | | | | | 18,708 | | | | | | 21.1 | | |
Certificates of deposit – other
|
| | | | 42,319 | | | | | | 48.7 | | | | | | 44,266 | | | | | | 50.1 | | |
Total
|
| | | $ | 86,826 | | | | | | 100.0% | | | | | $ | 88,471 | | | | | | 100.0% | | |
|
| | |
At December 31,
2017 |
| |||
| | |
(In thousands)
|
| |||
Maturity Period: | | | | | | | |
Three months or less
|
| | | $ | 2,160 | | |
Over three through six months
|
| | | | 1,906 | | |
Over six through twelve months
|
| | | | 5,211 | | |
Over one year through three years
|
| | | | 15,684 | | |
Over three years
|
| | | | 3,031 | | |
Total
|
| | | $ | 27,992 | | |
|
| | |
Years Ended
December 31, |
| |||||||||
| | |
2017
|
| |
2016
|
| ||||||
| | |
(Dollars in thousands)
|
| |||||||||
Balance outstanding at end of year
|
| | | $ | 9,000 | | | | | $ | 6,000 | | |
Average amount outstanding during the year
|
| | | | 8,786 | | | | | | 6,048 | | |
Highest amount outstanding at any month end during the year
|
| | | | 9,000 | | | | | | 9,000 | | |
Weighted average interest rate at end of year
|
| | | | 2.07% | | | | | | 2.48% | | |
Weighted average interest rate during the year
|
| | | | 2.09% | | | | | | 3.70% | | |
Location
|
| |
Leased or
Owned |
| |
Year
Opened |
| ||||||
Main Office:
100 East Clay Street Collinsville, IL 62234 |
| | | | Owned | | | | | | 1989 | | |
Other Office:
2110 North Center Street Maryville, IL 62062 |
| | | | Owned | | | | | | 2007 | | |
| | |
High
|
| |
Low
|
| ||||||
Quarter ended December 31, 2017
|
| | | $ | 13.75 | | | | | $ | 11.20 | | |
Quarter ended September 30, 2017
|
| | | $ | 14.30 | | | | | $ | 13.00 | | |
Quarter ended June 30, 2017
|
| | | $ | 13.00 | | | | | $ | 13.00 | | |
Quarter ended March 31, 2107
|
| | | $ | 12.60 | | | | | $ | 11.20 | | |
Quarter ended December 31, 2016
|
| | | $ | 11.25 | | | | | $ | 11.00 | | |
Quarter ended September 30, 2016
|
| | | $ | 11.00 | | | | | $ | 10.80 | | |
Quarter ended June 30, 2016
|
| | | $ | 11.35 | | | | | $ | 11.00 | | |
| | |
At December 31,
|
| |||||||||
| | |
2017
|
| |
2016
|
| ||||||
| | |
(In thousands)
|
| |||||||||
Financial Condition Data: | | | | | | | | | | | | | |
Total assets
|
| | | $ | 110,293 | | | | | $ | 109,390 | | |
Cash and cash equivalents
|
| | | | 5,190 | | | | | | 5,459 | | |
Restricted equity securities
|
| | | | 405 | | | | | | 837 | | |
Available-for-sale securities
|
| | | | 16,211 | | | | | | 25,162 | | |
Loans, net
|
| | | | 81,128 | | | | | | 74,248 | | |
Premises and equipment, net
|
| | | | 3,312 | | | | | | 3,141 | | |
Bank owned life insurance
|
| | | | 3,482 | | | | | | — | | |
Real estate owned, net
|
| | | | 81 | | | | | | — | | |
Deposits
|
| | | | 86,826 | | | | | | 88,471 | | |
Federal Home Loan Bank ("FHLB”) advances
|
| | | | 9,000 | | | | | | 6,000 | | |
Accrued expenses and other liabilities
|
| | | | 2,004 | | | | | | 2,120 | | |
Total equity
|
| | | | 12,386 | | | | | | 12,763 | | |
Operating Data: | | | | | | | | | | | | | |
Interest and dividend income
|
| | | $ | 3,836 | | | | | $ | 3,596 | | |
Interest expense
|
| | | | 1,254 | | | | | | 1,256 | | |
Net interest income
|
| | | | 2,582 | | | | | | 2,340 | | |
Provision for loan losses
|
| | | | — | | | | | | — | | |
Net interest income after provision for loan losses
|
| | | | 2,582 | | | | | | 2,340 | | |
Noninterest income
|
| | | | 164 | | | | | | 115 | | |
Noninterest expense
|
| | | | 3,231 | | | | | | 2,914 | | |
Loss before income tax expense
|
| | | | (485) | | | | | | (459) | | |
Income tax expense
|
| | | | 49 | | | | | | — | | |
Net loss
|
| | | $ | (534) | | | | | $ | (459) | | |
|
| | |
At or For the Years Ended
December 31, |
| |||||||||
| | |
2017
|
| |
2016
|
| ||||||
Selected Financial Ratios and Other Data(1): | | | | | | | | | | | | | |
Performance Ratios: | | | | | | | | | | | | | |
Return on average assets
|
| | | | (0.48)% | | | | | | (0.44)% | | |
Return on average equity
|
| | | | (4.71)% | | | | | | (5.17)% | | |
Interest rate spread(2)
|
| | | | 2.32% | | | | | | 2.15% | | |
Net interest margin(3)
|
| | | | 2.46% | | | | | | 2.32% | | |
Efficiency ratio(4)
|
| | | | 117.66% | | | | | | 118.70% | | |
Non-interest expense to average total assets
|
| | | | 2.88% | | | | | | 2.80% | | |
Average interest-earning assets to average interest-bearing liabilities
|
| | | | 1.13x | | | | | | 1.13x | | |
Average equity to average total assets
|
| | | | 10.09% | | | | | | 8.53% | | |
Asset Quality Ratios: | | | | | | | | | | | | | |
Non-performing assets to total assets
|
| | | | 0.17% | | | | | | 0.22% | | |
Non-performing loans to total gross loans
|
| | | | 0.20% | | | | | | 0.32% | | |
Allowance for loan losses to non-performing loans
|
| | | | 893.38% | | | | | | 503.73% | | |
Allowance for loan losses to total gross loans(5)
|
| | | | 1.48% | | | | | | 1.61% | | |
Net charge-offs to average loans outstanding
|
| | | | 0.00% | | | | | | 0.05% | | |
Capital Ratios: | | | | | | | | | | | | | |
Total capital (to risk-weighted assets)
|
| | | | 20.69% | | | | | | 23.97% | | |
Tier 1 capital (to risk-weighted assets)
|
| | | | 19.43% | | | | | | 22.71% | | |
Common equity tier 1 capital (to risk-weighted assets)
|
| | | | 19.43% | | | | | | 22.71% | | |
Tier 1 capital (to average assets)
|
| | | | 11.19% | | | | | | 11.53% | | |
Other Data: | | | | | | | | | | | | | |
Number of full-service offices
|
| | | | 2 | | | | | | 2 | | |
Full-time equivalent employees
|
| | | | 22 | | | | | | 22 | | |
| | |
Year to Date
|
| |||||||||||||||||||||||||||||||||
| | |
December 31, 2017
|
| |
December 31, 2016
|
| ||||||||||||||||||||||||||||||
| | |
Average
Balance |
| |
Interest and
Dividends |
| |
Yield/
Cost |
| |
Average
Balance |
| |
Interest and
Dividends |
| |
Yield/
Cost |
| ||||||||||||||||||
| | |
(Dollars in Thousands)
|
| |||||||||||||||||||||||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest-earning assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Loans
|
| | | $ | 79,825 | | | | | $ | 3,439 | | | | | | 4.32% | | | | | $ | 74,324 | | | | | $ | 3,311 | | | | | | 4.45% | | |
Investment securities
|
| | | | 22,512 | | | | | | 361 | | | | | | 1.61 | | | | | | 18,352 | | | | | | 250 | | | | | | 1.36 | | |
Interest-bearing deposits
|
| | | | 2,357 | | | | | | 36 | | | | | | 1.53 | | | | | | 5,811 | | | | | | 35 | | | | | | 0.60 | | |
Total interest-earning assets
|
| | | | 104,694 | | | | | | 3,836 | | | | | | 3.67 | | | | | | 98,487 | | | | | | 3,596 | | | | | | 3.65 | | |
Noninterest-earning assets
|
| | | | 7,668 | | | | | | | | | | | | | | | | | | 5,638 | | | | | | | | | | | | | | |
Total assets
|
| | | $ | 112,362 | | | | | | | | | | | | | | | | | $ | 104,125 | | | | | | | | | | | | | | |
Liabilities and equity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest-bearing liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Checking accounts
|
| | | $ | 443 | | | | | $ | 4 | | | | | | 0.90% | | | | | $ | 359 | | | | | $ | 2 | | | | | | 0.56% | | |
Savings accounts
|
| | | | 7,488 | | | | | | 5 | | | | | | 0.07 | | | | | | 7,818 | | | | | | 5 | | | | | | 0.06 | | |
Money market accounts
|
| | | | 14,175 | | | | | | 68 | | | | | | 0.48 | | | | | | 10,427 | | | | | | 36 | | | | | | 0.35 | | |
Certificates of deposit
|
| | | | 61,556 | | | | | | 993 | | | | | | 1.61 | | | | | | 62,437 | | | | | | 989 | | | | | | 1.58 | | |
Total interest-bearing deposits
|
| | | | 83,662 | | | | | | 1,070 | | | | | | 1.28 | | | | | | 81,041 | | | | | | 1,032 | | | | | | 1.27 | | |
FHLB advances
|
| | | | 8,786 | | | | | | 184 | | | | | | 2.09 | | | | | | 6,048 | | | | | | 224 | | | | | | 3.70 | | |
Total interest-bearing liabilities
|
| | | | 92,448 | | | | | | 1,254 | | | | | | 1.36 | | | | | | 87,089 | | | | | | 1,256 | | | | | | 1.44 | | |
Noninterest bearing deposits
|
| | | | 6,285 | | | | | | | | | | | | | | | | | | 5,034 | | | | | | | | | | | | | | |
Other noninterest-bearing liabilities
|
| | | | 2,289 | | | | | | | | | | | | | | | | | | 3,125 | | | | | | | | | | | | | | |
Total liabilities
|
| | | | 101,022 | | | | | | | | | | | | | | | | | | 95,248 | | | | | | | | | | | | | | |
Equity
|
| | | | 11,340 | | | | | | | | | | | | | | | | | | 8,877 | | | | | | | | | | | | | | |
Total liabilities and equity
|
| | | $ | 112,362 | | | | | | | | | | | | | | | | | $ | 104,125 | | | | | | | | | | | | | | |
Net interest income
|
| | | | | | | | | $ | 2,582 | | | | | | | | | | | | | | | | | $ | 2,340 | | | | | | | | |
Interest rate spread
|
| | | | | | | | | | | | | | | | 2.32% | | | | | | | | | | | | | | | | | | 2.21% | | |
Net interest margin
|
| | | | | | | | | | | | | | | | 2.46% | | | | | | | | | | | | | | | | | | 2.38% | | |
Average interest-earning assets to average interest-bearing liabilities
|
| | | | 1.13x | | | | | | | | | | | | | | | | | | 1.13x | | | | | | | | | | | | | | |
|
| | |
Year Ended
December 31, 2017 Compared to 2016 |
| |||||||||||||||
| | |
Volume
|
| |
Rate
|
| |
Net
|
| |||||||||
| | |
(Dollars in thousands)
|
| |||||||||||||||
Interest income: | | | | | | | | | | | | | | | | | | | |
Loans
|
| | | $ | 239 | | | | | $ | (111) | | | | | $ | 128 | | |
Investment securities
|
| | | | 56 | | | | | | 55 | | | | | | 111 | | |
Other interest-earning assets
|
| | | | (21) | | | | | | 22 | | | | | | 1 | | |
Total
|
| | | | 274 | | | | | | (34) | | | | | | 240 | | |
Interest expense: | | | | | | | | | | | | | | | | | | | |
Deposits
|
| | | | 16 | | | | | | 22 | | | | | | 38 | | |
FHLB advances
|
| | | | (18) | | | | | | (22) | | | | | | (40) | | |
Total
|
| | | | (2) | | | | | | 0 | | | | | | (2) | | |
Increase in net interest income
|
| | | $ | 276 | | | | | $ | (34) | | | | | $ | 242 | | |
|
| | |
Net Portfolio
Value per Model |
| |
Dollar Change
from Base |
| |
Percentage
Change from Base |
| |
Percentage total
of Market Value of Assets |
| ||||||||||||
Up 300 basis points
|
| | | $ | 15,801 | | | | | $ | (1,358) | | | | | | (7.9)% | | | | | | 14.1% | | |
Up 200 basis points
|
| | | | 15,764 | | | | | | (1,395) | | | | | | (8.1) | | | | | | 14.1 | | |
Up 100 basis points
|
| | | | 16,648 | | | | | | (511) | | | | | | (3.0) | | | | | | 14.9 | | |
Base
|
| | | | 17,159 | | | | | | — | | | | | | — | | | | | | 15.4 | | |
Down 100 basis points
|
| | | | 16,678 | | | | | | (481) | | | | | | (2.8) | | | | | | 14.9 | | |
| Consolidated Financial Statements | | | |||||
| | | | | 50 | | | |
| | | | | 51 | | | |
| | | | | 52 | | | |
| | | | | 53 | | | |
| | | | | 54 | | | |
| | | | | 55 | | | |
| | | | | 56 | | |
| | |
December 31,
2017 |
| |
December 31,
2016 |
| ||||||
ASSETS | | | | | | | | | | | | | |
Cash and due from banks
|
| | | $ | 1,331 | | | | | $ | 1,776 | | |
Interest-earning deposits in banks
|
| | | | 3,859 | | | | | | 3,683 | | |
Total cash and cash equivalents
|
| | | | 5,190 | | | | | | 5,459 | | |
Available-for-sale securities
|
| | | | 16,211 | | | | | | 25,162 | | |
Loans
|
| | | | 82,343 | | | | | | 75,462 | | |
Allowance for loan losses
|
| | | | (1,215) | | | | | | (1,214) | | |
Net loans
|
| | | | 81,128 | | | | | | 74,248 | | |
Premises and equipment, net
|
| | | | 3,312 | | | | | | 3,141 | | |
Bank owned life insurance
|
| | | | 3,482 | | | | | | — | | |
Real estate owned, net
|
| | | | 81 | | | | | | — | | |
Accrued interest receivable | | | | | | | | | | | | | |
Investment securities
|
| | | | 249 | | | | | | 244 | | |
Loans receivable
|
| | | | 51 | | | | | | 74 | | |
Deferred tax asset
|
| | | | 80 | | | | | | 138 | | |
Restricted equity securities
|
| | | | 405 | | | | | | 837 | | |
Other assets
|
| | | | 104 | | | | | | 87 | | |
Total assets
|
| | | $ | 110,293 | | | | | $ | 109,390 | | |
LIABILITIES | | | | | | | | | | | | | |
Deposits | | | | | | | | | | | | | |
Noninterest-bearing
|
| | | $ | 5,082 | | | | | $ | 4,781 | | |
Interest-bearing
|
| | | | 81,744 | | | | | | 83,690 | | |
Total deposits
|
| | | | 86,826 | | | | | | 88,471 | | |
Federal Home Loan Bank (“FHLB”) advances
|
| | | | 9,000 | | | | | | 6,000 | | |
Accrued defined benefit pension and postretirement plans
|
| | | | 1,785 | | | | | | 1,911 | | |
Other liabilities
|
| | | | 219 | | | | | | 209 | | |
Total liabilities
|
| | | | 97,830 | | | | | | 96,591 | | |
Commitments and contingencies | | | | | | | | | | | | | |
Redeemable common stock held by ESOP plan
|
| | | | 77 | | | | | | 41 | | |
SHAREHOLDERS’ EQUITY | | | | | | | | | | | | | |
Preferred stock, $0.01 par value, 1,000,000 shares authorized; none issued and
outstanding |
| | | | — | | | | | | — | | |
Common stock, $0.01 par value, 30,000,000 shares authorized, 826,208 shares
issued and outstanding |
| | | | 8 | | | | | | 8 | | |
Additional paid-in capital
|
| | | | 6,847 | | | | | | 6,839 | | |
Retained earnings – substantially restricted
|
| | | | 8,096 | | | | | | 8,330 | | |
Unearned Employee Stock Ownership Plan (“ESOP”) | | | | | | | | | | | | | |
common stock, 60,365 and 62,844 shares
|
| | | | (595) | | | | | | (628) | | |
Accumulated other comprehensive loss, net of tax: | | | | | | | | | | | | | |
Net unrealized losses on available-for-sale securities
|
| | | | (302) | | | | | | (269) | | |
Net unrealized losses on defined benefit pension plan and postretirement medical plans, net
|
| | | | (1,591) | | | | | | (1,481) | | |
Total accumulated other comprehensive loss, net of tax
|
| | | | (1,893) | | | | | | (1,750) | | |
Less maximum cash obligation related to ESOP shares
|
| | | | (77) | | | | | | (41) | | |
Total shareholders’ equity
|
| | | | 12,386 | | | | | | 12,758 | | |
Total liabilities and shareholders’ equity
|
| | | $ | 110,293 | | | | | $ | 109,390 | | |
|
| | |
Years Ended December 31,
|
| |||||||||
| | |
2017
|
| |
2016
|
| ||||||
Interest income: | | | | | | | | | | | | | |
Loans receivable
|
| | | $ | 3,439 | | | | | $ | 3,311 | | |
Investment securities, taxable
|
| | | | 361 | | | | | | 250 | | |
Other interest-earning assets
|
| | | | 36 | | | | | | 35 | | |
Total interest income
|
| | | | 3,836 | | | | | | 3,596 | | |
Interest expense: | | | | | | | | | | | | | |
Deposits
|
| | | | 1,070 | | | | | | 1,032 | | |
Advances from FHLB
|
| | | | 184 | | | | | | 224 | | |
Total interest expense
|
| | | | 1,254 | | | | | | 1,256 | | |
Net interest income
|
| | | | 2,582 | | | | | | 2,340 | | |
Provision for loan losses
|
| | | | — | | | | | | — | | |
Net interest income after provision for loan losses
|
| | | | 2,582 | | | | | | 2,340 | | |
Noninterest income: | | | | | | | | | | | | | |
Service charges on deposit accounts
|
| | | | 96 | | | | | | 70 | | |
Income on bank owned life insurance
|
| | | | 82 | | | | | | — | | |
Gain (loss) on sales of securities
|
| | | | (49) | | | | | | 7 | | |
Gain on sale of real estate owned
|
| | | | 1 | | | | | | 10 | | |
Other
|
| | | | 34 | | | | | | 28 | | |
Total noninterest income
|
| | | | 164 | | | | | | 115 | | |
Noninterest expense: | | | | | | | | | | | | | |
Salaries and employee benefits
|
| | | | 1,625 | | | | | | 1,469 | | |
Occupancy and equipment
|
| | | | 477 | | | | | | 394 | | |
Data processing
|
| | | | 217 | | | | | | 209 | | |
Professional and supervisory fees
|
| | | | 519 | | | | | | 386 | | |
Office expense
|
| | | | 55 | | | | | | 62 | | |
Advertising
|
| | | | 57 | | | | | | 67 | | |
FDIC deposit insurance
|
| | | | 34 | | | | | | 54 | | |
Provision for real estate owned and related expenses
|
| | | | 16 | | | | | | 52 | | |
Other
|
| | | | 231 | | | | | | 221 | | |
Total noninterest expense
|
| | | | 3,231 | | | | | | 2,914 | | |
Loss before income taxes
|
| | | | (485) | | | | | | (459) | | |
Income tax expense
|
| | | | 49 | | | | | | — | | |
Net loss
|
| | | $ | (534) | | | | | $ | (459) | | |
Basic net loss per share
|
| | | $ | (0.70) | | | | | $ | (1.19) | | |
|
| | |
Years Ended December 31,
|
| |||||||||
| | |
2017
|
| |
2016
|
| ||||||
Net loss
|
| | | $ | (534) | | | | | $ | (459) | | |
Other comprehensive income (loss): | | | | | | | | | | | | | |
Unrealized gain (loss) on available-for-sale securities:
|
| | | | | | | | | | | | |
Unrealized holding gain (loss) arising during the period
|
| | | | (26) | | | | | $ | (270) | | |
Reclassification adjustment for gains (losses) included in net income
|
| | | | 49 | | | | | | (7) | | |
Tax effect
|
| | | | (7) | | | | | | 93 | | |
Net of tax
|
| | | | 16 | | | | | | (184) | | |
Defined benefit pension and post retirement medical plans: | | | | | | | | | | | | | |
Net gain (loss) arising during the period on plans
|
| | | | 43 | | | | | | 251 | | |
Reclassification adjustment for amortization of prior service cost and net
gain/loss included in net periodic pension cost |
| | | | 98 | | | | | | 110 | | |
Tax effect
|
| | | | — | | | | | | — | | |
Net of tax
|
| | | | 141 | | | | | | 361 | | |
Total other comprehensive income
|
| | | | 157 | | | | | | 177 | | |
Comprehensive loss
|
| | | $ | (377) | | | | | $ | (282) | | |
|
| | |
Common
Stock |
| |
Additional
Paid-In Capital |
| |
Retained
Earnings |
| |
Unearned
ESOP Shares |
| |
Net
Unrealized Losses On Available-for-sale Securities, Net |
| |
Net
Unrealized Losses On Defined Benefit Pension and Postretirement Medical Plans, Net |
| |
Maximum
Cash Obligation Related to ESOP Shares |
| |
Total
|
| ||||||||||||||||||||||||
Balance at December 31, 2015
|
| | | $ | — | | | | | $ | — | | | | | $ | 8,789 | | | | | $ | — | | | | | $ | (85) | | | | | $ | (1,842) | | | | | $ | — | | | | | $ | 6,862 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | (459) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (459) | | |
Other comprehensive loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (184) | | | | | | 361 | | | | | | — | | | | | | 177 | | |
Proceeds from issuance of 826,208
shares of common stock |
| | | | 8 | | | | | | 6,836 | | | | | | — | | | | | | (661) | | | | | | — | | | | | | — | | | | | | — | | | | | | 6,183 | | |
ESOP shares earned
|
| | | | — | | | | | | 3 | | | | | | — | | | | | | 33 | | | | | | — | | | | | | — | | | | | | — | | | | | | 36 | | |
Change related to ESOP shares cash obligation
|
| | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | | | | | | | (41) | | | | | | (41) | | |
Balance at December 31, 2016
|
| | | $ | 8 | | | | | $ | 6,839 | | | | | $ | 8,330 | | | | | $ | (628) | | | | | $ | (269) | | | | | $ | (1,481) | | | | | $ | (41) | | | | | $ | 12,758 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | (534) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (534) | | |
Other comprehensive income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 16 | | | | | | 141 | | | | | | — | | | | | | 157 | | |
ESOP shares earned
|
| | | | — | | | | | | 8 | | | | | | — | | | | | | 33 | | | | | | — | | | | | | — | | | | | | — | | | | | | 41 | | |
Change related to ESOP shares cash obligation
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (36) | | | | | | (36) | | |
Reclassification of certain tax effects(1)
|
| | | | — | | | | | | — | | | | | | 300 | | | | | | — | | | | | | (49) | | | | | | (251) | | | | | | — | | | | | | — | | |
Balance at December 31, 2017
|
| | | $ | 8 | | | | | $ | 6,847 | | | | | $ | 8,096 | | | | | $ | (595) | | | | | $ | (302) | | | | | $ | (1,591) | | | | | $ | (77) | | | | | $ | 12,386 | | |
|
| | |
Years Ended December 31,
|
| |||||||||
| | |
2017
|
| |
2016
|
| ||||||
Cash flows from operating activities: | | | | | | | | | | | | | |
Net loss
|
| | | $ | (534) | | | | | $ | (459) | | |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
|
| | | | | | | | | | | | |
Depreciation and amortization, net
|
| | | | 705 | | | | | | 495 | | |
Income on bank owned life insurance
|
| | | | (82) | | | | | | — | | |
Gain on sale of real estate owned
|
| | | | (1) | | | | | | (10) | | |
(Gain) loss on sales of securities
|
| | | | 49 | | | | | | (7) | | |
ESOP compensation expense
|
| | | | 41 | | | | | | 36 | | |
Deferred income taxes
|
| | | | 51 | | | | | | — | | |
Proceeds from loans held for sale
|
| | | | 479 | | | | | | — | | |
Originations of loans held for sale
|
| | | | (474) | | | | | | — | | |
Gain on sales of loans
|
| | | | (5) | | | | | | — | | |
Net change in operating assets and liabilities: | | | | | | | | | | | | | |
Accrued interest receivable
|
| | | | 18 | | | | | | (22) | | |
Accrued interest payable
|
| | | | (1) | | | | | | (22) | | |
Other
|
| | | | 21 | | | | | | (36) | | |
Net cash provided by (used in) operating activities
|
| | | | 267 | | | | | | (25) | | |
Cash flows from investing activities: | | | | | | | | | | | | | |
Loan originations and repayments, net
|
| | | | (7,027) | | | | | | 418 | | |
Purchases of available-for-sale securities
|
| | | | (1,813) | | | | | | (22,144) | | |
Proceeds from maturities, paydowns and calls of available-for-sale securities
|
| | | | 5,010 | | | | | | 4,667 | | |
Proceeds from sales of available-for-sale securities
|
| | | | 5,305 | | | | | | 2,911 | | |
Purchase of bank owned life insurance
|
| | | | (3,400) | | | | | | — | | |
Redemptions of FHLB stock, net
|
| | | | 432 | | | | | | — | | |
Purchases of premises and equipment
|
| | | | (430) | | | | | | (1,455) | | |
Proceeds from sale of foreclosed real estate
|
| | | | 32 | | | | | | 346 | | |
Net cash used in investing activities
|
| | | | (1,891) | | | | | | (15,257) | | |
Cash flows from financing activities: | | | | | | | | | | | | | |
Net change in deposits
|
| | | | (1,645) | | | | | | 8,458 | | |
Borrowings of FHLB advances
|
| | | | 3,000 | | | | | | 5,000 | | |
Repayments of FHLB advances
|
| | | | — | | | | | | (8,000) | | |
Proceeds from issuance of common stock
|
| | | | — | | | | | | 6,183 | | |
Net cash provided by financing activities
|
| | | | 1,355 | | | | | | 11,641 | | |
Change in cash and cash equivalents
|
| | | | (269) | | | | | | (3,641) | | |
Cash and cash equivalents at beginning of period
|
| | | | 5,459 | | | | | | 9,100 | | |
Cash and cash equivalents at end of period
|
| | | $ | 5,190 | | | | | $ | 5,459 | | |
Supplemental disclosures of cash flow information: | | | | | | | | | | | | | |
Cash paid during the period for: | | | | | | | | | | | | | |
Interest on deposits
|
| | | $ | 1,070 | | | | | $ | 1,031 | | |
Interest on advances from FHLB
|
| | | | 185 | | | | | | 247 | | |
Real estate acquired in settlement of loans
|
| | | $ | 113 | | | | | $ | 24 | | |
Loans made to finance sales of foreclosed assets
|
| | | $ | — | | | | | $ | 384 | | |
| | |
Years Ended
December 31, 2017 |
| |
Years Ended
December 31, 2016 |
| ||||||
Loss per share | | | | | | | | | | | | | |
Net loss
|
| | | $ | (534) | | | | | $ | (459) | | |
Weighted average common shares outstanding
|
| | | | 826,208 | | | | | | 417,619 | | |
Less: average unearned ESOP shares
|
| | | | (61,192) | | | | | | (33,400) | | |
Weighted average common shares outstanding
|
| | | | 765,017 | | | | | | 384,219 | | |
Basic loss per share
|
| | | $ | (0.70) | | | | | $ | (1.19) | | |
|
| | |
Amortized
Cost |
| |
Gross
Unrealized Gains |
| |
Gross
Unrealized Losses |
| |
Fair
Value |
| ||||||||||||
December 31, 2017 | | | | | | ||||||||||||||||||||
Debt securities: | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. Government agency SBAP security
|
| | | $ | 786 | | | | | $ | — | | | | | $ | (24) | | | | | $ | 762 | | |
U.S. Government agency mortgage-backed securities – residential
|
| | | | 15,808 | | | | | | — | | | | | | (359) | | | | | | 15,449 | | |
Total
|
| | | $ | 16,594 | | | | | $ | — | | | | | $ | (383) | | | | | $ | 16,211 | | |
|
| | |
Amortized
Cost |
| |
Gross
Unrealized Gains |
| |
Gross
Unrealized Losses |
| |
Fair
Value |
| ||||||||||||
December 31, 2016 | | | | | | ||||||||||||||||||||
Debt securities: | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. Government agency SBAP security
|
| | | $ | 1,005 | | | | | $ | — | | | | | $ | (29) | | | | | $ | 976 | | |
U.S. Government agency mortgage-backed securities – residential
|
| | | | 24,563 | | | | | | 4 | | | | | | (381) | | | | | | 24,186 | | |
Total
|
| | | $ | 25,568 | | | | | $ | 4 | | | | | $ | (410) | | | | | $ | 25,162 | | |
|
| | |
Less than 12 Months
|
| |
12 Months or Longer
|
| |
Total
|
| |||||||||||||||||||||||||||||||||||||||||||||
| | |
Fair
Value |
| |
Unrealized
Loss |
| |
Number in
Unrealized Loss(1) |
| |
Fair
Value |
| |
Unrealized
Loss |
| |
Number in
Unrealized Loss(1) |
| |
Fair
Value |
| |
Unrealized
Loss |
| |
Number in
Unrealized Loss(1) |
| |||||||||||||||||||||||||||
December 31, 2017 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||
U.S. Government agency SBAP security
|
| | | $ | — | | | | | $ | — | | | | | | — | | | | | $ | 762 | | | | | $ | (24) | | | | | | 1 | | | | | $ | 762 | | | | | $ | (24) | | | | | | 1 | | |
U.S. Government agency mortgage-backed securities – residential
|
| | | | 1,607 | | | | | | (15) | | | | | | 3 | | | | | | 13,842 | | | | | | (344) | | | | | | 24 | | | | | | 15,449 | | | | | | (359) | | | | | | 27 | | |
Total | | | | $ | 1,607 | | | | | $ | (15) | | | | | | 3 | | | | | $ | 14,604 | | | | | $ | (368) | | | | | | 25 | | | | | $ | 16,211 | | | | | $ | (383) | | | | | | 28 | | |
|
| | |
Less than 12 Months
|
| |
12 Months or Longer
|
| |
Total
|
| |||||||||||||||||||||||||||||||||||||||||||||
| | |
Fair
Value |
| |
Unrealized
loss |
| |
Number in
Unrealized Loss(1) |
| |
Market
Value |
| |
Unrealized
loss |
| |
Number in
Unrealized Loss(1) |
| |
Fair
Value |
| |
Unrealized
Loss |
| |
Number in
Unrealized Loss(1) |
| |||||||||||||||||||||||||||
December 31, 2016 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||
U.S. Government agency bonds
|
| | | $ | 976 | | | | | $ | (29) | | | | | | 1 | | | | | $ | — | | | | | $ | — | | | | | | — | | | | | $ | 976 | | | | | $ | (29) | | | | | | 1 | | |
U.S. Government agency mortgage-backed securities – residential
|
| | | | 19,341 | | | | | | (320) | | | | | | 26 | | | | | | 3,500 | | | | | | (61) | | | | | | 8 | | | | | | 22,841 | | | | | | (381) | | | | | | 34 | | |
Total
|
| | | $ | 20,317 | | | | | $ | (349) | | | | | | 27 | | | | | $ | 3,500 | | | | | $ | (61) | | | | | | 8 | | | | | $ | 23,817 | | | | | $ | (410) | | | | | | 35 | | |
|
| | |
Years Ended
|
| |||||||||
| | |
December 31,
2017 |
| |
December 31,
2016 |
| ||||||
Available-for-sale: | | | | | | | | | | | | | |
Proceeds
|
| | | $ | 5,305 | | | | | $ | 2,911 | | |
Gross gains
|
| | | | — | | | | | | 13 | | |
Gross losses
|
| | | | (49) | | | | | | (6) | | |
| | |
December 31,
2017 |
| |
December 31,
2016 |
| ||||||
Real estate loans: | | | | | | | | | | | | | |
One-to four-family, owner occupied
|
| | | $ | 44,660 | | | | | $ | 47,971 | | |
One-to four-family, non-owner occupied
|
| | | | 6,651 | | | | | | 5,251 | | |
Commercial and multi-family
|
| | | | 23,790 | | | | | | 17,785 | | |
Construction and land
|
| | | | 3,619 | | | | | | 2,676 | | |
Commercial business loans
|
| | | | 2,048 | | | | | | 921 | | |
Consumer loans
|
| | | | 1,584 | | | | | | 901 | | |
| | | | | 82,352 | | | | | | 75,505 | | |
Net deferred loan fees
|
| | | | (9) | | | | | | (43) | | |
Total
|
| | | $ | 82,343 | | | | | $ | 75,462 | | |
|
| | |
Beginning
Balance |
| |
Provision
|
| |
Charge-offs
|
| |
Recoveries
|
| |
Ending
Balance |
| |||||||||||||||
Year Ended December 31, 2017 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Real estate loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
One-to-four family, owner occupied
|
| | | $ | 657 | | | | | $ | (140) | | | | | $ | (34) | | | | | $ | 42 | | | | | $ | 525 | | |
One-to-four family, non-owner occupied
|
| | | | 113 | | | | | | (17) | | | | | | (19) | | | | | | 4 | | | | | | 81 | | |
Commercial and multi-family
|
| | | | 309 | | | | | | 98 | | | | | | — | | | | | | — | | | | | | 407 | | |
Construction and land
|
| | | | 42 | | | | | | (16) | | | | | | — | | | | | | 8 | | | | | | 34 | | |
Commercial business loans
|
| | | | 18 | | | | | | 23 | | | | | | — | | | | | | — | | | | | | 41 | | |
Consumer loans
|
| | | | 26 | | | | | | 13 | | | | | | — | | | | | | — | | | | | | 39 | | |
Unallocated
|
| | | | 49 | | | | | | 39 | | | | | | — | | | | | | — | | | | | | 88 | | |
| | | | $ | 1,214 | | | | | $ | — | | | | | $ | (53) | | | | | $ | 54 | | | | | $ | 1,215 | | |
|
| | |
Beginning
Balance |
| |
Provision
|
| |
Charge-offs
|
| |
Recoveries
|
| |
Ending
Balance |
| |||||||||||||||
Year Ended December 31, 2016 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Real estate loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
One-to-four family, owner occupied
|
| | | $ | 771 | | | | | $ | (89) | | | | | $ | (68) | | | | | $ | 43 | | | | | $ | 657 | | |
One-to-four family, non-owner occupied
|
| | | | 82 | | | | | | 41 | | | | | | (22) | | | | | | 12 | | | | | | 113 | | |
Commercial and multi-family
|
| | | | 260 | | | | | | 49 | | | | | | — | | | | | | — | | | | | | 309 | | |
Construction and land
|
| | | | 47 | | | | | | (5) | | | | | | — | | | | | | — | | | | | | 42 | | |
Commercial business loans
|
| | | | 14 | | | | | | 4 | | | | | | — | | | | | | — | | | | | | 18 | | |
Consumer loans
|
| | | | 19 | | | | | | 7 | | | | | | — | | | | | | — | | | | | | 26 | | |
Unallocated
|
| | | | 56 | | | | | | (7) | | | | | | — | | | | | | — | | | | | | 49 | | |
| | | | $ | 1,249 | | | | | $ | — | | | | | $ | (90) | | | | | $ | 55 | | | | | $ | 1,214 | | |
|
| | |
Ending Allowance on Loans
|
| |
Loans
|
| ||||||||||||||||||||||||||||||
| | |
Individually
Evaluated for Impairment |
| |
Collectively
Evaluated for Impairment |
| |
Total
|
| |
Individually
Evaluated for Impairment |
| |
Collectively
Evaluated for Impairment |
| |
Total
|
| ||||||||||||||||||
December 31, 2017 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Real estate loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
One- to four-family, owner occupied
|
| | | $ | — | | | | | $ | 525 | | | | | $ | 525 | | | | | $ | 635 | | | | | $ | 44,025 | | | | | $ | 44,660 | | |
One- to four-family, non-owner occupied
|
| | | | — | | | | | | 81 | | | | | | 81 | | | | | | 116 | | | | | | 6,535 | | | | | | 6,651 | | |
Commercial and multi-family
|
| | | | — | | | | | | 407 | | | | | | 407 | | | | | | — | | | | | | 23,790 | | | | | | 23,790 | | |
Construction and land
|
| | | | — | | | | | | 34 | | | | | | 34 | | | | | | 13 | | | | | | 3,606 | | | | | | 3,619 | | |
Commercial business loans
|
| | | | — | | | | | | 41 | | | | | | 41 | | | | | | — | | | | | | 2,048 | | | | | | 2,048 | | |
Consumer loans
|
| | | | — | | | | | | 39 | | | | | | 39 | | | | | | — | | | | | | 1,584 | | | | | | 1,584 | | |
Unallocated
|
| | | | — | | | | | | 88 | | | | | | 88 | | | | | | — | | | | | | — | | | | | | — | | |
| | | | $ | — | | | | | $ | 1,215 | | | | | $ | 1,215 | | | | | $ | 764 | | | | | $ | 81,588 | | | | | $ | 82,352 | | |
|
| | |
Ending Allowance on Loans
|
| |
Loans
|
| ||||||||||||||||||||||||||||||
| | |
Individually
Evaluated for Impairment |
| |
Collectively
Evaluated for Impairment |
| |
Total
|
| |
Individually
Evaluated Impairment |
| |
Collectively
Evaluated Impairment |
| |
Total
|
| ||||||||||||||||||
December 31, 2016 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Real estate loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
One- to four-family, owner occupied
|
| | | $ | 9 | | | | | $ | 648 | | | | | $ | 657 | | | | | $ | 700 | | | | | $ | 47,271 | | | | | $ | 47,971 | | |
One- to four-family, non-owner occupied
|
| | | | — | | | | | | 113 | | | | | | 113 | | | | | | 110 | | | | | | 5,141 | | | | | | 5,251 | | |
Commercial and multi-family
|
| | | | — | | | | | | 309 | | | | | | 309 | | | | | | 69 | | | | | | 17,716 | | | | | | 17,785 | | |
Construction and land
|
| | | | — | | | | | | 42 | | | | | | 42 | | | | | | 16 | | | | | | 2,660 | | | | | | 2,676 | | |
Commercial business loans
|
| | | | — | | | | | | 18 | | | | | | 18 | | | | | | — | | | | | | 921 | | | | | | 921 | | |
Consumer loans
|
| | | | — | | | | | | 26 | | | | | | 26 | | | | | | — | | | | | | 901 | | | | | | 901 | | |
Unallocated
|
| | | | — | | | | | | 49 | | | | | | 49 | | | | | | — | | | | | | — | | | | | | — | | |
| | | | $ | 9 | | | | | $ | 1,205 | | | | | $ | 1,214 | | | | | $ | 895 | | | | | $ | 74,610 | | | | | $ | 75,505 | | |
|
| | |
December 31, 2017
|
| |
December 31, 2016
|
| ||||||||||||||||||||||||||||||
| | |
Unpaid
Principal Balance |
| |
Recorded
Investment |
| |
Related
Allowance |
| |
Unpaid
Principal Balance |
| |
Recorded
Investment |
| |
Related
Allowance |
| ||||||||||||||||||
With no recorded allowance: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Real estate loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
One-to four-family, owner occupied
|
| | | $ | 800 | | | | | $ | 635 | | | | | $ | — | | | | | $ | 915 | | | | | $ | 661 | | | | | $ | — | | |
One-to four-family, non-owner occupied
|
| | | | 153 | | | | | | 116 | | | | | | — | | | | | | 134 | | | | | | 110 | | | | | | — | | |
Commercial and multi-family
|
| | | | — | | | | | | — | | | | | | — | | | | | | 69 | | | | | | 69 | | | | | | — | | |
Construction and land
|
| | | | 13 | | | | | | 13 | | | | | | — | | | | | | 16 | | | | | | 16 | | | | | | — | | |
Commercial business loans
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Consumer loans
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total
|
| | | $ | 966 | | | | | $ | 764 | | | | | $ | — | | | | | $ | 1,134 | | | | | $ | 856 | | | | | $ | — | | |
With recorded allowance: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Real estate loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
One-to four-family, owner occupied
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 39 | | | | | $ | 39 | | | | | $ | 9 | | |
One-to four-family, non-owner occupied
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commercial and multi-family
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Construction and land
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commercial business loans
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Consumer loans
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 39 | | | | | $ | 39 | | | | | $ | 9 | | |
Totals: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Real estate loans
|
| | | $ | 966 | | | | | $ | 764 | | | | | $ | — | | | | | $ | 1,173 | | | | | $ | 895 | | | | | $ | 9 | | |
Commercial loans
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Consumer and other loans
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total
|
| | | $ | 966 | | | | | $ | 764 | | | | | $ | — | | | | | $ | 1,173 | | | | | $ | 895 | | | | | $ | 9 | | |
|
| | |
Years Ended
|
| |||||||||||||||||||||
| | |
December 31, 2017
|
| |
December 31, 2016
|
| ||||||||||||||||||
| | |
Average
Recorded Investment |
| |
Interest
Income Recognized |
| |
Average
Recorded Investment |
| |
Interest
Income Recognized |
| ||||||||||||
With no recorded allowance: | | | | | | | | | | | | | | | | | | | | | | | | | |
Real estate loans: | | | | | | | | | | | | | | | | | | | | | | | | | |
One-to four-family, owner occupied
|
| | | $ | 811 | | | | | $ | 42 | | | | | $ | 930 | | | | | $ | 56 | | |
One-to four-family, non-owner occupied
|
| | | | 154 | | | | | | 8 | | | | | | 136 | | | | | | 6 | | |
Commercial and multi-family
|
| | | | — | | | | | | — | | | | | | 68 | | | | | | 3 | | |
Construction and land
|
| | | | 13 | | | | | | 1 | | | | | | 17 | | | | | | 1 | | |
Commercial business loans
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Consumer loans
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total
|
| | | $ | 978 | | | | | $ | 51 | | | | | $ | 1,151 | | | | | $ | 66 | | |
With recorded allowance: | | | | | | | | | | | | | | | | | | | | | | | | | |
Real estate loans: | | | | | | | | | | | | | | | | | | | | | | | | | |
One-to four-family, owner occupied
|
| | | $ | — | | | | | $ | — | | | | | $ | 39 | | | | | $ | 1 | | |
One-to four-family, non-owner occupied
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commercial and multi-family
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Construction and land
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commercial business loans
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Consumer loans
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total
|
| | | $ | — | | | | | $ | — | | | | | $ | 39 | | | | | $ | 1 | | |
Totals: | | | | | | | | | | | | | | | | | | | | | | | | | |
Real estate loans
|
| | | $ | 978 | | | | | $ | 51 | | | | | $ | 1,190 | | | | | $ | 67 | | |
Commercial business loans
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Consumer and other loans
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total
|
| | | $ | 978 | | | | | $ | 51 | | | | | $ | 1,190 | | | | | $ | 67 | | |
|
| | |
30 – 59 Days
Past Due |
| |
60 – 89 Days
Past Due |
| |
90 Days
or More Past Due |
| |
Current
|
| |
Total
|
| |
Nonaccrual
Loans |
| |
Accruing Loans
Past Due 90 Days or More |
| |||||||||||||||||||||
December 31, 2017 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Real estate loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
One-to four-family, owner occupied
|
| | | $ | 620 | | | | | $ | 93 | | | | | $ | — | | | | | $ | 43,947 | | | | | $ | 44,660 | | | | | $ | — | | | | | $ | — | | |
One-to four-family, non-owner occupied
|
| | | | 24 | | | | | | — | | | | | | 39 | | | | | | 6,588 | | | | | | 6,651 | | | | | | — | | | | | | 39 | | |
Commercial and multi-family
|
| | | | — | | | | | | — | | | | | | — | | | | | | 23,790 | | | | | | 23,790 | | | | | | — | | | | | | — | | |
Construction and land
|
| | | | — | | | | | | — | | | | | | — | | | | | | 3,619 | | | | | | 3,619 | | | | | | 13 | | | | | | — | | |
Commercial business loans
|
| | | | — | | | | | | — | | | | | | — | | | | | | 2,048 | | | | | | 2,048 | | | | | | — | | | | | | — | | |
Consumer loans
|
| | | | — | | | | | | — | | | | | | — | | | | | | 1,584 | | | | | | 1,584 | | | | | | — | | | | | | — | | |
| | | | $ | 644 | | | | | $ | 93 | | | | | $ | 39 | | | | | $ | 81,576 | | | | | $ | 82,352 | | | | | $ | 13 | | | | | $ | 39 | | |
|
| | |
30 – 59 Days
Past Due |
| |
60 – 89 Days
Past Due |
| |
90 Days
or More Past Due |
| |
Current
|
| |
Total
|
| |
Nonaccrual
Loans |
| |
Accruing Loans
Past Due 90 Days or More |
| |||||||||||||||||||||
December 31, 2016 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Real estate loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
One-to four-family, owner occupied
|
| | | $ | 505 | | | | | $ | 40 | | | | | $ | 39 | | | | | $ | 47,387 | | | | | $ | 47,971 | | | | | $ | 39 | | | | | $ | — | | |
One-to four-family, non-owner occupied
|
| | | | 12 | | | | | | 43 | | | | | | — | | | | | | 5,196 | | | | | | 5,251 | | | | | | 30 | | | | | | — | | |
Commercial and multi-family
|
| | | | — | | | | | | 69 | | | | | | — | | | | | | 17,716 | | | | | | 17,785 | | | | | | 69 | | | | | | — | | |
Construction and land
|
| | | | — | | | | | | — | | | | | | — | | | | | | 2,676 | | | | | | 2,676 | | | | | | 16 | | | | | | — | | |
Commercial business loans
|
| | | | — | | | | | | — | | | | | | — | | | | | | 921 | | | | | | 921 | | | | | | — | | | | | | — | | |
Consumer loans
|
| | | | 3 | | | | | | — | | | | | | — | | | | | | 898 | | | | | | 901 | | | | | | — | | | | | | — | | |
| | | | $ | 520 | | | | | $ | 152 | | | | | $ | 39 | | | | | $ | 74,794 | | | | | $ | 75,505 | | | | | $ | 154 | | | | | $ | — | | |
|
| | |
Pass
|
| |
Watch
|
| |
Special
Mention |
| |
Substandard
|
| |
Doubtful
|
| |
Loss
|
| |
Total
|
| |||||||||||||||||||||
December 31, 2017 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Real estate loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
One-to four-family, owner
occupied |
| | | $ | 42,482 | | | | | $ | 740 | | | | | $ | 146 | | | | | $ | 1,292 | | | | | $ | — | | | | | $ | — | | | | | $ | 44,660 | | |
One-to four-family, non-owner occupied
|
| | | | 6,535 | | | | | | — | | | | | | — | | | | | | 116 | | | | | | — | | | | | | — | | | | | | 6,651 | | |
Commercial and multi-family
|
| | | | 23,790 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 23,790 | | |
Construction and land
|
| | | | 3,438 | | | | | | 168 | | | | | | — | | | | | | 13 | | | | | | — | | | | | | — | | | | | | 3,619 | | |
Commercial business loans
|
| | | | 1,844 | | | | | | — | | | | | | 204 | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,048 | | |
Consumer loans
|
| | | | 1,584 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,584 | | |
| | | | $ | 79,673 | | | | | $ | 908 | | | | | $ | 350 | | | | | $ | 1,421 | | | | | $ | — | | | | | $ | — | | | | | $ | 82,352 | | |
|
| | |
Pass
|
| |
Watch
|
| |
Special
Mention |
| |
Substandard
|
| |
Doubtful
|
| |
Loss
|
| |
Total
|
| |||||||||||||||||||||
December 31, 2016 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Real estate loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
One-to four-family, owner occupied
|
| | | $ | 45,335 | | | | | $ | 987 | | | | | $ | 250 | | | | | $ | 1,399 | | | | | $ | — | | | | | $ | — | | | | | $ | 47,971 | | |
One-to four-family, non-owner occupied
|
| | | | 5,141 | | | | | | — | | | | | | — | | | | | | 110 | | | | | | — | | | | | | — | | | | | | 5,251 | | |
Commercial and multi-family
|
| | | | 17,731 | | | | | | 54 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 17,785 | | |
Construction and land
|
| | | | 2,483 | | | | | | 177 | | | | | | — | | | | | | 16 | | | | | | — | | | | | | — | | | | | | 2,676 | | |
Commercial business loans
|
| | | | 852 | | | | | | — | | | | | | — | | | | | | 69 | | | | | | — | | | | | | — | | | | | | 921 | | |
Consumer loans
|
| | | | 901 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 901 | | |
| | | | $ | 72,443 | | | | | $ | 1,218 | | | | | $ | 250 | | | | | $ | 1,594 | | | | | $ | — | | | | | $ | — | | | | | $ | 75,505 | | |
|
| | |
December 31,
2017 |
| |
December 31,
2016 |
| ||||||
Balance, beginning of year
|
| | | $ | 2,044 | | | | | $ | 1,867 | | |
New loans
|
| | | | 141 | | | | | | 344 | | |
Resignation of director
|
| | | | — | | | | | | — | | |
Repayments
|
| | | | (203) | | | | | | (167) | | |
Balance, end of year
|
| | | $ | 1,982 | | | | | $ | 2,044 | | |
|
| | |
December 31,
2017 |
| |
December 31,
2016 |
| ||||||
Land
|
| | | $ | 661 | | | | | $ | 326 | | |
Buildings and improvements
|
| | | | 4,290 | | | | | | 4,235 | | |
Furniture, fixtures and equipment
|
| | | | 352 | | | | | | 354 | | |
Computer software
|
| | | | 27 | | | | | | 30 | | |
| | | | | 5,330 | | | | | | 4,945 | | |
Less: accumulated depreciation
|
| | | | (2,018) | | | | | | (1,804) | | |
Total
|
| | | $ | 3,312 | | | | | $ | 3,141 | | |
|
| | |
December 31,
2017 |
| |||
2018
|
| | | $ | 21,267 | | |
2019
|
| | | | 16,577 | | |
2020
|
| | | | 15,256 | | |
2021
|
| | | | 4,390 | | |
2022
|
| | | | 1,930 | | |
Thereafter
|
| | | | 15 | | |
Total
|
| | | $ | 59,435 | | |
|
Maturity Date
|
| |
Interest
Rate |
| |
December 31,
2017 |
| |
December 31,
2016 |
| |||||||||
February 12, 2018
|
| | | | 1.27% | | | | | $ | 3,000 | | | | | $ | — | | |
March 12, 2018
|
| | | | 4.92% | | | | | | 1,000 | | | | | | 1,000 | | |
July 18, 2018
|
| | | | 1.84% | | | | | | 3,000 | | | | | | 3,000 | | |
July 18, 2019
|
| | | | 2.21% | | | | | | 2,000 | | | | | | 2,000 | | |
Total
|
| | | | | | | | | $ | 9,000 | | | | | $ | 6,000 | | |
|
| | |
December 31,
2017 |
| |
December 31,
2016 |
| ||||||
Deferred tax assets: | | | | | | | | | | | | | |
Allowance for loan losses
|
| | | $ | 370 | | | | | $ | 494 | | |
Accrued pension benefits
|
| | | | 91 | | | | | | 109 | | |
Accrued postretirement medical benefits
|
| | | | 278 | | | | | | 382 | | |
Unrealized loss on available-for-sale securities
|
| | | | 80 | | | | | | 138 | | |
Net operating loss carryforward
|
| | | | 1,659 | | | | | | 1,970 | | |
Other
|
| | | | 3 | | | | | | 11 | | |
Total deferred tax assets before valuation allowance
|
| | | | 2,481 | | | | | | 3,104 | | |
Valuation allowance
|
| | | | (2,271) | | | | | | (2,788) | | |
Total deferred tax assets
|
| | | | 210 | | | | | | 316 | | |
Deferred tax liabilities: | | | | | | | | | | | | | |
Deferred loan fees, net
|
| | | | (130) | | | | | | (178) | | |
Net deferred tax asset
|
| | | $ | 80 | | | | | $ | 138 | | |
|
| | |
December 31,
2017 |
| |
December 31,
2016 |
| ||||||
Valuation allowance | | | | | | | | | | | | | |
Balance, beginning of year
|
| | | $ | (2,788) | | | | | $ | (2,622) | | |
Change in valuation allowance in operations
|
| | | | 517 | | | | | | (166) | | |
Balance, end of year
|
| | | $ | (2,271) | | | | | $ | (2,788) | | |
|
| | |
Defined Benefit
Pension Plan |
| |
Postretirement
Medical Plan |
| ||||||||||||||||||
| | |
December 31,
|
| |
December 31,
|
| ||||||||||||||||||
| | |
2017
|
| |
2016
|
| |
2017
|
| |
2016
|
| ||||||||||||
Projected benefit obligation: | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance, beginning of the year
|
| | | $ | (3,526) | | | | | $ | (3,771) | | | | | $ | (943) | | | | | $ | (985) | | |
Service cost
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Interest cost
|
| | | | (132) | | | | | | (142) | | | | | | (36) | | | | | | (37) | | |
Actuarial gain (loss)
|
| | | | (167) | | | | | | 114 | | | | | | 56 | | | | | | 45 | | |
Benefits paid
|
| | | | 272 | | | | | | 273 | | | | | | 37 | | | | | | 34 | | |
Balance, end of year
|
| | | | (3,553) | | | | | | (3,526) | | | | | | (886) | | | | | | (943) | | |
Plan assets at fair value: | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance, beginning of the year
|
| | | $ | 2,558 | | | | | $ | 2,307 | | | | | $ | — | | | | | $ | — | | |
Actual return
|
| | | | 299 | | | | | | 227 | | | | | | — | | | | | | — | | |
Contributions
|
| | | | 69 | | | | | | 297 | | | | | | 37 | | | | | | 34 | | |
Benefits paid
|
| | | | (272) | | | | | | (273) | | | | | | (37) | | | | | | (34) | | |
Balance, end of year
|
| | | | 2,654 | | | | | | 2,558 | | | | | | — | | | | | | — | | |
Accrued plan benefits
|
| | | $ | (899) | | | | | $ | (968) | | | | | $ | (886) | | | | | $ | (943) | | |
|
| | |
Defined Benefit
Pension Plan |
| |
Postretirement
Medical Plan |
| ||||||||||||||||||
| | |
December 31,
|
| |
December 31,
|
| | | ||||||||||||||||
| | |
2017
|
| |
2016
|
| |
2017
|
| |
2016
|
| ||||||||||||
Amortization of: | | | | | | | | | | | | | | | | | | | | | | | | | |
Unrecognized net loss
|
| | | $ | (87) | | | | | $ | (316) | | | | | $ | (63) | | | | | $ | (53) | | |
Unrecognized prior service cost
|
| | | | — | | | | | | — | | | | | | 9 | | | | | | 8 | | |
| | | | | (87) | | | | | | (316) | | | | | | (54) | | | | | | (45) | | |
Tax effect
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Unrecognized net (gain) loss, net of tax
|
| | | $ | (87) | | | | | $ | (316) | | | | | $ | (54) | | | | | $ | (45) | | |
|
| | |
December 31,
|
| |||||||||
| | |
2017
|
| |
2016
|
| ||||||
Accumulated postretirement medical benefits | | | | | | | | | | | | | |
Retirees
|
| | | $ | (886) | | | | | $ | (943) | | |
Full eligible active plan participants
|
| | | | — | | | | | | — | | |
Other active participants
|
| | | | — | | | | | | — | | |
Accrued postretirement medical benefits
|
| | | $ | (886) | | | | | $ | (943) | | |
|
| | |
Defined Benefit
Pension Plan |
| |
Postretirement
Medical Plan |
| ||||||||||||||||||
| | |
Years Ended
|
| |
Years Ended
|
| ||||||||||||||||||
| | |
December 31,
2017 |
| |
December 31,
2016 |
| |
December 31,
2017 |
| |
December 31,
2016 |
| ||||||||||||
Service cost
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Interest cost
|
| | | | 132 | | | | | | 142 | | | | | | 36 | | | | | | 37 | | |
Actual return on plan assets
|
| | | | (299) | | | | | | (227) | | | | | | — | | | | | | — | | |
Asset gain deferred
|
| | | | 154 | | | | | | 92 | | | | | | — | | | | | | — | | |
Amortization: | | | | | | | | | | | | | | | | | | | | | | | | | |
Unrecognized net loss
|
| | | | 99 | | | | | | 110 | | | | | | 7 | | | | | | 9 | | |
Unrecognized prior service cost
|
| | | | — | | | | | | — | | | | | | (9) | | | | | | (9) | | |
Net periodic cost
|
| | | $ | 86 | | | | | $ | 117 | | | | | $ | 34 | | | | | $ | 37 | | |
|
| | |
Defined Benefit
Pension Plan |
| |
Post Retirement
Medical Plan |
| ||||||
Unrecognized prior service cost
|
| | | $ | — | | | | | $ | 8 | | |
Unrecognized net loss
|
| | | | 99 | | | | | | (4) | | |
| | | | $ | 99 | | | | | $ | 4 | | |
|
| | |
Defined Benefit
Pension Plan |
| |
Postretirement
Medical Plan |
| ||||||||||||||||||
| | |
December 31,
|
| |
December 31,
|
| ||||||||||||||||||
| | |
2017
|
| |
2016
|
| |
2017
|
| |
2016
|
| ||||||||||||
Projected benefit obligation: | | | | | | | | | | | | | | | | | | | | | | | | | |
Discount rate
|
| | | | 3.40% | | | | | | 3.90% | | | | | | 3.40% | | | | | | 3.90% | | |
Expected long-term rate of return on plan assets
|
| | | | 5.75% | | | | | | 6.00% | | | | | | — | | | | | | — | | |
Net periodic benefit cost: | | | | | | | | | | | | | | | | | | | | | | | | | |
Discount rate
|
| | | | 3.90% | | | | | | 3.90% | | | | | | 3.90% | | | | | | 3.90% | | |
Expected long-term rate of return on plan assets
|
| | | | 5.75% | | | | | | 6.00% | | | | | | — | | | | | | — | | |
| | |
Target
Allocation 2017 |
| |
December 31,
2017 |
| |
December 31,
2016 |
| ||||||
Pooled separate accounts | | | | | | | | | | | | | | | | |
Equity
|
| |
30% – 40%
|
| | | | 40% | | | | | | 37% | | |
Debt
|
| |
60% – 70%
|
| | | | 60% | | | | | | 63% | | |
| | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
Fair Value |
| ||||||||||||
December 31, 2017 | | | | | | | | | | | | | | | | | | | | | | | | | |
Pooled separate accounts
|
| | | $ | — | | | | | $ | 2,654 | | | | | $ | — | | | | | $ | 2,654 | | |
|
| | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
Fair Value |
| ||||||||||||
December 31, 2016 | | | | | | | | | | | | | | | | | | | | | | | | | |
Pooled separate accounts
|
| | | $ | — | | | | | $ | 2,558 | | | | | $ | — | | | | | $ | 2,558 | | |
|
| | |
Defined Benefit
Pension Plan |
| |
Postretirement
Medical Plan |
| ||||||
2018
|
| | | $ | 356 | | | | | $ | 48 | | |
2019
|
| | | | 262 | | | | | | 52 | | |
2020
|
| | | | 254 | | | | | | 44 | | |
2021
|
| | | | 245 | | | | | | 47 | | |
2022
|
| | | | 237 | | | | | | 50 | | |
Thereafter
|
| | | | 1,037 | | | | | | 202 | | |
| | | | $ | 2,391 | | | | | $ | 443 | | |
|
| | |
December 31,
2017 |
| |
December 31,
2016 |
| ||||||
Committed to be released to participants
|
| | | | — | | | | | | — | | |
Allocated to participants
|
| | | | 6,557 | | | | | | 3,252 | | |
Unearned
|
| | | | 59,539 | | | | | | 62,844 | | |
Total ESOP shares
|
| | | | 66,096 | | | | | | 66,096 | | |
Fair value of unearned shares
|
| | | $ | 697 | | | | | $ | 792 | | |
|
| | |
Actual
|
| |
For Capital
Adequacy Purposes |
| |
To Be Well Capitalized
Under Prompt Corrective Action Provisions |
| |||||||||||||||||||||||||||
| | |
Amount
|
| |
Ratio
|
| |
Amount
|
| |
Ratio
|
| |
Amount
|
| |
Ratio
|
| ||||||||||||||||||
December 31, 2017 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total capital to risk-weighted assets
|
| | | $ | 13,179 | | | | | | 20.69% | | | | | $ | 5,097 | | | | | | 8.00% | | | | | $ | 6,371 | | | | | | 10.00% | | |
Common equity tier 1 capital to risk-weighted assets
|
| | | | 12,378 | | | | | | 19.43 | | | | | | 2,867 | | | | | | 4.50 | | | | | | 4,141 | | | | | | 6.50 | | |
Tier 1 (core) capital to risk-weighted assets
|
| | | | 12,378 | | | | | | 19.43 | | | | | | 3,822 | | | | | | 6.00 | | | | | | 5,097 | | | | | | 8.00 | | |
Tier 1 (core) capital to tangible assets
|
| | | | 12,378 | | | | | | 11.19 | | | | | | 4,423 | | | | | | 4.00 | | | | | | 5,529 | | | | | | 5.00 | | |
| | |
Actual
|
| |
For Capital
Adequacy Purposes |
| |
To Be Well Capitalized
Under Prompt Corrective Action Provisions |
| |||||||||||||||||||||||||||
| | |
Amount
|
| |
Ratio
|
| |
Amount
|
| |
Ratio
|
| |
Amount
|
| |
Ratio
|
| ||||||||||||||||||
December 31, 2016 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total capital to risk-weighted assets
|
| | | $ | 13,396 | | | | | | 23.97% | | | | | $ | 4,471 | | | | | | 8.00% | | | | | $ | 5,589 | | | | | | 10.00% | | |
Common equity tier 1 capital to risk-weighted assets
|
| | | | 12,691 | | | | | | 22.71 | | | | | | 3,353 | | | | | | 4.50 | | | | | | 4,471 | | | | | | 6.50 | | |
Tier 1 (core) capital to risk-weighted assets
|
| | | | 12,691 | | | | | | 22.71 | | | | | | 2,515 | | | | | | 6.00 | | | | | | 3,633 | | | | | | 8.00 | | |
Tier 1 (core) capital to tangible assets
|
| | | | 12,691 | | | | | | 11.53 | | | | | | 4,401 | | | | | | 4.00 | | | | | | 5,501 | | | | | | 5.00 | | |
| | |
Level 2
|
| |||||||||
| | |
December 31,
2017 |
| |
December 31,
2016 |
| ||||||
Financial Assets | | | | | | | | | | | | | |
Available-for-sale securities
|
| | | $ | 16,211 | | | | | $ | 25,162 | | |
|
| | |
Level 3
|
| |||||||||
| | |
December 31,
2017 |
| |
December 31,
2016 |
| ||||||
Impaired loans (collateral dependent) | | | | | | | | | | | | | |
One-to four-family, owner occupied
|
| | | $ | — | | | | | $ | 39 | | |
One-to four-family, non-owner occupied
|
| | | | — | | | | | | — | | |
Total financial assets
|
| | | | — | | | | | | 39 | | |
Nonfinancial assets | | | | | | | | | | | | | |
Real estate owned, net: | | | | | | | | | | | | | |
One-to four-family, owner occupied
|
| | | | — | | | | | | — | | |
Total nonfinancial assets
|
| | | $ | — | | | | | $ | — | | |
Total assets measured at fair value on a nonrecurring basis
|
| | | $ | — | | | | | $ | 39 | | |
|
| | |
Level 3 Quantitative Information
|
| ||||||||||||||||||
| | |
December 31,
2017 |
| |
December 31,
2016 |
| |
Valuation
Technique |
| |
Unobservable Inputs
|
| |
Range
|
| ||||||
| | |
Fair Value
|
| |
Fair Value
|
| |||||||||||||||
Impaired real estate loans net,
with specific allocations: |
| | | | | | | | | | | | | | | | | | | | | |
One-to-four family, owner occupied
|
| | | $ | — | | | | | $ | 39 | | | |
Sales comparison approach
|
| |
Adjustment for differences between the comparable sales
|
| |
0% to 30%
|
|
| | | | | | | | |
Fair Value
|
| |||||||||||||||||||||
| | |
Carrying Amount
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| |||||||||||||||
December 31, 2017 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Financial assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Available-for-sale securities
|
| | | $ | 16,211 | | | | | $ | — | | | | | $ | 16,211 | | | | | $ | — | | | | | $ | 16,211 | | |
Restricted equity securities(1)
|
| | | | 405 | | | | | | NA | | | | | | NA | | | | | | NA | | | | | | NA | | |
Loans, net
|
| | | | 81,128 | | | | | | — | | | | | | — | | | | | | 81,686 | | | | | | 81,686 | | |
Financial liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Deposits
|
| | | $ | 86,826 | | | | | $ | 27,391 | | | | | $ | 60,305 | | | | | $ | — | | | | | $ | 87,696 | | |
FHLB Advances
|
| | | | 9,000 | | | | | | — | | | | | | 9,013 | | | | | | — | | | | | | 9,013 | | |
December 31, 2016 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Financial assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Available-for-sale securities
|
| | | $ | 25,162 | | | | | $ | — | | | | | $ | 25,162 | | | | | $ | — | | | | | $ | 25,162 | | |
Restricted equity securities(1)
|
| | | | 837 | | | | | | NA | | | | | | NA | | | | | | NA | | | | | | NA | | |
Loans, net
|
| | | | 74,248 | | | | | | — | | | | | | — | | | | | | 75,877 | | | | | | 75,877 | | |
Financial liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Deposits
|
| | | $ | 88,471 | | | | | $ | 25,497 | | | | | $ | 64,082 | | | | | $ | — | | | | | $ | 89,579 | | |
FHLB Advances
|
| | | | 6,000 | | | | | | — | | | | | | 6,158 | | | | | | — | | | | | | 6,158 | | |
| | |
December 31,
|
| |||||||||
| | |
2017
|
| |
2016
|
| ||||||
Loan commitments
|
| | | $ | 1,548 | | | | | $ | 345 | | |
Unused lines of credit
|
| | | $ | 503 | | | | | $ | 1,165 | | |
| | |
December 31,
2017 |
| |
December 31,
2016 |
| ||||||
ASSETS | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 1,188 | | | | | $ | 1,228 | | |
ESOP loan receivable
|
| | | | 604 | | | | | | 627 | | |
Investment in banking subsidiary
|
| | | | 10,785 | | | | | | 10,944 | | |
Total assets
|
| | | $ | 12,577 | | | | | $ | 12,799 | | |
LIABILITIES AND SHAREHOLDERS' EQUITY | | | | | | | | | | | | | |
Liabilities
|
| | | $ | 114 | | | | | $ | — | | |
Maximum cash obligation related to ESOP shares
|
| | | | 77 | | | | | | 41 | | |
Shareholders' equity
|
| | | | 12,386 | | | | | | 12,758 | | |
Total liabilities and shareholders' equity
|
| | | $ | 12,577 | | | | | $ | 12,799 | | |
|
|
Interest income
|
| | | $ | 24 | | | | | $ | 11 | | |
|
Professional and supervisory fees
|
| | | | 178 | | | | | | — | | |
|
Other
|
| | | | 22 | | | | | | — | | |
|
Total noninterest expense
|
| | | | 200 | | | | | | — | | |
|
Income before equity in undistributed income of subsidiary
|
| | | | (176) | | | | | | 11 | | |
|
Equity in undistributed income (losses) of subsidiary
|
| | | | (358) | | | | | | (470) | | |
|
Net loss before income taxes
|
| | | | (534) | | | | | | (459) | | |
|
Income taxes
|
| | | | — | | | | | | — | | |
|
Net loss
|
| | | $ | (534) | | | | | $ | (459) | | |
|
| Cash Flows From Operating Activities | | | | | | | | | | | | | |
|
Net loss
|
| | | $ | (534) | | | | | $ | (459) | | |
| Adjustments to reconcile loss to cash provided by provided by operating activities: | | | | | | | | | | | | | |
|
Change in other assets
|
| | | | — | | | | | | — | | |
|
Change in accounts payable and other liabilities
|
| | | | 114 | | | | | | — | | |
|
Gain on sale of available-for-sale securities
|
| | | | — | | | | | | — | | |
|
Undistributed losses of subsidiary
|
| | | | 358 | | | | | | 470 | | |
|
Net cash provided by (used in) operations
|
| | | | (62) | | | | | | 11 | | |
| Cash Flows From Investing Activities | | | | | | | | | | | | | |
|
Purchases of securities available-for-sale
|
| | | | — | | | | | | — | | |
|
Proceeds from sales of securities available-for-sale
|
| | | | — | | | | | | — | | |
|
Payments received on ESOP loan
|
| | | | 22 | | | | | | 34 | | |
|
Investment in bank subsidiary
|
| | | | — | | | | | | (5,000) | | |
|
Net cash provided by (used in) investing activities
|
| | | | 22 | | | | | | (4,966) | | |
| Cash Flows from Financing Activities | | | | | | | | | | | | | |
|
Proceeds from issuance of common stock
|
| | | | — | | | | | | 6,183 | | |
|
Net cash used in financing activities
|
| | | | — | | | | | | 6,183 | | |
|
Change in cash and cash equivalents
|
| | | | (40) | | | | | | 1,228 | | |
|
Cash and cash equivalents, beginning of year
|
| | | | 1,228 | | | | | | — | | |
|
Cash and cash equivalents, end of year
|
| | | $ | 1,188 | | | | | $ | 1,228 | | |
|
Name and Address of Beneficial Owners
|
| |
Amount of Shares
Owned and Nature of Beneficial Ownership(1) |
| |
Percent of Shares
of Common Stock Outstanding |
| ||||||
Five Percent Stockholders | | ||||||||||||
Best Hometown Bank ESOP
|
| | | | 66,096(2) | | | | | | 8.0% | | |
Joseph Stilwell
|
| | | | 71,675(3) | | | | | | 8.6% | | |
Stilwell Partners, L.P.
Stilwell Value LLC
111 Broadway, 12th Floor New York, New York 10006 |
| | | ||||||||||
Directors and Executive Officers | | ||||||||||||
Directors | | ||||||||||||
Stephen J. Alabach
|
| | | | 2,500 | | | | | | * | | |
LaMont K. Docter
|
| | | | 12,500(4) | | | | | | 1.51% | | |
Stephen G. Eovaldi
|
| | | | 7,500 | | | | | | * | | |
David W. Gansner
|
| | | | 12,595(5) | | | | | | 1.52% | | |
Michael J. Keefe
|
| | | | 5,000 | | | | | | * | | |
Ronnie R. Shambaugh
|
| | | | 12,020(6) | | | | | | 1.47% | | |
Richard B. Wallace
|
| | | | 10,000 | | | | | | 1.21% | | |
All directors and executive officers as a group (9 persons)
|
| | | | 53,820 | | | | | | 6.51% | | |
| | | | Best Hometown Bancorp, Inc. | |
| Date: March 29, 2018 | | |
By:
/s/ Ronnie R. Shambaugh
Ronnie R. Shambaugh
President, Chief Executive Officer and Chairman (Duly Authorized Representative) |
|
Signatures
|
| |
Title
|
| |
Date
|
|
/s/ Ronnie R. Shambaugh
Ronnie R. Shambaugh
|
| | President, Chief Executive Officer and Director (Principal Executive Officer) | | |
March 29, 2018
|
|
/s/ Jennifer M. Lanzafame
Jennifer M. Lanzafame
|
| | Principal Financial Officer | | |
March 29, 2018
|
|
/s/ David W. Gansner
David W. Gansner
|
| | Executive Vice President — Chief Loan Officer and Director | | |
March 29, 2018
|
|
/s/ LaMont K. Docter
LaMont K. Docter
|
| | Chairman of the Board | | |
March 29, 2018
|
|
/s/ Stephen J. Alabach
Stephen J. Alabach
|
| | Director | | |
March 29, 2018
|
|
/s/ Stephen G. Eovaldi
Stephen G. Eovaldi
|
| | Director | | |
March 29, 2018
|
|
/s/ Michael J. Keefe
Michael J. Keefe
|
| | Director | | |
March 29, 2018
|
|
/s/ Richard B. Wallace
Richard B. Wallace
|
| | Director | | |
March 29, 2018
|
|
Exhibit 14.1
BEST HOMETOWN BANCORP, INC.
CODE OF ETHICS FOR SENIOR OFFICERS
It is the policy of Best Hometown Bancorp, Inc. (the “Company”) that the Company’s Principal Executive Officers (“PEO”), Principal Financial Officer (“PFO”) and Principal Accounting Officer/Controller, or persons performing similar functions (collectively referred to herein as the “Senior Officers”) adhere to and advocate the following principles governing their professional and ethical conduct in the fulfillment of their responsibilities:
1. | Act with honesty and integrity, avoiding actual or apparent conflicts between his or her personal, private interests and the interests of the Company, including receiving improper personal benefits as a result of his or her position. |
2. | Perform responsibilities with a view to causing periodic reports and other documents filed with the Securities and Exchange Commission to contain information that is accurate, complete, fair and understandable. |
3. | Comply with laws of federal, state, and local governments applicable to the Company, and the rules and regulations of private and public regulatory agencies having jurisdiction over the Company. |
4. | Act in good faith, responsibly, with due care, and diligence, without misrepresenting or omitting material facts or allowing independent judgment to be compromised. |
5. | Respect the confidentiality of information acquired in the course of the performance of his or her responsibilities, except when authorized or otherwise legally obligated to disclose. Do not use confidential information acquired in the course of the performance of his or her responsibilities for personal advantage. |
6. | Proactively promote ethical behavior among subordinates and peers. |
7. | Use corporate assets and resources employed or entrusted in a responsible manner. |
8. | Not use corporate information, corporate assets, corporate opportunities or one’s position with the Company for personal gain. |
9. | Not compete directly or indirectly with the Company. |
10. | Advance the Company’s legitimate interests when the opportunity arises. |
It is also the policy of the Company that the Senior Officers who serve as the senior officers of the Company’s wholly owned subsidiary, Home Federal Savings and Loan Association of Collinsville (the “Bank”), must comply with this Code of Ethics as well as any code of ethics and conflicts of interest policy of the Bank as in effect from time to time.
The Audit Committee of the Board of Directors shall have the power to monitor, make determinations, and recommend action to the Board with respect to violations of this Code of Ethics.
Exhibit 31.1
Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer
CERTIFICATION
I, Ronnie R. Shambaugh certify that:
1. I have reviewed this annual report on Form 10-K of Best Hometown 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 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 officers 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)) 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) | 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 |
(c) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: March 28, 2018 | /s/ Ronnie R. Shambaugh | |
Ronnie R. Shambaugh | ||
President and Chief Executive Officer | ||
(principal executive officer) |
Exhibit 31.2
Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer
CERTIFICATION
I, Jennifer Lanzafame, certify that:
1. I have reviewed this annual report on Form 10-K of Best Hometown 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 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 officers 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)) 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) | 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 |
(c) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: March 28, 2018 | /s/ Jennifer Lanzafame | |
Jennifer Lanzafame | ||
Cashier | ||
(principal financial and accounting officer) |
Exhibit 32.0
Section 1350 Certification of Chief Executive Officer and Chief Financial Officer
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADDED BY
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Annual Report of Best Hometown Bancorp, Inc. (the “Company”) on Form 10-K for the period ended December 31, 2017 as filed with the Securities and Exchange Commission (the “Report”), the undersigned hereby certify, pursuant to 18 U.S.C. §1350, as added by § 906 of the Sarbanes-Oxley Act of 2002, that:
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of and for the period covered by the Report. |
/s/ Ronnie R. Shambaugh | |
Ronnie R. Shambaugh | |
President and Chief Executive Officer | |
(principal executive officer) | |
/s/ Jennifer Lanzafame | |
Jennifer Lanzafame | |
Cashier | |
(principal financial and accounting officer) |
Date: March 28, 2017
Document and Entity Information - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Jun. 30, 2017 |
|
Document And Entity Information [Abstract] | ||
Entity Registrant Name | Best Hometown Bancorp, Inc. | |
Entity Central Index Key | 0001667840 | |
Trading Symbol | btht | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding | 826,208 | |
Entity Public Float | $ 9.7 | |
Document Type | 10-K | |
Document Period End Date | Dec. 31, 2017 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2017 | |
Document Fiscal Period Focus | FY |
CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 30,000,000 | 30,000,000 |
Common stock, shares issued | 826,208 | 826,208 |
Common stock, shares outstanding | 826,208 | 826,208 |
Number of Employee Stock Ownership Plan (ESOP) | 60,365 | 62,844 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (534) | $ (459) |
Unrealized gain (loss) on available-for-sale securities: | ||
Unrealized holding gain (loss) arising during the period | (26) | (270) |
Reclassification adjustment for gains (losses) included in net income | 49 | (7) |
Tax effect | (7) | 93 |
Net of tax | 16 | (184) |
Defined benefit pension and post retirement medical plans: | ||
Net gain (loss) arising during the period on plans | 43 | 251 |
Reclassification adjustment for amortization of prior service cost and net gain/loss included in net periodic pension cost | 98 | 110 |
Tax effect | 0 | 0 |
Net of tax | 141 | 361 |
Total other comprehensive income | 157 | 177 |
Comprehensive loss | $ (377) | $ (282) |
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands |
Common Stock |
Additional Paid-In Capital |
Retained Earnings |
Unearned ESOP Shares |
Net Unrealized Losses On Available-for-sale Securities, Net |
Net Unrealized Losses On Defined Benefit Pension and Postretirement Medical Plans, Net |
Maximum Cash Obligation Related to ESOP Shares |
Total |
||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Balance at Dec. 31, 2015 | $ 8,789 | $ (85) | $ (1,842) | $ 6,862 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net loss | (459) | (459) | ||||||||||
Other comprehensive income (loss) | (184) | 361 | 177 | |||||||||
Proceeds from issuance of 826,208 shares of common stock | $ 8 | $ 6,836 | $ (661) | 6,183 | ||||||||
ESOP shares earned | 3 | 33 | 36 | |||||||||
Change related to ESOP shares cash obligation | $ (41) | (41) | ||||||||||
Balance at Dec. 31, 2016 | 8 | 6,839 | 8,330 | (628) | (269) | (1,481) | (41) | 12,758 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net loss | (534) | (534) | ||||||||||
Other comprehensive income (loss) | 16 | 141 | 157 | |||||||||
ESOP shares earned | 8 | 33 | 41 | |||||||||
Change related to ESOP shares cash obligation | (36) | (36) | ||||||||||
Reclassification of certain tax effects | 300 | [1] | (49) | [1] | (251) | |||||||
Balance at Dec. 31, 2017 | $ 8 | $ 6,847 | $ 8,096 | $ (595) | $ (302) | $ (1,591) | $ (77) | $ 12,386 | ||||
|
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parentheticals) |
12 Months Ended |
---|---|
Dec. 31, 2016
shares
| |
Common Stock | |
Number of common stock issued | 826,208 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
12 Months Ended |
---|---|
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Nature of Operations and Principle of Consolidation: On June 29, 2016, Best Hometown Bank (the “Bank”) (formerly known as Home Federal Savings and Loan Association of Collinsville) completed its conversion from a federally-chartered mutual savings association to a capital stock form of organization with the establishment of a stock Holding Company, Best Hometown Bancorp, Inc. (“the Company”), as parent of the Bank. The stock holding company is organized under the laws of the State of Maryland and owns all of the outstanding common stock of the Bank. The Company sold 826,208 shares of its common stock, including 8% or 66,096 shares purchased by the Bank’s employee stock ownership plan, at a price of $10.00 per share, for gross offering proceeds of $8,300 that was used to buy its Company shares. The cost of the conversion and issuance of common stock was $1,400, which was deducted from the gross offering proceeds. The Company contributed $5,000 of the net proceeds from the offering to the Bank, and $1,200 was retained by the Company. In addition, $661 of the net proceeds were used to fund the loan to the employee stock ownership plan. The consolidated financial statements of Best Hometown Bancorp, Inc. (referred to herein as “the Company,” “we,” “us,” or “our”) include the accounts of its wholly owned subsidiary Best Hometown Bank (the “Bank”) and have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). Intercompany accounts and transactions are eliminated during consolidation.
Voting rights are held and exercised exclusively by the shareholders of the holding company. Deposit account holders continue to be insured by the FDIC. A liquidation account was established in an amount equal to the Bank’s total equity as of the latest balance sheet date in the final offering circular used in the conversion. Each eligible account holder or supplemental account holder are entitled to a proportionate share of this account in the event of a complete liquidation of the Bank, and only in such event. This share will be reduced if the eligible account holder’s or supplemental account holder’s deposit balance falls below the amounts on the date of record and will cease to exist if the account is closed. The liquidation account will never be increased despite any increase after conversion in the related deposit balance.
The Bank may not pay a dividend on its capital stock if the effect thereof would cause retained earnings to be reduced below the liquidation account amount or regulatory capital requirements. In addition, the stock holding company will be subject to certain regulations related to the repurchase of its capital stock.
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.
Use of Estimates: To prepare financial statements in conformity with GAAP, management makes estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the consolidated financial statements and the disclosures provided, and actual results could differ.
Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses, valuation of deferred tax assets, pension and postretirement medical plan obligations, and fair values of financial instruments.
Cash Flows: Cash and cash equivalents include cash on hand, federal funds sold, overnight interest-bearing deposits and amounts due from other depository institutions.
Restrictions on Cash: Cash on hand or on deposit with the Federal Reserve Bank is required to meet regulatory reserve and clearing requirements. These balances do not earn interest.
Interest-Bearing Deposits in Other Financial Institutions: Interest-bearing deposits in other financial institutions mature within one year and are carried at cost.
Securities: Securities are classified as available-for-sale when they might be sold before maturity. Securities available-for-sale are carried at fair value, with unrealized holding gains and losses reported in other comprehensive income, net of tax.
Interest income includes amortization of purchase premium or discount. Premiums and discounts on securities are amortized on the level-yield method without anticipating prepayments, except for mortgage backed securities where prepayments are anticipated. Gains and losses on sales are recorded on the trade date and determined using the specific identification method.
The Company evaluates securities for other-than-temporary impairments (“OTTI”) at least on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. The Company considers the length of time and the extent to which the fair value has been less than cost and the financial condition and near-term prospects of the issuer. Additionally, the Company considers its intent to sell or whether it will be more likely than not it will be required to sell the security prior to the security’s anticipated recovery in fair value. In analyzing an issuer’s financial condition, the Company may consider whether the securities are issued by the federal Government agencies, whether downgrades by bond rating agencies have occurred, and the results of reviews of the issuer’s financial condition.
The Company uses the specific identification method for reclassifying material stranded tax effects in accumulated other comprehensive income (“AOCI”) to earnings.
Loans: Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at the principal balance outstanding, net of deferred loan fees and costs, and an allowance for loan losses. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income using the level-yield method over the contractual lives of the loans without anticipating prepayments.
Interest income on loans is discontinued at the time the loan is 90 days delinquent unless the loan is well-secured and in process of collection. Past due status is based on the 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 received for loans placed on nonaccrual is reversed against interest income. Interest received on such loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual.
Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Nonaccrual loans and loans past due 90 days still on accrual include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans.
Allowance for Loan Losses: The allowance for loan losses is a valuation allowance for probable incurred credit losses. Loan losses are charged against the allowance when management believes the uncollectability of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. Management estimates the allowance balance required using past loan loss experience, the nature and volume of the portfolio, information about specific borrower situations and estimated collateral values, economic conditions, and other factors. Allocations of the allowance may be made for specific loans, but the entire allowance is available for any loan that, in management’s judgment, should be charged-off.
The allowance consists of specific and general components. The specific component consists of the amount of impairment related to loans that have been evaluated on an individual basis, and the general component consists of the amount of impairment related to loans that have been evaluated on a collective basis. Loans are considered impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts when due according to the contractual terms of the loan agreement. Loans for which the terms have been modified resulting in a concession, and for which the borrower is experiencing financial difficulties, are considered troubled debt restructurings (“TDRs”).
Management utilizes an internal loan grading system and assigns each loan a grade of pass, special mention, substandard, and doubtful, which are more fully explained in Note 4. Any loan that meets certain size requirements and performance characteristics are individually evaluated for impairment. The amount of impairment, if any, is measured by a comparison of the loan’s carrying value to the net present value of future cash flows using the loan’s effective rate at inception or at the fair value of collateral if repayment is expected to come solely from the collateral. All loans graded pass, special mention, substandard and doubtful not specifically evaluated for impairment are collectively evaluated for impairment by portfolio segment. To develop and document a systematic methodology for determining the portion of the allowance for loan losses for loans evaluated collectively, the Company has divided the loan portfolio into segments, each with different risk characteristics and methodologies for assessing risk. Those portfolio segments are discussed in Note 4.
Concentration of Credit Risk and Other: The Company’s business activity is principally with customers located in Madison and St. Clair Counties, Illinois and, to a lesser extent, St. Louis County, Missouri. The Company requires its customers to provide collateral, generally in the form of title to real estate, for substantially all loans. Certain consumer loans are made to customers without requiring collateral. Except for loans in the Company’s market area, the Company has no other significant concentrations of credit risk.
The Company places its cash and cash equivalents on deposit with financial institutions in the United States. The Federal Deposit Insurance Corporation (“FDIC”) provides deposit insurance for up to $250 for substantially all depository accounts. The Company from time to time may have amounts on deposit in excess of the insured limits, and management believes the risk of loss is not significant. As of December 31, 2017, the amount in excess of FDIC insured limits was approximately $4,200.
Premises and Equipment: Land is carried at cost. Premises and equipment are stated at cost less accumulated depreciation. Buildings and related components are depreciated using the straight-line method with useful lives ranging from 5 to 39 years. Furniture, fixtures and equipment are depreciated using the straight-line method, with useful lives ranging from 5 to 7 years. Maintenance and repairs are charged to operations in the year incurred. Gains and losses on dispositions are included in current year operations. The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amounts of such assets may not be recoverable.
Bank Owned Life Insurance: The Company has purchased life insurance policies on certain directors. Accounting guidance requires bank owned life insurance to be recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement.
Real Estate Owned: Real estate acquired through loan foreclosure is initially recorded at fair value less cost to sell at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, real estate owned is recorded at the lower of carrying amount or fair value less estimated costs to sell. Any initial losses at the time of foreclosure are charged against the allowance for loan losses with any subsequent losses or write-downs included in the consolidated statements of income and comprehensive income as a component of noninterest expenses.
Restricted Equity Securities: Restricted equity securities consist of Federal Home Loan Bank of Chicago (“FHLB”) stock. The Company is a member of the FHLB system. Members are required to own a certain amount of stock based on the level of borrowings and other factors and may invest in additional amounts. There is a very limited market for FHLB stock; therefore, and the stock is carried at cost, as restricted securities, and is periodically evaluated for impairment based on ultimate recovery of par value. Both cash and stock dividends are reported as income.
Income Taxes: The provision for income taxes is based on amounts reported in the consolidated statements of income and comprehensive income (after exclusion of non-taxable income such as interest on state and municipal securities) and includes changes in deferred taxes. Deferred taxes are computed using the asset and liability approach. Deferred tax assets and liabilities are reflected at currently enacted income tax rates applicable to the period in which the deferred tax assets or liabilities are expected to be realized or settled. As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through the provision for income taxes.
The Company follows guidance issued by the Financial Accounting Standards Board (“FASB”) with respect to accounting for uncertainty in income taxes. A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded.
The Company elected to apply the provisions of ASU 2018-02, Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. As a result, the Company reclassified $300 from AOCI to retained earnings.
The Company recognizes interest and/or penalties related to income tax matters in other noninterest expense.
Comprehensive Income (loss): Comprehensive income (loss) consists of net income (loss) and other comprehensive income (loss). Other comprehensive income (loss) for the Company consists of unrealized gains and losses on securities available-for-sale, net of tax and unrealized losses on our defined benefit and post retirement plans.
Loss Contingencies: Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management does not believe there now are such matters that will have a material effect on the consolidated financial statements.
Loan Commitments and Related Financial Instruments: Financial instruments include off-balance sheet credit instruments, such as commitments to make loans and commercial letters of credit, issued to meet customer financing needs. The face amount for these items represents the exposure to loss, before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded.
Fair Value of Financial Instruments: Fair values of financial instruments are estimated using relevant market information. Changes in market conditions could significantly affect the estimates. For financial instruments where there is little or no relevant market information due to limited or no market activity, the Company estimates the fair value of these instruments through the use of a discounted present value of estimated cash flows technique, which includes the Company’s own assumptions as to the amounts and timing of cash flows, adjusted for risk factors related to nonperformance and liquidity. The Company’s assumptions are based on an exit price strategy and take into consideration the assumptions that a willing market participant would use about nonperformance and liquidity risk.
Employee Stock Ownership Plan: The cost of shares issued to the ESOP, but not yet allocated to participants, is shown as a reduction of shareholders’ equity. Compensation expense is based on the market price of shares as they are committed to be released to participant accounts. Dividends, when paid, on allocated ESOP shares reduce retained earnings. Dividends, when paid, on unearned ESOP shares reduce debt and accrued interest.
A terminated participant or the beneficiary of a deceased participant of the ESOP who received a distribution of employer stock from the ESOP has the right to require the Company to purchase such shares at their fair market value any time within 60 days of the distribution date. If this right is not exercised, an additional 60-day exercise period is available in the year following the year in which the distribution is made and begins after a new valuation of the stock has been determined and communicated to the participant or beneficiary. Allocated Company shares subject to this put option are classified on the balance sheet as mezzanine capital. See Note 10 to the consolidated financial statements for additional disclosure.
Retirement Plans: The Company provides a 401(k) plan that covers substantially all employees. Participants may contribute to the 401(k) plan, subject to Internal Revenue Code limitations. The Company contributes 3% of salary each plan year. There are no employer matching contributions. Participants are fully vested after six years of service. Compensation expense associated with Company matching is recognized in salaries and employee benefits.
Reclassifications: Some items in the prior year consolidated financial statements were reclassified to conform to the current presentation and had no effect on net income or shareholders’ equity.
Earnings (Loss) Per Share: Basic EPS is based on the weighted average number of common shares outstanding and is adjusted for ESOP shares not yet committed to be released.
Segment Reporting: While the chief decision-makers monitor the revenue streams of the various products and services, operations are managed and financial performance is evaluated on a Company-wide basis. Operating results are not reviewed by senior management to make resource allocation or performance decisions. Management has determined that the Company has a single operating segment, which is to provide consumer and commercial banking services to individuals and businesses located in our market area. The Company’s various products and services are those generally offered by community banks, and the allocation of resources is based on the overall performance of the Company versus individual regions, branches, products and services.
New Accounting Standards:
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. On July 9, 2015, the FASB approved amendments deferring the effective date by one year. ASU 2014-09 is now effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. In March and April 2016, the FASB issued final amendments (ASU 2016-08 and ASU 2016-10) to clarify the implementation guidance for principal versus agent considerations, identifying performance obligations and the accounting for licenses of intellectual property. In May 2016, the FASB issued final amendments (ASU-11) to clarify guidance related to collectability, noncash considerations, presentation of sales tax, and transition. The amendments can be applied retrospectively to each prior reporting period or retrospectively with the cumulative effect of initially applying this Update recognized at the date of initial application. Early application is permitted but not before the original public entity effective date, i.e., annual periods beginning after December 15, 2016. The Company does not believe that this new guidance will have a material effect on the consolidated financial statements.
In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments — Credit Losses (Topic 326) — Measurement of Credit Losses on Financial Instruments. The provisions of ASU 2016-13 were issued to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments that are not accounted for at fair value through net income, including loans held for investment, held-to-maturity debt securities, trade and other receivables, net investment in leases and other commitments to extend credit held by a reporting entity at each reporting date. ASU 2016-13 requires that financial assets measured at amortized cost be presented at the net amount expected to be collected, through an allowance for credit losses that is deducted from the amortized cost basis. The amendments in ASU 2016-13 eliminate the probable incurred loss recognition in current GAAP and reflect an entity’s current estimate of all expected credit losses. The measurement of expected credit losses is based upon historical experience, current conditions, and reasonable and supportable forecasts that affect the collectibility of the financial assets.
For purchased financial assets with a more-than-insignificant amount of credit deterioration since origination (“PCD assets”) that are measured at amortized cost, the initial allowance for credit losses is added to the purchase price rather than being reported as a credit loss expense. Subsequent changes in the allowance for credit losses on PCD assets are recognized through the statement of income as a credit loss expense.
Credit losses relating to available-for-sale debt securities will be recorded through an allowance for credit losses rather than as a direct write-down to the security.
ASU 2016-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Company is currently working with its core data processor in compiling the necessary loan data to comply with this ASU, and we have not completed our evaluation of the effects of implementing this ASU will have on our allowance, our financial statements and disclosures.
In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230). The update provides guidance on the classification of certain cash receipts and cash payments for presentation in the statement of cash flows. The amendment is effective for the Company for fiscal years beginning after December 15, 2017, and interim periods within those years. Early adoption is permitted. The amendments will be applied using a retrospective transition method to each period presented unless impracticable. The Company does not believe that this new guidance will have a material effect on the consolidated financial statements.
In January 2016, the FASB issued ASU 2016-01, Financial Instruments — Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. This Update applies to all entities that hold financial assets or owe financial liabilities and is intended to provide more useful information on the recognition, measurement, presentation, and disclosure of financial instruments. The portion of ASU 2016-01 that is likely to have an effect on our financial statements and disclosures relates a clarification of accounting standards with respect to deferred tax assets arising from unrealized losses on available-for-sale securities. This ASU 2016-01 requires an entity to 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. ASU 2016-01 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company does not believe that this new guidance will have a material effect on the consolidated financial statements.
In March 2017, the FASB issued ASU 2017-08, Receivables — Nonrefundable Fees and Other Costs (Subtopic 310-20). The update changes the amortization period of associated premiums with the purchase of callable debt securities from amortization over the life of the security to the earliest call date of the security. The standard takes effect for fiscal years and interim periods within those fiscal years, beginning after Dec. 15, 2018. Early adoption is permitted, including adoption in an interim period. If an entity early adopts in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. The Company early adopted this standard, and there have been no purchases of callable debt securities. Accordingly, the adoption of this standard will not have an effect on the Company’s consolidated financial statements as the company does not own any callable debt securities.
On December 22, 2017, the SEC staff issued Staff Accounting Bulletin No. 118 (“SAB 118”), which provides guidance on accounting for the tax effects of H.R. 1, commonly known as the Tax Cuts and Jobs Act of 2017 (the “Tax Act”), which was signed into law on December 22, 2017. SAB 118 provides a measurement period that should not extend beyond one year from the Tax Act enactment date for companies to complete the accounting under Accounting Standards Codification Topic 740, Income Taxes. The Company’s financial results reflect the income tax effects of the Tax Act for which the accounting under ASC Topic 740 is complete and provisional amounts for those specific income tax effects of the Tax Act for which the accounting under ASC Topic 740 is incomplete but a reasonable estimate could be determined. The Company continues to analyze the Tax Act, including the impact on deductibility of certain executive compensation and alternative minimum tax credits, and any refinements to the provisional accounting will be completed within one year of the tax enactment date.
In February 2018, the FASB issued ASU No. 2018-02, Income Statement — Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. This update allows for a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the reduction of the federal corporate income tax rate pursuant to enactment of the Tax Act. The guidance is required to be applied retrospectively to each period (or periods) in which the effect of the change in the federal corporate income tax rate is recognized. The Company early adopted this standard effective December 31, 2017 and reclassified $300 from AOCI to retained earnings due to re-measuring from 35% to 21% the federal deferred taxes on the accumulated other comprehensive income components related to available for sale securities, and the defined benefit and postretirement medical plans.
Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies are not expected to have a material impact on the Company’s financial position, results of operations or cash flows.
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EARNINGS PER SHARE ("EPS") |
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Loss per share | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EARNINGS PER SHARE ("EPS") | NOTE 2 — EARNINGS PER SHARE (“EPS”)
Basic EPS or loss per common share is determined by dividing net earnings or loss available to common shareholders by the weighted average number of common shares outstanding for the period. ESOP shares are considered outstanding for this calculation unless unearned. The factors used in the earnings per common share computation follow:
Given a net loss for the year ended December 31, 2017 and 2016, only basic loss per share is applicable. The weighted-average common shares outstanding for 2016 was computed based on the portion of the actual days outstanding from June 29, 2016 (effective date of the conversion and reorganization) to December 31, 2016 to the actual total days in the year.
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AVAILABLE FOR SALE SECURITIES |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AVAILABLE FOR SALE SECURITIES | NOTE 3 — AVAILABLE FOR SALE SECURITIES
Debt and mortgage-backed securities have been classified in the consolidated balance sheets according to management’s intent. U.S. Government agency mortgage-backed securities consist of securities issued by U.S. Government agencies and U.S. Government sponsored enterprises. Investment securities at December 31, 2017 and December 31, 2016 are as follows:
As of December 31, 2017, and 2016, no securities were pledged for public deposits.
The following tables show the fair value and unrealized loss of securities that have been in unrealized loss positions for less than twelve months and for more than twelve months at December 31, 2017 and December 31, 2016. The tables also show the number of securities in an unrealized loss position for each category of investment security as of the respective dates.
(1) Represents actual number of securities in an unrealized loss position.
The SBAP agency security is an investment comprised of a pool of loans issued under the Small Business Administration, which come with an unconditional guarantee by the U.S. government for the timely payment of principal and interest.
The Company evaluates securities for other-than-temporary impairments (“OTTI”) at least on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. The Company considers the length of time and the extent to which the fair value has been less than cost and the financial condition and near-term prospects of the issuer. Additionally, the Company considers its intent to sell or whether it will be more likely than not it will be required to sell the security prior to the security’s anticipated recovery in fair value. In analyzing an issuer’s financial condition, the Company may consider whether the securities are issued by federal Government agencies, whether downgrades by bond rating agencies have occurred, and the results of reviews of the issuer’s financial condition.
Total fair value securities with unrealized losses at December 31, 2017 and 2016, was $16,211 and $23,817, which is approximately 100% and 95%, respectively, of the Company’s available for sale securities. None of the unrealized losses at December 31, 2017 were recognized into net income for the year ended December 31, 2017 because the issuers’ bonds are of high credit quality, management does not intend to sell and it is likely that management will not be required to sell the securities prior to their anticipated recovery, and the decline in fair value is largely due to changes in interest rates. The fair value of these securities is expected to recover as they approach their maturity date or reset date. None of the unrealized losses at December 31, 2016 were recognized as having OTTI during the year ended December 31, 2017.
Because the actual cash flows for mortgage-backed securities and SBAP security may differ from their contractual maturities, a maturity table is not shown.
The following table presents the gross proceeds from sales of securities available-for-sale and gains or losses recognized for the years ended December 31, 2017 and 2016:
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LOANS |
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Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LOANS | NOTE 4 — LOANS
The components of loans at December 31, 2017 and December 31, 2016 were as follows:
The following tables present the activity in the allowance for loan losses for the years ended December 31, 2017 and 2016 by portfolio segment:
The following tables present the recorded balances of loans and amount of allowance allocated based upon impairment method by portfolio segment at December 31, 2017 and December 31, 2016:
The Company establishes the unallocated allowance for loan losses due to uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance for loan losses is maintained to cover probable and incurred credit losses inherent in the loan portfolio but not captured in the general component, such as historical loss experience data that may not precisely correspond to individual loan portfolio segments and to uncertainties in economic conditions.
The tables below present loans that were individually evaluated for impairment by portfolio segment at December 31, 2017 and December 31, 2016.
Generally, impaired loans with identified losses are reduced to their net realizable value by a partial charge-off of amounts determined to be uncollectible. When impairments on impaired loans are not charged off, a specific allowance is recorded. The Company believes no further allowance for loan losses were necessary at December 31, 2017 and December 31, 2016.
The tables below present the average recorded investment in loans and interest income recognized on loans that were individually evaluated for impairment by portfolio segment at December 31, 2017 and December 31, 2016:
There were no loans modified as troubled debt restructurings during the years December 31, 2017 and 2016. At December 31, 2017 and 2016, there were no residential real estate loans in the process of foreclosure. The loans foreclosed in 2017 were a residential real estate loans.
The following tables present the aging of past due loans as well as nonaccrual loans. Nonaccrual loans and accruing loans past due 90 days or more include both smaller balance homogenous loans and larger balance loans that are evaluated either collectively or individually for impairment.
Loan Grades:
The Company utilizes a grading system whereby all loans are assigned a grade based on the risk profile of each loan. Loan grades are determined based on an evaluation of relevant information about the ability of borrowers to service their debt such as current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. All loans, regardless of size, are analyzed and are given a grade based upon the management’s assessment of the ability of borrowers to service their debts.
Pass: Loan assets of this grade conform to a preponderance of our underwriting criteria and are acceptable as a credit risk, based upon the current net worth and paying capacity of the obligor. Loans in this category also include loans secured by liquid assets and secured loans to borrowers with unblemished credit histories.
Pass-Watch: Loan assets of this grade represent our minimum level of acceptable credit risk. This grade may also represent obligations previously rated “Pass”, but with significantly deteriorating trends or previously rated.
Special Mention: Loan assets of this grade have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of repayment prospects for the loan or of the institution’s credit position at some future date.
Substandard: Loan assets of this grade are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected.
Doubtful: Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable.
Loss: Loans classified loss are considered uncollectible and of such little value that their continuance as bankable assets is not warranted. This classification does not mean that the asset has absolutely no recovery or salvage value, but rather that it is not practical or desirable to defer writing off this basically worthless asset even though partial recovery may be effected in the future.
Loan Segments:
The Company groups loans of similar type that share common risk characteristics. We segment our loan portfolio along with assigning individual risk grades to each loan as part of our methodology for determining our allowance for loan losses. Those portfolio segments and significant risk characteristics are as follows:
One-to four-family, owner occupied: One-to four-family, owner occupied loans consist primarily of loans secured by first or second mortgages on primary residences and are originated as primarily as fixed-rate loans for the construction, purchase or refinancing of a mortgage. These loans are collateralized by owner-occupied properties located in the Company’s market area. Repayment of these loans is primarily dependent on the personal income of the borrowers, which can be impacted by economic conditions in their market areas, such as unemployment levels. Repayment can also be impacted by changes in property values on residential properties.
The Company currently originates residential mortgage loans for our portfolio with loan-to-value ratios of up to 80% for traditional owner-occupied homes. For traditional homes, the Company may originate loans with loan-to-value ratios in excess of 80% if the borrower provides additional readily marketable collateral.
One-to four-family, non-owner occupied: One-to four-family, non-owner occupied loans are similar to owner occupied one-to four-family loans in terms of collateral, but they carry greater inherent risks than owner occupied loans, since the repayment ability of the borrower is generally reliant on the success of the income generated from the property. The Company currently originates one-to four-family, non-owner occupied mortgage loans for our portfolio with loan-to-value ratios of up to 80% for traditional owner-occupied homes.
Commercial and multi-family: Commercial real estate loans are secured primarily by office buildings, churches and various income producing properties. Multifamily real estate loans are secured by generally apartment complexes. Commercial and multifamily real estate loans are underwritten based on the economic viability of the property and creditworthiness of the borrower, with emphasis given to projected cash flow as a percentage of debt service requirements. These loans carry increased risks as they involve larger balances concentrated with single borrowers or groups of related borrowers. Repayment of loans secured by income producing properties depends on the successful operation of the real estate and the economy. The Company generally obtains personal guarantees on these loans.
The Company currently originates commercial and multi-family loans in amounts of up to 80% of the lesser of the appraised value or the purchase price of the property with an appropriate projected debt service coverage ratio.
Construction and Land: The Company makes construction loans to individuals for the construction of their primary residences and to commercial businesses for their real estate needs. These loans generally have maximum terms of nine months, and upon completion of construction convert to conventional amortizing mortgage loans. Residential construction loans have rates and terms comparable to one-to-four family residential mortgage loans that the Company originates. Commercial construction loans have rates and terms comparable to other commercial real estate loans that we originate. During the construction phase, the borrower generally pays interest only. Generally, the maximum loan-to-value ratio of our owner-occupied construction loans is 80%. Residential construction loans are generally underwritten pursuant to the same guidelines used for originating permanent residential mortgage loans. Commercial construction loans are generally underwritten pursuant to the same guidelines used for originating other commercial real estate loans.
The Company also makes interim construction loans for nonresidential properties. In addition, the Company occasionally makes loans for the construction of homes “on speculation,” but the Company generally permits a borrower to have only two such loans at a time. These loans generally have a maximum term of nine months, and upon completion of construction, borrowers can convert to conventional amortizing nonresidential real estate loans. These construction loans have rates and terms comparable to permanent loans secured by property of the type being constructed that we originate. Generally, the maximum loan-to-value ratio of these construction loans is 85%.
Commercial business loans: Commercial, non-real estate, loans are offered to businesses and professionals in the Company’s market area. These loans generally have short and medium terms on a collateralized basis. The structure of these loans is largely determined by the loan purpose and collateral. Sources of collateral can include a lien on equipment, inventory, receivables and other assets of the company. A UCC-1 is typically filed to perfect our lien on these assets.
Commercial loans typically are underwritten on the basis of the borrower’s ability to make repayment from the cash flow of its business and generally are collateralized by business assets. As a result, such loans and leases involve additional complexities, variables and risks and require more thorough underwriting and servicing than other types of loans and leases. Repayment of commercial loans largely depends on the successful operation of the business for which and operating loan is utilized.
Consumer loans: The Company offers installment loans for various consumer purposes, including the purchase of automobiles, boats, and for other legitimate personal purposes. The maximum term of consumer loans is 12 months for unsecured loans and 12 to 60 months for loans secured by a vehicle, depending on the age of the vehicle. The Company generally only extends consumer loans to existing customers or their immediate family members, and these loans generally have relatively low balances. We also originate floating rate home equity lines of credit and home improvement loans secured by second mortgages.
Consumer loans may entail greater credit risk than a typical residential mortgage loan, particularly in the case of consumer loans that are unsecured or are secured by rapidly depreciable assets, such as automobiles. In addition, consumer loan collections are dependent on the borrower’s continuing financial stability, and thus are more likely to be affected by adverse personal circumstances. Furthermore, the application of various federal and state laws, including bankruptcy and insolvency laws, may limit the amount that can be recovered on such loans.
The following tables present total loans by risk grade and portfolio segment at December 31, 2017 and December 31, 2016:
Loans to principal officers, directors and affiliates for the year ended December 31, 2017 and 2016 were as follows:
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PREMISES AND EQUIPMENT |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PREMISES AND EQUIPMENT | NOTE 5 — PREMISES AND EQUIPMENT
Premises and equipment at December 31, 2017 and 2016 were as follows:
Depreciation expense for the years ended December 31, 2017 and 2016 was $247 and $165, respectively.
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DEPOSITS |
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Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DEPOSITS | NOTE 6 — DEPOSITS
Time deposits that meet or exceed the FDIC Insurance limit of $250 at December 31, 2017 and 2016 were $8,569 and $8,219.
Scheduled maturities of time deposits for the next five years were as follows:
The Company does not take brokered certificates of deposit.
Directors and executive officers were customers of, and had transactions with, the Company in the ordinary course of business. Included in such transactions are deposit accounts, all of which were made under normal terms. The aggregate amount of these deposit accounts was $815 and $809 at December 31, 2017 and 2016, respectively.
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FEDERAL HOME LOAN BANK ADVANCES |
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Advances from Federal Home Loan Banks [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FEDERAL HOME LOAN BANK ADVANCES | NOTE 7 — FEDERAL HOME LOAN BANK ADVANCES
At December 31, 2017 and 2016, advances from the Federal Home Loan Bank were as follows:
Each advance is payable at its maturity date, with a prepayment penalty if paid earlier than its maturity date. The advances were collateralized by $51,532 and $46,544 of first mortgage loans under a blanket lien arrangement at December 31, 2017 and 2016. Based on this collateral and the Company’s holdings of FHLB stock, the Company is eligible to borrow up to a total of $39,332 at December 31, 2017.
At December 31, 2017, the Company had irrevocable standby letters of credit with the FHLB totaling $3,200 that matures on November 2, 2018 to secure public funds and an unused open line of credit with The Independent BankersBank that would allow us to borrow up to an $2,500.
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INCOME TAXES |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INCOME TAXES | NOTE 8 — INCOME TAXES
On December 22, 2017, the United States enacted tax reform legislation through the Tax Cuts and Jobs act, which significantly changes the existing U.S. tax laws, including a reduction in the corporate tax rate for the Company from 34% to 21%, as well as other changes. As a result of enactment of the legislation, the Company incurred a one-time income tax expense of $49 during the fourth quarter of 2017, related to the remeasurement of the Company’s deferred tax assets and liabilities. The Company, as discussed below, has a valuation allowance recorded against all components of the net deferred tax asset, except for the unrealized loss on available-for-sale securities. Therefore, this additional one-time income tax expense of $49 is related to the adjustment of the deferred tax asset for net unrealized losses on available-for-sale securities. For the years ended December 31, 2017 and 2016, management did not record any current federal or state income tax expense related to normal operations.
Temporary differences between tax and financial reporting that result in net deferred tax assets are as follows at December 31, 2017 and 2016:
The change in the valuation allowance for deferred tax assets is summarized as follows:
At December 31, 2017, the Company has a net operating loss carryforward for Federal income tax purposes of $4,996, which is available to offset future Federal taxable income from 2030 through 2037. At December 31, 2017, the Company has a net operating loss carryforward for State of Illinois income tax purposes of $6,415, which is available to offset future State of Illinois taxable income from 2020 through 2029.
In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. A valuation allowance has been recorded against all components of the net deferred tax asset, except for the unrealized loss on available for sale securities.
Retained earnings as of December 31, 2017 and 2016 includes approximately $1,593 representing reserve method bad debt reserves originating prior to December 31, 1987 for which no deferred income taxes are required to be provided. Otherwise, the deferred tax liability would be approximately $335 and could be included in taxable income if the Company pays dividends in excess of its accumulated earnings and profits (as defined by the Internal Revenue Code) or in the event of a distribution in partial or complete liquidation of the Company.
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PENSION AND OTHER POSTRETIREMENT BENEFITS |
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Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PENSION AND OTHER POSTRETIREMENT BENEFITS | NOTE 9 — PENSION AND OTHER POSTRETIREMENT BENEFITS
The Company maintains a defined benefit pension plan, which was frozen in 2010 and covers substantially all employees. Plan benefits are fully vested after six years of service and are based on years of service and the employee’s five highest consecutive years of compensation during the last ten years preceding retirement. The Company’s funding policy is to contribute annually the minimum amount necessary to satisfy the Internal Revenue Service’s funding standards. The Company may contribute additional amounts as permitted by the plan.
In addition, the Company maintains a plan for providing postretirement medical benefits to retired corporate officers and their spouses. Effective January 29, 2014, the plan was frozen. The liability for such benefits is unfunded. The accumulated obligation, which represents the present value of the estimated future benefits payable to a participant attributed to service rendered to date, will be recognized on a delayed basis as a component of net periodic cost.
The projected benefit obligation, which is equal to the accumulated benefit obligation, fair market value of plan assets and funded status of the Company’s benefit plans using a December 31 measurement date are summarized as follows:
Changes in accumulated other comprehensive loss associated with the defined benefit and postretirement medical plans are as follows:
The following is a summary of the Company’s accrued postretirement medical benefits:
Components of net periodic benefit cost and other amounts recognized in other comprehensive loss for the years ended December 31, 2017 and 2016 included the following components:
The estimated amounts that will be recognized from accumulated other comprehensive loss into net periodic cost for the plans for 2018 are as follows:
Assumptions
Weighted-average assumptions used to determine pension benefit obligations at December 31, 2017 and 2016 were as follows:
The weighted-average annual assumed rate of increase in the per capita cost of covered benefits for the medical plan was 6.75% and 7.00% for 2017 and 2016, respectively, reducing to 6.50% for 2018 and reduction of 0.25% per year thereafter until 5.00% in 2024 and thereafter. The effect of increasing the assumed health care trend rates by one percentage point will increase the accumulated postretirement benefit obligation at December 31, 2017 and 2016 by $124 and $132, respectively. The effect of decreasing the assumed health care trend rates by one percentage point will decrease the accumulated postretirement benefit obligation at December 31, 2017 and 2016 by $102 and $109, respectively.
Investment Strategy and Allocation
The Company’s investment strategy is to maintain a diversified investment portfolio. Rebalancing occurs on a periodic basis to maintain the target allocations, but normal market activity may result in deviations. As a result of the percentage of equities held, actual return of plan assets for any one year may fluctuate significantly due to changes in the stock market.
A range of expected returns for an asset class is determined using long-term historical returns for an index comparable to that class. The range is then adjusted for anticipated asset management fees for the specific fund or security in that class. If no comparable index exists, the investment manager’s range of expected future returns for the fund or security is used.
A range of aggregate expected long-term rates of return is developed using an average of the expected fund or security returns weighted on the midpoint of the plan’s investment policy ranges for the asset class. A single rate is selected from that range.
The Company’s defined benefit pension target allocations and weighted-average asset allocations by asset category at December 31, 2017 and 2016 are as follows:
Fair Value of Plan Assets
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy prioritizes the assumptions that market participants would use in pricing the assets (the “inputs”) into three broad levels. The fair values for equity securities are determined by quoted market prices (Level 1). For debt securities, fair values are based upon market prices of similar securities (Level 2). For securities where quoted market prices or market prices of similar securities are not available, fair values are based upon appraisals of underlying collateral and discounted cash flow analysis (Level 3).
The following table summarizes plan assets for the defined benefit pension plan, measured at fair value on a recurring basis at December 31, 2017 and 2016, segregated by the level of the inputs within the hierarchy used to measure fair value:
Pension benefits expected to be paid in each of the next five years and in the aggregate for the five years thereafter are summarized as follows:
The Company expects to contribute approximately $600 to its pension plan and $48 to its medical plan in 2018.
The Company maintains a 401(k) plan (the “Plan”) that covers substantially all full-time employees. Participants may contribute to the Plan, subject to Internal Revenue Code limitations. The Company contributes 3% of each participants’ salary each year. There are no matching contributions. Participants are fully vested after six years of service. Plan expense for the years ended December 31, 2017 and 2016 were $27 and $25.
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EMPLOYEE STOCK OWNERSHIP PLAN |
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EMPLOYEE STOCK OWNERSHIP PLAN | NOTE 10 — EMPLOYEE STOCK OWNERSHIP PLAN
Employees participate in an Employee Stock Ownership Plan (“ESOP”). The ESOP borrowed from the Company to purchase 66,096 shares of the Company’s common stock at $10 per share on June 29, 2016. The Company may make discretionary contributions to the ESOP and pay dividends on unallocated shares to the ESOP, the ESOP uses funds it receives to repay the loan. When loan payments are made, ESOP shares are allocated to participants based on relative compensation and expense is recorded. Any dividends on allocated shares increase participant accounts. Participants receive the shares at the end of employment.
No contributions to the ESOP were made during the years ended December 31, 2017 and 2016. The expense recognized for the years ended December 31, 2017 and 2016 was $41 and $36 and is included in salaries and wages in the statement of operations.
ESOP shares at December 31, 2017 and 2016 are summarized as follows:
At December 31, 2017, the fair value of the 6,557 allocated shares held by the ESOP is $77 and is reported on the balance sheet as mezzanine capital. The fair value of all shares subject to the repurchase obligation is $773.
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REGULATORY CAPITAL MATTERS |
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Banking and Thrift [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
REGULATORY CAPITAL MATTERS | NOTE 11 — REGULATORY CAPITAL MATTERS
Savings and loan associations are subject to regulatory capital requirements administered by federal banking agencies. Capital adequacy guidelines and, additionally for banks, prompt corrective action regulations, involve quantitative measures of assets, liabilities, and certain off-balance-sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by regulators. Failure to meet capital requirements can initiate regulatory action. The final rules implementing Basel Committee on Banking Supervision’s capital guidelines for U.S. banks (Basel III rules) became effective for the Company on January 1, 2016 with full compliance with all of the requirements being phased in over a multi-year schedule, and fully phased in by January 1, 2019. The net unrealized gain or loss on available-for-sale securities is not included in computing regulatory capital. Management believes as of December 31, 2017, the Bank met all capital adequacy requirements to which it is subject. Savings and loan holding companies became subject to capital requirements on January 1, 2016. However, such capital requirements do not apply to savings and loan holding companies with assets of less than $1,000.
Prompt corrective action regulations provide five classifications: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized, although these terms are not used to represent overall financial condition. If adequately capitalized, regulatory approval is required to accept brokered deposits. If undercapitalized, capital distributions are limited, as is asset growth and expansion, and capital restoration plans are required. At December 31, 2017 and 2016, the most recent regulatory notifications categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. There are no conditions or events since that notification that management believes have changed the Bank’s category.
The Bank’s actual and minimum capital requirements to be well-capitalized under prompt corrective action provisions are as follows:
The Qualified Thrift Lender test requires at least 65% of assets be maintained in housing-related finance and other specified areas. If this test is not met, limits are placed on growth, branching, new investments, FHLB advances and dividends, or the Bank must convert to a commercial bank charter. Management believes that this test is met.
The above minimum capital requirements exclude the capital conservation buffer required to avoid limitations on capital distributions, including dividend payments and certain discretionary bonus payments to executive officers. The capital conservation buffer is being phased in from 0.0% for 2016 to 2.50% by 2019. The capital conservation buffer was 1.25% at December 31, 2017. The net unrealized gain or loss on available-for-sale securities and the defined benefit and postretirement medical plans are not included in computing regulatory capital.
Dividend Restrictions: The Company’s principal source of funds for dividend payments is dividends received from the Bank. Banking regulations limit the amount of dividends that may be paid without prior approval of regulatory agencies. Under these regulations, the amount of dividends that may be paid in any calendar year is limited to the current year’s net profits, combined with the retained net profits of the preceding two years, subject to the capital requirements described above. No dividends would be available to be paid to shareholders at December 31, 2017.
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FAIR VALUE MEASUREMENTS |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE MEASUREMENTS | NOTE 12 — FAIR VALUE MEASUREMENTS
Fair value is the exchange price that would be received for 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 on the measurement date. There are three levels of inputs that may be used to measure fair values:
Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date.
Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.
Level 3: Significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability.
Investment Securities: The fair values for investment securities are determined by quoted market prices, if available (Level 1). For securities where quoted prices are not available, fair values are calculated based on market prices of similar securities (Level 2). For securities where quoted prices or market prices of similar securities are not available, fair values are calculated using discounted cash flows or other market indicators (Level 3).
Impaired Loans: The fair value of impaired loans with specific allocations of the allowance for loan losses is generally based on recent real estate appraisals. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are typically significant and result in a Level 3 classification of the inputs for determining fair value. Non-real estate collateral may be valued using an appraisal, net book value per the borrower’s financial statements, or aging reports, adjusted or discounted based on management’s historical knowledge, changes in market conditions from the time of the valuation, and management’s expertise and knowledge of the client and client’s business, resulting in a Level 3 fair value classification. Impaired loans are evaluated on a quarterly basis for additional impairment and adjusted accordingly.
Real Estate Owned: Assets acquired through or instead of loan foreclosure are initially recorded at fair value less costs to sell when acquired, establishing a new cost basis. Fair value is commonly based on recent real estate appraisals, which are updated no less frequently than annually. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are usually significant and typically result in a Level 3 classification of the inputs for determining fair value. Real estate owned properties are evaluated on a quarterly basis for additional impairment and adjusted accordingly.
Appraisals for both collateral-dependent impaired loans and real estate owned are performed by certified general appraisers (for commercial properties) or certified residential appraisers (for residential properties) whose qualifications and licenses have been reviewed and verified by the Company. Once received, management reviews the assumptions and approaches utilized in the appraisal as well as the overall resulting fair value in comparison with independent data sources such as recent market data or industry-wide statistics. On an annual basis, the Company compares the actual selling price of collateral that has been sold to the most recent appraised value to determine what additional adjustment should be made to the appraisal value to arrive at fair value.
Assets and liabilities measured at fair value on a recurring basis at December 31, 2017 and December 31, 2016 are summarized below:
Presented in the table below are assets measured at fair value on a nonrecurring basis using Level 3 inputs at December 31, 2017 and December 31, 2016:
Impaired loans that required Level 3 adjustments during the year ended December 31, 2016 had carrying amounts of $39, which consisted of specific valuation allowances or amounts charged off to the allowance for loan losses of $9.
The table below presents the valuation methodology and unobservable inputs for Level 3 assets measured at fair value on a non-recurring basis at December 31, 2017 and December 31, 2016:
Many of the Company’s assets and liabilities are short-term financial instruments whose carrying amounts reported in the consolidated balance sheet approximate fair value and are considered Level 1 assets and liabilities. These items include cash and cash equivalents and accrued interest receivable and payable balances. The estimated fair values of the Company’s remaining on-balance sheet financial instruments at December 31, 2017 and December 31, 2016 are summarized below:
(1) It is not practicable to determine fair value of restricted equity securities due to restrictions placed on transferability.
The following methods and assumptions were used in estimating the fair values shown above:
Loans: The fair value of loans is computed for each loan category using interest rates currently being offered for loans with similar terms to borrowers of similar credit quality.
Deposits: Deposits with no defined maturities, such as checking accounts, savings accounts and money market deposit accounts are, by definition, equal to the amount payable on demand at the balance sheet date. The fair values of certificate accounts are computed using interest rates currently being offered to deposit customers.
FHLB advances: FHLB advances are valued at current market interest rates of FHLB advances.
Off-balance sheet commitments: Fair values for off-balance sheet, credit-related financial instruments are based on fees currently charged to either enter into similar agreements, taking into account the remaining terms of the agreements and the counterparties’ credit standing. The fair value of commitments is not material.
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COMMITMENTS AND CONTINGENCIES |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
COMMITMENTS AND CONTINGENCIES | NOTE 13 — COMMITMENTS AND CONTINGENCIES
Loan commitments and related activities: Some financial instruments, such as loan commitments, credit lines, letters of credit, and overdraft protection, are issued to meet customer financing needs. These are agreements to provide credit or to support the credit of others, as long as conditions established in the contract are met, and usually have expiration dates. Commitments may expire without being used. Off-balance-sheet risk to credit loss exists up to the face amount of these instruments, although material losses are not anticipated. The same credit policies are used to make such commitments as are used for loans, including obtaining collateral at exercise of the commitment.
The contractual amount of financial instruments with off-balance-sheet risk at December 31, 2017 and 2016 was as follows:
Commitments to originate mortgage loans are legally binding agreements to lend to the Company’s customers and generally are made for 180 days or less. Interest rates for our loan commitments and unused lines of credit ranged from 2.85% to 7.05% and 1.99% to 6.00% at December 31, 2017 and 2016, respectively.
Financial instruments with off-balance-sheet risk: The Company has no additional financial instruments with off-balance-sheet risk.
Contingencies: The Company is involved in certain legal actions arising from normal business activities. Management believes that the outcome of such proceedings will not have any material adverse effect on the financial statements of the Company.
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PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION |
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Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION | NOTE 14 — PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION
CONDENSED BALANCE SHEETS
CONDENSED STATEMENT OF OPERATIONS
FOR THE YEARS ENDED DECEMBER 31, 2017 AND 2016
CONDENSED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2017 AND 2016
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) |
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Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Nature of Operations and Principle of Consolidation | Nature of Operations and Principle of Consolidation: On June 29, 2016, Best Hometown Bank (the “Bank”) (formerly known as Home Federal Savings and Loan Association of Collinsville) completed its conversion from a federally-chartered mutual savings association to a capital stock form of organization with the establishment of a stock Holding Company, Best Hometown Bancorp, Inc. (“the Company”), as parent of the Bank. The stock holding company is organized under the laws of the State of Maryland and owns all of the outstanding common stock of the Bank. The Company sold 826,208 shares of its common stock, including 8% or 66,096 shares purchased by the Bank’s employee stock ownership plan, at a price of $10.00 per share, for gross offering proceeds of $8,300 that was used to buy its Company shares. The cost of the conversion and issuance of common stock was $1,400, which was deducted from the gross offering proceeds. The Company contributed $5,000 of the net proceeds from the offering to the Bank, and $1,200 was retained by the Company. In addition, $661 of the net proceeds were used to fund the loan to the employee stock ownership plan. The consolidated financial statements of Best Hometown Bancorp, Inc. (referred to herein as “the Company,” “we,” “us,” or “our”) include the accounts of its wholly owned subsidiary Best Hometown Bank (the “Bank”) and have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). Intercompany accounts and transactions are eliminated during consolidation.
Voting rights are held and exercised exclusively by the shareholders of the holding company. Deposit account holders continue to be insured by the FDIC. A liquidation account was established in an amount equal to the Bank’s total equity as of the latest balance sheet date in the final offering circular used in the conversion. Each eligible account holder or supplemental account holder are entitled to a proportionate share of this account in the event of a complete liquidation of the Bank, and only in such event. This share will be reduced if the eligible account holder’s or supplemental account holder’s deposit balance falls below the amounts on the date of record and will cease to exist if the account is closed. The liquidation account will never be increased despite any increase after conversion in the related deposit balance.
The Bank may not pay a dividend on its capital stock if the effect thereof would cause retained earnings to be reduced below the liquidation account amount or regulatory capital requirements. In addition, the stock holding company will be subject to certain regulations related to the repurchase of its capital stock.
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.
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Use of Estimates | Use of Estimates: To prepare financial statements in conformity with GAAP, management makes estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the consolidated financial statements and the disclosures provided, and actual results could differ.
Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses, valuation of deferred tax assets, pension and postretirement medical plan obligations, and fair values of financial instruments.
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Cash Flows | Cash Flows: Cash and cash equivalents include cash on hand, federal funds sold, overnight interest-bearing deposits and amounts due from other depository institutions.
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Restrictions on Cash | Restrictions on Cash: Cash on hand or on deposit with the Federal Reserve Bank is required to meet regulatory reserve and clearing requirements. These balances do not earn interest.
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Interest-Bearing Deposits in Other Financial Institutions | Interest-Bearing Deposits in Other Financial Institutions: Interest-bearing deposits in other financial institutions mature within one year and are carried at cost.
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Securities | Securities: Securities are classified as available-for-sale when they might be sold before maturity. Securities available-for-sale are carried at fair value, with unrealized holding gains and losses reported in other comprehensive income, net of tax.
Interest income includes amortization of purchase premium or discount. Premiums and discounts on securities are amortized on the level-yield method without anticipating prepayments, except for mortgage backed securities where prepayments are anticipated. Gains and losses on sales are recorded on the trade date and determined using the specific identification method.
The Company evaluates securities for other-than-temporary impairments (“OTTI”) at least on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. The Company considers the length of time and the extent to which the fair value has been less than cost and the financial condition and near-term prospects of the issuer. Additionally, the Company considers its intent to sell or whether it will be more likely than not it will be required to sell the security prior to the security’s anticipated recovery in fair value. In analyzing an issuer’s financial condition, the Company may consider whether the securities are issued by the federal Government agencies, whether downgrades by bond rating agencies have occurred, and the results of reviews of the issuer’s financial condition.
The Company uses the specific identification method for reclassifying material stranded tax effects in accumulated other comprehensive income (“AOCI”) to earnings.
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Loans | Loans: Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at the principal balance outstanding, net of deferred loan fees and costs, and an allowance for loan losses. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income using the level-yield method over the contractual lives of the loans without anticipating prepayments.
Interest income on loans is discontinued at the time the loan is 90 days delinquent unless the loan is well-secured and in process of collection. Past due status is based on the 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 received for loans placed on nonaccrual is reversed against interest income. Interest received on such loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual.
Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Nonaccrual loans and loans past due 90 days still on accrual include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans.
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Allowance for Loan Losses | Allowance for Loan Losses: The allowance for loan losses is a valuation allowance for probable incurred credit losses. Loan losses are charged against the allowance when management believes the uncollectability of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. Management estimates the allowance balance required using past loan loss experience, the nature and volume of the portfolio, information about specific borrower situations and estimated collateral values, economic conditions, and other factors. Allocations of the allowance may be made for specific loans, but the entire allowance is available for any loan that, in management’s judgment, should be charged-off.
The allowance consists of specific and general components. The specific component consists of the amount of impairment related to loans that have been evaluated on an individual basis, and the general component consists of the amount of impairment related to loans that have been evaluated on a collective basis. Loans are considered impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts when due according to the contractual terms of the loan agreement. Loans for which the terms have been modified resulting in a concession, and for which the borrower is experiencing financial difficulties, are considered troubled debt restructurings (“TDRs”).
Management utilizes an internal loan grading system and assigns each loan a grade of pass, special mention, substandard, and doubtful, which are more fully explained in Note 4. Any loan that meets certain size requirements and performance characteristics are individually evaluated for impairment. The amount of impairment, if any, is measured by a comparison of the loan’s carrying value to the net present value of future cash flows using the loan’s effective rate at inception or at the fair value of collateral if repayment is expected to come solely from the collateral. All loans graded pass, special mention, substandard and doubtful not specifically evaluated for impairment are collectively evaluated for impairment by portfolio segment. To develop and document a systematic methodology for determining the portion of the allowance for loan losses for loans evaluated collectively, the Company has divided the loan portfolio into segments, each with different risk characteristics and methodologies for assessing risk. Those portfolio segments are discussed in Note 4.
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Concentration of Credit Risk and Other | Concentration of Credit Risk and Other: The Company’s business activity is principally with customers located in Madison and St. Clair Counties, Illinois and, to a lesser extent, St. Louis County, Missouri. The Company requires its customers to provide collateral, generally in the form of title to real estate, for substantially all loans. Certain consumer loans are made to customers without requiring collateral. Except for loans in the Company’s market area, the Company has no other significant concentrations of credit risk.
The Company places its cash and cash equivalents on deposit with financial institutions in the United States. The Federal Deposit Insurance Corporation (“FDIC”) provides deposit insurance for up to $250 for substantially all depository accounts. The Company from time to time may have amounts on deposit in excess of the insured limits, and management believes the risk of loss is not significant. As of December 31, 2017, the amount in excess of FDIC insured limits was approximately $4,200.
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Premises and Equipment | Premises and Equipment: Land is carried at cost. Premises and equipment are stated at cost less accumulated depreciation. Buildings and related components are depreciated using the straight-line method with useful lives ranging from 5 to 39 years. Furniture, fixtures and equipment are depreciated using the straight-line method, with useful lives ranging from 5 to 7 years. Maintenance and repairs are charged to operations in the year incurred. Gains and losses on dispositions are included in current year operations. The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amounts of such assets may not be recoverable.
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Bank Owned Life Insurance | Bank Owned Life Insurance: The Company has purchased life insurance policies on certain directors. Accounting guidance requires bank owned life insurance to be recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement.
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Real Estate Owned | Real Estate Owned: Real estate acquired through loan foreclosure is initially recorded at fair value less cost to sell at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, real estate owned is recorded at the lower of carrying amount or fair value less estimated costs to sell. Any initial losses at the time of foreclosure are charged against the allowance for loan losses with any subsequent losses or write-downs included in the consolidated statements of income and comprehensive income as a component of noninterest expenses.
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Restricted Equity Securities | Restricted Equity Securities: Restricted equity securities consist of Federal Home Loan Bank of Chicago (“FHLB”) stock. The Company is a member of the FHLB system. Members are required to own a certain amount of stock based on the level of borrowings and other factors and may invest in additional amounts. There is a very limited market for FHLB stock; therefore, and the stock is carried at cost, as restricted securities, and is periodically evaluated for impairment based on ultimate recovery of par value. Both cash and stock dividends are reported as income.
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Income Taxes | Income Taxes: The provision for income taxes is based on amounts reported in the consolidated statements of income and comprehensive income (after exclusion of non-taxable income such as interest on state and municipal securities) and includes changes in deferred taxes. Deferred taxes are computed using the asset and liability approach. Deferred tax assets and liabilities are reflected at currently enacted income tax rates applicable to the period in which the deferred tax assets or liabilities are expected to be realized or settled. As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through the provision for income taxes.
The Company follows guidance issued by the Financial Accounting Standards Board (“FASB”) with respect to accounting for uncertainty in income taxes. A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded.
The Company elected to apply the provisions of ASU 2018-02, Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. As a result, the Company reclassified $300 from AOCI to retained earnings.
The Company recognizes interest and/or penalties related to income tax matters in other noninterest expense.
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Comprehensive Income (loss) | Comprehensive Income (loss): Comprehensive income (loss) consists of net income (loss) and other comprehensive income (loss). Other comprehensive income (loss) for the Company consists of unrealized gains and losses on securities available-for-sale, net of tax and unrealized losses on our defined benefit and post retirement plans.
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Loss Contingencies | Loss Contingencies: Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management does not believe there now are such matters that will have a material effect on the consolidated financial statements.
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Loan Commitments and Related Financial Instruments | Loan Commitments and Related Financial Instruments: Financial instruments include off-balance sheet credit instruments, such as commitments to make loans and commercial letters of credit, issued to meet customer financing needs. The face amount for these items represents the exposure to loss, before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded.
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Fair Value of Financial Instruments | Fair Value of Financial Instruments: Fair values of financial instruments are estimated using relevant market information. Changes in market conditions could significantly affect the estimates. For financial instruments where there is little or no relevant market information due to limited or no market activity, the Company estimates the fair value of these instruments through the use of a discounted present value of estimated cash flows technique, which includes the Company’s own assumptions as to the amounts and timing of cash flows, adjusted for risk factors related to nonperformance and liquidity. The Company’s assumptions are based on an exit price strategy and take into consideration the assumptions that a willing market participant would use about nonperformance and liquidity risk.
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Employee Stock Ownership Plan | Employee Stock Ownership Plan: The cost of shares issued to the ESOP, but not yet allocated to participants, is shown as a reduction of shareholders’ equity. Compensation expense is based on the market price of shares as they are committed to be released to participant accounts. Dividends, when paid, on allocated ESOP shares reduce retained earnings. Dividends, when paid, on unearned ESOP shares reduce debt and accrued interest.
A terminated participant or the beneficiary of a deceased participant of the ESOP who received a distribution of employer stock from the ESOP has the right to require the Company to purchase such shares at their fair market value any time within 60 days of the distribution date. If this right is not exercised, an additional 60-day exercise period is available in the year following the year in which the distribution is made and begins after a new valuation of the stock has been determined and communicated to the participant or beneficiary. Allocated Company shares subject to this put option are classified on the balance sheet as mezzanine capital. See Note 10 to the consolidated financial statements for additional disclosure.
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Retirement Plans | Retirement Plans: The Company provides a 401(k) plan that covers substantially all employees. Participants may contribute to the 401(k) plan, subject to Internal Revenue Code limitations. The Company contributes 3% of salary each plan year. There are no employer matching contributions. Participants are fully vested after six years of service. Compensation expense associated with Company matching is recognized in salaries and employee benefits.
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Reclassifications | Reclassifications: Some items in the prior year consolidated financial statements were reclassified to conform to the current presentation and had no effect on net income or shareholders’ equity.
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Earnings (Loss) Per Share | Earnings (Loss) Per Share: Basic EPS is based on the weighted average number of common shares outstanding and is adjusted for ESOP shares not yet committed to be released.
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Segment Reporting | Segment Reporting: While the chief decision-makers monitor the revenue streams of the various products and services, operations are managed and financial performance is evaluated on a Company-wide basis. Operating results are not reviewed by senior management to make resource allocation or performance decisions. Management has determined that the Company has a single operating segment, which is to provide consumer and commercial banking services to individuals and businesses located in our market area. The Company’s various products and services are those generally offered by community banks, and the allocation of resources is based on the overall performance of the Company versus individual regions, branches, products and services.
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New Accounting Standards | New Accounting Standards:
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. On July 9, 2015, the FASB approved amendments deferring the effective date by one year. ASU 2014-09 is now effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. In March and April 2016, the FASB issued final amendments (ASU 2016-08 and ASU 2016-10) to clarify the implementation guidance for principal versus agent considerations, identifying performance obligations and the accounting for licenses of intellectual property. In May 2016, the FASB issued final amendments (ASU-11) to clarify guidance related to collectability, noncash considerations, presentation of sales tax, and transition. The amendments can be applied retrospectively to each prior reporting period or retrospectively with the cumulative effect of initially applying this Update recognized at the date of initial application. Early application is permitted but not before the original public entity effective date, i.e., annual periods beginning after December 15, 2016. The Company does not believe that this new guidance will have a material effect on the consolidated financial statements.
In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments — Credit Losses (Topic 326) — Measurement of Credit Losses on Financial Instruments. The provisions of ASU 2016-13 were issued to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments that are not accounted for at fair value through net income, including loans held for investment, held-to-maturity debt securities, trade and other receivables, net investment in leases and other commitments to extend credit held by a reporting entity at each reporting date. ASU 2016-13 requires that financial assets measured at amortized cost be presented at the net amount expected to be collected, through an allowance for credit losses that is deducted from the amortized cost basis. The amendments in ASU 2016-13 eliminate the probable incurred loss recognition in current GAAP and reflect an entity’s current estimate of all expected credit losses. The measurement of expected credit losses is based upon historical experience, current conditions, and reasonable and supportable forecasts that affect the collectibility of the financial assets.
For purchased financial assets with a more-than-insignificant amount of credit deterioration since origination (“PCD assets”) that are measured at amortized cost, the initial allowance for credit losses is added to the purchase price rather than being reported as a credit loss expense. Subsequent changes in the allowance for credit losses on PCD assets are recognized through the statement of income as a credit loss expense.
Credit losses relating to available-for-sale debt securities will be recorded through an allowance for credit losses rather than as a direct write-down to the security.
ASU 2016-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Company is currently working with its core data processor in compiling the necessary loan data to comply with this ASU, and we have not completed our evaluation of the effects of implementing this ASU will have on our allowance, our financial statements and disclosures.
In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230). The update provides guidance on the classification of certain cash receipts and cash payments for presentation in the statement of cash flows. The amendment is effective for the Company for fiscal years beginning after December 15, 2017, and interim periods within those years. Early adoption is permitted. The amendments will be applied using a retrospective transition method to each period presented unless impracticable. The Company does not believe that this new guidance will have a material effect on the consolidated financial statements.
In January 2016, the FASB issued ASU 2016-01, Financial Instruments — Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. This Update applies to all entities that hold financial assets or owe financial liabilities and is intended to provide more useful information on the recognition, measurement, presentation, and disclosure of financial instruments. The portion of ASU 2016-01 that is likely to have an effect on our financial statements and disclosures relates a clarification of accounting standards with respect to deferred tax assets arising from unrealized losses on available-for-sale securities. This ASU 2016-01 requires an entity to 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. ASU 2016-01 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company does not believe that this new guidance will have a material effect on the consolidated financial statements.
In March 2017, the FASB issued ASU 2017-08, Receivables — Nonrefundable Fees and Other Costs (Subtopic 310-20). The update changes the amortization period of associated premiums with the purchase of callable debt securities from amortization over the life of the security to the earliest call date of the security. The standard takes effect for fiscal years and interim periods within those fiscal years, beginning after Dec. 15, 2018. Early adoption is permitted, including adoption in an interim period. If an entity early adopts in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. The Company early adopted this standard, and there have been no purchases of callable debt securities. Accordingly, the adoption of this standard will not have an effect on the Company’s consolidated financial statements as the company does not own any callable debt securities.
On December 22, 2017, the SEC staff issued Staff Accounting Bulletin No. 118 (“SAB 118”), which provides guidance on accounting for the tax effects of H.R. 1, commonly known as the Tax Cuts and Jobs Act of 2017 (the “Tax Act”), which was signed into law on December 22, 2017. SAB 118 provides a measurement period that should not extend beyond one year from the Tax Act enactment date for companies to complete the accounting under Accounting Standards Codification Topic 740, Income Taxes. The Company’s financial results reflect the income tax effects of the Tax Act for which the accounting under ASC Topic 740 is complete and provisional amounts for those specific income tax effects of the Tax Act for which the accounting under ASC Topic 740 is incomplete but a reasonable estimate could be determined. The Company continues to analyze the Tax Act, including the impact on deductibility of certain executive compensation and alternative minimum tax credits, and any refinements to the provisional accounting will be completed within one year of the tax enactment date.
In February 2018, the FASB issued ASU No. 2018-02, Income Statement — Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. This update allows for a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the reduction of the federal corporate income tax rate pursuant to enactment of the Tax Act. The guidance is required to be applied retrospectively to each period (or periods) in which the effect of the change in the federal corporate income tax rate is recognized. The Company early adopted this standard effective December 31, 2017 and reclassified $300 from AOCI to retained earnings due to re-measuring from 35% to 21% the federal deferred taxes on the accumulated other comprehensive income components related to available for sale securities, and the defined benefit and postretirement medical plans.
Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies are not expected to have a material impact on the Company’s financial position, results of operations or cash flows.
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EARNINGS PER SHARE ("EPS") (Tables) |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Investment securities available for sale |
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Schedule of unrealized loss positions for less than twelve months and for more than twelve months of each category of investment security |
(1) Represents actual number of securities in an unrealized loss position.
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Schedule of gross proceeds from sales of securities available-for-sale and gains or losses recognized for the years |
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LOANS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of components of loans |
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Schedule of activity in the allowance for loan losses by portfolio segment | The following tables present the activity in the allowance for loan losses for the years ended December 31, 2017 and 2016 by portfolio segment:
The following tables present the recorded balances of loans and amount of allowance allocated based upon impairment method by portfolio segment at December 31, 2017 and December 31, 2016:
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Schedule of loans that evaluated for impairment by portfolio segment | The tables below present loans that were individually evaluated for impairment by portfolio segment at December 31, 2017 and December 31, 2016.
The tables below present the average recorded investment in loans and interest income recognized on loans that were individually evaluated for impairment by portfolio segment at December 31, 2017 and December 31, 2016:
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Schedule of past due loans and nonaccrual loans |
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Schedule of total loans by risk grade and portfolio segment |
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Schedule of loans to principal officers directors affiliates |
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PREMISES AND EQUIPMENT (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of premises and equipment |
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DEPOSITS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of maturities of time deposits |
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FEDERAL HOME LOAN BANK ADVANCES (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Advances from Federal Home Loan Banks [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of advances from the Federal Home Loan Bank |
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INCOME TAXES (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of temporary differences between tax and financial reporting that result in net deferred tax assets |
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Schedule of valuation allowance for deferred tax assets |
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PENSION AND OTHER POSTRETIREMENT BENEFITS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of fair market value of plan assets and funded status of the Company's benefit plans |
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Schedule of changes in accumulated other comprehensive loss associated with the defined benefit and postretirement medical plans |
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Schedule of accrued postretirement medical benefits |
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Schedule of components of net periodic benefit cost and other amounts recognized in other comprehensive loss |
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Schedule of estimated amounts recognized from accumulated other comprehensive loss |
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Schedule of weighted average assumptions used to determine pension benefit obligations |
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Schedule of defined benefit pension target allocations and weighted-average asset allocations by asset category |
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Schedule of plan assets for the defined benefit pension plan, measured at fair value on a recurring basis |
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Schedule of Pension benefits expected to be paid in each of the next five years and in the aggregate for the five years |
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EMPLOYEE STOCK OWNERSHIP PLAN (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of ESOP shares |
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REGULATORY CAPITAL MATTERS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Banking and Thrift [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of actual and minimum capital requirements to be well-capitalized under prompt corrective action provisions |
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FAIR VALUE MEASUREMENTS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of assets and liabilities measured at fair value on a recurring basis |
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Schedule of assets measured at fair value on a nonrecurring basis |
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Schedule of valuation methodology and unobservable inputs for Level 3 assets measured at fair value on a non-recurring basis |
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Schedule of estimated fair values of the financial instruments |
(1) It is not practicable to determine fair value of restricted equity securities due to restrictions placed on transferability.
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COMMITMENTS AND CONTINGENCIES (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of contractual amount of financial instruments with off-balance-sheet risk |
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PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Condensed Balance Sheet | CONDENSED BALANCE SHEETS
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Schedule of Condensed Statement of Operations | CONDENSED STATEMENT OF OPERATIONS
FOR THE YEARS ENDED DECEMBER 31, 2017 AND 2016
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Schedule of Condensed Statements of Cash Flows | CONDENSED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2017 AND 2016
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Detail Textuals) - USD ($) $ / shares in Units, $ in Thousands |
1 Months Ended | 12 Months Ended |
---|---|---|
Jun. 29, 2016 |
Dec. 31, 2016 |
|
Summary Of Significant Accounting Policies [Line Items] | ||
Stock issuance cost | $ 1,400 | |
Net proceeds from issuance of common stock | 5,000 | $ 6,183 |
Net amount retained | $ 1,200 | |
Common Stock | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Number of shares sold | 826,208 | |
Gross offering proceeds | $ 8,300 | |
Sale of stock, price per share | $ 10.00 | |
Employee Stock Ownership Plan | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Percentage of employee stock ownership plan shares sold | 8.00% | |
Number of shares sold | 66,096 | |
Net proceeds from issuance of common stock | $ 661 |
EARNINGS PER SHARE ("EPS") (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Loss per share | ||
Net loss | $ (534) | $ (459) |
Weighted average common shares outstanding | 826,208 | 417,619 |
Less: average unearned ESOP shares | (61,192) | (33,400) |
Weighted average common shares outstanding | 765,017 | 384,219 |
Basic loss per share (in dollars per share) | $ (0.70) | $ (1.19) |
AVAILABLE-FOR-SALE SECURITIES (Details) - USD ($) $ in Thousands |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Debt securities: | ||
Amortized Cost | $ 16,594 | $ 25,568 |
Gross Unrealized Gains | 0 | 4 |
Gross Unrealized Losses | (383) | (410) |
Fair Value | 16,211 | 25,162 |
U.S. Government agency SBAP security | ||
Debt securities: | ||
Amortized Cost | 786 | 1,005 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (24) | (29) |
Fair Value | 762 | 976 |
U.S. Government agency mortgage-backed securities-residential | ||
Debt securities: | ||
Amortized Cost | 15,808 | 24,563 |
Gross Unrealized Gains | 0 | 4 |
Gross Unrealized Losses | (359) | (381) |
Fair Value | $ 15,449 | $ 24,186 |
AVAILABLE-FOR-SALE SECURITIES (Details 2) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Available-for-sale: | ||
Proceeds | $ 5,305 | $ 2,911 |
Gross gains | 0 | 13 |
Gross losses | $ (49) | $ (6) |
AVAILABLE-FOR-SALE SECURITIES (Detail Textuals) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Investments, Debt and Equity Securities [Abstract] | ||
Fair value of securities with unrealized losses | $ 16,211 | $ 23,817 |
Percentage of fair value securities with unrealized losses | 100.00% | 95.00% |
LOANS (Details) - USD ($) $ in Thousands |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | $ 82,352 | $ 75,505 |
Net deferred loan fees | (9) | (43) |
Total | 82,343 | 75,462 |
Real Estate | One-to four-family, owner occupied | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 44,660 | 47,971 |
Real Estate | One-to four-family, non-owner occupied | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 6,651 | 5,251 |
Real Estate | Commercial and multi-family | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 23,790 | 17,785 |
Real Estate | Construction and land | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 3,619 | 2,676 |
Commercial business loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 2,048 | 921 |
Consumer loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | $ 1,584 | $ 901 |
LOANS (Details 1) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning Balance | $ 1,214 | $ 1,249 |
Provision | 0 | 0 |
Charge-offs | (53) | (90) |
Recoveries | 54 | 55 |
Ending Balance | 1,215 | 1,214 |
Real Estate | One-to four-family, owner occupied | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning Balance | 657 | 771 |
Provision | (140) | (89) |
Charge-offs | (34) | (68) |
Recoveries | 42 | 43 |
Ending Balance | 525 | 657 |
Real Estate | One-to four-family, non-owner occupied | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning Balance | 113 | 82 |
Provision | (17) | 41 |
Charge-offs | (19) | (22) |
Recoveries | 4 | 12 |
Ending Balance | 81 | 113 |
Real Estate | Commercial and multi-family | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning Balance | 309 | 260 |
Provision | 98 | 49 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Ending Balance | 407 | 309 |
Real Estate | Construction and land | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning Balance | 42 | 47 |
Provision | (16) | (5) |
Charge-offs | 0 | 0 |
Recoveries | 8 | 0 |
Ending Balance | 34 | 42 |
Commercial business loans | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning Balance | 18 | 14 |
Provision | 23 | 4 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Ending Balance | 41 | 18 |
Consumer loans | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning Balance | 26 | 19 |
Provision | 13 | 7 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Ending Balance | 39 | 26 |
Unallocated | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning Balance | 49 | 56 |
Provision | 39 | (7) |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Ending Balance | $ 88 | $ 49 |
LOANS (Details 2) - USD ($) $ in Thousands |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance on Loans, Individually Evaluated for Impairment | $ 0 | $ 9 |
Allowance on Loans, Collectively Evaluated for Impairment | 1,215 | 1,205 |
Allowance on Loans, Total | 1,215 | 1,214 |
Loans, Individually Evaluated Impairment | 764 | 895 |
Loans, Collectively Evaluated Impairment | 81,588 | 74,610 |
Total loans | 82,352 | 75,505 |
Real Estate | One-to four-family, owner occupied | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance on Loans, Individually Evaluated for Impairment | 0 | 9 |
Allowance on Loans, Collectively Evaluated for Impairment | 525 | 648 |
Allowance on Loans, Total | 525 | 657 |
Loans, Individually Evaluated Impairment | 635 | 700 |
Loans, Collectively Evaluated Impairment | 44,025 | 47,271 |
Total loans | 44,660 | 47,971 |
Real Estate | One-to four-family, non-owner occupied | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance on Loans, Individually Evaluated for Impairment | 0 | 0 |
Allowance on Loans, Collectively Evaluated for Impairment | 81 | 113 |
Allowance on Loans, Total | 81 | 113 |
Loans, Individually Evaluated Impairment | 116 | 110 |
Loans, Collectively Evaluated Impairment | 6,535 | 5,141 |
Total loans | 6,651 | 5,251 |
Real Estate | Commercial and multi-family | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance on Loans, Individually Evaluated for Impairment | 0 | 0 |
Allowance on Loans, Collectively Evaluated for Impairment | 407 | 309 |
Allowance on Loans, Total | 407 | 309 |
Loans, Individually Evaluated Impairment | 0 | 69 |
Loans, Collectively Evaluated Impairment | 23,790 | 17,716 |
Total loans | 23,790 | 17,785 |
Real Estate | Construction and land | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance on Loans, Individually Evaluated for Impairment | 0 | 0 |
Allowance on Loans, Collectively Evaluated for Impairment | 34 | 42 |
Allowance on Loans, Total | 34 | 42 |
Loans, Individually Evaluated Impairment | 13 | 16 |
Loans, Collectively Evaluated Impairment | 3,606 | 2,660 |
Total loans | 3,619 | 2,676 |
Commercial business loans | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance on Loans, Individually Evaluated for Impairment | 0 | 0 |
Allowance on Loans, Collectively Evaluated for Impairment | 41 | 18 |
Allowance on Loans, Total | 41 | 18 |
Loans, Individually Evaluated Impairment | 0 | 0 |
Loans, Collectively Evaluated Impairment | 2,048 | 921 |
Total loans | 2,048 | 921 |
Consumer loans | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance on Loans, Individually Evaluated for Impairment | 0 | 0 |
Allowance on Loans, Collectively Evaluated for Impairment | 39 | 26 |
Allowance on Loans, Total | 39 | 26 |
Loans, Individually Evaluated Impairment | 0 | 0 |
Loans, Collectively Evaluated Impairment | 1,584 | 901 |
Total loans | 1,584 | 901 |
Unallocated | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance on Loans, Individually Evaluated for Impairment | 0 | 0 |
Allowance on Loans, Collectively Evaluated for Impairment | 88 | 49 |
Allowance on Loans, Total | 88 | 49 |
Loans, Individually Evaluated Impairment | 0 | 0 |
Loans, Collectively Evaluated Impairment | 0 | 0 |
Total loans | $ 0 | $ 0 |
LOANS (Details 3) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Unpaid Principal Balance | ||
With no recorded allowance, Unpaid Principal Balance | $ 966 | $ 1,134 |
With recorded allowance, Unpaid Principal Balance | 0 | 39 |
Totals, Unpaid Principal Balance | 966 | 1,173 |
Recorded Investment | ||
With no recorded allowance, Recorded Investment | 764 | 856 |
With recorded allowance, Recorded Investment | 0 | 39 |
Totals, Recorded Investment | 764 | 895 |
Related Allowance | ||
Related Allowance | 0 | 9 |
Average Recorded Investment | ||
With no recorded allowance, Average Recorded Investment | 978 | 1,151 |
With recorded allowance, Average Recorded Investment | 0 | 39 |
Totals, Average Recorded Investment | 978 | 1,190 |
Interest Income Recognized | ||
With no recorded allowance, Interest Income Recognized | 51 | 66 |
With recorded allowance, Interest Income Recognized | 0 | 1 |
Totals, Interest Income Recognized | 51 | 67 |
Real Estate | ||
Unpaid Principal Balance | ||
Totals, Unpaid Principal Balance | 966 | 1,173 |
Recorded Investment | ||
Totals, Recorded Investment | 764 | 895 |
Related Allowance | ||
Related Allowance | 0 | 9 |
Average Recorded Investment | ||
Totals, Average Recorded Investment | 978 | 1,190 |
Interest Income Recognized | ||
Totals, Interest Income Recognized | 51 | 67 |
Real Estate | One-to four-family, owner occupied | ||
Unpaid Principal Balance | ||
With no recorded allowance, Unpaid Principal Balance | 800 | 915 |
With recorded allowance, Unpaid Principal Balance | 0 | 39 |
Recorded Investment | ||
With no recorded allowance, Recorded Investment | 635 | 661 |
With recorded allowance, Recorded Investment | 0 | 39 |
Related Allowance | ||
Related Allowance | 0 | 9 |
Average Recorded Investment | ||
With no recorded allowance, Average Recorded Investment | 811 | 930 |
With recorded allowance, Average Recorded Investment | 0 | 39 |
Interest Income Recognized | ||
With no recorded allowance, Interest Income Recognized | 42 | 56 |
With recorded allowance, Interest Income Recognized | 0 | 1 |
Real Estate | One-to four-family, non-owner occupied | ||
Unpaid Principal Balance | ||
With no recorded allowance, Unpaid Principal Balance | 153 | 134 |
With recorded allowance, Unpaid Principal Balance | 0 | 0 |
Recorded Investment | ||
With no recorded allowance, Recorded Investment | 116 | 110 |
With recorded allowance, Recorded Investment | 0 | 0 |
Related Allowance | ||
Related Allowance | 0 | 0 |
Average Recorded Investment | ||
With no recorded allowance, Average Recorded Investment | 154 | 136 |
With recorded allowance, Average Recorded Investment | 0 | 0 |
Interest Income Recognized | ||
With no recorded allowance, Interest Income Recognized | 8 | 6 |
With recorded allowance, Interest Income Recognized | 0 | 0 |
Real Estate | Commercial and multi-family | ||
Unpaid Principal Balance | ||
With no recorded allowance, Unpaid Principal Balance | 0 | 69 |
With recorded allowance, Unpaid Principal Balance | 0 | 0 |
Recorded Investment | ||
With no recorded allowance, Recorded Investment | 0 | 69 |
With recorded allowance, Recorded Investment | 0 | 0 |
Related Allowance | ||
Related Allowance | 0 | 0 |
Average Recorded Investment | ||
With no recorded allowance, Average Recorded Investment | 0 | 68 |
With recorded allowance, Average Recorded Investment | 0 | 0 |
Interest Income Recognized | ||
With no recorded allowance, Interest Income Recognized | 0 | 3 |
With recorded allowance, Interest Income Recognized | 0 | 0 |
Real Estate | Construction and land | ||
Unpaid Principal Balance | ||
With no recorded allowance, Unpaid Principal Balance | 13 | 16 |
With recorded allowance, Unpaid Principal Balance | 0 | 0 |
Recorded Investment | ||
With no recorded allowance, Recorded Investment | 13 | 16 |
With recorded allowance, Recorded Investment | 0 | 0 |
Related Allowance | ||
Related Allowance | 0 | 0 |
Average Recorded Investment | ||
With no recorded allowance, Average Recorded Investment | 13 | 17 |
With recorded allowance, Average Recorded Investment | 0 | 0 |
Interest Income Recognized | ||
With no recorded allowance, Interest Income Recognized | 1 | 1 |
With recorded allowance, Interest Income Recognized | 0 | 0 |
Commercial business loans | ||
Unpaid Principal Balance | ||
With no recorded allowance, Unpaid Principal Balance | 0 | 0 |
With recorded allowance, Unpaid Principal Balance | 0 | 0 |
Totals, Unpaid Principal Balance | 0 | 0 |
Recorded Investment | ||
With no recorded allowance, Recorded Investment | 0 | 0 |
With recorded allowance, Recorded Investment | 0 | 0 |
Totals, Recorded Investment | 0 | 0 |
Related Allowance | ||
Related Allowance | 0 | 0 |
Average Recorded Investment | ||
With no recorded allowance, Average Recorded Investment | 0 | 0 |
With recorded allowance, Average Recorded Investment | 0 | 0 |
Totals, Average Recorded Investment | 0 | 0 |
Interest Income Recognized | ||
With no recorded allowance, Interest Income Recognized | 0 | 0 |
With recorded allowance, Interest Income Recognized | 0 | 0 |
Totals, Interest Income Recognized | 0 | 0 |
Consumer loans | ||
Unpaid Principal Balance | ||
With no recorded allowance, Unpaid Principal Balance | 0 | 0 |
With recorded allowance, Unpaid Principal Balance | 0 | 0 |
Recorded Investment | ||
With no recorded allowance, Recorded Investment | 0 | 0 |
With recorded allowance, Recorded Investment | 0 | 0 |
Related Allowance | ||
Related Allowance | 0 | 0 |
Average Recorded Investment | ||
With no recorded allowance, Average Recorded Investment | 0 | 0 |
With recorded allowance, Average Recorded Investment | 0 | 0 |
Interest Income Recognized | ||
With no recorded allowance, Interest Income Recognized | 0 | 0 |
With recorded allowance, Interest Income Recognized | 0 | 0 |
Consumer and other loans | ||
Unpaid Principal Balance | ||
Totals, Unpaid Principal Balance | 0 | 0 |
Recorded Investment | ||
Totals, Recorded Investment | 0 | 0 |
Related Allowance | ||
Related Allowance | 0 | 0 |
Average Recorded Investment | ||
Totals, Average Recorded Investment | 0 | 0 |
Interest Income Recognized | ||
Totals, Interest Income Recognized | $ 0 | $ 0 |
LOANS (Details 4) - USD ($) $ in Thousands |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | $ 81,576 | $ 74,794 |
Total | 82,352 | 75,505 |
Nonaccrual Loans | 13 | 154 |
Accruing Loans Past Due 90 Days or More | 39 | 0 |
30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Days Past Due | 644 | 520 |
60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Days Past Due | 93 | 152 |
90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Days Past Due | 39 | 39 |
Real Estate | One-to four-family, owner occupied | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 43,947 | 47,387 |
Total | 44,660 | 47,971 |
Nonaccrual Loans | 0 | 39 |
Accruing Loans Past Due 90 Days or More | 0 | 0 |
Real Estate | One-to four-family, owner occupied | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Days Past Due | 620 | 505 |
Real Estate | One-to four-family, owner occupied | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Days Past Due | 93 | 40 |
Real Estate | One-to four-family, owner occupied | 90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Days Past Due | 0 | 39 |
Real Estate | One-to four-family, non-owner occupied | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 6,588 | 5,196 |
Total | 6,651 | 5,251 |
Nonaccrual Loans | 0 | 30 |
Accruing Loans Past Due 90 Days or More | 39 | 0 |
Real Estate | One-to four-family, non-owner occupied | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Days Past Due | 24 | 12 |
Real Estate | One-to four-family, non-owner occupied | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Days Past Due | 0 | 43 |
Real Estate | One-to four-family, non-owner occupied | 90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Days Past Due | 39 | 0 |
Real Estate | Commercial and multi-family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 23,790 | 17,716 |
Total | 23,790 | 17,785 |
Nonaccrual Loans | 0 | 69 |
Accruing Loans Past Due 90 Days or More | 0 | 0 |
Real Estate | Commercial and multi-family | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Days Past Due | 0 | 0 |
Real Estate | Commercial and multi-family | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Days Past Due | 0 | 69 |
Real Estate | Commercial and multi-family | 90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Days Past Due | 0 | 0 |
Real Estate | Construction and land | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 3,619 | 2,676 |
Total | 3,619 | 2,676 |
Nonaccrual Loans | 13 | 16 |
Accruing Loans Past Due 90 Days or More | 0 | 0 |
Real Estate | Construction and land | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Days Past Due | 0 | 0 |
Real Estate | Construction and land | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Days Past Due | 0 | 0 |
Real Estate | Construction and land | 90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Days Past Due | 0 | 0 |
Commercial business loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 2,048 | 921 |
Total | 2,048 | 921 |
Nonaccrual Loans | 0 | 0 |
Accruing Loans Past Due 90 Days or More | 0 | 0 |
Commercial business loans | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Days Past Due | 0 | 0 |
Commercial business loans | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Days Past Due | 0 | 0 |
Commercial business loans | 90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Days Past Due | 0 | 0 |
Consumer loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 1,584 | 898 |
Total | 1,584 | 901 |
Nonaccrual Loans | 0 | 0 |
Accruing Loans Past Due 90 Days or More | 0 | 0 |
Consumer loans | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Days Past Due | 0 | 3 |
Consumer loans | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Days Past Due | 0 | 0 |
Consumer loans | 90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Days Past Due | $ 0 | $ 0 |
LOANS (Details 5) - USD ($) $ in Thousands |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 82,352 | $ 75,505 |
Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 79,673 | 72,443 |
Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 908 | 1,218 |
Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 350 | 250 |
Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,421 | 1,594 |
Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Real Estate | One-to four-family, owner occupied | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 44,660 | 47,971 |
Real Estate | One-to four-family, owner occupied | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 42,482 | 45,335 |
Real Estate | One-to four-family, owner occupied | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 740 | 987 |
Real Estate | One-to four-family, owner occupied | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 146 | 250 |
Real Estate | One-to four-family, owner occupied | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,292 | 1,399 |
Real Estate | One-to four-family, owner occupied | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Real Estate | One-to four-family, owner occupied | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Real Estate | One-to four-family, non-owner occupied | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 6,651 | 5,251 |
Real Estate | One-to four-family, non-owner occupied | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 6,535 | 5,141 |
Real Estate | One-to four-family, non-owner occupied | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Real Estate | One-to four-family, non-owner occupied | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Real Estate | One-to four-family, non-owner occupied | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 116 | 110 |
Real Estate | One-to four-family, non-owner occupied | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Real Estate | One-to four-family, non-owner occupied | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Real Estate | Commercial and multi-family | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 23,790 | 17,785 |
Real Estate | Commercial and multi-family | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 23,790 | 17,731 |
Real Estate | Commercial and multi-family | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 54 |
Real Estate | Commercial and multi-family | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Real Estate | Commercial and multi-family | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Real Estate | Commercial and multi-family | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Real Estate | Commercial and multi-family | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Real Estate | Construction and land | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 3,619 | 2,676 |
Real Estate | Construction and land | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 3,438 | 2,483 |
Real Estate | Construction and land | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 168 | 177 |
Real Estate | Construction and land | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Real Estate | Construction and land | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 13 | 16 |
Real Estate | Construction and land | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Real Estate | Construction and land | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Commercial business loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 2,048 | 921 |
Commercial business loans | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,844 | 852 |
Commercial business loans | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Commercial business loans | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 204 | 0 |
Commercial business loans | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 69 |
Commercial business loans | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Commercial business loans | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Consumer loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,584 | 901 |
Consumer loans | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,584 | 901 |
Consumer loans | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Consumer loans | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Consumer loans | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Consumer loans | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Consumer loans | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 0 | $ 0 |
LOANS (Details 6) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Loans and Leases Receivable, Related Parties [Roll Forward] | ||
Balance, beginning of year | $ 2,044 | $ 1,867 |
New loans | 141 | 344 |
Resignation of director | 0 | 0 |
Repayments | (203) | (167) |
Balance, end of year | $ 1,982 | $ 2,044 |
LOANS (Detail Textuals) |
12 Months Ended |
---|---|
Dec. 31, 2017 | |
Consumer loans | |
Loans and Leases Receivable Disclosure [Line Items] | |
Maturity description of loans | The maximum term of consumer loans is 12 months for unsecured loans and 12 to 60 months for loans secured by a vehicle, depending on the age of the vehicle.
|
Real Estate | One-to four-family, owner occupied | Traditional owner-occupied homes | Loan-to-value ratio up to 80 percent | |
Loans and Leases Receivable Disclosure [Line Items] | |
Description of loan to value ratio | loan-to-value ratios of up to 80% for traditional owner-occupied homes. |
Real Estate | One-to four-family, non-owner occupied | Traditional owner-occupied homes | Loan-to-value ratio up to 80 percent | |
Loans and Leases Receivable Disclosure [Line Items] | |
Description of loan to value ratio | loan-to-value ratios of up to 80% for traditional owner-occupied homes. |
Real Estate | Commercial and multi-family | |
Loans and Leases Receivable Disclosure [Line Items] | |
Description of loan to value ratio | up to 80% of the lesser of the appraised value or the purchase price of the property with an appropriate projected debt service coverage ratio. |
Real Estate | Construction and land | Residential construction loans | Loan-to-value ratio up to 80 percent | |
Loans and Leases Receivable Disclosure [Line Items] | |
Description of loan to value ratio | maximum loan-to-value ratio of our owner-occupied construction loans is 80%. |
Real Estate | Construction and land | Nonresidential properties | Loan-to-value ratio 80 to 100 percent | |
Loans and Leases Receivable Disclosure [Line Items] | |
Description of loan to value ratio | maximum loan-to-value ratio of these construction loans is 85%. |
Maturity description of loans | maximum term of nine months
|
PREMISES AND EQUIPMENT (Details) - USD ($) $ in Thousands |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | $ 5,330 | $ 4,945 |
Less: accumulated depreciation | (2,018) | (1,804) |
Total | 3,312 | 3,141 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 661 | 326 |
Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 4,290 | 4,235 |
Furniture, fixtures and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 352 | 354 |
Computer software | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | $ 27 | $ 30 |
PREMISES AND EQUIPMENT (Detail Textuals) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 247 | $ 165 |
DEPOSITS (Details) $ in Thousands |
Dec. 31, 2017
USD ($)
|
---|---|
Deposits [Abstract] | |
2018 | $ 21,267 |
2019 | 16,577 |
2020 | 15,256 |
2021 | 4,390 |
2022 | 1,930 |
Thereafter | 15 |
Total | $ 59,435 |
DEPOSITS (Detail Textuals) - USD ($) $ in Thousands |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Deposits [Abstract] | ||
Time deposits meet or exceed FDIC Insurance limit | $ 8,569 | $ 8,219 |
Aggregate amount of deposit | $ 815 | $ 809 |
FEDERAL HOME LOAN BANK ADVANCES (Details) - USD ($) $ in Thousands |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Federal Home Loan Bank, Advances [Line Items] | ||
Advances from the Federal Home Loan Bank | $ 9,000 | $ 6,000 |
Federal Home Loan Bank Advances | February 12, 2018 | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Interest Rate | 1.27% | 1.27% |
Advances from the Federal Home Loan Bank | $ 3,000 | $ 0 |
Federal Home Loan Bank Advances | March 12, 2018 | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Interest Rate | 4.92% | 4.92% |
Advances from the Federal Home Loan Bank | $ 1,000 | $ 1,000 |
Federal Home Loan Bank Advances | July 18, 2018 | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Interest Rate | 1.84% | 1.84% |
Advances from the Federal Home Loan Bank | $ 3,000 | $ 3,000 |
Federal Home Loan Bank Advances | July 18, 2019 | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Interest Rate | 2.21% | 2.21% |
Advances from the Federal Home Loan Bank | $ 2,000 | $ 2,000 |
FEDERAL HOME LOAN BANK ADVANCES (Detail Textuals) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Advances collateralized of first mortgage loans | $ 51,532 | $ 46,544 |
Maximum amount eligible to borrow | 39,332 | |
Irrevocable standby letters of credit with the FHLB | $ 3,200 | |
Maturity date of irrevocable standby letters of credit with FHLB | Nov. 02, 2018 | |
Unused open line of credit | The Independent BankersBank | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Irrevocable standby letters of credit with the FHLB | $ 2,500 |
INCOME TAXES (Details) - USD ($) $ in Thousands |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|---|
Deferred tax assets: | |||
Allowance for loan losses | $ 370 | $ 494 | |
Accrued pension benefits | 91 | 109 | |
Accrued postretirement medical benefits | 278 | 382 | |
Unrealized loss on available-for-sale securities | 80 | 138 | |
Net operating loss carryforward | 1,659 | 1,970 | |
Other | 3 | 11 | |
Total deferred tax assets before valuation allowance | 2,481 | 3,104 | |
Valuation allowance | (2,271) | (2,788) | $ (2,622) |
Total deferred tax assets | 210 | 316 | |
Deferred tax liabilities: | |||
Deferred loan fees, net | (130) | (178) | |
Net deferred tax asset | $ 80 | $ 138 |
INCOME TAXES (Details 1) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Valuation allowance | ||
Balance, beginning of year | $ (2,788) | $ (2,622) |
Change in valuation allowance in operations | 517 | 166 |
Balance, end of year | $ (2,271) | $ (2,788) |
INCOME TAXES (Detail Textuals) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Income Tax Disclosure [Abstract] | ||
US corporate income tax rate | 35.00% | |
Corporate income tax rate effective in 2018 | 21.00% | |
Income tax expense due to reduction of deferred tax assets | $ 49 | |
Net operating loss carryforward | 4,996 | |
Net operating loss carryforward for State | 6,415 | |
Bad debt reserves included in retained earnings | 1,593 | $ 1,593 |
Deferred tax liabilities | $ 335 |
PENSION AND OTHER POSTRETIREMENT BENEFITS (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Defined Benefit Pension Plan | ||
Projected benefit obligation: | ||
Balance, beginning of the year | $ (3,526) | $ (3,771) |
Service cost | 0 | 0 |
Interest cost | (132) | (142) |
Actuarial gain (loss) | (167) | 114 |
Benefits paid | 272 | 273 |
Balance, end of year | (3,553) | (3,526) |
Plan assets at fair value: | ||
Balance, beginning of the year | 2,558 | 2,307 |
Actual return | 299 | 227 |
Contributions | 69 | 297 |
Benefits paid | (272) | (273) |
Balance, end of year | 2,654 | 2,558 |
Accrued plan benefits | (899) | (968) |
Postretirement Medical Plan | ||
Projected benefit obligation: | ||
Balance, beginning of the year | (943) | (985) |
Service cost | 0 | 0 |
Interest cost | (36) | (37) |
Actuarial gain (loss) | 56 | 45 |
Benefits paid | 37 | 34 |
Balance, end of year | (886) | (943) |
Plan assets at fair value: | ||
Balance, beginning of the year | 0 | 0 |
Actual return | 0 | 0 |
Contributions | 37 | 34 |
Benefits paid | (37) | (34) |
Balance, end of year | 0 | 0 |
Accrued plan benefits | $ (886) | $ (943) |
PENSION AND OTHER POSTRETIREMENT BENEFITS (Details 1) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Defined Benefit Plan Disclosure [Line Items] | ||
Tax effect | $ 0 | $ 0 |
Defined Benefit Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Unrecognized prior service cost | (87) | (316) |
Unrecognized net loss | 0 | 0 |
Unrecognized loss, before taxes | (87) | (316) |
Tax effect | 0 | 0 |
Unrecognized loss, net of taxes | (87) | (316) |
Postretirement Medical Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Unrecognized prior service cost | (63) | 53 |
Unrecognized net loss | 9 | 8 |
Unrecognized loss, before taxes | (54) | (45) |
Tax effect | 0 | 0 |
Unrecognized loss, net of taxes | $ (54) | $ (45) |
PENSION AND OTHER POSTRETIREMENT BENEFITS (Details 2) - Postretirement Medical Plan - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Accumulated postretirement medical benefits | |||
Accrued postretirement medical benefits | $ (886) | $ (943) | $ (985) |
Retirees | |||
Accumulated postretirement medical benefits | |||
Contributions by plan participants | (886) | (943) | |
Full eligible active plan participants | |||
Accumulated postretirement medical benefits | |||
Contributions by plan participants | 0 | 0 | |
Other active participants | |||
Accumulated postretirement medical benefits | |||
Contributions by plan participants | $ 0 | $ 0 |
PENSION AND OTHER POSTRETIREMENT BENEFITS (Details 3) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Defined Benefit Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 0 | $ 0 |
Interest cost | 132 | 142 |
Actual return on plan assets | (299) | (227) |
Asset gain deferred | 154 | 92 |
Amortization: | ||
Unrecognized net loss | 99 | 110 |
Unrecognized prior service cost | 0 | 0 |
Net periodic cost | 86 | 117 |
Postretirement Medical Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 0 | 0 |
Interest cost | 36 | 37 |
Actual return on plan assets | 0 | 0 |
Asset gain deferred | 0 | 0 |
Amortization: | ||
Unrecognized net loss | 7 | 9 |
Unrecognized prior service cost | (9) | (9) |
Net periodic cost | $ 34 | $ 37 |
PENSION AND OTHER POSTRETIREMENT BENEFITS (Details 4) $ in Thousands |
Dec. 31, 2017
USD ($)
|
---|---|
Defined Benefit Pension Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
Unrecognized prior service cost | $ 0 |
Unrecognized net loss | 99 |
Amortized from accumulated other comprehensive income (loss) | 99 |
Postretirement Medical Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
Unrecognized prior service cost | 8 |
Unrecognized net loss | (4) |
Amortized from accumulated other comprehensive income (loss) | $ 4 |
PENSION AND OTHER POSTRETIREMENT BENEFITS (Details 5) |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Defined Benefit Pension Plan | ||
Projected benefit obligation: | ||
Discount rate | 3.40% | 3.90% |
Expected long-term rate of return on plan assets | 5.75% | 6.00% |
Net periodic benefit cost | ||
Discount rate | 3.90% | 3.90% |
Expected long-term rate of return on plan assets | 5.75% | 6.00% |
Postretirement Medical Plan | ||
Projected benefit obligation: | ||
Discount rate | 3.40% | 3.90% |
Expected long-term rate of return on plan assets | 0.00% | 0.00% |
Net periodic benefit cost | ||
Discount rate | 3.90% | 3.90% |
Expected long-term rate of return on plan assets | 0.00% | 0.00% |
PENSION AND OTHER POSTRETIREMENT BENEFITS (Details 6) |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Equity | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual plan asset allocations | 40.00% | 37.00% |
Equity | Minimum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 30.00% | 30.00% |
Equity | Maximum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 40.00% | 40.00% |
Debt | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual plan asset allocations | 60.00% | 63.00% |
Debt | Minimum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 60.00% | 60.00% |
Debt | Maximum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 70.00% | 70.00% |
PENSION AND OTHER POSTRETIREMENT BENEFITS (Details 7) - USD ($) $ in Thousands |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Defined Benefit Plan Disclosure [Line Items] | ||
Pooled separate accounts | $ 2,654 | $ 2,558 |
Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pooled separate accounts | 0 | 0 |
Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pooled separate accounts | 2,654 | 2,558 |
Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pooled separate accounts | $ 0 | $ 0 |
PENSION AND OTHER POSTRETIREMENT BENEFITS (Details 8) $ in Thousands |
Dec. 31, 2017
USD ($)
|
---|---|
Defined Benefit Pension Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
2018 | $ 356 |
2019 | 262 |
2020 | 254 |
2021 | 245 |
2022 | 237 |
Thereafter | 1,037 |
Postretirement Medical Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
2018 | 48 |
2019 | 52 |
2020 | 44 |
2021 | 47 |
2022 | 50 |
Thereafter | $ 202 |
PENSION AND OTHER POSTRETIREMENT BENEFITS (Detail Textuals) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted average annual assumed rate of increase in per capita cost of covered benefits | 6.75% | 7.00% |
Reduction in weighted average annual assumed rate in 2018 | 6.50% | |
Minimum reduction in weighted average annual assumed rate thereafter | 0.25% | |
Maximum reduction in weighted average annual assumed rate in 2024 and thereafter | 5.00% | |
Effect of increasing the assumed health care trend rates by one percentage point will increase the accumulated postretirement benefit obligation | $ 124 | $ 132 |
Effect of decreasing the assumed health care trend rates by one percentage point will decrease the accumulated postretirement benefit obligation | $ 102 | 109 |
Percentage of annual contributions per employee | 3.00% | |
Plan expenses | $ 27 | $ 25 |
Defined Benefit Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Contribution to plan in 2018 | 600 | |
Postretirement Medical Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Contribution to plan in 2018 | $ 48 |
EMPLOYEE STOCK OWNERSHIP PLAN (Details) - USD ($) $ in Thousands |
Dec. 31, 2017 |
Dec. 31, 2016 |
Jun. 29, 2016 |
---|---|---|---|
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||
Unearned | 60,365 | 62,844 | |
Employee Stock Ownership Plan | |||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||
Committed to be released to participants | 0 | 0 | |
Allocated to participants | 6,557 | 3,252 | |
Unearned | 59,539 | 62,844 | |
Total ESOP shares | 66,096 | 66,096 | 66,096 |
Fair value of unearned shares | $ 697 | $ 792 |
EMPLOYEE STOCK OWNERSHIP PLAN (Detail Textuals) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Jun. 29, 2016 |
|
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||
ESOP Expenses recognized | $ 41 | $ 36 | |
Employee Stock Ownership Plan | |||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||
Total ESOP shares | 66,096 | 66,096 | 66,096 |
Shares issued, price per share | $ 10 | ||
Allocated to participants | 6,557 | 3,252 | |
Fair value of allocated shares held by ESOP | $ 77 | ||
Fair value of shares subject to repurchase obligation | $ 773 |
REGULATORY CAPITAL MATTERS (Details) - USD ($) $ in Thousands |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Banking and Thrift [Abstract] | ||
Total capital to risk-weighted assets, Amount | $ 13,179 | $ 13,396 |
Total capital to risk-weighted assets, Ratio | 20.69% | 23.97% |
Total capital to risk-weighted assets For Capital Adequacy Purposes, Amount | $ 5,097 | $ 4,471 |
Total capital to risk-weighted assets For Capital Adequacy Purposes, Ratio | 8.00% | 8.00% |
Total capital to risk-weighted assets To Be Well Capitalized Under Prompt Corrective Action Provisions , Amount | $ 6,371 | $ 5,589 |
Total capital to risk-weighted assets To Be Well Capitalized Prompt Corrective Action Provisions, Ratio | 10.00% | 10.00% |
Common equity tier 1 capital to risk-weighted assets, Amount | $ 12,378 | $ 12,691 |
Common equity tier 1 capital to risk-weighted assets, Ratio | 19.43% | 22.71% |
Common equity tier 1 capital to risk-weighted assets For Capital Adequacy, Amount | $ 2,867 | $ 3,353 |
Common equity tier 1 capital to risk-weighted assets For Capital Adequacy, Ratio | 4.50% | 4.50% |
Common equity tier 1 capital to risk-weighted assets To Be Well Capitalized, Amount | $ 4,141 | $ 4,471 |
Common equity tier 1 capital to risk-weighted assets To Be Well Capitalized, Ratio | 6.50% | 6.50% |
Tier 1 (core) capital to risk-weighted assets, Amount | $ 12,378 | $ 12,691 |
Tier 1 (core) capital to risk-weighted assets, Ratio | 19.43% | 22.71% |
Tier 1 (core) capital to risk-weighted assets For Capital Adequacy, Amount | $ 3,822 | $ 2,515 |
Tier 1 (core) capital to risk-weighted assets For Capital Adequacy, Ratio | 6.00% | 6.00% |
Tier 1 (core) capital to risk-weighted assets to be Well Capitalized, Amount | $ 5,097 | $ 3,633 |
Tier 1 (core) capital to risk-weighted assets to be Well Capitalized, Ratio | 8.00% | 8.00% |
Tier 1 (core) capital to tangible assets, Amount | $ 12,378 | $ 12,691 |
Tier 1 (core) capital to tangible assets, Ratio | 11.19% | 11.53% |
Tier 1 (core) capital to tangible assets For Capital Adequacy, Amount | $ 4,423 | $ 4,401 |
Tier 1 (core) capital to tangible assets For Capital Adequacy, Ratio | 4.00% | 4.00% |
Tier 1 (core) capital to tangible assets To Be Well Capitalized, Amount | $ 5,529 | $ 5,501 |
Tier 1 (core) capital to tangible assets To Be Well Capitalized, Ratio | 5.00% | 5.00% |
REGULATORY CAPITAL MATTERS (Detail Textuals) |
12 Months Ended |
---|---|
Dec. 31, 2017 | |
Banking and Thrift [Abstract] | |
Minimum percentage of assets to be maintained for Qualified Thrift Lender test | 65.00% |
Capital conservation buffer, description | The capital conservation buffer is being phased in from 0.0% for 2016 to 2.50% by 2019 |
Percentage of capital conservation buffer | 1.25% |
FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Financial assets | ||
Available-for-sale securities | $ 16,211 | $ 25,162 |
Recurring basis | ||
Financial assets | ||
Available-for-sale securities | 16,211 | 25,162 |
Recurring basis | Level 2 | ||
Financial assets | ||
Available-for-sale securities | $ 16,211 | $ 25,162 |
FAIR VALUE MEASUREMENTS (Details 1) - USD ($) $ in Thousands |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Impaired loans | ||
Total financial assets | $ 0 | $ 39 |
Nonfinancial assets | ||
Total nonfinancial assets | 0 | 0 |
Total assets measured at fair value on a nonrecurring basis | 39 | |
Nonrecurring basis | Level 3 | Impaired loans (collateral dependent) | One-to four-family, owner occupied | ||
Impaired loans | ||
Total financial assets | 39 | |
Nonfinancial assets | ||
Total nonfinancial assets | $ 0 | |
Nonrecurring basis | Level 3 | Impaired loans (collateral dependent) | One-to four-family, non-owner occupied | ||
Impaired loans | ||
Total financial assets | 0 | |
Nonrecurring basis | Level 3 | Real estate owned | One-to four-family, owner occupied | ||
Impaired loans | ||
Total financial assets | 0 | |
Nonfinancial assets | ||
Total nonfinancial assets | $ 0 |
FAIR VALUE MEASUREMENTS (Details 2) - Nonrecurring basis - Level 3 - Impaired loans (collateral dependent) - One-to four-family, owner occupied - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired real estate loans net, with specific allocations | $ 0 | $ 39 |
Valuation Technique | Sales comparison approach | |
Unobservable Inputs | Adjustment for differences between the comparable sales | |
Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value inputs, Discount rate | 0.00% | |
Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value inputs, Discount rate | 30.00% |
FAIR VALUE MEASUREMENTS (Details 3) - USD ($) $ in Thousands |
Dec. 31, 2017 |
Dec. 31, 2016 |
||
---|---|---|---|---|
Financial assets | ||||
Available-for-sale securities | $ 16,211 | $ 25,162 | ||
Recurring basis | ||||
Financial assets | ||||
Available-for-sale securities | 16,211 | 25,162 | ||
Loans, net | 81,686 | 75,877 | ||
Financial liabilities | ||||
Deposits | 87,696 | 89,579 | ||
FHLB Advances | 9,013 | 6,158 | ||
Recurring basis | Level 1 | ||||
Financial assets | ||||
Available-for-sale securities | 0 | 0 | ||
Loans, net | 0 | 0 | ||
Financial liabilities | ||||
Deposits | 27,391 | 25,497 | ||
FHLB Advances | 0 | 0 | ||
Recurring basis | Level 2 | ||||
Financial assets | ||||
Available-for-sale securities | 16,211 | 25,162 | ||
Loans, net | 0 | 0 | ||
Financial liabilities | ||||
Deposits | 60,305 | 64,082 | ||
FHLB Advances | 9,013 | 6,158 | ||
Recurring basis | Level 3 | ||||
Financial assets | ||||
Available-for-sale securities | 0 | 0 | ||
Loans, net | 81,686 | 75,877 | ||
Financial liabilities | ||||
Deposits | 0 | 0 | ||
FHLB Advances | 0 | 0 | ||
Recurring basis | Carrying Amount | ||||
Financial assets | ||||
Available-for-sale securities | 16,211 | 25,162 | ||
Restricted equity securities | [1] | 405 | 837 | |
Loans, net | 81,128 | 74,248 | ||
Financial liabilities | ||||
Deposits | 86,826 | 88,471 | ||
FHLB Advances | $ 9,000 | $ 6,000 | ||
|
FAIR VALUE MEASUREMENTS (Detail Textuals) - Nonrecurring basis - Level 3 - Impaired loans (collateral dependent) $ in Thousands |
12 Months Ended |
---|---|
Dec. 31, 2016
USD ($)
| |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Carrying amount of loans | $ 39 |
Impaired loans charged off | $ 9 |
COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Loan Commitments | ||
Commitments and contingencies | ||
Contractual amount of financial instruments with off-balance-sheet risk | $ 1,548 | $ 345 |
Unused lines of Credit | ||
Commitments and contingencies | ||
Contractual amount of financial instruments with off-balance-sheet risk | $ 503 | $ 1,165 |
COMMITMENTS AND CONTINGENCIES (Detail Textuals) |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Loan Commitments | Minimum | ||
Commitments And Contingencies [Line Items] | ||
Interest rates for commitments | 2.85% | 1.99% |
Loan Commitments | Maximum | ||
Commitments And Contingencies [Line Items] | ||
Interest rates for commitments | 7.05% | 6.00% |
Unused lines of Credit | Minimum | ||
Commitments And Contingencies [Line Items] | ||
Interest rates for commitments | 2.85% | 1.99% |
Unused lines of Credit | Maximum | ||
Commitments And Contingencies [Line Items] | ||
Interest rates for commitments | 7.05% | 6.00% |
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION Parent Only Balance Sheet (Details) - USD ($) $ in Thousands |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|---|
ASSETS | |||
Cash and cash equivalents | $ 5,190 | $ 5,459 | $ 9,100 |
ESOP loan receivable | 82,343 | 75,462 | |
Total assets | 110,293 | 109,390 | |
LIABILITIES AND SHAREHOLDERS' EQUITY | |||
Liabilities | 97,830 | 96,591 | |
Maximum cash obligation related to ESOP shares | (77) | (41) | |
Shareholders' equity | 12,386 | 12,758 | $ 6,862 |
Total liabilities and shareholders' equity | 110,293 | 109,390 | |
Parent Company | |||
ASSETS | |||
Cash and cash equivalents | 1,188 | 1,228 | |
ESOP loan receivable | 604 | 627 | |
Investment in banking subsidiary | 10,785 | 10,944 | |
Total assets | 12,577 | 12,799 | |
LIABILITIES AND SHAREHOLDERS' EQUITY | |||
Liabilities | 114 | 0 | |
Maximum cash obligation related to ESOP shares | 77 | 41 | |
Shareholders' equity | 12,386 | 12,758 | |
Total liabilities and shareholders' equity | $ 12,577 | $ 12,799 |
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION Parent Only Income Statement (Details 1) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Condensed Income Statements, Captions [Line Items] | ||
Interest income | $ 3,836 | $ 3,596 |
Professional and supervisory fees | 519 | 386 |
Other | 231 | 221 |
Total noninterest expense | 3,231 | 2,914 |
Net loss before income taxes | (485) | (459) |
Income taxes | 49 | |
Net loss | (534) | (459) |
Parent Company | ||
Condensed Income Statements, Captions [Line Items] | ||
Interest income | 24 | 11 |
Professional and supervisory fees | 178 | 0 |
Other | 22 | 0 |
Total noninterest expense | 200 | 0 |
Income before equity in undistributed income of subsidiary | (176) | 11 |
Equity in undistributed income (losses) of subsidiary | (358) | (470) |
Net loss before income taxes | (534) | (459) |
Income taxes | 0 | 0 |
Net loss | $ (534) | $ (459) |
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION Parent Only Statement of Cash Flows (Details 2) - USD ($) $ in Thousands |
1 Months Ended | 12 Months Ended | |
---|---|---|---|
Jun. 29, 2016 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Cash Flows From Operating Activities | |||
Net loss | $ (534) | $ (459) | |
Adjustments to reconcile loss to cash provided by operating activities: | |||
Gain on sale of available-for-sale securities | (49) | 7 | |
Net cash provided by operations | 267 | (25) | |
Cash Flows From Investing Activities | |||
Purchases of securities available-for-sale | (1,813) | (22,144) | |
Proceeds from sales of securities available-for-sale | 5,305 | 2,911 | |
Net cash used in investing activities | (1,891) | (15,257) | |
Cash Flows from Financing Activities | |||
Proceeds from issuance of common stock | $ 5,000 | 6,183 | |
Net cash used in financing activities | 1,355 | 11,641 | |
Change in cash and cash equivalents | (269) | (3,641) | |
Cash and cash equivalents at beginning of period | 5,459 | 9,100 | |
Cash and cash equivalents at end of period | 5,190 | 5,459 | |
Parent Company | |||
Cash Flows From Operating Activities | |||
Net loss | (534) | (459) | |
Adjustments to reconcile loss to cash provided by operating activities: | |||
Change in other assets | 0 | 0 | |
Change in accounts payable and other liabilities | 114 | ||
Gain on sale of available-for-sale securities | 0 | 0 | |
Undistributed losses of subsidiary | 358 | 470 | |
Net cash provided by operations | (62) | 11 | |
Cash Flows From Investing Activities | |||
Purchases of securities available-for-sale | 0 | 0 | |
Proceeds from sales of securities available-for-sale | 0 | 0 | |
Payments received on ESOP loan | 22 | 34 | |
Investment in bank subsidiary | 0 | (5,000) | |
Net cash used in investing activities | 22 | (4,966) | |
Cash Flows from Financing Activities | |||
Proceeds from issuance of common stock | 0 | 6,183 | |
Net cash used in financing activities | 0 | 6,183 | |
Change in cash and cash equivalents | (40) | 1,228 | |
Cash and cash equivalents at beginning of period | 1,228 | ||
Cash and cash equivalents at end of period | $ 1,188 | $ 1,228 |
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