Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Mar. 17, 2018 | Jun. 30, 2017 | |
Document Information [Line Items] | |||
Entity Registrant Name | SBT Bancorp, Inc. | ||
Entity Central Index Key | 1,354,174 | ||
Trading Symbol | sbtb | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Common Stock, Shares Outstanding (in shares) | 1,381,840 | ||
Entity Public Float | $ 34,054,765 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
ASSETS | ||
Cash and due from banks | $ 13,066 | $ 10,976 |
Interest-bearing deposits with the Federal Reserve Bank and Federal Home Loan Bank | 23,853 | 9,786 |
Money market mutual funds | 388 | 95 |
Federal funds sold | 185 | 150 |
Cash and cash equivalents | 37,492 | 21,007 |
Certificates of deposit | 1,250 | 1,250 |
Investments in available-for-sale securities at fair value | 51,656 | 58,728 |
Federal Home Loan Bank stock, at cost | 903 | 2,896 |
Loans held-for-sale | 2,259 | 2,801 |
Loans | 396,413 | 409,164 |
Less: allowance for loan losses | 4,088 | 3,753 |
Loans, net | 392,325 | 405,411 |
Premises and equipment, net | 1,863 | 1,905 |
Accrued interest receivable | 1,402 | 1,301 |
Other real estate owned | 192 | |
Bank-owned life insurance | 9,370 | 9,130 |
Other assets | 5,313 | 5,570 |
Total assets | 504,025 | 509,999 |
Deposits: | ||
Demand deposits | 143,635 | 134,341 |
Savings and NOW deposits | 247,251 | 212,835 |
Time deposits | 66,514 | 66,588 |
Total deposits | 457,400 | 413,764 |
Securities sold under agreements to repurchase | 2,449 | 2,694 |
Federal Home Loan Bank advances | 2,318 | 54,058 |
Long-term subordinated debt | 7,281 | 7,252 |
Other liabilities | 2,358 | 1,944 |
Total liabilities | 471,806 | 479,712 |
Stockholders' equity: | ||
Common stock, no par value; authorized 2,000,000 shares; issued and outstanding 1,382,014 shares and 1,381,600 shares, respectively, at December 31, 2017; 1,372,394 shares and 1,371,980 shares, respectively, at December 31, 2016 | 19,433 | 19,133 |
Retained earnings | 13,657 | 12,017 |
Treasury stock, 414 shares | (7) | (7) |
Unearned compensation - restricted stock awards | (420) | (293) |
Accumulated other comprehensive loss | (444) | (563) |
Total stockholders' equity | 32,219 | 30,287 |
Total liabilities and stockholders' equity | $ 504,025 | $ 509,999 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares $ / shares in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 2,000,000 | 2,000,000 |
Common stock, shares issued (in shares) | 1,382,014 | 1,372,394 |
Common stock, shares outstanding (in shares) | 1,381,600 | 1,371,980 |
Treasury stock, shares (in shares) | 414 | 414 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Interest and dividend income: | ||
Interest and fees on loans | $ 15,341 | $ 13,591 |
Investment securities | 1,320 | 1,473 |
Interest-bearing deposits | 250 | 81 |
Total interest and dividend income | 16,911 | 15,145 |
Interest expense: | ||
Interest on deposits | 1,326 | 881 |
Interest on securities sold under agreements to repurchase | 7 | 6 |
Interest on Federal Home Loan Bank advances | 263 | 192 |
Interest on long-term subordinated debt | 542 | 515 |
Total interest expense | 2,138 | 1,594 |
Net interest and dividend income | 14,773 | 13,551 |
Provision for loan losses | 645 | 911 |
Net interest and dividend income after provision for loan losses | 14,128 | 12,640 |
Noninterest income (loss): | ||
Service charges on deposit accounts | 371 | 379 |
Gain on sales of available-for-sale securities, net | 94 | |
Writedown of available-for-sale securities | (4) | (3) |
Other service charges and fees | 735 | 945 |
Increase in cash surrender value of life insurance policies | 240 | 241 |
Mortgage banking activities, net | 1,445 | 1,288 |
Investment services fees and commissions | 176 | 194 |
Other income | 160 | 58 |
Total noninterest income | 3,123 | 3,196 |
Noninterest expense: | ||
Salaries and employee benefits | 7,017 | 7,499 |
Occupancy expense | 1,400 | 1,530 |
Equipment expense | 514 | 420 |
Advertising and promotions | 610 | 605 |
Forms and supplies | 110 | 202 |
Professional fees | 716 | 479 |
Directors’ fees | 236 | 216 |
Correspondent charges | 316 | 314 |
FDIC assessment | 421 | 349 |
Data processing | 903 | 836 |
Internet banking costs | 207 | 282 |
Other expense | 1,443 | 1,335 |
Total noninterest expense | 13,893 | 14,067 |
Income before income taxes | 3,358 | 1,769 |
Income tax provision | 1,004 | 277 |
Net income | 2,354 | 1,492 |
Net income available to common stockholders | $ 2,354 | $ 1,492 |
Earnings per common share (in dollars per share) | $ 1.73 | $ 1.10 |
Earnings per common share, assuming dilution (in dollars per share) | $ 1.72 | $ 1.10 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | ||
Net income | $ 2,354 | $ 1,492 | |
Other comprehensive income (loss), net of tax: | |||
Net change in unrealized holding loss on securities available-for-sale | 288 | (476) | |
Reclassification adjustment for realized gain/loss in net income (1) | [1] | (94) | |
Reclassification adjustment for writedowns of securities in net income (1) | [1] | 4 | 3 |
Other comprehensive income (loss), before tax | 292 | (567) | |
Income tax (expense) benefit | (100) | 193 | |
Other comprehensive income (loss), net of tax | 192 | (374) | |
Comprehensive income | $ 2,546 | $ 1,118 | |
[1] | Reclassification adjustments include realized securities gains and losses and writedowns of securities. The gains and losses have been reclassified out of other comprehensive loss and affect certain captions in the consolidated statements of income as follows: the pre-tax amount is reflected in gain on sales of available-for-sale securities, and writedowns of available-for-sale securities; the tax effect is included in income tax provision; and the after tax amount is included in net income. |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Unallocated Employee Stock Ownership Plan [Member] | AOCI Attributable to Parent [Member] | Total |
Balance at Dec. 31, 2015 | $ 18,856 | $ 11,288 | $ (7) | $ (206) | $ (189) | $ 29,742 |
Net income | 1,492 | 1,492 | ||||
Other comprehensive income (loss), net of tax | (374) | (374) | ||||
Stock-based compensation | 19 | 132 | 151 | |||
Forfeited restricted stock awards | (12) | 12 | ||||
Restricted stock awards | 231 | (231) | ||||
Common stock issued | 39 | 39 | ||||
Dividends declared on common stock | (763) | (763) | ||||
Balance at Dec. 31, 2016 | 19,133 | 12,017 | (7) | (293) | (563) | 30,287 |
Net income | 2,354 | 2,354 | ||||
Other comprehensive income (loss), net of tax | 192 | 192 | ||||
Stock-based compensation | 9 | 136 | 145 | |||
Restricted stock awards | 263 | (263) | ||||
Common stock issued | 28 | 1 | 29 | |||
Dividends declared on common stock | (788) | (788) | ||||
Reclassification of stranded tax effects from accumulated other comprehensive income to retained earnings | 73 | (73) | ||||
Balance at Dec. 31, 2017 | $ 19,433 | $ 13,657 | $ (7) | $ (420) | $ (444) | $ 32,219 |
Consolidated Statements of Cha7
Consolidated Statements of Changes in Stockholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Retained Earnings [Member] | ||
Dividends declared on common stock, per share (in dollars per share) | $ 0.58 | $ 0.56 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows from operating activities: | ||
Net income | $ 2,354 | $ 1,492 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Amortization of securities, net | 318 | 375 |
Writedown of available-for-sale securities | 4 | 3 |
Gain on sales of available-for-sale securities, net | (94) | |
Change in deferred origination costs, net | 124 | (110) |
Provision for loan losses | 645 | 911 |
Loans originated for sale | (78,315) | (96,213) |
Proceeds from sales of loans originated for sale | 79,838 | 97,245 |
Gain on sales of mortgages | (981) | (1,666) |
Loss on sale of other real estate owned | 13 | |
Depreciation and amortization | 427 | 381 |
Amortization of long-term subordinated debt issuance costs | 29 | 29 |
Decrease (increase) in other assets | 2 | (130) |
Increase in interest receivable | (101) | (158) |
(Increase) decrease in taxes receivable | (91) | 132 |
Deferred income tax provision (benefit) | 246 | (117) |
Increase in cash surrender value of bank owned life insurance | (240) | (241) |
Stock-based compensation | 145 | 151 |
Loss on disposal of fixed assets | 55 | 12 |
Increase in other liabilities | 433 | 240 |
Decrease in interest payable | (19) | (47) |
Net cash provided by operating activities | 4,886 | 2,195 |
Cash flows from investing activities: | ||
Purchases of interest-bearing time deposits with other banks | (250) | |
Maturities and redemptions of interest-bearing time deposits with other banks | 250 | |
Purchases of Federal Home Loan Bank Stock | (1,660) | (2,771) |
Redemption of Federal Home Loan Bank Stock | 3,653 | 1,922 |
Purchases of available-for-sale securities | (2,771) | (6,384) |
Proceeds from maturities and paydowns of available-for-sale securities | 9,813 | 16,330 |
Proceeds from sales of available-for-sale securities | 0 | 1,992 |
Loan originations and principal collections, net | 11,542 | (45,195) |
Loans purchased | (37,330) | |
Recoveries of loans previously charged-off | 13 | 8 |
Proceeds from sales of other real estate owned | 557 | |
Purchase of bank owned life insurance | (1,500) | |
Capital expenditures | (440) | (878) |
Net cash provided by (used in) investing activities | 20,707 | (73,806) |
Cash flows from financing activities: | ||
Net increase in demand deposits, NOW and savings accounts | 43,710 | 31,821 |
Net (decrease) increase in time deposits | (74) | 9,301 |
Net (decrease) increase in securities sold under agreements to repurchase | (245) | 779 |
Net change in short-term Federal Home Loan Bank advances | (52,000) | 20,500 |
Proceeds from long-term Federal Home Loan Bank advances | 260 | 2,058 |
Proceeds from issuance of common stock | 29 | 39 |
Decrease in subordinated debt issuance fees | (7) | |
Dividends paid - common stock | (788) | (763) |
Net cash (used in) provided by financing activities | (9,108) | 63,728 |
Net increase (decrease) in cash and cash equivalents | 16,485 | (7,883) |
Cash and cash equivalents at beginning of year | 21,007 | 28,890 |
Cash and cash equivalents at end of year | 37,492 | 21,007 |
Supplemental disclosures: | ||
Interest paid | 2,157 | 1,641 |
Income taxes paid | 849 | 262 |
Loans transferred to other real estate owned | 762 | |
Reclassification adjustment for stranded accumulated other comprehensive income due to tax rate change | $ 73 |
Note 1 - Nature of Operations
Note 1 - Nature of Operations | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | NOTE 1 On March 7, 2006, one no January 2, 2018, 15 The Bank is a Connecticut state chartered bank which was incorporated on April 28, 1992 March 31, 1995, |
Note 2 - Accounting Policies
Note 2 - Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 2 The accounting and reporting policies of the Company and its subsidiary conform to accounting principles generally accepted in the United States of America and predominant practices within the banking industry. The consolidated financial statements of the Company were prepared using the accrual basis of accounting. The significant accounting policies of the Company are summarized below to assist the reader in better understanding the consolidated financial statements and other data contained herein. USE OF ESTIMATES: The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near-term include the determination of the allowance for loan losses, and valuation and potential other-than-temporary impairment (“OTTI”) of available-for-sale securities. BASIS OF PRESENTATION: The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, the Bank, and the Bank ’s wholly-owned subsidiaries, SBT Investment Services, Inc. and NERE Holdings, Inc. SBT Investment Services, Inc. was established solely for the purpose of providing investment products, financial advice and services to its clients and the community. NERE Holdings, Inc. was established to hold real estate. All significant intercompany accounts and transactions have been eliminated in the consolidation. CASH AND CASH EQUIVALENTS: For purposes of reporting cash flows, cash and cash equivalents include cash on hand, cash items, due from banks, Federal Home Loan Bank interest-bearing demand and overnight deposits, Federal Reserve Bank interest-bearing demand deposits, money market mutual funds and federal funds sold. Cash and due from banks as of December 31, 2017 2016 $7.6 $6.9 CERTIFICATES OF DEPOSIT Certificates of deposit are issued by federally insured depository institu tions, have an original maturity of greater than 90 35 SECURITIES: Investments in debt securities are adjusted for amortization of premiums and accretion of discounts computed so as to approximate the interest method. Gains or losses on sales of investment securities are computed on a specific identification basis. The Company classifies debt and equity securities into one three may may -- Held-to-maturity securities are measured at amortized cost in the consolidated balance sheets. Unrealized holding gains and losses are not -- Available-for-sale securities are carried at fair value on the consolidated balance sheets. Unrealized holding gains and losses are not -- Trading securities are carried at fair value on the consolidated balance sheets. Unrealized holding gains and losses for trading securities are included in earnings. For any debt security with a fair value less than its amortized cost basis, the Company will determine whether it has the intent to sell the debt security or whether it is more likely than not that it will be required to sell the debt security before the recovery of its amortized cost basis. If either condition is met, the Company will recognize a full impairment charge to earnings. For all other debt securities that are considered other-than-temporarily impaired and do not Declines in marketable equity securities below their cost that are deemed other than temporary are reflected in earnings as realized losses. As a member of the Federal Home Loan Bank of Boston (FHLB), the Company is currently required to purchase and hold shares of capital stock in the FHLB of Boston in an amount equal to 0.35% 3.0% 4.0% two three 4.5% three The capital stock is carried at its cost and evaluated for impairment based upon the ultimate recoverability of the cost basis. Management determined there was no December 31, 2017 2016. LOANS HELD-FOR-SALE: Loans held-for-sale in the secondary market are carried at the lower of cost or estimated fair value in the aggregate. Net unrealized losses are provided for in a valuation allowance by charges to operations. Interest income on mortgages held-for-sale is accrued currently and classified as interest on loans. LOANS: Loans receivable that management has the intent and ability to hold until maturity or payoff, are reported at their outstanding unpaid principal balances adjusted for charge-offs, the allowance for loan losses and any deferred fees or costs on originated loans, or unamortized premiums or discounts on purchased loans. Interest income on loans is recognized on an accrual basis. Loan origination and commitment fees and certain direct origination costs are deferred, and the net amount amortized as an adjustment of the r elated loan’s yield. The Company is amortizing these amounts over the contractual lives of the related loans. Residential real estate loans are generally placed on nonaccrual when reaching 90 90 120 180 90 on such loans. A loan can be returned to accrual status when collectability of principal is reasonably assured and the loan has performed for a period of time, generally six Cash receipts of interest income on impaired loans are credited to principal to the extent necessary to eliminate doubt as to the collectability of the net carrying amount of the loan. Some or all of the cash receipts of interest income on impaired loans is recognized as interest income if the remaining net carrying amount of the loan is deemed to be fully collectible. When recognition of interest income on an impaired loan on a cash basis is appropriate, the amount of income that is recognized is limited to that which would have been accrued on the net carrying amount of the loan at the contractual interest rate. Any cash interest payments received in excess of the limit and not The Company has certain lending policies and procedures in place that are designed to maximize loan income with an acceptable level of risk. Management reviews and approves these policies and procedures on an annual basis. A reporting system is in place which provides management with frequent reports related to loan quality, loan production, loan delinquencies and non-performing or potential problem loans. Commercial and industrial loans are underwritten after evaluating historical and projected profitability and cash flow to determine the borrower ’s ability to repay its obligation as agreed. Underwriting standards are designed to promote relationship banking rather than transactional banking. Commercial and industrial loans are made primarily based on the identified cash flow of the borrower and secondarily on the underlying collateral supporting the loan facility. The cash flow of the borrower may not may may may may Commercial real estate loans are subject to the underwriting standards and processes similar to commercial and industrial loans in addition to those underwriting standards for real estate loans. These loans are viewed primarily as cash flow dependent and secondarily as loans secured by real estate. Commercial real estate lending typically involves higher principal balances and longer repayment periods. Repayment of these loans is generally dependent upon the successful operation of the property securing the loan or the principal business conducted on the property securing the loan. Commercial real estate loans may ’s commercial real estate portfolio are diverse in terms of type and geographic location. This diversification reduces the exposure to adverse economic conditions that affect any single market or industry. Management monitors and evaluates commercial real estate loans based on collateral, geography and risk-rating criteria. The Company also utilizes third With respect to land developers ’ and builders’ loans that are secured by non-owner-occupied properties that the Company may may The Company originates consumer loans utilizing a computer-based credit-scoring analysis to supplement the underwriting process. To monitor and manage consumer loan risk, policies and procedures are developed and modified, as needed, jointly by staff and management. This continual review, coupled with the high volume of borrowers of smaller dollar loans, minimizes risk. Additionally, trend and outlook reports are reviewed by management on a regular basis. Underwriting standards for home equity loans are heavily influenced by regulatory requirements, which include, but are not 75%, one The Company engages an independent loan review firm that reviews and validates the credit risk program on a periodic basis. Results of these reviews are presented to management and the Board of Directors of the Company. The loan review process complements and reinforces the risk identification process and assessment decisions made by the relationship managers and credit officer, as well as the Company’s policies and procedures. ALLOWANCE FOR LOAN LOSSES: The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes the uncollectability of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. The allowance for loan losses is evaluated on a regular basis by management and is based upon management ’s periodic review of the collectability of loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may General Component: The general component of the allowance for loan losses is based on historical loss experience adjusted for qualitative factors stratified by the following loan segments: residential real estate, commercial real estate, construction and land development, commercial and consumer. Management uses a rolling average of historical losses based on a time frame appropriate to capture relevant loss data for each loan segment. This historical loss factor is adjusted for the following qualitative factors: levels/trends in delinquencies; trends in volume and terms of loans; effects of changes in risk selection and underwriting standards and other changes in lending policies, procedures and practices; experience/ability/depth of lending management and staff; and national and local economic trends and conditions. There were no 2017. The qualitative factors are determined based on the various risk characteristics of each loan segment. Risk characteristics relevant to each portfolio segment are as follows: Residential real estate and home equity loans: The Company generally does not 80 80% not Commercial real estate loans: Loans in this segment are primarily income-producing properties throughout the Farmington Valley and surrounding communities in Connecticut. The underlying cash flows generated by the properties are adversely impacted by a downturn in the economy as evidenced by increased vacancy rates, which, in turn, will have an effect on the credit quality in this segment. Management periodically obtains rent rolls and continually monitors the cash flows of these loans. Construction and land development loans: Loans in this segment primarily include speculative real estate development loans for which payment is derived from the sale of the property. Credit risk is affected by cost overruns, time to sell at an adequate price, and market conditions. Commercial loans: Loans in this segment are made to businesses and are generally secured by the assets of the business. Repayment is expected from the cash flows of the business. A weakened economy, and resultant decreased consumer spending, will have an effect on the credit quality in this segment. Consumer loans: Loans in this segment are generally unsecured and repayment is dependent on the credit quality of the individual borrower. Allocated Component: The allocated component relates to loans that are classified as impaired. Impairment is measured on a loan-by-loan basis for commercial, commercial real estate and construction loans by either the present value of expected future cash flows discounted at the loan ’s effective interest rate or the fair value of the collateral if the loan is collateral dependent. An allowance is established when the discounted cash flows (or collateral value) of the impaired loan are lower than the carrying value of that loan. Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Company does not A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not ’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. The Company may Unallocated Component: An unallocated component is maintained to cover uncertainties that could affect management ’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating allocated and general reserves in the loan portfolio. Reserve for Unfunded Commitments: The unfunded reserve is a component of other liabilities and represents the estimate for probable credit losses inherent in unfunded commitments to extend credit. Unfunded commitments to extend credit include bankers’ acceptances, and standby and commercial letters of credit. The process used to determine the unfunded reserve is consistent with the process for determining the allowance for loan losses, as adjusted for estimated funding probabilities or loan and lease equivalency factors. The level of unfunded reserve is adjusted by recording an expense or recovery in other noninterest expense. PREMISES AND EQUIPMENT: Premises and equipment are stated at cost less accumulated depreciation and amortization. Cost and related allowances for depreciation and amortization of premises and equipment retired or otherwise disposed of are removed from the respective accounts with any gain or loss included in income or expense. Depreciation and amortization are calculated principally on the straight-line method over the estimated useful lives of the assets. Estimated lives are 3 20 BANK OWNED LIFE INSURANCE Bank owned life insurance policies are reflected on the consolidated balance sheets at cash surrender value. Changes in the net cash surrender value of the policies as well as insurance proceeds received, are reflected in noninterest income of the consolidated statements of income and are generally not no TRANSFERS AND SERVICING OF FINANCIAL ASSETS Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is generally considered to have been surrendered when the transferred assets are legally isolated from the Company or its consolidated affiliates, even in bankruptcy or other receivership; the transferee has the right to pledge or exchange the assets with no not The Company sells financial assets in the normal course of business, the majority of which are residential mortgage loan sales primarily to government-sponsored enterprises through established programs, commercial loan sales through participation agreements, and other individual or portfolio loan and securities sales . The Company considers any ongoing involvement with transferred assets in determining whether the assets can be derecognized from the balance sheet. With the exception of servicing, the Company’s continuing involvement with financial assets sold is minimal and generally limited to market customary representation and warranty clauses covering certain characteristics of the mortgage loans sold and the Company’s origination process. The gain or loss on sale depends on the previous carrying amount of the transferred financial assets, the consideration received, and any liabilities incurred in exchange for the transferred assets. When the Company sells financial assets, it may ded at fair value upon transfer, and are carried at the lower of cost or fair value thereafter. MORTGAGE SERVICING Servicing assets are recognized as separate assets when servicing rights are acquired through the sale of residential mortgage loans with servicing rights retained. Capitalized servicing rights, which are reported in other assets on the consolidated balance sheets, are initially recorded at fair value and are amortized in proportion to, and over the period of, the estimated future servicing of the underlying mortgages (typically, the contractual life of the mortgage). Servicing assets are evaluated for impairment based upon the fair value of the rights as compared to amortized cost. Impairment is determined by stratifying rights by predominant characteristics, such as interest rates and terms. Fair value is determined using prices for similar assets with similar characteristics, when available, or based upon discounted cash flows using market-based assumptions. Impairment is recognized through a valuation allowance to the extent that fair value is less than the capitalized amount. If it is later determined that all or a portion of the impairment no may not Servicing fee income is recorded for fees earned for servicing loans for investors. The fees are based on a contractual percentage of the outstanding principal or a fixed amount per loan and are recorded as income within mortgage banking activities, net on the consolidated statements of income when earned. The amortization of mortgage servicing rights is recorded as a reduction of loan servicing fee income within mortgage banking activities, net on the consolidated statements of income. Interest rate lock commitments : The Company enters into interest rate lock commitments (“IRLCs”) for residential mortgage loans, which commit the Company to lend funds to a potential borrower at a specific interest rate and within a specified period of time. IRLCs that relate to the origination of mortgage loans that will be held for sale are considered derivative financial instruments. Derivative Loan Commitments : Residential real estate loan commitments are classified as derivative loan commitments if the loan that will result from the exercise of the commitment will be held for sale upon funding. Such derivatives are recognized at fair value in the consolidated balance sheet within other assets and other liabilities with changes in the fair values recognized within mortgage banking activities, net in the consolidated statement of income. Forward Loan Sale Commitments : To protect against the price risk inherent in derivative loan commitments, the Company utilizes “best efforts” and “mandatory delivery” forward loan sale commitments. Such forward sale commitments are recognized at fair value and are classified within other assets and other liabilities in the consolidated balance sheet with changes in the fair values recognized as a component of gain on sales of loans and classified within mortgage banking activities, net in the consolidated statement of income. OTHER REAL ESTATE OWNED AND IN-SUBSTANCE FORECLOSURES: Other real estate owned includes properties acquired through foreclosure and properties classified as in-substance foreclosures. These properties are held for sale and are initially recorded at fair value less cost to sell at the date of foreclosure or transfer, establishing a new cost basis. Subsequent to foreclosure or transfer, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less cost to sell. Any writedown from cost to estimated fair value required at the time of foreclosure or classification as in-substance foreclosure is charged to the allowance for loan losses. Expenses incurred in connection with maintaining these assets, subsequent writedowns and gains or losses recognized upon sale are included in other expense. The Company classifies commercial loans as in-substance repossessed or foreclosed if the Company receives physical possession of the debtor ’s assets regardless of whether formal foreclosure proceedings have taken place. An in-substance repossession or foreclosure occurs, and the Company is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan upon either: ( 1 2 FAIR VALUES OF FINANCIAL INSTRUMENTS: Accounting Standards Codification (ASC) 825, Cash and cash equivalents: The carrying amounts reported in the consolidated balance sheets for cash and cash equivalents approximate those assets ’ fair values. Certificates of deposit: Fair values of certificates of deposit are estimated using discounted cash flow analyses based on the individual underlying instrument ’s current rate of interest. Securities: Fair values for securities are based on quoted market prices, where available. If quoted market prices are not Loans held-for-sale: Fair values for loans held-for-sale are estimated based on outstanding investor commitments or, in the absence of such commitments, are based on current investor yield requirements. Loans receivable: For variable-rate loans that reprice frequently and with no Accrued interest receivable: The carrying amount of accrued interest receivable approximates its fair value. Bank owned life insurance: The carrying amount of bank owned life insurance approximates its fair value. Deposit liabilities: The fair values disclosed for demand deposits, regular savings, NOW accounts, and money market accounts are equal to the amount payable on demand at the reporting date (i.e., their carrying amounts). Fair values for certificates of deposit are estimated using a discounted cash flow calculation that applies interest rates currently being offered on certificates to a schedule of aggregated expected monthly maturities on time deposits. Securities sold under agreements to repurchase: The carrying amounts of securities sold under agreements to repurchase approximate their fair values. Federal Home Loan Bank advances: Fair values of Federal Home Loan Bank advances are estimated using discounted cash flow analyses based on the Company ’s current incremental borrowing rates for similar types of borrowing arrangements. Long-term subordinated debt: The fair value of long-term subordinated debt is estimated using discounted cash flow analyses based on the Company ’s current incremental borrowing rates for similar types of borrowing arrangements. Derivative financial instruments: Fair values for derivative financial instruments are based on prices currently charged to enter into similar agreements, taking into account the probability that the commitment will be exercised. Off-balance sheet instruments: The fair value of commitments to originate loans is estimated using the fees currently charged to enter similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties. For fixed-rate loan commitments and the unadvanced portion of loans, fair value also considers the difference between current levels of interest rates and the committed rates. The fair value of letters of credit is based on fees currently charged for similar agreements or on the estimated cost to terminate them or otherwise settle the obligation with the counterparties at the reporting date. ADVERTISING: The Company directly expenses costs associated with advertising as they are incurred. During the years ended December 31, 2017 2016, $610 $605 INCOME TAXES: The Company recognizes income taxes under the asset and liability method. Under this method, deferred tax assets and liabilities are established for the temporary differences between the accounting basis and the tax basis of the Company's assets and liabilities at enacted tax rates expected to be in effect when the amounts related to such temporary differences are realized or settled. A valuation allowance against deferred tax assets is established when, based upon all available evidence, both positive and negative, it is determined that it is more likely than not not See Note 10 STOCK BASED COMPENSATION: At December 31, 2017 , the Company had stock-based employee compensation plans which are described more fully in Note 19. 718 10, December 31, 2017 2016, $145 $151 EARNINGS PER SHARE: The Company defines unvested share-based payment awards that contain nonforfeitable rights to dividends as participating securities that are included in computing EPS using the two The two Basic EPS excludes dilution and is computed by dividing income allocated to common s hareholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity. RECENT ACCOUNTING PRONOUNCEMENTS: In May 2014, No. 2014 09, 606 2015 14, December 15, 2017, not In January 2016, 2016 01, “Financial Instruments-Overall (Subtopic 825 10 December 15, 2017. no no In February 2016, 2016 02, 842 2016 02 December 15, 2018 2016 02 In June 2016, 2016 13, 326 2016 13 2016 13 1 2 3 2016 13 December 15, 2019, adoption of ASU 2016 13 In August 2016, No. 2016 15, "Statement of Cash Flows (Topic 230 not eight No. 2016 15 December 15, 2017. No. 2016 15 not In March 2017, No. 2017 08, “Premium Amortization on Purchased Callable Debt Securities.” This ASU shortens the amortization period for the premium on certain purchased callable debt securities to the earliest call date. Today, entities generally amortize the premium over the contractual life of the security. The new guidance does not No. 2017 08 December 15, 2018 first No. 2017 08 In May 2017, No. 2017 09, “Stock Compensation, Scope of Modification Accounting.” This ASU clarifies when changes to the terms or conditions of a share-based payment award must be accounted for as modifications. Companies will apply the modification accounting guidance if the value, vesting conditions or classification of the award changes. The new guidance should reduce diversity in practice and result in fewer changes to the terms of an award being accounted for as modifications, as the guidance will allow companies to make certain non-substantive changes to awards without accounting for them as modifications. It does not No. 2017 09 December 15, 2017; No. 2017 09 not In August 2017, No. 2017 12, “Targeted Improvements to Accounting for Hedging Activities.” This ASU’s objectives are ( 1 2 No. 2017 12 December 15, 2018; not not In February 2018, No. 2018 02, 220 Certain Tax Effects from Accumulated Other Comprehensive Income.” The update provides financial statement preparers with an option to reclassify stranded tax effects within Accumulated Other Comprehensive Income (AOCI) to retained earnings in each period in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act (or portion thereof) is recorded. The ASU requires financial statement preparers to disclose: ● A description of the accounting policy for releasing income tax effects from AOCI ● Whether they elect to reclassify the stranded income tax effects from the Tax Cuts and Jobs Act; and ● Information about the other income tax effects that are reclassified . The amendments affect any organization that is required to apply the provisions of Topic 220, The amendments are effective for all organizations for fiscal years beginning after December 15, 2018, not December 31, 2017, $73 |
Note 3 - Investments in Availab
Note 3 - Investments in Available-for-sale Securities | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | N OTE 3 Debt securities have been classified in the consolidated balance sheets according to management ’s intent. The amortized cost basis of securities and their approximate fair values were as follows as of December 31, 2017 2016: Amortized Gross Gross Cost Unrealized Unrealized Fair Basis Gains Losses Value (In Thousands) December 31, 2017: Debt securities issued by U.S. government corporations and agencies $ 4,514 $ - $ 18 $ 4,496 Obligations of states and municipalities 12,720 146 31 12,835 Mortgage-backed securities 34,123 19 678 33,464 SBA loan pools 861 7 7 861 $ 52,218 $ 172 $ 734 $ 51,656 December 31, 2016: Debt securities issued by U.S. government corporations and agencies $ 4,250 $ 7 $ 4 $ 4,253 Obligations of states and municipalities 14,309 184 141 14,352 Mortgage-backed securities 40,050 40 950 39,140 SBA loan pools 973 13 3 983 $ 59,582 $ 244 $ 1,098 $ 58,728 The scheduled maturities of debt securities at amortized cost and fair value were as follows as of December 31, 2017: Amortized Fair Cost Basis Value (In Thousands) Due within one year $ 2,750 $ 2,742 Due after one year through five years 3,991 3,991 Due after five years through ten years 8,052 8,108 Due after ten years 2,441 2,490 Mortgage-backed securities 34,123 33,464 SBA loan pools 861 861 $ 52,218 $ 51,656 During 2017, no 2016, $2.0 $94 There were no 10% ers’ equity at December 31, 2017. As of December 31, 2017 2016 , the total carrying amounts of securities pledged for securities sold under agreements to repurchase and public deposits were $28.8 $13.6 The aggregate fair value and unrealized losses of securities that have been in a continuous unrealized loss position for less than twelve twelve Less than 12 Months 12 Months or Longer Total Fair Unrealized Number of Fair Unrealized Number of Fair Unrealized Number of Value Losses Holdings Value Losses Holdings Value Losses Holdings (In Thousands) December 31, 2017: Debt securities issued by U.S. government corporations and agencies $ 3,252 $ 12 6 $ 1,244 $ 6 2 $ 4,496 $ 18 8 SBA loan pools 694 7 1 - - - 694 7 1 Obligations of states and municipalities 1,761 1 4 1,493 30 3 3,254 31 7 Mortgage-backed securities 5,755 35 26 25,980 617 56 31,735 652 82 Total temporarily impaired securities 11,462 55 37 28,717 653 61 40,179 708 98 Other-than-temporarily impaired securities: Mortgage-backed securities - - - 123 26 3 123 26 3 Total temporarily impaired and other- than-temporarily impaired securities $ 11,462 $ 55 37 $ 28,840 $ 679 64 $ 40,302 $ 734 101 December 31, 2016: Debt securities issued by U.S. government corporations and agencies $ 1,246 $ 4 2 $ - $ - - $ 1,246 $ 4 2 SBA loan pools 743 3 1 - - - 743 3 1 Obligations of states and municipalities 5,934 141 14 - - - 5,934 141 14 Mortgage-backed securities 32,817 788 59 2,890 136 8 35,707 924 67 Total temporarily impaired securities 40,740 936 76 2,890 136 8 43,630 1,072 84 Other-than-temporarily impaired securities: Mortgage-backed securities 9 - 1 158 26 3 167 26 4 Total temporarily impaired and other- than-temporarily impaired securities $ 40,749 $ 936 77 $ 3,048 $ 162 11 $ 43,797 $ 1,098 88 The securities in the Company ’s investment portfolio that were temporarily impaired as of December 31, 2017 not not not no The following table summarizes other-than-temporary impairment losses on debt securities for t he years ended December 31, 2017 2016: 2017 2016 Mortgage-Backed Mortgage-Backed Securities Securities (In Thousands) Total other-than-temporary impairment losses $ 30 $ 29 Less: unrealized other-than-temporary impairment losses recognized in other comprehensive income/loss (1) (26 ) (26 ) Net impairment losses recognized in earnings (2) $ 4 $ 3 ( 1 securities. ( 2 Activity related to the credit component recognized in earnings on debt securities held by the Company for which a portion of other-than-temporary impairment was recognized in other comprehensive income for the year ended December 31, 2017 Mortgage-Backed Securities (In Thousands) Balance, December 31, 2016 $ 47 Additions for the credit componet on debt securities in which other-than-temporary impairment was previously recognized 4 Balance, December 31, 2017 $ 51 For the year ended December 31, 2017, three three $4 Activity related to the credit component recognized in earnings on debt securities held by the Company for which a portion of other-than-temporary impairment was recognized in other comprehensive loss for the year ended December 31, 2016 Mortgage-Backed Securities (In Thousands) Balance, December 31, 2015 $ 44 Additions for the credit componet on debt securities in which other-than-temporary impairment was previously recognized 3 Balance, December 31, 2016 $ 47 For the year ended December 31, 2016, three three $3 |
Note 4 - Loans
Note 4 - Loans | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE 4 Loans consisted of the following as of December 31: 2017 2016 (In Thousands) Real estate-residential $ 135,229 $ 143,212 Real estate-commercial 79,293 79,629 Real estate-municipal 9,271 8,733 Real estate-residential construction and land development 2,003 2,932 Real estate-commercial construction and land development 22,475 15,960 Home equity 49,095 48,876 Commercial and industrial 72,591 69,254 Municipal 2,586 4,215 Consumer 22,552 34,911 Total loans 395,095 407,722 Allowance for loan losses (4,088 ) (3,753 ) Deferred costs, net 1,318 1,442 Net loans $ 392,325 $ 405,411 The following tables set forth information regarding the allowance for loan losses by portfolio segment as of and for t he years ended December 31, 2017 2016: Real Estate: Residential & Commercial Construction and Land Commercial Residential Commercial Development Home Equity and Industrial Consumer Unallocated Total (In Thousands) December 31, 2017: Allowance for loan losses: Beginning balance $ 1,057 $ 1,044 $ 212 $ 346 $ 824 $ 249 $ 21 $ 3,753 Charge-offs (101 ) - - (99 ) (82 ) (41 ) - (323 ) Recoveries - - - - 11 2 - 13 Provision (benefit) 40 143 80 134 326 (64 ) (14 ) 645 Ending balance $ 996 $ 1,187 $ 292 $ 381 $ 1,079 $ 146 $ 7 $ 4,088 Ending balance: Individually evaluated for impairment $ - $ - $ - $ - $ 101 $ - $ - $ 101 Ending balance: Collectively evaluated for impairment 996 1,187 292 381 978 146 7 3,987 Total allowance for loan losses ending balance $ 996 $ 1,187 $ 292 $ 381 $ 1,079 $ 146 $ 7 $ 4,088 Loans: Ending balance: Individually evaluated for impairment $ - $ - $ - $ - $ 1,057 $ - $ - $ 1,057 Ending balance: Collectively evaluated for impairment 135,229 88,564 24,478 49,095 74,120 22,552 - 394,038 Total loans ending balance $ 135,229 $ 88,564 $ 24,478 $ 49,095 $ 75,177 $ 22,552 $ - $ 395,095 Real Estate: Residential & Commercial Construction and Land Commercial Residential Commercial Development Home Equity and Industrial Consumer Unallocated Total (In Thousands) December 31, 2016: Allowance for loan losses: Beginning balance $ 1,065 $ 706 $ 324 $ 331 $ 398 $ 157 $ 47 $ 3,028 Charge-offs - - - - (179 ) (15 ) - (194 ) Recoveries 1 - - - 3 4 - 8 (Benefit) provision (9 ) 338 (112 ) 15 602 103 (26 ) 911 Ending balance $ 1,057 $ 1,044 $ 212 $ 346 $ 824 $ 249 $ 21 $ 3,753 Ending balance: Individually evaluated for impairment $ - $ - $ - $ - $ 1 $ - $ - $ 1 Ending balance: Collectively evaluated for impairment 1,057 1,044 212 346 823 249 21 3,752 Total allowance for loan losses ending balance $ 1,057 $ 1,044 $ 212 $ 346 $ 824 $ 249 $ 21 $ 3,753 Loans: Ending balance: Individually evaluated for impairment $ - $ 1,150 $ 222 $ - $ 415 $ - $ - $ 1,787 Ending balance: Collectively evaluated for impairment 143,212 87,212 18,670 48,876 73,054 34,911 - 405,935 Total loans ending balance $ 143,212 $ 88,362 $ 18,892 $ 48,876 $ 73,469 $ 34,911 $ - $ 407,722 The following tables present the Company’s loans by risk rating as of December 31, 2017 2016: Real Estate: Residential & Commercial Construction and Land Commercial and Residential Commercial Development Home Equity Industrial Consumer Total (In Thousands) December 31, 2017: Grade: Pass $ - $ 78,096 $ 21,369 $ - $ 72,112 $ - $ 171,577 Special mention - 3,431 1,106 - 172 - 4,709 Substandard 1,164 7,037 - 136 2,893 - 11,230 Loans not formally rated 134,065 - 2,003 48,959 - 22,552 207,579 Total $ 135,229 $ 88,564 $ 24,478 $ 49,095 $ 75,177 $ 22,552 $ 395,095 December 31, 2016: Grade: Pass $ - $ 79,800 $ 15,738 $ - $ 71,939 $ - $ 167,477 Special mention - 5,900 - - 324 - 6,224 Substandard 1,947 2,662 222 319 1,206 - 6,356 Loans not formally rated 141,265 - 2,932 48,557 - 34,911 227,665 Total $ 143,212 $ 88,362 $ 18,892 $ 48,876 $ 73,469 $ 34,911 $ 407,722 Credit Quality Indicators : As part of the ongoing monitoring of the credit quality of the Company’s loan portfolio, management tracks certain credit quality indicators, including trends related to (i) weighted average risk rating of commercial loans; (ii) the level of classified and criticized commercial loans; (iii) non-performing loans; (iv) net charge-offs; and (v) the general economic conditions within the State of Connecticut. The Company utilizes a risk rating grading matrix to assign a risk grade to each of its commercial loans. Loans are graded on a scale of 1 7. 1 3.75. Risk Rating 1 – This risk rating is assigned to loans secured by cash. Risk Rating 2 – This risk rating is assigned to borrowers of high credit quality who have primary and secondary sources of repayment which are well defined and fully confirmed. Risk Rating 3 – This risk rating is assigned to borrowers who are fully responsible for the loan or credit commitment, which has primary and secondary sources of repayment that are well defined and adequately confirmed. Most credit factors are favorable, and the credit exposure is managed through normal monitoring. Risk Rating 3.5 – This risk rating is assigned to borrowers who are fully responsible for the loan or credit commitment and the secondary sources of repayment are weak. These loans may Risk Rating 3.75 – Loans in this category have all of the attributes of risk ratings 1, 2, 3, 3.5. Risk Rating 4 – This risk rating is assigned to borrowers whose loan or credit commitment may not Risk Rating 5 – This risk rating is assigned to borrowers who may not may Risk Rating 5.5 – Non-Accrual) - Loans in this category have all the characteristics of risk rating 5 90 Risk Rating 6 – This risk rating is assigned to a borrower or a portion of a borrower’s loan with which the Company is no Risk Rating 7 – This risk rating is assigned to loans which have been charged off or the portion of the loan that has been charged off. “Loss” does not Loans not r loans. As of December 31, 2017, $207 .6 $208.9 not December 31, 2016, $227.7 $229.9 not first 80% 60 0.22% December 31, 2017 1.07% December 31, 2016 . An age analysis of past-due loans, segregated by class of loans , is as follows as of December 31, 2017 2016: 90 Days or More Total Total Total 90 Days or More Past Due Nonaccrual 30-59 Days 60-89 Days Past Due Past Due Current Loans and Accruing Loans (In Thousands) December 31, 2017: Real estate: Residential $ 143 $ 132 $ 525 $ 800 $ 134,429 $ 135,229 $ - $ 1,164 Commercial 383 - - 383 78,910 79,293 - Municipal - - - - 9,271 9,271 - Residential & commercial construction and land development - - - - 24,478 24,478 - - Home equity - - - - 49,095 49,095 - 136 Commercial and industrial - - 182 182 72,409 72,591 - 182 Municipal - - - - 2,586 2,586 - - Consumer 192 6 17 215 22,337 22,552 - 17 Total $ 718 $ 138 $ 724 $ 1,580 $ 393,515 $ 395,095 $ - $ 1,499 December 31, 2016: Real estate: Residential $ - $ 297 $ 1,811 $ 2,108 $ 141,104 $ 143,212 $ - $ 1,947 Commercial - - 1,150 1,150 78,479 79,629 - 1,150 Municipal - - - - 8,733 8,733 - - Residential & commercial construction and land development - - 222 222 18,670 18,892 - 222 Home equity - 219 169 388 48,488 48,876 - 248 Commercial and industrial 767 42 415 1,224 68,030 69,254 - 415 Municipal - - - - 4,215 4,215 - - Consumer 114 43 1 158 34,753 34,911 - 70 Total $ 881 $ 601 $ 3,768 $ 5,250 $ 402,472 $ 407,722 $ - $ 4,052 Information about loans that meet the definition of an impaired loan in ASC 310 10 35 for which the Company has measured impairment on a loan-by-loan basis is as follows as of and for the years ended December 31, 2017 2016: Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized (In Thousands) December 31, 2017: With no related allowance recorded: Real estate: Commercial $ - $ - $ - $ 951 $ 17 Residential & commercial construction and land development - - - 137 14 Commercial and industrial 912 912 - 556 36 Total impaired with no related allowance 912 912 - 1,644 67 With an allowance recorded: Commercial and industrial 145 145 101 38 3 Total impaired with an allowance recorded 145 145 101 38 3 Total Real estate: Commercial - - - 951 17 Residential & commercial construction and land development - - - 137 14 Commercial and industrial 1,057 1,057 101 594 39 Total impaired loans $ 1,057 $ 1,057 $ 101 $ 1,682 $ 70 Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized (In Thousands) December 31, 2016: With no related allowance recorded: Real estate: Commercial $ 1,150 $ 1,150 $ - $ 3,029 $ 272 Residential & commercial construction and land development 222 222 - 222 4 Commercial and industrial 134 134 - 135 4 Total impaired with no related allowance 1,506 1,506 - 3,386 280 With an allowance recorded: Commercial and industrial 281 281 1 321 - Total impaired with an allowance recorded 281 281 1 321 - Total Real estate: Commercial 1,150 1,150 - 3,029 272 Residential & commercial construction and land development 222 222 - 222 4 Commercial and industrial 415 415 1 456 4 Total impaired loans $ 1,787 $ 1,787 $ 1 $ 3,707 $ 280 There were no December 31, 2017. There was one December 31, 2016. $179 December 31, 2016. As of December 31, 2017 and 2016, no As of December 31, 201 7, there was one $192 December 31, 2016 , there were no $525 $1.6 December 31, 2017 2016, . A t December 31, 2017 2016, $2.4 $2.0 $4.3 $2.4 For the years ended December 31, 2017 2016, mortgage servicing rights of $723 $900 $573 $756 December 31, 2017 2016, $805 $650 For the years ended December 31, 2017 2016, $981 $1.7 The f ollowing is an analysis of the aggregate changes in the valuation allowance for mortgage servicing rights for the years ended December 31: 2017 2016 (In Thousands) Balance, beginning of year $ 206 $ 20 Additions - 274 Reductions (206 ) (88 ) Balance, end of year $ - $ 206 Mortgage loans serviced for others were not $351.0 $303.4 December 31, 2017 2016, |
Note 5 - Premises and Equipment
Note 5 - Premises and Equipment | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 5 The following is a summary of premises and equipment as of December 31: 2017 2016 (In Thousands) Leasehold improvements $ 1,829 $ 1,716 Furniture and equipment 3,678 3,412 5,507 5,128 Accumulated depreciation and amortization (3,644 ) (3,223 ) Total premises and equipment $ 1,863 $ 1,905 During the year ended December 31, 2017, d equipment in the amount of $55 |
Note 6 - Deposits
Note 6 - Deposits | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | NOTE 6 The aggregate amount of time deposit accounts in denominations that meet or exceed the Federal Deposit Insurance Corporation (FDIC) insurance limit (currently $ 250,000 December 31, 2017 2016 $14.7 $15.7 million, respectively. For time deposits as of December 31, 2017, December 31 (In Thousands) 2018 $ 46,643 2019 11,715 2020 3,803 2021 1,849 2022 and thereafter 2,504 Total $ 66,514 At December 31, 2017 2016 , the Company had brokered certificates of deposit included in the above table that totaled $1.9 $1.5 As of December 31, 2017 , the Bank had one 5.00% December 31, 2016, no |
Note 7 - Securities Sold Under
Note 7 - Securities Sold Under Agreements to Repurchase | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Repurchase Agreements, Resale Agreements, Securities Borrowed, and Securities Loaned Disclosure [Text Block] | NOTE 7 Securities sold under agreements to repurchase consist of funds borrowed from customers on a short-term basis secured by portions of the Company's investment portfolio. The securities which were sold have been accounted for not |
Note 8 - Federal Home Loan Bank
Note 8 - Federal Home Loan Bank Advances | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Federal Home Loan Bank Advances, Disclosure [Text Block] | NOTE 8 Advances consist of funds borrowed from the Federal Home Loan Bank of Boston (FHLB). As of December 31, 2017, $2.3 0% five eight $54.1 December 31, 2016. $52 January 2017, $1.2 October 2021 $862 May 2025. December 31, 2016 0.67%. 31, 2016, 0.60% 0.74%. Borrowings from the FHLB are secured by a blanket lien on qualified collateral, consisting primarily of loans with first one four real properties and other qualified assets. The Bank had approximately $106 December 31, 2017. The Company ha d a line of credit with the FHLB in the amount of $ 1.5 December 31, 2017 2016. December 31, 2017 2016, no |
Note 9 - Subordinated Debenture
Note 9 - Subordinated Debentures | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Subordinated Borrowings Disclosure [Text Block] | NOTE 9 SUBORDINATED DEBENTURES On October 15, 201 5 $7.5 October 1, 2025 ( September 30, 2015 ( $7.2 $277 9,000 The Subordinated Note will bear interest at a fixed rate of 6.75% not February 11, 2016, 3.40% 3.35% January 1, April 1, July 1 October 1 first October 1, 2025, may fifth fifth The initial closing costs of $277 thousand are being amortized over the 10 December 31, 2017 2016, $219 $248 |
Note 10 - Income Taxes
Note 10 - Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 10 The components of income tax expense are as follows for the years ended December 31: 2017 2016 (In Thousands) Current: Federal $ 722 $ 392 State 36 2 Current income tax expense 758 394 Deferred: Federal 95 (117 ) Federal- Revaluation of net deferred taxes due to a change in tax rate 151 - Deferred income tax expense (benefit) 246 (117 ) Total income tax expense $ 1,004 $ 277 The reasons for the differences between the statutory federal income tax rate s and the effective tax rates are summarized as follows for the years ended December 31: 2017 2016 % of % of Income Income Federal income tax at statutory rates 34.0 % 34.0 % Increase (decrease) in tax resulting from: Tax-exempt income (10.9 ) (20.1 ) Tax rate change 4.5 - Other 2.3 1.8 Effective tax rates 29.9 % 15.7 % The Company had gross deferred tax assets and gross deferred tax liabilities as follows as of December 31: 2017 2016 (In Thousands) Deferred tax assets: Allowance for loan losses $ 816 $ 1,199 Deferred compensation 212 305 Write-down of securities 11 16 Restricted stock awards 10 27 Charitable contribution carryover 15 104 Alternative minimum tax carryforward 541 707 Net unrealized holding loss on available-for-sale securities 118 290 Other 103 120 Gross deferred tax assets 1,826 2,768 Deferred tax liabilities: Depreciation (273 ) (469 ) Deferred loan costs/fees (274 ) (490 ) Mortgage servicing rights (494 ) (679 ) Gross deferred tax liabilities (1,041 ) (1,638 ) Net deferred tax asset (included in other assets) $ 785 $ 1,130 On December 22, 2017, 21 December 31, 2017. 740, December 31, 2017, $151 2017. Deferred ta x December 31, 2017 2016 not not As of December 31, 2017 and 2016, no It is the Company ’s policy to provide for uncertain tax positions and the related interest and penalties based upon management’s assessment of whether a tax benefit is more likely than not December 31, 2017 2016, no December 31, 2014 December 31, 2017 In January 2011, not ’s Connecticut corporation business taxes are significantly reduced or eliminated. |
Note 11 - Commitments and Conti
Note 11 - Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 11 As of December 31, 2017 August 2018 January 2026. not December 31, 2017: Minimum Payments Due (In Thousands) 2018 $ 791 2019 726 2020 656 2021 460 2022 410 Thereafter 1,172 Total $ 4,215 Certain leases contain provisions for escalation of minimum lease payments contingent upon percentage increases in the consumer price index. Total rental expense amounted to $906 $1.01 December 31, 2017 2016, During the year ended December 31, 2017, the terms of its lease for the administrative offices to reduce the square footage leased by the Company. On November 28, 2008, five second November 2008 June 27, 2013 ed the agreement through April 19, 2019. April 19, 2019. |
Note 12 - Fair Value Measuremen
Note 12 - Fair Value Measurements | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 12 ASC 820 10, of certain financial assets and liabilities on a contract-by-contract basis. In accordance with ASC 820 10, three Level 1 . Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities. Level 2 third Level 3 which are not 3 A financial instrument ’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company did not 1 2 December 31, 2017. A description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. These valuation methodologies were applied to all of the Company ’s financial assets and financial liabilities carried at fair value for December 31, 2017 2016. The Company ’s investments in obligations of states and municipalities, mortgage-backed securities and other debt securities available-for-sale are generally classified within Level 2 may Level 3 not . Valuations are adjusted to reflect illiquidity and/or non-transferability, and such adjustments are generally based on available market evidence. In the absence of such evidence, management’s best estimate is used. Subsequent to inception, management only changes Level 3 third The Company ’s impaired loans are reported at the fair value of the underlying collateral if repayment is expected solely from the collateral. Collateral values are estimated using Level 2 third 3 Other real estate owned values are estimated using Level 2 third 3 ’s estimates. The following table summarizes assets and liabilities measured at fair value as of December 31: ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON A RECURRING BASIS Fair Value Measurements at Reporting Date Using: Quoted Prices in Significant Significant Active Markets for Other Observable Unobservable Identical Assets Inputs Inputs Total Level 1 Level 2 Level 3 (In Thousands) December 31, 2017: Debt securities issued by U.S. government corporations and agencies $ 4,496 $ - $ 4,496 $ - Obligations of states and municipalities 12,835 - 12,835 - Mortgage-backed securities 33,464 - 33,464 - SBA loan pools 861 - 861 - Mortgage banking derivatives 47 - - 47 Total assets $ 51,703 $ - $ 51,656 $ - Mortgage banking derivative liabilities $ 52 $ - $ - $ 52 Fair Value Measurements at Reporting Date Using: Total Level 1 Level 2 Level 3 (In Thousands) December 31, 2016: Debt securities issued by U.S. government corporations and agencies $ 4,253 $ - $ 4,253 $ - Obligations of states and municipalities 14,352 - 14,352 - Mortgage-backed securities 39,140 - 39,140 - SBA loan pools 983 - 983 - Totals $ 58,728 $ - $ 58,728 $ - Under certain circumstances , the Company makes adjustments to fair value for its assets and liabilities although they are not December 31, 2017, no December 31, 2016 ASSETS MEASURED AT FAIR VALUE ON A NONRECURRING BASIS Fair Value Measurements at Reporting Date Using: Quoted Prices in Significant Significant Active Markets for Other Observable Unobservable Identical Assets Inputs Inputs Total Level 1 Level 2 Level 3 (In Thousands) December 31, 2017: Other real estate owned $ 192 $ - $ - $ 192 Totals $ 192 $ - $ - $ 192 The estimated fair values of the Company ’s financial instruments, all of which are held or issued for purposes other than trading, were as follows as of December 31, 2017 2016: December 31, 2017 Carrying Fair Value Amount Level 1 Level 2 Level 3 Total (In Thousands) Financial assets: Cash and cash equivalents $ 13,066 $ 13,066 $ - $ - $ 13,066 Certificates of deposit 1,250 1,250 - - 1,250 Available-for-sale securities 51,656 - 51,656 - 51,656 Federal Home Loan Bank stock 903 - 903 - 903 Loans held-for-sale 2,259 - - 2,292 2,292 Loans, net 392,325 - - 387,225 387,225 Mortgage servicing rights 2,352 - - 4,257 4,257 Accrued interest receivable 1,402 1,402 - - 1,402 Bank-owned life insurance 9,370 - 9,370 - 9,370 Mortgage banking derivative assets 47 - - 47 47 Financial liabilities: Deposits 457,400 390,886 66,042 - 456,928 Securities sold under agreements to repurchase 2,449 - 2,449 - 2,449 Federal Home Loan Bank advances 2,318 - 2,022 - 2,022 Long-term subordinated debt 7,281 - 7,222 - 7,222 Mortgage banking derviative liabilities 52 - - 52 52 December 31, 2016 Carrying Fair Value Amount Level 1 Level 2 Level 3 Total (In Thousands) Financial assets: Cash and cash equivalents $ 21,007 $ 21,007 $ - $ - $ 21,007 Certificates of deposit 1,250 1,250 - - 1,250 Available-for-sale securities 58,728 - 58,728 - 58,728 Federal Home Loan Bank stock 2,896 - 2,896 - 2,896 Loans held-for-sale 2,801 - - 2,818 2,818 Loans, net 405,411 - - 401,008 401,008 Mortgage servicing rights 1,996 - - 2,432 2,432 Accrued interest receivable 1,301 1,301 - - 1,301 Bank-owned life insurance 9,130 - 9,130 - 9,130 Financial liabilities: Deposits 413,764 347,176 66,504 - 413,680 Securities sold under agreements to repurchase 2,694 - 2,694 - 2,694 Federal Home Loan Bank advances 54,058 - 53,767 - 53,767 Long-term subordinated debt 7,252 - 7,268 - 7,268 The carrying amounts of financial instruments shown in the above table are included in the consolidated balance sheets under the indicated captions with the exception of mortgage servicing rights, which are included in other assets, and derviative assets and liabilities, which are included in other assets and other liabilities, respectively. Accounting policies related to financial instruments are described in Note 2. Management has made estimates of fair value discount rates that it believes to be reasonable; however, because there is no no Fair value estimates are made as of a specific point in time based on the relevant market information and information about the financial instrument. These values do not one no Fair value estimates are based on existing financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not not ealization of unrealized gains and losses can have a significant effect on fair value estimates and have not |
Note 13 - Financial Instruments
Note 13 - Financial Instruments With Off-balance Sheet Risk | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Financial Instruments Disclosure [Text Block] | NOTE 13 The Company is party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to originate loans, unadvanced funds on loans and standby letters of credit. The instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the balance sheets. The contract amounts of th ese instruments reflect the extent of involvement the Company has in particular classes of financial instruments. The Company ’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for loan commitments is represented by the contractual amounts of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. Commitments to originate loans are agreements to lend to a customer provided there is no may not ’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company upon the extension of credit, is based on management's credit evaluation of the borrower. Collateral held varies, but may Standby letters of credit are conditional commitments issued by the Company to guarantee the performance by a customer to a third stomers. As of December 31, 2017 2016, $5.1 $4.3 one may may F inancial instrument liabilities with off-balance sheet credit risk are as follows as of December 31: 2017 2016 (In Thousands) Commitments to originate loans $ 13,854 $ 20,090 Standby letters of credit 5,076 4,281 Unadvanced portions of loans: Construction loans 25,388 13,580 Commercial lines of credit 38,276 32,640 Consumer 4,875 588 Home equity lines of credit 61,725 58,035 $ 149,194 $ 129,214 Derivative Loan Commitments Residential real estate loan commitments are referred to as derivative loan commitments if the loan that will result from exercise of the commitment will be held for sale upon funding. The Company enters into commitments to fund residential real estate loans at specified times in the future, with the intention that these loans will subsequently be sold in the secondary market. A residential loan commitment requires the Company to originate a loan at a specific interest rate upon the completion of various underwriting requirements. Outstanding derivative loan commitments expose the Company to the risk that the price of the loans arising from the exercise of the loan commitment might decline from the inception of the rate lock to funding of the loan due to increases in loan interest rates. If interest rates increase, the value of these commitments decreases. Conversely, if interest rates decrease, the value of these loan commitments increases. Derivative loan commitments with notional amounts of $ 2.0 $2.6 December 31, 2017 2016, not December 31, 2017 2016. Forward Loan Sale Commitments To protect against the price risk inherent in derivative loan commitments, the Company utilizes both “mandatory delivery” and “best efforts” forward loan sale commitments to mitigate the risk of potential decreases in the values of loans that would result from the exercise of the derivative loan commitments. Under a “mandatory delivery” contract, the Company commits to deliver a certain principal amount of mortgage loans to an investor at a specified price on or before a specified date. If the Company fails to deliver the amount of mortgages necessary to fulfill the commitment by the specified date, it is obligated to pay the investor a “pair-off” fee, based on then-current market prices, to compensate the investor for the shortfall. Under a “best efforts” contract, the Company commits to deliver an individual mortgage loan of a specified principal amount and quality to an investor and the investor commits to a price that it will purchase the loan from the Company if the loan to the underlying borrower closes. Forward loan sale commitments with notional amounts of $ 10.4 $14.2 December 31, 2017 December 31, 2016, not December 31,2017 2016. For the years ended December 31, 2017 2016, not |
Note 14 - Related Party Transac
Note 14 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 14 Certain directors and executive officers of the Company and companies in which they have significant ownership interest were customers of the Bank during 201 7 2016. $1.3 December 31, 2017, $146 December 31, 2017, $67 $10 December 31, 2016, $1.3 $148 December 31, 2016, $4.6 $1.3 Deposits from related parties held by the Company as of December 31, 2017 2016 $8.1 $6.4 During 2017 2016 , the Company paid $87 $82 11 $ 60 2017 2016. |
Note 15 - Significant Group Con
Note 15 - Significant Group Concentrations of Credit Risk | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | NOTE 15 Most of the Company's business activity is with customers located within the state of Connecticut. There are no |
Note 16 - Other Comprehensive I
Note 16 - Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | NOTE 16 (LOSS) Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities are reported as a separate component of the stockholders ’ equity section of the consolidated balance sheets, such items, along with net income, are components of comprehensive income (loss). The activity in other comprehensive income (loss), included in stockholders’ equity, was as follows during the years ended December 31: 2017 2016 (In Thousands) Net change in unrealized holding loss on securities available-for-sale $ 288 $ (476 ) Reclassification adjustment for realized losses (gains) and writedowns in net income (1) 4 (91 ) Other comprehensive income (loss), before tax 292 (567 ) Income tax (expense) benefit (100 ) 193 Other comprehensive income (loss), net of tax $ 192 $ (374 ) ( 1 Reclassification adjustments include realized securities gains and losses and writedowns of securities. The gains and losses have been reclassified out of other comprehensive income (loss) and affect certain captions in the consolidated statements of income as follows: the pre-tax amount is reflected in gain on sales of available-for-sale securities, net and writedown of available-for-sale securities; the tax effect of ( $1 $31 December 31, 2017 2016, A ccumulated other comprehensive loss as of December 31, 2017 2016 |
Note 17 - Regulatory Matters
Note 17 - Regulatory Matters | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | NOTE 17 The Bank is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory , and possibly additional discretionary, actions by regulators that, if undertaken, could have a direct material effect on the Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Effective January 1, 2015 ( two four 1 4.5%, 1 6.0% 4.0%, 8.0% 1 4.0%. 6.5% 1 8.0% 6.0% 10% 1 5.0% January 1, 2016 0.625% 0.625% 2.5% January 1, 2019. As of December 31, 2017, 1.25%. January 1, 2016, December 31, 2017, As of December 31, 201 7, no The Bank ’s actual and required capital amounts and ratios at December 31, 2017 2016 To Be Well Capitalized Under For Capital Prompt Corrective Actual Adequacy Purposes Action Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars In Thousands) As of December 31, 2017: Total Capital (to Risk Weighted Assets) $ 43,148 12.03 % $ 28,701 8.0 % $ 35,876 10.0 % Tier 1 Capital (to Risk Weighted Assets) 39,060 10.89 21,525 6.0 28,701 8.0 Common Equity Tier 1 capital (to Risk Weighted Assets) 39,060 10.89 16,144 4.5 23,319 6.5 Tier 1 Capital (to Average Assets) 39,060 7.79 20,045 4.0 25,056 5.0 As of December 31, 2016: Total Capital (to Risk Weighted Assets) $ 41,045 11.72 % $ 28,022 8.0 % $ 35,027 10.0 % Tier 1 Capital (to Risk Weighted Assets) 37,292 10.65 21,016 6.0 28,022 8.0 Common Equity Tier 1 capital (to Risk Weighted Assets) 37,292 10.65 15,762 4.5 22,768 6.5 Tier 1 Capital (to Average Assets) 37,292 7.46 19,994 4.0 24,993 5.0 The declaration of cash dividends is dependent on a number of factors, including regulatory limitations, and the Company's operating results and financial condition. The s hareholders of the Company will be entitled to dividends only if, and when, declared by the Company's Board of Directors out of funds legally available therefor. The declaration of future dividends will be subject to favorable operating results, financial conditions, tax considerations, and other factors. Under Connecticut law, the Bank may ’s approval is required for dividend payments which exceed the current year’s net profits and retained net profits from the preceding two December 31, 2017, $3.9 |
Note 18 - Employee Benefits
Note 18 - Employee Benefits | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | NOTE 18 The Company sponsors a 401 21 e 21 first 90 The provisions of the 401 make contributions subject to IRS limitations. The Company's matching contribution will be determined at the beginning of the plan year. The Company's expense under this plan was $127 2017 $136 2016, The Company has Supplemental Executive Retirement Agreements with current and former executive officers. The agreements require the payment of specified benefits upon retirement over specified periods as described in each agreement. The total liability for the agreements included in other liabilities was $1.0 December 31, 2017 $897 December 31, 2016. $151 $130 December 31, 2017 2016. $ 37 December 31, 2017 2016. In January 2017, one $30 15 65 years old. The Company entered into change in control agreements (the “Agreements”) with the executive officers of the Company. The Agreements provide for severance benefits upon termination following a change in control as defined in the agreements in amounts equal to cash compensation as defined in the agreements, and fringe benefits that the executive officers would have received if the executive officers would have continued working for an additional two |
Note 19 - Stock Based Compensat
Note 19 - Stock Based Compensation Plans | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | NOTE 19 The SBT Bancorp, Inc. 1998 “1998 142,000 1998 may 422 not March 17, 2009, no may 1998 On May 10, 2011, Company’s shareholders approved the SBT Bancorp, Inc. 2011 “2011 2011 100,000 2011 may 422 not The exercise price for shares covered by an ISO may not 100% the underlying common stock on the date of grant. All options must expire no ten During 2017 2016 , the Company granted 8,482 10,826 $263 $231 three 2017 2016, $136 $132 $46 2017 $45 2016, A summary of the status of the restricted stock awards as of December 31 then ended is presented below: 2017 2016 Weighted-Average Weighted-Average Number of Grant Number of Grant Fixed Options Shares Price Shares Price Non-vested restricted stock awards at beginning of year 16,306 $ 21.42 12,083 $ 21.92 Restricted shares granted 8,482 29.96 10,826 21.37 Shares vested (6,668 ) 21.44 (5,953 ) 22.33 Shares forfeited - - (650 ) 21.52 Non-vested restricted stock awards at end of year 18,120 $ 25.41 16,306 $ 21.42 For t he years ended December 31, 2017 2016, $183 $151 As of December 31, 2017 , the unrecognized share-based compensation expense related to the non-vested restricted stock awards was $420 1.5 A summary of the status of the Company ’s stock options as of December 31 2017 2016 Weighted-Average Weighted-Average Fixed Options Shares Exercise Price Shares Exercise Price Outstanding at beginning of year 20,000 $ 30.00 20,000 $ 30.00 Granted - - - - Forfeited - - - - Outstanding at end of year 20,000 30.00 20,000 30.00 Options exercisable at year-end 13,500 $ 30.00 9,000 $ 30.00 Weighted-average fair value of options granted during the year N/A N/A Weighted average remaining contractual life in years 8 9 The re were no 2017 2016. As of December 31, 2017, 1998 2011 $6 4,500 December 31, 2017. 6,500 December 31, 2017 1 $9 2017 $19 2016, |
Note 20 - Earnings Per Share
Note 20 - Earnings Per Share | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 20 Reconciliation of the numerators and the denominators of the basic and diluted per share computations for net income available to common stock holders are as follows: 2017 2016 (In Thousands, Except Share Data) Basic earnings per share computation: Net income $ 2,354 $ 1,492 Net income available to common stockholders $ 2,354 $ 1,492 Weighted average shares outstanding, basic 1,359,222 1,350,725 Basic earnings per share $ 1.73 $ 1.10 Diluted earnings per share computation: Net income $ 2,354 $ 1,492 Net income available to common stockholders $ 2,354 $ 1,492 Weighted average shares outstanding, before dilution 1,359,222 1,350,725 Dilutive potential shares 9,013 8,540 Weighted average shares outstanding, assuming dilution 1,368,235 1,359,265 Diluted earnings per share $ 1.72 $ 1.10 Anti-dilutive equity-based awards totali ng 20,000 December 31, 2017 2016 |
Note 21 - Legal Contingencies
Note 21 - Legal Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | NOTE 2 1 - LEGAL CONTINGENCIES Various legal claims arise from time to time in the normal course of business which, in the opinion of management, will have no ’s consolidated financial statements. |
Note 22 - Reclassification
Note 22 - Reclassification | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Disclosure of Reclassification Amount [Text Block] | NOTE 2 2 - RECLASSIFICATION Certain amounts in the prior year have been reclassified to be consistent with the current year's statement presentation. |
Note 23 - Subsequent Events
Note 23 - Subsequent Events | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 2 3 - SUBSEQUENT EVENTS O n January 2, 2018, 15 1934, 15 1,200 January 1, 2018. 15 10 10 8 10 2017 90 January 2, 2018, 15 90 On February 2 8, 2018 , $ 0.15 March 26, 2018 March 12, 2018 . |
Note 24 - Parent Company Inform
Note 24 - Parent Company Information | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | NOTE 2 4 – PARENT COMPANY INFORMATION Financial information for the parent company only is presented in the following tables: CONDENSED BALANCE SHEETS (In Thousands) December 31, Assets 2017 2016 Cash and due from banks $ 55 $ 71 Investment in subsidiary 38,623 36,729 Due from subsidiary - 164 Other assets 862 581 Total assets $ 39,540 $ 37,545 Liabilities and stockholders' equity Long-term subordinated debt $ 7,281 $ 7,252 Other liabilities 40 6 Total liabilities 7,321 7,258 Total stockholders' equity 32,219 30,287 Total liabilities and stockholders' equity $ 39,540 $ 37,545 CONDENSED STATEMENTS OF INCOME (In Thousands) Years ended December 31, 2017 2016 Operating Income Dividend income from operating subsidiary $ 1,300 $ 950 Total operating income 1,300 950 Operating Expense Interest on long-term debt 542 515 Salaries and employee benefits 123 127 Professional fees 120 14 Directors ’ fees 22 24 Correspondent charges 63 70 Other expense 38 18 Total operating expense 908 768 Income before tax benefit and equity in undistributed earnings of subsidiary 392 182 Income tax benefit 260 253 Equity in undistributed earnings of subsidiary 1,702 1,057 Net income $ 2,354 $ 1,492 CONDENSED STATEMENTS OF CASH FLOWS (In Thousands) Years ended December 31, 2017 2016 Cash flows from operating activities: Net income $ 2,354 $ 1,492 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings of subsidiary companies (1,702 ) (1,057 ) Stock-based compensation 145 151 Other, net (82 ) (370 ) Amortization of long-term debt issuance costs 29 29 Net cash provided by operating activities 744 245 Cash flows from investing activities: Investment in operating subsidiary - - Net cash used in investing activities - - Cash flows from financing activities: Proceeds from issuance of common stock 28 39 Decrease in subordinated debt issuance fees - (7 ) Dividends paid - common stock (788 ) (763 ) Net cash used in financing activities (760 ) (731 ) Net decrease in cash and cash equivalents (16 ) (486 ) Cash and cash equivalents at beginning of year 71 557 Cash and cash equivalents at end of year $ 55 $ 71 F- 48 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Use of Estimates, Policy [Policy Text Block] | USE OF ESTIMATES: The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near-term include the determination of the allowance for loan losses, and valuation and potential other-than-temporary impairment (“OTTI”) of available-for-sale securities. |
Consolidation, Policy [Policy Text Block] | BASIS OF PRESENTATION: The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, the Bank, and the Bank ’s wholly-owned subsidiaries, SBT Investment Services, Inc. and NERE Holdings, Inc. SBT Investment Services, Inc. was established solely for the purpose of providing investment products, financial advice and services to its clients and the community. NERE Holdings, Inc. was established to hold real estate. All significant intercompany accounts and transactions have been eliminated in the consolidation. |
Cash and Cash Equivalents, Policy [Policy Text Block] | CASH AND CASH EQUIVALENTS: For purposes of reporting cash flows, cash and cash equivalents include cash on hand, cash items, due from banks, Federal Home Loan Bank interest-bearing demand and overnight deposits, Federal Reserve Bank interest-bearing demand deposits, money market mutual funds and federal funds sold. Cash and due from banks as of December 31, 2017 2016 $7.6 $6.9 |
Certificates of Deposit, Policy [Policy Text Block] | CERTIFICATES OF DEPOSIT Certificates of deposit are issued by federally insured depository institu tions, have an original maturity of greater than 90 35 |
Investment, Policy [Policy Text Block] | SECURITIES: Investments in debt securities are adjusted for amortization of premiums and accretion of discounts computed so as to approximate the interest method. Gains or losses on sales of investment securities are computed on a specific identification basis. The Company classifies debt and equity securities into one three may may -- Held-to-maturity securities are measured at amortized cost in the consolidated balance sheets. Unrealized holding gains and losses are not -- Available-for-sale securities are carried at fair value on the consolidated balance sheets. Unrealized holding gains and losses are not -- Trading securities are carried at fair value on the consolidated balance sheets. Unrealized holding gains and losses for trading securities are included in earnings. For any debt security with a fair value less than its amortized cost basis, the Company will determine whether it has the intent to sell the debt security or whether it is more likely than not that it will be required to sell the debt security before the recovery of its amortized cost basis. If either condition is met, the Company will recognize a full impairment charge to earnings. For all other debt securities that are considered other-than-temporarily impaired and do not Declines in marketable equity securities below their cost that are deemed other than temporary are reflected in earnings as realized losses. As a member of the Federal Home Loan Bank of Boston (FHLB), the Company is currently required to purchase and hold shares of capital stock in the FHLB of Boston in an amount equal to 0.35% 3.0% 4.0% two three 4.5% three The capital stock is carried at its cost and evaluated for impairment based upon the ultimate recoverability of the cost basis. Management determined there was no December 31, 2017 2016. |
Finance, Loan and Lease Receivables, Held-for-sale, Policy [Policy Text Block] | LOANS HELD-FOR-SALE: Loans held-for-sale in the secondary market are carried at the lower of cost or estimated fair value in the aggregate. Net unrealized losses are provided for in a valuation allowance by charges to operations. Interest income on mortgages held-for-sale is accrued currently and classified as interest on loans. |
Finance, Loan and Lease Receivables, Held-for-investment, Policy [Policy Text Block] | LOANS: Loans receivable that management has the intent and ability to hold until maturity or payoff, are reported at their outstanding unpaid principal balances adjusted for charge-offs, the allowance for loan losses and any deferred fees or costs on originated loans, or unamortized premiums or discounts on purchased loans. Interest income on loans is recognized on an accrual basis. Loan origination and commitment fees and certain direct origination costs are deferred, and the net amount amortized as an adjustment of the r elated loan’s yield. The Company is amortizing these amounts over the contractual lives of the related loans. Residential real estate loans are generally placed on nonaccrual when reaching 90 90 120 180 90 on such loans. A loan can be returned to accrual status when collectability of principal is reasonably assured and the loan has performed for a period of time, generally six Cash receipts of interest income on impaired loans are credited to principal to the extent necessary to eliminate doubt as to the collectability of the net carrying amount of the loan. Some or all of the cash receipts of interest income on impaired loans is recognized as interest income if the remaining net carrying amount of the loan is deemed to be fully collectible. When recognition of interest income on an impaired loan on a cash basis is appropriate, the amount of income that is recognized is limited to that which would have been accrued on the net carrying amount of the loan at the contractual interest rate. Any cash interest payments received in excess of the limit and not The Company has certain lending policies and procedures in place that are designed to maximize loan income with an acceptable level of risk. Management reviews and approves these policies and procedures on an annual basis. A reporting system is in place which provides management with frequent reports related to loan quality, loan production, loan delinquencies and non-performing or potential problem loans. Commercial and industrial loans are underwritten after evaluating historical and projected profitability and cash flow to determine the borrower ’s ability to repay its obligation as agreed. Underwriting standards are designed to promote relationship banking rather than transactional banking. Commercial and industrial loans are made primarily based on the identified cash flow of the borrower and secondarily on the underlying collateral supporting the loan facility. The cash flow of the borrower may not may may may may Commercial real estate loans are subject to the underwriting standards and processes similar to commercial and industrial loans in addition to those underwriting standards for real estate loans. These loans are viewed primarily as cash flow dependent and secondarily as loans secured by real estate. Commercial real estate lending typically involves higher principal balances and longer repayment periods. Repayment of these loans is generally dependent upon the successful operation of the property securing the loan or the principal business conducted on the property securing the loan. Commercial real estate loans may ’s commercial real estate portfolio are diverse in terms of type and geographic location. This diversification reduces the exposure to adverse economic conditions that affect any single market or industry. Management monitors and evaluates commercial real estate loans based on collateral, geography and risk-rating criteria. The Company also utilizes third With respect to land developers ’ and builders’ loans that are secured by non-owner-occupied properties that the Company may may The Company originates consumer loans utilizing a computer-based credit-scoring analysis to supplement the underwriting process. To monitor and manage consumer loan risk, policies and procedures are developed and modified, as needed, jointly by staff and management. This continual review, coupled with the high volume of borrowers of smaller dollar loans, minimizes risk. Additionally, trend and outlook reports are reviewed by management on a regular basis. Underwriting standards for home equity loans are heavily influenced by regulatory requirements, which include, but are not 75%, one The Company engages an independent loan review firm that reviews and validates the credit risk program on a periodic basis. Results of these reviews are presented to management and the Board of Directors of the Company. The loan review process complements and reinforces the risk identification process and assessment decisions made by the relationship managers and credit officer, as well as the Company’s policies and procedures. |
Finance, Loan and Lease Receivables, Held-for-investment, Allowance and Nonperforming Loans, Policy [Policy Text Block] | ALLOWANCE FOR LOAN LOSSES: The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes the uncollectability of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. The allowance for loan losses is evaluated on a regular basis by management and is based upon management ’s periodic review of the collectability of loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may General Component: The general component of the allowance for loan losses is based on historical loss experience adjusted for qualitative factors stratified by the following loan segments: residential real estate, commercial real estate, construction and land development, commercial and consumer. Management uses a rolling average of historical losses based on a time frame appropriate to capture relevant loss data for each loan segment. This historical loss factor is adjusted for the following qualitative factors: levels/trends in delinquencies; trends in volume and terms of loans; effects of changes in risk selection and underwriting standards and other changes in lending policies, procedures and practices; experience/ability/depth of lending management and staff; and national and local economic trends and conditions. There were no 2017. The qualitative factors are determined based on the various risk characteristics of each loan segment. Risk characteristics relevant to each portfolio segment are as follows: Residential real estate and home equity loans: The Company generally does not 80 80% not Commercial real estate loans: Loans in this segment are primarily income-producing properties throughout the Farmington Valley and surrounding communities in Connecticut. The underlying cash flows generated by the properties are adversely impacted by a downturn in the economy as evidenced by increased vacancy rates, which, in turn, will have an effect on the credit quality in this segment. Management periodically obtains rent rolls and continually monitors the cash flows of these loans. Construction and land development loans: Loans in this segment primarily include speculative real estate development loans for which payment is derived from the sale of the property. Credit risk is affected by cost overruns, time to sell at an adequate price, and market conditions. Commercial loans: Loans in this segment are made to businesses and are generally secured by the assets of the business. Repayment is expected from the cash flows of the business. A weakened economy, and resultant decreased consumer spending, will have an effect on the credit quality in this segment. Consumer loans: Loans in this segment are generally unsecured and repayment is dependent on the credit quality of the individual borrower. Allocated Component: The allocated component relates to loans that are classified as impaired. Impairment is measured on a loan-by-loan basis for commercial, commercial real estate and construction loans by either the present value of expected future cash flows discounted at the loan ’s effective interest rate or the fair value of the collateral if the loan is collateral dependent. An allowance is established when the discounted cash flows (or collateral value) of the impaired loan are lower than the carrying value of that loan. Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Company does not A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not ’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. The Company may Unallocated Component: An unallocated component is maintained to cover uncertainties that could affect management ’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating allocated and general reserves in the loan portfolio. Reserve for Unfunded Commitments: The unfunded reserve is a component of other liabilities and represents the estimate for probable credit losses inherent in unfunded commitments to extend credit. Unfunded commitments to extend credit include bankers’ acceptances, and standby and commercial letters of credit. The process used to determine the unfunded reserve is consistent with the process for determining the allowance for loan losses, as adjusted for estimated funding probabilities or loan and lease equivalency factors. The level of unfunded reserve is adjusted by recording an expense or recovery in other noninterest expense. |
Property, Plant and Equipment, Policy [Policy Text Block] | PREMISES AND EQUIPMENT: Premises and equipment are stated at cost less accumulated depreciation and amortization. Cost and related allowances for depreciation and amortization of premises and equipment retired or otherwise disposed of are removed from the respective accounts with any gain or loss included in income or expense. Depreciation and amortization are calculated principally on the straight-line method over the estimated useful lives of the assets. Estimated lives are 3 20 |
Bank Owned Life Insurance, Policy [Policy Text Block] | BANK OWNED LIFE INSURANCE Bank owned life insurance policies are reflected on the consolidated balance sheets at cash surrender value. Changes in the net cash surrender value of the policies as well as insurance proceeds received, are reflected in noninterest income of the consolidated statements of income and are generally not no |
Transfers and Servicing of Financial Assets, Policy [Policy Text Block] | TRANSFERS AND SERVICING OF FINANCIAL ASSETS Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is generally considered to have been surrendered when the transferred assets are legally isolated from the Company or its consolidated affiliates, even in bankruptcy or other receivership; the transferee has the right to pledge or exchange the assets with no not The Company sells financial assets in the normal course of business, the majority of which are residential mortgage loan sales primarily to government-sponsored enterprises through established programs, commercial loan sales through participation agreements, and other individual or portfolio loan and securities sales . The Company considers any ongoing involvement with transferred assets in determining whether the assets can be derecognized from the balance sheet. With the exception of servicing, the Company’s continuing involvement with financial assets sold is minimal and generally limited to market customary representation and warranty clauses covering certain characteristics of the mortgage loans sold and the Company’s origination process. The gain or loss on sale depends on the previous carrying amount of the transferred financial assets, the consideration received, and any liabilities incurred in exchange for the transferred assets. When the Company sells financial assets, it may ded at fair value upon transfer, and are carried at the lower of cost or fair value thereafter. |
Mortgage Servicing, Policy [Policy Text Block] | MORTGAGE SERVICING Servicing assets are recognized as separate assets when servicing rights are acquired through the sale of residential mortgage loans with servicing rights retained. Capitalized servicing rights, which are reported in other assets on the consolidated balance sheets, are initially recorded at fair value and are amortized in proportion to, and over the period of, the estimated future servicing of the underlying mortgages (typically, the contractual life of the mortgage). Servicing assets are evaluated for impairment based upon the fair value of the rights as compared to amortized cost. Impairment is determined by stratifying rights by predominant characteristics, such as interest rates and terms. Fair value is determined using prices for similar assets with similar characteristics, when available, or based upon discounted cash flows using market-based assumptions. Impairment is recognized through a valuation allowance to the extent that fair value is less than the capitalized amount. If it is later determined that all or a portion of the impairment no may not Servicing fee income is recorded for fees earned for servicing loans for investors. The fees are based on a contractual percentage of the outstanding principal or a fixed amount per loan and are recorded as income within mortgage banking activities, net on the consolidated statements of income when earned. The amortization of mortgage servicing rights is recorded as a reduction of loan servicing fee income within mortgage banking activities, net on the consolidated statements of income. Interest rate lock commitments : The Company enters into interest rate lock commitments (“IRLCs”) for residential mortgage loans, which commit the Company to lend funds to a potential borrower at a specific interest rate and within a specified period of time. IRLCs that relate to the origination of mortgage loans that will be held for sale are considered derivative financial instruments. Derivative Loan Commitments : Residential real estate loan commitments are classified as derivative loan commitments if the loan that will result from the exercise of the commitment will be held for sale upon funding. Such derivatives are recognized at fair value in the consolidated balance sheet within other assets and other liabilities with changes in the fair values recognized within mortgage banking activities, net in the consolidated statement of income. Forward Loan Sale Commitments : To protect against the price risk inherent in derivative loan commitments, the Company utilizes “best efforts” and “mandatory delivery” forward loan sale commitments. Such forward sale commitments are recognized at fair value and are classified within other assets and other liabilities in the consolidated balance sheet with changes in the fair values recognized as a component of gain on sales of loans and classified within mortgage banking activities, net in the consolidated statement of income. |
Loans and Leases Receivable, Real Estate Acquired Through Foreclosure, Policy [Policy Text Block] | OTHER REAL ESTATE OWNED AND IN-SUBSTANCE FORECLOSURES: Other real estate owned includes properties acquired through foreclosure and properties classified as in-substance foreclosures. These properties are held for sale and are initially recorded at fair value less cost to sell at the date of foreclosure or transfer, establishing a new cost basis. Subsequent to foreclosure or transfer, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less cost to sell. Any writedown from cost to estimated fair value required at the time of foreclosure or classification as in-substance foreclosure is charged to the allowance for loan losses. Expenses incurred in connection with maintaining these assets, subsequent writedowns and gains or losses recognized upon sale are included in other expense. The Company classifies commercial loans as in-substance repossessed or foreclosed if the Company receives physical possession of the debtor ’s assets regardless of whether formal foreclosure proceedings have taken place. An in-substance repossession or foreclosure occurs, and the Company is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan upon either: ( 1 2 |
Fair Value of Financial Instruments, Policy [Policy Text Block] | FAIR VALUES OF FINANCIAL INSTRUMENTS: Accounting Standards Codification (ASC) 825, Cash and cash equivalents: The carrying amounts reported in the consolidated balance sheets for cash and cash equivalents approximate those assets ’ fair values. Certificates of deposit: Fair values of certificates of deposit are estimated using discounted cash flow analyses based on the individual underlying instrument ’s current rate of interest. Securities: Fair values for securities are based on quoted market prices, where available. If quoted market prices are not Loans held-for-sale: Fair values for loans held-for-sale are estimated based on outstanding investor commitments or, in the absence of such commitments, are based on current investor yield requirements. Loans receivable: For variable-rate loans that reprice frequently and with no Accrued interest receivable: The carrying amount of accrued interest receivable approximates its fair value. Bank owned life insurance: The carrying amount of bank owned life insurance approximates its fair value. Deposit liabilities: The fair values disclosed for demand deposits, regular savings, NOW accounts, and money market accounts are equal to the amount payable on demand at the reporting date (i.e., their carrying amounts). Fair values for certificates of deposit are estimated using a discounted cash flow calculation that applies interest rates currently being offered on certificates to a schedule of aggregated expected monthly maturities on time deposits. Securities sold under agreements to repurchase: The carrying amounts of securities sold under agreements to repurchase approximate their fair values. Federal Home Loan Bank advances: Fair values of Federal Home Loan Bank advances are estimated using discounted cash flow analyses based on the Company ’s current incremental borrowing rates for similar types of borrowing arrangements. Long-term subordinated debt: The fair value of long-term subordinated debt is estimated using discounted cash flow analyses based on the Company ’s current incremental borrowing rates for similar types of borrowing arrangements. Derivative financial instruments: Fair values for derivative financial instruments are based on prices currently charged to enter into similar agreements, taking into account the probability that the commitment will be exercised. Off-balance sheet instruments: The fair value of commitments to originate loans is estimated using the fees currently charged to enter similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties. For fixed-rate loan commitments and the unadvanced portion of loans, fair value also considers the difference between current levels of interest rates and the committed rates. The fair value of letters of credit is based on fees currently charged for similar agreements or on the estimated cost to terminate them or otherwise settle the obligation with the counterparties at the reporting date. |
Advertising Costs, Policy [Policy Text Block] | ADVERTISING: The Company directly expenses costs associated with advertising as they are incurred. During the years ended December 31, 2017 2016, $610 $605 |
Income Tax, Policy [Policy Text Block] | INCOME TAXES: The Company recognizes income taxes under the asset and liability method. Under this method, deferred tax assets and liabilities are established for the temporary differences between the accounting basis and the tax basis of the Company's assets and liabilities at enacted tax rates expected to be in effect when the amounts related to such temporary differences are realized or settled. A valuation allowance against deferred tax assets is established when, based upon all available evidence, both positive and negative, it is determined that it is more likely than not not See Note 10 |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | STOCK BASED COMPENSATION: At December 31, 2017 , the Company had stock-based employee compensation plans which are described more fully in Note 19. 718 10, December 31, 2017 2016, $145 $151 |
Earnings Per Share, Policy [Policy Text Block] | EARNINGS PER SHARE: The Company defines unvested share-based payment awards that contain nonforfeitable rights to dividends as participating securities that are included in computing EPS using the two The two Basic EPS excludes dilution and is computed by dividing income allocated to common s hareholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity. |
New Accounting Pronouncements, Policy [Policy Text Block] | RECENT ACCOUNTING PRONOUNCEMENTS: In May 2014, No. 2014 09, 606 2015 14, December 15, 2017, not In January 2016, 2016 01, “Financial Instruments-Overall (Subtopic 825 10 December 15, 2017. no no In February 2016, 2016 02, 842 2016 02 December 15, 2018 2016 02 In June 2016, 2016 13, 326 2016 13 2016 13 1 2 3 2016 13 December 15, 2019, adoption of ASU 2016 13 In August 2016, No. 2016 15, "Statement of Cash Flows (Topic 230 not eight No. 2016 15 December 15, 2017. No. 2016 15 not In March 2017, No. 2017 08, “Premium Amortization on Purchased Callable Debt Securities.” This ASU shortens the amortization period for the premium on certain purchased callable debt securities to the earliest call date. Today, entities generally amortize the premium over the contractual life of the security. The new guidance does not No. 2017 08 December 15, 2018 first No. 2017 08 In May 2017, No. 2017 09, “Stock Compensation, Scope of Modification Accounting.” This ASU clarifies when changes to the terms or conditions of a share-based payment award must be accounted for as modifications. Companies will apply the modification accounting guidance if the value, vesting conditions or classification of the award changes. The new guidance should reduce diversity in practice and result in fewer changes to the terms of an award being accounted for as modifications, as the guidance will allow companies to make certain non-substantive changes to awards without accounting for them as modifications. It does not No. 2017 09 December 15, 2017; No. 2017 09 not In August 2017, No. 2017 12, “Targeted Improvements to Accounting for Hedging Activities.” This ASU’s objectives are ( 1 2 No. 2017 12 December 15, 2018; not not In February 2018, No. 2018 02, 220 Certain Tax Effects from Accumulated Other Comprehensive Income.” The update provides financial statement preparers with an option to reclassify stranded tax effects within Accumulated Other Comprehensive Income (AOCI) to retained earnings in each period in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act (or portion thereof) is recorded. The ASU requires financial statement preparers to disclose: ● A description of the accounting policy for releasing income tax effects from AOCI ● Whether they elect to reclassify the stranded income tax effects from the Tax Cuts and Jobs Act; and ● Information about the other income tax effects that are reclassified . The amendments affect any organization that is required to apply the provisions of Topic 220, The amendments are effective for all organizations for fiscal years beginning after December 15, 2018, not December 31, 2017, $73 |
Note 3 - Investments in Avail34
Note 3 - Investments in Available-for-sale Securities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Available-for-sale Securities [Table Text Block] | Amortized Gross Gross Cost Unrealized Unrealized Fair Basis Gains Losses Value (In Thousands) December 31, 2017: Debt securities issued by U.S. government corporations and agencies $ 4,514 $ - $ 18 $ 4,496 Obligations of states and municipalities 12,720 146 31 12,835 Mortgage-backed securities 34,123 19 678 33,464 SBA loan pools 861 7 7 861 $ 52,218 $ 172 $ 734 $ 51,656 December 31, 2016: Debt securities issued by U.S. government corporations and agencies $ 4,250 $ 7 $ 4 $ 4,253 Obligations of states and municipalities 14,309 184 141 14,352 Mortgage-backed securities 40,050 40 950 39,140 SBA loan pools 973 13 3 983 $ 59,582 $ 244 $ 1,098 $ 58,728 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Amortized Fair Cost Basis Value (In Thousands) Due within one year $ 2,750 $ 2,742 Due after one year through five years 3,991 3,991 Due after five years through ten years 8,052 8,108 Due after ten years 2,441 2,490 Mortgage-backed securities 34,123 33,464 SBA loan pools 861 861 $ 52,218 $ 51,656 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block] | Less than 12 Months 12 Months or Longer Total Fair Unrealized Number of Fair Unrealized Number of Fair Unrealized Number of Value Losses Holdings Value Losses Holdings Value Losses Holdings (In Thousands) December 31, 2017: Debt securities issued by U.S. government corporations and agencies $ 3,252 $ 12 6 $ 1,244 $ 6 2 $ 4,496 $ 18 8 SBA loan pools 694 7 1 - - - 694 7 1 Obligations of states and municipalities 1,761 1 4 1,493 30 3 3,254 31 7 Mortgage-backed securities 5,755 35 26 25,980 617 56 31,735 652 82 Total temporarily impaired securities 11,462 55 37 28,717 653 61 40,179 708 98 Other-than-temporarily impaired securities: Mortgage-backed securities - - - 123 26 3 123 26 3 Total temporarily impaired and other- than-temporarily impaired securities $ 11,462 $ 55 37 $ 28,840 $ 679 64 $ 40,302 $ 734 101 December 31, 2016: Debt securities issued by U.S. government corporations and agencies $ 1,246 $ 4 2 $ - $ - - $ 1,246 $ 4 2 SBA loan pools 743 3 1 - - - 743 3 1 Obligations of states and municipalities 5,934 141 14 - - - 5,934 141 14 Mortgage-backed securities 32,817 788 59 2,890 136 8 35,707 924 67 Total temporarily impaired securities 40,740 936 76 2,890 136 8 43,630 1,072 84 Other-than-temporarily impaired securities: Mortgage-backed securities 9 - 1 158 26 3 167 26 4 Total temporarily impaired and other- than-temporarily impaired securities $ 40,749 $ 936 77 $ 3,048 $ 162 11 $ 43,797 $ 1,098 88 |
Schedule of Temporary Impairment Losses, Investments [Table Text Block] | 2017 2016 Mortgage-Backed Mortgage-Backed Securities Securities (In Thousands) Total other-than-temporary impairment losses $ 30 $ 29 Less: unrealized other-than-temporary impairment losses recognized in other comprehensive income/loss (1) (26 ) (26 ) Net impairment losses recognized in earnings (2) $ 4 $ 3 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Table Text Block] | Mortgage-Backed Securities (In Thousands) Balance, December 31, 2016 $ 47 Additions for the credit componet on debt securities in which other-than-temporary impairment was previously recognized 4 Balance, December 31, 2017 $ 51 Mortgage-Backed Securities (In Thousands) Balance, December 31, 2015 $ 44 Additions for the credit componet on debt securities in which other-than-temporary impairment was previously recognized 3 Balance, December 31, 2016 $ 47 |
Note 4 - Loans (Tables)
Note 4 - Loans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | 2017 2016 (In Thousands) Real estate-residential $ 135,229 $ 143,212 Real estate-commercial 79,293 79,629 Real estate-municipal 9,271 8,733 Real estate-residential construction and land development 2,003 2,932 Real estate-commercial construction and land development 22,475 15,960 Home equity 49,095 48,876 Commercial and industrial 72,591 69,254 Municipal 2,586 4,215 Consumer 22,552 34,911 Total loans 395,095 407,722 Allowance for loan losses (4,088 ) (3,753 ) Deferred costs, net 1,318 1,442 Net loans $ 392,325 $ 405,411 |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | Real Estate: Residential & Commercial Construction and Land Commercial Residential Commercial Development Home Equity and Industrial Consumer Unallocated Total (In Thousands) December 31, 2017: Allowance for loan losses: Beginning balance $ 1,057 $ 1,044 $ 212 $ 346 $ 824 $ 249 $ 21 $ 3,753 Charge-offs (101 ) - - (99 ) (82 ) (41 ) - (323 ) Recoveries - - - - 11 2 - 13 Provision (benefit) 40 143 80 134 326 (64 ) (14 ) 645 Ending balance $ 996 $ 1,187 $ 292 $ 381 $ 1,079 $ 146 $ 7 $ 4,088 Ending balance: Individually evaluated for impairment $ - $ - $ - $ - $ 101 $ - $ - $ 101 Ending balance: Collectively evaluated for impairment 996 1,187 292 381 978 146 7 3,987 Total allowance for loan losses ending balance $ 996 $ 1,187 $ 292 $ 381 $ 1,079 $ 146 $ 7 $ 4,088 Loans: Ending balance: Individually evaluated for impairment $ - $ - $ - $ - $ 1,057 $ - $ - $ 1,057 Ending balance: Collectively evaluated for impairment 135,229 88,564 24,478 49,095 74,120 22,552 - 394,038 Total loans ending balance $ 135,229 $ 88,564 $ 24,478 $ 49,095 $ 75,177 $ 22,552 $ - $ 395,095 Real Estate: Residential & Commercial Construction and Land Commercial Residential Commercial Development Home Equity and Industrial Consumer Unallocated Total (In Thousands) December 31, 2016: Allowance for loan losses: Beginning balance $ 1,065 $ 706 $ 324 $ 331 $ 398 $ 157 $ 47 $ 3,028 Charge-offs - - - - (179 ) (15 ) - (194 ) Recoveries 1 - - - 3 4 - 8 (Benefit) provision (9 ) 338 (112 ) 15 602 103 (26 ) 911 Ending balance $ 1,057 $ 1,044 $ 212 $ 346 $ 824 $ 249 $ 21 $ 3,753 Ending balance: Individually evaluated for impairment $ - $ - $ - $ - $ 1 $ - $ - $ 1 Ending balance: Collectively evaluated for impairment 1,057 1,044 212 346 823 249 21 3,752 Total allowance for loan losses ending balance $ 1,057 $ 1,044 $ 212 $ 346 $ 824 $ 249 $ 21 $ 3,753 Loans: Ending balance: Individually evaluated for impairment $ - $ 1,150 $ 222 $ - $ 415 $ - $ - $ 1,787 Ending balance: Collectively evaluated for impairment 143,212 87,212 18,670 48,876 73,054 34,911 - 405,935 Total loans ending balance $ 143,212 $ 88,362 $ 18,892 $ 48,876 $ 73,469 $ 34,911 $ - $ 407,722 |
Financing Receivable Credit Quality Indicators [Table Text Block] | Real Estate: Residential & Commercial Construction and Land Commercial and Residential Commercial Development Home Equity Industrial Consumer Total (In Thousands) December 31, 2017: Grade: Pass $ - $ 78,096 $ 21,369 $ - $ 72,112 $ - $ 171,577 Special mention - 3,431 1,106 - 172 - 4,709 Substandard 1,164 7,037 - 136 2,893 - 11,230 Loans not formally rated 134,065 - 2,003 48,959 - 22,552 207,579 Total $ 135,229 $ 88,564 $ 24,478 $ 49,095 $ 75,177 $ 22,552 $ 395,095 December 31, 2016: Grade: Pass $ - $ 79,800 $ 15,738 $ - $ 71,939 $ - $ 167,477 Special mention - 5,900 - - 324 - 6,224 Substandard 1,947 2,662 222 319 1,206 - 6,356 Loans not formally rated 141,265 - 2,932 48,557 - 34,911 227,665 Total $ 143,212 $ 88,362 $ 18,892 $ 48,876 $ 73,469 $ 34,911 $ 407,722 |
Past Due Financing Receivables [Table Text Block] | 90 Days or More Total Total Total 90 Days or More Past Due Nonaccrual 30-59 Days 60-89 Days Past Due Past Due Current Loans and Accruing Loans (In Thousands) December 31, 2017: Real estate: Residential $ 143 $ 132 $ 525 $ 800 $ 134,429 $ 135,229 $ - $ 1,164 Commercial 383 - - 383 78,910 79,293 - Municipal - - - - 9,271 9,271 - Residential & commercial construction and land development - - - - 24,478 24,478 - - Home equity - - - - 49,095 49,095 - 136 Commercial and industrial - - 182 182 72,409 72,591 - 182 Municipal - - - - 2,586 2,586 - - Consumer 192 6 17 215 22,337 22,552 - 17 Total $ 718 $ 138 $ 724 $ 1,580 $ 393,515 $ 395,095 $ - $ 1,499 December 31, 2016: Real estate: Residential $ - $ 297 $ 1,811 $ 2,108 $ 141,104 $ 143,212 $ - $ 1,947 Commercial - - 1,150 1,150 78,479 79,629 - 1,150 Municipal - - - - 8,733 8,733 - - Residential & commercial construction and land development - - 222 222 18,670 18,892 - 222 Home equity - 219 169 388 48,488 48,876 - 248 Commercial and industrial 767 42 415 1,224 68,030 69,254 - 415 Municipal - - - - 4,215 4,215 - - Consumer 114 43 1 158 34,753 34,911 - 70 Total $ 881 $ 601 $ 3,768 $ 5,250 $ 402,472 $ 407,722 $ - $ 4,052 |
Impaired Financing Receivables [Table Text Block] | Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized (In Thousands) December 31, 2017: With no related allowance recorded: Real estate: Commercial $ - $ - $ - $ 951 $ 17 Residential & commercial construction and land development - - - 137 14 Commercial and industrial 912 912 - 556 36 Total impaired with no related allowance 912 912 - 1,644 67 With an allowance recorded: Commercial and industrial 145 145 101 38 3 Total impaired with an allowance recorded 145 145 101 38 3 Total Real estate: Commercial - - - 951 17 Residential & commercial construction and land development - - - 137 14 Commercial and industrial 1,057 1,057 101 594 39 Total impaired loans $ 1,057 $ 1,057 $ 101 $ 1,682 $ 70 Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized (In Thousands) December 31, 2016: With no related allowance recorded: Real estate: Commercial $ 1,150 $ 1,150 $ - $ 3,029 $ 272 Residential & commercial construction and land development 222 222 - 222 4 Commercial and industrial 134 134 - 135 4 Total impaired with no related allowance 1,506 1,506 - 3,386 280 With an allowance recorded: Commercial and industrial 281 281 1 321 - Total impaired with an allowance recorded 281 281 1 321 - Total Real estate: Commercial 1,150 1,150 - 3,029 272 Residential & commercial construction and land development 222 222 - 222 4 Commercial and industrial 415 415 1 456 4 Total impaired loans $ 1,787 $ 1,787 $ 1 $ 3,707 $ 280 |
Schedule of Valuation Allowance for Impairment of Recognized Servicing Assets [Table Text Block] | 2017 2016 (In Thousands) Balance, beginning of year $ 206 $ 20 Additions - 274 Reductions (206 ) (88 ) Balance, end of year $ - $ 206 |
Note 5 - Premises and Equipme36
Note 5 - Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | 2017 2016 (In Thousands) Leasehold improvements $ 1,829 $ 1,716 Furniture and equipment 3,678 3,412 5,507 5,128 Accumulated depreciation and amortization (3,644 ) (3,223 ) Total premises and equipment $ 1,863 $ 1,905 |
Note 6 - Deposits (Tables)
Note 6 - Deposits (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Contractual Obligation, Fiscal Year Maturity Schedule [Table Text Block] | (In Thousands) 2018 $ 46,643 2019 11,715 2020 3,803 2021 1,849 2022 and thereafter 2,504 Total $ 66,514 |
Note 10 - Income Taxes (Tables)
Note 10 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2017 2016 (In Thousands) Current: Federal $ 722 $ 392 State 36 2 Current income tax expense 758 394 Deferred: Federal 95 (117 ) Federal- Revaluation of net deferred taxes due to a change in tax rate 151 - Deferred income tax expense (benefit) 246 (117 ) Total income tax expense $ 1,004 $ 277 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2017 2016 % of % of Income Income Federal income tax at statutory rates 34.0 % 34.0 % Increase (decrease) in tax resulting from: Tax-exempt income (10.9 ) (20.1 ) Tax rate change 4.5 - Other 2.3 1.8 Effective tax rates 29.9 % 15.7 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2017 2016 (In Thousands) Deferred tax assets: Allowance for loan losses $ 816 $ 1,199 Deferred compensation 212 305 Write-down of securities 11 16 Restricted stock awards 10 27 Charitable contribution carryover 15 104 Alternative minimum tax carryforward 541 707 Net unrealized holding loss on available-for-sale securities 118 290 Other 103 120 Gross deferred tax assets 1,826 2,768 Deferred tax liabilities: Depreciation (273 ) (469 ) Deferred loan costs/fees (274 ) (490 ) Mortgage servicing rights (494 ) (679 ) Gross deferred tax liabilities (1,041 ) (1,638 ) Net deferred tax asset (included in other assets) $ 785 $ 1,130 |
Note 11 - Commitments and Con39
Note 11 - Commitments and Contingent Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Minimum Payments Due (In Thousands) 2018 $ 791 2019 726 2020 656 2021 460 2022 410 Thereafter 1,172 Total $ 4,215 |
Note 12 - Fair Value Measurem40
Note 12 - Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Fair Value Measurements at Reporting Date Using: Quoted Prices in Significant Significant Active Markets for Other Observable Unobservable Identical Assets Inputs Inputs Total Level 1 Level 2 Level 3 (In Thousands) December 31, 2017: Debt securities issued by U.S. government corporations and agencies $ 4,496 $ - $ 4,496 $ - Obligations of states and municipalities 12,835 - 12,835 - Mortgage-backed securities 33,464 - 33,464 - SBA loan pools 861 - 861 - Mortgage banking derivatives 47 - - 47 Total assets $ 51,703 $ - $ 51,656 $ - Mortgage banking derivative liabilities $ 52 $ - $ - $ 52 Fair Value Measurements at Reporting Date Using: Total Level 1 Level 2 Level 3 (In Thousands) December 31, 2016: Debt securities issued by U.S. government corporations and agencies $ 4,253 $ - $ 4,253 $ - Obligations of states and municipalities 14,352 - 14,352 - Mortgage-backed securities 39,140 - 39,140 - SBA loan pools 983 - 983 - Totals $ 58,728 $ - $ 58,728 $ - |
Fair Value Measurements, Nonrecurring [Table Text Block] | Fair Value Measurements at Reporting Date Using: Quoted Prices in Significant Significant Active Markets for Other Observable Unobservable Identical Assets Inputs Inputs Total Level 1 Level 2 Level 3 (In Thousands) December 31, 2017: Other real estate owned $ 192 $ - $ - $ 192 Totals $ 192 $ - $ - $ 192 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | December 31, 2017 Carrying Fair Value Amount Level 1 Level 2 Level 3 Total (In Thousands) Financial assets: Cash and cash equivalents $ 13,066 $ 13,066 $ - $ - $ 13,066 Certificates of deposit 1,250 1,250 - - 1,250 Available-for-sale securities 51,656 - 51,656 - 51,656 Federal Home Loan Bank stock 903 - 903 - 903 Loans held-for-sale 2,259 - - 2,292 2,292 Loans, net 392,325 - - 387,225 387,225 Mortgage servicing rights 2,352 - - 4,257 4,257 Accrued interest receivable 1,402 1,402 - - 1,402 Bank-owned life insurance 9,370 - 9,370 - 9,370 Mortgage banking derivative assets 47 - - 47 47 Financial liabilities: Deposits 457,400 390,886 66,042 - 456,928 Securities sold under agreements to repurchase 2,449 - 2,449 - 2,449 Federal Home Loan Bank advances 2,318 - 2,022 - 2,022 Long-term subordinated debt 7,281 - 7,222 - 7,222 Mortgage banking derviative liabilities 52 - - 52 52 December 31, 2016 Carrying Fair Value Amount Level 1 Level 2 Level 3 Total (In Thousands) Financial assets: Cash and cash equivalents $ 21,007 $ 21,007 $ - $ - $ 21,007 Certificates of deposit 1,250 1,250 - - 1,250 Available-for-sale securities 58,728 - 58,728 - 58,728 Federal Home Loan Bank stock 2,896 - 2,896 - 2,896 Loans held-for-sale 2,801 - - 2,818 2,818 Loans, net 405,411 - - 401,008 401,008 Mortgage servicing rights 1,996 - - 2,432 2,432 Accrued interest receivable 1,301 1,301 - - 1,301 Bank-owned life insurance 9,130 - 9,130 - 9,130 Financial liabilities: Deposits 413,764 347,176 66,504 - 413,680 Securities sold under agreements to repurchase 2,694 - 2,694 - 2,694 Federal Home Loan Bank advances 54,058 - 53,767 - 53,767 Long-term subordinated debt 7,252 - 7,268 - 7,268 |
Note 13 - Financial Instrumen41
Note 13 - Financial Instruments With Off-balance Sheet Risk (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Fair Value, Off-balance Sheet Risks [Table Text Block] | 2017 2016 (In Thousands) Commitments to originate loans $ 13,854 $ 20,090 Standby letters of credit 5,076 4,281 Unadvanced portions of loans: Construction loans 25,388 13,580 Commercial lines of credit 38,276 32,640 Consumer 4,875 588 Home equity lines of credit 61,725 58,035 $ 149,194 $ 129,214 |
Note 16 - Other Comprehensive42
Note 16 - Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Comprehensive Income (Loss) [Table Text Block] | 2017 2016 (In Thousands) Net change in unrealized holding loss on securities available-for-sale $ 288 $ (476 ) Reclassification adjustment for realized losses (gains) and writedowns in net income (1) 4 (91 ) Other comprehensive income (loss), before tax 292 (567 ) Income tax (expense) benefit (100 ) 193 Other comprehensive income (loss), net of tax $ 192 $ (374 ) |
Note 17 - Regulatory Matters (T
Note 17 - Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | To Be Well Capitalized Under For Capital Prompt Corrective Actual Adequacy Purposes Action Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars In Thousands) As of December 31, 2017: Total Capital (to Risk Weighted Assets) $ 43,148 12.03 % $ 28,701 8.0 % $ 35,876 10.0 % Tier 1 Capital (to Risk Weighted Assets) 39,060 10.89 21,525 6.0 28,701 8.0 Common Equity Tier 1 capital (to Risk Weighted Assets) 39,060 10.89 16,144 4.5 23,319 6.5 Tier 1 Capital (to Average Assets) 39,060 7.79 20,045 4.0 25,056 5.0 As of December 31, 2016: Total Capital (to Risk Weighted Assets) $ 41,045 11.72 % $ 28,022 8.0 % $ 35,027 10.0 % Tier 1 Capital (to Risk Weighted Assets) 37,292 10.65 21,016 6.0 28,022 8.0 Common Equity Tier 1 capital (to Risk Weighted Assets) 37,292 10.65 15,762 4.5 22,768 6.5 Tier 1 Capital (to Average Assets) 37,292 7.46 19,994 4.0 24,993 5.0 |
Note 19 - Stock Based Compens44
Note 19 - Stock Based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Nonvested Restricted Stock Shares Activity [Table Text Block] | 2017 2016 Weighted-Average Weighted-Average Number of Grant Number of Grant Fixed Options Shares Price Shares Price Non-vested restricted stock awards at beginning of year 16,306 $ 21.42 12,083 $ 21.92 Restricted shares granted 8,482 29.96 10,826 21.37 Shares vested (6,668 ) 21.44 (5,953 ) 22.33 Shares forfeited - - (650 ) 21.52 Non-vested restricted stock awards at end of year 18,120 $ 25.41 16,306 $ 21.42 |
Share-based Compensation, Stock Options, Activity [Table Text Block] | 2017 2016 Weighted-Average Weighted-Average Fixed Options Shares Exercise Price Shares Exercise Price Outstanding at beginning of year 20,000 $ 30.00 20,000 $ 30.00 Granted - - - - Forfeited - - - - Outstanding at end of year 20,000 30.00 20,000 30.00 Options exercisable at year-end 13,500 $ 30.00 9,000 $ 30.00 Weighted-average fair value of options granted during the year N/A N/A Weighted average remaining contractual life in years 8 9 |
Note 20 - Earnings Per Share (T
Note 20 - Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 2017 2016 (In Thousands, Except Share Data) Basic earnings per share computation: Net income $ 2,354 $ 1,492 Net income available to common stockholders $ 2,354 $ 1,492 Weighted average shares outstanding, basic 1,359,222 1,350,725 Basic earnings per share $ 1.73 $ 1.10 Diluted earnings per share computation: Net income $ 2,354 $ 1,492 Net income available to common stockholders $ 2,354 $ 1,492 Weighted average shares outstanding, before dilution 1,359,222 1,350,725 Dilutive potential shares 9,013 8,540 Weighted average shares outstanding, assuming dilution 1,368,235 1,359,265 Diluted earnings per share $ 1.72 $ 1.10 |
Note 24 - Parent Company Info46
Note 24 - Parent Company Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | (In Thousands) December 31, Assets 2017 2016 Cash and due from banks $ 55 $ 71 Investment in subsidiary 38,623 36,729 Due from subsidiary - 164 Other assets 862 581 Total assets $ 39,540 $ 37,545 Liabilities and stockholders' equity Long-term subordinated debt $ 7,281 $ 7,252 Other liabilities 40 6 Total liabilities 7,321 7,258 Total stockholders' equity 32,219 30,287 Total liabilities and stockholders' equity $ 39,540 $ 37,545 |
Condensed Income Statement [Table Text Block] | (In Thousands) Years ended December 31, 2017 2016 Operating Income Dividend income from operating subsidiary $ 1,300 $ 950 Total operating income 1,300 950 Operating Expense Interest on long-term debt 542 515 Salaries and employee benefits 123 127 Professional fees 120 14 Directors ’ fees 22 24 Correspondent charges 63 70 Other expense 38 18 Total operating expense 908 768 Income before tax benefit and equity in undistributed earnings of subsidiary 392 182 Income tax benefit 260 253 Equity in undistributed earnings of subsidiary 1,702 1,057 Net income $ 2,354 $ 1,492 |
Condensed Cash Flow Statement [Table Text Block] | (In Thousands) Years ended December 31, 2017 2016 Cash flows from operating activities: Net income $ 2,354 $ 1,492 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings of subsidiary companies (1,702 ) (1,057 ) Stock-based compensation 145 151 Other, net (82 ) (370 ) Amortization of long-term debt issuance costs 29 29 Net cash provided by operating activities 744 245 Cash flows from investing activities: Investment in operating subsidiary - - Net cash used in investing activities - - Cash flows from financing activities: Proceeds from issuance of common stock 28 39 Decrease in subordinated debt issuance fees - (7 ) Dividends paid - common stock (788 ) (763 ) Net cash used in financing activities (760 ) (731 ) Net decrease in cash and cash equivalents (16 ) (486 ) Cash and cash equivalents at beginning of year 71 557 Cash and cash equivalents at end of year $ 55 $ 71 |
Note 2 - Accounting Policies (D
Note 2 - Accounting Policies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Restricted Cash and Cash Equivalents | $ 7,600 | $ 6,900 |
Federal Home Loan Bank Stock, Membership Stock Investment Requirement, Percentage | 0.35% | |
Federal Home Loan Bank Stock, Impairment | $ 0 | 0 |
Advertising Expense | 610 | 605 |
Share-based Compensation | 145 | 151 |
Reclassification Adjustment for Stranded AOCI Due to Tax Rate Change | 73 | |
Accounting Standards Update 2018-02 [Member] | Adjustments for New Accounting Principle, Early Adoption [Member] | ||
Reclassification Adjustment for Stranded AOCI Due to Tax Rate Change | $ 73 | |
Furniture and Fixtures [Member] | Minimum [Member] | ||
Property, Plant and Equipment, Useful Life | 3 years | |
Furniture and Fixtures [Member] | Maximum [Member] | ||
Property, Plant and Equipment, Useful Life | 20 years | |
Residential Portfolio Segment [Member] | ||
Loan Payments, Delinquency Period | 90 days | |
Consumer Portfolio Segment [Member] | ||
Loan Payments, Delinquency Period | 90 days | |
Commercial Real Estate Portfolio Segment [Member] | ||
Loan Payments, Delinquency Period | 90 days | |
Commercial Portfolio Segment [Member] | ||
Loan Payments, Delinquency Period | 90 years | |
Derivative [Member] | ||
Federal Home Loan Bank Stock, Activity Based Stock Investment Requirement, Percentage | 4.50% | |
Overnight Federal Funds Rate Base [Member] | ||
Federal Home Loan Bank Stock, Activity Based Stock Investment Requirement, Percentage | 3.00% | |
Federal Home Loan Bank Borrowings Rate [Member] | ||
Federal Home Loan Bank Stock, Activity Based Stock Investment Requirement, Percentage | 4.00% |
Note 3 - Investments in Avail48
Note 3 - Investments in Available-for-sale Securities (Details Textual) xbrli-pure in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Proceeds from Sale of Available-for-sale Securities | $ 0 | $ 1,992 |
Available-for-sale Securities, Gross Realized Gains | 94 | |
Number of Securities of Issuers that Exceed 10% of Stockholders' Equity | 0 | |
Available-for-sale Securities Pledged as Collateral | $ 28,800 | 13,600 |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net, Available-for-sale Securities | $ 4 | $ 3 |
Note 3 - Investments in Avail49
Note 3 - Investments in Available-for-sale Securities - Amortized Cost and Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Available-for-sale Securities, Amortized Cost Basis | $ 52,218 | $ 59,582 |
Available-for-sale Securities, Gross Unrealized Gains | 172 | 244 |
Available-for-sale Securities, Gross Unrealized Losses | 734 | 1,098 |
Available-for-sale securities | 51,656 | 58,728 |
US Government Agencies Debt Securities [Member] | ||
Available-for-sale Securities, Amortized Cost Basis | 4,514 | 4,250 |
Available-for-sale Securities, Gross Unrealized Gains | 7 | |
Available-for-sale Securities, Gross Unrealized Losses | 18 | 4 |
Available-for-sale securities | 4,496 | 4,253 |
US States and Political Subdivisions Debt Securities [Member] | ||
Available-for-sale Securities, Amortized Cost Basis | 12,720 | 14,309 |
Available-for-sale Securities, Gross Unrealized Gains | 146 | 184 |
Available-for-sale Securities, Gross Unrealized Losses | 31 | 141 |
Available-for-sale securities | 12,835 | 14,352 |
Collateralized Mortgage Backed Securities [Member] | ||
Available-for-sale Securities, Amortized Cost Basis | 34,123 | 40,050 |
Available-for-sale Securities, Gross Unrealized Gains | 19 | 40 |
Available-for-sale Securities, Gross Unrealized Losses | 678 | 950 |
Available-for-sale securities | 33,464 | 39,140 |
Other Debt Obligations [Member] | ||
Available-for-sale Securities, Amortized Cost Basis | 861 | 973 |
Available-for-sale Securities, Gross Unrealized Gains | 7 | 13 |
Available-for-sale Securities, Gross Unrealized Losses | 7 | 3 |
Available-for-sale securities | $ 861 | $ 983 |
Note 3 - Investments in Avail50
Note 3 - Investments in Available-for-sale Securities - Maturities of Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Available-for-sale Securities, Due within one year, amortized cost | $ 2,750 | |
Available-for-sale Securities, Due within one year, fair value | 2,742 | |
Available-for-sale Securities, Due after one year through five years, amortized cost | 3,991 | |
Available-for-sale Securities, Due after one year through five years, fair value | 3,991 | |
Available-for-sale Securities, Due after five years through ten years, amortized cost | 8,052 | |
Available-for-sale Securities, Due after five years through ten years, fair value | 8,108 | |
Available-for-sale Securities, Due after ten years, amortized cost | 2,441 | |
Available-for-sale Securities, Due after ten years, fair value | 2,490 | |
Available-for sale securities, amortized cost | 52,218 | |
Investments in available-for-sale securities at fair value | 51,656 | $ 58,728 |
Collateralized Mortgage Backed Securities [Member] | ||
Available-for-sale Securities without single maturity date, amortized cost | 34,123 | |
Available-for-sale Securities without single maturity date, fair value | 33,464 | |
Investments in available-for-sale securities at fair value | 33,464 | 39,140 |
Other Debt Obligations [Member] | ||
Available-for-sale Securities without single maturity date, amortized cost | 861 | |
Available-for-sale Securities without single maturity date, fair value | 861 | |
Investments in available-for-sale securities at fair value | $ 861 | $ 983 |
Note 3 - Investments in Avail51
Note 3 - Investments in Available-for-sale Securities - Securities in a Continuous Unrealized Loss Position (Details) $ in Thousands | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Less than 12 Months, Fair Value | $ 11,462 | $ 40,749 |
Less than 12 Months, Unrealized Losses | $ 55 | $ 936 |
Less than 12 Months, Number of Holdings | 37 | 77 |
12 Months or Longer, Fair Value | $ 28,840 | $ 3,048 |
12 Months or Longer, Unrealized Losses | $ 679 | $ 162 |
12 Months or Longer, Number of Holdings | 64 | 11 |
Total Fair Value | $ 40,302 | $ 43,797 |
Total Unrealized Losses | $ 734 | $ 1,098 |
Number of Holdings | 101 | 88 |
Temporarily Impaired Securities [Member] | ||
Less than 12 Months, Fair Value | $ 11,462 | $ 40,740 |
Less than 12 Months, Unrealized Losses | $ 55 | $ 936 |
Less than 12 Months, Number of Holdings | 37 | 76 |
12 Months or Longer, Fair Value | $ 28,717 | $ 2,890 |
12 Months or Longer, Unrealized Losses | $ 653 | $ 136 |
12 Months or Longer, Number of Holdings | 61 | 8 |
Total Fair Value | $ 40,179 | $ 43,630 |
Total Unrealized Losses | $ 708 | $ 1,072 |
Number of Holdings | 98 | 84 |
Temporarily Impaired Securities [Member] | US Government Agencies Debt Securities [Member] | ||
Less than 12 Months, Fair Value | $ 3,252 | $ 1,246 |
Less than 12 Months, Unrealized Losses | $ 12 | $ 4 |
Less than 12 Months, Number of Holdings | 6 | 2 |
12 Months or Longer, Fair Value | $ 1,244 | |
12 Months or Longer, Unrealized Losses | $ 6 | |
12 Months or Longer, Number of Holdings | 2 | |
Total Fair Value | $ 4,496 | $ 1,246 |
Total Unrealized Losses | $ 18 | $ 4 |
Number of Holdings | 8 | 2 |
Temporarily Impaired Securities [Member] | Other Debt Obligations [Member] | ||
Less than 12 Months, Fair Value | $ 694 | $ 743 |
Less than 12 Months, Unrealized Losses | $ 7 | $ 3 |
Less than 12 Months, Number of Holdings | 1 | 1 |
12 Months or Longer, Fair Value | ||
12 Months or Longer, Unrealized Losses | ||
12 Months or Longer, Number of Holdings | ||
Total Fair Value | $ 694 | $ 743 |
Total Unrealized Losses | $ 7 | $ 3 |
Number of Holdings | 1 | 1 |
Temporarily Impaired Securities [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Less than 12 Months, Fair Value | $ 1,761 | $ 5,934 |
Less than 12 Months, Unrealized Losses | $ 1 | $ 141 |
Less than 12 Months, Number of Holdings | 4 | 14 |
12 Months or Longer, Fair Value | $ 1,493 | |
12 Months or Longer, Unrealized Losses | $ 30 | |
12 Months or Longer, Number of Holdings | 3 | |
Total Fair Value | $ 3,254 | $ 5,934 |
Total Unrealized Losses | $ 31 | $ 141 |
Number of Holdings | 7 | 14 |
Temporarily Impaired Securities [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Less than 12 Months, Fair Value | $ 5,755 | $ 32,817 |
Less than 12 Months, Unrealized Losses | $ 35 | $ 788 |
Less than 12 Months, Number of Holdings | 26 | 59 |
12 Months or Longer, Fair Value | $ 25,980 | $ 2,890 |
12 Months or Longer, Unrealized Losses | $ 617 | $ 136 |
12 Months or Longer, Number of Holdings | 56 | 8 |
Total Fair Value | $ 31,735 | $ 35,707 |
Total Unrealized Losses | $ 652 | $ 924 |
Number of Holdings | 82 | 67 |
Other than Temporarily Impaired Securities [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Less than 12 Months, Fair Value | $ 9 | |
Less than 12 Months, Unrealized Losses | ||
Less than 12 Months, Number of Holdings | 1 | |
12 Months or Longer, Fair Value | $ 123 | $ 158 |
12 Months or Longer, Unrealized Losses | $ 26 | $ 26 |
12 Months or Longer, Number of Holdings | 3 | 3 |
Total Fair Value | $ 123 | $ 167 |
Total Unrealized Losses | $ 26 | $ 26 |
Number of Holdings | 3 | 4 |
Note 3 - Investments in Avail52
Note 3 - Investments in Available-for-sale Securities - Other-than-temporary Impairment Losses on Debt Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | ||
Writedown of available-for-sale securities | $ 4 | $ 3 | |
Collateralized Mortgage Backed Securities [Member] | |||
Total other-than-temporary impairment losses | 30 | 29 | |
Less: unrealized other-than-temporary impairment losses recognized in other comprehensive income/loss (1) | [1] | (26) | (26) |
Writedown of available-for-sale securities | [2] | $ 4 | $ 3 |
[1] | Represents the noncredit component of the other-than-temporary impairment on securities. | ||
[2] | Represents the credit component of the other-than-temporary impairment on securities. |
Note 3 - Investments in Avail53
Note 3 - Investments in Available-for-sale Securities - Credit Component Recognized in Earnings on Debt Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | ||
Writedown of available-for-sale securities | $ 4 | $ 3 | |
Collateralized Mortgage Backed Securities [Member] | |||
Balance | 47 | 44 | |
Writedown of available-for-sale securities | [1] | 4 | 3 |
Balance | $ 51 | $ 47 | |
[1] | Represents the credit component of the other-than-temporary impairment on securities. |
Note 4 - Loans (Details Textual
Note 4 - Loans (Details Textual) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Loans and Leases Receivable, Gross | $ 395,095 | $ 407,722 |
Percentage of Delinquent Loans Outstanding | 0.22% | 1.07% |
Financing Receivable, Modifications, Number of Contracts | 0 | |
Loans and Leases Receivable, Impaired, Commitment to Lend | $ 0 | $ 0 |
Gain (Loss) on Sale of Mortgage Loans | 981 | 1,700 |
Mortgages [Member] | ||
Principal Amount Outstanding on Loans Securitized or Asset-backed Financing Arrangement | 351,000 | 303,400 |
Mortgage Servicing Rights [Member] | ||
Servicing Asset at Amortized Cost | 2,400 | 2,000 |
Servicing Asset at Fair Value, Amount | 4,300 | 2,400 |
Servicing Asset at Amortized Cost, Additions | 723 | 900 |
Servicing Asset at Amortized Cost, Amortization | 573 | 756 |
Bank Servicing Fees | 805 | $ 650 |
Nonperforming Financial Instruments [Member] | Payments Temporarily Reduced [Member] | ||
Financing Receivable, Modifications, Number of Contracts | 1 | |
Financing Receivable, Modifications, Recorded Investment | $ 179 | |
Residential Home Equity and Consumer Portfolio Segments [Member] | ||
Loans and Leases Receivable, Gross | 208,900 | 229,900 |
Residential Home Equity and Consumer Portfolio Segments [Member] | Not Formally Rated [Member] | ||
Loans and Leases Receivable, Gross | 207,600 | 227,700 |
Home Equity Portfolio Segment [Member] | ||
Loans and Leases Receivable, Gross | $ 49,095 | 48,876 |
Loan to Value Ratio | 80.00% | |
Residential Portfolio Segment [Member] | ||
Loans and Leases Receivable, Gross | $ 135,229 | 143,212 |
Mortgage Loans in Process of Foreclosure, Number of Loans | 1 | |
Real Estate Acquired Through Foreclosure | $ 192 | 0 |
Consumer Portfolio Segment [Member] | ||
Loans and Leases Receivable, Gross | 22,552 | 34,911 |
Mortgage Loans in Process of Foreclosure, Amount | $ 525 | $ 1,600 |
Note 4 - Loans - Loans (Details
Note 4 - Loans - Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Loans | $ 395,095 | $ 407,722 |
Allowance for loan losses | (4,088) | (3,753) |
Deferred costs, net | 1,318 | 1,442 |
Loans, net | 392,325 | 405,411 |
Residential Portfolio Segment [Member] | ||
Loans | 135,229 | 143,212 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans | 79,293 | 79,629 |
Municipal Real Estate Portfolio Segment [Member] | ||
Loans | 9,271 | 8,733 |
Residential Construction and Land Development Real Estate Portfolio Segment [Member] | ||
Loans | 2,003 | 2,932 |
Commercial Construction and Land Development Real Estate Portfolio Segment [Member] | ||
Loans | 22,475 | 15,960 |
Home Equity Portfolio Segment [Member] | ||
Loans | 49,095 | 48,876 |
Commercial Portfolio Segment [Member] | ||
Loans | 72,591 | 69,254 |
Municipal Non Real Estate Portfolio Segment [Member] | ||
Loans | 2,586 | 4,215 |
Consumer Portfolio Segment [Member] | ||
Loans | $ 22,552 | $ 34,911 |
Note 4 - Loans - Allowance for
Note 4 - Loans - Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Beginning balance | $ 3,753 | $ 3,028 | ||
Charge-offs | (323) | (194) | ||
Recoveries | 13 | 8 | ||
Provision (benefit) | 645 | 911 | ||
Ending balance | 4,088 | 3,753 | ||
Individually evaluated for impairment | $ 101 | $ 1 | ||
Collectively evaluated for impairment | 3,987 | 3,752 | ||
Total allowance for loan losses ending balance | 3,753 | 3,753 | 4,088 | 3,753 |
Individually evaluated for impairment | 1,057 | 1,787 | ||
Collectively evaluated for impairment | 394,038 | 405,935 | ||
Total loans ending balance | 395,095 | 407,722 | ||
Residential Portfolio Segment [Member] | ||||
Beginning balance | 1,057 | 1,065 | ||
Charge-offs | (101) | |||
Recoveries | 0 | 1 | ||
Provision (benefit) | 40 | (9) | ||
Ending balance | 996 | 1,057 | ||
Individually evaluated for impairment | ||||
Collectively evaluated for impairment | 996 | 1,057 | ||
Total allowance for loan losses ending balance | 1,057 | 1,057 | 996 | 1,057 |
Individually evaluated for impairment | ||||
Collectively evaluated for impairment | 135,229 | 143,212 | ||
Total loans ending balance | 135,229 | 143,212 | ||
Commercial Real Estate Portfolio Segment [Member] | ||||
Beginning balance | 1,044 | 706 | ||
Charge-offs | 0 | 0 | ||
Recoveries | ||||
Provision (benefit) | 143 | 338 | ||
Ending balance | 1,187 | 1,044 | ||
Individually evaluated for impairment | ||||
Collectively evaluated for impairment | 1,187 | 1,044 | ||
Total allowance for loan losses ending balance | 1,044 | 1,044 | 1,187 | 1,044 |
Individually evaluated for impairment | 1,150 | |||
Collectively evaluated for impairment | 88,564 | 87,212 | ||
Total loans ending balance | 88,564 | 88,362 | ||
Construction and Land Development Real Estate Portfolio Segment [Member] | ||||
Beginning balance | 212 | 324 | ||
Charge-offs | 0 | 0 | ||
Recoveries | 0 | 0 | ||
Provision (benefit) | 80 | (112) | ||
Ending balance | 292 | 212 | ||
Individually evaluated for impairment | ||||
Collectively evaluated for impairment | 292 | 212 | ||
Total allowance for loan losses ending balance | 212 | 212 | 292 | 212 |
Individually evaluated for impairment | 222 | |||
Collectively evaluated for impairment | 24,478 | 18,670 | ||
Total loans ending balance | 24,478 | 18,892 | ||
Home Equity Portfolio Segment [Member] | ||||
Beginning balance | 346 | 331 | ||
Charge-offs | (99) | 0 | ||
Recoveries | ||||
Provision (benefit) | 134 | 15 | ||
Ending balance | 381 | 346 | ||
Individually evaluated for impairment | ||||
Collectively evaluated for impairment | 381 | 346 | ||
Total allowance for loan losses ending balance | 346 | 346 | 381 | 346 |
Individually evaluated for impairment | ||||
Collectively evaluated for impairment | 49,095 | 48,876 | ||
Total loans ending balance | 49,095 | 48,876 | ||
Commercial Portfolio Segment [Member] | ||||
Beginning balance | 824 | 398 | ||
Charge-offs | (82) | (179) | ||
Recoveries | 11 | 3 | ||
Provision (benefit) | 326 | 602 | ||
Ending balance | 1,079 | 824 | ||
Individually evaluated for impairment | 101 | 1 | ||
Collectively evaluated for impairment | 978 | 823 | ||
Total allowance for loan losses ending balance | 824 | 824 | 1,079 | 824 |
Individually evaluated for impairment | 1,057 | 415 | ||
Collectively evaluated for impairment | 74,120 | 73,054 | ||
Total loans ending balance | 75,177 | 73,469 | ||
Consumer Portfolio Segment [Member] | ||||
Beginning balance | 249 | 157 | ||
Charge-offs | (41) | (15) | ||
Recoveries | 2 | 4 | ||
Provision (benefit) | (64) | 103 | ||
Ending balance | 146 | 249 | ||
Individually evaluated for impairment | ||||
Collectively evaluated for impairment | 146 | 249 | ||
Total allowance for loan losses ending balance | 249 | 249 | 146 | 249 |
Individually evaluated for impairment | ||||
Collectively evaluated for impairment | 22,552 | 34,911 | ||
Total loans ending balance | 22,552 | 34,911 | ||
Unallocated Financing Receivables [Member] | ||||
Beginning balance | 21 | 47 | ||
Charge-offs | 0 | 0 | ||
Recoveries | 0 | 0 | ||
Provision (benefit) | (14) | (26) | ||
Ending balance | 7 | 21 | ||
Individually evaluated for impairment | ||||
Collectively evaluated for impairment | 7 | 21 | ||
Total allowance for loan losses ending balance | $ 21 | $ 21 | 7 | 21 |
Individually evaluated for impairment | ||||
Collectively evaluated for impairment | ||||
Total loans ending balance |
Note 4 - Loans - Loans by Risk
Note 4 - Loans - Loans by Risk Rating (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Loans by risk rating | $ 395,095 | $ 407,722 |
Pass [Member] | ||
Loans by risk rating | 171,577 | 167,477 |
Special Mention [Member] | ||
Loans by risk rating | 4,709 | 6,224 |
Substandard [Member] | ||
Loans by risk rating | 11,230 | 6,356 |
Not Formally Rated [Member] | ||
Loans by risk rating | 207,579 | 227,665 |
Residential Portfolio Segment [Member] | ||
Loans by risk rating | 135,229 | 143,212 |
Residential Portfolio Segment [Member] | Pass [Member] | ||
Loans by risk rating | 0 | 0 |
Residential Portfolio Segment [Member] | Special Mention [Member] | ||
Loans by risk rating | 0 | 0 |
Residential Portfolio Segment [Member] | Substandard [Member] | ||
Loans by risk rating | 1,164 | 1,947 |
Residential Portfolio Segment [Member] | Not Formally Rated [Member] | ||
Loans by risk rating | 134,065 | 141,265 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans by risk rating | 88,564 | 88,362 |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | ||
Loans by risk rating | 78,096 | 79,800 |
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||
Loans by risk rating | 3,431 | 5,900 |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | ||
Loans by risk rating | 7,037 | 2,662 |
Commercial Real Estate Portfolio Segment [Member] | Not Formally Rated [Member] | ||
Loans by risk rating | 0 | |
Construction and Land Development Real Estate Portfolio Segment [Member] | ||
Loans by risk rating | 24,478 | 18,892 |
Construction and Land Development Real Estate Portfolio Segment [Member] | Pass [Member] | ||
Loans by risk rating | 21,369 | 15,738 |
Construction and Land Development Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||
Loans by risk rating | 1,106 | 0 |
Construction and Land Development Real Estate Portfolio Segment [Member] | Substandard [Member] | ||
Loans by risk rating | 222 | |
Construction and Land Development Real Estate Portfolio Segment [Member] | Not Formally Rated [Member] | ||
Loans by risk rating | 2,003 | 2,932 |
Home Equity Portfolio Segment [Member] | ||
Loans by risk rating | 49,095 | 48,876 |
Home Equity Portfolio Segment [Member] | Pass [Member] | ||
Loans by risk rating | 0 | 0 |
Home Equity Portfolio Segment [Member] | Special Mention [Member] | ||
Loans by risk rating | 0 | 0 |
Home Equity Portfolio Segment [Member] | Substandard [Member] | ||
Loans by risk rating | 136 | 319 |
Home Equity Portfolio Segment [Member] | Not Formally Rated [Member] | ||
Loans by risk rating | 48,959 | 48,557 |
Commercial Portfolio Segment [Member] | ||
Loans by risk rating | 75,177 | 73,469 |
Commercial Portfolio Segment [Member] | Pass [Member] | ||
Loans by risk rating | 72,112 | 71,939 |
Commercial Portfolio Segment [Member] | Special Mention [Member] | ||
Loans by risk rating | 172 | 324 |
Commercial Portfolio Segment [Member] | Substandard [Member] | ||
Loans by risk rating | 2,893 | 1,206 |
Commercial Portfolio Segment [Member] | Not Formally Rated [Member] | ||
Loans by risk rating | 0 | |
Consumer Portfolio Segment [Member] | ||
Loans by risk rating | 22,552 | 34,911 |
Consumer Portfolio Segment [Member] | Pass [Member] | ||
Loans by risk rating | 0 | 0 |
Consumer Portfolio Segment [Member] | Special Mention [Member] | ||
Loans by risk rating | 0 | 0 |
Consumer Portfolio Segment [Member] | Substandard [Member] | ||
Loans by risk rating | 0 | 0 |
Consumer Portfolio Segment [Member] | Not Formally Rated [Member] | ||
Loans by risk rating | $ 22,552 | $ 34,911 |
Note 4 - Loans - Age Analysis o
Note 4 - Loans - Age Analysis of Past Due Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Past Due | $ 1,580 | $ 5,250 |
Total Current | 393,515 | 402,472 |
Loans | 395,095 | 407,722 |
90 Days or More Past Due and Accruing | 0 | |
Nonaccrual Loans | 1,499 | 4,052 |
Residential Portfolio Segment [Member] | ||
Past Due | 800 | 2,108 |
Total Current | 134,429 | 141,104 |
Loans | 135,229 | 143,212 |
90 Days or More Past Due and Accruing | 0 | 0 |
Nonaccrual Loans | 1,164 | 1,947 |
Commercial Real Estate Portfolio Segment [Member] | ||
Past Due | 383 | 1,150 |
Total Current | 78,910 | 78,479 |
Loans | 79,293 | 79,629 |
90 Days or More Past Due and Accruing | 0 | 0 |
Nonaccrual Loans | 1,150 | |
Municipal Real Estate Portfolio Segment [Member] | ||
Past Due | 0 | 0 |
Total Current | 9,271 | 8,733 |
Loans | 9,271 | 8,733 |
90 Days or More Past Due and Accruing | 0 | 0 |
Nonaccrual Loans | 0 | 0 |
Construction and Land Development Real Estate Portfolio Segment [Member] | ||
Past Due | 222 | |
Total Current | 24,478 | 18,670 |
Loans | 24,478 | 18,892 |
90 Days or More Past Due and Accruing | ||
Nonaccrual Loans | 222 | |
Home Equity Portfolio Segment [Member] | ||
Past Due | 388 | |
Total Current | 49,095 | 48,488 |
Loans | 49,095 | 48,876 |
90 Days or More Past Due and Accruing | 0 | 0 |
Nonaccrual Loans | 136 | 248 |
Commercial Portfolio Segment [Member] | ||
Past Due | 182 | 1,224 |
Total Current | 72,409 | 68,030 |
Loans | 72,591 | 69,254 |
90 Days or More Past Due and Accruing | 0 | 0 |
Nonaccrual Loans | 182 | 415 |
Municipal Non Real Estate Portfolio Segment [Member] | ||
Past Due | 0 | 0 |
Total Current | 2,586 | 4,215 |
Loans | 2,586 | 4,215 |
90 Days or More Past Due and Accruing | 0 | 0 |
Nonaccrual Loans | 0 | 0 |
Consumer Portfolio Segment [Member] | ||
Past Due | 215 | 158 |
Total Current | 22,337 | 34,753 |
Loans | 22,552 | 34,911 |
90 Days or More Past Due and Accruing | 0 | 0 |
Nonaccrual Loans | 17 | 70 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Past Due | 718 | 881 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Residential Portfolio Segment [Member] | ||
Past Due | 143 | 0 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Past Due | 383 | 0 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Municipal Real Estate Portfolio Segment [Member] | ||
Past Due | 0 | 0 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Construction and Land Development Real Estate Portfolio Segment [Member] | ||
Past Due | ||
Financing Receivables, 30 to 59 Days Past Due [Member] | Home Equity Portfolio Segment [Member] | ||
Past Due | 0 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial Portfolio Segment [Member] | ||
Past Due | 0 | 767 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Municipal Non Real Estate Portfolio Segment [Member] | ||
Past Due | 0 | 0 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Consumer Portfolio Segment [Member] | ||
Past Due | 192 | 114 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Past Due | 138 | 601 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Residential Portfolio Segment [Member] | ||
Past Due | 132 | 297 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Past Due | 0 | 0 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Municipal Real Estate Portfolio Segment [Member] | ||
Past Due | 0 | 0 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Construction and Land Development Real Estate Portfolio Segment [Member] | ||
Past Due | ||
Financing Receivables, 60 to 89 Days Past Due [Member] | Home Equity Portfolio Segment [Member] | ||
Past Due | 219 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial Portfolio Segment [Member] | ||
Past Due | 0 | 42 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Municipal Non Real Estate Portfolio Segment [Member] | ||
Past Due | 0 | 0 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Consumer Portfolio Segment [Member] | ||
Past Due | 6 | 43 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Past Due | 724 | 3,768 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Residential Portfolio Segment [Member] | ||
Past Due | 525 | 1,811 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Past Due | 1,150 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Municipal Real Estate Portfolio Segment [Member] | ||
Past Due | 0 | 0 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Construction and Land Development Real Estate Portfolio Segment [Member] | ||
Past Due | 222 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Home Equity Portfolio Segment [Member] | ||
Past Due | 169 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial Portfolio Segment [Member] | ||
Past Due | 182 | 415 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Municipal Non Real Estate Portfolio Segment [Member] | ||
Past Due | 0 | 0 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Consumer Portfolio Segment [Member] | ||
Past Due | $ 17 | $ 1 |
Note 4 - Loans - Impaired Loans
Note 4 - Loans - Impaired Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Recorded investment with no allowance | $ 912 | $ 1,506 |
Unpaid principal balance with no allowance | 912 | 1,506 |
Average recorded investment with no allowance | 1,644 | 3,386 |
Interest income recognized with no allowance | 67 | 280 |
Recorded investment with an allowance | 145 | 281 |
Unpaid principal balance with allowance | 145 | 281 |
Related allowance | 101 | 1 |
Average recorded investment with allowance | 38 | 321 |
Interest income recognized with allowance | 3 | |
Recorded investment | 1,057 | 1,787 |
Unpaid principal balance | 1,057 | 1,787 |
Average recorded investment | 1,682 | 3,707 |
Interest income recognized | 70 | 280 |
Commercial Real Estate Portfolio Segment [Member] | ||
Recorded investment with no allowance | 1,150 | |
Unpaid principal balance with no allowance | 1,150 | |
Average recorded investment with no allowance | 951 | 3,029 |
Interest income recognized with no allowance | 17 | 272 |
Related allowance | 0 | 0 |
Recorded investment | 1,150 | |
Unpaid principal balance | 1,150 | |
Average recorded investment | 951 | 3,029 |
Interest income recognized | 17 | 272 |
Construction and Land Development Real Estate Portfolio Segment [Member] | ||
Recorded investment with no allowance | 222 | |
Unpaid principal balance with no allowance | 222 | |
Average recorded investment with no allowance | 137 | 222 |
Interest income recognized with no allowance | 14 | 4 |
Related allowance | 0 | 0 |
Recorded investment | 222 | |
Unpaid principal balance | 222 | |
Average recorded investment | 137 | 222 |
Interest income recognized | 14 | 4 |
Commercial Portfolio Segment [Member] | ||
Recorded investment with no allowance | 912 | 134 |
Unpaid principal balance with no allowance | 912 | 134 |
Average recorded investment with no allowance | 556 | 135 |
Interest income recognized with no allowance | 36 | 4 |
Recorded investment with an allowance | 145 | 281 |
Unpaid principal balance with allowance | 145 | 281 |
Related allowance | 101 | 1 |
Average recorded investment with allowance | 38 | 321 |
Interest income recognized with allowance | 3 | |
Recorded investment | 1,057 | 415 |
Unpaid principal balance | 1,057 | 415 |
Average recorded investment | 594 | 456 |
Interest income recognized | $ 39 | $ 4 |
Note 4 - Loans - Mortgage Servi
Note 4 - Loans - Mortgage Servicing Rights (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Balance, beginning of year | $ 206 | $ 20 |
Additions | 274 | |
Reductions | (206) | (88) |
Balance, end of year | $ 206 |
Note 5 - Premises and Equipme61
Note 5 - Premises and Equipment (Details Textual) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Impairment of Long-Lived Assets Held-for-use | $ 55 |
Note 5 - Premises and Equipme62
Note 5 - Premises and Equipment - Summary of Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Premises and equipment, gross | $ 5,507 | $ 5,128 |
Accumulated depreciation and amortization | (3,644) | (3,223) |
Total premises and equipment | 1,863 | 1,905 |
Leasehold Improvements [Member] | ||
Premises and equipment, gross | 1,829 | 1,716 |
Furniture and Fixtures [Member] | ||
Premises and equipment, gross | $ 3,678 | $ 3,412 |
Note 6 - Deposits (Details Text
Note 6 - Deposits (Details Textual) $ in Millions | 12 Months Ended | |
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Time Deposits, at or Above FDIC Insurance Limit | $ 14.7 | $ 15.7 |
Interest-bearing Domestic Deposit, Brokered | $ 1.9 | $ 1.5 |
Number of Major Depositors | 1 | 0 |
Customer Concentration Risk [Member] | Deposits [Member] | Minimum [Member] | ||
Concentration Risk, Percentage | 5.00% |
Note 6 - Deposits - Scheduled M
Note 6 - Deposits - Scheduled Maturities (Details) $ in Thousands | Dec. 31, 2017USD ($) |
2,018 | $ 46,643 |
2,019 | 11,715 |
2,020 | 3,803 |
2,021 | 1,849 |
2022 and thereafter | 2,504 |
Total | $ 66,514 |
Note 8 - Federal Home Loan Ba65
Note 8 - Federal Home Loan Bank Advances (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Jan. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |
Advances from Federal Home Loan Banks | $ 2,318 | $ 54,058 | |
Repayments of Federal Home Loan Bank Borrowings | $ 52,000 | ||
Federal Home Loan Bank, Advances, Maturities Summary, Due in Year Five | 1,200 | ||
Federal Home Loan Bank, Advances, Maturities Summary, Due after Year Five | 862 | ||
Federal Home Loan Bank, Advances, General Debt Obligations, Maximum Amount Available | 1,500 | 1,500 | |
Long-term Federal Home Loan Bank Advances | 0 | $ 0 | |
Simsbury Bank and Trust Company [Member] | |||
Federal Home Loan Bank, Advances, General Debt Obligations, Maximum Amount Available | 106,000 | ||
Minimum [Member] | |||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Interest Rate at Period End | 0.60% | ||
Maximum [Member] | |||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Interest Rate at Period End | 0.74% | ||
Weighted Average [Member] | |||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Interest Rate at Period End | 0.67% | ||
Jobs for New England Borrowings [Member] | |||
Advances from Federal Home Loan Banks | $ 2,300 | ||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Interest Rate at Period End | 0.00% | ||
Jobs for New England Borrowings [Member] | Minimum [Member] | |||
Federal Home Loan Bank, Advances, General Debt Obligations, Maturity Period | 5 years | ||
Jobs for New England Borrowings [Member] | Maximum [Member] | |||
Federal Home Loan Bank, Advances, General Debt Obligations, Maturity Period | 8 years |
Note 9 - Subordinated Debentu66
Note 9 - Subordinated Debentures (Details Textual) - USD ($) $ in Thousands | Oct. 15, 2015 | Dec. 31, 2017 | Dec. 31, 2016 |
Series C Preferred Stock [Member] | |||
Stock Redeemed or Called During Period, Shares | 9,000 | ||
Subordinated Debt [Member] | |||
Debt Instrument, Face Amount | $ 7,500 | ||
Proceeds from Debt, Net of Issuance Costs | 7,200 | ||
Debt Issuance Costs, Net | $ 277 | $ 219 | $ 248 |
Debt Instrument, Interest Rate, Stated Percentage | 6.75% | ||
Debt Instrument, Rebate Rate | 3.40% | ||
Debt Instrument, Interest Rate, Effective Percentage | 3.35% | ||
Deferred Finance Costs, Amortization Period | 10 years |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 34.00% | 34.00% | |
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ 151,000 | ||
Deferred Tax Assets, Valuation Allowance | 0 | 0 | |
Operating Loss Carryforwards | 0 | 0 | |
Unrecognized Tax Benefits | $ 0 | $ 0 | |
Earliest Tax Year [Member] | Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |||
Open Tax Year | 2,014 | ||
Earliest Tax Year [Member] | State and Local Jurisdiction [Member] | |||
Open Tax Year | 2,014 | ||
Latest Tax Year [Member] | Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |||
Open Tax Year | 2,017 | ||
Latest Tax Year [Member] | State and Local Jurisdiction [Member] | |||
Open Tax Year | 2,017 | ||
Scenario, Forecast [Member] | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% |
Note 10 - Income Taxes - Compon
Note 10 - Income Taxes - Components of Income Tax Expense (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Federal | $ 722,000 | $ 392,000 |
State | 36,000 | 2,000 |
Current income tax expense | 758,000 | 394,000 |
Federal | 95,000 | (117,000) |
Federal- Revaluation of net deferred taxes due to a change in tax rate | 151,000 | |
Deferred income tax expense (benefit) | 246,000 | (117,000) |
Total income tax expense | $ 1,004,000 | $ 277,000 |
Note 10 - Income Taxes - Income
Note 10 - Income Taxes - Income Tax Reconciliation (Details) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Federal income tax at statutory rates | 34.00% | 34.00% |
Tax-exempt income | (10.90%) | (20.10%) |
Tax rate change | 4.50% | |
Other | 2.30% | 1.80% |
Effective tax rates | 29.90% | 15.70% |
Note 10 - Income Taxes - Deferr
Note 10 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred tax assets: | ||
Allowance for loan losses | $ 816 | $ 1,199 |
Deferred compensation | 212 | 305 |
Write-down of securities | 11 | 16 |
Restricted stock awards | 10 | 27 |
Charitable contribution carryover | 15 | 104 |
Alternative minimum tax carryforward | 541 | 707 |
Net unrealized holding loss on available-for-sale securities | 118 | 290 |
Other | 103 | 120 |
Gross deferred tax assets | 1,826 | 2,768 |
Deferred tax liabilities: | ||
Depreciation | (273) | (469) |
Deferred loan costs/fees | (274) | (490) |
Mortgage servicing rights | (494) | (679) |
Gross deferred tax liabilities | (1,041) | (1,638) |
Net deferred tax asset (included in other assets) | $ 785 | $ 1,130 |
Note 11 - Commitments and Con71
Note 11 - Commitments and Contingent Liabilities (Details Textual) - USD ($) $ in Thousands | Nov. 28, 2008 | Dec. 31, 2017 | Dec. 31, 2016 |
Operating Leases, Rent Expense, Net | $ 906 | $ 1,010 | |
Agreement with Data Processing Servicer [Member] | |||
Lessee, Operating Lease, Term of Contract | 5 years |
Note 11 - Commitments and Con72
Note 11 - Commitments and Contingent Liabilities - Operating Leases, Minimum Rent Due (Details) $ in Thousands | Dec. 31, 2017USD ($) |
2,018 | $ 791 |
2,019 | 726 |
2,020 | 656 |
2,021 | 460 |
2,022 | 410 |
Thereafter | 1,172 |
Total | $ 4,215 |
Note 12 - Fair Value Measurem73
Note 12 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Liabilities, Fair Value Disclosure, Nonrecurring | $ 0 | |
Assets, Fair Value Disclosure, Nonrecurring | $ 192 | $ 0 |
Note 12 - Fair Value Measurem74
Note 12 - Fair Value Measurements - Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Available-for-sale securities | $ 51,656 | $ 58,728 |
US Government Agencies Debt Securities [Member] | ||
Available-for-sale securities | 4,496 | 4,253 |
US States and Political Subdivisions Debt Securities [Member] | ||
Available-for-sale securities | 12,835 | 14,352 |
Collateralized Mortgage Backed Securities [Member] | ||
Available-for-sale securities | 33,464 | 39,140 |
Other Debt Obligations [Member] | ||
Available-for-sale securities | 861 | 983 |
Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | 58,728 | |
Mortgage banking derivative assets | 47 | |
Total assets | 51,703 | |
Mortgage banking derviative liabilities | 52 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Available-for-sale securities | ||
Mortgage banking derivative assets | ||
Total assets | ||
Mortgage banking derviative liabilities | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available-for-sale securities | 58,728 | |
Mortgage banking derivative assets | ||
Total assets | 51,656 | |
Mortgage banking derviative liabilities | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Available-for-sale securities | ||
Mortgage banking derivative assets | 47 | |
Total assets | ||
Mortgage banking derviative liabilities | 52 | |
Fair Value, Measurements, Recurring [Member] | US Government Agencies Debt Securities [Member] | ||
Available-for-sale securities | 4,496 | 4,253 |
Fair Value, Measurements, Recurring [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Available-for-sale securities | ||
Fair Value, Measurements, Recurring [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available-for-sale securities | 4,496 | 4,253 |
Fair Value, Measurements, Recurring [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Available-for-sale securities | ||
Fair Value, Measurements, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Available-for-sale securities | 12,835 | 14,352 |
Fair Value, Measurements, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Available-for-sale securities | ||
Fair Value, Measurements, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available-for-sale securities | 12,835 | 14,352 |
Fair Value, Measurements, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Available-for-sale securities | ||
Fair Value, Measurements, Recurring [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Available-for-sale securities | 33,464 | 39,140 |
Fair Value, Measurements, Recurring [Member] | Collateralized Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Available-for-sale securities | ||
Fair Value, Measurements, Recurring [Member] | Collateralized Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available-for-sale securities | 33,464 | 39,140 |
Fair Value, Measurements, Recurring [Member] | Collateralized Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Available-for-sale securities | ||
Fair Value, Measurements, Recurring [Member] | Other Debt Obligations [Member] | ||
Available-for-sale securities | 861 | 983 |
Fair Value, Measurements, Recurring [Member] | Other Debt Obligations [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Available-for-sale securities | ||
Fair Value, Measurements, Recurring [Member] | Other Debt Obligations [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available-for-sale securities | 861 | 983 |
Fair Value, Measurements, Recurring [Member] | Other Debt Obligations [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Available-for-sale securities |
Note 12 - Fair Value Measurem75
Note 12 - Fair Value Measurements - Assets Measured at Fair Value on a Nonrecurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Assets, fair value, nonrecurring | $ 192 | $ 0 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets, fair value, nonrecurring | ||
Fair Value, Inputs, Level 2 [Member] | ||
Assets, fair value, nonrecurring | ||
Fair Value, Inputs, Level 3 [Member] | ||
Assets, fair value, nonrecurring | 192 | |
Other Real Estate Owned [Member] | ||
Assets, fair value, nonrecurring | 192 | |
Other Real Estate Owned [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, fair value, nonrecurring | ||
Other Real Estate Owned [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, fair value, nonrecurring | ||
Other Real Estate Owned [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, fair value, nonrecurring | $ 192 |
Note 12 - Fair Value Measurem76
Note 12 - Fair Value Measurements - Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Financial assets: | ||
Available-for-sale securities | $ 51,656 | $ 58,728 |
Reported Value Measurement [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 13,066 | 21,007 |
Certificates of deposit | 1,250 | 1,250 |
Available-for-sale securities | 51,656 | 58,728 |
Federal Home Loan Bank stock | 903 | 2,896 |
Loans held-for-sale | 2,259 | 2,801 |
Loans, net | 392,325 | 405,411 |
Servicing Asset at Fair Value, Amount | 2,352 | 1,996 |
Accrued interest receivable | 1,402 | 1,301 |
Bank-owned life insurance | 9,370 | 9,130 |
Mortgage banking derivative assets | 47 | |
Financial liabilities: | ||
Deposits | 457,400 | 413,764 |
Securities sold under agreements to repurchase | 2,449 | 2,694 |
Federal Home Loan Bank advances | 2,318 | 54,058 |
Long-term subordinated debt | 7,281 | 7,252 |
Mortgage banking derviative liabilities | 52 | |
Estimate of Fair Value Measurement [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 13,066 | 21,007 |
Certificates of deposit | 1,250 | 1,250 |
Available-for-sale securities | 51,656 | 58,728 |
Federal Home Loan Bank stock | 903 | 2,896 |
Loans held-for-sale | 2,292 | 2,818 |
Loans, net | 387,225 | 401,008 |
Servicing Asset at Fair Value, Amount | 4,257 | 2,432 |
Accrued interest receivable | 1,402 | 1,301 |
Bank-owned life insurance | 9,370 | 9,130 |
Mortgage banking derivative assets | 47 | |
Financial liabilities: | ||
Deposits | 456,928 | 413,680 |
Securities sold under agreements to repurchase | 2,449 | 2,694 |
Federal Home Loan Bank advances | 2,022 | 53,767 |
Long-term subordinated debt | 7,222 | 7,268 |
Mortgage banking derviative liabilities | 52 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 13,066 | 21,007 |
Certificates of deposit | 1,250 | 1,250 |
Available-for-sale securities | 0 | 0 |
Federal Home Loan Bank stock | 0 | 0 |
Loans held-for-sale | 0 | 0 |
Loans, net | 0 | 0 |
Servicing Asset at Fair Value, Amount | 0 | |
Accrued interest receivable | 1,402 | 1,301 |
Bank-owned life insurance | 0 | 0 |
Mortgage banking derivative assets | ||
Financial liabilities: | ||
Deposits | 390,886 | 347,176 |
Securities sold under agreements to repurchase | 0 | 0 |
Federal Home Loan Bank advances | 0 | 0 |
Long-term subordinated debt | 0 | 0 |
Mortgage banking derviative liabilities | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Certificates of deposit | 0 | 0 |
Available-for-sale securities | 51,656 | 58,728 |
Federal Home Loan Bank stock | 903 | 2,896 |
Loans held-for-sale | 0 | 0 |
Loans, net | 0 | 0 |
Servicing Asset at Fair Value, Amount | 0 | |
Accrued interest receivable | 0 | 0 |
Bank-owned life insurance | 9,370 | 9,130 |
Mortgage banking derivative assets | ||
Financial liabilities: | ||
Deposits | 66,042 | 66,504 |
Securities sold under agreements to repurchase | 2,449 | 2,694 |
Federal Home Loan Bank advances | 2,022 | 53,767 |
Long-term subordinated debt | 7,222 | 7,268 |
Mortgage banking derviative liabilities | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Certificates of deposit | 0 | 0 |
Available-for-sale securities | 0 | 0 |
Federal Home Loan Bank stock | 0 | 0 |
Loans held-for-sale | 2,292 | 2,818 |
Loans, net | 387,225 | 401,008 |
Servicing Asset at Fair Value, Amount | 4,257 | 2,432 |
Accrued interest receivable | 0 | 0 |
Bank-owned life insurance | 0 | 0 |
Mortgage banking derivative assets | 47 | |
Financial liabilities: | ||
Deposits | 0 | |
Securities sold under agreements to repurchase | 0 | 0 |
Federal Home Loan Bank advances | 0 | 0 |
Long-term subordinated debt | 0 | $ 0 |
Mortgage banking derviative liabilities | $ 52 |
Note 13 - Financial Instrumen77
Note 13 - Financial Instruments With Off-balance Sheet Risk (Details Textual) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Credit Derivative, Maximum Exposure, Undiscounted | $ 5.1 | $ 4.3 |
Derivative Loan Commitments [Member] | ||
Derivative, Notional Amount | 2 | 2.6 |
Forward Loan Sale Commitments [Member] | ||
Derivative, Notional Amount | $ 10.4 | $ 14.2 |
Note 13 - Financial Instrumen78
Note 13 - Financial Instruments With Off-balance Sheet Risk - Financial Instrument Liabilities (Details) - Derivative Financial Instruments, Liabilities [Member] - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Derivative liability, notional amount | $ 149,194 | $ 129,214 |
Loan Origination Commitments [Member] | ||
Derivative liability, notional amount | 13,854 | 20,090 |
Standby Letters of Credit [Member] | ||
Derivative liability, notional amount | 5,076 | 4,281 |
Construction Loans [Member] | ||
Derivative liability, notional amount | 25,388 | 13,580 |
Commercial Loan [Member] | ||
Derivative liability, notional amount | 38,276 | 32,640 |
Consumer Loan [Member] | ||
Derivative liability, notional amount | 4,875 | 588 |
Home Equity Line of Credit [Member] | ||
Derivative liability, notional amount | $ 61,725 | $ 58,035 |
Note 14 - Related Party Trans79
Note 14 - Related Party Transactions (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Loans and Leases Receivable, Related Parties | $ 1,300 | $ 1,300 |
Loans and Leases Receivable, Related Parties, Proceeds | 67 | 4,600 |
Loans and Leases Receivable, Related Parties, Additions | 10 | 1,300 |
Related Party Deposit Liabilities | 8,100 | 6,400 |
Related Party Transaction, Amounts of Transaction | 87 | 82 |
Related Party Transaction, Expenses from Transactions with Related Party | 60 | 60 |
Another Financial Institution [Member] | ||
Loans and Leases Receivable, Related Parties | $ 146 | $ 148 |
Note 16 - Other Comprehensive80
Note 16 - Other Comprehensive Income (Loss) (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI for Write-down of Securities, Tax | $ (1) | $ 31 |
Note 16 - Other Comprehensive81
Note 16 - Other Comprehensive Income (Loss) - Activity in Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | ||
Net change in unrealized holding loss on securities available-for-sale | $ 288 | $ (476) | |
Reclassification adjustment for realized losses (gains) and writedowns in net income (1) | [1] | 4 | (91) |
Other comprehensive income (loss), before tax | 292 | (567) | |
Income tax (expense) benefit | (100) | 193 | |
Other comprehensive income (loss), net of tax | $ 192 | $ (374) | |
[1] | Reclassification adjustments include realized securities gains and losses and writedowns of securities. The gains and losses have been reclassified out of other comprehensive income (loss) and affect certain captions in the consolidated statements of income as follows: the pre-tax amount is reflected in gain on sales of available-for-sale securities, net and writedown of available-for-sale securities; the tax effect of ($1) thousand and $31 thousand for the years ended December 31, 2017 and 2016, respectively, is included in income tax provision; and the after tax amount is included in net income. |
Note 17 - Regulatory Matters (D
Note 17 - Regulatory Matters (Details Textual) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2015 | Dec. 31, 2014 |
Common Equity Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 4.50% | 4.50% | 4.50% | |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 6.00% | 6.00% | 6.00% | 4.00% |
Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | 8.00% | 8.00% | |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 4.00% | 4.00% | 4.00% | |
Common Equity Tier One Risk Based Capital Required to Be Well Capitalized to Risk Weighted Assets | 6.50% | 6.50% | 6.50% | |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 8.00% | 8.00% | 8.00% | 6.00% |
Capital Required to be Well Capitalized to Risk Weighted Assets | 10.00% | 10.00% | 10.00% | |
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | 5.00% | 5.00% | 5.00% | |
Tier One Risk Based Common Equity Capital to Risk Weighted Assets Buffer for Year Two | 0.625% | |||
Tier One Risk Based Common Equity Capital to Risk Weighted Assets Buffer for Each Year | 0.625% | |||
Tier One Risk Based Common Equity Capital to Risk Weighted Assets Buffer for Year Five | 2.50% | |||
Capital Conservation Buffer | 1.25% | |||
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments without Regulatory Approval | $ 3.9 |
Note 17 - Regulatory Matters -
Note 17 - Regulatory Matters - Actual and Required Capital Amounts and Ratios (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2015 | Dec. 31, 2014 |
Total Capital (to Risk Weighted Assets), actual, amount | $ 43,148 | $ 41,045 | ||
Total Capital (to Risk Weighted Assets), actual, ratio | 12.03% | 11.72% | ||
Total Capital (to Risk Weighted Assets), for capital adequacy purposes, amount | $ 28,701 | $ 28,022 | ||
Total Capital (to Risk Weighted Assets), for capital adequacy purposes, ratio | 8.00% | 8.00% | 8.00% | |
Total Capital (to Risk Weighted Assets), to be well capitalized, amount | $ 35,876 | $ 35,027 | ||
Total Capital (to Risk Weighted Assets), to be well capitalized, ratio | 10.00% | 10.00% | 10.00% | |
Tier 1 Capital (to Risk Weighted Assets), actual, amount | $ 39,060 | $ 37,292 | ||
Tier 1 Capital (to Risk Weighted Assets), actual, ratio | 10.89% | 10.65% | ||
Tier 1 Capital (to Risk Weighted Assets), for capital adequacy purposes, amount | $ 21,525 | $ 21,016 | ||
Tier 1 Capital (to Risk Weighted Assets), for capital adequacy purposes, ratio | 6.00% | 6.00% | 6.00% | 4.00% |
Tier 1 Capital (to Risk Weighted Assets), to be well capitalized, amount | $ 28,701 | $ 28,022 | ||
Tier 1 Capital (to Risk Weighted Assets), to be well capitalized, ratio | 8.00% | 8.00% | 8.00% | 6.00% |
Common Equity Tier 1 capital (to Risk Weighted Assets), actual, amount | $ 39,060 | $ 37,292 | ||
Common Equity Tier 1 capital (to Risk Weighted Assets), actual, ratio | 10.89% | 10.65% | ||
Common Equity Tier 1 capital (to Risk Weighted Assets), for capital adequacy purposes, amount | $ 16,144 | $ 15,762 | ||
Common Equity Tier 1 capital (to Risk Weighted Assets), for capital adequacy purposes, ratio | 4.50% | 4.50% | 4.50% | |
Common Equity Tier 1 capital (to Risk Weighted Assets), to be well capitalized, amount | $ 23,319 | $ 22,768 | ||
Common Equity Tier 1 capital (to Risk Weighted Assets), to be well capitalized, ratio | 6.50% | 6.50% | 6.50% | |
Tier 1 Capital (to Average Assets), actual, amount | $ 39,060 | $ 37,292 | ||
Tier 1 Capital (to Average Assets), actual, ratio | 7.79% | 7.46% | ||
Tier 1 Capital (to Average Assets), for capital adequacy purposes, amount | $ 20,045 | $ 19,994 | ||
Tier 1 Capital (to Average Assets), for capital adequacy purposes, ratio | 4.00% | 4.00% | 4.00% | |
Tier 1 Capital (to Average Assets), to be well capitalized, amount | $ 25,056 | $ 24,993 | ||
Tier 1 Capital (to Average Assets), to be well capitalized, ratio | 5.00% | 5.00% | 5.00% |
Note 18 - Employee Benefits (De
Note 18 - Employee Benefits (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Jan. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Contribution Plan, Employee Eligibility Age | 21 years | ||
Defined Contribution Plan, Vesting Period | 90 days | ||
Defined Contribution Plan, Cost | $ 127 | $ 136 | |
Liability, Defined Benefit Plan | 1,000 | 897 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 151 | 130 | |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | $ 37 | $ 37 | |
One Executive Officer [Member] | |||
Supplemental Employee Retirement Plan, Annual Benefit Payment | $ 30 | ||
Supplemental Employee Retirement Plan, Commencement of Annual Benefit Payment, Period After Normal Retirement Age | 15 years | ||
Supplemental Employee Retirement Plan, Normal Retirement Age | 65 years |
Note 19 - Stock Based Compens85
Note 19 - Stock Based Compensation Plans (Details Textual) - USD ($) | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Mar. 17, 2009 | Dec. 31, 1998 | |
Option Exercise Price as Percentage of FairValue of Common Stock | 100.00% | |||
Share-based Compensation | $ 145,000 | $ 151,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 6,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 4,500 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares | 6,500 | |||
Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 10 years | |||
Allocated Share-based Compensation Expense | $ 9,000 | $ 19,000 | ||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 8,482 | 10,826 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Granted in Period Fair Value | $ 263,000 | $ 231,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||
Share-based Compensation | $ 136,000 | 132,000 | ||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 46,000 | 45,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | 183,000 | $ 151,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 420 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 182 days | |||
1998 Stock Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 142,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 0 | |||
2011 Stock Award and Option Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 100,000 |
Note 19 - Stock Based Compens86
Note 19 - Stock Based Compensation Plans - Restricted Stock Activity (Details) - Restricted Stock [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Non-vested restricted stock awards at beginning of year (in shares) | 16,306 | 12,083 |
Non-vested restricted stock awards at beginning of year, weighted-average price (in dollars per share) | $ 21.42 | $ 21.92 |
Restricted shares granted (in shares) | 8,482 | 10,826 |
Restricted shares granted, weighted-average price (in dollars per share) | $ 29.96 | $ 21.37 |
Shares vested (in shares) | (6,668) | (5,953) |
Shares vested, weighted-average price (in dollars per share) | $ 21.44 | $ 22.33 |
Shares forfeited (in shares) | (650) | |
Shares forfeited, weighted-average price (in dollars per share) | $ 21.52 | |
Non-vested restricted stock awards at end of year (in shares) | 18,120 | 16,306 |
Non-vested restricted stock awards at end of year, weighted-average price (in dollars per share) | $ 25.41 | $ 21.42 |
Note 19 - Stock Based Compens87
Note 19 - Stock Based Compensation Plans - Stock Option Activity (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Outstanding at beginning of year (in shares) | 20,000 | 20,000 |
Outstanding at beginning of year, weighted-average exercise price (in dollars per share) | $ 30 | $ 30 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 |
Granted, weighted-average exercise price (in dollars per share) | ||
Forfeited (in shares) | ||
Forfeited, weighted-average exercise price (in dollars per share) | ||
Outstanding at end of year (in shares) | 20,000 | 20,000 |
Outstanding at end of year, weighted-average exercise price (in dollars per share) | $ 30 | $ 30 |
Options exercisable at year-end (in shares) | 13,500 | 9,000 |
Options exercisable at year-end, weighted-average exercise price (in dollars per share) | $ 30 | $ 30 |
Weighted average remaining contractual life (Year) | 8 years | 9 years |
Note 20 - Earnings Per Share (D
Note 20 - Earnings Per Share (Details Textual) - shares | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 20,000 | 20,000 |
Note 20 - Earnings Per Share -
Note 20 - Earnings Per Share - Computation of EPS on Both Basic and Diluted Basis (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Net income | $ 2,354 | $ 1,492 |
Net income available to common stockholders | $ 2,354 | $ 1,492 |
Weighted average shares outstanding, basic (in shares) | 1,359,222 | 1,350,725 |
Earnings per common share (in dollars per share) | $ 1.73 | $ 1.10 |
Dilutive potential shares (in shares) | 9,013 | 8,540 |
Weighted average shares outstanding, assuming dilution (in shares) | 1,368,235 | 1,359,265 |
Earnings per common share, assuming dilution (in dollars per share) | $ 1.72 | $ 1.10 |
Note 23 - Subsequent Events (De
Note 23 - Subsequent Events (Details Textual) - Subsequent Event [Member] - $ / shares | Mar. 26, 2018 | Feb. 28, 2018 |
Common Stock, Dividends, Per Share, Declared | $ 0.15 | |
Dividends Payable, Date Declared | Feb. 28, 2018 | |
Common Stock, Dividends, Per Share, Cash Paid | $ 0.15 | |
Dividends Payable, Date to be Paid | Mar. 26, 2018 | |
Dividends Payable, Date of Record | Mar. 12, 2018 |
Note 24 - Parent Company Info91
Note 24 - Parent Company Information - Condensed Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Cash and due from banks | $ 13,066 | $ 10,976 | |
Total assets | 504,025 | 509,999 | |
Long-term subordinated debt | 7,281 | 7,252 | |
Other liabilities | 2,358 | 1,944 | |
Total liabilities | 471,806 | 479,712 | |
Total stockholders' equity | 32,219 | 30,287 | $ 29,742 |
Total liabilities and stockholders' equity | 504,025 | 509,999 | |
Parent Company [Member] | |||
Cash and due from banks | 55 | 71 | |
Investment in subsidiary | 38,623 | 36,729 | |
Due from subsidiary | 164 | ||
Other assets | 862 | 581 | |
Total assets | 39,540 | 37,545 | |
Long-term subordinated debt | 7,281 | 7,252 | |
Other liabilities | 40 | 6 | |
Total liabilities | 7,321 | 7,258 | |
Total stockholders' equity | 32,219 | 30,287 | |
Total liabilities and stockholders' equity | $ 39,540 | $ 37,545 |
Note 24 - Parent Company Info92
Note 24 - Parent Company Information - Condensed Statements of Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Salaries and employee benefits | $ 7,017 | $ 7,499 |
Professional fees | 716 | 479 |
Directors’ fees | 236 | 216 |
Correspondent charges | 316 | 314 |
Income before income taxes | 3,358 | 1,769 |
Income tax benefit | (1,004) | (277) |
Net income | 2,354 | 1,492 |
Parent Company [Member] | ||
Dividend income from operating subsidiary | 1,300 | 950 |
Total operating income | 1,300 | 950 |
Interest on long-term debt | 542 | 515 |
Salaries and employee benefits | 123 | 127 |
Professional fees | 120 | 14 |
Directors’ fees | 22 | 24 |
Correspondent charges | 63 | 70 |
Other expense | 38 | 18 |
Total operating expense | 908 | 768 |
Income before income taxes | 392 | 182 |
Income tax benefit | 260 | 253 |
Equity in undistributed earnings of subsidiary | 1,702 | 1,057 |
Net income | $ 2,354 | $ 1,492 |
Note 24 - Parent Company Info93
Note 24 - Parent Company Information - Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Net income | $ 2,354 | $ 1,492 |
Stock-based compensation | 145 | 151 |
Net cash provided by operating activities | 4,886 | 2,195 |
Net cash provided by (used in) investing activities | 20,707 | (73,806) |
Proceeds from issuance of common stock | 29 | 39 |
Decrease in subordinated debt issuance fees | (7) | |
Dividends paid - common stock | (788) | (763) |
Net cash (used in) provided by financing activities | (9,108) | 63,728 |
Net decrease in cash and cash equivalents | 16,485 | (7,883) |
Parent Company [Member] | ||
Net income | 2,354 | 1,492 |
Equity in undistributed earnings of subsidiary companies | (1,702) | (1,057) |
Stock-based compensation | 145 | 151 |
Other, net | (82) | (370) |
Amortization of long-term debt issuance costs | 29 | 29 |
Net cash provided by operating activities | 744 | 245 |
Investment in operating subsidiary | ||
Net cash provided by (used in) investing activities | ||
Proceeds from issuance of common stock | 28 | 39 |
Decrease in subordinated debt issuance fees | (7) | |
Dividends paid - common stock | (788) | (763) |
Net cash (used in) provided by financing activities | (760) | (731) |
Net decrease in cash and cash equivalents | (16) | (486) |
Cash and cash equivalents at beginning of year | 71 | 557 |
Cash and cash equivalents at end of year | $ 55 | $ 71 |