| Maryland | | | 27-3100949 | |
| (State or Other Jurisdiction of Incorporation or Organization) | | | (I.R.S. Employer Identification No.) | |
| 2640 Monroeville Boulevard, Monroeville, Pennsylvania | | | 15146 | |
| (Address of Principal Executive Offices) | | | (Zip Code) | |
| Title of Each Class | | | Trading Symbol | | | Name of Each Exchange on Which Registered | |
| | | | | The NASDAQ Stock Market, LLC | |
| Large accelerated filer ☐ | | | Accelerated filer ☑ | | | Non-accelerated filer ☐ | | | Smaller reporting company ☑ | |
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| Emerging growth company ☐ | | | | | | | | | | |
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| PART III. | | | | | | | |
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| PART IV. | | | | | | | |
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| SIGNATURES | | | | | | |
Branch Name | | | Address | | | Owned or Leased | |
Cumberland | | | 200 N. Mechanic Street Cumberland, MD 21502 | | | Owned | |
LaVale | | | 1275 National Highway LaVale, MD 21502 | | | Owned | |
Blawnox | | | 201 Freeport Road Pittsburgh, PA 15238 | | | Owned | |
Green Tree | | | Four Parkway Center #100 875 Greentree Road Pittsburgh, PA 15220 | | | Leased (expires 1/31/2020) | |
Greensburg | | | 5150 Route 30 Greensburg, PA 15601 | | | Leased (expires 4/30/ | |
Hyndman | | | 3945 Center Street Hyndman, PA 15545 | | | Owned | |
Lawrenceville | | | 5137 Butler Street Pittsburgh, PA 15201 | | | Owned | |
Branch Name | | | Address | | | Owned or Leased | |
Ligonier | | | 211 W. Main Street Ligonier, PA 15658 | | | Owned | |
McKnight Road | | | 7703 McKnight Road Pittsburgh, PA 15237 | | | Leased (expires | |
Monroeville (Corporate Headquarters) | | | 2640 Monroeville Boulevard Monroeville, PA 15146 | | | Owned | |
Mount Pleasant | | | 659 W. Main Street Mt Pleasant, PA 15666 | | | Owned | |
Mt. Troy | | | 2000 Mt. Troy Road Pittsburgh, PA 15212 | | | Owned | |
Murrysville | | | 4785 Old William Penn Highway Murrysville, PA 15668 | | | Owned | |
Pittsburgh (downtown) | | | Lawyers Building 428 Forbes Avenue Pittsburgh, PA 15219 | | | Leased (expires 10/31/ | |
Scottdale | | | 100 Pittsburgh Street Scottdale, PA 15683 | | | Owned | |
Shaler | | | 900 Mt. Royal Boulevard Pittsburgh, PA 15223 | | | Owned | |
Shaler Drive-Thru | | | 1100 Mt. Royal Boulevard Pittsburgh, PA 15223 | | | Owned | |
Plan | | | Number of securities to be issued upon exercise of outstanding options, warrants, and rights | | | Weighted average exercise price | | | Number of securities available for future issuance under equity compensation plans | | |||||||||
Equity compensation plans approved by stockholders(1) | | | | | 217,080 | | | | | $ | 16.50 | | | | | | 101,144 | | |
Equity compensation plans approved by stockholders(2) | | | | | 49,615 | | | | | $ | 19.82 | | | | | | 77,135 | | |
Equity compensation plans not approved by stockholders | | | | | — | | | | | | — | | | | | | — | | |
Equity compensation plans approved by stockholders | | | Number of securities to be issued upon exercise of outstanding options, warrants, and rights | | | Weighted average exercise price(1) | | | Number of securities available for future issuance under equity compensation plans | | |||||||||
Standard Financial Corp. 2012 Equity Incentive Plan | | | | | 212,080 | | | | | $ | 16.50 | | | | | | 101,144 | | |
Allegheny Valley Bankcorp, Inc 2011 Stock Incentive Plan | | | | | 35,701 | | | | | $ | 20.46 | | | | | | 72,588 | | |
Period | | | Total Number of Shares Purchased | | | Average Price Paid Per Share | | | Total Number of Shares Purchased as Part of Publically Announced Plans or Programs | | | Maximum Number of Shares That May Yet Be Purchased Under the Plans or Programs(1) | | ||||||||||||
October 1 – 31, 2019 | | | | | 6,250 | | | | | $ | 27.47 | | | | | | 6,250 | | | | | | 106,211 | | |
November 1 – 30, 2019 | | | | | 5,000 | | | | | | 28.00 | | | | | | 5,000 | | | | | | 101,211 | | |
December 1 – 31, 2019 | | | | | — | | | | | | — | | | | | | — | | | | | | 101,211 | | |
Totals | | | | | 11,250 | | | | | $ | 18.49 | | | | | | 11,250 | | | | | | | | |
| | At December 31, | | | At December 31, | | ||||||||||||||||||||||||||||||||||||||||||||
| | 2018 | | 2017 | | | 2019 | | 2018 | | ||||||||||||||||||||||||||||||||||||||||
| | Amortized Cost | | Fair Value | | Amortized Cost | | Fair Value | | | Amortized Cost | | Fair Value | | Amortized Cost | | Fair Value | | ||||||||||||||||||||||||||||||||
Municipal obligations | | | $ | 53,546 | | | | $ | 53,698 | | | | $ | 49,988 | | | | $ | 50,777 | | | | | $ | 57,506 | | | | $ | 58,816 | | | | $ | 53,546 | | | | $ | 53,698 | | | ||||||||
U.S. government and agency obligations | | | | 8,368 | | | | | 8,270 | | | | | 8,334 | | | | | 8,340 | | | | | | 8,404 | | | | | 8,489 | | | | | 8,368 | | | | | 8,270 | | | ||||||||
Corporate bonds | | | | 4,226 | | | | | 4,201 | | | | | 2,276 | | | | | 2,272 | | | | | | 2,477 | | | | | 2,579 | | | | | 4,226 | | | | | 4,201 | | | ||||||||
Mortgage-backed securities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Ginnie Mae pass-through certificates | | | | 19,213 | | | | | 18,890 | | | | | 17,416 | | | | | 17,291 | | | | | | 21,386 | | | | | 21,504 | | | | | 19,213 | | | | | 18,890 | | | ||||||||
Fannie Mae pass-through certificates | | | | 13,952 | | | | | 13,620 | | | | | 16,078 | | | | | 16,145 | | | | | | 20,537 | | | | | 20,795 | | | | | 13,952 | | | | | 13,620 | | | ||||||||
Freddie Mac pass-through certificates | | | | 12,662 | | | | | 12,410 | | | | | 12,510 | | | | | 12,537 | | | | | | 13,986 | | | | | 14,086 | | | | | 12,662 | | | | | 12,410 | | | ||||||||
Private pass-through certificates | | | | 25,064 | | | | | 24,715 | | | | | 14,603 | | | | | 14,498 | | | | | | 21,904 | | | | | 21,603 | | | | | 25,064 | | | | | 24,715 | | | ||||||||
Collateralized mortgage obligations | | | | 12,328 | | | | | 12,159 | | | | | 7,277 | | | | | 7,159 | | | | | | 13,406 | | | | | 13,490 | | | | | 12,328 | | | | | 12,159 | | | ||||||||
Equity securities | | | | 2,686 | | | | | 2,725 | | | | | 3,647 | | | | | 4,170 | | | | | | 2,686 | | | | | 2,955 | | | | | 2,686 | | | | | 2,725 | | | ||||||||
Total securities | | | $ | 152,045 | | | | $ | 150,688 | | | | $ | 132,129 | | | | $ | 133,189 | | | | | $ | 162,292 | | | | $ | 164,317 | | | | $ | 152,045 | | | | $ | 150,688 | | | ||||||||
|
| | | Due 1 Year or Less | | | Due 1 – 5 Years | | | Due 5 – 10 Years | | | Due Over 10 Years | | | Total Securities | | |||||||||||||||||||||||||||||||||||||||||||||
| | | Amortized Cost | | | Weighted Average Yield | | | Amortized Cost | | | Weighted Average Yield | | | Amortized Cost | | | Weighted Average Yield | | | Amortized Cost | | | Weighted Average Yield | | | Amortized Cost | | | Weighted Average Yield | | ||||||||||||||||||||||||||||||
Municipal obligations | | | | $ | — | | | | | | — | | | | | $ | 6,658 | | | | | | 3.54% | | | | | $ | 22,384 | | | | | | 2.79% | | | | | $ | 24,504 | | | | | | 2.87% | | | | | $ | 53,546 | | | | | | 2.92% | | |
U.S. government and agency obligations | | | | | — | | | | | | — | | | | | | 7,428 | | | | | | 2.16% | | | | | | 940 | | | | | | 2.92% | | | | | | — | | | | | | — | | | | | | 8,368 | | | | | | 2.25% | | |
Corporate bonds | | | | | 1,758 | | | | | | 1.61% | | | | | | 1,472 | | | | | | 3.66% | | | | | | 996 | | | | | | 3.98% | | | | | | — | | | | | | — | | | | | | 4,226 | | | | | | 2.88% | | |
Mortgage-backed securities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ginnie Mae pass through certificates | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 19,213 | | | | | | 2.36% | | | | | | 19,213 | | | | | | 2.36% | | |
Fannie Mae pass through certificates | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,914 | | | | | | 2.88% | | | | | | 12,038 | | | | | | 2.33% | | | | | | 13,952 | | | | | | 2.41% | | |
Freddie Mac pass through certificates | | | | | — | | | | | | — | | | | | | 32 | | | | | | 2.66% | | | | | | 385 | | | | | | 2.46% | | | | | | 12,245 | | | | | | 2.67% | | | | | | 12,662 | | | | | | 2.66% | | |
Collateralized mortgage obligations | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 12,328 | | | | | | 2.77% | | | | | | 12,328 | | | | | | 2.77% | | |
Private pass through certificates | | | | | — | | | | | | — | | | | | | 920 | | | | | | 3.27% | | | | | | 4,450 | | | | | | 3.05% | | | | | | 19,694 | | | | | | 2.99% | | | | | | 25,064 | | | | | | 3.01% | | |
Equity securities | | | | | 2,686 | | | | | | 3.17% | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,686 | | | | | | 3.17% | | |
Total | | | | $ | 4,444 | | | | | | 2.55% | | | | | $ | 16,510 | | | | | | 2.91% | | | | | $ | 31,069 | | | | | | 2.87% | | | | | $ | 100,022 | | | | | | 2.69% | | | | | $ | 152,045 | | | | | | 2.75% | | |
|
| | | Due 1 Year or Less | | | Due 1 – 5 Years | | | Due 5 – 10 Years | | | Due Over 10 Years | | | Total Securities | | |||||||||||||||||||||||||||||||||||||||||||||
| | | Amortized Cost | | | Weighted Average Yield | | | Amortized Cost | | | Weighted Average Yield | | | Amortized Cost | | | Weighted Average Yield | | | Amortized Cost | | | Weighted Average Yield | | | Amortized Cost | | | Weighted Average Yield | | ||||||||||||||||||||||||||||||
Municipal obligations | | | | $ | 260 | | | | | | 2.96% | | | | | $ | 5,085 | | | | | | 4.78% | | | | | $ | 18,210 | | | | | | 2.89% | | | | | $ | 33,951 | | | | | | 2.81% | | | | | $ | 57,506 | | | | | | 3.01% | | |
U.S. government and agency obligations | | | | | 5,986 | | | | | | 2.08% | | | | | | 1,470 | | | | | | 2.50% | | | | | | 948 | | | | | | 2.92% | | | | | | — | | | | | | — | | | | | | 8,404 | | | | | | 2.25% | | |
Corporate bonds | | | | | — | | | | | | — | | | | | | 2,477 | | | | | | 3.63% | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,477 | | | | | | 3.63% | | |
Mortgage-backed securities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ginnie Mae pass through certificates | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 21,386 | | | | | | 2.55% | | | | | | 21,386 | | | | | | 2.55% | | |
Fannie Mae pass through certificates | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,150 | | | | | | 2.95% | | | | | | 19,387 | | | | | | 2.36% | | | | | | 20,537 | | | | | | 2.39% | | |
Freddie Mac pass through certificates | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 13,986 | | | | | | 2.37% | | | | | | 13,986 | | | | | | 2.37% | | |
Collateralized mortgage obligations | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 13,406 | | | | | | 2.37% | | | | | | 13,406 | | | | | | 2.37% | | |
Private pass through certificates | | | | | — | | | | | | — | | | | | | 605 | | | | | | 3.15% | | | | | | 4,743 | | | | | | 2.77% | | | | | | 16,556 | | | | | | 2.77% | | | | | | 21,904 | | | | | | 2.78% | | |
Equity securities | | | | | 2,686 | | | | | | 3.04% | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,686 | | | | | | 3.04% | | |
Total | | | | $ | 8,932 | | | | | | 0.91% | | | | | $ | 9,637 | | | | | | 4.03% | | | | | $ | 25,051 | | | | | | 2.87% | | | | | $ | 118,672 | | | | | | 2.58% | | | | | $ | 162,292 | | | | | | 2.62% | | |
|
| | December 31, | | September 30, | | | December 31, | | September 30, | | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| | 2018 | | 2017 | | 2016 | | 2016 | | 2015 | | | 2019 | | 2018 | | 2017 | | 2016 | | 2016* | | ||||||||||||||||||||||||||||||||||||||||
One-to-four family residential and construction | | | $ | 253,913 | | | | $ | 261,715 | | | | $ | 174,740 | | | | $ | 167,512 | | | | $ | 148,694 | | | | | $ | 234,421 | | | | $ | 253,913 | | | | $ | 261,715 | | | | $ | 174,740 | | | | $ | 167,512 | | | ||||||||||
Commercial real estate | | | | 308,775 | | | | | 300,997 | | | | | 116,691 | | | | | 119,879 | | | | | 114,203 | | | ||||||||||||||||||||||||||||||||||||
Commercial real estate and construction | | | | 323,843 | | | | | 308,775 | | | | | 300,997 | | | | | 116,691 | | | | | 119,879 | | | ||||||||||||||||||||||||||||||||||||
Home equity loans and lines of credit | | | | 123,373 | | | | | 130,915 | | | | | 77,913 | | | | | 79,157 | | | | | 82,254 | | | | | | 111,499 | | | | | 123,373 | | | | | 130,915 | | | | | 77,913 | | | | | 79,157 | | | ||||||||||
Commercial business | | | | 46,196 | | | | | 56,122 | | | | | 15,505 | | | | | 14,779 | | | | | 12,035 | | | | | | 47,514 | | | | | 46,196 | | | | | 56,122 | | | | | 15,505 | | | | | 14,779 | | | ||||||||||
Other | | | | 1,139 | | | | | 1,413 | | | | | 520 | | | | | 553 | | | | | 824 | | | | | | 570 | | | | | 1,139 | | | | | 1,413 | | | | | 520 | | | | | 553 | | | ||||||||||
Total loans | | | $ | 733,396 | | | | $ | 751,162 | | | | $ | 385,369 | | | | $ | 381,880 | | | | $ | 358,010 | | | | | $ | 717,847 | | | | $ | 733,396 | | | | $ | 751,162 | | | | $ | 385,369 | | | | $ | 381,880 | | | ||||||||||
|
| | | December 31, 2018 | | |||||||||||||||
| | | Due Under 1 Year | | | Due 1 – 5 Years | | | Due Over 5 Years | | |||||||||
One-to-four family residential and construction | | | | $ | 187 | | | | | $ | 4,835 | | | | | $ | 248,891 | | |
Commercial real estate | | | | | 23,221 | | | | | | 31,629 | | | | | | 253,925 | | |
Home equity loans and lines of credit | | | | | 6,251 | | | | | | 10,334 | | | | | | 106,788 | | |
Commercial business | | | | | 13,998 | | | | | | 11,471 | | | | | | 20,727 | | |
Other | | | | | 904 | | | | | | 160 | | | | | | 75 | | |
Total loans | | | | $ | 44,561 | | | | | $ | 58,429 | | | | | $ | 630,406 | | |
|
| | | Due Under 1 Year | | | Due 1 – 5 Years | | | Due Over 5 Years | | |||||||||
One-to-four family residential and construction | | | | $ | 47 | | | | | $ | 5,017 | | | | | $ | 229,357 | | |
Commercial real estate and construction | | | | | 21,594 | | | | | | 42,913 | | | | | | 259,336 | | |
Home equity loans and lines of credit | | | | | 4,876 | | | | | | 14,728 | | | | | | 91,895 | | |
Commercial business | | | | | 14,373 | | | | | | 10,337 | | | | | | 22,804 | | |
Other | | | | | 222 | | | | | | 303 | | | | | | 45 | | |
Total loans | | | | $ | 41,112 | | | | | $ | 73,298 | | | | | $ | 603,437 | | |
| | December 31, 2018 | | | Due Under 1 Year | | Due 1 – 5 Years | | Due Over 5 Years | | ||||||||||||||||||||||||||||
| | Due Under 1 Year | | Due 1 – 5 Years | | Due Over 5 Years | | |||||||||||||||||||||||||||||||
Interest Rates: | | | | | | | | | | | | | | | | | ||||||||||||||||||||||
Fixed | | | $ | 44,205 | | | | $ | 49,461 | | | | $ | 346,492 | | | | | $ | 32,094 | | | | $ | 50,081 | | | | $ | 255,082 | | | ||||||
Adjustable | | | | 356 | | | | | 8,968 | | | | | 283,914 | | | | | | 9,018 | | | | | 23,217 | | | | | 348,355 | | | ||||||
Total loans | | | $ | 44,561 | | | | $ | 58,429 | | | | $ | 630,406 | | | | | $ | 41,112 | | | | $ | 73,298 | | | | $ | 603,437 | | | ||||||
|
| | | Year Ended December 31, 2018 | | | Year Ended December 31, 2017 | |||||||||||||||||
| | | Average Balance | | | Yield/ Rate | | | Average Balance | | | Yield/ Rate | |||||||||||
Savings accounts | | | | $ | 150,461 | | | | | | 0.14% | | | | | $ | 141,912 | | | | | | 0.13% |
Certificates of deposit | | | | | 228,006 | | | | | | 1.93% | | | | | | 195,821 | | | | | | 1.47% |
Money market accounts | | | | | 96,427 | | | | | | 0.54% | | | | | | 81,135 | | | | | | 0.31% |
Demand and NOW accounts | | | | | 99,376 | | | | | | 0.23% | | | | | | 86,543 | | | | | | 0.17% |
Total deposits | | | | $ | 574,270 | | | | | | 0.86% | | | | | $ | 505,411 | | | | | | 0.69% |
|
| | | Year Ended December 31, 2019 | | | Year Ended December 31, 2018 | | ||||||||||||||||||
| | | Average Balance | | | Yield / Rate | | | Average Balance | | | Yield/ Rate | | ||||||||||||
Savings accounts | | | | $ | 141,758 | | | | | | 0.16% | | | | | $ | 150,461 | | | | | | 0.14% | | |
Certificates of deposit | | | | | 246,553 | | | | | | 2.13% | | | | | | 228,006 | | | | | | 1.93% | | |
Money market accounts | | | | | 106,001 | | | | | | 1.16% | | | | | | 96,427 | | | | | | 0.54% | | |
Demand and NOW accounts | | | | | 105,545 | | | | | | 0.29% | | | | | | 99,376 | | | | | | 0.23% | | |
Total deposits | | | | $ | 599,857 | | | | | | 1.17% | | | | | $ | 574,270 | | | | | | 0.86% | | |
| | | December 31 2018 | | |||
Three months or less | | | | $ | 14,665 | | |
Over three to six months | | | | | 10,976 | | |
Over six to twelve months | | | | | 13,001 | | |
Over twelve months | | | | | 69,425 | | |
Total | | | | $ | 108,067 | | |
|
| Three months or less | | | | $ | 24,419 | | |
| Over three to six months | | | | | 15,548 | | |
| Over six to twelve months | | | | | 22,448 | | |
| Over twelve months | | | | | 50,263 | | |
| Total | | | | $ | 112,678 | | |
| | December 31 | | | December 31 | | ||||||||||||||||||||
| | 2018 | | 2017 | | | 2019 | | 2018 | | ||||||||||||||||
Balance | | | $ | 4,524 | | | | $ | 27,021 | | | | | $ | — | | | | $ | 4,524 | | | ||||
Average balance outstanding during the period | | | | 12,696 | | | | | 38,565 | | | | | | 1,698 | | | | | 12,696 | | | ||||
Maximum amount outstanding at any month-end | | | | 51,500 | | | | | 72,926 | | | | | | 11,339 | | | | | 51,500 | | | ||||
Weighted average interest rate at period end | | | | 2.64% | | | | | 1.54% | | | | | | —% | | | | | 2.64% | | | ||||
Average interest rate during the period | | | | 1.79 | | | | | 1.22 | | | | | | 2.67 | | | | | 1.79 | | |
| | For the Year Ended December 31, | | | For the Year Ended December 31, | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | 2018 | | 2017 | | | 2019 | | 2018 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Average Outstanding Balance | | Interest | | Yield/ Rate | | Average Outstanding Balance | | Interest | | Yield/ Rate | | | Average Outstanding Balance | | Interest | | Yield/Rate | | Average Outstanding Balance | | Interest | | Yield/ Rate | | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest-earning assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||
Loans | | | $ | 740,370 | | | | $ | 32,033 | | | | | 4.25% | | | | $ | 650,600 | | | | $ | 26,948 | | | | | 4.14% | | | | | $ | 731,098 | | | | $ | 32,487 | | | | | 4.41% | | | | $ | 740,370 | | | | $ | 32,033 | | | | | 4.25% | | | ||||||||||||
Investment and mortgage-backed securities | | | | 145,995 | | | | | 3,850 | | | | | 2.55% | | | | | 123,864 | | | | | 3,091 | | | | | 2.50% | | | | | | 160,445 | | | | | 4,227 | | | | | 2.63% | | | | | 145,995 | | | | | 3,850 | | | | | 2.55% | | | ||||||||||||
FHLB stock | | | | 8,542 | | | | | 590 | | | | | 6.91% | | | | | 7,218 | | | | | 384 | | | | | 5.32% | | | |||||||||||||||||||||||||||||||||||||||||||
FHLB and other restricted stock | | | | 7,680 | | | | | 618 | | | | | 8.05% | | | | | 8,616 | | | | | 590 | | | | | 6.85% | | | |||||||||||||||||||||||||||||||||||||||||||
Interest-earning deposits | | | | 19,692 | | | | | 322 | | | | | 1.64% | | | | | 13,845 | | | | | 133 | | | | | 0.96% | | | | | | 17,906 | | | | | 372 | | | | | 2.08% | | | | | 19,692 | | | | | 322 | | | | | 1.64% | | | ||||||||||||
Total interest-earning assets | | | | 914,599 | | | | | 36,795 | | | | | 3.95% | | | | | 795,527 | | | | | 30,556 | | | | | 3.84% | | | | | | 917,129 | | | | | 37,704 | | | | | 4.08% | | | | | 914,673 | | | | | 36,795 | | | | | 3.95% | | | ||||||||||||
Noninterest-earning assets | | | | 63,921 | | | | | | | | | | | | | | | 56,765 | | | | | | | | | | | | | | | | 65,913 | | | | | | | | | | | | | | | 63,847 | | | | | | | | | | | | | ||||||||||||
Total assets | | | $ | 978,520 | | | | | | | | | | | | | | $ | 852,292 | | | | | | | | | | | | | | | $ | 983,042 | | | | | | | | | | | | | | $ | 978,520 | | | | | | | | | | | | | ||||||||||||
Interest-bearing liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||
Savings accounts | | | $ | 150,461 | | | | | 205 | | | | | 0.14% | | | | | 141,912 | | | | | 185 | | | | | 0.13% | | | | | $ | 141,758 | | | | | 221 | | | | | 0.16% | | | | | 150,461 | | | | | 205 | | | | | 0.14% | | | ||||||||||||
Certificates of deposit | | | | 228,006 | | | | | 4,008 | | | | | 1.93% | | | | | 195,821 | | | | | 2,880 | | | | | 1.47% | | | | | | 246,553 | | | | | 5,242 | | | | | 2.13% | | | | | 228,006 | | | | | 4,008 | | | | | 1.93% | | | ||||||||||||
Money market accounts | | | | 96,427 | | | | | 522 | | | | | 0.54% | | | | | 81,135 | | | | | 255 | | | | | 0.31% | | | | | | 106,001 | | | | | 1,227 | | | | | 1.16% | | | | | 96,427 | | | | | 522 | | | | | 0.54% | | | ||||||||||||
Demand and NOW accounts | | | | 99,376 | | | | | 226 | | | | | 0.23% | | | | | 86,543 | | | | | 151 | | | | | 0.17% | | | | | | 105,545 | | | | | 301 | | | | | 0.29% | | | | | 99,376 | | | | | 226 | | | | | 0.23% | | | ||||||||||||
Total interest-bearing deposits | | | | 574,270 | | | | | 4,961 | | | | | 0.86% | | | | | 505,411 | | | | | 3,471 | | | | | 0.69% | | | | | | 599,857 | | | | | 6,991 | | | | | 1.17% | | | | | 574,270 | | | | | 4,961 | | | | | 0.86% | | | ||||||||||||
Federal Home Loan Bank borrowings | | | | 126,295 | | | | | 2,482 | | | | | 1.98% | | | | | 104,604 | | | | | 1,601 | | | | | 1.53% | | | |||||||||||||||||||||||||||||||||||||||||||
Borrowings | | | | 103,414 | | | | | 2,254 | | | | | 2.18% | | | | | 126,295 | | | | | 2,482 | | | | | 1.98% | | | |||||||||||||||||||||||||||||||||||||||||||
Securities sold under agreements to repurchase | | | | 4,782 | | | | | 11 | | | | | 0.23% | | | | | 4,532 | | | | | 4 | | | | | 0.09% | | | | | | 3,488 | | | | | 17 | | | | | 0.48% | | | | | 4,782 | | | | | 11 | | | | | 0.23% | | | ||||||||||||
Total interest-bearing liabilities | | | | 705,347 | | | | | 7,454 | | | | | 1.05% | | | | | 614,547 | | | | | 5,076 | | | | | 0.83% | | | | | | 706,759 | | | | | 9,262 | | | | | 1.31% | | | | | 705,347 | | | | | 7,454 | | | | | 1.05% | | | ||||||||||||
Noninterest-bearing deposits | | | | 135,320 | | | | | | | | | | | | | | | 116,461 | | | | | | | | | | | | | | | | 132,510 | | | | | | | | | | | | | | | 135,320 | | | | | | | | | | | | | ||||||||||||
Noninterest-bearing liabilities | | | | 3,443 | | | | | | | | | | | | | | | 4,007 | | | | | | | | | | | | | | | | 3,584 | | | | | | | | | | | | | | | 3,443 | | | | | | | | | | | | | ||||||||||||
Total liabilities | | | | 844,110 | | | | | | | | | | | | | | | 735,015 | | | | | | | | | | | | | | | | 842,853 | | | | | | | | | | | | | | | 844,110 | | | | | | | | | | | | | ||||||||||||
Stockholders’ equity | | | | 134,410 | | | | | | | | | | | | | | | 117,277 | | | | | | | | | | | | | | | | 140,189 | | | | | | | | | | | | | | | 134,410 | | | | | | | | | | | | | ||||||||||||
Total liabilities and stockholders’ equity | | | $ | 978,520 | | | | | | | | | | | | | | $ | 852,292 | | | | | | | | | | | | | | | $ | 983,042 | | | | | | | | | | | | | | $ | 978,520 | | | | | | | | | | | | | ||||||||||||
Net interest income | | | | | | | | $ | 29,341 | | | | | | | | | | | | | | $ | 25,480 | | | | | | | | | | | | | | | $ | 28,442 | | | | | | | | | | | | | | $ | 29,341 | | | | | | | | ||||||||||||
Net interest rate spread(1) | | | | | | | | | | | | | | 2.90% | | | | | | | | | | | | | | | 3.01% | | | | | | | | | | | | | | | | 2.77% | | | | | | | | | | | | | | | 2.90% | | | ||||||||||||
Net interest-earning assets(2) | | | $ | 209,252 | | | | | | | | | | | | | | $ | 180,980 | | | | | | | | | | | | | | | $ | 210,370 | | | | | | | | | | | | | | $ | 209,326 | | | | | | | | | | | | | ||||||||||||
Net interest margin(3) | | | | | | | | | | | | | | 3.21% | | | | | | | | | | | | | | | 3.20% | | | | | | | | | | | | | | | | 3.10% | | | | | | | | | | | | | | | 3.21% | | | ||||||||||||
Average interest-earning assets to interest-bearing liabilities | | | | 129.67% | | | | | | | | | | | | | | | 129.45% | | | | | | | | | | | | | | | | 129.77% | | | | | | | | | | | | | | | 129.68% | | | | | | | | | | | | |
| | Year Ended December 31, 2018 vs. Year Ended December 31, 2017 | | | Year Ended December 31, 2019 vs. Year Ended December 31, 2018 | | ||||||||||||||||||||||||||||||||
| | Increase (decrease) due to | | | Increase (decrease) due to | | ||||||||||||||||||||||||||||||||
| | Volume | | Rate | | Total | | | Volume | | Rate | | Total | | ||||||||||||||||||||||||
Interest-earning assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Loans receivable | | | $ | 3,844 | | | | $ | 1,241 | | | | $ | 5,085 | | | | | $ | (177) | | | | $ | 631 | | | | $ | 454 | | | ||||||
Investment and mortgage-backed securities | | | | 576 | | | | | 183 | | | | | 759 | | | | | | 282 | | | | | 95 | | | | | 377 | | | ||||||
FHLB stock | | | | 83 | | | | | 123 | | | | | 206 | | | ||||||||||||||||||||||
FHLB and other restricted stock | | | | (68) | | | | | 96 | | | | | 28 | | | ||||||||||||||||||||||
Interest-earning deposits | | | | 71 | | | | | 118 | | | | | 189 | | | | | | (31) | | | | | 81 | | | | | 50 | | | ||||||
Total interest-earning assets | | | | 4,574 | | | | | 1,665 | | | | | 6,239 | | | | | | 6 | | | | | 903 | | | | | 909 | | | ||||||
Interest-bearing liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Savings accounts | | | | 11 | | | | | 9 | | | | | 20 | | | | | | (12) | | | | | 28 | | | | | 16 | | | ||||||
Certificates of deposit | | | | 516 | | | | | 612 | | | | | 1,128 | | | | | | 364 | | | | | 870 | | | | | 1,234 | | | ||||||
Money market accounts | | | | 55 | | | | | 212 | | | | | 267 | | | | | | 56 | | | | | 649 | | | | | 705 | | | ||||||
Demand and NOW accounts | | | | 25 | | | | | 50 | | | | | 75 | | | | | | 15 | | | | | 60 | | | | | 75 | | | ||||||
Federal Home Loan Bank borrowings | | | | 372 | | | | | 509 | | | | | 881 | | | ||||||||||||||||||||||
Borrowings | | | | (481) | | | | | 253 | | | | | (228) | | | ||||||||||||||||||||||
Securities sold under agreements to repurchase | | | | — | | | | | 7 | | | | | 7 | | | | | | (3) | | | | | 9 | | | | | 6 | | | ||||||
Total interest-bearing liabilities | | | | 979 | | | | | 1,399 | | | | | 2,378 | | | | | | (61) | | | | | 1,869 | | | | | 1,808 | | | ||||||
Change in net interest income | | | $ | 3,595 | | | | $ | 266 | | | | $ | 3,861 | | | | | $ | 67 | | | | $ | (966) | | | | $ | (899) | | | ||||||
|
| | December 31, | | September 30, | | | December 31, | | September 30, | | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| | 2018 | | 2017 | | 2016 | | 2016 | | 2015 | | | 2019 | | 2018 | | 2017 | | 2016 | | 2016 | | ||||||||||||||||||||||||||||||||||||||||
Non-accrual loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
One-to-four family residential and construction | | | $ | 1,727 | | | | $ | 1,899 | | | | $ | 544 | | | | $ | 516 | | | | $ | 574 | | | | | $ | 2,067 | | | | $ | 1,727 | | | | $ | 1,899 | | | | $ | 544 | | | | $ | 516 | | | ||||||||||
Commercial real estate | | | | 661 | | | | | 756 | | | | | 100 | | | | | 100 | | | | | — | | | ||||||||||||||||||||||||||||||||||||
Commercial real estate and construction | | | | 311 | | | | | 661 | | | | | 756 | | | | | 100 | | | | | 100 | | | ||||||||||||||||||||||||||||||||||||
Home equity loans and lines of credit | | | | 258 | | | | | 244 | | | | | 101 | | | | | 73 | | | | | 96 | | | | | | 272 | | | | | 258 | | | | | 244 | | | | | 101 | | | | | 73 | | | ||||||||||
Commercial business | | | | 62 | | | | | 5 | | | | | — | | | | | — | | | | | — | | | | | | 60 | | | | | 62 | | | | | 5 | | | | | — | | | | | — | | | ||||||||||
Other | | | | 19 | | | | | 3 | | | | | 8 | | | | | — | | | | | 5 | | | | | | 6 | | | | | 19 | | | | | 3 | | | | | 8 | | | | | — | | | ||||||||||
Total nonaccrual loans | | | | 2,727 | | | | | 2,907 | | | | | 753 | | | | | 689 | | | | | 675 | | | | | | 2,716 | | | | | 2,727 | | | | | 2,907 | | | | | 753 | | | | | 689 | | | ||||||||||
Loans past due 90 days and still accruing | | | | 3 | | | | | 19 | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | 3 | | | | | 19 | | | | | — | | | | | — | | | ||||||||||
Total non-performing loans | | | | 2,730 | | | | | 2,926 | | | | | 753 | | | | | 689 | | | | | 675 | | | | | | 2,716 | | | | | 2,730 | | | | | 2,926 | | | | | 753 | | | | | 689 | | | ||||||||||
Foreclosed real estate | | | | 486 | | | | | 419 | | | | | 251 | | | | | 281 | | | | | 357 | | | | | | 404 | | | | | 486 | | | | | 419 | | | | | 251 | | | | | 281 | | | ||||||||||
Total non-performing assets | | | $ | 3,216 | | | | $ | 3,345 | | | | $ | 1,004 | | | | $ | 970 | | | | $ | 1,032 | | | | | $ | 3,120 | | | | $ | 3,216 | | | | $ | 3,345 | | | | $ | 1,004 | | | | $ | 970 | | | ||||||||||
Ratios: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Non-accrual loans to total loans | | | | 0.37% | | | | | 0.39% | | | | | 0.20% | | | | | 0.18% | | | | | 0.19% | | | | | | 0.38% | | | | | 0.37% | | | | | 0.39% | | | | | 0.20% | | | | | 0.18% | | | ||||||||||
Non-performing loans to total loans | | | | 0.37% | | | | | 0.39% | | | | | 0.20% | | | | | 0.18% | | | | | 0.19% | | | | | | 0.38% | | | | | 0.37% | | | | | 0.39% | | | | | 0.20% | | | | | 0.18% | | | ||||||||||
Non-performing assets to total assets | | | | 0.33% | | | | | 0.34% | | | | | 0.21% | | | | | 0.20% | | | | | 0.22% | | | | | | 0.32% | | | | | 0.33% | | | | | 0.34% | | | | | 0.21% | | | | | 0.20% | | | ||||||||||
Allowance for loan losses to non-performing loans | | | | 161.68% | | | | | 141.05% | | | | | 509.56% | | | | | 551.52% | | | | | 574.67% | | | | | | 179.75% | | | | | 161.68% | | | | | 141.05% | | | | | 509.56% | | | | | 551.52% | | |
| | | December 31, 2018 | | |||
Classified assets: | | | | | | | |
Substandard | | | | $ | 2,829 | | |
Doubtful | | | | | — | | |
Loss | | | | | — | | |
Total classified assets | | | | | 2,829 | | |
Special mention | | | | | 5,145 | | |
Total criticized assets | | | | $ | 7,974 | | |
|
| Classified assets: | | | | | | | |
| Substandard | | | | $ | 2,716 | | |
| Doubtful | | | | | — | | |
| Loss | | | | | — | | |
| Total classified assets | | | | | 2,716 | | |
| Special mention | | | | | 3,424 | | |
| Total criticized assets | | | | $ | 6,140 | | |
| | | For the Year Ended December 31, | | | For the Year Ended September 30, | | ||||||||||||||||||||||||
| | | 2018 | | | 2017 | | | 2016 | | | 2016 | | | 2015 | | |||||||||||||||
Balance at beginning of year | | | | $ | 4,127 | | | | | $ | 3,837 | | | | | $ | 3,800 | | | | | $ | 3,879 | | | | | $ | 3,919 | | |
Provision charged to operating expenses | | | | | 572 | | | | | | 517 | | | | | | 40 | | | | | | 105 | | | | | | — | | |
Recoveries of loans previously charged-off: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
One-to-four family residential and construction | | | | | 69 | | | | | | 28 | | | | | | — | | | | | | 8 | | | | | | 74 | | |
Commercial real estate | | | | | 2 | | | | | | 1 | | | | | | 1 | | | | | | 7 | | | | | | 6 | | |
Home equity loans and lines of credit | | | | | 11 | | | | | | — | | | | | | — | | | | | | 9 | | | | | | 9 | | |
Commercial business | | | | | 5 | | | | | | 3 | | | | | | — | | | | | | 18 | | | | | | 190 | | |
Other | | | | | — | | | | | | 7 | | | | | | — | | | | | | 7 | | | | | | — | | |
Total recoveries | | | | | 87 | | | | | | 39 | | | | | | 1 | | | | | | 49 | | | | | | 279 | | |
Loans charged-off: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
One-to-four family residential and construction | | | | | — | | | | | | (185) | | | | | | — | | | | | | (70) | | | | | | (162) | | |
Commercial real estate | | | | | (80) | | | | | | — | | | | | | — | | | | | | (93) | | | | | | (9) | | |
Home equity loans and lines of credit | | | | | — | | | | | | (51) | | | | | | — | | | | | | (4) | | | | | | (70) | | |
Commercial business | | | | | (244) | | | | | | (1) | | | | | | — | | | | | | (43) | | | | | | (54) | | |
Other | | | | | (48) | | | | | | (29) | | | | | | (4) | | | | | | (23) | | | | | | (24) | | |
Total charge-offs | | | | | (372) | | | | | | (266) | | | | | | (4) | | | | | | (233) | | | | | | (319) | | |
Net charge-offs | | | | | (285) | | | | | | (227) | | | | | | (3) | | | | | | (184) | | | | | | (40) | | |
Balance at end of year | | | | $ | 4,414 | | | | | $ | 4,127 | | | | | $ | 3,837 | | | | | $ | 3,800 | | | | | $ | 3,879 | | |
Net charge-offs to average loans outstanding | | | | | 0.04% | | | | | | 0.03% | | | | | | 0.00% | | | | | | 0.05% | | | | | | 0.01% | | |
Allowance for loan losses to total loans at year-end | | | | | 0.60% | | | | | | 0.55% | | | | | | 1.00% | | | | | | 1.00% | | | | | | 1.10% | | |
| | | For the Year Ended December 31, | | | For the Year Ended September 30, | | ||||||||||||||||||||||||
| | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2016 | | |||||||||||||||
Balance at beginning of year | | | | $ | 4,414 | | | | | $ | 4,127 | | | | | $ | 3,837 | | | | | $ | 3,800 | | | | | $ | 3,879 | | |
Provision charged to operating expenses | | | | | 725 | | | | | | 572 | | | | | | 517 | | | | | | 40 | | | | | | 105 | | |
Recoveries of loans previously charged-off: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
One-to-four family residential and construction | | | | | 4 | | | | | | 69 | | | | | | 28 | | | | | | — | | | | | | 8 | | |
Commercial real estate and construction | | | | | 3 | | | | | | 2 | | | | | | 1 | | | | | | 1 | | | | | | 7 | | |
Home equity loans and lines of credit | | | | | 1 | | | | | | 11 | | | | | | — | | | | | | — | | | | | | 9 | | |
Commercial business | | | | | — | | | | | | 5 | | | | | | 3 | | | | | | — | | | | | | 18 | | |
Other | | | | | 2 | | | | | | — | | | | | | 7 | | | | | | — | | | | | | 7 | | |
Total recoveries | | | | | 10 | | | | | | 87 | | | | | | 39 | | | | | | 1 | | | | | | 49 | | |
Loans charged-off: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
One-to-four family residential and construction | | | | | — | | | | | | — | | | | | | (185) | | | | | | — | | | | | | (70) | | |
Commercial real estate and construction | | | | | (187) | | | | | | (80) | | | | | | — | | | | | | — | | | | | | (93) | | |
Home equity loans and lines of credit | | | | | (2) | | | | | | — | | | | | | (51) | | | | | | — | | | | | | (4) | | |
Commercial business | | | | | (37) | | | | | | (244) | | | | | | (1) | | | | | | — | | | | | | (43) | | |
Other | | | | | (41) | | | | | | (48) | | | | | | (29) | | | | | | (4) | | | | | | (23) | | |
Total charge-offs | | | | | (267) | | | | | | (372) | | | | | | (266) | | | | | | (4) | | | | | | (233) | | |
Net charge-offs | | | | | (257) | | | | | | (285) | | | | | | (227) | | | | | | (3) | | | | | | (184) | | |
Balance at end of year | | | | $ | 4,882 | | | | | $ | 4,414 | | | | | $ | 4,127 | | | | | $ | 3,837 | | | | | $ | 3,800 | | |
Net charge-offs to average loans outstanding | | | | | 0.04% | | | | | | 0.04% | | | | | | 0.03% | | | | | | 0.00% | | | | | | 0.05% | | |
Allowance for loan losses to total loans at year-end | | | | | 0.68% | | | | | | 0.60% | | | | | | 0.55% | | | | | | 1.00% | | | | | | 1.00% | | |
| | December 31, 2018 | | December 31, 2017 | | December 31, 2016 | | September 30, 2016 | | September 30, 2015 | | | December 31, 2019 | | December 31, 2018 | | December 31, 2017 | | December 31, 2016 | | September 30, 2016 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Amount | | Percent of Loans in Each Category to Total | | Amount | | Percent of Loans in Each Category to Total | | Amount | | Percent of Loans in Each Category to Total | | Amount | | Percent of Loans in Each Category to Total | | Amount | | Percent of Loans in Each Category to Total | | | Amount | | Percent of Loans in Each Category to Total | | Amount | | Percent of Loans in Each Category to Total | | Amount | | Percent of Loans in Each Category to Total | | Amount | | Percent of Loans in Each Category to Total | | Amount | | Percent of Loans in Each Category to Total | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
One-to-four family residential and construction | | | $ | 1,051 | | | | | 34.6% | | | | $ | 1,384 | | | | | 34.8% | | | | $ | 1,280 | | | | | 45.4% | | | | $ | 1,250 | | | | | 43.9% | | | | $ | 1,122 | | | | | 40.5% | | | | | $ | 721 | | | | | 32.7% | | | | $ | 1,051 | | | | | 34.6% | | | | $ | 1,384 | | | | | 34.8% | | | | $ | 1,280 | | | | | 45.4% | | | | $ | 1,250 | | | | | 43.9% | | | ||||||||||||||||||||
Commercial real estate | | | | 2,761 | | | | | 42.1% | | | | | 2,003 | | | | | 40.1% | | | | | 1,787 | | | | | 30.3% | | | | | 1,786 | | | | | 31.4% | | | | | 1,867 | | | | | 32.5% | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate and construction | | | | 3,313 | | | | | 45.1% | | | | | 2,761 | | | | | 42.1% | | | | | 2,003 | | | | | 40.1% | | | | | 1,787 | | | | | 30.3% | | | | | 1,786 | | | | | 31.4% | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans and lines of credit | | | | 312 | | | | | 16.8% | | | | | 400 | | | | | 17.4% | | | | | 547 | | | | | 20.2% | | | | | 547 | | | | | 20.7% | | | | | 457 | | | | | 23.4% | | | | | | 310 | | | | | 15.5% | | | | | 312 | | | | | 16.8% | | | | | 400 | | | | | 17.4% | | | | | 547 | | | | | 20.2% | | | | | 547 | | | | | 20.7% | | | ||||||||||||||||||||
Commercial business | | | | 286 | | | | | 6.3% | | | | | 333 | | | | | 7.5% | | | | | 211 | | | | | 4.0% | | | | | 211 | | | | | 3.9% | | | | | 411 | | | | | 3.4% | | | | | | 534 | | | | | 6.6% | | | | | 286 | | | | | 6.3% | | | | | 333 | | | | | 7.5% | | | | | 211 | | | | | 4.0% | | | | | 211 | | | | | 3.9% | | | ||||||||||||||||||||
Other | | | | 4 | | | | | 0.2% | | | | | 7 | | | | | 0.2% | | | | | 12 | | | | | 0.1% | | | | | 6 | | | | | 0.1% | | | | | 22 | | | | | 0.2% | | | | | | 4 | | | | | 0.1% | | | | | 4 | | | | | 0.2% | | | | | 7 | | | | | 0.2% | | | | | 12 | | | | | 0.1% | | | | | 6 | | | | | 0.1% | | | ||||||||||||||||||||
Total | | | $ | 4,414 | | | | | 100.0% | | | | $ | 4,127 | | | | | 100.0% | | | | $ | 3,837 | | | | | 100.0% | | | | $ | 3,800 | | | | | 100.0% | | | | $ | 3,879 | | | | | 100.0% | | | | | $ | 4,882 | | | | | 100.0% | | | | $ | 4,414 | | | | | 100.0% | | | | $ | 4,127 | | | | | 100.0% | | | | $ | 3,837 | | | | | 100.0% | | | | $ | 3,800 | | | | | 100.0% | | | ||||||||||||||||||||
|
| | | Net Portfolio Value(2) | | | Net Interest Income | | ||||||||||||||||||||||||||||||
| | | | | | | | | Estimated Increase (Decrease) | | | | | | | | | Estimated Increase (Decrease) | | ||||||||||||||||||
Change in Interest Rates (basis points) | | | Estimated NPV(1) | | | Amount | | | Percent | | | Estimated Net Interest Income(3) | | | Amount | | | Percent | | ||||||||||||||||||
December 31, 2018 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
+300 | | | | $ | 139,694 | | | | | $ | (21,212) | | | | | | (13.18)% | | | | | $ | 29,269 | | | | | $ | (182) | | | | | | (0.62)% | | |
+200 | | | | $ | 149,914 | | | | | $ | (10,992) | | | | | | (6.83)% | | | | | $ | 29,540 | | | | | $ | 89 | | | | | | 0.30% | | |
+100 | | | | $ | 158,986 | | | | | $ | (1,920) | | | | | | (1.19)% | | | | | $ | 29,715 | | | | | $ | 264 | | | | | | 0.89% | | |
0 | | | | $ | 160,906 | | | | | $ | — | | | | | | —% | | | | | $ | 29,451 | | | | | $ | — | | | | | | —% | | |
-100 | | | | $ | 149,662 | | | | | $ | (11,244) | | | | | | (6.99)% | | | | | $ | 27,935 | | | | | $ | (1,516) | | | | | | (5.15)% | | |
| | | Net Portfolio Value(2) | | | Net Interest Income | | ||||||||||||||||||||||||||||||
| | | | | | | | | Estimated Increase (Decrease) | | | | | | | | | Estimated Increase (Decrease) | | ||||||||||||||||||
Change in Interest Rates (basis points) | | | Estimated NPV(1) | | | Amount | | | Percent | | | Estimated Net Interest Income(3) | | | Amount | | | Percent | | ||||||||||||||||||
December 31, 2019 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
+300 | | | | $ | 144,468 | | | | | $ | (12,753) | | | | | | (8.11)% | | | | | $ | 27,786 | | | | | $ | (199) | | | | | | (5.93)% | | |
+200 | | | | $ | 153,414 | | | | | $ | (3,807) | | | | | | (2.42)% | | | | | $ | 28,083 | | | | | $ | 98 | | | | | | 0.70% | | |
+100 | | | | $ | 159,350 | | | | | $ | 2,129 | | | | | | 1.35% | | | | | $ | 28,182 | | | | | $ | 197 | | | | | | 0.35% | | |
0 | | | | $ | 157,221 | | | | | $ | — | | | | | | —% | | | | | $ | 27,985 | | | | | $ | — | | | | | | —% | | |
-100 | | | | $ | 140,559 | | | | | $ | (16,662) | | | | | | (10.60)% | | | | | $ | 26,325 | | | | | $ | (1,660) | | | | | | (0.71)% | | |
| | | December 31 | | |||||||||
| | | 2018 | | | 2017 | | ||||||
ASSETS | | | | | | | | | | | | | |
Cash on hand and due from banks | | | | $ | 3,371 | | | | | $ | 3,523 | | |
Interest-earning deposits in other institutions | | | | | 12,836 | | | | | | 12,742 | | |
Cash and Cash Equivalents | | | | | 16,207 | | | | | | 16,265 | | |
Investment securities available for sale, at fair value | | | | | 66,169 | | | | | | 65,559 | | |
Equity securities, at fair value | | | | | 2,725 | | | | | | — | | |
Mortgage-backed securities available for sale, at fair value | | | | | 81,794 | | | | | | 67,630 | | |
Certificate of deposit | | | | | 249 | | | | | | 749 | | |
Federal Home Loan Bank stock, at cost | | | | | 7,827 | | | | | | 9,468 | | |
Loans receivable, net of allowance for loan losses of $4,414 and $4,127 | | | | | 728,982 | | | | | | 747,035 | | |
Foreclosed real estate | | | | | 486 | | | | | | 419 | | |
Office properties and equipment, net | | | | | 7,794 | | | | | | 8,191 | | |
Bank-owned life insurance | | | | | 22,572 | | | | | | 22,040 | | |
Goodwill | | | | | 25,836 | | | | | | 25,836 | | |
Core deposit intangible | | | | | 2,508 | | | | | | 3,344 | | |
Accrued interest receivable and other assets | | | | | 8,647 | | | | | | 6,064 | | |
TOTAL ASSETS | | | | $ | 971,796 | | | | | $ | 972,600 | | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | | | | | | | |
Liabilities | | | | | | | | | | | | | |
Deposits: | | | | | | | | | | | | | |
Demand, savings and club accounts | | | | $ | 471,177 | | | | | $ | 482,902 | | |
Time Deposits | | | | | 246,697 | | | | | | 211,944 | | |
Total Deposits | | | | | 717,874 | | | | | | 694,846 | | |
Federal Home Loan Bank short-term borrowings | | | | | 4,524 | | | | | | 27,021 | | |
Federal Home Loan Bank advances | | | | | 104,963 | | | | | | 107,652 | | |
Securities sold under agreements to repurchase | | | | | 2,137 | | | | | | 4,240 | | |
Advance deposits by borrowers for taxes and insurance | | | | | 45 | | | | | | 782 | | |
Accrued interest payable and other liabilities | | | | | 4,363 | | | | | | 4,087 | | |
TOTAL LIABILITIES | | | | | 833,906 | | | | | | 838,628 | | |
Stockholders’ Equity | | | | | | | | | | | | | |
Preferred stock, $0.01 par value per share, 10,000,000 shares authorized, none issued | | | | | — | | | | | | — | | |
Common stock, $0.01 par value per share, 40,000,000 shares authorized, 4,812,991 and 4,790,687 shares outstanding, respectively | | | | | 48 | | | | | | 48 | | |
Additional paid-in-capital | | | | | 75,571 | | | | | | 75,063 | | |
Retained earnings | | | | | 65,301 | | | | | | 60,172 | | |
Unearned Employee Stock Ownership Plan (ESOP) shares | | | | | (1,686) | | | | | | (1,839) | | |
Accumulated other comprehensive (loss) income | | | | | (1,344) | | | | | | 528 | | |
TOTAL STOCKHOLDERS’ EQUITY | | | | | 137,890 | | | | | | 133,972 | | |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | $ | 971,796 | | | | | $ | 972,600 | | |
|
| | | Years Ended December 31 | | |||||||||
| | | 2018 | | | 2017 | | ||||||
Interest and Dividend Income | | | | | | | | | | | | | |
Loans, including fees | | | | $ | 32,033 | | | | | $ | 26,948 | | |
Mortgage-backed securities | | | | | 1,999 | | | | | | 1,257 | | |
Investments: | | | | | | | | | | | | | |
Taxable | | | | | 420 | | | | | | 518 | | |
Tax-exempt | | | | | 1,431 | | | | | | 1,316 | | |
Federal Home Loan Bank stock | | | | | 590 | | | | | | 384 | | |
Interest-earning deposits and federal funds sold | | | | | 322 | | | | | | 133 | | |
Total Interest and Dividend Income | | | | | 36,795 | | | | | | 30,556 | | |
Interest Expense | | | | | | | | | | | | | |
Deposits | | | | | 4,961 | | | | | | 3,471 | | |
Federal Home Loan Bank short-term borrowings | | | | | 227 | | | | | | 470 | | |
Federal Home Loan Bank advances | | | | | 2,255 | | | | | | 1,131 | | |
Securities sold under agreements to repurchase | | | | | 11 | | | | | | 4 | | |
Total Interest Expense | | | | | 7,454 | | | | | | 5,076 | | |
Net Interest Income | | | | | 29,341 | | | | | | 25,480 | | |
Provision for Loan Losses | | | | | 572 | | | | | | 517 | | |
Net Interest Income after Provision for Loan Losses | | | | | 28,769 | | | | | | 24,963 | | |
Noninterest Income | | | | | | | | | | | | | |
Service charges | | | | | 2,970 | | | | | | 2,569 | | |
Earnings on bank-owned life insurance | | | | | 533 | | | | | | 510 | | |
Net losses on sales of securities | | | | | (17) | | | | | | (323) | | |
Net gains on sales of equities | | | | | 394 | | | | | | — | | |
Net equity securities fair value adjustment losses | | | | | (484) | | | | | | — | | |
Net loan sale gains | | | | | 71 | | | | | | 197 | | |
Investment management fees | | | | | 644 | | | | | | 412 | | |
Other income | | | | | 236 | | | | | | 178 | | |
Total Noninterest Income | | | | | 4,347 | | | | | | 3,543 | | |
Noninterest Expenses | | | | | | | | | | | | | |
Compensation and employee benefits | | | | | 12,451 | | | | | | 10,403 | | |
Data processing | | | | | 644 | | | | | | 612 | | |
Premises and occupancy costs | | | | | 2,637 | | | | | | 2,182 | | |
Automatic teller machine expense | | | | | 512 | | | | | | 439 | | |
Federal deposit insurance | | | | | 293 | | | | | | 279 | | |
Core deposit amortization | | | | | 836 | | | | | | 772 | | |
Merger related expenses | | | | | — | | | | | | 3,089 | | |
Other operating expenses | | | | | 4,694 | | | | | | 3,943 | | |
Total Noninterest Expenses | | | | | 22,067 | | | | | | 21,719 | | |
Income before Income Tax Expense | | | | | 11,049 | | | | | | 6,787 | | |
Income Tax Expense | | | | | | | | | | | | | |
Federal | | | | | 1,713 | | | | | | 2,106 | | |
State | | | | | 535 | | | | | | 356 | | |
Total Income Tax Expense | | | | | 2,248 | | | | | | 2,462 | | |
Net Income | | | | $ | 8,801 | | | | | $ | 4,325 | | |
Earnings Per Share: | | | | | | | | | | | | | |
Basic earnings per common share | | | | $ | 1.90 | | | | | $ | 1.08 | | |
Diluted earnings per common share | | | | $ | 1.88 | | | | | $ | 1.05 | | |
Cash dividends paid per common share | | | | $ | 0.88 | | | | | $ | 0.77 | | |
Basic weighted average shares outstanding | | | | | 4,634,003 | | | | | | 4,021,942 | | |
Diluted weighted average shares outstanding | | | | | 4,685,044 | | | | | | 4,127,318 | | |
|
| | | Years Ended December 31 | | |||||||||
| | | 2018 | | | 2017 | | ||||||
Net Income | | | | $ | 8,801 | | | | | $ | 4,325 | | |
Other comprehensive (loss) income: | | | | | | | | | | | | | |
Change in unrealized (loss) gain on securities available for sale | | | | | (1,949) | | | | | | 788 | | |
Tax effect | | | | | 409 | | | | | | (269) | | |
Reclassification adjustment for security losses realized in income | | | | | 17 | | | | | | 323 | | |
Tax effect | | | | | (4) | | | | | | (111) | | |
Change in pension obligation for defined benefit plan | | | | | 90 | | | | | | 733 | | |
Tax effect | | | | | (19) | | | | | | (249) | | |
Total other comprehensive (loss) income | | | | | (1,456) | | | | | | 1,215 | | |
Total Comprehensive Income | | | | $ | 7,345 | | | | | $ | 5,540 | | |
|
| | | Common Stock | | | Additional Paid-In Capital | | | Retained Earnings | | | Unearned ESOP Shares | | | Accumulated Other Comprehensive Income (Loss) | | | Total Stockholders’ Equity | | ||||||||||||||||||
Balance, December 31, 2016 | | | | $ | 26 | | | | | $ | 16,626 | | | | | $ | 59,107 | | | | | $ | (1,992) | | | | | $ | (777) | | | | | $ | 72,990 | | |
Net income | | | | | — | | | | | | — | | | | | | 4,325 | | | | | | — | | | | | | — | | | | | | 4,325 | | |
Other comprehensive income | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,215 | | | | | | 1,215 | | |
Reclassification of certain income tax effects from accumulated other comprehensive income | | | | | — | | | | | | — | | | | | | (90) | | | | | | — | | | | | | 90 | | | | | | — | | |
Stock repurchases (5,454 shares) | | | | | — | | | | | | (161) | | | | | | — | | | | | | — | | | | | | — | | | | | | (161) | | |
Cash dividends ($0.77 per share) | | | | | — | | | | | | — | | | | | | (3,312) | | | | | | — | | | | | | — | | | | | | (3,312) | | |
Stock options exercised (18,895 shares) | | | | | — | | | | | | 311 | | | | | | — | | | | | | — | | | | | | — | | | | | | 311 | | |
Excess tax benefits from stock based compensation | | | | | — | | | | | | (142) | | | | | | 142 | | | | | | — | | | | | | — | | | | | | — | | |
Compensation expense on stock awards | | | | | — | | | | | | 529 | | | | | | — | | | | | | — | | | | | | — | | | | | | 529 | | |
Compensation expense on ESOP | | | | | — | | | | | | 250 | | | | | | — | | | | | | 153 | | | | | | — | | | | | | 403 | | |
Merger consideration (2,168,097 shares) | | | | | 22 | | | | | | 57,650 | | | | | | — | | | | | | — | | | | | | — | | | | | | 57,672 | | |
Balance, December 31, 2017 | | | | $ | 48 | | | | | $ | 75,063 | | | | | $ | 60,172 | | | | | $ | (1,839) | | | | | $ | 528 | | | | | $ | 133,972 | | |
Net income | | | | | — | | | | | | — | | | | | | 8,801 | | | | | | — | | | | | | — | | | | | | 8,801 | | |
Other comprehensive loss | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,456) | | | | | | (1,456) | | |
Change in accouting principle for adoption of ASU 2016-01 | | | | | — | | | | | | — | | | | | | 416 | | | | | | — | | | | | | (416) | | | | | | — | | |
Stock repurchases (13,482 shares) | | | | | — | | | | | | (428) | | | | | | — | | | | | | — | | | | | | — | | | | | | (428) | | |
Cash dividends ($0.88 per share) | | | | | — | | | | | | — | | | | | | (4,088) | | | | | | — | | | | | | — | | | | | | (4,088) | | |
Stock options exercised (35,536 shares) | | | | | — | | | | | | 648 | | | | | | — | | | | | | — | | | | | | — | | | | | | 648 | | |
Compensation expense on stock awards | | | | | — | | | | | | 1 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1 | | |
Compensation expense on ESOP | | | | | — | | | | | | 287 | | | | | | — | | | | | | 153 | | | | | | — | | | | | | 440 | | |
Balance, December 31, 2018 | | | | $ | 48 | | | | | $ | 75,571 | | | | | $ | 65,301 | | | | | $ | (1,686) | | | | | $ | (1,344) | | | | | $ | 137,890 | | |
|
| | | Years Ended December 31 | | |||||||||
| | | 2018 | | | 2017 | | ||||||
Cash Flows From Operating Activities | | | | | | | | | | | | | |
Net income | | | | $ | 8,801 | | | | | $ | 4,325 | | |
Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | | | | | | | | |
Depreciation and amortization | | | | | 1,352 | | | | | | 929 | | |
Provision for loan losses | | | | | 572 | | | | | | 517 | | |
Amortization of core deposit intangible | | | | | 836 | | | | | | 772 | | |
Net loss on sale of securities available for sale | | | | | 17 | | | | | | 323 | | |
Net gain on sale of equity securities | | | | | (394) | | | | | | — | | |
Origination of loans held for sale | | | | | (5,552) | | | | | | (8,063) | | |
Proceeds from sale of loans held for sale | | | | | 5,623 | | | | | | 8,260 | | |
Net equity securities fair value adjustment losses | | | | | 484 | | | | | | — | | |
Net loan sale gains | | | | | (71) | | | | | | (197) | | |
Compensation expense on ESOP | | | | | 440 | | | | | | 403 | | |
Compensation expense on stock awards | | | | | 1 | | | | | | 529 | | |
Deferred income taxes | | | | | (288) | | | | | | 646 | | |
Increase in accrued interest receivable | | | | | (166) | | | | | | (357) | | |
Earnings on bank-owned life insurance | | | | | (533) | | | | | | (510) | | |
Increase in accrued interest payable | | | | | 161 | | | | | | 187 | | |
Other, net | | | | | 1,350 | | | | | | 1,144 | | |
Net Cash Provided by Operating Activities | | | | | 12,633 | | | | | | 8,908 | | |
Cash Flows Used In Investing Activities | | | | | | | | | | | | | |
Net decrease (increase) in loans | | | | | 14,077 | | | | | | (54,638) | | |
Purchases of investment securities | | | | | (11,699) | | | | | | (10,117) | | |
Purchases of equity securities | | | | | (546) | | | | | | — | | |
Purchases of mortgage-backed securities | | | | | (27,985) | | | | | | (36,768) | | |
Proceeds from maturities of certificates of deposits | | | | | 500 | | | | | | — | | |
Proceeds from maturities/principal repayments/calls of investment securities | | | | | 1,335 | | | | | | 8,920 | | |
Proceeds from maturities/principal repayments/calls of mortgage-backed securities | | | | | 12,046 | | | | | | 8,850 | | |
Proceeds from sales of investment securities | | | | | 4,830 | | | | | | 27,123 | | |
Proceeds from sales of equity securities | | | | | 1,900 | | | | | | — | | |
Proceeds from sales of mortgage-backed securities | | | | | — | | | | | | 25,853 | | |
Purchase of Federal Home Loan Bank stock | | | | | (3,532) | | | | | | (6,405) | | |
Redemption of Federal Home Loan Bank stock | | | | | 5,173 | | | | | | 4,847 | | |
Proceeds from sales of foreclosed real estate | | | | | 450 | | | | | | 181 | | |
Net purchases of office properties and equipment | | | | | (374) | | | | | | (1,206) | | |
Cash and cash equivalents acquired | | | | | — | | | | | | 9,611 | | |
Net Cash Used in Investing Activities | | | | | (3,825) | | | | | | (23,749) | | |
Cash Flows From Financing Activities | | | | | | | | | | | | | |
Net decrease in demand, savings and club accounts | | | | | (11,725) | | | | | | (5,250) | | |
Net increase in certificate accounts | | | | | 34,753 | | | | | | 3,965 | | |
Net (decrease) increase in securities sold under agreements to repurchase | | | | | (2,103) | | | | | | 1,898 | | |
Repayments of Federal Home Loan Bank short-term borrowings | | | | | (165,491) | | | | | | (239,737) | | |
Proceeds from Federal Home Loan Bank short-term borrowing | | | | | 142,994 | | | | | | 202,134 | | |
Repayments of Federal Home Loan Bank advances | | | | | (35,689) | | | | | | (15,651) | | |
Proceeds from Federal Home Loan Bank advances | | | | | 33,000 | | | | | | 75,635 | | |
Net (decrease) increase in advance deposits by borrowers for taxes and insurance | | | | | (737) | | | | | | 754 | | |
Exercise of stock options | | | | | 648 | | | | | | 311 | | |
Dividends paid | | | | | (4,088) | | | | | | (3,312) | | |
Stock repurchases | | | | | (428) | | | | | | (161) | | |
Net Cash Provided (Used) by Financing Activities | | | | | (8,866) | | | | | | 20,586 | | |
Net Increase (Decrease) in Cash and Cash Equivalents | | | | | (58) | | | | | | 5,745 | | |
Cash and Cash Equivalents – Beginning | | | | | 16,265 | | | | | | 10,520 | | |
Cash and Cash Equivalents – Ending | | | | $ | 16,207 | | | | | $ | 16,265 | | |
|
| | | December 31 | | |||||||||
| | | 2019 | | | 2018 | | ||||||
ASSETS | | | | | | | | | | | | | |
Cash on hand and due from banks | | | | $ | 3,396 | | | | | $ | 3,371 | | |
Interest-earning deposits in other institutions | | | | | 29,031 | | | | | | 12,836 | | |
Cash and Cash Equivalents | | | | | 32,427 | | | | | | 16,207 | | |
Investment securities available for sale, at fair value | | | | | 69,884 | | | | | | 66,169 | | |
Equity securities, at fair value | | | | | 2,955 | | | | | | 2,725 | | |
Mortgage-backed securities available for sale, at fair value | | | | | 91,478 | | | | | | 81,794 | | |
Certificate of deposit | | | | | 249 | | | | | | 249 | | |
Federal Home Loan Bank and other restricted stock, at cost | | | | | 7,486 | | | | | | 7,900 | | |
Loans receivable, net of allowance for loan losses of $4,882 and $4,414 | | | | | 712,965 | | | | | | 728,982 | | |
Loans held for sale | | | | | 373 | | | | | | — | | |
Foreclosed real estate | | | | | 404 | | | | | | 486 | | |
Office properties and equipment, net | | | | | 9,930 | | | | | | 7,794 | | |
Bank-owned life insurance | | | | | 23,374 | | | | | | 22,572 | | |
Goodwill | | | | | 25,836 | | | | | | 25,836 | | |
Core deposit intangible | | | | | 1,881 | | | | | | 2,508 | | |
Accrued interest receivable and other assets | | | | | 5,145 | | | | | | 8,574 | | |
TOTAL ASSETS | | | | $ | 984,387 | | | | | $ | 971,796 | | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | | | | | | | |
Liabilities | | | | | | | | | | | | | |
Deposits: | | | | | | | | | | | | | |
Demand and savings accounts | | | | $ | 489,292 | | | | | $ | 471,177 | | |
Time Deposits | | | | | 245,114 | | | | | | 246,697 | | |
Total Deposits | | | | | 734,406 | | | | | | 717,874 | | |
Federal Home Loan Bank short-term borrowings | | | | | — | | | | | | 4,524 | | |
Long-term borrowings | | | | | 99,098 | | | | | | 104,963 | | |
Securities sold under agreements to repurchase | | | | | 3,740 | | | | | | 2,137 | | |
Advance deposits by borrowers for taxes and insurance | | | | | 47 | | | | | | 45 | | |
Accrued interest payable and other liabilities | | | | | 5,248 | | | | | | 4,363 | | |
TOTAL LIABILITIES | | | | | 842,539 | | | | | | 833,906 | | |
Stockholders’ Equity | | | | | | | | | | | | | |
Preferred stock, $0.01 par value per share, 10,000,000 shares authorized, none issued | | | | | — | | | | | | — | | |
Common stock, $0.01 par value per share, 40,000,000 shares authorized, 4,689,354 and 4,812,991 shares outstanding, respectively | | | | | 47 | | | | | | 48 | | |
Additional paid-in-capital | | | | | 72,155 | | | | | | 75,571 | | |
Retained earnings | | | | | 70,037 | | | | | | 65,301 | | |
Unearned Employee Stock Ownership Plan (ESOP) shares | | | | | (1,533) | | | | | | (1,686) | | |
Accumulated other comprehensive income (loss) | | | | | 1,142 | | | | | | (1,344) | | |
TOTAL STOCKHOLDERS’ EQUITY | | | | | 141,848 | | | | | | 137,890 | | |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | $ | 984,387 | | | | | $ | 971,796 | | |
| | | Years Ended December 31 | | |||||||||
| | | 2018 | | | 2017 | | ||||||
Supplementary Cash Flows Information | | | | | | | | | | | | | |
Interest paid | | | | $ | 7,293 | | | | | $ | 4,889 | | |
Income taxes paid | | | | $ | 1,594 | | | | | $ | 1,411 | | |
Supplementary Schedule of Noncash Investing and Financing Activities | | | | | | | | | | | | | |
Foreclosed real estate acquired in settlement of loans | | | | $ | 486 | | | | | $ | 419 | | |
Loan participation payoffs not settled | | | | $ | 3,000 | | | | | $ | — | | |
Merger with Allegheny Valley Bancorp. Inc. | | | | ||||||||||
Non-cash assets acquired | | | | | | | | | | | | | |
Investment securities available for sale | | | | | | | | | | $ | 95,919 | | |
Federal Home Loan Bank stock | | | | | | | | | | | 4,739 | | |
Loans receivable, net of allowance for loan losses | | | | | | | | | | | 311,736 | | |
Office properties and equipment, net | | | | | | | | | | | 4,434 | | |
Accrued interest receivable | | | | | | | | | | | 1,144 | | |
Bank owned life insurance | | | | | | | | | | | 6,486 | | |
Core deposit intangible | | | | | | | | | | | 4,116 | | |
Other assets | | | | | | | | | | | 2,742 | | |
Goodwill | | | | | | | | | | | 17,216 | | |
| | | | | | | | | | | 448,532 | | |
Liabilities assumed | | | | | | | | | | | | | |
Certificate accounts | | | | | | | | | | | (70,422) | | |
Deposits other than certificate accounts | | | | | | | | | | | (263,522) | | |
Federal Home Loan Bank short-term borrowings | | | | | | | | | | | (64,624) | | |
Accrued interest payable | | | | | | | | | | | (615) | | |
Other liabilities | | | | | | | | | | | (1,288) | | |
| | | | | | | | | | | (400,471) | | |
Net Non Cash Assets Acquired | | | | | | | | | | $ | 48,061 | | |
Cash and cash equivalents acquired | | | | | | | | | | $ | 9,611 | | |
|
| | | Years Ended December 31 | | |||||||||
| | | 2019 | | | 2018 | | ||||||
Interest and Dividend Income | | | | | | | | | | | | | |
Loans, including fees | | | | $ | 32,487 | | | | | $ | 32,033 | | |
Mortgage-backed securities | | | | | 2,183 | | | | | | 1,999 | | |
Investments: | | | | | | | | | | | | | |
Taxable | | | | | 464 | | | | | | 420 | | |
Tax-exempt | | | | | 1,580 | | | | | | 1,431 | | |
Federal Home Loan Bank and other restricted stock | | | | | 618 | | | | | | 590 | | |
Interest-earning deposits and federal funds sold | | | | | 372 | | | | | | 322 | | |
Total Interest and Dividend Income | | | | | 37,704 | | | | | | 36,795 | | |
Interest Expense | | | | | | | | | | | | | |
Deposits | | | | | 6,991 | | | | | | 4,961 | | |
Federal Home Loan Bank short-term borrowings | | | | | 45 | | | | | | 227 | | |
Long-term borrowings | | | | | 2,209 | | | | | | 2,255 | | |
Securities sold under agreements to repurchase | | | | | 17 | | | | | | 11 | | |
Total Interest Expense | | | | | 9,262 | | | | | | 7,454 | | |
Net Interest Income | | | | | 28,442 | | | | | | 29,341 | | |
Provision for Loan Losses | | | | | 725 | | | | | | 572 | | |
Net Interest Income after Provision for Loan Losses | | | | | 27,717 | | | | | | 28,769 | | |
Noninterest Income | | | | | | | | | | | | | |
Service charges | | | | | 3,046 | | | | | | 2,970 | | |
Earnings on bank-owned life insurance | | | | | 537 | | | | | | 533 | | |
Net losses on sales of securities | | | | | (1) | | | | | | (17) | | |
Net gains on sales of equities | | | | | — | | | | | | 394 | | |
Net equity securities fair value adjustment gains (losses) | | | | | 230 | | | | | | (484) | | |
Net loan sale gains and referral fees | | | | | 273 | | | | | | 71 | | |
Investment management fees | | | | | 695 | | | | | | 644 | | |
Other income | | | | | 272 | | | | | | 236 | | |
Total Noninterest Income | | | | | 5,052 | | | | | | 4,347 | | |
Noninterest Expenses | | | | | | | | | | | | | |
Compensation and employee benefits | | | | | 12,812 | | | | | | 12,418 | | |
Data processing | | | | | 717 | | | | | | 644 | | |
Premises and occupancy costs | | | | | 2,427 | | | | | | 2,637 | | |
Automatic teller machine expense | | | | | 595 | | | | | | 512 | | |
Federal deposit insurance | | | | | 105 | | | | | | 293 | | |
Core deposit amortization | | | | | 627 | | | | | | 836 | | |
Other operating expenses | | | | | 4,342 | | | | | | 4,727 | | |
Total Noninterest Expenses | | | | | 21,625 | | | | | | 22,067 | | |
Income before Income Tax Expense | | | | | 11,144 | | | | | | 11,049 | | |
Income Tax Expense | | | | | | | | | | | | | |
Federal | | | | | 1,704 | | | | | | 1,713 | | |
State | | | | | 634 | | | | | | 535 | | |
Total Income Tax Expense | | | | | 2,338 | | | | | | 2,248 | | |
Net Income | | | | $ | 8,806 | | | | | $ | 8,801 | | |
Earnings Per Share: | | | | | | | | | | | | | |
Basic earnings per common share | | | | $ | 1.91 | | | | | $ | 1.90 | | |
Diluted earnings per common share | | | | $ | 1.90 | | | | | $ | 1.88 | | |
Cash dividends paid per common share | | | | $ | 0.88 | | | | | $ | 0.88 | | |
Basic weighted average shares outstanding | | | | | 4,606,457 | | | | | | 4,634,003 | | |
Diluted weighted average shares outstanding | | | | | 4,642,775 | | | | | | 4,685,044 | | |
| | | Years Ended December 31 | | |||||||||
| | | 2019 | | | 2018 | | ||||||
Net Income | | | | $ | 8,806 | | | | | $ | 8,801 | | |
Other comprehensive income (loss): | | | | | | | | | | | | | |
Change in unrealized gain (loss) on securities available for sale | | | | | 3,151 | | | | | | (1,949) | | |
Tax effect | | | | | (663) | | | | | | 409 | | |
Reclassification adjustment for security losses realized in income | | | | | 1 | | | | | | 17 | | |
Tax effect | | | | | — | | | | | | (4) | | |
Change in pension obligation for defined benefit plan | | | | | (4) | | | | | | 90 | | |
Tax effect | | | | | 1 | | | | | | (19) | | |
Total other comprehensive income (loss) | | | | | 2,486 | | | | | | (1,456) | | |
Total Comprehensive Income | | | | $ | 11,292 | | | | | $ | 7,345 | | |
| | | Common Stock | | | Additional Paid-In Capital | | | Retained Earnings | | | Unearned ESOP Shares | | | Accumulated Other Comprehensive Income (Loss) | | | Total Stockholders’ Equity | | ||||||||||||||||||
Balance, December 31, 2017 | | | | $ | 48 | | | | | $ | 75,063 | | | | | $ | 60,172 | | | | | $ | (1,839) | | | | | $ | 528 | | | | | $ | 133,972 | | |
Net income | | | | | — | | | | | | — | | | | | | 8,801 | | | | | | — | | | | | | — | | | | | | 8,801 | | |
Other comprehensive loss | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,456) | | | | | | (1,456) | | |
Change in accounting principle for adoption of ASU 2016-01 | | | | | — | | | | | | — | | | | | | 416 | | | | | | — | | | | | | (416) | | | | | | — | | |
Stock repurchases (13,482 shares) | | | | | — | | | | | | (428) | | | | | | — | | | | | | — | | | | | | — | | | | | | (428) | | |
Cash dividends ($0.88 per share) | | | | | — | | | | | | — | | | | | | (4,088) | | | | | | — | | | | | | — | | | | | | (4,088) | | |
Stock options exercised (35,536 shares) | | | | | — | | | | | | 648 | | | | | | — | | | | | | — | | | | | | — | | | | | | 648 | | |
Compensation expense on stock awards | | | | | — | | | | | | 1 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1 | | |
Compensation expense on ESOP | | | | | — | | | | | | 287 | | | | | | — | | | | | | 153 | | | | | | — | | | | | | 440 | | |
Balance, December 31, 2018 | | | | $ | 48 | | | | | $ | 75,571 | | | | | $ | 65,301 | | | | | $ | (1,686) | | | | | $ | (1,344) | | | | | $ | 137,890 | | |
Net income | | | | | — | | | | | | — | | | | | | 8,806 | | | | | | — | | | | | | — | | | | | | 8,806 | | |
Other comprehensive income | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,486 | | | | | | 2,486 | | |
Stock repurchases (147,098 shares) | | | | | (1) | | | | | | (4,011) | | | | | | — | | | | | | — | | | | | | — | | | | | | (4,012) | | |
Cash dividends ($0.88 per share) | | | | | — | | | | | | — | | | | | | (4,070) | | | | | | — | | | | | | — | | | | | | (4,070) | | |
Stock options exercised (18,914 shares) | | | | | — | | | | | | 257 | | | | | | — | | | | | | — | | | | | | — | | | | | | 257 | | |
Compensation expense on stock awards | | | | | — | | | | | | 81 | | | | | | — | | | | | | — | | | | | | — | | | | | | 81 | | |
Compensation expense on ESOP | | | | | — | | | | | | 257 | | | | | | — | | | | | | 153 | | | | | | — | | | | | | 410 | | |
Balance, December 31, 2019 | | | | $ | 47 | | | | | $ | 72,155 | | | | | $ | 70,037 | | | | | $ | (1,533) | | | | | $ | 1,142 | | | | | $ | 141,848 | | |
| | | Years Ended December 31 | | |||||||||
| | | 2019 | | | 2018 | | ||||||
Cash Flows From Operating Activities | | | | | | | | | | | | | |
Net income | | | | $ | 8,806 | | | | | $ | 8,801 | | |
Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | | | | | | | | |
Depreciation and amortization | | | | | 1,940 | | | | | | 1,352 | | |
Provision for loan losses | | | | | 725 | | | | | | 572 | | |
Amortization of core deposit intangible | | | | | 627 | | | | | | 836 | | |
Net loss on sale of securities available for sale | | | | | 1 | | | | | | 17 | | |
Net gain on sale of equity securities | | | | | — | | | | | | (394) | | |
Net gain on sale of office properties and equipment | | | | | (29) | | | | | | — | | |
Net equity securities fair value adjustment (gains) losses | | | | | (230) | | | | | | 484 | | |
Origination of loans held for sale | | | | | (13,981) | | | | | | (5,552) | | |
Proceeds from sale of loans held for sale | | | | | 13,784 | | | | | | 5,623 | | |
Net loan sale gains | | | | | (273) | | | | | | (71) | | |
Compensation expense on ESOP | | | | | 410 | | | | | | 440 | | |
Compensation expense on stock awards | | | | | 81 | | | | | | 1 | | |
Deferred income taxes | | | | | (80) | | | | | | (288) | | |
Decrease (increase) in accrued interest receivable | | | | | 29 | | | | | | (166) | | |
Earnings on bank-owned life insurance | | | | | (537) | | | | | | (533) | | |
(Decrease) increase in accrued interest payable | | | | | (144) | | | | | | 161 | | |
Other, net | | | | | 3,250 | | | | | | 1,350 | | |
Net Cash Provided by Operating Activities | | | | | 14,379 | | | | | | 12,633 | | |
Cash Flows Used In Investing Activities | | | | | | | | | | | | | |
Net decrease in loans | | | | | 15,230 | | | | | | 14,077 | | |
Purchases of investment securities | | | | | (13,138) | | | | | | (11,699) | | |
Purchases of equity securities | | | | | — | | | | | | (546) | | |
Purchases of mortgage-backed securities | | | | | (30,351) | | | | | | (27,985) | | |
Proceeds from maturities of certificates of deposits | | | | | — | | | | | | 500 | | |
Proceeds from maturities/principal repayments/calls of investment securities | | | | | 5,315 | | | | | | 1,335 | | |
Proceeds from maturities/principal repayments/calls of mortgage-backed securities | | | | | 20,252 | | | | | | 12,046 | | |
Proceeds from sales of investment securities | | | | | 6,328 | | | | | | 4,830 | | |
Proceeds from sales of equity securities | | | | | — | | | | | | 1,900 | | |
Proceeds from sales of mortgage-backed securities | | | | | 1,286 | | | | | | — | | |
Purchase of Federal Home Loan Bank stock | | | | | (3,137) | | | | | | (3,532) | | |
Redemption of Federal Home Loan Bank stock | | | | | 3,551 | | | | | | 5,173 | | |
Proceeds from sales of foreclosed real estate | | | | | 83 | | | | | | 450 | | |
Purchase of bank-owned life insurance | | | | | (265) | | | | | | — | | |
Proceeds from sales of office properties and equipment | | | | | 997 | | | | | | — | | |
Net additions of office properties and equipment | | | | | (734) | | | | | | (374) | | |
Net Cash Provided (Used) by Investing Activities | | | | | 5,417 | | | | | | (3,825) | | |
Cash Flows From Financing Activities | | | | | | | | | | | | | |
Net increase (decrease) in demand and savings accounts | | | | | 18,115 | | | | | | (11,725) | | |
Net (decrease) increase in certificate accounts | | | | | (1,583) | | | | | | 34,753 | | |
Net increase (decrease) in securities sold under agreements to repurchase | | | | | 1,603 | | | | | | (2,103) | | |
Repayments of Federal Home Loan Bank short-term borrowings | | | | | (109,517) | | | | | | (165,491) | | |
Proceeds from Federal Home Loan Bank short-term borrowing | | | | | 104,993 | | | | | | 142,994 | | |
Repayments of Federal Home Loan Bank advances | | | | | (34,165) | | | | | | (35,689) | | |
Proceeds from Federal Home Loan Bank advances | | | | | 25,208 | | | | | | 33,000 | | |
Lease liabilities payments | | | | | (407) | | | | | | — | | |
Net increase (decrease) in advance deposits by borrowers for taxes and insurance | | | | | 2 | | | | | | (737) | | |
Exercise of stock options | | | | | 257 | | | | | | 648 | | |
Dividends paid | | | | | (4,070) | | | | | | (4,088) | | |
Stock repurchases | | | | | (4,012) | | | | | | (428) | | |
Net Cash Used in Financing Activities | | | | | (3,576) | | | | | | (8,866) | | |
Net Increase (Decrease) in Cash and Cash Equivalents | | | | | 16,220 | | | | | | (58) | | |
Cash and Cash Equivalents – Beginning | | | | | 16,207 | | | | | | 16,265 | | |
Cash and Cash Equivalents – Ending | | | | $ | 32,427 | | | | | $ | 16,207 | | |
Supplementary Cash Flows Information | | | | | | | | | | | | | |
Interest paid | | | | $ | 9,406 | | | | | $ | 7,293 | | |
Income taxes paid | | | | $ | 2,923 | | | | | $ | 1,594 | | |
Foreclosed real estate acquired in settlement of loans | | | | $ | 404 | | | | | $ | 486 | | |
Loan participation payoffs not settled | | | | $ | — | | | | | $ | 3,000 | | |
Investment securities purchased not settled | | | | $ | 756 | | | | | $ | — | | |
Right-of-use asset | | | | $ | (3,423) | | | | | $ | — | | |
Lease liability | | | | $ | 3,449 | | | | | $ | — | | |
Prepaid lease payments | | | | $ | (26) | | | | | $ | — | | |
| | | Years Ended December 31 | | |||||||||
| | | 2018 | | | 2017 | | ||||||
Net income available to common stockholders | | | | $ | 8,801 | | | | | $ | 4,325 | | |
Basic EPS: | | | | | | | | | | | | | |
Weighted average shares outstanding | | | | | 4,634,003 | | | | | | 4,021,942 | | |
Basic EPS | | | | $ | 1.90 | | | | | $ | 1.08 | | |
Diluted EPS: | | | | | | | | | | | | | |
Weighted average shares outstanding | | | | | 4,634,003 | | | | | | 4,021,942 | | |
Diluted effect of common stock equivalents | | | | | 51,041 | | | | | | 105,376 | | |
Total diluted weighted average shares outstanding | | | | | 4,685,044 | | | | | | 4,127,318 | | |
Diluted EPS | | | | $ | 1.88 | | | | | $ | 1.05 | | |
| | | Years Ended December 31 | | |||||||||
| | | 2019 | | | 2018 | | ||||||
Net income available to common stockholders | | | | $ | 8,806 | | | | | $ | 8,801 | | |
Basic EPS: | | | | | | | | | | | | | |
Weighted average shares outstanding | | | | | 4,606,457 | | | | | | 4,634,003 | | |
Basic EPS | | | | $ | 1.91 | | | | | $ | 1.90 | | |
Diluted EPS: | | | | | | | | | | | | | |
Weighted average shares outstanding | | | | | 4,606,457 | | | | | | 4,634,003 | | |
Diluted effect of common stock equivalents | | | | | 36,318 | | | | | | 51,041 | | |
Total diluted weighted average shares outstanding | | | | | 4,642,775 | | | | | | 4,685,044 | | |
Diluted EPS | | | | $ | 1.90 | | | | | $ | 1.88 | | |
| | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | | |||||||||||||||||||||||||||||||||||||||||
December 31, 2019: | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||
U.S. government and agency obligations due: | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||
1 year or less | | | $ | 5,986 | | | | $ | 12 | | | | $ | — | | | | $ | 5,998 | | | |||||||||||||||||||||||||||||
Beyond 1 year but within 5 years | | | | 1,470 | | | | | 29 | | | | | — | | | | | 1,499 | | | |||||||||||||||||||||||||||||
Beyond 5 year but within 10 years | | | | 948 | | | | | 44 | | | | | — | | | | | 992 | | | |||||||||||||||||||||||||||||
Corporate bonds due: | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||
Beyond 1 year but within 5 years | | | | 2,477 | | | | | 102 | | | | | — | | | | | 2,579 | | | |||||||||||||||||||||||||||||
Municipal obligations due: | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||
1 year or less | | | | 260 | | | | | 2 | | | | | — | | | | | 262 | | | |||||||||||||||||||||||||||||
Beyond 1 year but within 5 years | | | | 5,085 | | | | | 244 | | | | | — | | | | | 5,329 | | | |||||||||||||||||||||||||||||
Beyond 5 years but within 10 years | | | | 18,210 | | | | | 456 | | | | | — | | | | | 18,666 | | | |||||||||||||||||||||||||||||
Beyond 10 years | | | | 33,951 | | | | | 648 | | | | | (40) | | | | | 34,559 | | | |||||||||||||||||||||||||||||
| | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | | | | $ | 68,387 | | | | $ | 1,537 | | | | $ | (40) | | | | $ | 69,884 | | | ||||||||||||||||||||
December 31, 2018: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
U.S. government and agency obligations due: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Beyond 1 year but within 5 years | | | $ | 7,428 | | | | $ | — | | | | $ | (81) | | | | $ | 7,347 | | | | | $ | 7,428 | | | | $ | — | | | | $ | (81) | | | | $ | 7,347 | | | ||||||||
Beyond 5 year but within 10 years | | | | 940 | | | | | — | �� | | | | (17) | | | | | 923 | | | | | | 940 | | | | | — | | | | | (17) | | | | | 923 | | | ||||||||
Corporate bonds due: | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||
1 year or less | | | | 1,758 | | | | | — | | | | | (15) | | | | | 1,743 | | | | | | 1,758 | | | | | — | | | | | (15) | | | | | 1,743 | | | ||||||||
Beyond 1 year but within 5 years | | | | 1,472 | | | | | 2 | | | | | (10) | | | | | 1,464 | | | | | | 1,472 | | | | | 2 | | | | | (10) | | | | | 1,464 | | | ||||||||
Beyond 5 years but within 10 years | | | | 996 | | | | | — | | | | | (2) | | | | | 994 | | | | | | 996 | | | | | — | | | | | (2) | | | | | 994 | | | ||||||||
Municipal obligations due: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||
Beyond 1 year but within 5 years | | | | 6,658 | | | | | 298 | | | | | — | | | | | 6,956 | | | | | | 6,658 | | | | | 298 | | | | | — | | | | | 6,956 | | | ||||||||
Beyond 5 years but within 10 years | | | | 22,384 | | | | | 132 | | | | | (81) | | | | | 22,435 | | | | | | 22,384 | | | | | 132 | | | | | (81) | | | | | 22,435 | | | ||||||||
Beyond 10 years | | | | 24,504 | | | | | 82 | | | | | (279) | | | | | 24,307 | | | | | | 24,504 | | | | | 82 | | | | | (279) | | | | | 24,307 | | | ||||||||
| | | $ | 66,140 | | | | $ | 514 | | | | $ | (485) | | | | $ | 66,169 | | | | | $ | 66,140 | | | | $ | 514 | | | | $ | (485) | | | | $ | 66,169 | | | ||||||||
December 31, 2017: | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||
U.S. government and agency obligations due: | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||
Beyond 1 year but within 5 years | | | $ | 7,400 | | | | $ | 4 | | | | $ | (8) | | | | $ | 7,396 | | | |||||||||||||||||||||||||||||
Beyond 5 year but within 10 years | | | | 934 | | | | | 10 | | | | | — | | | | | 944 | | | |||||||||||||||||||||||||||||
Corporate bonds due: | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||
Beyond 1 year but within 5 years | | | | 2,276 | | | | | 14 | | | | | (18) | | | | | 2,272 | | | |||||||||||||||||||||||||||||
Municipal obligations due: | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||
Beyond 1 year but within 5 years | | | | 8,702 | | | | | 441 | | | | | — | | | | | 9,143 | | | |||||||||||||||||||||||||||||
Beyond 5 years but within 10 years | | | | 25,803 | | | | | 339 | | | | | (21) | | | | | 26,121 | | | |||||||||||||||||||||||||||||
Beyond 10 years | | | | 15,483 | | | | | 129 | | | | | (99) | | | | | 15,513 | | | |||||||||||||||||||||||||||||
Equity securities | | | | 3,647 | | | | | 557 | | | | | (34) | | | | | 4,170 | | | |||||||||||||||||||||||||||||
| | | $ | 64,245 | | | | $ | 1,494 | | | | $ | (180) | | | | $ | 65,559 | | | |||||||||||||||||||||||||||||
|
| | Less than 12 Months | | 12 Months or More | | Total | | | Less than 12 Months | | 12 Months or More | | Total | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Fair Value | | Gross Unrealized Losses | | Fair Value | | Gross Unrealized Losses | | Fair Value | | Gross Unrealized Losses | | | Fair Value | | Gross Unrealized Losses | | Fair Value | | Gross Unrealized Losses | | Fair Value | | Gross Unrealized Losses | | ||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2019: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||
Municipal obligations | | | $ | 4,496 | | | | $ | (40) | | | | $ | — | | | | $ | — | | | | $ | 4,496 | | | | $ | (40) | | | |||||||||||||||||||||||||||||||||||||||||||
Total | | | $ | 4,496 | | | | $ | (40) | | | | $ | — | | | | $ | — | | | | $ | 4,496 | | | | $ | (40) | | | |||||||||||||||||||||||||||||||||||||||||||
December 31, 2018: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||
U.S. government and agency obligations | | | $ | — | | | | $ | — | | | | $ | 8,270 | | | | | (98) | | | | $ | 8,270 | | | | $ | (98) | | | | | $ | — | | | | $ | — | | | | $ | 8,270 | | | | $ | (98) | | | | $ | 8,270 | | | | $ | (98) | | | ||||||||||||
Corporate bonds | | | | 1,490 | | | | | (12) | | | | | 1,743 | | | | | (15) | | | | | 3,233 | | | | | (27) | | | | | | 1,490 | | | | | (12) | | | | | 1,743 | | | | | (15) | | | | | 3,233 | | | | | (27) | | | ||||||||||||
Municipal obligations | | | | 10,049 | | | | | (55) | | | | | 11,730 | | | | | (305) | | | | | 21,779 | | | | | (360) | | | | | | 10,049 | | | | | (55) | | | | | 11,730 | | | | | (305) | | | | | 21,779 | | | | | (360) | | | ||||||||||||
Total | | | $ | 11,539 | | | | $ | (67) | | | | $ | 21,743 | | | | $ | (418) | | | | $ | 33,282 | | | | $ | (485) | | | | | $ | 11,539 | | | | $ | (67) | | | | $ | 21,743 | | | | $ | (418) | | | | $ | 33,282 | | | | $ | (485) | | | ||||||||||||
December 31, 2017: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||
U.S. government and agency obligations | | | $ | 5,924 | | | | $ | (8) | | | | $ | — | | | | $ | — | | | | $ | 5,924 | | | | $ | (8) | | | |||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | | | | 751 | | | | | (3) | | | | | 1,001 | | | | | (15) | | | | | 1,752 | | | | | (18) | | | |||||||||||||||||||||||||||||||||||||||||||
Municipal obligations | | | | 4,911 | | | | | (19) | | | | | 4,491 | | | | | (101) | | | | | 9,402 | | | | | (120) | | | |||||||||||||||||||||||||||||||||||||||||||
Equity securities | | | | 857 | | | | | (34) | | | | | — | | | | | — | | | | | 857 | | | | | (34) | | | |||||||||||||||||||||||||||||||||||||||||||
Total | | | $ | 12,443 | | | | $ | (64) | | | | $ | 5,492 | | | | $ | (116) | | | | $ | 17,935 | | | | $ | (180) | | | |||||||||||||||||||||||||||||||||||||||||||
|
| | | Years Ended December 31 | | |||||||||
| | | 2019 | | | 2018 | | ||||||
Net equity securities fair value adjustment gains (losses) | | | | $ | 230 | | | | | $ | (484) | | |
Net gains realized on the sale of equity securities during the year | | | | | — | | | | | | 394 | | |
Gains (losses) recognized on equity securities during the period | | | | $ | 230 | | | | | $ | (90) | | |
| | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | | |||||||||||||||||||||||||||||||||||||||||
December 31, 2019: | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||
Government pass-throughs: | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||
Ginnie Mae | | | $ | 21,386 | | | | $ | 188 | | | | $ | (70) | | | | $ | 21,504 | | | |||||||||||||||||||||||||||||
Fannie Mae | | | | 20,537 | | | | | 258 | | | | | — | | | | | 20,795 | | | |||||||||||||||||||||||||||||
Freddie Mac | | | | 13,986 | | | | | 134 | | | | | (34) | | | | | 14,086 | | | |||||||||||||||||||||||||||||
Private pass-throughs | | | | 21,904 | | | | | — | | | | | (301) | | | | | 21,603 | | | |||||||||||||||||||||||||||||
Collateralized mortgage obligations | | | | 13,406 | | | | | 110 | | | | | (26) | | | | | 13,490 | | | |||||||||||||||||||||||||||||
| | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | | | | $ | 91,219 | | | | $ | 690 | | | | $ | (431) | | | | $ | 91,478 | | | ||||||||||||||||||||
December 31, 2018: | | ��� | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Government pass-throughs: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Ginnie Mae | | | $ | 19,213 | | | | $ | 1 | | | | $ | (324) | | | | $ | 18,890 | | | | | $ | 19,213 | | | | $ | 1 | | | | $ | (324) | | | | $ | 18,890 | | | ||||||||
Fannie Mae | | | | 13,952 | | | | | 7 | | | | | (339) | | | | | 13,620 | | | | | | 13,952 | | | | | 7 | | | | | (339) | | | | | 13,620 | | | ||||||||
Freddie Mac | | | | 12,662 | | | | | — | | | | | (252) | | | | | 12,410 | | | | | | 12,662 | | | | | — | | | | | (252) | | | | | 12,410 | | | ||||||||
Private pass-throughs | | | | 25,064 | | | | | — | | | | | (349) | | | | | 24,715 | | | | | | 25,064 | | | | | — | | | | | (349) | | | | | 24,715 | | | ||||||||
Collateralized mortgage obligations | | | | 12,328 | | | | | 11 | | | | | (180) | | | | | 12,159 | | | | | | 12,328 | | | | | 11 | | | | | (180) | | | | | 12,159 | | | ||||||||
| | | $ | 83,219 | | | | $ | 19 | | | | $ | (1,444) | | | | $ | 81,794 | | | | | $ | 83,219 | | | | $ | 19 | | | | $ | (1,444) | | | | $ | 81,794 | | | ||||||||
December 31, 2017: | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||
Government pass-throughs: | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||
Ginnie Mae | | | $ | 17,416 | | | | $ | 6 | | | | $ | (131) | | | | $ | 17,291 | | | |||||||||||||||||||||||||||||
Fannie Mae | | | | 16,078 | | | | | 75 | | | | | (8) | | | | | 16,145 | | | |||||||||||||||||||||||||||||
Freddie Mac | | | | 12,510 | | | | | 41 | | | | | (14) | | | | | 12,537 | | | |||||||||||||||||||||||||||||
Private pass-throughs | | | | 14,603 | | | | | 8 | | | | | (113) | | | | | 14,498 | | | |||||||||||||||||||||||||||||
Collateralized mortgage obligations | | | | 7,277 | | | | | — | | | | | (118) | | | | | 7,159 | | | |||||||||||||||||||||||||||||
| | | $ | 67,884 | | | | $ | 130 | | | | $ | (384) | | | | $ | 67,630 | | | |||||||||||||||||||||||||||||
|
| | | Less than 12 Months | | | 12 Months or More | | | Total | | |||||||||||||||||||||||||||
| | | Fair Value | | | Gross Unrealized Losses | | | Fair Value | | | Gross Unrealized Losses | | | Fair | | | Gross Unrealized Losses | | ||||||||||||||||||
December 31, 2018: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Government pass-throughs: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ginnie Mae | | | | $ | 4,850 | | | | | $ | (26) | | | | | $ | 13,794 | | | | | $ | (298) | | | | | $ | 18,644 | | | | | $ | (324) | | |
Fannie Mae | | | | | 403 | | | | | | (2) | | | | | | 12,152 | | | | | | (337) | | | | | | 12,555 | | | | | | (339) | | |
Freddie Mac | | | | | 680 | | | | | | (24) | | | | | | 11,699 | | | | | | (228) | | | | | | 12,379 | | | | | | (252) | | |
Private pass-throughs | | | | | 14,436 | | | | | | (134) | | | | | | 9,359 | | | | | | (215) | | | | | | 23,795 | | | | | | (349) | | |
Collateralized mortgage obligations | | | | | 4,091 | | | | | | (40) | | | | | | 6,048 | | | | | | (140) | | | | | | 10,139 | | | | | | (180) | | |
Total | | | | $ | 24,460 | | | | | $ | (226) | | | | | $ | 53,052 | | | | | $ | (1,218) | | | | | $ | 77,512 | | | | | $ | (1,444) | | |
|
| | Less than 12 Months | | 12 Months or More | | Total | | | Less than 12 Months | | 12 Months or More | | Total | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Fair Value | | Gross Unrealized Losses | | Fair Value | | Gross Unrealized Losses | | Fair | | Gross Unrealized Losses | | | Fair Value | | Gross Unrealized Losses | | Fair Value | | Gross Unrealized Losses | | Fair Value | | Gross Unrealized Losses | | ||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2017: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||
December 31, 2019: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||
Government pass-throughs: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||
Ginnie Mae | | | $ | 4,070 | | | | | (27) | | | | | 3,516 | | | | | (43) | | | | $ | 7,586 | | | | $ | (70) | | | |||||||||||||||||||||||||||||||||||||||||||
Freddie Mac | | | | 5,537 | | | | | (34) | | | | | — | | | | | — | | | | | 5,537 | | | | | (34) | | | |||||||||||||||||||||||||||||||||||||||||||
Private pass-throughs | | | | 2,060 | | | | | (29) | | | | | 19,197 | | | | | (272) | | | | | 21,257 | | | | | (301) | | | |||||||||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | | | | 562 | | | | | (2) | | | | | 3,526 | | | | | (24) | | | | | 4,088 | | | | | (26) | | | |||||||||||||||||||||||||||||||||||||||||||
Total | | | $ | 12,229 | | | | $ | (92) | | | | $ | 26,239 | | | | $ | (339) | | | | $ | 38,468 | | | | $ | (431) | | | |||||||||||||||||||||||||||||||||||||||||||
December 31, 2018: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||
Government pass-throughs: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||
Ginnie Mae | | | $ | 12,231 | | | | $ | (87) | | | | $ | 2,591 | | | | $ | (44) | | | | $ | 14,822 | | | | $ | (131) | | | | | $ | 4,850 | | | | $ | (26) | | | | $ | 13,794 | | | | $ | (298) | | | | $ | 18,644 | | | | $ | (324) | | | ||||||||||||
Fannie Mae | | | | 3,227 | | | | | (8) | | | | | — | | | | | — | | | | | 3,227 | | | | | (8) | | | | | | 403 | | | | | (2) | | | | | 12,152 | | | | | (337) | | | | | 12,555 | | | | | (339) | | | ||||||||||||
Freddie Mac | | | | 5,949 | | | | | (14) | | | | | — | | | | | — | | | | | 5,949 | | | | | (14) | | | | | | 680 | | | | | (24) | | | | | 11,699 | | | | | (228) | | | | | 12,379 | | | | | (252) | | | ||||||||||||
Private pass-throughs | | | | 12,559 | | | | | (113) | | | | | — | | | | | — | | | | | 12,559 | | | | | (113) | | | | | | 14,436 | | | | | (134) | | | | | 9,359 | | | | | (215) | | | | | 23,795 | | | | | (349) | | | ||||||||||||
Collateralized mortgage obligations | | | | 5,968 | | | | | (79) | | | | | 1,191 | | | | | (39) | | | | | 7,159 | | | | | (118) | | | | | | 4,091 | | | | | (40) | | | | | 6,048 | | | | | (140) | | | | | 10,139 | | | | | (180) | | | ||||||||||||
Total | | | $ | 39,934 | | | | $ | (301) | | | | $ | 3,782 | | | | $ | (83) | | | | $ | 43,716 | | | | $ | (384) | | | | | $ | 24,460 | | | | $ | (226) | | | | $ | 53,052 | | | | $ | (1,218) | | | | $ | 77,512 | | | | $ | (1,444) | | | ||||||||||||
|
| | Real Estate Loans | | | | | | | | | | | | | | | | | | Real Estate Loans | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||
| | One-to-four- family Residential and Construction | | Commercial Real Estate | | Home Equity Loans and Lines of Credit | | Commercial Business | | Other Loans | | Total | | | One-to-four- family Residential and Construction | | Commercial Real Estate and Construction | | Home Equity Loans and Lines of Credit | | Commercial Business | | Other Loans | | Total | | ||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2018: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | | | $ | 253,913 | | | | $ | 308,775 | | | | $ | 123,373 | | | | $ | 46,196 | | | | $ | 1,139 | | | | $ | 733,396 | | | |||||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | |||||||||||||||||||||||||||||||||||||||||||
Total loans before allowance for loan losses | | | $ | 253,913 | | | | $ | 308,775 | | | | $ | 123,373 | | | | $ | 46,196 | | | | $ | 1,139 | | | | $ | 733,396 | | | |||||||||||||||||||||||||||||||||||||||||||
December 31, 2017: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||
December 31, 2019: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | | | $ | 261,715 | | | | $ | 300,702 | | | | $ | 130,915 | | | | $ | 56,122 | | | | $ | 1,413 | | | | $ | 750,867 | | | | | $ | 234,421 | | | | $ | 323,008 | | | | $ | 111,499 | | | | $ | 46,907 | | | | $ | 570 | | | | $ | 716,405 | | | ||||||||||||
Individually evaluated for impairment | | | | — | | | | | 295 | | | | | — | | | | | — | | | | | — | | | | | 295 | | | | | | — | | | | | 835 | | | | | — | | | | | 607 | | | | | — | | | | | 1,442 | | | ||||||||||||
Total loans before allowance for loan losses | | | $ | 261,715 | | | | $ | 300,997 | | | | $ | 130,915 | | | | $ | 56,122 | | | | $ | 1,413 | | | | $ | 751,162 | | | | | $ | 234,421 | | | | $ | 323,843 | | | | $ | 111,499 | | | | $ | 47,514 | | | | $ | 570 | | | | $ | 717,847 | | | |
| | | Real Estate Loans | | | | | | | | | | | | | | | | | | | | |||||||||||||||
| | | One-to-four- family Residential and Construction | | | Commercial Real Estate and Construction | | | Home Equity Loans and Lines of Credit | | | Commercial Business | | | Other Loans | | | Total | | ||||||||||||||||||
December 31, 2018: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Collectively evaluated for impairment | | | | $ | 253,913 | | | | | $ | 308,775 | | | | | $ | 123,373 | | | | | $ | 46,196 | | | | | $ | 1,139 | | | | | $ | 733,396 | | |
Individually evaluated for impairment | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total loans before allowance for loan losses | | | | $ | 253,913 | | | | | $ | 308,775 | | | | | $ | 123,373 | | | | | $ | 46,196 | | | | | $ | 1,139 | | | | | $ | 733,396 | | |
|
| Contractually required principal and interest | | | | $ | 2,467 | | |
| Non-accretable discount | | | | | (2,467) | | |
| Expected cash flows | | | | | — | | |
| Accretable discount | | | | | — | | |
| Estimated fair value | | | | $ | — | | |
|
| | Impaired Loans With Allowance | | Impaired Loans Without Allowance | | Total Impaired Loans | | | Impaired Loans With Allowance | | Impaired Loans Without Allowance | | Total Impaired Loans | | ||||||||||||||||||||||||||||||||||||||||||||||||
| | Recorded Investment | | Related Allowance | | Recorded Investment | | Recorded Investment | | Unpaid Principal Balance | | | Recorded Investment | | Related Allowance | | Recorded Investment | | Recorded Investment | | Unpaid Principal Balance | | ||||||||||||||||||||||||||||||||||||||||
December 31, 2018: | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||
Commercial real estate | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | ||||||||||||||||||||||||||||||||||||
Total impaired loans | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | ||||||||||||||||||||||||||||||||||||
December 31, 2017: | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||
Commercial real estate | | | $ | — | | | | $ | — | | | | $ | 295 | | | | $ | 295 | | | | $ | 295 | | | ||||||||||||||||||||||||||||||||||||
December 31, 2019: | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||
Commercial real estate and construction | | | $ | — | | | | $ | — | | | | $ | 835 | | | | $ | 835 | | | | $ | 835 | | | ||||||||||||||||||||||||||||||||||||
Commercial business | | | | — | | | | | — | | | | | 607 | | | | | 607 | | | | | 607 | | | ||||||||||||||||||||||||||||||||||||
Total impaired loans | | | $ | — | | | | $ | — | | | | $ | 295 | | | | $ | 295 | | | | $ | 295 | | | | | $ | — | | | | $ | — | | | | $ | 1,442 | | | | $ | 1,442 | | | | $ | 1,442 | | | |
| | Years Ended December 31 | | | Years Ended December 31 | | ||||||||||||||||||||
| | 2018 | | 2017 | | | 2019 | | 2018 | | ||||||||||||||||
Average investment in impaired loans: | | | | | | | | | | | | | | | | | | | | | | | ||||
Commercial real estate | | | $ | 236 | | | | $ | 861 | | | |||||||||||||||
Commercial real estate and construction | | | $ | 167 | | | | $ | 236 | | | |||||||||||||||
Commercial business | | | | 121 | | | | | — | | | |||||||||||||||
| | | $ | 236 | | | | $ | 861 | | | | | $ | 288 | | | | $ | 236 | | | ||||
Interest income recognized on impaired loans | | | $ | — | | | | $ | — | | | | | $ | 78 | | | | $ | — | | |
| | | Pass | | | Special Mention | | | Substandard | | | Doubtful | | | Total | | |||||||||||||||
December 31, 2018: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Real estate loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
One-to-four-family residential and construction | | | | $ | 252,186 | | | | | $ | — | | | | | $ | 1,727 | | | | | $ | — | | | | | $ | 253,913 | | |
Commercial real estate | | | | | 303,161 | | | | | | 4,851 | | | | | | 763 | | | | | | — | | | | | | 308,775 | | |
Home equity loans and lines of credit | | | | | 123,053 | | | | | | 62 | | | | | | 258 | | | | | | — | | | | | | 123,373 | | |
Commercial business loans | | | | | 45,902 | | | | | | 232 | | | | | | 62 | | | | | | — | | | | | | 46,196 | | |
Other loans | | | | | 1,120 | | | | | | — | | | | | | 19 | | | | | | — | | | | | | 1,139 | | |
Total | | | | $ | 725,422 | | | | | $ | 5,145 | | | | | $ | 2,829 | | | | | $ | — | | | | | $ | 733,396 | | |
December 31, 2017: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Real estate loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
One-to-four-family residential and construction | | | | $ | 259,463 | | | | | $ | 211 | | | | | $ | 2,041 | | | | | $ | — | | | | | $ | 261,715 | | |
Commercial real estate | | | | | 295,164 | | | | | | 5,077 | | | | | | 756 | | | | | | — | | | | | | 300,997 | | |
Home equity loans and lines of credit | | | | | 130,763 | | | | | | — | | | | | | 152 | | | | | | — | | | | | | 130,915 | | |
Commercial business loans | | | | | 55,878 | | | | | | 239 | | | | | | 5 | | | | | | — | | | | | | 56,122 | | |
Other loans | | | | | 1,411 | | | | | | — | | | | | | 2 | | | | | | — | | | | | | 1,413 | | |
Total | | | | $ | 742,679 | | | | | $ | 5,527 | | | | | $ | 2,956 | | | | | $ | — | | | | | $ | 751,162 | | |
|
| | | Pass | | | Special Mention | | | Substandard | | | Doubtful | | | Total | | |||||||||||||||
December 31, 2019: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Real estate loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
One-to-four-family residential and construction | | | | $ | 232,354 | | | | | $ | — | | | | | $ | 2,067 | | | | | $ | — | | | | | $ | 234,421 | | |
Commercial real estate and construction | | | | | 320,988 | | | | | | 2,544 | | | | | | 311 | | | | | | — | | | | | | 323,843 | | |
Home equity loans and lines of credit | | | | | 111,165 | | | | | | 62 | | | | | | 272 | | | | | | — | | | | | | 111,499 | | |
Commercial business loans | | | | | 46,636 | | | | | | 818 | | | | | | 60 | | | | | | — | | | | | | 47,514 | | |
Other loans | | | | | 564 | | | | | | — | | | | | | 6 | | | | | | — | | | | | | 570 | | |
Total | | | | $ | 711,707 | | | | | $ | 3,424 | | | | | $ | 2,716 | | | | | $ | — | | | | | $ | 717,847 | | |
December 31, 2018: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Real estate loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
One-to-four-family residential and construction | | | | $ | 252,186 | | | | | $ | — | | | | | $ | 1,727 | | | | | $ | — | | | | | $ | 253,913 | | |
Commercial real estate and construction | | | | | 303,161 | | | | | | 4,851 | | | | | | 763 | | | | | | — | | | | | | 308,775 | | |
Home equity loans and lines of credit | | | | | 123,053 | | | | | | 62 | | | | | | 258 | | | | | | — | | | | | | 123,373 | | |
Commercial business loans | | | | | 45,902 | | | | | | 232 | | | | | | 62 | | | | | | — | | | | | | 46,196 | | |
Other loans | | | | | 1,120 | | | | | | — | | | | | | 19 | | | | | | — | | | | | | 1,139 | | |
Total | | | | $ | 725,422 | | | | | $ | 5,145 | | | | | $ | 2,829 | | | | | $ | — | | | | | $ | 733,396 | | |
| | Current | | 30 – 59 Days Past Due | | 60 – 89 Days Past Due | | Non-Accrual | | 90 Days Past Due & Accruing | | Total Loans | | | Current | | 30 – 59 Days Past Due | | 60 – 89 Days Past Due | | Non-Accrual | | 90 Days Past Due & Accruing | | Total Loans | | ||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2018: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||
December 31, 2019: | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||
One-to-four-family residential and construction | | | $ | 250,691 | | | | $ | 1,341 | | | | $ | 154 | | | | $ | 1,727 | | | | $ | — | | | | $ | 253,913 | | | | | $ | 230,952 | | | | $ | 1,021 | | | | $ | 381 | | | | $ | 2,067 | | | | $ | — | | | | $ | 234,421 | | | ||||||||||||
Commercial real estate | | | | 307,740 | | | | | 374 | | | | | — | | | | | 661 | | | | | — | | | | | 308,775 | | | |||||||||||||||||||||||||||||||||||||||||||
Commercial real estate and construction | | | | 322,922 | | | | | 610 | | | | | — | | | | | 311 | | | | | — | | | | | 323,843 | | | |||||||||||||||||||||||||||||||||||||||||||
Home equity loans and lines of credit | | | | 122,929 | | | | | 163 | | | | | 23 | | | | | 258 | | | | | — | | | | | 123,373 | | | | | | 110,634 | | | | | 591 | | | | | 2 | | | | | 272 | | | | | — | | | | | 111,499 | | | ||||||||||||
Commercial business loans | | | | 45,434 | | | | | 690 | | | | | 10 | | | | | 62 | | | | | — | | | | | 46,196 | | | | | | 47,420 | | | | | 34 | | | | | — | | | | | 60 | | | | | — | | | | | 47,514 | | | ||||||||||||
Other loans | | | | 1,111 | | | | | 3 | | | | | 3 | | | | | 19 | | | | | 3 | | | | | 1,139 | | | | | | 564 | | | | | — | | | | | — | | | | | 6 | | | | | — | | | | | 570 | | | ||||||||||||
Total | | | $ | 727,905 | | | | $ | 2,571 | | | | $ | 190 | | | | $ | 2,727 | | | | $ | 3 | | | | $ | 733,396 | | | | | $ | 712,492 | | | | $ | 2,256 | | | | $ | 383 | | | | $ | 2,716 | | | | $ | — | | | | $ | 717,847 | | | |
| | Current | | 30 – 59 Days Past Due | | 60 – 89 Days Past Due | | Non-Accrual | | 90 Days Past Due & Accruing | | Total Loans | | | Current | | 30 – 59 Days Past Due | | 60 – 89 Days Past Due | | Non-Accrual | | 90 Days Past Due & Accruing | | Total Loans | | ||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2017: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||
December 31, 2018: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||
Real estate loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||
One-to-four-family residential and construction | | | $ | 258,202 | | | | $ | 1,342 | | | | $ | 272 | | | | $ | 1,899 | | | | $ | — | | | | $ | 261,715 | | | | | $ | 250,691 | | | | $ | 1,341 | | | | $ | 154 | | | | $ | 1,727 | | | | $ | — | | | | $ | 253,913 | | | ||||||||||||
Commercial real estate | | | | 299,888 | | | | | 338 | | | | | 15 | | | | | 756 | | | | | — | | | | | 300,997 | | | |||||||||||||||||||||||||||||||||||||||||||
Commercial real estate and construction | | | | 307,740 | | | | | 374 | | | | | — | | | | | 661 | | | | | — | | | | | 308,775 | | | |||||||||||||||||||||||||||||||||||||||||||
Home equity loans and lines of credit | | | | 130,383 | | | | | 122 | | | | | 166 | | | | | 244 | | | | | — | | | | | 130,915 | | | | | | 122,929 | | | | | 163 | | | | | 23 | | | | | 258 | | | | | — | | | | | 123,373 | | | ||||||||||||
Commercial business loans | | | | 56,034 | | | | | 83 | | | | | — | | | | | 5 | | | | | — | | | | | 56,122 | | | | | | 45,434 | | | | | 690 | | | | | 10 | | | | | 62 | | | | | — | | | | | 46,196 | | | ||||||||||||
Other loans | | | | 1,376 | | | | | 14 | | | | | 1 | | | | | 3 | | | | | 19 | | | | | 1,413 | | | | | | 1,111 | | | | | 3 | | | | | 3 | | | | | 19 | | | | | 3 | | | | | 1,139 | | | ||||||||||||
Total | | | $ | 745,883 | | | | $ | 1,899 | | | | $ | 454 | | | | $ | 2,907 | | | | $ | 19 | | | | $ | 751,162 | | | | | $ | 727,905 | | | | $ | 2,571 | | | | $ | 190 | | | | $ | 2,727 | | | | $ | 3 | | | | $ | 733,396 | | | |
| | | Real Estate Loans | | | | | | | | | | | | | | | | | | | | |||||||||||||||
| | | One-to-four- family Residential and Construction | | | Commercial Real Estate | | | Home Equity Loans and Lines of Credit | | | Commercial Business | | | Other Loans | | | Total | | ||||||||||||||||||
Balance at December 31, 2017 | | | | $ | 1,384 | | | | | $ | 2,003 | | | | | $ | 400 | | | | | $ | 333 | | | | | $ | 7 | | | | | $ | 4,127 | | |
Charge-offs | | | | | — | | | | | | (80) | | | | | | — | | | | | | (244) | | | | | | (48) | | | | | | (372) | | |
Recoveries | | | | | 69 | | | | | | 2 | | | | | | 11 | | | | | | 5 | | | | | | — | | | | | | 87 | | |
Provision | | | | | (402) | | | | | | 836 | | | | | | (99) | | | | | | 192 | | | | | | 45 | | | | | | 572 | | |
Balance December 31, 2018 | | | | $ | 1,051 | | | | | $ | 2,761 | | | | | $ | 312 | | | | | $ | 286 | | | | | $ | 4 | | | | | $ | 4,414 | | |
Balance at December 31, 2016 | | | | $ | 1,280 | | | | | $ | 1,787 | | | | | $ | 547 | | | | | $ | 211 | | | | | $ | 12 | | | | | $ | 3,837 | | |
Charge-offs | | | | | (185) | | | | | | — | | | | | | (51) | | | | | | (1) | | | | | | (29) | | | | | | (266) | | |
Recoveries | | | | | 28 | | | | | | 1 | | | | | | — | | | | | | 3 | | | | | | 7 | | | | | | 39 | | |
Provision | | | | | 261 | | | | | | 215 | | | | | | (96) | | | | | | 120 | | | | | | 17 | | | | | | 517 | | |
Balance December 31, 2017 | | | | $ | 1,384 | | | | | $ | 2,003 | | | | | $ | 400 | | | | | $ | 333 | | | | | $ | 7 | | | | | $ | 4,127 | | |
|
| | | Real Estate Loans | | | | | | | | | | | | | | | | | | | | |||||||||||||||
| | | One-to-four- family Residential and Construction | | | Commercial Real Estate | | | Home Equity Loans and Lines of Credit | | | Commercial Business | | | Other Loans | | | Total | | ||||||||||||||||||
Evaluated for Impairment: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Collectively | | | | | 1,051 | | | | | | 2,761 | | | | | | 312 | | | | | | 286 | | | | | | 4 | | | | | | 4,414 | | |
Balance at December 31, 2018 | | | | $ | 1,051 | | | | | $ | 2,761 | | | | | $ | 312 | | | | | $ | 286 | | | | | $ | 4 | | | | | $ | 4,414 | | |
Evaluated for Impairment: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Collectively | | | | | 1,384 | | | | | | 2,003 | | | | | | 400 | | | | | | 333 | | | | | | 7 | | | | | | 4,127 | | |
Balance at December 31, 2017 | | | | $ | 1,384 | | | | | $ | 2,003 | | | | | $ | 400 | | | | | $ | 333 | | | | | $ | 7 | | | | | $ | 4,127 | | |
|
| | | Real Estate Loans | | | | | | | | | | | | | | | | | | | | |||||||||||||||
| | | One-to-four- family Residential and Construction | | | Commercial Real Estate and Construction | | | Home Equity Loans and Lines of Credit | | | Commercial Business | | | Other Loans | | | Total | | ||||||||||||||||||
Balance at December 31, 2018 | | | | $ | 1,051 | | | | | $ | 2,761 | | | | | $ | 312 | | | | | $ | 286 | | | | | $ | 4 | | | | | $ | 4,414 | | |
Charge-offs | | | | | — | | | | | | (187) | | | | | | (2) | | | | | | (37) | | | | | | (41) | | | | | | (267) | | |
Recoveries | | | | | 4 | | | | | | 3 | | | | | | 1 | | | | | | — | | | | | | 2 | | | | | | 10 | | |
Provision | | | | | (334) | | | | | | 736 | | | | | | (1) | | | | | | 285 | | | | | | 39 | | | | | | 725 | | |
Balance December 31, 2019 | | | | $ | 721 | | | | | $ | 3,313 | | | | | $ | 310 | | | | | $ | 534 | | | | | $ | 4 | | | | | $ | 4,882 | | |
Balance at December 31, 2017 | | | | $ | 1,384 | | | | | $ | 2,003 | | | | | $ | 400 | | | | | $ | 333 | | | | | $ | 7 | | | | | $ | 4,127 | | |
Charge-offs | | | | | — | | | | | | (80) | | | | | | — | | | | | | (244) | | | | | | (48) | | | | | | (372) | | |
Recoveries | | | | | 69 | | | | | | 2 | | | | | | 11 | | | | | | 5 | | | | | | — | | | | | | 87 | | |
Provision | | | | | (402) | | | | | | 836 | | | | | | (99) | | | | | | 192 | | | | | | 45 | | | | | | 572 | | |
Balance December 31, 2018 | | | | $ | 1,051 | | | | | $ | 2,761 | | | | | $ | 312 | | | | | $ | 286 | | | | | $ | 4 | | | | | $ | 4,414 | | |
|
| | | Real Estate Loans | | | | | | | | | | | | | | | | | | | | |||||||||||||||
| | | One-to-four- family Residential and Construction | | | Commercial Real Estate and Construction | | | Home Equity Loans and Lines of Credit | | | Commercial Business | | | Other Loans | | | Total | | ||||||||||||||||||
Evaluated for Impairment: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Collectively | | | | | 721 | | | | | | 3,313 | | | | | | 310 | | | | | | 534 | | | | | | 4 | | | | | | 4,882 | | |
Balance at December 31, 2019 | | | | $ | 721 | | | | | $ | 3,313 | | | | | $ | 310 | | | | | $ | 534 | | | | | $ | 4 | | | | | $ | 4,882 | | |
Evaluated for Impairment: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Collectively | | | | | 1,051 | | | | | | 2,761 | | | | | | 312 | | | | | | 286 | | | | | | 4 | | | | | | 4,414 | | |
Balance at December 31, 2018 | | | | $ | 1,051 | | | | | $ | 2,761 | | | | | $ | 312 | | | | | $ | 286 | | | | | $ | 4 | | | | | $ | 4,414 | | |
| | December 31 | | | | | December 31 | | |||||||||||||||||||||
| | 2018 | | 2017 | | | Estimated Useful Life | | 2019 | | 2018 | | |||||||||||||||||
Land and land improvements | | | $ | 3,152 | | | | $ | 3,152 | | | | Indefinite – 10 years | | | $ | 2,402 | | | | $ | 3,152 | | | |||||
Buildings and building improvements | | | | 10,475 | | | | | 10,433 | | | | 10 – 50 years | | | | 10,322 | | | | | 10,475 | | | |||||
Leasehold improvements | | | | 871 | | | | | 862 | | | | 1 – 20 years | | | | 893 | | | | | 871 | | | |||||
Right-of-use asset financing leases | | 1 – 12 years | | | | 3,050 | | | | | — | | | ||||||||||||||||
Furnitures, fixtures, and equipment | | | | 4,678 | | | | | 4,607 | | | | 3 – 10 years | | | | 4,689 | | | | | 4,678 | | | |||||
| | | $ | 19,176 | | | | $ | 19,054 | | | | | | | $ | 21,356 | | | | $ | 19,176 | | | |||||
Less accumulated depreciation | | | | (11,447) | | | | | (10,877) | | | | | | | | (11,468) | | | | | (11,447) | | | |||||
Plus projects in progress | | | | 65 | | | | | 14 | | | | | | | | 42 | | | | | 65 | | | |||||
Premises and equipment, net | | | $ | 7,794 | | | | $ | 8,191 | | | | | | | $ | 9,930 | | | | $ | 7,794 | | | |||||
|
| Years Ending December 31: | | | | | | | |
| 2019 | | | | $ | 407 | | |
| 2020 | | | | | 278 | | |
| 2021 | | | | | 30 | | |
| Total | | | | $ | 715 | | |
|
| Financing lease costs | | | | | | | |
| Amortization of right-of-use asset | | | | $ | 372 | | |
| Interest expense | | | | | 50 | | |
| Total financing lease costs | | | | $ | 422 | | |
| | | Financing | | |||
Weighted-average term (years) | | | | | 9.9 | | |
Weighted-average discount rate | | | | | 2.60% | | |
| | | Financing | | |||
Undiscounted cash flows due within: | | | | | | | |
2020 | | | | $ | 361 | | |
2021 | | | | | 358 | | |
2022 | | | | | 359 | | |
2023 | | | | | 361 | | |
2024 | | | | | 362 | | |
2025 and thereafter | | | | | 1,719 | | |
Total undiscounted cash flows | | | | | 3,520 | | |
Impact of present value discount | | | | | (428) | | |
Amount reported on balance sheet | | | | $ | 3,092 | | |
| | December 31 | | | December 31 | | ||||||||||||||||||||
| | 2018 | | 2017 | | | 2019 | | 2018 | | ||||||||||||||||
Noninterest-bearing demand | | | $ | 135,708 | | | | $ | 135,786 | | | | | $ | 127,168 | | | | $ | 135,708 | | | ||||
Interest-bearing demand | | | | 100,163 | | | | | 96,987 | | | | | | 111,428 | | | | | 100,163 | | | ||||
Savings | | | | 147,695 | | | | | 150,762 | | | | | | 144,120 | | | | | 147,695 | | | ||||
Money market | | | | 87,611 | | | | | 99,367 | | | | | | 106,576 | | | | | 87,611 | | | ||||
Time deposits | | | | 246,697 | | | | | 211,944 | | | | | | 245,114 | | | | | 246,697 | | | ||||
Total deposits | | | $ | 717,874 | | | | $ | 694,846 | | | | | $ | 734,406 | | | | $ | 717,874 | | | |
| One year or less | | | $ | 86,458 | | | One year or less | | | $ | 127,643 | | | ||
| Over one through two years | | | | 76,313 | | | Over one through two years | | | | 35,141 | | | ||
| Over two through three years | | | | 29,167 | | | Over two through three years | | | | 33,932 | | | ||
| Over three through four years | | | | 14,011 | | | Over three through four years | | | | 32,356 | | | ||
| Over four through five years | | | | 31,283 | | | Over four through five years | | | | 9,271 | | | ||
| Over five years | | | | 9,465 | | | Over five years | | | | 6,771 | | | ||
| Total | | | $ | 246,697 | | | Total | | | $ | 245,114 | | | ||
|
| Three months or less | | | $ | 14,665 | | | Three months or less | | | $ | 24,941 | | | ||
| Over three to six months | | | | 10,976 | | | Over three to six months | | | | 15,548 | | | ||
| Over six to twelve months | | | | 13,001 | | | Over six to twelve months | | | | 21,926 | | | ||
| Over twelve months | | | | 69,425 | | | Over twelve months | | | | 50,263 | | | ||
| Total | | | $ | 108,067 | | | Total | | | $ | 112,678 | | | ||
|
| | December 31 | | | December 31 | | ||||||||||||||||||||
| | 2018 | | 2017 | | | 2019 | | 2018 | | ||||||||||||||||
Balance | | | $ | 4,524 | | | | $ | 27,021 | | | | | $ | — | | | | $ | 4,524 | | | ||||
Average balance outstanding during the period | | | | 12,696 | | | | | 38,565 | | | | | | 1,698 | | | | | 12,696 | | | ||||
Maximum amount outstanding at any month-end | | | | 51,500 | | | | | 72,926 | | | | | | 11,339 | | | | | 51,500 | | | ||||
Weighted average interest rate at period end | | | | 2.64% | | | | | 1.54% | | | | | | —% | | | | | 2.64% | | | ||||
Average interest rate during the period | | | | 1.79 | | | | | 1.22 | | | | | | 2.67 | | | | | 1.79 | | |
| | | | | | | | | December 31 | | |||||||||
Stated Maturity | | | Interest Rate | | | 2018 | | | 2017 | | |||||||||
June 11, 2018 | | | | | 0.92 | | | | | $ | — | | | | | $ | 750 | | |
June 22, 2018 | | | | | 1.26 | | | | | | — | | | | | | 1,805 | | |
November 13, 2018 | | | | | 1.65 | | | | | | — | | | | | | 3,000 | | |
January 22, 2019 | | | | | 1.25 | | | | | | 125 | | | | | | 1,608 | | |
June 24, 2019 | | | | | 1.63 | | | | | | 1,805 | | | | | | 1,805 | | |
September 11, 2019 | | | | | 1.59 | | | | | | 6,438 | | | | | | 14,904 | | |
November 12, 2019 | | | | | 1.91 | | | | | | 3,151 | | | | | | 3,151 | | |
January 8, 2020 | | | | | 1.70 | | | | | | 5,794 | | | | | | 5,794 | | |
March 20, 2020 | | | | | 2.51 | | | | | | 6,309 | | | | | | — | | |
July 29, 2020 | | | | | 1.91 | | | | | | 1,822 | | | | | | 1,822 | | |
August 17, 2020 | | | | | 1.63 | | | | | | 5,635 | | | | | | 5,635 | | |
September 8, 2020 | | | | | 1.69 | | | | | | 9,726 | | | | | | 15,157 | | |
December 9, 2020 | | | | | 1.92 | | | | | | 3,500 | | | | | | 3,500 | | |
January 26, 2021 | | | | | 1.94 | | | | | | 4,000 | | | | | | 4,000 | | |
February 22, 2021 | | | | | 1.95 | | | | | | 3,365 | | | | | | 3,365 | | |
March 8, 2021 | | | | | 2.54 | | | | | | 7,639 | | | | | | — | | |
August 18, 2021 | | | | | 1.80 | | | | | | 2,289 | | | | | | 3,119 | | |
September 8, 2021 | | | | | 1.77 | | | | | | 11,469 | | | | | | 15,503 | | |
November 15, 2021 | | | | | 3.23 | | | | | | 3,000 | | | | | | — | | |
September 8, 2022 | | | | | 1.86 | | | | | | 7,587 | | | | | | 9,522 | | |
December 9, 2022 | | | | | 2.26 | | | | | | 3,212 | | | | | | 3,212 | | |
December 29, 2022 | | | | | 2.45 | | | | | | 8,097 | | | | | | 10,000 | | |
May 30, 2023 | | | | | 2.93 | | | | | | 10,000 | | | | | | — | | |
| | | | | | | | | | $ | 104,963 | | | | | $ | 107,652 | | |
|
| | | | | | | | | December 31 | | |||||||||
Stated Maturity | | | Interest Rate | | | 2019 | | | 2018 | | |||||||||
January 22, 2019 | | | | | 1.25% | | | | | $ | — | | | | | $ | 125 | | |
June 24, 2019 | | | | | 1.63 | | | | | | — | | | | | | 1,805 | | |
September 11, 2019 | | | | | 1.59 | | | | | | — | | | | | | 6,438 | | |
November 12, 2019 | | | | | 1.91 | | | | | | — | | | | | | 3,151 | | |
January 8, 2020 | | | | | 1.70 | | | | | | 5,794 | | | | | | 5,794 | | |
March 20, 2020 | | | | | 2.51 | | | | | | 1,278 | | ��� | | | | 6,309 | | |
July 29, 2020 | | | | | 1.91 | | | | | | 1,822 | | | | | | 1,822 | | |
August 17, 2020 | | | | | 1.63 | | | | | | 5,635 | | | | | | 5,635 | | |
September 8, 2020 | | | | | 1.69 | | | | | | 4,204 | | | | | | 9,726 | | |
December 9, 2020 | | | | | 1.92 | | | | | | 3,500 | | | | | | 3,500 | | |
January 26, 2021 | | | | | 1.94 | | | | | | 4,000 | | | | | | 4,000 | | |
February 22, 2021 | | | | | 1.95 | | | | | | 3,365 | | | | | | 3,365 | | |
March 8, 2021 | | | | | 2.54 | | | | | | 4,421 | | | | | | 7,639 | | |
May 7, 2021 | | | | | 2.38 | | | | | | 5,000 | | | | | | — | | |
August 18, 2021 | | | | | 1.80 | | | | | | 1,443 | | | | | | 2,289 | | |
September 7, 2021 | | | | | 2.17 | | | | | | 5,000 | | | | | | — | | |
September 8, 2021 | | | | | 1.77 | | | | | | 7,363 | | | | | | 11,469 | | |
November 15, 2021 | | | | | 3.23 | | | | | | 3,000 | | | | | | 3,000 | | |
June 6, 2022 | | | | | 2.14 | | | | | | 5,000 | | | | | | — | | |
August 8, 2022 | | | | | 1.85 | | | | | | 5,000 | | | | | | — | | |
September 8, 2022 | | | | | 1.86 | | | | | | 5,615 | | | | | | 7,587 | | |
December 9, 2022 | | | | | 2.26 | | | | | | 3,212 | | | | | | 3,212 | | |
December 29, 2022 | | | | | 2.45 | | | | | | 6,146 | | | | | | 8,097 | | |
May 30, 2023 | | | | | 2.93 | | | | | | 10,000 | | | | | | 10,000 | | |
August 8, 2023 | | | | | 1.82 | | | | | | 5,208 | | | | | | — | | |
Lease liabilities | | | | | 2.60 | | | | | | 3,092 | | | | | | — | | |
| | | | | | | | | | $ | 99,098 | | | | | $ | 104,963 | | |
| | Remaining Contractual Maturity of the Agreements | | | Remaining Contractual Maturity of the Agreements | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Overnight and Continuous | | Up to 30 Days | | 30 – 90 Days | | Greater than 90 Days | | Total | | | Overnight and Continuous | | Up to 30 Days | | 30 – 90 Days | | Greater than 90 Days | | Total | | ||||||||||||||||||||||||||||||||||||||||
December 31, 2019: | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||
U.S. government obligations | | | $ | 4,435 | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | 4,435 | | | ||||||||||||||||||||||||||||||||||||
Municipal obligations | | | | 5,011 | | | | | — | | | | | — | | | | | — | | | | | 5,011 | | | ||||||||||||||||||||||||||||||||||||
Total collateral pledged | | | $ | 9,446 | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | 9,446 | | | ||||||||||||||||||||||||||||||||||||
Gross amount of recognized liabilities for securities sold under agreements to repurchase | | | | | | | | | | | | | | | | | | | | | | | $ | 3,740 | | | ||||||||||||||||||||||||||||||||||||
Amounts related to agreements not included in offsetting disclosures above | | | | | | | | | | | | | | | | | | | | | | | $ | 5,706 | | | ||||||||||||||||||||||||||||||||||||
December 31, 2018: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
U.S. government obligations | | | $ | 6,031 | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | 6,031 | | | | | $ | 6,031 | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | 6,031 | | | ||||||||||
Municipal obligations | | | | 4,824 | | | | | — | | | | | — | | | | | — | | | | | 4,824 | | | | | | 4,824 | | | | | — | | | | | — | | | | | — | | | | | 4,824 | | | ||||||||||
Total collateral pledged | | | $ | 10,855 | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | 10,855 | | | | | $ | 10,855 | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | 10,855 | | | ||||||||||
Gross amount of recognized liabilities for securities sold under agreements to repurchase | | | | | | | | | | | | | | | | | | | | | | | $ | 2,137 | | | | | | | | | | | | | | | | | | | | | | | | | $ | 2,137 | | | ||||||||||
Amounts related to agreements not included in offsetting disclosures above | | | | | | | | | | | | | | | | | | | | | | | $ | 8,718 | | | | | | | | | | | | | | | | | | | | | | | | | $ | 8,718 | | | ||||||||||
December 31, 2017: | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||
U.S. government obligations | | | $ | 1,643 | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | 1,643 | | | ||||||||||||||||||||||||||||||||||||
Municipal obligations | | | | 5,727 | | | | | — | | | | | — | | | | | — | | | | | 5,727 | | | ||||||||||||||||||||||||||||||||||||
Total collateral pledged | | | $ | 7,370 | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | 7,370 | | | ||||||||||||||||||||||||||||||||||||
Gross amount of recognized liabilities for securities sold under agreements to repurchase | | | | | | | | | | | | | | | | | | | | | | | $ | 4,240 | | | ||||||||||||||||||||||||||||||||||||
Amounts related to agreements not included in offsetting disclosures above | | | | | | | | | | | | | | | | | | | | | | | $ | 3,130 | | | ||||||||||||||||||||||||||||||||||||
|
| | December 31 | | | December 31 | | ||||||||||||||||||||
| | 2018 | | 2017 | | | 2019 | | 2018 | | ||||||||||||||||
Balance | | | $ | 2,137 | | | | $ | 4,240 | | | | | $ | 3,740 | | | | $ | 2,137 | | | ||||
Average balance outstanding during the period | | | | 4,782 | | | | | 3,373 | | | | | | 3,738 | | | | | 4,782 | | | ||||
Maximum amount outstanding at any month-end | | | | 8,251 | | | | | 6,274 | | | | | | 4,136 | | | | | 8,251 | | | ||||
Weighted average interest rate at period end | | | | 0.19% | | | | | 0.12% | | | | | | 0.48% | | | | | 0.19% | | | ||||
Average interest rate during the period | | | | 0.23 | | | | | 0.12 | | | | | | 0.45 | | | | | 0.23 | | |
| | Years Ended December 31 | | | Years Ended December 31 | | ||||||||||||||||||||
| | 2018 | | 2017 | | | 2019 | | 2018 | | ||||||||||||||||
Federal: | | | | | | | | | | | | | | | | | | | | | | | ||||
Current | | | $ | 2,001 | | | | $ | 1,460 | | | | | $ | 1,784 | | | | $ | 2,001 | | | ||||
Deferred | | | | (288) | | | | | 259 | | | | | | (80) | | | | | (288) | | | ||||
Change in corporate tax rate | | | | — | | | | | 387 | | | |||||||||||||||
| | | $ | 1,713 | | | | $ | 2,106 | | | | | $ | 1,704 | | | | $ | 1,713 | | | ||||
State, current | | | $ | 535 | | | | $ | 356 | | | | | $ | 634 | | | | $ | 535 | | | ||||
|
| | | December 31 | | |||||||||||||||||||||
| | | 2018 | | | 2017 | | ||||||||||||||||||
| | | Amount | | | % of Pre-tax Income | | | Amount | | | % of Pre-tax Income | | ||||||||||||
Expected federal tax rate | | | | $ | 2,321 | | | | | | 21.0% | | | | | $ | 2,307 | | | | | | 34.0% | | |
State taxes, net of federal tax benefit | | | | | 421 | | | | | | 3.8 | | | | | | 235 | | | | | | 3.5 | | |
Nontaxable interest income | | | | | (377) | | | | | | (3.4) | | | | | | (403) | | | | | | (5.9) | | |
Bank-owned life insurance | | | | | (112) | | | | | | (1.0) | | | | | | (173) | | | | | | (2.6) | | |
Merger expenses | | | | | — | | | | | | — | | | | | | 35 | | | | | | 0.5 | | |
Change in corporate tax rate | | | | | — | | | | | | — | | | | | | 387 | | | | | | 5.7 | | |
Other items, net | | | | | (5) | | | | | | (0.1) | | | | | | 74 | | | | | | 1.1 | | |
Effective Tax Rate | | | | $ | 2,248 | | | | | | 20.3% | | | | | $ | 2,462 | | | | | | 36.3% | | |
|
| | | December 31 | | |||||||||||||||||||||
| | | 2019 | | | 2018 | | ||||||||||||||||||
| | | Amount | | | % of Pre-tax Income | | | Amount | | | % of Pre-tax Income | | ||||||||||||
Expected federal tax rate | | | | $ | 2,341 | | | | | | 21.0% | | | | | $ | 2,321 | | | | | | 21.0% | | |
State taxes, net of federal tax benefit | | | | | 501 | | | | | | 4.5 | | | | | | 421 | | | | | | 3.8 | | |
Nontaxable interest income | | | | | (393) | | | | | | (3.5) | | | | | | (377) | | | | | | (3.4) | | |
Bank-owned life insurance | | | | | (113) | | | | | | (1.0) | | | | | | (112) | | | | | | (1.0) | | |
Other items, net | | | | | 2 | | | | | | — | | | | | | (5) | | | | | | (0.1) | | |
Effective Tax Rate | | | | $ | 2,338 | | | | | | 21.0% | | | | | $ | 2,248 | | | | | | 20.3% | | |
| | December 31 | | | December 31 | | ||||||||||||||||||||
| | 2018 | | 2017 | | | 2019 | | 2018 | | ||||||||||||||||
Deferred Tax Assets: | | | | | | | | | | | | | | | | | | | | | | | ||||
Allowance for loan losses | | | $ | 927 | | | | $ | 867 | | | | | $ | 1,025 | | | | $ | 927 | | | ||||
Employee benefits | | | | 290 | | | | | 195 | | | | | | 326 | | | | | 290 | | | ||||
Impairment reserves | | | | 11 | | | | | 17 | | | | | | — | | | | | 11 | | | ||||
Purchase accounting | | | | — | | | | | 70 | | | |||||||||||||||
Net unrealized losses on securities | | | | 195 | | | | | — | | | | | | — | | | | | 195 | | | ||||
Capital loss carryforward | | | | 19 | | | | | — | | | | | | — | | | | | 19 | | | ||||
Other, net | | | | 148 | | | | | 120 | | | | | | 192 | | | | | 148 | | | ||||
Total Deferred Tax Assets | | | | 1,590 | | | | | 1,269 | | | | | | 1,543 | | | | | 1,590 | | | ||||
Deferred Tax Liabilities: | | | | | | | | | | | | |||||||||||||||
Net unrealized gains on securities | | | | — | | | | | (223) | | | |||||||||||||||
Premises and equipment | | | | (214) | | | | | (292) | | | |||||||||||||||
Purchase accounting | | | | (14) | | | | | — | | | |||||||||||||||
Other, net | | | | (46) | | | | | (121) | | | |||||||||||||||
Total Deferred Tax Liabilities | | | | (274) | | | | | (636) | | | |||||||||||||||
Net Deferred Tax Assets | | | $ | 1,316 | | | | $ | 633 | | | |
| | | December 31 | | |||||||||
| | | 2019 | | | 2018 | | ||||||
Deferred Tax Liabilities: | | | | | | | | | | | | | |
Net unrealized gains on securities | | | | | (369) | | | | | | — | | |
Premises and equipment | | | | | (172) | | | | | | (214) | | |
Purchase accounting | | | | | (61) | | | | | | (14) | | |
Equity security fair value adjustments | | | | | (57) | | | | | | — | | |
Other, net | | | | | (51) | | | | | | (46) | | |
Total Deferred Tax Liabilities | | | | | (710) | | | | | | (274) | | |
Net Deferred Tax Assets | | | | $ | 833 | | | | | $ | 1,316 | | |
|
| | | December 31, 2018 | | |||||||||||||||||||||
| | | Bank | | | Company | | ||||||||||||||||||
| | | Amount | | | Ratio | | | Amount | | | Ratio | | ||||||||||||
Total capital (to risk weighted assets) | | | | | | | | | | | | | | | | | | | | | | | | | |
Actual | | | | $ | 111,857 | | | | | | 16.85% | | | | | $ | 115,390 | | | | | | 17.38% | | |
For capital adequacy purposes | | | | | 53,108 | | | | | | 8.00 | | | | | | 53,127 | | | | | | 8.00 | | |
To be well capitalized | | | | | 66,384 | | | | | | 10.00 | | | | | | 66,409 | | | | | | 10.00 | | |
Common equity tier I (to risk weighted assets) | | | | | | | | | | | | | | | | | | | | | | | | | |
Actual | | | | $ | 107,451 | | | | | | 16.19% | | | | | $ | 110,981 | | | | | | 16.71% | | |
For capital adequacy purposes | | | | | 29,873 | | | | | | 4.50 | | | | | | 29,884 | | | | | | 4.50 | | |
To be well capitalized | | | | | 43,150 | | | | | | 6.50 | | | | | | 43,166 | | | | | | 6.50 | | |
Tier I capital (to risk weighted assets) | | | | | | | | | | | | | | | | | | | | | | | | | |
Actual | | | | $ | 107,451 | | | | | | 16.19% | | | | | $ | 110,981 | | | | | | 16.71% | | |
For capital adequacy purposes | | | | | 39,831 | | | | | | 6.00 | | | | | | 39,845 | | | | | | 6.00 | | |
To be well capitalized | | | | | 53,108 | | | | | | 8.00 | | | | | | 53,127 | | | | | | 8.00 | | |
Tier I capital (to average assets) | | | | | | | | | | | | | | | | | | | | | | | | | |
Actual | | | | $ | 107,451 | | | | | | 11.33% | | | | | $ | 110,981 | | | | | | 11.71% | | |
For capital adequacy purposes | | | | | 37,947 | | | | | | 4.00 | | | | | | 37,921 | | | | | | 4.00 | | |
To be well capitalized | | | | | 47,434 | | | | | | 5.00 | | | | | | 47,401 | | | | | | 5.00 | | |
| | | December 31, 2019 | | |||||||||||||||||||||
| | | Bank | | | Company | | ||||||||||||||||||
| | | Amount | | | Ratio | | | Amount | | | Ratio | | ||||||||||||
Total capital (to risk weighted assets) | | | | | | | | | | | | | | | | | | | | | | | | | |
Actual | | | | $ | 114,626 | | | | | | 17.64% | | | | | $ | 118,113 | | | | | | 18.17% | | |
For capital adequacy purposes | | | | | 51,989 | | | | | | 8.00 | | | | | | 52,014 | | | | | | 8.00 | | |
To be well capitalized | | | | | 64,986 | | | | | | 10.00 | | | | | | 65,017 | | | | | | 10.00 | | |
Common equity tier I (to risk weighted assets) | | | | | | | | | | | | | | | | | | | | | | | | | |
Actual | | | | $ | 109,747 | | | | | | 16.89% | | | | | $ | 113,234 | | | | | | 17.42% | | |
For capital adequacy purposes | | | | | 29,244 | | | | | | 4.50 | | | | | | 29,258 | | | | | | 4.50 | | |
To be well capitalized | | | | | 42,241 | | | | | | 6.50 | | | | | | 42,261 | | | | | | 6.50 | | |
Tier I capital (to risk weighted assets) | | | | | | | | | | | | | | | | | | | | | | | | | |
Actual | | | | $ | 109,747 | | | | | | 16.89% | | | | | $ | 113,234 | | | | | | 17.42% | | |
For capital adequacy purposes | | | | | 38,992 | | | | | | 6.00 | | | | | | 39,010 | | | | | | 6.00 | | |
To be well capitalized | | | | | 51,989 | | | | | | 8.00 | | | | | | 52,014 | | | | | | 8.00 | | |
Tier I capital (to average assets) | | | | | | | | | | | | | | | | | | | | | | | | | |
Actual | | | | $ | 109,747 | | | | | | 11.46% | | | | | $ | 113,234 | | | | | | 11.76% | | |
For capital adequacy purposes | | | | | 38,314 | | | | | | 4.00 | | | | | | 38,504 | | | | | | 4.00 | | |
To be well capitalized | | | | | 47,892 | | | | | | 5.00 | | | | | | 48,130 | | | | | | 5.00 | | |
| | | December 31, 2018 | | |||||||||||||||||||||
| | | Bank | | | Company | | ||||||||||||||||||
| | | Amount | | | Ratio | | | Amount | | | Ratio | | ||||||||||||
Total capital (to risk weighted assets) | | | | | | | | | | | | | | | | | | | | | | | | | |
Actual | | | | $ | 111,857 | | | | | | 16.85% | | | | | $ | 115,390 | | | | | | 17.38% | | |
For capital adequacy purposes | | | | | 53,108 | | | | | | 8.00 | | | | | | 53,127 | | | | | | 8.00 | | |
To be well capitalized | | | | | 66,384 | | | | | | 10.00 | | | | | | 66,409 | | | | | | 10.00 | | |
Common equity tier I (to risk weighted assets) | | | | | | | | | | | | | | | | | | | | | | | | | |
Actual | | | | $ | 107,451 | | | | | | 16.19% | | | | | $ | 110,981 | | | | | | 16.71% | | |
For capital adequacy purposes | | | | | 29,873 | | | | | | 4.50 | | | | | | 29,884 | | | | | | 4.50 | | |
To be well capitalized | | | | | 43,150 | | | | | | 6.50 | | | | | | 43,166 | | | | | | 6.50 | | |
Tier I capital (to risk weighted assets) | | | | | | | | | | | | | | | | | | | | | | | | | |
Actual | | | | $ | 107,451 | | | | | | 16.19% | | | | | $ | 110,981 | | | | | | 16.71% | | |
For capital adequacy purposes | | | | | 39,831 | | | | | | 6.00 | | | | | | 39,845 | | | | | | 6.00 | | |
To be well capitalized | | | | | 53,108 | | | | | | 8.00 | | | | | | 53,127 | | | | | | 8.00 | | |
Tier I capital (to average assets) | | | | | | | | | | | | | | | | | | | | | | | | | |
Actual | | | | $ | 107,451 | | | | | | 11.33% | | | | | $ | 110,981 | | | | | | 11.71% | | |
For capital adequacy purposes | | | | | 37,947 | | | | | | 4.00 | | | | | | 37,921 | | | | | | 4.00 | | |
To be well capitalized | | | | | 47,434 | | | | | | 5.00 | | | | | | 47,401 | | | | | | 5.00 | | |
| | | December 31, 2017 | | |||||||||||||||||||||
| | | Bank | | | Company | | ||||||||||||||||||
| | | Amount | | | Ratio | | | Amount | | | Ratio | | ||||||||||||
Total capital (to risk weighted assets) | | | | | | | | | | | | | | | | | | | | | | | | | |
Actual | | | | $ | 104,414 | | | | | | 15.78% | | | | | $ | 109,553 | | | | | | 16.53% | | |
For capital adequacy purposes | | | | | 52,947 | | | | | | 8.00 | | | | | | 53,024 | | | | | | 8.00 | | |
To be well capitalized | | | | | 66,184 | | | | | | 10.00 | | | | | | 66,280 | | | | | | 10.00 | | |
Common equity tier I (to risk weighted assets) | | | | | | | | | | | | | | | | | | | | | | | | | |
Actual | | | | $ | 100,265 | | | | | | 15.15% | | | | | $ | 105,191 | | | | | | 15.87% | | |
For capital adequacy purposes | | | | | 29,783 | | | | | | 4.50 | | | | | | 29,826 | | | | | | 4.50 | | |
To be well capitalized | | | | | 43,020 | | | | | | 6.50 | | | | | | 43,082 | | | | | | 6.50 | | |
Tier I capital (to risk weighted assets) | | | | | | | | | | | | | | | | | | | | | | | | | |
Actual | | | | $ | 100,265 | | | | | | 15.15% | | | | | $ | 105,191 | | | | | | 15.87% | | |
For capital adequacy purposes | | | | | 39,711 | | | | | | 6.00 | | | | | | 39,768 | | | | | | 6.00 | | |
To be well capitalized | | | | | 52,947 | | | | | | 8.00 | | | | | | 53,024 | | | | | | 8.00 | | |
Tier I capital (to average assets) | | | | | | | | | | | | | | | | | | | | | | | | | |
Actual | | | | $ | 100,265 | | | | | | 10.55% | | | | | $ | 105,191 | | | | | | 11.01% | | |
For capital adequacy purposes | | | | | 38,030 | | | | | | 4.00 | | | | | | 38,221 | | | | | | 4.00 | | |
To be well capitalized | | | | | 47,538 | | | | | | 5.00 | | | | | | 47,776 | | | | | | 5.00 | | |
| | Options | | Weighted Average Exercise Price | | Weighted Average Remaining Contractual Term | | | Options | | Weighted Average Exercise Price | | Weighted Average Remaining Contractual Term | | ||||||||||||||||||||||||
Outstanding at December 31, 2016 | | | | 248,075 | | | | $ | 16.50 | | | | | 5.56 | | | ||||||||||||||||||||||
Granted | | | | — | | | | | — | | | | ||||||||||||||||||||||||||
Merger related options | | | | 73,051 | | | | | 19.61 | | | | | | | | ||||||||||||||||||||||
Exercised | | | | (18,895) | | | | | 16.50 | | | | ||||||||||||||||||||||||||
Forfeited | | | | — | | | | | — | | | | | | | | ||||||||||||||||||||||
Outstanding at December 31, 2017 | | | | 302,231 | | | | $ | 17.25 | | | | | 4.11 | | | | | | 302,231 | | | | $ | 17.25 | | | | | 4.11 | | | ||||||
Granted | | | | — | | | | | — | | | | | | | — | | | | | — | | | | | | | | ||||||||||
Exercised | | | | (35,536) | | | | | 18.25 | | | | | | | (35,536) | | | | | 18.25 | | | | | | | | ||||||||||
Forfeited | | | | — | | | | | — | | | | | | | | | | | — | | | | | — | | | | | | | | ||||||
Outstanding at December 31, 2018 | | | | 266,695 | | | | $ | 17.12 | | | | | 3.32 | | | | | | 266,695 | | | | $ | 17.12 | | | | | 3.32 | | | ||||||
Exercisable at December 31, 2017 | | | | 302,231 | | | | $ | 17.25 | | | | | | | | ||||||||||||||||||||||
Granted | | | | — | | | | | — | | | | | | | | ||||||||||||||||||||||
Exercised | | | | (18,914) | | | | | 17.74 | | | | | | | | ||||||||||||||||||||||
Forfeited | | | | — | | | | | — | | | | | | | | ||||||||||||||||||||||
Outstanding at December 31, 2019 | | | | 247,781 | | | | $ | 17.07 | | | | | 2.47 | | | ||||||||||||||||||||||
Exercisable at December 31, 2018 | | | | 266,695 | | | | $ | 17.12 | | | | | | | | | | | 266,695 | | | | $ | 17.12 | | | | | | | | ||||||
Exercisable at December 31, 2019 | | | | 247,781 | | | | $ | 17.07 | | | | | | | |
| | Number of Restricted Shares | | Weighted Average Grant Date Price Per Share | | | Number of Restricted Shares | | Weighted Average Grant Date Price Per Share | | ||||||||||||||||
Non-vested shares at December 31, 2016 | | | | 19,860 | | | | $ | 16.50 | | | |||||||||||||||
Granted | | | | 2,424 | | | | | 29.60 | | | |||||||||||||||
Vested | | | | (22,284) | | | | | 17.92 | | | |||||||||||||||
Forfeited | | | | — | | | | | — | | | |||||||||||||||
Non-vested shares at December 31, 2017 | | | | — | | | | $ | — | | | | | | — | | | | $ | — | | | ||||
Granted | | | | 250 | | | | | 31.10 | | | | | | 250 | | | | | 31.10 | | | ||||
Vested | | | | — | | | | | — | | | | | | — | | | | | — | | | ||||
Forfeited | | | | — | | | | | — | | | | | | — | | | | | — | | | ||||
Non-vested shares at December 31, 2018 | | | | 250 | | | | $ | 31.10 | | | | | | 250 | | | | $ | 31.10 | | | ||||
| ||||||||||||||||||||||||||
Granted | | | | 4,547 | | | | | 29.13 | | | |||||||||||||||
Vested | | | | (2,853) | | | | | 29.47 | | | |||||||||||||||
Forfeited | | | | — | | | | | — | | | |||||||||||||||
Non-vested shares at December 31, 2019 | | | | 1,944 | | | | $ | 28.90 | | |
| | December 31 | | | December 31 | | ||||||||||||||||||||
| | 2018 | | 2017 | | | 2019 | | 2018 | | ||||||||||||||||
Change in projected benefit obligation: | | | | | | | | | | | | | | | | | | | | | | | ||||
Benefit obligation at beginning of year | | | $ | 4,168 | | | | $ | 4,780 | | | | | $ | 3,437 | | | | $ | 4,168 | | | ||||
Interest cost | | | | 131 | | | | | 175 | | | | | | 123 | | | | | 131 | | | ||||
Settlement loss (gain) | | | | 11 | | | | | (28) | | | |||||||||||||||
Actuarial gain | | | | (312) | | | | | (133) | | | |||||||||||||||
Settlement (gain) loss | | | | (32) | | | | | 11 | | | |||||||||||||||
Actuarial loss (gain) | | | | 388 | | | | | (312) | | | |||||||||||||||
Benefits paid | | | | (36) | | | | | (30) | | | | | | (37) | | | | | (36) | | | ||||
Settlement payments | | | | (525) | | | | | (596) | | | | | | (411) | | | | | (525) | | | ||||
Projected benefit obligation at end of year | | | | 3,437 | | | | | 4,168 | | | | | | 3,468 | | | | | 3,437 | | | ||||
Change in plan assets: | | | | | | | | | | | | | | | | | | | | | | | ||||
Fair value of plan assets at beginning of year | | | | 3,564 | | | | | 3,683 | | | | | | 2,883 | | | | | 3,564 | | | ||||
Actual return on plan assets | | | | (99) | | | | | 497 | | | | | | 454 | | | | | (99) | | | ||||
Employer contribution | | | | — | | | | | 15 | | | |||||||||||||||
Benefits paid | | | | (36) | | | | | (30) | | | | | | (37) | | | | | (36) | | | ||||
Administrative expenses | | | | (21) | | | | | (5) | | | | | | (33) | | | | | (21) | | | ||||
Settlement payments | | | | (525) | | | | | (596) | | | | | | (411) | | | | | (525) | | | ||||
Fair value of plan assets at end of year | | | | 2,883 | | | | | 3,564 | | | | | | 2,856 | | | | | 2,883 | | | ||||
Funded status | | | $ | (554) | | | | $ | (604) | | | | | $ | (612) | | | | $ | (554) | | | ||||
Amounts recognized in accumulated other comprehensive income (loss) consist of: | | | | | | | | | | | | |||||||||||||||
Amounts recognized in accumulated other comprehensive loss consists of: | | | | | | | | | | | | |||||||||||||||
Unrecognized actuarial loss | | | $ | (400) | | | | $ | (397) | | | | | $ | 405 | | | | $ | 400 | | | ||||
Total | | | $ | (400) | | | | $ | (397) | | | | | $ | 405 | | | | $ | 400 | | | ||||
|
| | Years Ended December 31 | | | Years Ended December 31 | | ||||||||||||||||||||
| | 2018 | | 2017 | | | 2019 | | 2018 | | ||||||||||||||||
Interest Cost | | | $ | 131 | | | | $ | 175 | | | | | $ | 123 | | | | $ | 131 | | | ||||
Expected return on plan assets | | | | (162) | | | | | (200) | | | | | | (126) | | | | | (162) | | | ||||
Amortization of net loss | | | | 10 | | | | | 96 | | | | | | 9 | | | | | 10 | | | ||||
Settlement obligation | | | | 61 | | | | | 72 | | | | | | 48 | | | | | 61 | | | ||||
Net periodic pension cost | | | $ | 40 | | | | $ | 143 | | | | | $ | 54 | | | | $ | 40 | | | |
| | December 31 | | Net loss | | | $ | 10 | | | |||||||||||
| | 2018 | | 2017 | | Total | | | $ | 10 | | | |||||||||
Net loss | | | $ | 9 | | | | $ | 10 | | | ||||||||||
Total | | | $ | 9 | | | | $ | 10 | | | ||||||||||
|
| | December 31 | | | December 31 | | ||||||||||||||||||||
| | 2018 | | 2017 | | | 2019 | | 2018 | | ||||||||||||||||
Discount rate | | | | 4.00% | | | | | 3.40% | | | | | | 3.25% | | | | | 4.00% | | |
| | December 31 | | | December 31 | | ||||||||||||||||||||
| | 2018 | | 2017 | | | 2019 | | 2018 | | ||||||||||||||||
Discount rate | | | | 4.00% | | | | | 3.40% | | | | | | 3.25% | | | | | 4.00% | | |
| | December 31 | | | December 31 | | ||||||||||||||||||||
Asset Category | | 2018 | | 2017 | | | 2019 | | 2018 | | ||||||||||||||||
Cash and Cash Equivalents | | | | 2.89% | | | | | 0.28% | | | | | | 2.11% | | | | | 2.89% | | | ||||
Equity Mutual Funds | | | | 37.88 | | | | | 71.13 | | | | | | 55.68 | | | | | 37.88 | | | ||||
Bond Mutual Funds | | | | 59.23 | | | | | 28.59 | | | | | | 42.21 | | | | | 59.23 | | | ||||
Total | | | | 100.00% | | | | | 100.00% | | | | | | 100.00% | | | | | 100.00% | | | ||||
|
| | Level I | | Level II | | Level III | | Total | | | Level I | | Level II | | Level III | | Total | | ||||||||||||||||||||||||||||||||
December 31, 2019: | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||
Cash and Cash Equivalents | | | $ | 61 | | | | $ | — | | | | $ | — | | | | $ | 61 | | | |||||||||||||||||||||||||||||
Domestic Stock Funds | | | | 1,251 | | | | | — | | | | | — | | | | | 1,251 | | | |||||||||||||||||||||||||||||
International Stock Funds | | | | 339 | | | | | — | | | | | — | | | | | 339 | | | |||||||||||||||||||||||||||||
Domestic Bond Funds | | | | 1,205 | | | | | — | | | | | — | | | | | 1,205 | | | |||||||||||||||||||||||||||||
Total assets at fair value | | | $ | 2,856 | | | | $ | — | | | | $ | — | | | | $ | 2,856 | | | |||||||||||||||||||||||||||||
December 31, 2018: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Cash and Cash Equivalents | | | $ | 83 | | | | $ | — | | | | $ | — | | | | $ | 83 | | | | | $ | 83 | | | | $ | — | | | | $ | — | | | | $ | 83 | | | ||||||||
Domestic Stock Funds | | | | 896 | | | | | — | | | | | — | | | | | 896 | | | | | | 896 | | | | | — | | | | | — | | | | | 896 | | | ||||||||
International Stock Funds | | | | 196 | | | | | — | | | | | — | | | | | 196 | | | | | | 196 | | | | | — | | | | | — | | | | | 196 | | | ||||||||
Domestic Bond Funds | | | | 1,708 | | | | | — | | | | | — | | | | | 1,708 | | | | | | 1,708 | | | | | — | | | | | — | | | | | 1,708 | | | ||||||||
Total assets at fair value | | | $ | 2,883 | | | | $ | — | | | | $ | — | | | | $ | 2,883 | | | | | $ | 2,883 | | | | $ | — | | | | $ | — | | | | $ | 2,883 | | | ||||||||
December 31, 2017: | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||
Cash and Cash Equivalents | | | $ | 10 | | | | $ | — | | | | $ | — | | | | $ | 10 | | | |||||||||||||||||||||||||||||
Domestic Stock Funds | | | | 2,040 | | | | | — | | | | | — | | | | | 2,040 | | | |||||||||||||||||||||||||||||
International Stock Funds | | | | 495 | | | | | — | | | | | — | | | | | 495 | | | |||||||||||||||||||||||||||||
Domestic Bond Funds | | | | 929 | | | | | — | | | | | — | | | | | 929 | | | |||||||||||||||||||||||||||||
International Bond Funds | | | | 90 | | | | | — | | | | | — | | | | | 90 | | | |||||||||||||||||||||||||||||
Total assets at fair value | | | $ | 3,564 | | | | $ | — | | | | $ | — | | | | $ | 3,564 | | | |||||||||||||||||||||||||||||
|
Year Ended December 31, | | Plan Benefits | | | Plan Benefits | | ||||||||
2019 | | | $ | 674 | | | ||||||||
2020 | | | | 195 | | | | | $ | 682 | | | ||
2021 | | | | 146 | | | | | | 152 | | | ||
2022 | | | | 152 | | | | | | 157 | | | ||
2023 | | | | 141 | | | | | | 136 | | | ||
2024 – 2028 | | | | 848 | | | ||||||||
2024 | | | | 151 | | | ||||||||
2025 – 2029 | | | | 818 | | | ||||||||
Total | | | $ | 2,156 | | | | | $ | 2,096 | | | ||
|
| | December 31 | | | December 31 | | ||||||||||||||||||||
| | 2018 | | 2017 | | | 2019 | | 2018 | | ||||||||||||||||
One-to-four family and construction: | | | | | | | | | | | | | | | | | | | | | | | ||||
Loan commitments | | | $ | 872 | | | | $ | 510 | | | | | $ | 5,869 | | | | $ | 872 | | | ||||
Undisbursed home equity lines of credit | | | | 34,485 | | | | | 30,335 | | | | | | 30,716 | | | | | 34,485 | | | ||||
Undisbursed funds – construction loans in process | | | | 6,129 | | | | | 7,109 | | | | | | 3,931 | | | | | 6,129 | | | ||||
Commerical loan commitments | | | | 67,240 | | | | | 52,749 | | | | | | 58,569 | | | | | 67,240 | | | ||||
Standby letters of credit | | | | 4,202 | | | | | 1,961 | | | | | | 4,012 | | | | | 4,202 | | | ||||
Other | | | | 24,251 | | | | | 24,037 | | | | | | 18,601 | | | | | 24,251 | | | ||||
Total | | | $ | 137,179 | | | | $ | 116,701 | | | | | $ | 121,698 | | | | $ | 137,179 | | | ||||
|
| | Level 1 | | Level 2 | | Level 3 | | Total | | | | Level 1 | | Level 2 | | Level 3 | | Total | | ||||||||||||||||||||||||||||||||||
December 31, 2019: | | | |||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities available for sale: | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||
U.S. government and agency obligations | | | $ | — | | | | $ | 8,489 | | | | $ | — | | | | $ | 8,489 | | | ||||||||||||||||||||||||||||||||
Corporate bonds | | | | — | | | | | 2,579 | | | | | — | | | | | 2,579 | | | ||||||||||||||||||||||||||||||||
Municipal obligations | | | | — | | | | | 58,816 | | | | | — | | | | | 58,816 | | | ||||||||||||||||||||||||||||||||
Total investment securities available for sale | | | | — | | | | | 69,884 | | | | | — | | | | | 69,884 | | | ||||||||||||||||||||||||||||||||
Equity securities | | | | 2,955 | | | | | — | | | | | — | | | | | 2,955 | | | ||||||||||||||||||||||||||||||||
Mortgage-backed securities available for sale | | | | — | | | | | 91,478 | | | | | — | | | | | 91,478 | | | ||||||||||||||||||||||||||||||||
Total recurring fair value measurements | | | $ | 2,955 | | | | $ | 161,362 | | | | $ | — | | | | $ | 164,317 | | | ||||||||||||||||||||||||||||||||
December 31, 2018: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Investment securities available for sale: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
U.S. government and agency obligations | | | $ | — | | | | $ | 8,270 | | | | $ | — | | | | $ | 8,270 | | | | | | $ | — | | | | $ | 8,270 | | | | $ | — | | | | $ | 8,270 | | | ||||||||||
Corporate bonds | | | | — | | | | | 4,201 | | | | | — | | | | | 4,201 | | | | | | | — | | | | | 4,201 | | | | | — | | | | | 4,201 | | | ||||||||||
Municipal obligations | | | | — | | | | | 53,698 | | | | | — | | | | | 53,698 | | | | | | | — | | | | | 53,698 | | | | | — | | | | | 53,698 | | | ||||||||||
Total investment securities available for sale | | | | — | | | | | 66,169 | | | | | — | | | | | 66,169 | | | | | | | — | | | | | 66,169 | | | | | — | | | | | 66,169 | | | ||||||||||
Equity securities | | | | 2,725 | | | | | — | | | | | — | | | | | 2,725 | | | | | | | 2,725 | | | | | — | | | | | — | | | | | 2,725 | | | ||||||||||
Mortgage-backed securities available for sale | | | | — | | | | | 81,794 | | | | | — | | | | | 81,794 | | | | | | | — | | | | | 81,794 | | | | | — | | | | | 81,794 | | | ||||||||||
Total recurring fair value measurements | | | $ | 2,725 | | | | $ | 147,963 | | | | $ | — | | | | $ | 150,688 | | | | | | $ | 2,725 | | | | $ | 147,963 | | | | $ | — | | | | $ | 150,688 | | | ||||||||||
December 31, 2017: | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||
Investment securities available for sale: | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||
U.S. government and agency obligations | | | $ | — | | | | $ | 8,340 | | | | $ | — | | | | $ | 8,340 | | | | |||||||||||||||||||||||||||||||
Corporate bonds | | | | — | | | | | 2,272 | | | | | — | | | | | 2,272 | | | | |||||||||||||||||||||||||||||||
Municipal obligations | | | | — | | | | | 50,777 | | | | | — | | | | | 50,777 | | | | |||||||||||||||||||||||||||||||
Equity securities | | | | 4,170 | | | | | — | | | | | — | | | | | 4,170 | | | | |||||||||||||||||||||||||||||||
Total investment securities available for sale | | | | 4,170 | | | | | 61,389 | | | | | — | | | | | 65,559 | | | | |||||||||||||||||||||||||||||||
Mortgage-backed securities available for sale | | | | — | | | | | 67,630 | | | | | — | | | | | 67,630 | | | | |||||||||||||||||||||||||||||||
Total recurring fair value measurements | | | $ | 4,170 | | | | $ | 129,019 | | | | $ | — | | | | $ | 133,189 | | | | |||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | |
| | Level 1 | | Level 2 | | Level 3 | | Total | | | Level 1 | | Level 2 | | Level 3 | | Total | | ||||||||||||||||||||||||||||||||
December 31, 2019: | | | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreclosed real estate | | | $ | — | | | | $ | — | | | | $ | 404 | | | | $ | 404 | | | |||||||||||||||||||||||||||||
Total nonrecurring fair value measurements | | | $ | — | | | | $ | — | | | | $ | 404 | | | | $ | 404 | | | |||||||||||||||||||||||||||||
December 31, 2018: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Foreclosed real estate | | | $ | — | | | | $ | — | | | | $ | 486 | | | | $ | 486 | | | | | $ | — | | | | $ | — | | | | $ | 486 | | | | $ | 486 | | | ||||||||
Total nonrecurring fair value measurements | | | $ | — | | | | $ | — | | | | $ | 486 | | | | $ | 486 | | | | | $ | — | | | | $ | — | | | | $ | 486 | | | | $ | 486 | | | ||||||||
December 31, 2017: | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||
Foreclosed real estate | | | $ | — | | | | $ | — | | | | $ | 419 | | | | $ | 419 | | | |||||||||||||||||||||||||||||
Impaired loans | | | | — | | | | | — | | | | | 295 | | | | | 295 | | | |||||||||||||||||||||||||||||
Total nonrecurring fair value measurements | | | $ | — | | | | $ | — | | | | $ | 714 | | | | $ | 714 | | | |||||||||||||||||||||||||||||
|
| | | | | | | | | | | | Quantitative Information about Level 3 Fair Value Measurements | | | | | | | | | | | | | Quantitative Information about Level 3 Fair Value Measurements | | ||||||||||||||||||
| | December 31 | | | Valuation Techniques | | Unobservable Input | | Range (Weighted Average) | | | December 31 | | | Valuation Techniques | | Unobservable Input | | Range (Weighted Average) | | ||||||||||||||||||||||||
| | 2018 | | 2017 | | | 2019 | | 2018 | | ||||||||||||||||||||||||||||||||||
Foreclosed real estate | | | $ | 486 | | | | $ | 419 | | | Appraisal of collateral(1) | | Appraisal adjustments(2) | | 0% to 30% (17%) | | | | $ | 404 | | | | $ | 486 | | | Appraisal of collateral(1) | | Appraisal adjustments(2) | | 0% to 30% | | ||||||||||
| | | | | | | | | | | | Liquidation expenses(2) | | | | 0% to 15% (11%) | | | | | | | | | | | | | Liquidation expenses(2) | | | | | | ||||||||||
Impaired loans | | | $ | — | | | | $ | 295 | | | Fair value of collateral(1),(3) | | Appraisal adjustments(2) | | 0% to 20% (20%) | | |||||||||||||||||||||||||||
| | | | | | | | | | | | Liquidation expenses(2) | | | | 0% to 10% (6%) | |
| | | Carrying Value | | | Estimated Fair Value | | | Level 1 | | | Level 2 | | | Level 3 | | |||||||||||||||
December 31, 2018: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Financial Instruments – Assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash on hand and due from banks(1) | | | | $ | 3,371 | | | | | $ | 3,371 | | | | | $ | 3,371 | | | | | $ | — | | | | | $ | — | | |
Interest-earning deposits in other institutions(1) | | | | | 12,836 | | | | | | 12,836 | | | | | | 12,836 | | | | | | — | | | | | | — | | |
Certificate of deposit(1) | | | | | 249 | | | | | | 249 | | | | | | 249 | | | | | | — | | | | | | — | | |
Investment securities(2) | | | | | 66,169 | | | | | | 66,169 | | | | | | | | | | | | 66,169 | | | | | | — | | |
Equity Securities(3) | | | | | 2,725 | | | | | | 2,725 | | | | | | 2,725 | | | | | | | | | | | | | | |
Mortgage-backed securities(2) | | | | | 81,794 | | | | | | 81,794 | | | | | | — | | | | | | 81,794 | | | | | | — | | |
Federal Home Loan Bank stock(1) | | | | | 7,827 | | | | | | 7,827 | | | | | | 7,827 | | | | | | — | | | | | | — | | |
Loans receivable(1)(4) | | | | | 728,982 | | | | | | 717,491 | | | | | | — | | | | | | — | | | | | | 717,491 | | |
Bank-owned life insurance(1) | | | | | 22,572 | | | | | | 22,572 | | | | | | 22,572 | | | | | | — | | | | | | — | | |
Accrued interest receivable(1) | | | | | 2,823 | | | | | | 2,823 | | | | | | 2,823 | | | | | | — | | | | | | — | | |
Financial Instruments – Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Demand, savings and club accounts(1) | | | | $ | 471,177 | | | | | $ | 471,177 | | | | | $ | 471,177 | | | | | $ | — | | | | | $ | — | | |
Certificate deposit accounts(1) | | | | | 246,697 | | | | | | 245,740 | | | | | | — | | | | | | — | | | | | | 245,740 | | |
Federal Home Loan Bank short-term borrowings(1) | | | | | 4,524 | | | | | | 4,524 | | | | | | 4,524 | | | | | | — | | | | | | — | | |
Federal Home Loan Bank advances(1) | | | | | 104,963 | | | | | | 104,345 | | | | | | — | | | | | | — | | | | | | 104,345 | | |
Securities sold under agreements to repurchase(1) | | | | | 2,137 | | | | | | 2,137 | | | | | | 2,137 | | | | | | — | | | | | | — | | |
Accrued interest payable(1) | | | | | 1,154 | | | | | | 1,154 | | | | | | 1,154 | | | | | | — | | | | | | — | | |
December 31, 2017: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Financial Instruments – Assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash on hand and due from banks | | | | $ | 3,523 | | | | | $ | 3,523 | | | | | $ | 3,523 | | | | | $ | — | | | | | $ | — | | |
Interest-earning deposits in other institutions | | | | | 12,742 | | | | | | 12,742 | | | | | | 12,742 | | | | | | — | | | | | | — | | |
Certificate of deposit | | | | | 749 | | | | | | 749 | | | | | | 749 | | | | | | — | | | | | | — | | |
Investment securities | | | | | 65,559 | | | | | | 65,559 | | | | | | 4,170 | | | | | | 61,389 | | | | | | — | | |
Mortgage-backed securities | | | | | 67,630 | | | | | | 67,630 | | | | | | — | | | | | | 67,630 | | | | | | — | | |
Federal Home Loan Bank stock | | | | | 9,468 | | | | | | 9,468 | | | | | | 9,468 | | | | | | — | | | | | | — | | |
Loans receivable | | | | | 747,035 | | | | | | 747,371 | | | | | | — | | | | | | — | | | | | | 747,371 | | |
Bank-owned life insurance | | | | | 22,040 | | | | | | 22,040 | | | | | | 22,040 | | | | | | — | | | | | | — | | |
Accrued interest receivable | | | | | 2,657 | | | | | | 2,657 | | | | | | 2,657 | | | | | | — | | | | | | — | | |
Financial Instruments – Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Demand, savings and club accounts | | | | $ | 482,902 | | | | | $ | 482,902 | | | | | $ | 482,902 | | | | | $ | — | | | | | $ | — | | |
Certificate deposit accounts | | | | | 211,944 | | | | | | 211,454 | | | | | | — | | | | | | — | | | | | | 211,454 | | |
Federal Home Loan Bank short-term borrowings | | | | | 27,021 | | | | | | 27,021 | | | | | | 27,021 | | | | | | — | | | | | | — | | |
Federal Home Loan Bank advances | | | | | 107,652 | | | | | | 107,223 | | | | | | — | | | | | | — | | | | | | 107,223 | | |
Securities sold under agreements to repurchase | | | | | 4,240 | | | | | | 4,240 | | | | | | 4,240 | | | | | | — | | | | | | — | | |
Accrued interest payable | | | | | 993 | | | | | | 993 | | | | | | 993 | | | | | | — | | | | | | — | | |
| | | Carrying Value | | | Estimated Fair Value | | | Level 1 | | | Level 2 | | | Level 3 | | |||||||||||||||
December 31, 2019: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Financial Instruments – Assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash on hand and due from banks(1) | | | | $ | 3,396 | | | | | $ | 3,396 | | | | | $ | 3,396 | | | | | $ | — | | | | | $ | — | | |
Interest-earning deposits in other institutions(1) | | | | | 29,031 | | | | | | 29,031 | | | | | | 29,031 | | | | | | — | | | | | | — | | |
Certificate of deposit(1) | | | | | 249 | | | | | | 249 | | | | | | 249 | | | | | | — | | | | | | — | | |
Investment securities(2) | | | | | 69,884 | | | | | | 69,884 | | | | | | — | | | | | | 69,884 | | | | | | — | | |
Equity Securities(3) | | | | | 2,955 | | | | | | 2,955 | | | | | | 2,955 | | | | | | — | | | | | | — | | |
Mortgage-backed securities(2) | | | | | 91,478 | | | | | | 91,478 | | | | | | — | | | | | | 91,478 | | | | | | — | | |
Federal Home Loan Bank and other restricted stock(1) | | | | | 7,486 | | | | | | 7,486 | | | | | | 7,486 | | | | | | — | | | | | | — | | |
Loans receivable(1) | | | | | 712,965 | | | | | | 721,197 | | | | | | — | | | | | | — | | | | | | 721,197 | | |
Bank-owned life insurance(1) | | | | | 23,374 | | | | | | 23,374 | | | | | | 23,374 | | | | | | — | | | | | | — | | |
Accrued interest receivable(1) | | | | | 2,794 | | | | | | 2,794 | | | | | | 2,794 | | | | | | — | | | | | | — | | |
Financial Instruments – Liabilities: | | | | | | | |||||||||||||||||||||||||
Demand and savings accounts(1) | | | | $ | 489,292 | | | | | $ | 489,292 | | | | | $ | 489,292 | | | | | $ | — | | | | | $ | — | | |
Certificate deposit accounts(1) | | | | | 245,114 | | | | | | 247,456 | | | | | | — | | | | | | — | | | | | | 247,456 | | |
Federal Home Loan Bank short-term borrowings(1) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Long-term borrowings(1) | | | | | 99,098 | | | | | | 100,032 | | | | | | — | | | | | | — | | | | | | 100,032 | | |
Securities sold under agreements to repurchase(1) | | | | | 3,740 | | | | | | 3,740 | | | | | | 3,740 | | | | | | — | | | | | | — | | |
Accrued interest payable(1) | | | | | 1,010 | | | | | | 1,010 | | | | | | 1,010 | | | | | | — | | | | | | — | | |
| | | Carrying Value | | | Estimated Fair Value | | | Level 1 | | | Level 2 | | | Level 3 | | |||||||||||||||
December 31, 2018: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Financial Instruments – Assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | �� | | |
Cash on hand and due from banks(1) | | | | $ | 3,371 | | | | | $ | 3,371 | | | | | $ | 3,371 | | | | | $ | — | | | | | $ | — | | |
Interest-earning deposits in other institutions(1) | | | | | 12,836 | | | | | | 12,836 | | | | | | 12,836 | | | | | | — | | | | | | — | | |
Certificate of deposit(1) | | | | | 249 | | | | | | 249 | | | | | | 249 | | | | | | — | | | | | | — | | |
Investment securities(2) | | | | | 66,169 | | | | | | 66,169 | | | | | | — | | | | | | 66,169 | | | | | | — | | |
Equity Securities(3) | | | | | 2,725 | | | | | | 2,725 | | | | | | 2,725 | | | | | | — | | | | | | — | | |
Mortgage-backed securities(2) | | | | | 81,794 | | | | | | 81,794 | | | | | | — | | | | | | 81,794 | | | | | | — | | |
Federal Home Loan Bank and other restricted stock(1) | | | | | 7,900 | | | | | | 7,900 | | | | | | 7,900 | | | | | | — | | | | | | — | | |
Loans receivable(1) | | | | | 728,982 | | | | | | 717,491 | | | | | | — | | | | | | — | | | | | | 717,491 | | |
Bank-owned life insurance(1) | | | | | 22,572 | | | | | | 22,572 | | | | | | 22,572 | | | | | | — | | | | | | — | | |
Accrued interest receivable(1) | | | | | 2,823 | | | | | | 2,823 | | | | | | 2,823 | | | | | | — | | | | | | — | | |
Financial Instruments – Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Demand and savings accounts(1) | | | | $ | 471,177 | | | | | $ | 471,177 | | | | | $ | 471,177 | | | | | $ | — | | | | | $ | — | | |
Certificate deposit accounts(1) | | | | | 246,697 | | | | | | 245,740 | | | | | | — | | | | | | — | | | | | | 245,740 | | |
Federal Home Loan Bank short-term borrowings(1) | | | | | 4,524 | | | | | | 4,524 | | | | | | 4,524 | | | | | | — | | | | | | — | | |
Federal Home Loan Bank advances(1) | | | | | 104,963 | | | | | | 104,345 | | | | | | — | | | | | | — | | | | | | 104,345 | | |
Securities sold under agreements to repurchase(1) | | | | | 2,137 | | | | | | 2,137 | | | | | | 2,137 | | | | | | — | | | | | | — | | |
Accrued interest payable(1) | | | | | 1,154 | | | | | | 1,154 | | | | | | 1,154 | | | | | | — | | | | | | — | | |
Statement of Financial Condition (Dollars in thousands) | | | December 31 | | |||||||||
| 2019 | | | 2018 | | ||||||||
Assets | | | | | | | | | | | | | |
Cash | | | | $ | 2,222 | | | | | $ | 1,421 | | |
Interest-earning deposits with other institutions | | | | | 82 | | | | | | 47 | | |
Cash and cash equivalents | | | | | 2,304 | | | | | | 1,468 | | |
Equity securities | | | | | 1,160 | | | | | | 1,022 | | |
Accrued interest receivable and other assets | | | | | 51 | | | | | | 1,047 | | |
Investment in subsidiary | | | | | 138,606 | | | | | | 134,451 | | |
Total Assets | | | | $ | 142,121 | | | | | $ | 137,988 | | |
Liabilities and Stockholders’ Equity | | | | | | | | | | | | | |
Accrued interest payable and other liabilities | | | | $ | 273 | | | | | $ | 98 | | |
Stockholders’ equity | | | | | 141,848 | | | | | | 137,890 | | |
Total Liabilities and Stockholders’ Equity | | | | $ | 142,121 | | | | | $ | 137,988 | | |
|
Statement of Financial Condition (Dollars in thousands) | | | December 31 | | |||||||||
| 2018 | | | 2017 | | ||||||||
Assets | | | | | | | | | | | | | |
Cash | | | | $ | 1,421 | | | | | $ | 980 | | |
Interest-earning deposits with other institutions | | | | | 47 | | | | | | 473 | | |
Cash and cash equivalents | | | | | 1,468 | | | | | | 1,453 | | |
Equity securities | | | | | 1,022 | | | | | | 2,451 | | |
Accrued interest receivable and other assets | | | | | 1,047 | | | | | | 1,208 | | |
Investment in subsidiary | | | | | 134,451 | | | | | | 128,904 | | |
Total Assets | | | | $ | 137,988 | | | | | $ | 134,016 | | |
Liabilities and Stockholders’ Equity | | | | | | | | | | | | | |
Accrued interest payable and other liabilities | | | | $ | 98 | | | | | $ | 44 | | |
Stockholders’ equity | | | | | 137,890 | | | | | | 133,972 | | |
Total Liabilities and Stockholders’ Equity | | | | $ | 137,988 | | | | | $ | 134,016 | | |
|
Statement of Operations (Dollars in thousands) | | | Years Ended December 31 | | |||||||||
| 2018 | | | 2017 | | ||||||||
Income | | | | | | | | | | | | | |
Dividends from subsidiary | | | | $ | 2,000 | | | | | $ | 2,000 | | |
Interest income | | | | | 62 | | | | | | 60 | | |
Gain (loss) on sale of investments | | | | | 394 | | | | | | (56) | | |
Net equity securities fair value adjustment losses | | | | | (468) | | | | | | — | | |
Other income | | | | | — | | | | | | 1 | | |
Total Income | | | | | 1,988 | | | | | | 2,005 | | |
Operating expenses | | | | | 259 | | | | | | 499 | | |
Total Expense | | | | | 259 | | | | | | 499 | | |
Income before taxes | | | | | 1,729 | | | | | | 1,506 | | |
Credit for income taxes | | | | | (70) | | | | | | (304) | | |
Income before equity in undistributed net income of subsidiaries | | | | | 1,799 | | | | | | 1,810 | | |
Equity in undistributed income of Standard Bank | | | | | 7,002 | | | | | | 2,515 | | |
| | | | $ | 8,801 | | | | | $ | 4,325 | | |
|
Statement of Operations (Dollars in thousands) | | | Years Ended December 31 | | |||||||||
| 2019 | | | 2018 | | ||||||||
Income | | | | | | | | | | | | | |
Dividends from subsidiary | | | | $ | 7,126 | | | | | $ | 2,000 | | |
Dividend Income | | | | | 38 | | | | | | 62 | | |
Gain on sale of investments | | | | | — | | | | | | 394 | | |
Net equity securities fair value adjustment gains (losses) | | | | | 138 | | | | | | (468) | | |
Total Income | | | | | 7,302 | | | | | | 1,988 | | |
Operating expenses | | | | | 200 | | | | | | 259 | | |
Total Expense | | | | | 200 | | | | | | 259 | | |
Income before taxes | | | | | 7,102 | | | | | | 1,729 | | |
Credit for income taxes | | | | | (35) | | | | | | (70) | | |
Income before equity in undistributed net income of subsidiaries | | | | | 7,137 | | | | | | 1,799 | | |
Equity in undistributed income of Standard Bank | | | | | 1,669 | | | | | | 7,002 | | |
Net Income | | | | $ | 8,806 | | | | | $ | 8,801 | | |
Comprehensive Income | | | | $ | 8,803 | | | | | $ | 8,872 | | |
|
Statement of Cash Flows (Dollars in thousands) | | | Years Ended December 31 | | |||||||||
| 2019 | | | 2018 | | ||||||||
Net income | | | | $ | 8,806 | | | | | $ | 8,801 | | |
Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | | | | | | | | |
Net gain on sale of equity securities | | | | | — | | | | | | (394) | | |
Net equity securities fair value adjustment (gains) losses | | | | | (138) | | | | | | 468 | | |
Stock compensation expense | | | | | 81 | | | | | | 1 | | |
ESOP expense | | | | | 410 | | | | | | 440 | | |
Net change in other assets and liabilities | | | | | 1,171 | | | | | | 215 | | |
Equity in undistributed income of subsidiaries | | | | | (1,669) | | | | | | (7,002) | | |
Net cash provided by operating activities | | | | | 8,661 | | | | | | 2,529 | | |
Investing Activities: | | | | | | | | | | | | | |
Proceeds from sale of equtiy securities | | | | | — | | | | | | 1,900 | | |
Purchases of equity securities | | | | | — | | | | | | (546) | | |
Net cash provided by investing activities | | | | | — | | | | | | 1,354 | | |
Financing activities: | | | | | | | | | | | | | |
Proceeds from exercise of stock options | | | | | 257 | | | | | | 648 | | |
Stock repurchases | | | | | (4,012) | | | | | | (428) | | |
Dividends paid | | | | | (4,070) | | | | | | (4,088) | | |
Net cash used for financing activities | | | | | (7,825) | | | | | | (3,868) | | |
Net change in cash and cash equivalents | | | | | 836 | | | | | | 15 | | |
Cash and cash equivalents at the beginning of the year | | | | | 1,468 | | | | | | 1,453 | | |
Cash and cash equivalents at the end of the year | | | | $ | 2,304 | | | | | $ | 1,468 | | |
Statement of Cash Flows (Dollars in thousands) | | | Years Ended December 31 | | |||||||||
| 2018 | | | 2017 | | ||||||||
Net income | | | | $ | 8,801 | | | | | $ | 4,325 | | |
Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | | | | | | | | |
Net (gain) loss on sale of equity securities | | | | | (394) | | | | | | 56 | | |
Net equity securities fair value adjustment losses | | | | | 468 | | | | | | — | | |
Net change in other assets and liabilities | | | | | 215 | | | | | | (103) | | |
Equity in undistributed income of subsidiaries | | | | | (7,002) | | | | | | (2,515) | | |
Net cash provided by operating activities | | | | | 2,088 | | | | | | 1,763 | | |
Investing Activities: | | | | | | | | | | | | | |
Proceeds from sale of equtiy securities | | | | | 1,900 | | | | | | 601 | | |
Purchases of equity securities | | | | | (546) | | | | | | (318) | | |
Cash and cash equialents acquired | | | | | — | | | | | | 408 | | |
Capital contribution to subsidiaries | | | | | — | | | | | | (57,672) | | |
Net cash (used for) provided by investing activities | | | | | 1,354 | | | | | | (56,981) | | |
Financing activities: | | | | | | | | | | | | | |
Proceeds from exercise of stock options | | | | | 648 | | | | | | 311 | | |
Proceeds from stock issuance related to merger | | | | | — | | | | | | 57,672 | | |
Stock compensation expense | | | | | 1 | | | | | | 529 | | |
ESOP expense | | | | | 440 | | | | | | 403 | | |
Stock repurchases | | | | | (428) | | | | | | (161) | | |
Dividends paid | | | | | (4,088) | | | | | | (3,312) | | |
Net cash provided by (used for) financing activities | | | | | (3,427) | | | | | | 55,442 | | |
Net change in cash and cash equivalents | | | | | 15 | | | | | | 224 | | |
Cash and cash equivalents at the beginning of the year | | | | | 1,453 | | | | | | 1,229 | | |
Cash and cash equivalents at the end of the year | | | | $ | 1,468 | | | | | $ | 1,453 | | |
|
| | | Unrealized Gains on Available for Sale Securities | | | Unrecognized Pension Costs | | | Total | | |||||||||
Balance as of December 31, 2016 | | | | $ | (32) | | | | | $ | (745) | | | | | $ | (777) | | |
Other comprehensive income before reclassification | | | | | 519 | | | | | | 373 | | | | | | 892 | | |
Amount reclassified from accumulated other comprehensive income | | | | | 212 | | | | | | 111 | | | | | | 323 | | |
Total other comprehensive income | | | | | 731 | | | | | | 484 | | | | | | 1,215 | | |
Reclassification of certain income tax effects from accumulated other comprehensive income | | | | | 141 | | | | | | (51) | | | | | | 90 | | |
Balance as of December 31, 2017 | | | | $ | 840 | | | | | $ | (312) | | | | | $ | 528 | | |
Other comprehensive income before reclassification | | | | | (1,540) | | | | | | 15 | | | | | | (1,525) | | |
Amount reclassified from accumulated other comprehensive loss | | | | | 13 | | | | | | 56 | | | | | | 69 | | |
Total other comprehensive (loss) income | | | | | (1,527) | | | | | | 71 | | | | | | (1,456) | | |
Change in accounting principle for adoption of ASU 2016-01 | | | | | (416) | | | | | | — | | | | | | (416) | | |
Balance as of December 31, 2018 | | | | $ | (1,103) | | | | | $ | (241) | | | | | $ | (1,344) | | |
|
| | | Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | | | Affected Line on the Consolidated Statements of Income | | |||
December 31, 2018: | | | | | | | | | | |
Unrealized losses on available for sale securities | | | | $ | 17 | | | | Net losses on sales of securities | |
| | | | | (4) | | | | Income tax expense | |
| | | | | 13 | | | | Net of tax | |
Amortization of defined benefit items: Actuarial loss | | | | | 10 | | | | Other operating expenses | |
Distribution settlement | | | | | 61 | | | | Other operating expenses | |
| | | | | (15) | | | | Income tax expense | |
| | | | | 56 | | | | Net of tax | |
Total reclassification for the period | | | | $ | 69 | | | | Net income | |
December 31, 2017: | | | | | | | | | | |
Unrealized losses on available for sale securities | | | | $ | 323 | | | | Net losses on sales of securities | |
| | | | | (111) | | | | Income tax expense | |
| | | | | 212 | | | | Net of tax | |
Amortization of defined benefit items: Actuarial gains | | | | | 96 | | | | Other operating expenses | |
Distribution settlement | | | | | 72 | | | | Other operating expenses | |
| | | | | (57) | | | | Income tax expense | |
| | | | | 111 | | | | Net of tax | |
Total reclassification for the period | | | | $ | 323 | | | | Net income | |
|
| | | Unrealized Gains on Available for Sale Securities | | | Unrecognized Pension Costs | | | Total | | |||||||||
Balance as of December 31, 2017 | | | | $ | 840 | | | | | $ | (312) | | | | | $ | 528 | | |
Other comprehensive (loss) income before reclassification | | | | | (1,540) | | | | | | 15 | | | | | | (1,525) | | |
Amount reclassified from accumulated other comprehensive income | | | | | 13 | | | | | | 56 | | | | | | 69 | | |
Total other comprehensive (loss) income | | | | | (1,527) | | | | | | 71 | | | | | | (1,456) | | |
Change in accounting principle for adoption of ASU 2016-01 | | | | | (416) | | | | | | — | | | | | | (416) | | |
Balance as of December 31, 2018 | | | | $ | (1,103) | | | | | $ | (241) | | | | | $ | (1,344) | | |
Other comprehensive income before reclassification | | | | | 2,488 | | | | | | (48) | | | | | | 2,440 | | |
Amount reclassified from accumulated other comprehensive loss | | | | | 1 | | | | | | 45 | | | | | | 46 | | |
Total other comprehensive income (loss) | | | | | 2,489 | | | | | | (3) | | | | | | 2,486 | | |
Balance as of December 31, 2019 | | | | $ | 1,386 | | | | | $ | (244) | | | | | $ | 1,142 | | |
|
| | | Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | | | Affected Line on the Consolidated Statements of Income | | |||
December 31, 2019: | | | | | | | | | | |
Unrealized losses on available for sale securities | | | | $ | 1 | | | | Net losses on sales of securities | |
| | | | | — | | | | Income tax expense | |
| | | | | 1 | | | | Net of tax | |
Amortization of defined benefit items: Actuarial loss | | | | | 9 | | | | Other operating expenses | |
Distribution settlement | | | | | 48 | | | | Other operating expenses | |
| | | | | (12) | | | | Income tax expense | |
| | | | | 45 | | | | Net of tax | |
Total reclassification for the period | | | | $ | 46 | | | | Net income | |
December 31, 2018: | | | | | | | | | | |
Unrealized losses on available for sale securities | | | | $ | 17 | | | | Net losses on sales of securities | |
| | | | | (4) | | | | Income tax expense | |
| | | | | 13 | | | | Net of tax | |
Amortization of defined benefit items: Actuarial loss | | | | | 10 | | | | Other operating expenses | |
Distribution settlement | | | | | 61 | | | | Other operating expenses | |
| | | | | (15) | | | | Income tax expense | |
| | | | | 56 | | | | Net of tax | |
Total reclassification for the period | | | | $ | 69 | | | | Net income | |
| | Year Ended December 31, | | | Year Ended December 31, | | ||||||||||||||||||||
| | 2018 | | 2017 | | | 2019 | | 2018 | | ||||||||||||||||
Noninterest income | | | | | | | | | | | | | | | | | | | | | | | ||||
In scope of Topic 606: | | | | | | | | | | | | | | | | | | | | | | | ||||
Service charges on deposit accounts | | | $ | 2,900 | | | | $ | 2,510 | | | | | $ | 2,977 | | | | $ | 2,900 | | | ||||
Investment management fees | | | | 644 | | | | | 412 | | | | | | 695 | | | | | 644 | | | ||||
Noninterest income (in-scope of Topic 606) | | | | 3,544 | | | | | 2,922 | | | | | | 3,672 | | | | | 3,544 | | | ||||
Noninterest income (out-of-scope of Topic 606) | | | | 803 | | | | | 621 | | | | | | 1,380 | | | | | 803 | | | ||||
Total noninterest income | | | $ | 4,347 | | | | $ | 3,543 | | | | | $ | 5,052 | | | | $ | 4,347 | | | ||||
|
| Purchase Price Consideration in Common Stock | | | | | | | | | | | | | |
| AVLY common shares settled for stock | | | | | 1,040,924 | | | | | | | | |
| Exchange Ratio | | | | | 2.083 | | | | | | | | |
| Standard AVB Financial Corp. shares issued | | | | | 2,168,097 | | | | | | | | |
| Value assigned to Standard AVB Financial common share | | | | $ | 26.60 | | | | | | | | |
| Purchase price per share | | | | $ | 55.41 | | | | | | | | |
| Purchase price assigned AVLY common shares exchanged for Standard AVB Financial Corp. | | | | | | | | | | $ | 57,672 | | |
| Net Assets Acquired: | | | | | | | | | | | | | |
| AVLY shareholders’ equity | | | | | 48,398 | | | | | | | | |
| AVLY Goodwill | | | | | (8,144) | | | | | | | | |
| Total tangible equity | | | | | 40,254 | | | | | | | | |
| Adjustments to reflect assets acquired at fair value: | | | | | | | | | | | | | |
| Loans | | | | | | | | | | | | | |
| Interest rate | | | | | (861) | | | | | | | | |
| General Credit | | | | | (3,851) | | | | | | | | |
| Specific Credit-non amortizing | | | | | (2,467) | | | | | | | | |
| Elimination of existing loan ALLL | | | | | 3,886 | | | | | | | | |
| Certificates of Deposit Yield Premium | | | | | (902) | | | | | | | | |
| Core Deposit Intangible | | | | | 4,116 | | | | | | | | |
| Fixed assets | | | | | 384 | | | | | | | | |
| Deferred Tax Asset | | | | | (103) | | | | | | | | |
| | | | | | | | | | | | 40,456 | | |
| Goodwill resulting from the merger | | | | | | | | | | $ | 17,216 | | |
| Total Purchase Price | | | | | | | | | | $ | 57,672 | | |
| Net Assets Acquired: | | | | | | | | | | | | | |
| Cash | | | | | 9,611 | | | | | | | | |
| Securities available for sale | | | | | 95,919 | | | | | | | | |
| Loan | | | | | 311,736 | | | | | | | | |
| Premises | | | | | 4,434 | | | | | | | | |
| Accrued Interest receivable | | | | | 1,144 | | | | | | | | |
| Bank-owned life insurance | | | | | 6,486 | | | | | | | | |
| Deferred tax assets | | | | | — | | | | | | | | |
| Core deposit intangible | | | | | 4,116 | | | | | | | | |
| Other assets | | | | | 7,481 | | | | | | | | |
| Time deposits | | | | | (70,422) | | | | | | | | |
| Deposits other than time deposits | | | | | (263,522) | | | | | | | | |
| Borrowings | | | | | (64,624) | | | | | | | | |
| Accrued interest payable and other liabilities | | | | | (1,903) | | | | | | | | |
| | | | | | | | | | | | 40,456 | | |
| Goodwill resulting from the AVLY merger | | | | | | | | | | $ | 17,216 | | |
| 2019 | | | | 628 | | | 2020 | | | | 470 | | | ||
| 2020 | | | | 472 | | | 2021 | | | | 353 | | | ||
| 2021 | | | | 352 | | | 2022 | | | | 326 | | | ||
| 2022 | | | | 325 | | | 2023 | | | | 326 | | | ||
| 2023 | | | | 325 | | | 2024 | | | | 325 | | | ||
| 2024 | | | | 325 | | | 2025 | | | | 81 | | | ||
| 2025 | | | | 81 | | | | | | $ | 1,881 | | | ||
| | | | $ | 2,508 | | | |||||||||
|
| 101.INS | | | XBRL Instance Document(6) | |
| 101.SCH | | | XBRL Taxonomy Extension Schema Document(6) | |
| 101.CAL | | | XBRL Taxonomy Calculation Linkbase Document(6) | |
| 101 DEF | | | XBRL Taxonomy Extension Definition Linkbase Document(6) | |
| 101 LAB | | | XBRL Taxonomy Label Linkbase Document(6) | |
| 101.PRE | | | XBRL Taxonomy Presentation Linkbase Document(6) | |
| Signatures | | | Title | | | Date | |
| /s/ Timothy K. Zimmerman Timothy K. Zimmerman | | | Chief Executive Officer and Director (Principal Executive Officer) | | | March | |
| /s/ Andrew W. Hasley Andrew W. Hasley | | | President and Director (Principal Executive Officer) | | | March | |
| /s/ Susan A. Parente Susan A. Parente | | | Executive Vice President and Chief Financial Officer (Principal Financial and Accounting Officer) | | | March | |
| / Terence L. Graft | | | Chairman of the Board | | | March | |
| / Gregory J. Saxton | | | Vice Chairman of the Board | | | March | |
| /s/ William T. Ferri William T. Ferri | | | Director | | | March | |
| /s/ Paul A. Iurlano Paul A. Iurlano | | | Director | | | March | |
| /s/ John M. Lally John M. Lally | | | Director | | | March | |
| /s/ Jennifer H. Lunden Jennifer H. Lunden | | | Director | | | March | |
| /s/ David C. Mathews David C. Mathews | | | Director | | | March | |
| /s/ Ronald J. Mock Ronald J. Mock | | | Director | | | March | |
| /s/ Thomas J. Rennie Thomas J. Rennie | | | Director | | | March | |
| /s/ Robert C. Thomasmeyer Robert C. Thomasmeyer | | | Director | | | March | |
| /s/ Dale A. Walker Dale A. Walker | | | Director | | | March | |