Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Aug. 04, 2017 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | SELECT BANCORP, INC. | |
Entity Central Index Key | 1,263,762 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Trading Symbol | SLCT | |
Entity Common Stock, Shares Outstanding | 11,662,621 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | [1] |
ASSETS | |||
Cash and due from banks | $ 13,791 | $ 14,372 | |
Interest-earning deposits in other banks | 43,512 | 40,342 | |
Certificates of deposit | 1,000 | 1,000 | |
Investment securities available for sale, at fair value | 56,852 | 62,257 | |
Loans | 738,021 | 677,195 | |
Allowance for loan losses | (8,488) | (8,411) | |
NET LOANS | 729,533 | 668,784 | |
Accrued interest receivable | 2,646 | 2,768 | |
Stock in Federal Home Loan Bank of Atlanta (“FHLB”), at cost | 2,141 | 2,251 | |
Other non-marketable securities | 666 | 703 | |
Foreclosed real estate | 2,702 | 599 | |
Premises and equipment, net | 17,517 | 17,931 | |
Bank owned life insurance | 22,466 | 22,183 | |
Goodwill | 6,931 | 6,931 | |
Core deposit intangible (“CDI”) | 629 | 810 | |
Assets held for sale | 846 | 846 | |
Other assets | 5,292 | 4,863 | |
TOTAL ASSETS | 906,524 | 846,640 | |
Deposits: | |||
Demand | 168,635 | 163,569 | |
Savings | 35,162 | 38,394 | |
Money market and NOW | 174,169 | 174,205 | |
Time | 361,687 | 303,493 | |
TOTAL DEPOSITS | 739,653 | 679,661 | |
Short-term debt | 33,559 | 37,090 | |
Long-term debt | 22,839 | 23,039 | |
Accrued interest payable | 241 | 221 | |
Accrued expenses and other liabilities | 2,215 | 2,356 | |
TOTAL LIABILITIES | 798,507 | 742,367 | |
Shareholders’ Equity: | |||
Preferred stock, no par value, 5,000,000 shares authorized; 0 shares issued and outstanding at June 30, 2017 and December 31, 2016 | 0 | 0 | |
Common stock, $1.00 par value, 25,000,000 shares authorized; 11,662,471 and 11,645,413 shares issued and outstanding at June 30, 2017 and December 31, 2016, respectively | 11,662 | 11,645 | |
Additional paid-in capital | 69,725 | 69,597 | |
Retained earnings | 26,124 | 22,673 | |
Common stock issued to deferred compensation trust, at cost; 284,972 and 280,432 shares at June 30, 2017 and December 31, 2016, respectively | (2,397) | (2,340) | |
Directors’ Deferred Compensation Plan Rabbi Trust | 2,397 | 2,340 | |
Accumulated other comprehensive income | 506 | 358 | |
TOTAL SHAREHOLDERS’ EQUITY | 108,017 | 104,273 | |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 906,524 | $ 846,640 | |
[1] | Derived from audited consolidated financial statements. |
CONSOLIDATED BALANCE SHEETS _Pa
CONSOLIDATED BALANCE SHEETS [Parenthetical] - $ / shares | Jun. 30, 2017 | Dec. 31, 2016 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shares authorized | 25,000,000 | 25,000,000 |
Common stock, shares issued | 11,662,471 | 11,645,413 |
Common stock, shares outstanding | 11,662,471 | 11,645,413 |
Deferred Compensation, Share-based Payments [Member] | ||
Common stock, shares issued | 284,972 | 280,432 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
INTEREST INCOME | ||||
Loans | $ 9,024 | $ 8,242 | $ 17,731 | $ 16,207 |
Federal funds sold and interest-earning deposits in other banks | 119 | 60 | 207 | 137 |
Investments | 326 | 343 | 656 | 733 |
TOTAL INTEREST INCOME | 9,469 | 8,645 | 18,594 | 17,077 |
INTEREST EXPENSE | ||||
Money market, NOW and savings deposits | 117 | 94 | 220 | 193 |
Time deposits | 880 | 647 | 1,639 | 1,308 |
Short-term debt | 63 | 106 | 118 | 140 |
Long-term debt | 137 | 65 | 267 | 198 |
TOTAL INTEREST EXPENSE | 1,197 | 912 | 2,244 | 1,839 |
NET INTEREST INCOME | 8,272 | 7,733 | 16,350 | 15,238 |
PROVISION FOR LOAN LOSSES | 1,083 | 158 | 889 | 510 |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 7,189 | 7,575 | 15,461 | 14,728 |
NON-INTEREST INCOME | ||||
Gain on sale of investment securities | 0 | 0 | 0 | 22 |
Service charges on deposit accounts | 216 | 246 | 431 | 493 |
Other fees and income | 562 | 585 | 1,077 | 1,182 |
TOTAL NON-INTEREST INCOME | 778 | 831 | 1,508 | 1,697 |
NON-INTEREST EXPENSE | ||||
Personnel | 3,702 | 3,087 | 7,116 | 6,289 |
Occupancy and equipment | 492 | 607 | 1,064 | 1,181 |
Deposit insurance | 75 | 135 | 147 | 261 |
Professional fees | 251 | 252 | 571 | 487 |
CDI amortization | 88 | 111 | 181 | 227 |
Information systems | 534 | 524 | 1,038 | 1,033 |
Foreclosed-related expenses | (25) | 24 | (9) | 63 |
Other | 863 | 779 | 1,677 | 1,598 |
TOTAL NON-INTEREST EXPENSE | 5,980 | 5,519 | 11,785 | 11,139 |
INCOME BEFORE INCOME TAX | 1,987 | 2,887 | 5,184 | 5,286 |
INCOME TAXES | 651 | 980 | 1,733 | 1,876 |
NET INCOME | 1,336 | 1,907 | 3,451 | 3,410 |
DIVIDENDS ON PREFERRED STOCK | 0 | 0 | 0 | 4 |
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS | $ 1,336 | $ 1,907 | $ 3,451 | $ 3,406 |
NET INCOME PER COMMON SHARE | ||||
Basic (in dollars per share) | $ 0.11 | $ 0.16 | $ 0.3 | $ 0.29 |
Diluted (in dollars per share) | $ 0.11 | $ 0.16 | $ 0.29 | $ 0.29 |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING | ||||
Basic (in shares) | 11,662,117 | 11,594,995 | 11,657,391 | 11,589,217 |
Diluted (in shares) | 11,727,110 | 11,642,726 | 11,720,841 | 11,638,669 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Net income | $ 1,336 | $ 1,907 | $ 3,451 | $ 3,410 |
Other comprehensive income (loss): | ||||
Unrealized gain on investment securities available for sale | 151 | 338 | 233 | 1,099 |
Tax effect | (55) | (113) | (85) | (397) |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax | 96 | 225 | 148 | 702 |
Reclassification adjustment for gain included in net income | 0 | 0 | 0 | (22) |
Tax effect | 0 | 0 | 0 | 8 |
Other Comprehensive Income (Loss), Reclassification Adjustment for Sale of Securities Included in Net Income, Net of Tax | 0 | 0 | 0 | (14) |
Total | 96 | 225 | 148 | 688 |
Total comprehensive income | $ 1,432 | $ 2,132 | $ 3,599 | $ 4,098 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Preferred Stock [Member] | Common Stock [Member] | Additional paid-in Capital [Member] | Retained Earnings [Member] | Common Stock Issued to Deferred Compensation Trust [Member] | Deferred Comp Plan [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Balance at Dec. 31, 2015 | $ 104,702 | $ 7,645 | $ 11,583 | $ 69,061 | $ 15,923 | $ (2,139) | $ 2,139 | $ 490 |
Balance (in shares) at Dec. 31, 2015 | 7,645 | 11,583,011 | ||||||
Net income | 3,410 | $ 0 | $ 0 | 0 | 3,410 | 0 | 0 | 0 |
Other comprehensive income, net | 688 | 0 | 0 | 0 | 0 | 0 | 0 | 688 |
Preferred stock dividends paid | (4) | 0 | 0 | 0 | (4) | 0 | 0 | 0 |
Preferred stock redemption | (7,645) | $ (7,645) | $ 0 | 0 | 0 | 0 | 0 | 0 |
Preferred stock redemption (in shares) | (7,645) | 0 | ||||||
Stock option exercises | 344 | $ 0 | $ 36 | 308 | 0 | 0 | 0 | 0 |
Stock option exercises (in shares) | 0 | 36,173 | ||||||
Stock based compensation | 36 | $ 0 | $ 0 | 36 | 0 | 0 | 0 | 0 |
Director equity incentive plan, net | 0 | 0 | 0 | 0 | 0 | (85) | 85 | 0 |
Balance at Jun. 30, 2016 | 101,531 | $ 0 | $ 11,619 | 69,405 | 19,329 | (2,224) | 2,224 | 1,178 |
Balance (in shares) at Jun. 30, 2016 | 0 | 11,619,184 | ||||||
Balance at Dec. 31, 2016 | 104,273 | $ 0 | $ 11,645 | 69,597 | 22,673 | (2,340) | 2,340 | 358 |
Balance (in shares) at Dec. 31, 2016 | 0 | 11,645,413 | ||||||
Net income | 3,451 | $ 0 | $ 0 | 0 | 3,451 | 0 | 0 | 0 |
Other comprehensive income, net | 148 | 0 | 0 | 0 | 0 | 0 | 0 | 148 |
Stock option exercises | 102 | $ 0 | $ 17 | 85 | 0 | 0 | 0 | 0 |
Stock option exercises (in shares) | 0 | 17,058 | ||||||
Stock based compensation | 43 | $ 0 | $ 0 | 43 | 0 | 0 | 0 | 0 |
Director equity incentive plan, net | 0 | 0 | 0 | 0 | 0 | (57) | 57 | 0 |
Balance at Jun. 30, 2017 | $ 108,017 | $ 0 | $ 11,662 | $ 69,725 | $ 26,124 | $ (2,397) | $ 2,397 | $ 506 |
Balance (in shares) at Jun. 30, 2017 | 0 | 11,662,471 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 3,451 | $ 3,410 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan losses | 889 | 510 |
Depreciation and amortization of premises and equipment | 575 | 520 |
Amortization and accretion of investment securities | 282 | 400 |
Amortization of deferred loan fees and costs | (291) | (236) |
Amortization of core deposit intangible | 181 | 227 |
Stock-based compensation | 43 | 36 |
Accretion on acquired loans | (450) | (534) |
Amortization of acquisition premium on time deposits | (161) | (385) |
Net accretion of acquisition discount on borrowings | (87) | (153) |
Increase in cash surrender value of bank owned life insurance | (283) | (296) |
Net (gain) loss on sale and write-downs of foreclosed real estate | (61) | 48 |
Gain on sale of premises and equipment | (9) | 0 |
Net gain on investment security sales | 0 | (22) |
Change in assets and liabilities: | ||
Net change in accrued interest receivable | 122 | (56) |
Net change in other assets | (514) | 7 |
Net change in accrued expenses and other liabilities | (121) | 2,087 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 3,566 | 5,563 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchase (redemption) of FHLB stock | 110 | (206) |
Purchase (redemption) of non-marketable security | 37 | (52) |
Purchase of investment securities available for sale | (759) | (1,517) |
Maturities of investment securities available for sale | 3,255 | 7,434 |
Mortgage-backed securities pay-downs | 2,860 | 5,010 |
Proceeds from sale of investment securities available for sale | 0 | 624 |
Net change in loans outstanding | (63,323) | (14,436) |
Proceeds from sale of foreclosed real estate | 384 | 1,215 |
Proceeds from sale of premises and equipment | (247) | 0 |
Purchases of premises and equipment | 95 | (456) |
NET CASH USED BY INVESTING ACTIVITIES | (57,588) | (2,384) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net change in deposits | 60,153 | 10,498 |
Proceeds from short-term debt | 0 | 16,000 |
Repayments on short-term debt | (3,444) | (14,390) |
Repayments on long-term debt | (200) | (913) |
Preferred stock dividends paid | 0 | (4) |
Redemption of preferred stock | 0 | (7,645) |
Proceeds from stock option exercises | 102 | 344 |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 56,611 | 3,890 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 2,589 | 7,069 |
CASH AND CASH EQUIVALENTS, BEGINNING | 55,714 | 63,409 |
CASH AND CASH EQUIVALENTS, ENDING | 58,303 | 70,478 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||
Cash paid during the period for: Interest | 2,224 | 1,820 |
Cash paid during the period for: Taxes | 1,768 | 0 |
Non-cash transactions: | ||
Unrealized gains on investment securities available for sale, net of tax | 148 | 688 |
Transfers from loans to foreclosed real estate | 2,426 | 578 |
Transfers from premises and equipment to assets held for sale | $ 0 | $ 400 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 6 Months Ended |
Jun. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE A - BASIS OF PRESENTATION Select Bancorp, Inc. (“Company”) is a bank holding company whose principal business activity consists of ownership of Select Bank & Trust Company (referred to as the “Bank”). In 2004, the Company formed New Century Statutory Trust I, which issued trust preferred securities to provide additional capital for general corporate purposes, including the current and future expansion of the Company. New Century Statutory Trust I is not a consolidated subsidiary of the Company. On July 25, 2014 the Company changed its name from New Century Bancorp, Inc. to Select Bancorp, Inc. following its acquisition by merger of Select Bancorp, Inc., Greenville, NC (which we refer to herein as “Legacy Select”). The Company is subject to the rules and regulations of the Board of Governors of the Federal Reserve System and the North Carolina Commissioner of Banks. Select Bank & Trust Company was originally incorporated as New Century Bank on May 19, 2000 and began banking operations on May 24, 2000. On July 25, 2014, in connection with the Company’s acquisition of Legacy Select, the Bank changed its name from New Century Bank to Select Bank & Trust Company following the merger of the two banking corporations. The Bank is the only banking subsidiary of the Company, and its headquarters and operations center are located in Dunn, NC. The Bank is engaged in general commercial and retail banking in central and eastern North Carolina and operates under the banking laws of North Carolina and the rules and regulations of the Federal Deposit Insurance Corporation and the North Carolina Commissioner of Banks. The Bank undergoes periodic examinations by those regulatory authorities All significant inter-company transactions and balances have been eliminated in consolidation. In management’s opinion, the financial information, which is unaudited, reflects all adjustments (consisting solely of normal recurring adjustments) necessary for a fair presentation of the financial information as of and for the three and six month periods ended June 30, 2017 and 2016, in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of consolidated financial statements requires management to make estimates and assumptions that affect reported amounts of assets and liabilities at the date of the financial statements, as well as the amounts of income and expense during the reporting period. Actual results could differ from those estimates. Operating results for the three and six month periods ended June 30, 2017 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2017. The organization and business of the Company, accounting policies followed by the Company and other relevant information are contained in the notes to the financial statements filed as part of the Company’s 2016 Annual Report on Form 10-K, filed with the Securities and Exchange Commission (“SEC”) on March 14, 2017. This quarterly report should be read in conjunction with the Annual Report. Certain reclassifications of the information in prior periods were made to conform to the June 30, 2017 presentation. Such reclassifications had no effect on shareholders’ equity or net income as previously reported. |
PER SHARE RESULTS
PER SHARE RESULTS | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | NOTE B - PER SHARE RESULTS 23,300 123,800 Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 Weighted average shares used for basic net income available to common shareholders 11,662,117 11,594,995 11,657,391 11,589,217 Effect of dilutive stock options 64,993 47,731 63,450 49,452 Weighted average shares used for diluted net income available to common shareholders 11,727,110 11,642,726 11,720,841 11,638,669 |
RECENT ACCOUNTING PRONOUNCEMENT
RECENT ACCOUNTING PRONOUNCEMENTS | 6 Months Ended |
Jun. 30, 2017 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | NOTE C - RECENT ACCOUNTING PRONOUNCEMENTS The following summarizes recent accounting pronouncements and their expected impact on the Company: In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing In May 2016, the FASB issued ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients In August 2015, the FASB deferred the effective date of ASU 2014-09, Revenue from Contracts with Customers. In April 2016, the FASB amended the Revenue from Contracts with Customers topic of the Accounting Standards Codification to clarify guidance related to identifying performance obligations and accounting for licenses of intellectual property. The amendments will be effective for the Company for reporting periods beginning after December 15, 2017. The Company does not expect these amendments to have a material effect on its financial statements. In March 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-based Payment Accounting, . 4,000 Recognition and Measurement of Financial Assets and Financial Liabilities, amending the Financial Instruments topic of the Accounting Standards Codification to address certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. The amendments will be effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company will apply the guidance by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. The amendments related to equity securities without readily determinable fair values will be applied prospectively to equity investments that exist as of the date of adoption of the amendments. The Company does not expect these amendments to have a material effect on its financial statements. In February 2016, the FASB issued ASU 2016-02, Leases In June 2016, the FASB issued ASU 2016-13, Financial Instruments Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In August 2016, the FASB amended the Statement of Cash Flows topic of the Accounting Standards Codification to clarify how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The amendments will be effective for the Company for fiscal years beginning after December 15, 2017 including interim periods within those fiscal years. The Company does not expect these amendments to have a material effect on its financial statements. In January 2017, the FASB issued guidance to simplify the accounting related to goodwill impairment. ASU 2017-04, Simplifying the Test for Goodwill Impairment In January 2017, the FASB updated the Accounting Changes and Error Corrections and the InvestmentsEquity Method and Joint Ventures Topics of the Accounting Standards Codification. The ASU incorporates into the Accounting Standards Codification recent SEC guidance about disclosing, under SEC SAB Topic 11.M, the effect on financial statements of adopting the revenue, leases, and credit losses standards. The ASU was effective upon issuance. The Company is currently evaluating the impact on additional disclosure requirements as each of the standards is adopted, however it does not expect these amendments to have a material effect on its financial position, results of operations or cash flows. In January 2017, the FASB amended the Goodwill and Other Topic of the Accounting Standards Codification to simplify the accounting for goodwill impairment for public business entities and other entities that have goodwill reported in their financial statements and have not elected the private company alternative for the subsequent measurement of goodwill. The amendment removes Step 2 of the goodwill impairment test. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. The effective date and transition requirements for the technical corrections will be effective for the Company for reporting periods beginning after December 15, 2019. In February 2017, the FASB amended the Other Income Topic of the Accounting Standards Codification to clarify the scope of the guidance on nonfinancial asset derecognition as well as the accounting for partial sales of nonfinancial assets. The amendments conform the derecognition guidance on nonfinancial assets with the model for transactions in the new revenue standard. The amendments will be effective for the Company for reporting periods beginning after December 15, 2017. In May 2017, the FASB amended the requirements in the CompensationStock Compensation Topic of the Accounting Standards Codification related to changes to the terms or conditions of a share-based payment award. The amendments provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. The amendments will be effective for the Company for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted. The Company does not expect these amendments to have a material effect on its financial statements. From time to time, the FASB issues exposure drafts for proposed statements of financial accounting standards. Such exposure drafts are subject to comment from the public, to revisions by the FASB and to final issuance by the FASB as statements of financial accounting standards. Management considers the effect of the proposed statements on the consolidated financial statements of the Company and monitors the status of changes to and proposed effective dates of exposure drafts. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | NOTED D - FAIR VALUE MEASUREMENTS Accounting Standards Codification (“ASC”) 820 defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. ASC 820 does not require any new fair value measurements, but clarifies and standardizes some divergent practices that have emerged since prior guidance was issued. ASC 820 creates a three-level hierarchy under which individual fair value estimates are to be ranked based on the relative reliability of the inputs used in the valuation. Fair value estimates are made at a specific moment in time, based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument. Because no active market readily exists for a portion of the Company’s financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates. The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value: Fair Value Hierarchy The Company groups assets and liabilities at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. These levels are: ⋅ Level 1 Valuation is based upon quoted prices for identical instruments traded in active markets. ⋅ Level 2 Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market. ⋅ Level 3 Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include use of option pricing models, discounted cash flow models and similar techniques. The following is a description of valuation methodologies used for assets and liabilities recorded at fair value on a recurring basis. Investment Securities Available-for-Sale (“AFS”) Investment securities available-for-sale are recorded at fair value on a recurring basis. Fair value measurement is based upon quoted prices, if available. If quoted prices are not available, fair values are measured using independent pricing models or other model-based valuation techniques such as the present value of future cash flows, adjusted for the security’s credit rating, prepayment assumptions and other factors such as credit loss assumptions. Level 1 securities include those traded on an active exchange, such as the New York Stock Exchange, U.S. Treasury securities that are traded by dealers or brokers in active over-the-counter markets and money market funds. Level 2 securities include U.S. government agency securities, mortgage-backed securities issued by government sponsored entities, and municipal bonds. There have been no changes in valuation techniques for the three and six months ended June 30, 2017. Valuation techniques are consistent with techniques used in prior periods. Quoted Prices in Significant Investment securities Active Markets Other Significant available for sale for Identical Observable Unobservable June 30, 2017 Fair value Assets (Level 1) Inputs (Level 2) Inputs (Level 3) U.S. government agencies GSE's $ 12,577 $ - $ 12,577 $ - Mortgage-backed securities - GSE’s 30,084 - 30,084 - Municipal bonds 14,191 - 14,191 - Total $ 56,852 $ - $ 56,852 $ - Quoted Prices in Significant Investment securities Active Markets Other Significant available for sale for Identical Observable Unobservable December 31, 2016 Fair value Assets (Level 1) Inputs (Level 2) Inputs (Level 3) U.S. government agencies GSE's $ 14,159 $ - $ 14,159 $ - Mortgage-backed securities - GSE’s 32,363 - 32,363 - Municipal bonds 15,735 - 15,735 - Total $ 62,257 $ - $ 62,257 $ - The following is a description of valuation methodologies used for assets recorded at fair value on a non-recurring basis. Loans The Company does not record loans at fair value on a recurring basis. However, from time to time, a loan is considered impaired and an allowance for loan losses is established. Loans for which it is probable that payment of interest and principal will not be made in accordance with the contractual terms of the loan agreement are considered impaired. Once a loan is identified as individually impaired, management measures impairment in accordance with ASC 310 “Receivables”. The fair value of impaired loans is estimated using one of several methods, including collateral value, market value of similar debt, enterprise value, or liquidation value and discounted cash flows. Those impaired loans not requiring an allowance represent loans for which the fair value of the expected repayments or collateral exceed the recorded investments in such loans. At June 30, 2017 and December 31, 2016, substantially all of the total impaired loans were evaluated based on the fair value of the collateral. Impaired loans where an allowance is established based on the fair value of collateral require classification in the fair value hierarchy. When the fair value of the collateral is based on an observable market price or a current appraised value, the Company records the impaired loan as non-recurring Level 2. When an appraised value is not available or management determines the fair value of the collateral is further impaired below the appraised value and there is no observable market price, the Company records the impaired loan as non-recurring Level 3. The significant unobservable input used in the fair value measurement of the Company’s impaired loans is the discount applied to appraised values to account for expected liquidation and selling costs. At June 30, 2017, the discounts to appraised value used are weighted between 6 61 Foreclosed Real Estate Foreclosed real estate are properties recorded at estimated fair value less estimated selling costs. Inputs include appraised values on the properties or recent sales activity for similar assets in the property’s market. Therefore, foreclosed real estate is classified within Level 3 of the hierarchy. The significant unobservable input used in the fair value measurement of the Company’s foreclosed real estate is the discount applied to appraised values to account for expected liquidation and selling costs. At June 30, 2017, the discounts used ranged between 6 10 Assets held for sale During 2015, a branch facility was taken out of service as part of the Company’s branch restructuring plan and reclassified as held for sale. The property is recorded at the remaining book balance of the asset or an estimated fair value less estimated selling costs, whichever is less. Inputs include appraised values on the properties or recent sales activity for similar assets in the property’s market. The significant unobservable input used is the discount applied to appraised values to account for expected liquidation and selling costs ranged between 1 25 Quoted Prices in Significant Active Markets Other Significant Asset Category for Identical Observable Unobservable June 30, 2017 Fair value Assets (Level 1) Inputs (Level 2) Inputs (Level 3) Impaired loans $ 2,943 $ - $ - $ 2,943 Assets held for sale 846 - - 846 Foreclosed real estate 2,702 - - 2,702 Total $ 6,491 $ - $ - $ 6,491 Quoted Prices in Significant Active Markets Other Significant Asset Category for Identical Observable Unobservable December 31, 2016 Fair value Assets (Level 1) Inputs (Level 2) Inputs (Level 3) Impaired loans $ 5,805 $ - $ - $ 5,805 Asset held for sale 846 - - 846 Foreclosed real estate 599 - - 599 Total $ 7,250 $ - $ - $ 7,250 June 30, 2017 Carrying Estimated Amount Fair Value Level 1 Level 2 Level 3 (In thousands) Financial assets: Cash and due from banks $ 13,791 $ 13,791 $ 13,791 $ - $ - Certificates of deposit 1,000 1,000 1,000 - - Interest-earning deposits in other banks 43,512 43,512 43,512 - - Investment securities available for sale 56,852 56,852 - 56,852 - Loans, net 729,533 734,564 - - 734,564 Accrued interest receivable 2,646 2,646 - 2,646 - Stock in FHLB 2,141 2,141 - - 2,141 Other non-marketable securities 666 666 - - 666 Financial liabilities: Deposits $ 739,653 $ 738,037 $ - $ 738,037 $ - Short-term debt 33,559 33,559 - 33,559 - Long-term debt 22,839 17,449 - 17,449 - Accrued interest payable 241 241 - 241 - December 31, 2016 Carrying Estimated Amount Fair Value Level 1 Level 2 Level 3 (in thousands) Financial assets: Cash and due from banks $ 14,372 $ 14,372 $ 14,372 $ - $ - Certificates of deposits 1,000 1,000 1,000 - - Interest-earning deposits in other banks 40,342 40,342 40,342 - - Investment securities available for sale 62,257 62,257 - 62,257 - Loans, net 668,784 671,208 - - 671,208 Accrued interest receivable 2,768 2,768 - 2,768 - Stock in the FHLB 2,251 2,251 - - 2,251 Other non-marketable securities 703 703 - - 703 Financial liabilities: Deposits $ 679,661 $ 678,328 $ - $ 678,328 $ - Short-term debt 37,090 37,177 - 37,177 - Long-term debt 23,039 17,649 - 17,649 - Accrued interest payable 221 221 - 221 - Cash and Due from Banks, Certificates of Deposit, Interest-Earning Deposits in Other Banks and Federal Funds Sold The carrying amounts for cash and due from banks, certificates of deposit, interest-earning deposits in other banks and federal funds sold approximate fair value because of the short maturities of those instruments. Investment Securities Available for Sale Fair value for investment securities available for sale equals quoted market price if such information is available. If a quoted market price is not available, fair value is estimated using prices quoted for similar investments or quoted market prices obtained from independent pricing services. Loans For certain homogenous categories of loans, such as residential mortgages, fair value is estimated using the quoted market prices for securities backed by similar loans, adjusted for differences in loan characteristics. The fair value of other types of loans is estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. However, the values likely do not represent exit prices due to distressed market conditions. Stock in Federal Home Loan Bank of Atlanta The fair value for FHLB stock approximates carrying value, based on the redemption provisions of the FHLB stock. Other Non-Marketable Securities The fair value of equity instruments in other non-marketable securities is assumed to approximate carrying value. Deposits The fair value of demand, savings, and money market and NOW deposits is the amount payable on demand at the reporting date. The fair values of time deposits are estimated using the rates currently offered for instruments of similar remaining maturities. Short-term Debt Short-term debt consists of repurchase agreements and FHLB advances with maturities of less than twelve months. The carrying values of these instruments is a reasonable estimate of fair value. Long-term Debt The fair values of long-term debt are based on discounted expected cash flows at the interest rate for debt with the same or similar remaining maturities and collateral requirements. Accrued Interest Receivable and Accrued Interest Payable The carrying amounts of accrued interest receivable and payable approximate fair value because of the short maturities of these instruments. Financial Instruments with Off-Balance Sheet Risk With regard to financial instruments with off-balance sheet risk, it is not practicable to estimate the fair value of future financing commitments. |
INVESTMENT SECURITIES
INVESTMENT SECURITIES | 6 Months Ended |
Jun. 30, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | NOTE E - INVESTMENT SECURITIES June 30, 2017 Gross Gross Amortized unrealized unrealized Fair cost gains losses value (dollars in thousands) Securities available for sale: U.S. government agencies GSE’s $ 12,426 $ 160 $ (9) $ 12,577 Mortgage-backed securities GSE’s 29,727 395 (38) 30,084 Municipal bonds 13,904 287 - 14,191 $ 56,057 $ 842 $ (47) $ 56,852 As of June 30, 2017, accumulated other comprehensive income included net unrealized gains totaling $ 795,000 289,000 December 31, 2016 Gross Gross Amortized unrealized unrealized Fair cost gains losses value (in thousands) Securities available for sale: U.S. government agencies GSE’s $ 14,086 $ 98 $ (25) $ 14,159 Mortgage-backed securities GSE’s 32,082 382 (101) 32,363 Municipal bonds 15,527 209 (1) 15,735 $ 61,695 $ 689 $ (127) $ 62,257 As of December 31, 2016, accumulated other comprehensive income included net unrealized gains totaling $ 562,000 204,000 June 30, 2017 Gross Gross Amortized unrealized unrealized Fair cost gains losses value (In thousands) Securities available for sale: Within 1 year $ 1,554 $ 7 $ - $ 1,561 After 1 year but within 5 years 41,301 572 (47) 41,826 After 5 years but within 10 years 6,943 142 - 7,085 After 10 years 6,259 121 - 6,380 $ 56,057 $ 842 $ (47) $ 56,852 December 31, 2016 Gross Gross Amortized unrealized unrealized Fair cost gains losses value (in thousands) Securities available for sale: Within 1 year $ 3,735 $ 12 $ - $ 3,747 After 1 year but within 5 years 37,615 424 (110) 37,929 After 5 years but within 10 years 10,695 109 (12) 10,792 After 10 years 9,650 144 (5) 9,789 $ 61,695 $ 689 $ (127) $ 62,257 Securities with a carrying value of $ 19.6 34.3 None of the unrealized losses relate to the liquidity of the securities or the issuer’s ability to honor redemption obligations and the Company has the intent and ability to hold these securities to recovery, no other than temporary impairments were identified for these investments having unrealized losses for the periods ended June 30, 2017 and December 31, 2016. In 2016 the Company realized a gain on the disposal of eleven securities and has not incurred any gains or losses related to securities sales in 2017. June 30, 2017 Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized value losses value losses value losses (dollars in thousands) Securities available for sale: U.S. government agencies GSEs $ 1,433 $ (9) $ - $ - $ 1,433 $ (9) Mortgage-backed securities- GSEs 5,420 (38) - - 5,420 (38) Municipal bonds 110 - - - 110 - Total temporarily impaired securities $ 6,963 $ (47) $ - $ - $ 6,963 $ (47) At June 30, 2017, the Company had no AFS securities with an unrealized loss for twelve or more consecutive months. One U.S. government agency GSE, one municipal and six mortgage-backed GSEs had unrealized losses for less than twelve months totaling $ 47,000 December 31, 2016 Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized value losses value losses value losses (in thousands) Securities available for sale: U.S. government agencies GSEs $ 2,748 $ (13) $ 1,651 $ (12) $ 4,399 $ (25) Mortgage-backed securities- GSEs 8,778 (101) - - 8,778 (101) Municipal bonds 110 (1) - - 110 (1) Total temporarily impaired securities $ 11,636 $ (115) $ 1,651 $ (12) $ 13,287 $ (127) At December 31, 2016, the Company had two U.S. government agency GSEs with unrealized losses for more than twelve months totaling $ 12,000 115,000 |
LOANS
LOANS | 6 Months Ended |
Jun. 30, 2017 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE F - LOANS June 30, December 31, Total Loans: 2017 2016 Percent Percent Amount of total Amount of total (dollars in thousands) Real estate loans: 1-to-4 family residential $ 103,644 14.04 % $ 97,978 14.47 % Commercial real estate 297,406 40.30 % 281,723 41.60 % Multi-family residential 71,066 9.63 % 56,119 8.29 % Construction 126,265 17.11 % 100,911 14.90 % Home equity lines of credit (“HELOC”) 42,305 5.73 % 41,158 6.08 % Total real estate loans 640,686 86.81 % 577,889 85.34 % Other loans: Commercial and industrial 88,206 11.95 % 90,678 13.39 % Loans to individuals 10,365 1.40 % 9,756 1.44 % Overdrafts 57 0.01 % 71 0.01 % Total other loans 98,628 13.36 % 100,505 14.84 % Gross loans 739,314 678,394 Less deferred loan origination fees, net (1,293) (0.17) % (1,199) (0.18) % Total loans 738,021 100.00 % 677,195 100.00 % Allowance for loan losses (8,488) (8,411) Total loans, net $ 729,533 $ 668,784 Loans are primarily secured by real estate located in eastern and central North Carolina. Real estate loans can be affected by the condition of the local real estate market and by local economic conditions. At June 30, 2017, the Company had pre-approved but unused lines of credit for customers totaling $ 135.8 A floating lien of $ 92.2 A description of the various loan products provided by the Bank is presented below. 1-to-4 Family Residential Loans Residential 1-to-4 family loans are mortgage loans secured by residential real estate within the Bank’s market areas. These loans may also include loans that convert from construction loans into permanent financing and are secured by properties within the Bank’s market areas. Commercial Real Estate Loans Commercial real estate loans are underwritten based on the borrower’s ability to generate adequate cash flow to repay the subject debt within reasonable terms. Commercial real estate loans typically include both owner and non-owner occupied properties with higher principal loan amounts. The repayment of these loans is generally dependent on the successful management of the property. Commercial real estate loans are sensitive to market and general economic conditions. Repayment analysis must be performed and consists of an identified primary/cash flow source of repayment and a secondary/liquidation source of repayment. The primary source of repayment is cash flow from income generated from rental or lease of the property. However, the cash flow can be supplemented with the borrower's and guarantor's global cash flow position. Other credit issues such as the business fundamentals and financial strength of the borrower/guarantor can be considered in determining adequacy of repayment ability. The secondary source of repayment is liquidation of the collateral, supplemented by a liquidation cushion provided by the financial assets of the borrower/guarantor. Management monitors and evaluates commercial real estate loans based on collateral, cash flow, market area, and risk grade. Multi-family Residential Loans Multi-family residential loans are typically non-farm properties with 5 or more dwelling units in structures which include apartment buildings used primarily to accommodate households on a more or less permanent basis. Successful performance of these types of loans is primarily dependent on occupancy rates, rental rates, and property management. Construction Loans Construction loans are non-revolving extensions of credit secured by real property of which the proceeds are used to acquire and develop land and to construct commercial or residential buildings. The primary source of repayment for these types of loans is the sale of the improved property or permanent financing in which case the property is expected to generate the cash flow necessary for repayment on a permanent loan basis. Property cash flow may be supplemented with financial support from the borrowers/guarantors. Proper underwriting of a construction loan consists of the initial process of obtaining, analyzing, and approving various aspects of information pertaining to: the feasibility, marketability, and valuation of the project. Also, consideration is given to the cost of the project and sources of funds needed to complete construction as well as identifying any sources of equity funding. Construction loans are traditionally considered to be higher risk loans involving technical and legal requirements inherently different from other types of loans; however with thorough credit underwriting, proper loan structure, and diligent loan servicing, these risks can often be mitigated. Home Equity Lines of Credit Home equity lines of credit are consumer-purpose revolving extensions of credit which are secured by first or second liens on owner-occupied residential real estate. Appropriate risk management and compliance practices are exercised to ensure that loan-to-value, lien perfection, and compliance risks are addressed and managed within the Bank’s established guidelines. The degree of utilization of revolving commitments within this loan segment is reviewed periodically to identify changes in the behavior of this borrowing group. Commercial and Industrial Loans Commercial and industrial loans are underwritten after evaluating and understanding the borrower’s ability to generate positive cash flow, operate profitably and prudently expand its business. Underwriting standards are designed to promote relationships to include a full range of loan, deposit, and cash management services. Commercial and industrial loans are primarily made based on the identified cash flows of the borrower and secondarily on the underlying collateral provided by the borrower and the guarantors. The cash flows of the borrower, however, may not be as expected and the collateral securing these loans may fluctuate in value. In the case of loans secured by accounts receivable, the availability of funds for repayment can be impacted by the borrower’s ability to collect amounts due from its customers. Loans to Individuals & Overdrafts Consumer loans are approved using Bank policies and procedures established to evaluate each credit request. All lending decisions and credit risks are required to be clearly documented. Several factors are considered in making these decisions such as credit score, adjusted net worth, liquidity, debt ratio, disposable income, credit history, and loan-to-value of the collateral. This process, combined with the relatively smaller loan amounts spreads the risk among many individual borrowers. Total Loans: June 30, 2017 30+ Non- Total Days Accrual Past Total Past Due Loans Due Current Loans (dollars in thousands) Commercial and industrial $ 19 $ 70 $ 89 $ 88,117 $ 88,206 Construction 207 91 298 125,967 126,265 Multi-family residential - 48 48 71,018 71,066 Commercial real estate 118 1,442 1,560 295,846 297,406 Loans to individuals & overdrafts 32 6 38 10,384 10,422 1-to-4 family residential 26 921 947 102,697 103,644 HELOC 117 365 482 41,823 42,305 Deferred loan (fees) cost, net - - - - (1,293) $ 519 $ 2,943 $ 3,462 $ 735,852 $ 738,021 There were five loans that amounted to $ 956,000 December 31, 2016 30+ Non- Total Days Accrual Past Total Past Due Loans Due Current Loans (in thousands) Total Loans Commercial and industrial $ 1,459 $ 73 $ 1,532 $ 89,146 $ 90,678 Construction 221 151 372 100,539 100,911 Multi-family residential 46 346 392 55,727 56,119 Commercial real estate 589 3,807 4,396 277,327 281,723 Loans to individuals & overdrafts 23 46 69 9,758 9,827 1-to-4 family residential 631 602 1,233 96,745 97,978 HELOC 24 780 804 40,354 41,158 Deferred loan (fees) cost, net - - - - (1,199) $ 2,993 $ 5,805 $ 8,798 $ 669,596 $ 677,195 There were three loans in the aggregate amount of $ 529,000 Impaired Loans of June 30, 2017 and December 31, 2016: Three months ended Six months ended As of June 30, 2017 June 30, 2017 June 30, 2017 Contractual Interest Income Interest Income Unpaid Average Recognized on Average Recognized on Recorded Principal Related Recorded Impaired Recorded Impaired Investment Balance Allowance Investment Loans Investment Loans (In thousands) With no related allowance recorded: Commercial and industrial $ 1,053 $ 1,063 $ - $ 1,077 $ 21 $ 1,119 $ 40 Construction 164 251 - 169 1 198 5 Commercial real estate 3,674 4,867 - 3,958 54 4,019 113 Loans to individuals & overdrafts - - - - - - - Multi-family residential 48 48 - 48 - 197 - 1-to-4 family residential 1,222 1,435 - 1,022 20 1,111 33 HELOC 648 832 - 654 12 844 22 Subtotal: 6,809 8,496 - 6,928 108 7,488 213 With an allowance recorded: Commercial and industrial - - - - - 1 - Construction - - - - - - - Commercial real estate 630 686 12 1,429 10 1,563 20 Loans to individuals & overdrafts - - - - - - - Multi-family residential - - - - - - - 1-to-4 family residential 300 304 16 302 5 298 11 HELOC 33 35 - 16 - 33 - Subtotal: 963 1,025 28 1,747 15 1,895 31 Totals: Commercial 5,569 6,915 13 6,681 86 7,097 178 Consumer - - - - - - - Residential 2,203 2,606 15 1,994 37 2,286 66 Grand Total: $ 7,772 $ 9,521 $ 28 $ 8,675 $ 123 $ 9,383 $ 244 Impaired loans at June 30, 2017 were approximately $ 7.8 2.9 4.9 963,000 6.8 1.4 Three months ended Six months ended As of December 31, 2016 June 30, 2016 June 30, 2016 Contractual Interest Income Interest Income Unpaid Average Recognized on Average Recognized on Recorded Principal Related Recorded Impaired Recorded Impaired Investment Balance Allowance Investment Loans Investment Loans (In thousands) With no related allowance recorded: Commercial and industrial $ 46 $ 46 $ - $ 469 $ 2 $ 237 $ 8 Construction 231 318 - 558 2 563 6 Commercial real estate 4,364 5,983 - 3,304 29 4,378 72 Loans to individuals & overdrafts 1,139 1,144 - - - - - Multi-family residential 346 365 - 368 3 397 8 1 to 4 family residential 1,000 1,278 - 1,257 36 1,656 52 HELOC 1,041 1,378 - 658 10 661 18 Subtotal: 8,167 10,512 - 6,614 82 7,892 164 With an allowance recorded: Commercial and industrial - - - 35 - 39 1 Construction - - - - - - - Commercial real estate 2,496 2,905 80 3,389 4 2,165 18 Loans to individuals & overdrafts 1 1 1 - - 2 - Multi-family residential - - - - - - - 1 to 4 family residential 296 296 17 314 2 284 8 HELOC 34 35 19 41 - 16 - Subtotal: 2,827 3,237 117 3,779 6 2,506 27 Totals: Commercial 7,483 9,617 80 8,123 40 7,779 113 Consumer 1,140 1,145 1 - - 2 - Residential 2,371 2,987 36 2,270 48 2,617 78 Grand Total: $ 10,994 $ 13,749 $ 117 $ 10,393 $ 88 $ 10,398 $ 191 Impaired loans at December 31, 2016 were approximately $11.0 million and consisted of $5.8 million in non-accrual loans and $5.2 million in loans still in accruing status. Recorded investment represents the current principal balance for the loan. Approximately, $2.8 million of the $11.0 million in impaired loans at December 31, 2016 had specific allowances aggregating $117,000 while the remaining $8.2 million had no specific allowances recorded. Of the $8.2 million with no allowance recorded, partial charge-offs to date amounted to $2.3 million. Loans are placed on non-accrual status when it has been determined that all contractual principal and interest will not be received. Any payments received on these loans are applied to principal first and then to interest only after all principal has been collected. In the case of an impaired loan that is still on accrual basis, payments are applied to both principal and interest. Troubled Debt Restructurings Three months ended June 30, 2017 Six months ended June 30, 2017 Pre- Post- Pre- Post- Modification Modification Modification Modification Outstanding Outstanding Outstanding Outstanding Number Recorded Recorded Number Recorded Recorded of loans Investment Investment of loans Investment Investment (Dollars in thousands) Extended payment terms: 1-to-4 family residential 1 $ 17 $ 17 1 $ 17 $ 17 Commercial & industrial 1 44 44 1 44 44 Total 2 $ 61 $ 61 2 $ 61 $ 61 Three months ended June 30, 2016 Six months ended June 30, 2016 Pre- Post- Pre- Post- Modification Modification Modification Modification Outstanding Outstanding Outstanding Outstanding Number Recorded Recorded Number Recorded Recorded of loans Investment Investment of loans Investment Investment (Dollars in thousands) Extended payment terms: 1-to-4 family residential 1 $ 49 $ 49 1 $ 49 $ 49 Commercial & industrial 2 251 160 3 296 206 Loans to individuals 1 4 4 1 4 4 Total 4 $ 304 $ 213 5 $ 349 $ 259 Loans may be considered troubled debt restructurings for reasons other than below market interest rates, extended payment terms or forgiveness of principal. The following table presents loans that were modified as TDRs within the past twelve months with a breakdown of the types for which there was a payment default during that period together with concessions made by loan class during the twelve month period ended June 30, 2017 and 2016: Twelve months ended Twelve months ended June 30, 2017 June 30, 2016 Number Recorded Number Recorded of loans investment of loans investment (Dollars in thousands) Extended payment terms: Commercial real estate - $ - 3 $ 206 Commercial & industrial 2 $ 927 - - Loans to individuals - - 1 4 Multi-family residential - - 1 370 1-to-4 family residential 1 77 1 49 Total 3 $ 1,004 6 $ 629 At June 30, 2017, the Bank had thirty two loans with an aggregate balance of $ 4.7 3.2 1.5 At June 30, 2016, the Bank had thirty five loans with an aggregate balance of $ 4.2 2.9 1.3 Credit Quality Indicators As part of the on-going monitoring of the credit quality of the loan portfolio, management utilizes a risk grading matrix to assign a risk grade to each of the Company’s loans. All non-consumer loans are graded on a scale of 1 to 9. A description of the general characteristics of these nine different risk grades is as follows: · Risk Grade 1 (Superior) - Credits in this category are virtually risk-free and are well-collateralized by cash-equivalent instruments. The repayment program is well-defined and achievable. Repayment sources are numerous. No material documentation deficiencies or exceptions exist. · Risk Grade 2 (Very Good) - This grade is reserved for loans secured by readily marketable collateral, or loans within guidelines to borrowers with liquid financial statements. A liquid financial statement is a financial statement with substantial liquid assets relative to debts. These loans have excellent sources of repayment, with no significant identifiable risk of collection, and conform in all respects to Bank policy, guidelines, underwriting standards, and Federal and State regulations (no exceptions of any kind). · Risk Grade 3 (Good) - These loans have excellent sources of repayment, with no significant identifiable risk of collection. Generally, these loans will be in conformity in all respects with Bank policy, guidelines, underwriting standards, and Federal and State regulations (no exceptions of any kind). Loans assigned this risk grade will demonstrate the following characteristics: o Documented historical cash flow that meets or exceeds required minimum Bank guidelines, or that can be supplemented with verifiable cash flow from other sources. o Adequate secondary sources to liquidate the debt, including combinations of liquidity, liquidation of collateral, or liquidation value to the net worth of the borrower or guarantor. · Risk Grade 4 (Acceptable) - This grade is given to acceptable loans. These loans have adequate sources of repayment, with little identifiable risk of collection. Loans assigned this risk grade will demonstrate the following characteristics: o General conformity to the Bank's policy requirements, product guidelines and underwriting standards, with limited exceptions. Any exceptions that are identified during the underwriting and approval process have been adequately mitigated by other factors. o Documented historical cash flow that meets or exceeds required minimum Bank guidelines, or that can be supplemented with verifiable cash flow from other sources. o Adequate secondary sources to liquidate the debt, including combinations of liquidity, liquidation of collateral, or liquidation value to the net worth of the borrower or guarantor. · Risk Grade 5 (Acceptable With Care) - This grade is given to acceptable loans that show signs of weakness in either adequate sources of repayment or collateral, but have demonstrated mitigating factors that minimize the risk of delinquency or loss. Loans assigned this grade may demonstrate some or all of the following characteristics: o Additional exceptions to the Bank's policy requirements, product guidelines or underwriting standards that present a higher degree of risk to the Bank. Although the combination and/or severity of identified exceptions is greater, all exceptions have been properly mitigated by other factors. o Unproven, insufficient or marginal primary sources of repayment that appear sufficient to service the debt at this time. Repayment weaknesses may be due to minor operational issues, financial trends, or reliance on projected (not historic) performance. o Marginal or unproven secondary sources to liquidate the debt, including combinations of liquidation of collateral and liquidation value to the net worth of the borrower or guarantor. · Risk Grade 6 (Watch List or Special Mention) Loans in this category can have the following characteristics: o Loans with underwriting guideline tolerances and/or exceptions and with no mitigating factors. o Extending loans that are currently performing satisfactorily but with potential weaknesses that may, if not corrected, weaken the asset or inadequately protect the Bank's position at some future date. Potential weaknesses are the result of deviations from prudent lending practices. o Loans where adverse economic conditions that develop subsequent to the loan origination that do not jeopardize liquidation of the debt but do substantially increase the level of risk may also warrant this rating. · Risk Grade 7 (Substandard) - A Substandard loan is inadequately protected by the current sound net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans classified as Substandard must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt; they are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. · Risk Grade 8 (Doubtful) - Loans classified Doubtful have all the weaknesses inherent in loans classified Substandard, plus the added characteristic that the weaknesses make collection or liquidation in full on the basis of currently existing facts, conditions, and values highly questionable and improbable. However, these loans are not yet rated as loss because certain events may occur which would salvage the debt. · Risk Grade 9 (Loss) - Loans classified as Loss are considered uncollectable and of such little value that their continuance as bankable assets is not warranted. This classification does not mean that the asset has absolutely no recovery or salvage value, but rather that it is not practical or desirable to defer writing off the loan even though partial recovery may be affected in the future. Consumer loans are graded on a scale of 1 to 9. A description of the general characteristics of the nine risk grades is as follows: · Risk Grades 1 5 (Pass) The loans in this category range from loans secured by cash with no risk of principal deterioration (Risk Grade 1) to loans that show signs of weakness in either adequate sources of repayment or collateral but have demonstrated mitigating factors that minimize the risk of delinquency or loss (Risk Grade 5). · Risk Grade 6 (Watch List or Special Mention) - Watch List or Special Mention loans include the following characteristics: o Loans within guideline tolerances or with exceptions of any kind that have not been mitigated by other economic or credit factors. o Extending loans that are currently performing satisfactorily but with potential weaknesses that may, if not corrected, weaken the asset or inadequately protect the Bank's position at some future date. Potential weaknesses are the result of deviations from prudent lending practices. o Loans where adverse economic conditions that develop subsequent to the loan origination that don't jeopardize liquidation of the debt but do substantially increase the level of risk may also warrant this rating. · Risk Grade 7 (Substandard) - A Substandard loan is inadequately protected by the current sound net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans classified as Substandard must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt; they are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. · Risk Grade 8 (Doubtful) - Loans classified Doubtful have all the weaknesses inherent in loans classified Substandard, plus the added characteristic that the weaknesses make collection or liquidation in full on the basis of currently existing facts, conditions, and values highly questionable and improbable. However, these loans are not yet rated as loss because certain events may occur which would salvage the debt. · Risk Grade 9 (Loss) - Loans classified Loss are considered uncollectable and of such little value that their continuance as bankable assets is not warranted. This classification does not mean that the asset has absolutely no recovery or salvage value, but rather that it is not practical or desirable to defer writing off this worthless loan even though partial recovery may be affected in the future. Total loans: June 30, 2017 Commercial Credit Exposure By Commercial Commercial Internally and real Multi-family Assigned Grade industrial Construction estate residential (In thousands) Superior $ 402 $ - $ - $ - Very good 815 260 440 - Good 10,680 6,089 38,673 10,732 Acceptable 31,509 18,517 168,342 40,469 Acceptable with care 43,124 100,869 84,288 19,578 Special mention 1,444 302 2,175 - Substandard 232 228 3,488 287 Doubtful - - - - Loss - - - - $ 88,206 $ 126,265 $ 297,406 $ 71,066 Consumer Credit Exposure By Internally 1-to-4 family Assigned Grade residential HELOC Pass $ 97,834 $ 40,717 Special mention 2,934 485 Substandard 2,876 1,103 $ 103,644 $ 42,305 Consumer Credit Exposure Based Loans to On Payment individuals & Activity overdrafts Pass $ 10,411 Non pass 11 $ 10,422 Total Loans: Commercial Credit Exposure By Commercial Commercial Internally and real Multi-family Assigned Grade industrial Construction estate residential (in thousands) Superior $ 435 $ - $ - $ - Very good 326 245 460 - Good 13,632 4,506 36,501 12,139 Acceptable 35,720 12,922 152,608 29,873 Acceptable with care 37,351 82,771 81,231 13,467 Special mention 2,905 173 4,868 - Substandard 309 294 6,055 640 Doubtful - - - - Loss - - - - $ 90,678 $ 100,911 $ 281,723 $ 56,119 Consumer Credit Exposure By Internally 1-to-4 family Assigned Grade residential HELOC Pass $ 92,115 $ 39,554 Special mention 3,015 439 Substandard 2,848 1,165 $ 97,978 $ 41,158 Consumer Credit Exposure Based Loans to On Payment individuals & Activity overdrafts Pass $ 9,820 Non-pass 7 $ 9,827 Determining the fair value of Purchased Credit Impaired (PCI) loans at acquisition required the Company to estimate cash flows expected to result from those loans and to discount those cash flows at appropriate rates of interest. For such loans, the excess of cash flows expected to be collected at acquisition over the estimated fair value is recognized as interest income over the remaining lives of the loans and is called the accretable yield. The difference between contractually required payments at acquisition and the cash flows expected to be collected at acquisition reflects the impact of estimated credit losses and is called the nonaccretable difference. In accordance with GAAP, there was no carry-over of previously established allowance for credit losses from the acquired company. The following table documents changes to the amount of the accretable yield on PCI loans for the three and six months ended June 30, 2017 (dollars in thousands): Three Months Six Months Ended June 30, Ended June 30, 2017 2017 (Dollars in thousands) Accretable yield, beginning of period $ 2,465 $ 2,626 Accretion (260) (520) Reclassification from (to) nonaccretable difference 72 79 Other changes, net 3 95 Accretable yield, end of period $ 2,280 $ 2,280 Allowance for Loan Losses The allowance for loan losses is a reserve established through provisions for loan losses charged to income and represents management’s best estimate of probable loan losses that have been incurred within the existing portfolio of loans. The allowance, in the judgment of management, is necessary to reserve for estimated losses and risk inherent in the loan portfolio. The Company’s allowance for loan loss methodology is based on historical loss experience by type of credit and internal risk grade, specific homogeneous risk pools and specific loss allocations, with adjustments for current events and conditions. The Company’s process for determining the appropriate level of reserves is designed to account for changes in credit quality as they occur. The provision for loan losses reflects loan quality trends, including the levels of and trends related to past due loans and economic conditions at the local and national levels. It also considers the quality and risk characteristics of the Company’s loan origination and servicing policies and practices. Individual reserves are calculated according to ASC Section 310-10-35 against loans evaluated individually and deemed to most likely be impaired. Impaired loans include all loans in non-accrual status, all troubled debt restructures, all substandard loans that are deemed to be collateral dependent, and other loans that management determines require reserves. The Company’s allowance for loan losses model calculates historical loss rates by using a loss migration analysis associating losses to the risk-graded pool to which they relate for each of the previous twelve quarters. Then, using the twelve quarter look back period, loss factors are calculated for each risk-graded pool. The model incorporates various internal and external qualitative and environmental factors as described in the Interagency Policy Statement on the Allowance for Loan and Lease Losses, dated December 2006. Input for these factors is determined on the basis of management observation, judgment, and experience. The factors utilized by the Company in the model for all loan classes are as follows: Internal Factors ⋅ Concentrations Measures the increased risk derived from concentration of credit exposure in particular industry segments within the portfolio. ⋅ Policy exceptions Measures the risk derived from granting terms outside of underwriting guidelines. ⋅ Compliance exceptions Measures the risk derived from granting terms outside of regulatory guidelines. ⋅ Document exceptions Measures the risk exposure resulting from the inability to collect due to improperly executed documents and collateral imperfections. ⋅ Financial information monitoring Measures the risk associated with not having current borrower financial information. ⋅ Nonaccrual Reflects increased risk of loans with characteristics that merit nonaccrual status. ⋅ Delinquency Reflects the increased risk deriving from higher delinquency rates. ⋅ Personnel turnover Reflects staff competence in various types of lending. ⋅ Portfolio growth Measures the impact of growth and potential risk derived from new loan production. External Factors ⋅ GDP growth rate Impact of general economic factors that affect the portfolio. ⋅ North Carolina unemployment rate Impact of local economic factors that affect the portfolio. ⋅ Peer group delinquency rate Measures risk associated with the credit requirements of competitors. ⋅ Prime rate change Measures the effect on the portfolio in the event of changes in the prime lending rate. Each pool is assigned an adjustment to the potential loss percentage by assessing its characteristics against each of the factors listed above. Reserves are generally divided into three allocation segments: 1. Individual reserves. These are calculated according to ASC Section 310-10-35 against loans evaluated individually and deemed to be most likely impaired. All loans in non-accrual status and all substandard loans that are deemed to be collateral dependent are assessed for impairment. Loans are deemed uncollectible based on a variety of credit, collateral, documentation and other issues. In the case of uncollectible receivables, the collateral is considered unsecured and therefore fully charged off. 2. Formula reserves. Formula reserves are held against loans evaluated collectively. Loans are grouped by type or by risk grade, or some combination of the two. Loss estimates are based on historical loss rates for each respective loan group. Formula reserves represent the Company’s best estimate of losses that may be inherent, or embedded, within the group of loans, even if it is not apparent at this time which loans within any group or pool represent those embedded losses. 3. Qualitative and external reserves. If individual reserves represent estimated losses tied to specific loans, and formula reserves represent estimated losses tied to a pool of loans but not yet to any specific loan, then these reserves represent an estimate of likely incurred losses, but are not yet tied to any loan or group of loans. All information related to the calculation of the three segments, including data analysis, assumptions, and calculations are documented. Assigning specific individual reserve amounts, formula reserve factors, or unallocated amounts based on unsupported assumptions or conclusions is not permitted. Three months ended June 30, 2017 Commercial 1 to 4 Loans to Multi- and Commercial family individuals & family Allowance for loan losses industrial Construction real estate residential HELOC overdrafts residential Total (Dollars in thousands) Loans excluding PCI Balance, beginning of period $ 958 $ 1,177 $ 3,169 $ 770 $ 589 $ 465 $ 583 $ 7,711 Provision for loan losses (119) 111 1,110 143 (28) (294) 149 1,072 Loans charged-off (35) - (373) - - (34) - (442) Recoveries 91 4 7 10 2 5 - 119 Balance, end of period $ 895 $ 1,292 $ 3,913 $ 923 $ 563 $ 142 $ 732 $ 8,460 PCI Loans Balance, beginning of period $ 5 $ - $ 294 $ - $ 12 $ - $ - $ 311 Provision for loan losses (5) - 12 16 (12) - - 11 Loans charged-off - - (294) - - - - (294) Recoveries - - - - - - - - Balance, end of period $ - $ - $ 12 $ 16 $ - $ - $ - $ 28 Total Loans Balance, beginning of period $ 963 $ 1,177 $ 3,463 $ 770 $ 601 $ 465 $ 583 $ 8,022 Provision for loan losses (124) 111 1,122 159 (40) (294) 149 1,083 Loans charged-off (35) - (667) - - (34) - (736) Recoveries 91 4 7 10 2 5 - 119 Balance, end of period $ 895 $ 1,292 $ 3,925 $ 939 $ 563 $ 142 $ 732 $ 8,488 Ending Balance: individually evaluated for impairment $ - $ - $ 12 $ 16 $ - $ - $ - $ 28 Ending Balance: collectively evaluated for impairment $ 895 $ 1,292 $ 3,913 $ 923 $ 563 $ 142 $ 732 $ 8,460 Loans: Ending Balance: collectively evaluated for impairment $ 87,153 $ 126,101 $ 293,102 $ 102,122 $ 41,624 $ 10,422 $ 71,018 $ 731,542 Ending Balance: individually evaluated for impairment $ 1,053 $ 164 $ 4,304 $ 1,522 $ 681 $ - $ 48 $ 7,772 Ending Balance $ 88,206 $ 126,265 $ 297,406 $ 103,644 $ 42,305 $ 10,422 $ 71,066 $ 739,314 Six months ended June 30, 2017 Commercial 1 to 4 Loans to Multi- and Commercial family individuals & family Allowance for loan losses industrial Construction real estate residential HELOC overdrafts residential Total (Dollars in thousands) Loans excluding PCI Balance, beginning of period $ 1,211 $ 1,301 $ 3,448 $ 846 $ 611 $ 317 $ 628 $ 8,362 Provision for loan losses (466) (18) 1,081 58 (2) (139) 102 616 Loans charged-off (37) - (623) - (69) (50) - (779) Recoveries 187 9 7 19 23 14 2 261 Balance, end of period $ 895 $ 1,292 $ 3,913 $ 923 $ 563 $ 142 $ 732 $ 8,460 PCI Loans Balance, beginning of period $ 37 $ - $ - $ - $ 12 $ - $ - $ 49 Provision for loan losses (37) - 306 16 (12) - - 273 Loans charged-off - - (294) - - - - (294) Recoveries - - - - - - - - Balance, end of period $ - $ - $ 12 $ 16 $ - $ - $ - $ 28 Total Loans Balance, beginning of period $ 1,248 $ 1,301 $ 3,448 $ 846 $ 623 $ 317 $ 628 $ 8,411 Provision for loan losses (503) (18) 1,387 74 (14) (139) 102 889 Loans charged-off (37) - (917) - (69) (50) - (1,073) Recoveries 187 9 7 19 23 14 2 261 Balance, end of period $ 895 $ 1,292 $ 3,925 $ 939 $ 563 $ 142 $ 732 $ 8,488 The following tables present a roll forward of the C |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME | 6 Months Ended |
Jun. 30, 2017 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income (Loss) [Text Block] | NOTE H ACCUMULATED OTHER COMPREHENSIVE INCOME Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 (In thousands) Beginning balance $ 410 $ 953 $ 358 $ 490 Unrealized gain (loss) on investment securities available for sale 151 338 233 1,099 Tax effect (55) (113) (85) (397) Other comprehensive gain (loss) before reclassification 96 225 148 702 Amounts reclassified from accumulated comprehensive income: Realized gains on investment securities included in net income - - - (22) Tax effect - - - 8 Total reclassifications net of tax - - - (14) Net current period other comprehensive income 96 225 148 688 Ending balance $ 506 $ 1,178 $ 506 $ 1,178 The income statement line items impacted by the reclassifications of realized gains (losses) on investment securities are the gain on the sale of securities and income tax expense line items in the consolidated statement of operations. |
REPURCHASE AGREEMENTS
REPURCHASE AGREEMENTS | 6 Months Ended |
Jun. 30, 2017 | |
Banking and Thrift [Abstract] | |
Remaining Contractual Maturity Of The Securities Sold Under Agreements To Repurchase By Class Of Collateral Pledged [Text Block] | NOTE I - REPURCHASE AGREEMENTS We utilize securities sold under agreements to repurchase to facilitate the needs of our customers and secure long-term funding needs. Repurchase agreements are transactions whereby we offer to sell to a counterparty an undivided interest in an eligible security at an agreed upon purchase price, and which obligates the Company to repurchase the security on an agreed upon date at an agreed upon repurchase price plus interest at an agreed upon rate. Securities sold under agreements to repurchase are recorded at the amount of cash received in connection with the transaction and are reflected as short-term borrowings. We monitor collateral levels on a continuous basis and maintain records of each transaction specifically describing the applicable security and the counterparty’s fractional interest in that security, and we segregate the security from its general assets in accordance with regulations governing custodial holdings of securities. The primary risk with our repurchase agreements is market risk associated with the investments securing the transactions, as we may be required to provide additional collateral based on fair value changes of the underlying investments. Securities pledged as collateral under repurchase agreements are maintained with our safekeeping agents. The carrying value of available for sale investment securities pledged as collateral under repurchase agreements totaled $ 12.7 12.0 The remaining contractual maturity of the securities sold under agreements to repurchase by class of collateral pledged included in short-term borrowings as of June 30, 2017 and December 31, 2016 is presented in the following tables. June 30, 2017 Remaining Contractual Maturity of the Agreements Overnight and Up to 30 30-90 Greater than (Dollars in thousands) continuous Days Days 90 Days Total Repurchase agreements U.S. government agencies-GSE’s $ 6,222 $ - $ - $ - $ 6,222 Mortgage-backed Securities-GSEs 6,432 - - - 6,432 Total borrowings $ 12,654 $ - $ - $ - $ 12,654 Gross amount of recognized liabilities for repurchase agreements $ 11,560 December 31, 2016 Remaining Contractual Maturity of the Agreements Overnight and Up to 30 30-90 Greater than (in thousands) continuous Days Days 90 Days Total Repurchase agreements U.S. government agencies-GSE’s $ 5,568 $ - $ - $ - $ 5,568 Mortgage-backed Securities-GSEs 6,496 - - - 6,496 Total borrowings $ 12,064 $ - $ - $ - $ 12,064 Gross amount of recognized liabilities for repurchase agreements $ 12,003 |
OTHER REAL ESTATE OWNED
OTHER REAL ESTATE OWNED | 6 Months Ended |
Jun. 30, 2017 | |
Banking and Thrift [Abstract] | |
Real Estate Owned [Text Block] | NOTE J OTHER REAL ESTATE OWNED Six Months Six Months Ended June 30, Ended June 30, 2017 2016 (Dollars in thousands) Beginning balance January 1 $ 599 $ 1,401 Sales (384) (1,215) Write-downs 61 (48) Transfers 2,426 578 Ending balance $ 2,702 $ 716 At June 30, 2017 and December 31, 2016, the Company had $ 2.7 599,000 135,000 0 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | NOTE K SUBSEQUENT EVENTS The Company and Bank have entered into an Agreement and Plan of Merger and Reorganization dated as of July 20, 2017, with Premara Financial, Inc. (“Premara”) and its subsidiary bank, Carolina Premier Bank, Charlotte, NC. Pursuant to the terms of the merger agreement, the Company would acquire Carolina Premier Bank through the merger of Premara with and into the Company, with the Company as the surviving corporation. Immediately following the parent company merger, Carolina Premier Bank would be merged with and into the Bank, with the Bank as the surviving banking corporation in the bank merger. The transaction is subject to various closing conditions, including the receipt of requisite shareholder approvals and required approvals of State and Federal banking regulators. |
PER SHARE RESULTS (Tables)
PER SHARE RESULTS (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Basic net income per share is computed based upon the weighted average number of shares of common stock outstanding during the period. Diluted net income per share includes the dilutive effect of stock options outstanding during the period. At June 30, 2017 and 2016 there were 23,300 123,800 Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 Weighted average shares used for basic net income available to common shareholders 11,662,117 11,594,995 11,657,391 11,589,217 Effect of dilutive stock options 64,993 47,731 63,450 49,452 Weighted average shares used for diluted net income available to common shareholders 11,727,110 11,642,726 11,720,841 11,638,669 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | The following tables summarize quantitative disclosures about the fair value measurement for each category of assets carried at fair value on a recurring basis as of June 30, 2017 and December 31, 2016 (in thousands): Quoted Prices in Significant Investment securities Active Markets Other Significant available for sale for Identical Observable Unobservable June 30, 2017 Fair value Assets (Level 1) Inputs (Level 2) Inputs (Level 3) U.S. government agencies GSE's $ 12,577 $ - $ 12,577 $ - Mortgage-backed securities - GSE’s 30,084 - 30,084 - Municipal bonds 14,191 - 14,191 - Total $ 56,852 $ - $ 56,852 $ - Quoted Prices in Significant Investment securities Active Markets Other Significant available for sale for Identical Observable Unobservable December 31, 2016 Fair value Assets (Level 1) Inputs (Level 2) Inputs (Level 3) U.S. government agencies GSE's $ 14,159 $ - $ 14,159 $ - Mortgage-backed securities - GSE’s 32,363 - 32,363 - Municipal bonds 15,735 - 15,735 - Total $ 62,257 $ - $ 62,257 $ - |
Fair Value Measurements, Nonrecurring [Table Text Block] | The following tables summarize quantitative disclosures about the fair value measurement for each category of assets carried at fair value on a non-recurring basis as of June 30, 2017 and December 31, 2016 (in thousands): Quoted Prices in Significant Active Markets Other Significant Asset Category for Identical Observable Unobservable June 30, 2017 Fair value Assets (Level 1) Inputs (Level 2) Inputs (Level 3) Impaired loans $ 2,943 $ - $ - $ 2,943 Assets held for sale 846 - - 846 Foreclosed real estate 2,702 - - 2,702 Total $ 6,491 $ - $ - $ 6,491 Quoted Prices in Significant Active Markets Other Significant Asset Category for Identical Observable Unobservable December 31, 2016 Fair value Assets (Level 1) Inputs (Level 2) Inputs (Level 3) Impaired loans $ 5,805 $ - $ - $ 5,805 Asset held for sale 846 - - 846 Foreclosed real estate 599 - - 599 Total $ 7,250 $ - $ - $ 7,250 |
Schedule of Fair Value, Off-balance Sheet Risks [Table Text Block] | The following table presents the carrying values and estimated fair values of the Company's financial instruments at June 30, 2017 and December 31, 2016: June 30, 2017 Carrying Estimated Amount Fair Value Level 1 Level 2 Level 3 (In thousands) Financial assets: Cash and due from banks $ 13,791 $ 13,791 $ 13,791 $ - $ - Certificates of deposit 1,000 1,000 1,000 - - Interest-earning deposits in other banks 43,512 43,512 43,512 - - Investment securities available for sale 56,852 56,852 - 56,852 - Loans, net 729,533 734,564 - - 734,564 Accrued interest receivable 2,646 2,646 - 2,646 - Stock in FHLB 2,141 2,141 - - 2,141 Other non-marketable securities 666 666 - - 666 Financial liabilities: Deposits $ 739,653 $ 738,037 $ - $ 738,037 $ - Short-term debt 33,559 33,559 - 33,559 - Long-term debt 22,839 17,449 - 17,449 - Accrued interest payable 241 241 - 241 - December 31, 2016 Carrying Estimated Amount Fair Value Level 1 Level 2 Level 3 (in thousands) Financial assets: Cash and due from banks $ 14,372 $ 14,372 $ 14,372 $ - $ - Certificates of deposits 1,000 1,000 1,000 - - Interest-earning deposits in other banks 40,342 40,342 40,342 - - Investment securities available for sale 62,257 62,257 - 62,257 - Loans, net 668,784 671,208 - - 671,208 Accrued interest receivable 2,768 2,768 - 2,768 - Stock in the FHLB 2,251 2,251 - - 2,251 Other non-marketable securities 703 703 - - 703 Financial liabilities: Deposits $ 679,661 $ 678,328 $ - $ 678,328 $ - Short-term debt 37,090 37,177 - 37,177 - Long-term debt 23,039 17,649 - 17,649 - Accrued interest payable 221 221 - 221 - |
INVESTMENT SECURITIES (Tables)
INVESTMENT SECURITIES (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | The amortized cost and fair value of available for sale investments (“AFS”), with gross unrealized gains and losses, follow: June 30, 2017 Gross Gross Amortized unrealized unrealized Fair cost gains losses value (dollars in thousands) Securities available for sale: U.S. government agencies GSE’s $ 12,426 $ 160 $ (9) $ 12,577 Mortgage-backed securities GSE’s 29,727 395 (38) 30,084 Municipal bonds 13,904 287 - 14,191 $ 56,057 $ 842 $ (47) $ 56,852 The amortized cost and fair value of available for sale investments (“AFS”), with gross unrealized gains and losses, follow: December 31, 2016 Gross Gross Amortized unrealized unrealized Fair cost gains losses value (in thousands) Securities available for sale: U.S. government agencies GSE’s $ 14,086 $ 98 $ (25) $ 14,159 Mortgage-backed securities GSE’s 32,082 382 (101) 32,363 Municipal bonds 15,527 209 (1) 15,735 $ 61,695 $ 689 $ (127) $ 62,257 |
Investments Classified by Contractual Maturity Date [Table Text Block] | The scheduled maturities of securities available for sale, with gross unrealized gains and losses, were as follows: June 30, 2017 Gross Gross Amortized unrealized unrealized Fair cost gains losses value (In thousands) Securities available for sale: Within 1 year $ 1,554 $ 7 $ - $ 1,561 After 1 year but within 5 years 41,301 572 (47) 41,826 After 5 years but within 10 years 6,943 142 - 7,085 After 10 years 6,259 121 - 6,380 $ 56,057 $ 842 $ (47) $ 56,852 December 31, 2016 Gross Gross Amortized unrealized unrealized Fair cost gains losses value (in thousands) Securities available for sale: Within 1 year $ 3,735 $ 12 $ - $ 3,747 After 1 year but within 5 years 37,615 424 (110) 37,929 After 5 years but within 10 years 10,695 109 (12) 10,792 After 10 years 9,650 144 (5) 9,789 $ 61,695 $ 689 $ (127) $ 62,257 |
Schedule of Unrealized Loss on Investments [Table Text Block] | The following tables show investments’ gross unrealized losses and fair value, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position, at June 30, 2017 and December 31, 2016. June 30, 2017 Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized value losses value losses value losses (dollars in thousands) Securities available for sale: U.S. government agencies GSEs $ 1,433 $ (9) $ - $ - $ 1,433 $ (9) Mortgage-backed securities- GSEs 5,420 (38) - - 5,420 (38) Municipal bonds 110 - - - 110 - Total temporarily impaired securities $ 6,963 $ (47) $ - $ - $ 6,963 $ (47) December 31, 2016 Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized value losses value losses value losses (in thousands) Securities available for sale: U.S. government agencies GSEs $ 2,748 $ (13) $ 1,651 $ (12) $ 4,399 $ (25) Mortgage-backed securities- GSEs 8,778 (101) - - 8,778 (101) Municipal bonds 110 (1) - - 110 (1) Total temporarily impaired securities $ 11,636 $ (115) $ 1,651 $ (12) $ 13,287 $ (127) |
LOANS (Tables)
LOANS (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Following is a summary of the composition of the Company’s loan portfolio at June 30, 2017 and December 31, 2016: June 30, December 31, Total Loans: 2017 2016 Percent Percent Amount of total Amount of total (dollars in thousands) Real estate loans: 1-to-4 family residential $ 103,644 14.04 % $ 97,978 14.47 % Commercial real estate 297,406 40.30 % 281,723 41.60 % Multi-family residential 71,066 9.63 % 56,119 8.29 % Construction 126,265 17.11 % 100,911 14.90 % Home equity lines of credit (“HELOC”) 42,305 5.73 % 41,158 6.08 % Total real estate loans 640,686 86.81 % 577,889 85.34 % Other loans: Commercial and industrial 88,206 11.95 % 90,678 13.39 % Loans to individuals 10,365 1.40 % 9,756 1.44 % Overdrafts 57 0.01 % 71 0.01 % Total other loans 98,628 13.36 % 100,505 14.84 % Gross loans 739,314 678,394 Less deferred loan origination fees, net (1,293) (0.17) % (1,199) (0.18) % Total loans 738,021 100.00 % 677,195 100.00 % Allowance for loan losses (8,488) (8,411) Total loans, net $ 729,533 $ 668,784 |
Past Due Financing Receivables [Table Text Block] | The following tables present an age analysis of past due loans, segregated by class of loans as of June 30, 2017 and December 31, 2016, respectively: Total Loans: June 30, 2017 30+ Non- Total Days Accrual Past Total Past Due Loans Due Current Loans (dollars in thousands) Commercial and industrial $ 19 $ 70 $ 89 $ 88,117 $ 88,206 Construction 207 91 298 125,967 126,265 Multi-family residential - 48 48 71,018 71,066 Commercial real estate 118 1,442 1,560 295,846 297,406 Loans to individuals & overdrafts 32 6 38 10,384 10,422 1-to-4 family residential 26 921 947 102,697 103,644 HELOC 117 365 482 41,823 42,305 Deferred loan (fees) cost, net - - - - (1,293) $ 519 $ 2,943 $ 3,462 $ 735,852 $ 738,021 There were five loans that amounted to $ 956,000 December 31, 2016 30+ Non- Total Days Accrual Past Total Past Due Loans Due Current Loans (in thousands) Total Loans Commercial and industrial $ 1,459 $ 73 $ 1,532 $ 89,146 $ 90,678 Construction 221 151 372 100,539 100,911 Multi-family residential 46 346 392 55,727 56,119 Commercial real estate 589 3,807 4,396 277,327 281,723 Loans to individuals & overdrafts 23 46 69 9,758 9,827 1-to-4 family residential 631 602 1,233 96,745 97,978 HELOC 24 780 804 40,354 41,158 Deferred loan (fees) cost, net - - - - (1,199) $ 2,993 $ 5,805 $ 8,798 $ 669,596 $ 677,195 |
Impaired Financing Receivables [Table Text Block] | The following tables present information on loans that were considered to be impaired as of June 30, 2017 and December 31, 2016: Three months ended Six months ended As of June 30, 2017 June 30, 2017 June 30, 2017 Contractual Interest Income Interest Income Unpaid Average Recognized on Average Recognized on Recorded Principal Related Recorded Impaired Recorded Impaired Investment Balance Allowance Investment Loans Investment Loans (In thousands) With no related allowance recorded: Commercial and industrial $ 1,053 $ 1,063 $ - $ 1,077 $ 21 $ 1,119 $ 40 Construction 164 251 - 169 1 198 5 Commercial real estate 3,674 4,867 - 3,958 54 4,019 113 Loans to individuals & overdrafts - - - - - - - Multi-family residential 48 48 - 48 - 197 - 1-to-4 family residential 1,222 1,435 - 1,022 20 1,111 33 HELOC 648 832 - 654 12 844 22 Subtotal: 6,809 8,496 - 6,928 108 7,488 213 With an allowance recorded: Commercial and industrial - - - - - 1 - Construction - - - - - - - Commercial real estate 630 686 12 1,429 10 1,563 20 Loans to individuals & overdrafts - - - - - - - Multi-family residential - - - - - - - 1-to-4 family residential 300 304 16 302 5 298 11 HELOC 33 35 - 16 - 33 - Subtotal: 963 1,025 28 1,747 15 1,895 31 Totals: Commercial 5,569 6,915 13 6,681 86 7,097 178 Consumer - - - - - - - Residential 2,203 2,606 15 1,994 37 2,286 66 Grand Total: $ 7,772 $ 9,521 $ 28 $ 8,675 $ 123 $ 9,383 $ 244 Impaired loans at June 30, 2017 were approximately $ 7.8 2.9 4.9 963,000 6.8 1.4 Three months ended Six months ended As of December 31, 2016 June 30, 2016 June 30, 2016 Contractual Interest Income Interest Income Unpaid Average Recognized on Average Recognized on Recorded Principal Related Recorded Impaired Recorded Impaired Investment Balance Allowance Investment Loans Investment Loans (In thousands) With no related allowance recorded: Commercial and industrial $ 46 $ 46 $ - $ 469 $ 2 $ 237 $ 8 Construction 231 318 - 558 2 563 6 Commercial real estate 4,364 5,983 - 3,304 29 4,378 72 Loans to individuals & overdrafts 1,139 1,144 - - - - - Multi-family residential 346 365 - 368 3 397 8 1 to 4 family residential 1,000 1,278 - 1,257 36 1,656 52 HELOC 1,041 1,378 - 658 10 661 18 Subtotal: 8,167 10,512 - 6,614 82 7,892 164 With an allowance recorded: Commercial and industrial - - - 35 - 39 1 Construction - - - - - - - Commercial real estate 2,496 2,905 80 3,389 4 2,165 18 Loans to individuals & overdrafts 1 1 1 - - 2 - Multi-family residential - - - - - - - 1 to 4 family residential 296 296 17 314 2 284 8 HELOC 34 35 19 41 - 16 - Subtotal: 2,827 3,237 117 3,779 6 2,506 27 Totals: Commercial 7,483 9,617 80 8,123 40 7,779 113 Consumer 1,140 1,145 1 - - 2 - Residential 2,371 2,987 36 2,270 48 2,617 78 Grand Total: $ 10,994 $ 13,749 $ 117 $ 10,393 $ 88 $ 10,398 $ 191 |
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | The following table presents loans that were modified as troubled debt restructurings (“TDRs”) with a breakdown of the types of concessions made by loan class during the three and six months ended June 30, 2017 and 2016: Three months ended June 30, 2017 Six months ended June 30, 2017 Pre- Post- Pre- Post- Modification Modification Modification Modification Outstanding Outstanding Outstanding Outstanding Number Recorded Recorded Number Recorded Recorded of loans Investment Investment of loans Investment Investment (Dollars in thousands) Extended payment terms: 1-to-4 family residential 1 $ 17 $ 17 1 $ 17 $ 17 Commercial & industrial 1 44 44 1 44 44 Total 2 $ 61 $ 61 2 $ 61 $ 61 Three months ended June 30, 2016 Six months ended June 30, 2016 Pre- Post- Pre- Post- Modification Modification Modification Modification Outstanding Outstanding Outstanding Outstanding Number Recorded Recorded Number Recorded Recorded of loans Investment Investment of loans Investment Investment (Dollars in thousands) Extended payment terms: 1-to-4 family residential 1 $ 49 $ 49 1 $ 49 $ 49 Commercial & industrial 2 251 160 3 296 206 Loans to individuals 1 4 4 1 4 4 Total 4 $ 304 $ 213 5 $ 349 $ 259 The following table presents loans that were modified as TDRs within the past twelve months with a breakdown of the types for which there was a payment default during that period together with concessions made by loan class during the twelve month period ended June 30, 2017 and 2016: Twelve months ended Twelve months ended June 30, 2017 June 30, 2016 Number Recorded Number Recorded of loans investment of loans investment (Dollars in thousands) Extended payment terms: Commercial real estate - $ - 3 $ 206 Commercial & industrial 2 $ 927 - - Loans to individuals - - 1 4 Multi-family residential - - 1 370 1-to-4 family residential 1 77 1 49 Total 3 $ 1,004 6 $ 629 |
Financing Receivable Credit Quality Indicators [Table Text Block] | The following tables present information on risk ratings of the commercial and consumer loan portfolios, segregated by loan class as of June 30, 2017 and December 31, 2016, respectively: Total loans: June 30, 2017 Commercial Credit Exposure By Commercial Commercial Internally and real Multi-family Assigned Grade industrial Construction estate residential (In thousands) Superior $ 402 $ - $ - $ - Very good 815 260 440 - Good 10,680 6,089 38,673 10,732 Acceptable 31,509 18,517 168,342 40,469 Acceptable with care 43,124 100,869 84,288 19,578 Special mention 1,444 302 2,175 - Substandard 232 228 3,488 287 Doubtful - - - - Loss - - - - $ 88,206 $ 126,265 $ 297,406 $ 71,066 Consumer Credit Exposure By Internally 1-to-4 family Assigned Grade residential HELOC Pass $ 97,834 $ 40,717 Special mention 2,934 485 Substandard 2,876 1,103 $ 103,644 $ 42,305 Consumer Credit Exposure Based Loans to On Payment individuals & Activity overdrafts Pass $ 10,411 Non pass 11 $ 10,422 Commercial Credit Exposure By Commercial Commercial Internally and real Multi-family Assigned Grade industrial Construction estate residential (in thousands) Superior $ 435 $ - $ - $ - Very good 326 245 460 - Good 13,632 4,506 36,501 12,139 Acceptable 35,720 12,922 152,608 29,873 Acceptable with care 37,351 82,771 81,231 13,467 Special mention 2,905 173 4,868 - Substandard 309 294 6,055 640 Doubtful - - - - Loss - - - - $ 90,678 $ 100,911 $ 281,723 $ 56,119 Consumer Credit Exposure By Internally 1-to-4 family Assigned Grade residential HELOC Pass $ 92,115 $ 39,554 Special mention 3,015 439 Substandard 2,848 1,165 $ 97,978 $ 41,158 Consumer Credit Exposure Based Loans to On Payment individuals & Activity overdrafts Pass $ 9,820 Non-pass 7 $ 9,827 |
Schedule Of Certain Loans Acquired In Transfer Accounted For As Debt Securities Accretable Yield [Table Text Block] | Three Months Six Months Ended June 30, Ended June 30, 2017 2017 (Dollars in thousands) Accretable yield, beginning of period $ 2,465 $ 2,626 Accretion (260) (520) Reclassification from (to) nonaccretable difference 72 79 Other changes, net 3 95 Accretable yield, end of period $ 2,280 $ 2,280 |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | The following tables present a roll forward of the Company’s allowance for loan losses by loan class for the three and six month periods ended June 30, 2017, respectively: Three months ended June 30, 2017 Commercial 1 to 4 Loans to Multi- and Commercial family individuals & family Allowance for loan losses industrial Construction real estate residential HELOC overdrafts residential Total (Dollars in thousands) Loans excluding PCI Balance, beginning of period $ 958 $ 1,177 $ 3,169 $ 770 $ 589 $ 465 $ 583 $ 7,711 Provision for loan losses (119) 111 1,110 143 (28) (294) 149 1,072 Loans charged-off (35) - (373) - - (34) - (442) Recoveries 91 4 7 10 2 5 - 119 Balance, end of period $ 895 $ 1,292 $ 3,913 $ 923 $ 563 $ 142 $ 732 $ 8,460 PCI Loans Balance, beginning of period $ 5 $ - $ 294 $ - $ 12 $ - $ - $ 311 Provision for loan losses (5) - 12 16 (12) - - 11 Loans charged-off - - (294) - - - - (294) Recoveries - - - - - - - - Balance, end of period $ - $ - $ 12 $ 16 $ - $ - $ - $ 28 Total Loans Balance, beginning of period $ 963 $ 1,177 $ 3,463 $ 770 $ 601 $ 465 $ 583 $ 8,022 Provision for loan losses (124) 111 1,122 159 (40) (294) 149 1,083 Loans charged-off (35) - (667) - - (34) - (736) Recoveries 91 4 7 10 2 5 - 119 Balance, end of period $ 895 $ 1,292 $ 3,925 $ 939 $ 563 $ 142 $ 732 $ 8,488 Ending Balance: individually evaluated for impairment $ - $ - $ 12 $ 16 $ - $ - $ - $ 28 Ending Balance: collectively evaluated for impairment $ 895 $ 1,292 $ 3,913 $ 923 $ 563 $ 142 $ 732 $ 8,460 Loans: Ending Balance: collectively evaluated for impairment $ 87,153 $ 126,101 $ 293,102 $ 102,122 $ 41,624 $ 10,422 $ 71,018 $ 731,542 Ending Balance: individually evaluated for impairment $ 1,053 $ 164 $ 4,304 $ 1,522 $ 681 $ - $ 48 $ 7,772 Ending Balance $ 88,206 $ 126,265 $ 297,406 $ 103,644 $ 42,305 $ 10,422 $ 71,066 $ 739,314 Six months ended June 30, 2017 Commercial 1 to 4 Loans to Multi- and Commercial family individuals & family Allowance for loan losses industrial Construction real estate residential HELOC overdrafts residential Total (Dollars in thousands) Loans excluding PCI Balance, beginning of period $ 1,211 $ 1,301 $ 3,448 $ 846 $ 611 $ 317 $ 628 $ 8,362 Provision for loan losses (466) (18) 1,081 58 (2) (139) 102 616 Loans charged-off (37) - (623) - (69) (50) - (779) Recoveries 187 9 7 19 23 14 2 261 Balance, end of period $ 895 $ 1,292 $ 3,913 $ 923 $ 563 $ 142 $ 732 $ 8,460 PCI Loans Balance, beginning of period $ 37 $ - $ - $ - $ 12 $ - $ - $ 49 Provision for loan losses (37) - 306 16 (12) - - 273 Loans charged-off - - (294) - - - - (294) Recoveries - - - - - - - - Balance, end of period $ - $ - $ 12 $ 16 $ - $ - $ - $ 28 Total Loans Balance, beginning of period $ 1,248 $ 1,301 $ 3,448 $ 846 $ 623 $ 317 $ 628 $ 8,411 Provision for loan losses (503) (18) 1,387 74 (14) (139) 102 889 Loans charged-off (37) - (917) - (69) (50) - (1,073) Recoveries 187 9 7 19 23 14 2 261 Balance, end of period $ 895 $ 1,292 $ 3,925 $ 939 $ 563 $ 142 $ 732 $ 8,488 The following tables present a roll forward of the Company’s allowance for loan losses by loan class for the three and six month periods ended June 30, 2016, respectively: Three months ended June 30, 2016 Commercial 1 to 4 Loans to Multi- and Commercial family individuals & family Allowance for loan losses industrial Construction real estate residential HELOC overdrafts residential Total (Dollars in thousands) Loans excluding PCI Balance, beginning of period $ 1,055 $ 1,401 $ 3,217 $ 688 $ 585 $ 150 $ 422 $ 7,518 Provision for loan losses 66 107 49 (101) (102) 22 101 142 Loans charged-off (40) (1) (185) - (1) (9) - (236) Recoveries 5 4 32 185 11 6 - 243 Balance, end of period $ 1,086 $ 1,511 $ 3,113 $ 772 $ 493 $ 169 $ 523 $ 7,667 PCI Loans Balance, beginning of period $ - $ - $ - $ - $ 9 $ - $ - $ 9 Provision for loan losses 16 - - - - - - 16 Loans charged-off - - - - - - - - Recoveries - - - - - - - - Balance, end of period $ 16 $ - $ - $ - $ 9 $ - $ - $ 25 Total Loans Balance, beginning of period $ 1,055 $ 1,401 $ 3,217 $ 688 $ 594 $ 150 $ 422 $ 7,527 Provision for loan losses 82 107 49 (101) (102) 22 101 158 Loans charged-off (40) (1) (185) - (1) (9) - (236) Recoveries 5 4 32 185 11 6 - 243 Balance, end of period $ 1,102 $ 1,511 $ 3,113 $ 772 $ 502 $ 169 $ 523 $ 7,692 Ending Balance: individually evaluated for impairment $ 7 $ - $ 96 $ 12 $ - $ - $ - $ 115 Ending Balance: collectively evaluated for impairment $ 1,095 $ 1,511 $ 3,017 $ 760 $ 502 $ 169 $ 523 $ 7,577 Loans: Ending Balance: collectively evaluated for impairment $ 79,719 $ 112,768 $ 241,091 $ 93,463 $ 41,399 $ 8,554 $ 45,928 $ 622,922 Ending Balance: individually evaluated for impairment $ 435 $ 511 $ 6,831 $ 1,527 $ 656 $ - $ 367 $ 10,327 Ending Balance $ 80,154 $ 113,279 $ 247,922 $ 94,990 $ 42,055 $ 8,554 $ 46,295 $ 633,249 Six months ended June 30, 2016 Commercial 1 to 4 Loans to Multi- and Commercial family individuals & family Allowance for loan losses industrial Construction real estate residential HELOC overdrafts residential Total (Dollars in thousands) Loans excluding PCI Balance, beginning of period $ 922 $ 1,386 $ 3,005 $ 605 $ 564 $ 137 $ 393 $ 7,012 Provision for loan losses 198 116 219 (114) (96) 41 130 494 Loans charged-off (41) (2) (185) - (1) (18) - (247) Recoveries 7 11 74 281 26 9 - 408 Balance, end of period $ 1,086 $ 1,511 $ 3,113 $ 772 $ 493 $ 169 $ 523 $ 7,667 PCI Loans Balance, beginning of period $ - $ - $ - $ - $ 9 $ - $ - $ 9 Provision for loan losses 16 - - - - - - 16 Loans charged-off - - - - - - - - Recoveries - - - - - - - - Balance, end of period $ 16 $ - $ - $ - $ 9 $ - $ 2 $ 25 Total Loans Balance, beginning of period $ 922 $ 1,386 $ 3,005 $ 605 $ 573 $ 137 $ 393 $ 7,021 Provision for loan losses 214 116 219 (114) (96) 41 130 510 Loans charged-off (41) (2) (185) - (1) (18) - (247) Recoveries 7 11 74 281 26 9 - 408 Balance, end of period $ 1,102 $ 1,511 $ 3,113 $ 772 $ 502 $ 169 $ 523 $ 7,692 |
ACCUMULATED OTHER COMPREHENSI22
ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following table presents changes in accumulated other comprehensive income for the three and six months ended June 30, 2017 and 2016. Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 (In thousands) Beginning balance $ 410 $ 953 $ 358 $ 490 Unrealized gain (loss) on investment securities available for sale 151 338 233 1,099 Tax effect (55) (113) (85) (397) Other comprehensive gain (loss) before reclassification 96 225 148 702 Amounts reclassified from accumulated comprehensive income: Realized gains on investment securities included in net income - - - (22) Tax effect - - - 8 Total reclassifications net of tax - - - (14) Net current period other comprehensive income 96 225 148 688 Ending balance $ 506 $ 1,178 $ 506 $ 1,178 |
REPURCHASE AGREEMENTS (Tables)
REPURCHASE AGREEMENTS (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Banking and Thrift [Abstract] | |
Remaining Contractual Maturity Of The Securities Sold Under Agreements To Repurchase By Class Of Collateral Pledged [Table Text Block] | The remaining contractual maturity of the securities sold under agreements to repurchase by class of collateral pledged included in short-term borrowings as of June 30, 2017 and December 31, 2016 is presented in the following tables. June 30, 2017 Remaining Contractual Maturity of the Agreements Overnight and Up to 30 30-90 Greater than (Dollars in thousands) continuous Days Days 90 Days Total Repurchase agreements U.S. government agencies-GSE’s $ 6,222 $ - $ - $ - $ 6,222 Mortgage-backed Securities-GSEs 6,432 - - - 6,432 Total borrowings $ 12,654 $ - $ - $ - $ 12,654 Gross amount of recognized liabilities for repurchase agreements $ 11,560 December 31, 2016 Remaining Contractual Maturity of the Agreements Overnight and Up to 30 30-90 Greater than (in thousands) continuous Days Days 90 Days Total Repurchase agreements U.S. government agencies-GSE’s $ 5,568 $ - $ - $ - $ 5,568 Mortgage-backed Securities-GSEs 6,496 - - - 6,496 Total borrowings $ 12,064 $ - $ - $ - $ 12,064 Gross amount of recognized liabilities for repurchase agreements $ 12,003 |
OTHER REAL ESTATE OWNED (Tables
OTHER REAL ESTATE OWNED (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Banking and Thrift [Abstract] | |
Schedule Of Real Estate Owned Properties [Table Text Block] | The following table explains changes in other real estate owned during the six months ended June 30, 2017 and 2016 (dollars in thousands): Six Months Six Months Ended June 30, Ended June 30, 2017 2016 (Dollars in thousands) Beginning balance January 1 $ 599 $ 1,401 Sales (384) (1,215) Write-downs 61 (48) Transfers 2,426 578 Ending balance $ 2,702 $ 716 |
PER SHARE RESULTS (Details)
PER SHARE RESULTS (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Weighted average shares used for basic net income available to common shareholders | 11,662,117 | 11,594,995 | 11,657,391 | 11,589,217 |
Effect of dilutive stock options | 64,993 | 47,731 | 63,450 | 49,452 |
Weighted average shares used for diluted net income available to common shareholders | 11,727,110 | 11,642,726 | 11,720,841 | 11,638,669 |
PER SHARE RESULTS (Details Text
PER SHARE RESULTS (Details Textual) - shares | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 23,300 | 123,800 |
RECENT ACCOUNTING PRONOUNCEME27
RECENT ACCOUNTING PRONOUNCEMENTS (Details Textual) | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Accounting Standards Update 2016-09 [Member] | |
Excess Tax Benefit from Share-based Compensation, Operating Activities | $ 4,000 |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Assets, Fair Value Disclosure, Recurring | $ 56,852 | $ 62,257 |
US Government Agencies Debt Securities [Member] | ||
Assets, Fair Value Disclosure, Recurring | 12,577 | 14,159 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Assets, Fair Value Disclosure, Recurring | 30,084 | 32,363 |
Municipal Bonds [Member] | ||
Assets, Fair Value Disclosure, Recurring | 14,191 | 15,735 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | US Government Agencies Debt Securities [Member] | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Municipal Bonds [Member] | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value Disclosure, Recurring | 56,852 | 62,257 |
Fair Value, Inputs, Level 2 [Member] | US Government Agencies Debt Securities [Member] | ||
Assets, Fair Value Disclosure, Recurring | 12,577 | 14,159 |
Fair Value, Inputs, Level 2 [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Assets, Fair Value Disclosure, Recurring | 30,084 | 32,363 |
Fair Value, Inputs, Level 2 [Member] | Municipal Bonds [Member] | ||
Assets, Fair Value Disclosure, Recurring | 14,191 | 15,735 |
Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | US Government Agencies Debt Securities [Member] | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Municipal Bonds [Member] | ||
Assets, Fair Value Disclosure, Recurring | $ 0 | $ 0 |
FAIR VALUE MEASUREMENTS (Deta29
FAIR VALUE MEASUREMENTS (Details 1) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Assets, Fair Value Disclosure, Nonrecurring | $ 6,491 | $ 7,250 |
Impaired Loans [Member] | ||
Assets, Fair Value Disclosure, Nonrecurring | 2,943 | 5,805 |
Assets held for sale [Member] | ||
Assets, Fair Value Disclosure, Nonrecurring | 846 | 846 |
Foreclosed Real Estate [Member] | ||
Assets, Fair Value Disclosure, Nonrecurring | 2,702 | 599 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Impaired Loans [Member] | ||
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Assets held for sale [Member] | ||
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Foreclosed Real Estate [Member] | ||
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Impaired Loans [Member] | ||
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Assets held for sale [Member] | ||
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Foreclosed Real Estate [Member] | ||
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure, Nonrecurring | 6,491 | 7,250 |
Fair Value, Inputs, Level 3 [Member] | Impaired Loans [Member] | ||
Assets, Fair Value Disclosure, Nonrecurring | 2,943 | 5,805 |
Fair Value, Inputs, Level 3 [Member] | Assets held for sale [Member] | ||
Assets, Fair Value Disclosure, Nonrecurring | 846 | 846 |
Fair Value, Inputs, Level 3 [Member] | Foreclosed Real Estate [Member] | ||
Assets, Fair Value Disclosure, Nonrecurring | $ 2,702 | $ 599 |
FAIR VALUE MEASUREMENTS (Deta30
FAIR VALUE MEASUREMENTS (Details 2) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | |
Financial assets: | |||
Cash and due from banks | $ 13,791 | $ 14,372 | [1] |
Certificates of deposits | 1,000 | 1,000 | |
Interest-earning deposits in other banks | 43,512 | 40,342 | |
Investment securities available for sale | 56,852 | 62,257 | |
Loans, net | 729,533 | 668,784 | |
Accrued interest receivable | 2,646 | 2,768 | [1] |
Stock in the FHLB | 2,141 | 2,251 | [1] |
Other non-marketable securities | 666 | 703 | |
Financial liabilities: | |||
Deposits | 739,653 | 679,661 | [1] |
Short-term debt | 33,559 | 37,090 | [1] |
Long-term debt | 22,839 | 23,039 | [1] |
Accrued interest payable | 241 | 221 | [1] |
Estimate of Fair Value Measurement [Member] | |||
Financial assets: | |||
Cash and due from banks | 13,791 | 14,372 | |
Certificates of deposits | 1,000 | 1,000 | |
Interest-earning deposits in other banks | 43,512 | 40,342 | |
Investment securities available for sale | 56,852 | 62,257 | |
Loans, net | 734,564 | 671,208 | |
Accrued interest receivable | 2,646 | 2,768 | |
Stock in the FHLB | 2,141 | 2,251 | |
Other non-marketable securities | 666 | 703 | |
Financial liabilities: | |||
Deposits | 738,037 | 678,328 | |
Short-term debt | 33,559 | 37,177 | |
Long-term debt | 17,449 | 17,649 | |
Accrued interest payable | 241 | 221 | |
Fair Value, Inputs, Level 1 [Member] | |||
Financial assets: | |||
Cash and due from banks | 13,791 | 14,372 | |
Certificates of deposits | 1,000 | 1,000 | |
Interest-earning deposits in other banks | 43,512 | 40,342 | |
Investment securities available for sale | 0 | 0 | |
Loans, net | 0 | 0 | |
Accrued interest receivable | 0 | 0 | |
Stock in the FHLB | 0 | 0 | |
Other non-marketable securities | 0 | 0 | |
Financial liabilities: | |||
Deposits | 0 | 0 | |
Short-term debt | 0 | 0 | |
Long-term debt | 0 | 0 | |
Accrued interest payable | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | |||
Financial assets: | |||
Cash and due from banks | 0 | 0 | |
Certificates of deposits | 0 | 0 | |
Interest-earning deposits in other banks | 0 | 0 | |
Investment securities available for sale | 56,852 | 62,257 | |
Loans, net | 0 | 0 | |
Accrued interest receivable | 2,646 | 2,768 | |
Stock in the FHLB | 0 | 0 | |
Other non-marketable securities | 0 | 0 | |
Financial liabilities: | |||
Deposits | 738,037 | 678,328 | |
Short-term debt | 33,559 | 37,177 | |
Long-term debt | 17,449 | 17,649 | |
Accrued interest payable | 241 | 221 | |
Fair Value, Inputs, Level 3 [Member] | |||
Financial assets: | |||
Cash and due from banks | 0 | 0 | |
Certificates of deposits | 0 | 0 | |
Interest-earning deposits in other banks | 0 | 0 | |
Investment securities available for sale | 0 | 0 | |
Loans, net | 734,564 | 671,208 | |
Accrued interest receivable | 0 | 0 | |
Stock in the FHLB | 2,141 | 2,251 | |
Other non-marketable securities | 666 | 703 | |
Financial liabilities: | |||
Deposits | 0 | 0 | |
Short-term debt | 0 | 0 | |
Long-term debt | 0 | 0 | |
Accrued interest payable | $ 0 | $ 0 | |
[1] | Derived from audited consolidated financial statements. |
FAIR VALUE MEASUREMENTS (Deta31
FAIR VALUE MEASUREMENTS (Details Textual) | Jun. 30, 2017 |
Minimum [Member] | |
Percentage Of Discount From Impaired Loans | 6.00% |
Percentage Of Discount From Assets held for sale | 1.00% |
Minimum [Member] | Fair Value, Measurements, Nonrecurring [Member] | |
Percentage Of Discount From Foreclosed Real Estate | 6.00% |
Maximum [Member] | |
Percentage Of Discount From Impaired Loans | 61.00% |
Percentage Of Discount From Assets held for sale | 25.00% |
Maximum [Member] | Fair Value, Measurements, Nonrecurring [Member] | |
Percentage Of Discount From Foreclosed Real Estate | 10.00% |
INVESTMENT SECURITIES (Details)
INVESTMENT SECURITIES (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | |
Securities available for sale: | |||
Amortized cost | $ 56,057 | $ 61,695 | |
Gross unrealized gains | 842 | 689 | |
Gross unrealized Losses | (47) | (127) | |
Fair value | 56,852 | 62,257 | [1] |
U.S. government agencies - GSE’s [Member] | |||
Securities available for sale: | |||
Amortized cost | 12,426 | 14,086 | |
Gross unrealized gains | 160 | 98 | |
Gross unrealized Losses | (9) | (25) | |
Fair value | 12,577 | 14,159 | |
Mortgage-backed securities - GSE’s [Member] | |||
Securities available for sale: | |||
Amortized cost | 29,727 | 32,082 | |
Gross unrealized gains | 395 | 382 | |
Gross unrealized Losses | (38) | (101) | |
Fair value | 30,084 | 32,363 | |
Municipal bonds [Member] | |||
Securities available for sale: | |||
Amortized cost | 13,904 | 15,527 | |
Gross unrealized gains | 287 | 209 | |
Gross unrealized Losses | 0 | (1) | |
Fair value | $ 14,191 | $ 15,735 | |
[1] | Derived from audited consolidated financial statements. |
INVESTMENT SECURITIES (Details
INVESTMENT SECURITIES (Details 1) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | ||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost, Due within one year | $ 1,554 | $ 3,735 | |
Fair Value, Due within one year | 1,561 | 3,747 | |
Amortized Cost, Due after one but within five years | 41,301 | 37,615 | |
Fair Value, Due after one but within five years | 41,826 | 37,929 | |
Amortized Cost, Due after five but within ten years | 6,943 | 10,695 | |
Fair Value, Due after five but within ten years | 7,085 | 10,792 | |
Amortized Cost, Due after ten years | 6,259 | 9,650 | |
Fair Value, Due after ten years | 6,380 | 9,789 | |
Available-for-sale Securities, Amortized Cost Total | 56,057 | 61,695 | |
Available-for-sale Securities, Fair Value Total | 56,852 | 62,257 | [1] |
Gross Unrealized Gains, Due within one year | 7 | 12 | |
Gross Unrealized Losses, Due within one year | 0 | 0 | |
Gross Unrealized Gains, Due after one but within five years | 572 | 424 | |
Gross Unrealized Losses, Due after one but within five years | (47) | (110) | |
Gross Unrealized Gains, Due after five but within ten years | 142 | 109 | |
Gross Unrealized Losses, Due after five but within ten years | 0 | (12) | |
Gross Unrealized Gains, Due after ten years | 121 | 144 | |
Gross Unrealized Losses, Due after ten years | 0 | (5) | |
Available-for-sale Securities, Gross Unrealized Gain | 842 | 689 | |
Available-for-sale Securities, Gross Unrealized Loss | $ (47) | $ (127) | |
[1] | Derived from audited consolidated financial statements. |
INVESTMENT SECURITIES (Detail34
INVESTMENT SECURITIES (Details 2) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
U.S. government agencies - GSE’s [Member] | ||
Securities available for sale: | ||
Less Than 12 Months Fair value | $ 1,433 | $ 2,748 |
Less Than 12 Months Unrealized losses | (9) | (13) |
12 Months or More Fair value | 0 | 1,651 |
12 Months or More Unrealized losses | 0 | (12) |
Total Fair value | 1,433 | 4,399 |
Total Unrealized losses | (9) | (25) |
Mortgage-backed securities - GSE’s [Member] | ||
Securities available for sale: | ||
Less Than 12 Months Fair value | 5,420 | 8,778 |
Less Than 12 Months Unrealized losses | (38) | (101) |
12 Months or More Fair value | 0 | 0 |
12 Months or More Unrealized losses | 0 | 0 |
Total Fair value | 5,420 | 8,778 |
Total Unrealized losses | (38) | (101) |
Municipal bonds [Member] | ||
Securities available for sale: | ||
Less Than 12 Months Fair value | 110 | 110 |
Less Than 12 Months Unrealized losses | 0 | (1) |
12 Months or More Fair value | 0 | 0 |
12 Months or More Unrealized losses | 0 | 0 |
Total Fair value | 110 | 110 |
Total Unrealized losses | 0 | (1) |
Total temporarily impaired securities [Member] | ||
Securities available for sale: | ||
Less Than 12 Months Fair value | 6,963 | 11,636 |
Less Than 12 Months Unrealized losses | (47) | (115) |
12 Months or More Fair value | 0 | 1,651 |
12 Months or More Unrealized losses | 0 | (12) |
Total Fair value | 6,963 | 13,287 |
Total Unrealized losses | $ (47) | $ (127) |
INVESTMENT SECURITIES (Detail35
INVESTMENT SECURITIES (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Schedule of Available-for-sale Securities [Line Items] | ||||||
Available-for-sale Securities, Gross Unrealized Gain (Loss) | $ 795,000 | $ 562,000 | ||||
Deferred Income Taxes and Other Liabilities, Noncurrent | $ 289,000 | 289,000 | 204,000 | |||
US Government Securities, at Carrying Value | 19,600,000 | 19,600,000 | 34,300,000 | |||
Gain (Loss) on Sale of Securities, Net | 0 | $ 0 | $ 22,000 | 0 | $ 22,000 | |
Proceeds from Sale of Available-for-sale Securities, Total | $ 624,000 | 0 | $ 624,000 | |||
Temporarily Impaired Securities [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 | 12,000 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ 47,000 | $ 47,000 | $ 115,000 |
LOANS (Details)
LOANS (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross loans | $ 739,314 | $ 678,394 | ||||
Less deferred loan origination fees, net | (1,293) | (1,199) | ||||
Total loans | 738,021 | 677,195 | [1] | $ 633,249 | ||
Allowance for loan losses | (8,488) | (8,411) | [1] | (25) | $ (9) | |
Total loans, net | $ 729,533 | $ 668,784 | [1] | |||
Less Percentage of deferred loan origination fees, net | (0.17%) | (0.18%) | ||||
Percent of total | 100.00% | 100.00% | ||||
1- to- 4 family residential Real estate loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | $ 103,644 | $ 97,978 | 94,990 | |||
Allowance for loan losses | 0 | $ 0 | ||||
Percent of total | 14.04% | 14.47% | ||||
Commercial Real Estate [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | $ 297,406 | $ 281,723 | 247,922 | |||
Allowance for loan losses | 0 | 0 | ||||
Percent of total | 40.30% | 41.60% | ||||
Multi-family residential Real estate loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | $ 71,066 | $ 56,119 | 46,295 | |||
Allowance for loan losses | 0 | 0 | ||||
Percent of total | 9.63% | 8.29% | ||||
Construction Real estate loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | $ 126,265 | $ 100,911 | 113,279 | |||
Allowance for loan losses | 0 | |||||
Percent of total | 17.11% | 14.90% | ||||
Home Equity Line of Credit [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | $ 42,305 | $ 41,158 | 42,055 | |||
Allowance for loan losses | (9) | $ (9) | ||||
Percent of total | 5.73% | 6.08% | ||||
Total real estate loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | $ 640,686 | $ 577,889 | ||||
Percent of total | 86.81% | 85.34% | ||||
Commercial and industrial Other loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | $ 88,206 | $ 90,678 | $ 80,154 | |||
Percent of total | 11.95% | 13.39% | ||||
Loans to individuals Other loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | $ 10,365 | $ 9,756 | ||||
Percent of total | 1.40% | 1.44% | ||||
Overdrafts Other loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | $ 57 | $ 71 | ||||
Percent of total | 0.01% | 0.01% | ||||
Total other loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | $ 98,628 | $ 100,505 | ||||
Percent of total | 13.36% | 14.84% | ||||
[1] | Derived from audited consolidated financial statements. |
LOANS (Details 1)
LOANS (Details 1) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Non-Accrual Loans | $ 2,943 | $ 5,805 | ||
Total Past | 3,462 | 8,798 | ||
Current | 735,852 | 669,596 | ||
Deferred loan (fees) cost, net | (1,293) | (1,199) | ||
Total Loans | 738,021 | 677,195 | [1] | $ 633,249 |
Total Loans [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Non-Accrual Loans | 0 | 0 | ||
Total Past | 0 | 0 | ||
Current | 0 | 0 | ||
Deferred loan (fees) cost, net | (1,293) | (1,199) | ||
Total Loans [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past | 519 | 2,993 | ||
Deferred loan (fees) cost, net | 0 | 0 | ||
Commercial and Industrial [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Loans | 88,206 | 90,678 | 80,154 | |
Commercial and Industrial [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Non-Accrual Loans | 70 | 73 | ||
Total Past | 89 | 1,532 | ||
Current | 88,117 | 89,146 | ||
Total Loans | 88,206 | 90,678 | ||
Commercial and Industrial [Member] | Total Loans [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past | 19 | 1,459 | ||
Construction Loans Real Estate [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Loans | 126,265 | 100,911 | 113,279 | |
Construction Loans Real Estate [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Non-Accrual Loans | 91 | 151 | ||
Total Past | 298 | 372 | ||
Current | 125,967 | 100,539 | ||
Total Loans | 126,265 | 100,911 | ||
Construction Loans Real Estate [Member] | Total Loans [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past | 207 | 221 | ||
Multi Family Residential Real Estate [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Loans | 71,066 | 56,119 | 46,295 | |
Multi Family Residential Real Estate [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Non-Accrual Loans | 48 | 346 | ||
Total Past | 48 | 392 | ||
Current | 71,018 | 55,727 | ||
Total Loans | 71,066 | 56,119 | ||
Multi Family Residential Real Estate [Member] | Total Loans [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past | 0 | 46 | ||
Commercial Real Estate [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Loans | 297,406 | 281,723 | 247,922 | |
Commercial Real Estate [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Non-Accrual Loans | 1,442 | 3,807 | ||
Total Past | 1,560 | 4,396 | ||
Current | 295,846 | 277,327 | ||
Total Loans | 297,406 | 281,723 | ||
Commercial Real Estate [Member] | Total Loans [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past | 118 | 589 | ||
Loans to Individuals and Overdrafts [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Loans | 10,422 | 9,827 | 8,554 | |
Loans to Individuals and Overdrafts [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Non-Accrual Loans | 6 | 46 | ||
Total Past | 38 | 69 | ||
Current | 10,384 | 9,758 | ||
Total Loans | 10,422 | 9,827 | ||
Loans to Individuals and Overdrafts [Member] | Total Loans [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past | 32 | 23 | ||
Family Residential Real Estate 1 to 4 [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Loans | 103,644 | 97,978 | 94,990 | |
Family Residential Real Estate 1 to 4 [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Non-Accrual Loans | 921 | 602 | ||
Total Past | 947 | 1,233 | ||
Current | 102,697 | 96,745 | ||
Total Loans | 103,644 | 97,978 | ||
Family Residential Real Estate 1 to 4 [Member] | Total Loans [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past | 26 | 631 | ||
Home Equity Line of Credit [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Loans | 42,305 | 41,158 | $ 42,055 | |
Home Equity Line of Credit [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Non-Accrual Loans | 365 | 780 | ||
Total Past | 482 | 804 | ||
Current | 41,823 | 40,354 | ||
Total Loans | 42,305 | 41,158 | ||
Home Equity Line of Credit [Member] | Total Loans [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past | $ 117 | $ 24 | ||
[1] | Derived from audited consolidated financial statements. |
LOANS (Details 2)
LOANS (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Financing Receivable, Impaired [Line Items] | |||||
With no related allowance, Recorded Investment | $ 6,809 | $ 6,809 | $ 8,167 | ||
With no related allowance, Contractual Unpaid Principal Balance | 8,496 | 8,496 | 10,512 | ||
With no related allowance, Average Recorded Investment | 6,928 | $ 6,614 | 7,488 | $ 7,892 | |
With no related allowance, Interest Income Recognized on Impaired Loans | 108 | 82 | 213 | 164 | |
With an related allowance, Recorded Investment | 963 | 963 | 2,827 | ||
With an related allowance, Contractual Unpaid Principal Balance | 1,025 | 1,025 | 3,237 | ||
Related Allowance | 28 | 28 | 117 | ||
With an related allowance, Average Recorded Investment | 1,747 | 3,779 | 1,895 | 2,506 | |
With an related allowance, Interest Income Recognized on Impaired Loans | 15 | 6 | 31 | 27 | |
Recorded Investment Total | 7,772 | 7,772 | 10,994 | ||
Contractual Unpaid Principal Balance Total | 9,521 | 9,521 | 13,749 | ||
Average Recorded Investment Total | 8,675 | 10,393 | 9,383 | 10,398 | |
Interest Income Recognized on impaired Loans Total | 123 | 88 | 244 | 191 | |
Residential Real Estate [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Related Allowance | 15 | 15 | 36 | ||
Recorded Investment Total | 2,203 | 2,203 | 2,371 | ||
Contractual Unpaid Principal Balance Total | 2,606 | 2,606 | 2,987 | ||
Average Recorded Investment Total | 1,994 | 2,270 | 2,286 | 2,617 | |
Interest Income Recognized on impaired Loans Total | 37 | 48 | 66 | 78 | |
Commercial Loan [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Related Allowance | 13 | 13 | 80 | ||
Recorded Investment Total | 5,569 | 5,569 | 7,483 | ||
Contractual Unpaid Principal Balance Total | 6,915 | 6,915 | 9,617 | ||
Average Recorded Investment Total | 6,681 | 8,123 | 7,097 | 7,779 | |
Interest Income Recognized on impaired Loans Total | 86 | 40 | 178 | 113 | |
Consumer Loan [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Related Allowance | 0 | 0 | 1 | ||
Recorded Investment Total | 0 | 0 | 1,140 | ||
Contractual Unpaid Principal Balance Total | 0 | 0 | 1,145 | ||
Average Recorded Investment Total | 0 | 0 | 0 | 2 | |
Interest Income Recognized on impaired Loans Total | 0 | 0 | 0 | 0 | |
Commercial and Industrial [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
With no related allowance, Recorded Investment | 1,053 | 1,053 | 46 | ||
With no related allowance, Contractual Unpaid Principal Balance | 1,063 | 1,063 | 46 | ||
With no related allowance, Average Recorded Investment | 1,077 | 469 | 1,119 | 237 | |
With no related allowance, Interest Income Recognized on Impaired Loans | 21 | 2 | 40 | 8 | |
With an related allowance, Recorded Investment | 0 | 0 | 0 | ||
With an related allowance, Contractual Unpaid Principal Balance | 0 | 0 | 0 | ||
Related Allowance | 0 | 0 | 0 | ||
With an related allowance, Average Recorded Investment | 0 | 35 | 1 | 39 | |
With an related allowance, Interest Income Recognized on Impaired Loans | 0 | 0 | 0 | 1 | |
Construction Loans Real Estate [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
With no related allowance, Recorded Investment | 164 | 164 | 231 | ||
With no related allowance, Contractual Unpaid Principal Balance | 251 | 251 | 318 | ||
With no related allowance, Average Recorded Investment | 169 | 558 | 198 | 563 | |
With no related allowance, Interest Income Recognized on Impaired Loans | 1 | 2 | 5 | 6 | |
With an related allowance, Recorded Investment | 0 | 0 | 0 | ||
With an related allowance, Contractual Unpaid Principal Balance | 0 | 0 | 0 | ||
Related Allowance | 0 | 0 | 0 | ||
With an related allowance, Average Recorded Investment | 0 | 0 | 0 | 0 | |
With an related allowance, Interest Income Recognized on Impaired Loans | 0 | 0 | 0 | 0 | |
Commercial Real Estate [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
With no related allowance, Recorded Investment | 3,674 | 3,674 | 4,364 | ||
With no related allowance, Contractual Unpaid Principal Balance | 4,867 | 4,867 | 5,983 | ||
With no related allowance, Average Recorded Investment | 3,958 | 3,304 | 4,019 | 4,378 | |
With no related allowance, Interest Income Recognized on Impaired Loans | 54 | 29 | 113 | 72 | |
With an related allowance, Recorded Investment | 630 | 630 | 2,496 | ||
With an related allowance, Contractual Unpaid Principal Balance | 686 | 686 | 2,905 | ||
Related Allowance | 12 | 12 | 80 | ||
With an related allowance, Average Recorded Investment | 1,429 | 3,389 | 1,563 | 2,165 | |
With an related allowance, Interest Income Recognized on Impaired Loans | 10 | 4 | 20 | 18 | |
Loans to Individuals and Overdrafts [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
With no related allowance, Recorded Investment | 0 | 0 | 1,139 | ||
With no related allowance, Contractual Unpaid Principal Balance | 0 | 0 | 1,144 | ||
With no related allowance, Average Recorded Investment | 0 | 0 | 0 | 0 | |
With no related allowance, Interest Income Recognized on Impaired Loans | 0 | 0 | 0 | 0 | |
With an related allowance, Recorded Investment | 0 | 0 | 1 | ||
With an related allowance, Contractual Unpaid Principal Balance | 0 | 0 | 1 | ||
Related Allowance | 0 | 0 | 1 | ||
With an related allowance, Average Recorded Investment | 0 | 0 | 0 | 2 | |
With an related allowance, Interest Income Recognized on Impaired Loans | 0 | 0 | 0 | 0 | |
Multi Family Residential Real Estate [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
With no related allowance, Recorded Investment | 48 | 48 | 346 | ||
With no related allowance, Contractual Unpaid Principal Balance | 48 | 48 | 365 | ||
With no related allowance, Average Recorded Investment | 48 | 368 | 197 | 397 | |
With no related allowance, Interest Income Recognized on Impaired Loans | 0 | 3 | 0 | 8 | |
With an related allowance, Recorded Investment | 0 | 0 | 0 | ||
With an related allowance, Contractual Unpaid Principal Balance | 0 | 0 | 0 | ||
Related Allowance | 0 | 0 | 0 | ||
With an related allowance, Average Recorded Investment | 0 | 0 | 0 | 0 | |
With an related allowance, Interest Income Recognized on Impaired Loans | 0 | 0 | 0 | 0 | |
Home Equity Line of Credit [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
With no related allowance, Recorded Investment | 648 | 648 | 1,041 | ||
With no related allowance, Contractual Unpaid Principal Balance | 832 | 832 | 1,378 | ||
With no related allowance, Average Recorded Investment | 654 | 658 | 844 | 661 | |
With no related allowance, Interest Income Recognized on Impaired Loans | 12 | 10 | 22 | 18 | |
With an related allowance, Recorded Investment | 33 | 33 | 34 | ||
With an related allowance, Contractual Unpaid Principal Balance | 35 | 35 | 35 | ||
Related Allowance | 0 | 0 | 19 | ||
With an related allowance, Average Recorded Investment | 16 | 41 | 33 | 16 | |
With an related allowance, Interest Income Recognized on Impaired Loans | 0 | 0 | 0 | 0 | |
Family Residential Real Estate 1 to 4 [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
With no related allowance, Recorded Investment | 1,222 | 1,222 | 1,000 | ||
With no related allowance, Contractual Unpaid Principal Balance | 1,435 | 1,435 | 1,278 | ||
With no related allowance, Average Recorded Investment | 1,022 | 1,257 | 1,111 | 1,656 | |
With no related allowance, Interest Income Recognized on Impaired Loans | 20 | 36 | 33 | 52 | |
With an related allowance, Recorded Investment | 300 | 300 | 296 | ||
With an related allowance, Contractual Unpaid Principal Balance | 304 | 304 | 296 | ||
Related Allowance | 16 | 16 | $ 17 | ||
With an related allowance, Average Recorded Investment | 302 | 314 | 298 | 284 | |
With an related allowance, Interest Income Recognized on Impaired Loans | $ 5 | $ 2 | $ 11 | $ 8 |
LOANS (Details 3)
LOANS (Details 3) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($)Number | Jun. 30, 2016USD ($)Number | |
Financing Receivable, Modifications [Line Items] | ||||||
Number of loans | 2 | 4 | 2 | 5 | 3 | 6 |
Pre-Modification Outstanding Recorded Investment | $ 61 | $ 304 | $ 61 | $ 349 | ||
Post-Modification Outstanding Recorded Investment | $ 61 | $ 213 | $ 61 | $ 259 | ||
Recorded investment | $ 1,004 | $ 629 | ||||
Commercial and Inustrial Extended Payment Term [Member] | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Number of loans | Number | 2 | 0 | ||||
Recorded investment | $ 927 | $ 0 | ||||
Commercial Real Estate Extended Payment Term [Member] | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Number of loans | Number | 0 | 3 | ||||
Recorded investment | $ 0 | $ 206 | ||||
Residential 1 to 4 Family Extended Payment Term [Member] | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Number of loans | Number | 1 | 1 | ||||
Recorded investment | $ 77 | $ 49 | ||||
Multi Family Residential Extended Payment Term [Member] | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Number of loans | Number | 0 | 1 | ||||
Recorded investment | $ 0 | $ 370 | ||||
Commercial and Industrial Other [Member] | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Number of loans | 1 | 2 | 1 | 3 | ||
Pre-Modification Outstanding Recorded Investment | $ 44 | $ 251 | $ 44 | $ 296 | ||
Post-Modification Outstanding Recorded Investment | $ 44 | $ 160 | $ 44 | $ 206 | ||
Residential 1 to 4 Family Other [Member] | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Number of loans | 1 | 1 | 1 | 1 | ||
Pre-Modification Outstanding Recorded Investment | $ 17 | $ 49 | $ 17 | $ 49 | ||
Post-Modification Outstanding Recorded Investment | $ 17 | $ 49 | $ 17 | $ 49 | ||
Loans To Individuals [Member] | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Number of loans | 1 | 1 | 0 | 1 | ||
Pre-Modification Outstanding Recorded Investment | $ 4 | $ 4 | ||||
Post-Modification Outstanding Recorded Investment | $ 4 | $ 4 | ||||
Recorded investment | $ 0 | $ 4 |
LOANS (Details 4)
LOANS (Details 4) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | |
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | $ 738,021 | $ 677,195 | [1] | $ 633,249 |
Commercial and Industrial [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 88,206 | 90,678 | 80,154 | |
Commercial and Industrial [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 88,206 | 90,678 | ||
Commercial and Industrial [Member] | Superior [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 402 | 435 | ||
Commercial and Industrial [Member] | Very Good [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 815 | 326 | ||
Commercial and Industrial [Member] | Good [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 10,680 | 13,632 | ||
Commercial and Industrial [Member] | Acceptable [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 31,509 | 35,720 | ||
Commercial and Industrial [Member] | Acceptable With Care [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 43,124 | 37,351 | ||
Commercial and Industrial [Member] | Special Mention [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 1,444 | 2,905 | ||
Commercial and Industrial [Member] | Substandard [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 232 | 309 | ||
Commercial and Industrial [Member] | Doubtful [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 0 | 0 | ||
Commercial and Industrial [Member] | Loss [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 0 | 0 | ||
Construction Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 126,265 | 100,911 | ||
Construction Loans [Member] | Superior [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 0 | 0 | ||
Construction Loans [Member] | Very Good [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 260 | 245 | ||
Construction Loans [Member] | Good [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 6,089 | 4,506 | ||
Construction Loans [Member] | Acceptable [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 18,517 | 12,922 | ||
Construction Loans [Member] | Acceptable With Care [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 100,869 | 82,771 | ||
Construction Loans [Member] | Special Mention [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 302 | 173 | ||
Construction Loans [Member] | Substandard [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 228 | 294 | ||
Construction Loans [Member] | Doubtful [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 0 | 0 | ||
Construction Loans [Member] | Loss [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 0 | 0 | ||
Commercial Real Estate [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 297,406 | 281,723 | 247,922 | |
Commercial Real Estate [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 297,406 | 281,723 | ||
Commercial Real Estate [Member] | Superior [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 0 | 0 | ||
Commercial Real Estate [Member] | Very Good [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 440 | 460 | ||
Commercial Real Estate [Member] | Good [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 38,673 | 36,501 | ||
Commercial Real Estate [Member] | Acceptable [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 168,342 | 152,608 | ||
Commercial Real Estate [Member] | Acceptable With Care [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 84,288 | 81,231 | ||
Commercial Real Estate [Member] | Special Mention [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 2,175 | 4,868 | ||
Commercial Real Estate [Member] | Substandard [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 3,488 | 6,055 | ||
Commercial Real Estate [Member] | Doubtful [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 0 | 0 | ||
Commercial Real Estate [Member] | Loss [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 0 | 0 | ||
Multi Family Residential Real Estate [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 71,066 | 56,119 | 46,295 | |
Multi Family Residential Real Estate [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 71,066 | 56,119 | ||
Multi Family Residential Real Estate [Member] | Superior [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 0 | 0 | ||
Multi Family Residential Real Estate [Member] | Very Good [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 0 | 0 | ||
Multi Family Residential Real Estate [Member] | Good [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 10,732 | 12,139 | ||
Multi Family Residential Real Estate [Member] | Acceptable [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 40,469 | 29,873 | ||
Multi Family Residential Real Estate [Member] | Acceptable With Care [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 19,578 | 13,467 | ||
Multi Family Residential Real Estate [Member] | Special Mention [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 0 | 0 | ||
Multi Family Residential Real Estate [Member] | Substandard [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 287 | 640 | ||
Multi Family Residential Real Estate [Member] | Doubtful [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 0 | 0 | ||
Multi Family Residential Real Estate [Member] | Loss [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 0 | 0 | ||
Loans to Individuals and Overdrafts [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 10,422 | 9,827 | 8,554 | |
Loans to Individuals and Overdrafts [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 10,422 | 9,827 | ||
Loans to Individuals and Overdrafts [Member] | Pass [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 10,411 | 9,820 | ||
Loans to Individuals and Overdrafts [Member] | Non-Pass [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 11 | 7 | ||
Family Residential Real Estate 1 to 4 [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 103,644 | 97,978 | 94,990 | |
Family Residential Real Estate 1 to 4 [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 103,644 | 97,978 | ||
Family Residential Real Estate 1 to 4 [Member] | Pass [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 97,834 | 92,115 | ||
Family Residential Real Estate 1 to 4 [Member] | Special Mention [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 2,934 | 3,015 | ||
Family Residential Real Estate 1 to 4 [Member] | Substandard [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 2,876 | 2,848 | ||
Home Equity Line Of Credit [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 42,305 | 41,158 | $ 42,055 | |
Home Equity Line Of Credit [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 42,305 | 41,158 | ||
Home Equity Line Of Credit [Member] | Pass [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 40,717 | 39,554 | ||
Home Equity Line Of Credit [Member] | Special Mention [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 485 | 439 | ||
Home Equity Line Of Credit [Member] | Substandard [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | $ 1,103 | $ 1,165 | ||
[1] | Derived from audited consolidated financial statements. |
LOANS (Details 5)
LOANS (Details 5) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2017 | Jun. 30, 2017 | |
Schedule Of Certain Loans Acquired In Transfer Accounted For As Debt Securities Accretable Yield [Line Items] | ||
Accretable yield, beginning of period | $ 2,465 | $ 2,626 |
Accretion | (260) | (520) |
Reclassification from (to) nonaccretable difference | 72 | 79 |
Other changes, net | 3 | 95 |
Accretable yield, end of period | $ 2,280 | $ 2,280 |
LOANS (Details 6)
LOANS (Details 6) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Allowance for loan losses, Balance, beginning of period | $ 9 | $ 8,411 | [1] | ||||
Provision for loan losses | 16 | ||||||
Loans charged-off | 0 | ||||||
Recoveries | 0 | ||||||
Allowance for loan losses, Balance, end of period | $ 8,488 | 25 | 8,488 | $ 25 | |||
Ending Balance: individually evaluated for impairment | 28 | 115 | 28 | 115 | |||
Ending Balance: collectively evaluated for impairment | 8,460 | 7,577 | 8,460 | 7,577 | |||
Loans | |||||||
Ending balance: collectively evaluated for impairment | 731,542 | 622,922 | 731,542 | 622,922 | |||
Ending balance: individually evaluated for impairment | 7,772 | 10,327 | 7,772 | 10,327 | |||
Ending balance | 738,021 | 633,249 | 738,021 | 633,249 | $ 677,195 | [1] | |
Excluding Purchase Credit Impairment Loans [Member] | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Allowance for loan losses, Balance, beginning of period | 7,711 | 7,518 | 8,362 | 7,012 | |||
Provision for loan losses | 1,072 | 142 | 616 | 494 | |||
Loans charged-off | (442) | (236) | (779) | (247) | |||
Recoveries | 119 | 243 | 261 | 408 | |||
Allowance for loan losses, Balance, end of period | 8,460 | 7,667 | 8,460 | 7,667 | |||
Purchase Credit Impairment Loans [Member] | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Allowance for loan losses, Balance, beginning of period | 311 | 49 | 9 | ||||
Provision for loan losses | 11 | 273 | 16 | ||||
Loans charged-off | (294) | (294) | 0 | ||||
Recoveries | 0 | 0 | 0 | ||||
Allowance for loan losses, Balance, end of period | 28 | 25 | 28 | 25 | |||
Total Loans [Member] | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Allowance for loan losses, Balance, beginning of period | 8,022 | 7,527 | 8,411 | 7,021 | |||
Provision for loan losses | 1,083 | 158 | 889 | 510 | |||
Loans charged-off | (736) | (236) | (1,073) | (247) | |||
Recoveries | 119 | 243 | 261 | 408 | |||
Allowance for loan losses, Balance, end of period | 8,488 | 7,692 | 8,488 | 7,692 | |||
Commercial and Industrial [Member] | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Ending Balance: individually evaluated for impairment | 0 | 7 | 0 | 7 | |||
Ending Balance: collectively evaluated for impairment | 895 | 1,095 | 895 | 1,095 | |||
Loans | |||||||
Ending balance: collectively evaluated for impairment | 87,153 | 79,719 | 87,153 | 79,719 | |||
Ending balance: individually evaluated for impairment | 1,053 | 435 | 1,053 | 435 | |||
Ending balance | 88,206 | 80,154 | 88,206 | 80,154 | 90,678 | ||
Commercial and Industrial [Member] | Excluding Purchase Credit Impairment Loans [Member] | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Allowance for loan losses, Balance, beginning of period | 958 | 1,055 | 1,211 | 922 | |||
Provision for loan losses | (119) | 66 | (466) | 198 | |||
Loans charged-off | (35) | (40) | (37) | (41) | |||
Recoveries | 91 | 5 | 187 | 7 | |||
Allowance for loan losses, Balance, end of period | 895 | 1,086 | 895 | 1,086 | |||
Commercial and Industrial [Member] | Purchase Credit Impairment Loans [Member] | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Allowance for loan losses, Balance, beginning of period | 5 | 0 | 37 | 0 | |||
Provision for loan losses | (5) | 16 | (37) | 16 | |||
Loans charged-off | 0 | 0 | 0 | 0 | |||
Recoveries | 0 | 0 | 0 | 0 | |||
Allowance for loan losses, Balance, end of period | 0 | 16 | 0 | 16 | |||
Commercial and Industrial [Member] | Total Loans [Member] | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Allowance for loan losses, Balance, beginning of period | 963 | 1,055 | 1,248 | 922 | |||
Provision for loan losses | (124) | 82 | (503) | 214 | |||
Loans charged-off | (35) | (40) | (37) | (41) | |||
Recoveries | 91 | 5 | 187 | 7 | |||
Allowance for loan losses, Balance, end of period | 895 | 1,102 | 895 | 1,102 | |||
Loans | |||||||
Ending balance | 88,206 | 88,206 | 90,678 | ||||
Construction Loans Real Estate [Member] | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Provision for loan losses | 0 | ||||||
Loans charged-off | 0 | ||||||
Recoveries | 0 | ||||||
Allowance for loan losses, Balance, end of period | 0 | 0 | |||||
Ending Balance: individually evaluated for impairment | 0 | 0 | 0 | 0 | |||
Ending Balance: collectively evaluated for impairment | 1,292 | 1,511 | 1,292 | 1,511 | |||
Loans | |||||||
Ending balance: collectively evaluated for impairment | 126,101 | 112,768 | 126,101 | 112,768 | |||
Ending balance: individually evaluated for impairment | 164 | 511 | 164 | 511 | |||
Ending balance | 126,265 | 113,279 | 126,265 | 113,279 | 100,911 | ||
Construction Loans Real Estate [Member] | Excluding Purchase Credit Impairment Loans [Member] | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Allowance for loan losses, Balance, beginning of period | 1,177 | 1,401 | 1,301 | 1,386 | |||
Provision for loan losses | 111 | 107 | (18) | 116 | |||
Loans charged-off | 0 | (1) | 0 | (2) | |||
Recoveries | 4 | 4 | 9 | 11 | |||
Allowance for loan losses, Balance, end of period | 1,292 | 1,511 | 1,292 | 1,511 | |||
Construction Loans Real Estate [Member] | Purchase Credit Impairment Loans [Member] | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Allowance for loan losses, Balance, beginning of period | 0 | 0 | 0 | 0 | |||
Provision for loan losses | 0 | 0 | 0 | ||||
Loans charged-off | 0 | 0 | 0 | ||||
Recoveries | 0 | 0 | 0 | ||||
Allowance for loan losses, Balance, end of period | 0 | 0 | 0 | 0 | |||
Construction Loans Real Estate [Member] | Total Loans [Member] | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Allowance for loan losses, Balance, beginning of period | 1,177 | 1,401 | 1,301 | 1,386 | |||
Provision for loan losses | 111 | 107 | (18) | 116 | |||
Loans charged-off | 0 | (1) | 0 | (2) | |||
Recoveries | 4 | 4 | 9 | 11 | |||
Allowance for loan losses, Balance, end of period | 1,292 | 1,511 | 1,292 | 1,511 | |||
Loans | |||||||
Ending balance | 126,265 | 126,265 | 100,911 | ||||
Commercial Real Estate [Member] | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Allowance for loan losses, Balance, beginning of period | 0 | ||||||
Provision for loan losses | 0 | ||||||
Loans charged-off | 0 | ||||||
Recoveries | 0 | ||||||
Allowance for loan losses, Balance, end of period | 0 | 0 | |||||
Ending Balance: individually evaluated for impairment | 12 | 96 | 12 | 96 | |||
Ending Balance: collectively evaluated for impairment | 3,913 | 3,017 | 3,913 | 3,017 | |||
Loans | |||||||
Ending balance: collectively evaluated for impairment | 293,102 | 241,091 | 293,102 | 241,091 | |||
Ending balance: individually evaluated for impairment | 4,304 | 6,831 | 4,304 | 6,831 | |||
Ending balance | 297,406 | 247,922 | 297,406 | 247,922 | 281,723 | ||
Commercial Real Estate [Member] | Excluding Purchase Credit Impairment Loans [Member] | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Allowance for loan losses, Balance, beginning of period | 3,169 | 3,217 | 3,448 | 3,005 | |||
Provision for loan losses | 1,110 | 49 | 1,081 | 219 | |||
Loans charged-off | (373) | (185) | (623) | (185) | |||
Recoveries | 7 | 32 | 7 | 74 | |||
Allowance for loan losses, Balance, end of period | 3,913 | 3,113 | 3,913 | 3,113 | |||
Commercial Real Estate [Member] | Purchase Credit Impairment Loans [Member] | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Allowance for loan losses, Balance, beginning of period | 294 | 0 | 0 | ||||
Provision for loan losses | 12 | 306 | 0 | ||||
Loans charged-off | (294) | (294) | 0 | ||||
Recoveries | 0 | 0 | 0 | ||||
Allowance for loan losses, Balance, end of period | 12 | 0 | 12 | 0 | |||
Commercial Real Estate [Member] | Total Loans [Member] | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Allowance for loan losses, Balance, beginning of period | 3,463 | 3,217 | 3,448 | 3,005 | |||
Provision for loan losses | 1,122 | 49 | 1,387 | 219 | |||
Loans charged-off | (667) | (185) | (917) | (185) | |||
Recoveries | 7 | 32 | 7 | 74 | |||
Allowance for loan losses, Balance, end of period | 3,925 | 3,113 | 3,925 | 3,113 | |||
Loans | |||||||
Ending balance | 297,406 | 297,406 | 281,723 | ||||
Family Residential Real Estate 1 to 4 [Member] | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Allowance for loan losses, Balance, beginning of period | 0 | ||||||
Provision for loan losses | 0 | ||||||
Loans charged-off | 0 | ||||||
Recoveries | 0 | ||||||
Allowance for loan losses, Balance, end of period | 0 | 0 | |||||
Ending Balance: individually evaluated for impairment | 16 | 12 | 16 | 12 | |||
Ending Balance: collectively evaluated for impairment | 923 | 760 | 923 | 760 | |||
Loans | |||||||
Ending balance: collectively evaluated for impairment | 102,122 | 93,463 | 102,122 | 93,463 | |||
Ending balance: individually evaluated for impairment | 1,522 | 1,527 | 1,522 | 1,527 | |||
Ending balance | 103,644 | 94,990 | 103,644 | 94,990 | 97,978 | ||
Family Residential Real Estate 1 to 4 [Member] | Excluding Purchase Credit Impairment Loans [Member] | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Allowance for loan losses, Balance, beginning of period | 770 | 688 | 846 | 605 | |||
Provision for loan losses | 143 | (101) | 58 | (114) | |||
Loans charged-off | 0 | 0 | 0 | 0 | |||
Recoveries | 10 | 185 | 19 | 281 | |||
Allowance for loan losses, Balance, end of period | 923 | 772 | 923 | 772 | |||
Family Residential Real Estate 1 to 4 [Member] | Purchase Credit Impairment Loans [Member] | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Allowance for loan losses, Balance, beginning of period | 0 | 0 | 0 | ||||
Provision for loan losses | 16 | 16 | 0 | ||||
Loans charged-off | 0 | 0 | 0 | ||||
Recoveries | 0 | 0 | 0 | ||||
Allowance for loan losses, Balance, end of period | 16 | 0 | 16 | 0 | |||
Family Residential Real Estate 1 to 4 [Member] | Total Loans [Member] | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Allowance for loan losses, Balance, beginning of period | 770 | 688 | 846 | 605 | |||
Provision for loan losses | 159 | (101) | 74 | (114) | |||
Loans charged-off | 0 | 0 | 0 | 0 | |||
Recoveries | 10 | 185 | 19 | 281 | |||
Allowance for loan losses, Balance, end of period | 939 | 772 | 939 | 772 | |||
Loans | |||||||
Ending balance | 103,644 | 103,644 | 97,978 | ||||
Home Equity Line of Credit [Member] | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Allowance for loan losses, Balance, beginning of period | 9 | ||||||
Provision for loan losses | 0 | ||||||
Loans charged-off | 0 | ||||||
Recoveries | 0 | ||||||
Allowance for loan losses, Balance, end of period | 9 | 9 | |||||
Ending Balance: individually evaluated for impairment | 0 | 0 | 0 | 0 | |||
Ending Balance: collectively evaluated for impairment | 563 | 502 | 563 | 502 | |||
Loans | |||||||
Ending balance: collectively evaluated for impairment | 41,624 | 41,399 | 41,624 | 41,399 | |||
Ending balance: individually evaluated for impairment | 681 | 656 | 681 | 656 | |||
Ending balance | 42,305 | 42,055 | 42,305 | 42,055 | 41,158 | ||
Home Equity Line of Credit [Member] | Excluding Purchase Credit Impairment Loans [Member] | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Allowance for loan losses, Balance, beginning of period | 589 | 585 | 611 | 564 | |||
Provision for loan losses | (28) | (102) | (2) | (96) | |||
Loans charged-off | 0 | (1) | (69) | (1) | |||
Recoveries | 2 | 11 | 23 | 26 | |||
Allowance for loan losses, Balance, end of period | 563 | 493 | 563 | 493 | |||
Home Equity Line of Credit [Member] | Purchase Credit Impairment Loans [Member] | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Allowance for loan losses, Balance, beginning of period | 12 | 12 | 9 | ||||
Provision for loan losses | (12) | (12) | 0 | ||||
Loans charged-off | 0 | 0 | 0 | ||||
Recoveries | 0 | 0 | 0 | ||||
Allowance for loan losses, Balance, end of period | 0 | 9 | 0 | 9 | |||
Home Equity Line of Credit [Member] | Total Loans [Member] | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Allowance for loan losses, Balance, beginning of period | 601 | 594 | 623 | 573 | |||
Provision for loan losses | (40) | (102) | (14) | (96) | |||
Loans charged-off | 0 | (1) | (69) | (1) | |||
Recoveries | 2 | 11 | 23 | 26 | |||
Allowance for loan losses, Balance, end of period | 563 | 502 | 563 | 502 | |||
Loans | |||||||
Ending balance | 42,305 | 42,305 | 41,158 | ||||
Loans to Individuals and Overdrafts [Member] | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Allowance for loan losses, Balance, beginning of period | 0 | ||||||
Provision for loan losses | 0 | ||||||
Loans charged-off | 0 | ||||||
Recoveries | 0 | ||||||
Allowance for loan losses, Balance, end of period | 0 | 0 | |||||
Ending Balance: individually evaluated for impairment | 0 | 0 | 0 | 0 | |||
Ending Balance: collectively evaluated for impairment | 142 | 169 | 142 | 169 | |||
Loans | |||||||
Ending balance: collectively evaluated for impairment | 10,422 | 8,554 | 10,422 | 8,554 | |||
Ending balance: individually evaluated for impairment | 0 | 0 | 0 | 0 | |||
Ending balance | 10,422 | 8,554 | 10,422 | 8,554 | 9,827 | ||
Loans to Individuals and Overdrafts [Member] | Excluding Purchase Credit Impairment Loans [Member] | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Allowance for loan losses, Balance, beginning of period | 465 | 150 | 317 | 137 | |||
Provision for loan losses | (294) | 22 | (139) | 41 | |||
Loans charged-off | (34) | (9) | (50) | (18) | |||
Recoveries | 5 | 6 | 14 | 9 | |||
Allowance for loan losses, Balance, end of period | 142 | 169 | 142 | 169 | |||
Loans to Individuals and Overdrafts [Member] | Purchase Credit Impairment Loans [Member] | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Allowance for loan losses, Balance, beginning of period | 0 | 0 | 0 | ||||
Provision for loan losses | 0 | 0 | 0 | ||||
Loans charged-off | 0 | 0 | 0 | ||||
Recoveries | 0 | 0 | 0 | ||||
Allowance for loan losses, Balance, end of period | 0 | 0 | 0 | 0 | |||
Loans to Individuals and Overdrafts [Member] | Total Loans [Member] | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Allowance for loan losses, Balance, beginning of period | 465 | 150 | 317 | 137 | |||
Provision for loan losses | (294) | 22 | (139) | 41 | |||
Loans charged-off | (34) | (9) | (50) | (18) | |||
Recoveries | 5 | 6 | 14 | 9 | |||
Allowance for loan losses, Balance, end of period | 142 | 169 | 142 | 169 | |||
Loans | |||||||
Ending balance | 10,422 | 10,422 | 9,827 | ||||
Multi Family Residential Real Estate [Member] | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Allowance for loan losses, Balance, beginning of period | 0 | ||||||
Provision for loan losses | 0 | ||||||
Loans charged-off | 0 | ||||||
Recoveries | 0 | ||||||
Allowance for loan losses, Balance, end of period | 0 | 0 | |||||
Ending Balance: individually evaluated for impairment | 0 | 0 | 0 | 0 | |||
Ending Balance: collectively evaluated for impairment | 732 | 523 | 732 | 523 | |||
Loans | |||||||
Ending balance: collectively evaluated for impairment | 71,018 | 45,928 | 71,018 | 45,928 | |||
Ending balance: individually evaluated for impairment | 48 | 367 | 48 | 367 | |||
Ending balance | 71,066 | 46,295 | 71,066 | 46,295 | 56,119 | ||
Multi Family Residential Real Estate [Member] | Excluding Purchase Credit Impairment Loans [Member] | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Allowance for loan losses, Balance, beginning of period | 583 | 422 | 628 | 393 | |||
Provision for loan losses | 149 | 101 | 102 | 130 | |||
Loans charged-off | 0 | 0 | 0 | 0 | |||
Recoveries | 0 | 0 | 2 | 0 | |||
Allowance for loan losses, Balance, end of period | 732 | 523 | 732 | 523 | |||
Multi Family Residential Real Estate [Member] | Purchase Credit Impairment Loans [Member] | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Allowance for loan losses, Balance, beginning of period | 0 | 0 | 0 | ||||
Provision for loan losses | 0 | 0 | 0 | ||||
Loans charged-off | 0 | 0 | 0 | ||||
Recoveries | 0 | 0 | 0 | ||||
Allowance for loan losses, Balance, end of period | 0 | 2 | 0 | 2 | |||
Multi Family Residential Real Estate [Member] | Total Loans [Member] | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Allowance for loan losses, Balance, beginning of period | 583 | 422 | 628 | 393 | |||
Provision for loan losses | 149 | 101 | 102 | 130 | |||
Loans charged-off | 0 | 0 | 0 | 0 | |||
Recoveries | 0 | 0 | 2 | 0 | |||
Allowance for loan losses, Balance, end of period | 732 | $ 523 | 732 | $ 523 | |||
Loans | |||||||
Ending balance | $ 71,066 | $ 71,066 | $ 56,119 | ||||
[1] | Derived from audited consolidated financial statements. |
LOANS (Details Textual)
LOANS (Details Textual) - USD ($) | 6 Months Ended | ||
Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Impaired Financing Receivable, Recorded Investment | $ 7,772,000 | $ 10,994,000 | |
Impaired Loans Required for Specific Reserves | 963,000 | ||
With no related allowance, Recorded Investment | 6,809,000 | 8,167,000 | |
Financing Receivable, Recorded Investment, Past Due, Total | 3,462,000 | 8,798,000 | |
Allowance for Loan and Lease Losses Write-offs, Net | 1,400,000 | ||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | 92,200,000 | ||
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due, Total | 956,000 | $ 529,000 | |
Nonaccrual Impaired Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Impaired Financing Receivable, Recorded Investment | 2,900,000 | ||
Accrual Impaired Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Impaired Financing Receivable, Recorded Investment | 4,900,000 | ||
Troubled Debt Restructurings [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Impaired Financing Receivable, Recorded Investment | 4,700,000 | $ 4,200,000 | |
Troubled Debt Restructuring Accrual Status [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Impaired Financing Receivable, Recorded Investment | 3,200,000 | 2,900,000 | |
Troubled Debt Restructuring Nonaccrual Status [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Impaired Financing Receivable, Recorded Investment | 1,500,000 | $ 1,300,000 | |
Unused Lines of Credit [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Line of Credit Facility, Maximum Amount Outstanding During Period | $ 135,800,000 |
ACCUMULATED OTHER COMPREHENSI44
ACCUMULATED OTHER COMPREHENSIVE INCOME (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | ||
Beginning balance | $ 410 | $ 953 | $ 358 | [1] | $ 490 |
Unrealized gain (loss) on investment securities available for sale | 151 | 338 | 233 | 1,099 | |
Tax effect | (55) | (113) | (85) | (397) | |
Other comprehensive gain (loss) before reclassification | 96 | 225 | 148 | 702 | |
Amounts reclassified from accumulated comprehensive income: | |||||
Realized gains on investment securities included in net income | 0 | 0 | 0 | (22) | |
Tax effect | 0 | 0 | 0 | 8 | |
Total reclassifications net of tax | 0 | 0 | 0 | (14) | |
Net current period other comprehensive income | 96 | 225 | 148 | 688 | |
Ending balance | $ 506 | $ 1,178 | $ 506 | $ 1,178 | |
[1] | Derived from audited consolidated financial statements. |
REPURCHASE AGREEMENTS (Details)
REPURCHASE AGREEMENTS (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | ||
Available-for-sale Securities, Total | $ 56,852 | $ 62,257 | [1] |
Repurchase Agreements [Member] | |||
Available-for-sale Securities, Total | 12,654 | 12,064 | |
Gross amount of recognized liabilities for repurchase agreements | 11,560 | 12,003 | |
U.S. Government agencies-GSE’s [Member] | |||
Available-for-sale Securities, Total | 12,577 | 14,159 | |
U.S. Government agencies-GSE’s [Member] | Repurchase Agreements [Member] | |||
Available-for-sale Securities, Total | 6,222 | 5,568 | |
Mortgage-backed Securities-GSE’s [Member] | |||
Available-for-sale Securities, Total | 30,084 | 32,363 | |
Mortgage-backed Securities-GSE’s [Member] | Repurchase Agreements [Member] | |||
Available-for-sale Securities, Total | 6,432 | 6,496 | |
Overnight and continuous [Member] | Repurchase Agreements [Member] | |||
Available-for-sale Securities, Total | 12,654 | 12,064 | |
Overnight and continuous [Member] | U.S. Government agencies-GSE’s [Member] | Repurchase Agreements [Member] | |||
Available-for-sale Securities, Total | 6,222 | 5,568 | |
Overnight and continuous [Member] | Mortgage-backed Securities-GSE’s [Member] | Repurchase Agreements [Member] | |||
Available-for-sale Securities, Total | 6,432 | 6,496 | |
Maturity Less than 30 Days [Member] | Repurchase Agreements [Member] | |||
Available-for-sale Securities, Total | 0 | 0 | |
Maturity Less than 30 Days [Member] | U.S. Government agencies-GSE’s [Member] | Repurchase Agreements [Member] | |||
Available-for-sale Securities, Total | 0 | 0 | |
Maturity Less than 30 Days [Member] | Mortgage-backed Securities-GSE’s [Member] | Repurchase Agreements [Member] | |||
Available-for-sale Securities, Total | 0 | 0 | |
Maturity 30 to 90 Days [Member] | Repurchase Agreements [Member] | |||
Available-for-sale Securities, Total | 0 | 0 | |
Maturity 30 to 90 Days [Member] | U.S. Government agencies-GSE’s [Member] | Repurchase Agreements [Member] | |||
Available-for-sale Securities, Total | 0 | 0 | |
Maturity 30 to 90 Days [Member] | Mortgage-backed Securities-GSE’s [Member] | Repurchase Agreements [Member] | |||
Available-for-sale Securities, Total | 0 | 0 | |
Maturity Greater than 90 Days [Member] | Repurchase Agreements [Member] | |||
Available-for-sale Securities, Total | 0 | 0 | |
Maturity Greater than 90 Days [Member] | U.S. Government agencies-GSE’s [Member] | Repurchase Agreements [Member] | |||
Available-for-sale Securities, Total | 0 | 0 | |
Maturity Greater than 90 Days [Member] | Mortgage-backed Securities-GSE’s [Member] | Repurchase Agreements [Member] | |||
Available-for-sale Securities, Total | $ 0 | $ 0 | |
[1] | Derived from audited consolidated financial statements. |
REPURCHASE AGREEMENTS (Details
REPURCHASE AGREEMENTS (Details Textual) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Securities Sold under Agreements to Repurchase [Member] | ||
Available For Sale Securities Pledged As Collateral Carrying Value | $ 12.7 | $ 12 |
OTHER REAL ESTATE OWNED (Detail
OTHER REAL ESTATE OWNED (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | ||
Schedule Of Real Estate Owned Properties [Line Items] | |||
Beginning balance January 1 | $ 599 | [1] | $ 1,401 |
Sales | (384) | (1,215) | |
Write-downs | 61 | (48) | |
Transfers | 2,426 | 578 | |
Ending balance | $ 2,702 | $ 716 | |
[1] | Derived from audited consolidated financial statements. |
OTHER REAL ESTATE OWNED (Deta48
OTHER REAL ESTATE OWNED (Details Textual) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | |
Schedule Of Real Estate Owned Properties [Line Items] | |||||
Real Estate Acquired Through Foreclosure | $ 2,702,000 | $ 599,000 | [1] | $ 716,000 | $ 1,401,000 |
Mortgage Loans in Process of Foreclosure, Amount | $ 135,000 | $ 0 | |||
[1] | Derived from audited consolidated financial statements. |