Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Aug. 09, 2019 | |
Document Information [Line Items] | ||
Entity Registrant Name | QUAINT OAK BANCORP INC | |
Entity Central Index Key | 0001391933 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Common Stock, Shares Outstanding (in shares) | 1,996,883 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Assets | ||
Due from banks, non-interest-bearing | $ 44 | $ 369 |
Due from banks, interest-bearing | 16,210 | 25,643 |
Cash and cash equivalents | 16,254 | 26,012 |
Investment in interest-earning time deposits | 10,160 | 4,927 |
Investment securities available for sale | 8,832 | 6,680 |
Loans held for sale | 9,402 | 5,103 |
Loans receivable, net of allowance for loan losses (2019 $2,126; 2018 $1,965) | 226,189 | 216,898 |
Accrued interest receivable | 1,326 | 1,153 |
Investment in Federal Home Loan Bank stock, at cost | 1,089 | 1,086 |
Bank-owned life insurance | 3,933 | 3,894 |
Premises and equipment, net | 2,062 | 2,058 |
Goodwill | 515 | 515 |
Other intangible, net of accumulated amortization | 344 | 368 |
Other real estate owned, net | 1,819 | 1,650 |
Prepaid expenses and other assets | 2,952 | 1,060 |
Total Assets | 284,877 | 271,404 |
Liabilities | ||
Non-interest bearing | 17,346 | 17,542 |
Interest-bearing | 207,158 | 194,369 |
Total deposits | 224,504 | 211,911 |
Federal Home Loan Bank short-term borrowings | 9,000 | |
Federal Home Loan Bank long-term borrowings | 23,000 | 15,000 |
Subordinated debt | 7,848 | 7,831 |
Accrued interest payable | 270 | 221 |
Advances from borrowers for taxes and insurance | 2,415 | 2,568 |
Accrued expenses and other liabilities | 2,012 | 1,037 |
Total Liabilities | 260,049 | 247,568 |
Stockholders’ Equity | ||
Preferred stock – $0.01 par value, 1,000,000 shares authorized; none issued or outstanding | 0 | 0 |
Common stock – $0.01 par value; 9,000,000 shares authorized; 2,777,250 issued; 1,996,688 and 1,975,947 outstanding at June 30, 2019 and December 31, 2018, respectively | 28 | 28 |
Additional paid-in capital | 14,832 | 14,683 |
Treasury stock, at cost: 2019 780,562 shares; 2018 801,303 shares | (4,793) | (4,824) |
Unallocated common stock held by employee Stock Ownership Plan (ESOP) | (151) | (185) |
Accumulated other comprehensive income (loss) | 15 | (2) |
Retained earnings | 14,897 | 14,136 |
Total Stockholders' Equity | 24,828 | 23,836 |
Total Liabilities and Stockholders’ Equity | $ 284,877 | $ 271,404 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Loans receivable, allowance for loan losses | $ 2,126 | $ 1,965 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 9,000,000 | 9,000,000 |
Common stock, shares issued (in shares) | 2,777,250 | 2,777,250 |
Common stock, shares outstanding (in shares) | 1,996,688 | 1,975,947 |
Treasury stock, at cost, shares (in shares) | 780,562 | 801,303 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Interest Income | ||||
Interest and fees on loans | $ 3,200,000 | $ 2,849,000 | $ 6,337,000 | $ 5,558,000 |
Interest and dividends on time deposits, investment securities, interest-bearing deposits with other banks, and Federal Home Loan Bank stock | 277,000 | 150,000 | 542,000 | 276,000 |
Total Interest Income | 3,477,000 | 2,999,000 | 6,879,000 | 5,834,000 |
Interest Expense | ||||
Interest on deposits | 1,093,000 | 800,000 | 2,092,000 | 1,529,000 |
Interest on Federal Home Loan Bank short-term borrowings | 36,000 | 48,000 | 94,000 | 84,000 |
Interest on Federal Home Loan Bank long-term borrowings | 120,000 | 91,000 | 199,000 | 182,000 |
Interest on subordinated debt | 130,000 | 259,000 | ||
Total Interest Expense | 1,379,000 | 939,000 | 2,644,000 | 1,795,000 |
Net Interest Income | 2,098,000 | 2,060,000 | 4,235,000 | 4,039,000 |
Provision for Loan Losses | 76,000 | 94,000 | 161,000 | 165,000 |
Net Interest Income after Provision for Loan Losses | 2,022,000 | 1,966,000 | 4,074,000 | 3,874,000 |
Non-Interest Income | ||||
Insurance commissions | 106,000 | 103,000 | 198,000 | 182,000 |
Income from bank-owned life insurance | 19,000 | 21,000 | 39,000 | 41,000 |
Net gain on loans held for sale | 867,000 | 585,000 | 1,300,000 | 906,000 |
Gain on sale of SBA loans | 34,000 | 140,000 | 23,000 | |
Gain on sales of other real estate owned | 63,000 | |||
Total Non-Interest Income | 1,446,000 | 1,020,000 | 2,288,000 | 1,762,000 |
Non-Interest Expense | ||||
Salaries and employee benefits | 1,771,000 | 1,621,000 | 3,397,000 | 3,289,000 |
Directors' fees and expenses | 56,000 | 40,000 | 113,000 | 94,000 |
Occupancy and equipment | 174,000 | 146,000 | 334,000 | 296,000 |
Data processing | 118,000 | 93,000 | 220,000 | 179,000 |
Professional fees | 92,000 | 123,000 | 174,000 | 183,000 |
FDIC deposit insurance assessment | 12,000 | 46,000 | 40,000 | 93,000 |
Other real estate owned expense | 4,000 | 2,000 | 11,000 | 2,000 |
Advertising | 71,000 | 54,000 | 142,000 | 108,000 |
Amortization of other intangible | 12,000 | 12,000 | 24,000 | 24,000 |
Other | 217,000 | 144,000 | 379,000 | 320,000 |
Total Non-Interest Expense | 2,527,000 | 2,281,000 | 4,834,000 | 4,588,000 |
Income before Income Taxes | 941,000 | 705,000 | 1,528,000 | 1,048,000 |
Income Taxes | 276,000 | 170,000 | 450,000 | 225,000 |
Net Income | $ 665,000 | $ 535,000 | $ 1,078,000 | $ 823,000 |
Earnings per share - basic (in dollars per share) | $ 0.34 | $ 0.28 | $ 0.55 | $ 0.43 |
Average shares outstanding - basic (in shares) | 1,953,452 | 1,904,344 | 1,946,944 | 1,903,658 |
Earnings per share - diluted (in dollars per share) | $ 0.33 | $ 0.27 | $ 0.54 | $ 0.42 |
Average shares outstanding - diluted (in shares) | 2,001,690 | 1,963,852 | 1,993,759 | 1,962,954 |
Mortgage Banking and Abstract Fees [Member] | ||||
Non-Interest Income | ||||
Non-interest revenue | $ 325,000 | $ 217,000 | $ 470,000 | $ 327,000 |
Real Estate Sales Commissions [Member] | ||||
Non-Interest Income | ||||
Non-interest revenue | 33,000 | 50,000 | 51,000 | 102,000 |
Other Fees and Services Fees [Member] | ||||
Non-Interest Income | ||||
Non-interest revenue | $ 62,000 | $ 44,000 | $ 90,000 | $ 118,000 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Net Income | $ 665,000 | $ 535,000 | $ 1,078,000 | $ 823,000 |
Other Comprehensive Income (Loss): | ||||
Unrealized gains (losses) on investment securities available-for-sale | 21,000 | (1,000) | 22,000 | 14,000 |
Income tax effect | (5,000) | (5,000) | (3,000) | |
Other comprehensive income (loss) | 16,000 | (1,000) | 17,000 | 11,000 |
Total Comprehensive Income | $ 681,000 | $ 534,000 | $ 1,095,000 | $ 834,000 |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Equity (Unaudited) - USD ($) | The 401(k) Plan [Member]Common Stock Outstanding [Member] | The 401(k) Plan [Member]Additional Paid-in Capital [Member] | The 401(k) Plan [Member]Treasury Stock [Member] | The 401(k) Plan [Member]Unallocated Common Stock Held by Benefit Plans [Member] | The 401(k) Plan [Member]AOCI Attributable to Parent [Member] | The 401(k) Plan [Member]Retained Earnings [Member] | The 401(k) Plan [Member] | The 2013 Stock Incentive Plan [Member]Common Stock Outstanding [Member] | The 2013 Stock Incentive Plan [Member]Additional Paid-in Capital [Member] | The 2013 Stock Incentive Plan [Member]Treasury Stock [Member] | The 2013 Stock Incentive Plan [Member]Unallocated Common Stock Held by Benefit Plans [Member] | The 2013 Stock Incentive Plan [Member]AOCI Attributable to Parent [Member] | The 2013 Stock Incentive Plan [Member]Retained Earnings [Member] | The 2013 Stock Incentive Plan [Member] | The 2008 Stock Option Plan [Member]Common Stock Outstanding [Member] | The 2008 Stock Option Plan [Member]Additional Paid-in Capital [Member] | The 2008 Stock Option Plan [Member]Treasury Stock [Member] | The 2008 Stock Option Plan [Member] | Common Stock Outstanding [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Unallocated Common Stock Held by Benefit Plans [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
BALANCE (in shares) at Dec. 31, 2017 | 1,920,024 | ||||||||||||||||||||||||
BALANCE at Dec. 31, 2017 | $ 28,000 | $ 14,481,000 | $ (4,675,000) | $ (277,000) | $ (15,000) | $ 12,643,000 | $ 22,185,000 | ||||||||||||||||||
ESOP shares committed to be released | 62,000 | 34,000 | 96,000 | ||||||||||||||||||||||
Treasury stock purchase (in shares) | (44,311) | ||||||||||||||||||||||||
Treasury stock purchase | (588,000) | 2,000 | (586,000) | ||||||||||||||||||||||
Reissuance of treasury stock (in shares) | 3,002 | 4,997 | 106,844 | ||||||||||||||||||||||
Reissuance of treasury stock | $ 23,000 | $ 17,000 | $ 40,000 | $ (28,000) | $ 28,000 | $ (57,000) | $ 591,000 | $ 534,000 | |||||||||||||||||
Stock based compensation expense | 61,000 | 61,000 | |||||||||||||||||||||||
Cash dividends declared | (232,000) | (232,000) | |||||||||||||||||||||||
Net Income | 823,000 | 823,000 | |||||||||||||||||||||||
Other comprehensive income, net | 11,000 | 11,000 | |||||||||||||||||||||||
Release of 4,664 vested RRP shares | (22,000) | 22,000 | |||||||||||||||||||||||
BALANCE (in shares) at Jun. 30, 2018 | 1,990,556 | ||||||||||||||||||||||||
BALANCE at Jun. 30, 2018 | $ 28,000 | 14,520,000 | (4,627,000) | (219,000) | (4,000) | 13,234,000 | 22,932,000 | ||||||||||||||||||
BALANCE (in shares) at Mar. 31, 2018 | 1,954,571 | ||||||||||||||||||||||||
BALANCE at Mar. 31, 2018 | $ 28,000 | 14,534,000 | (4,649,000) | (260,000) | (3,000) | 12,835,000 | 22,485,000 | ||||||||||||||||||
ESOP shares committed to be released | 31,000 | 17,000 | 48,000 | ||||||||||||||||||||||
Treasury stock purchase (in shares) | (24,210) | ||||||||||||||||||||||||
Treasury stock purchase | (316,000) | ||||||||||||||||||||||||
Reissuance of treasury stock (in shares) | 1,216 | 4,997 | 53,982 | ||||||||||||||||||||||
Reissuance of treasury stock | 9,000 | 7,000 | 16,000 | (28,000) | 28,000 | (33,000) | 303,000 | 270,000 | |||||||||||||||||
Stock based compensation expense | 29,000 | 29,000 | |||||||||||||||||||||||
Cash dividends declared | (136,000) | (136,000) | |||||||||||||||||||||||
Net Income | 535,000 | 535,000 | |||||||||||||||||||||||
Other comprehensive income, net | (1,000) | ||||||||||||||||||||||||
Release of 4,664 vested RRP shares | (22,000) | 22,000 | |||||||||||||||||||||||
BALANCE (in shares) at Jun. 30, 2018 | 1,990,556 | ||||||||||||||||||||||||
BALANCE at Jun. 30, 2018 | $ 28,000 | 14,520,000 | (4,627,000) | (219,000) | (4,000) | 13,234,000 | $ 22,932,000 | ||||||||||||||||||
BALANCE (in shares) at Dec. 31, 2018 | 1,975,947 | 1,975,947 | |||||||||||||||||||||||
BALANCE at Dec. 31, 2018 | $ 28,000 | 14,683,000 | (4,824,000) | (185,000) | (2,000) | 14,136,000 | $ 23,836,000 | ||||||||||||||||||
ESOP shares committed to be released | 56,000 | 34,000 | 90,000 | ||||||||||||||||||||||
Treasury stock purchase (in shares) | (14,161) | ||||||||||||||||||||||||
Treasury stock purchase | (174,000) | (174,000) | |||||||||||||||||||||||
Reissuance of treasury stock (in shares) | 1,681 | 9,721 | 23,500 | ||||||||||||||||||||||
Reissuance of treasury stock | 11,000 | 10,000 | 21,000 | (57,000) | 57,000 | 52,000 | 138,000 | 190,000 | |||||||||||||||||
Stock based compensation expense | 87,000 | 87,000 | |||||||||||||||||||||||
Cash dividends declared | (317,000) | (317,000) | |||||||||||||||||||||||
Net Income | 1,078,000 | 1,078,000 | |||||||||||||||||||||||
Other comprehensive income, net | 17,000 | $ 17,000 | |||||||||||||||||||||||
BALANCE (in shares) at Jun. 30, 2019 | 1,996,688 | 1,996,688 | |||||||||||||||||||||||
BALANCE at Jun. 30, 2019 | $ 28,000 | 14,832,000 | (4,793,000) | (151,000) | 15,000 | 14,897,000 | $ 24,828,000 | ||||||||||||||||||
BALANCE (in shares) at Mar. 31, 2019 | 1,981,091 | ||||||||||||||||||||||||
BALANCE at Mar. 31, 2019 | $ 28,000 | 14,790,000 | (4,854,000) | (168,000) | (1,000) | 14,411,000 | 24,206,000 | ||||||||||||||||||
ESOP shares committed to be released | 29,000 | 17,000 | 46,000 | ||||||||||||||||||||||
Treasury stock purchase (in shares) | (4,835) | ||||||||||||||||||||||||
Treasury stock purchase | (59,000) | (59,000) | |||||||||||||||||||||||
Reissuance of treasury stock (in shares) | 711 | 9,721 | 10,000 | ||||||||||||||||||||||
Reissuance of treasury stock | $ 5,000 | $ 4,000 | $ 9,000 | $ (57,000) | $ 57,000 | $ 22,000 | $ 59,000 | $ 81,000 | |||||||||||||||||
Stock based compensation expense | 43,000 | 43,000 | |||||||||||||||||||||||
Cash dividends declared | (179,000) | (179,000) | |||||||||||||||||||||||
Net Income | 665,000 | 665,000 | |||||||||||||||||||||||
Other comprehensive income, net | 16,000 | $ 16,000 | |||||||||||||||||||||||
BALANCE (in shares) at Jun. 30, 2019 | 1,996,688 | 1,996,688 | |||||||||||||||||||||||
BALANCE at Jun. 30, 2019 | $ 28,000 | $ 14,832,000 | $ (4,793,000) | $ (151,000) | $ 15,000 | $ 14,897,000 | $ 24,828,000 |
Consolidated Statement of Sto_2
Consolidated Statement of Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Retained Earnings [Member] | ||||
Cash dividends declared, per share (in dollars per share) | $ 0.09 | $ 0.07 | $ 0.16 | $ 0.12 |
Common stock allocated by ESOP (in shares) | 902 | 902 | 1,804 | 1,804 |
Release of vested RRP shares (in shares) | 4,664 | 4,664 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash Flows from Operating Activities | ||
Net Income | $ 1,078,000 | $ 823,000 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||
Provision for loan losses | 161,000 | 165,000 |
Depreciation of premises and equipment | 99,000 | 102,000 |
Amortization of operating right-of-use assets | 45,000 | |
Amortization of subordinated debt issuance costs | 17,000 | |
Amortization of other intangible | 24,000 | 24,000 |
Net amortization of securities premiums | 9,000 | 10,000 |
Accretion of deferred loan fees and costs, net | (219,000) | (169,000) |
Stock-based compensation expense | 177,000 | 157,000 |
Net gain on loans held for sale | (1,300,000) | (906,000) |
Loans held for sale-originations | (53,420,000) | (44,934,000) |
Loans held for sale-proceeds | 50,421,000 | 47,647,000 |
Gain on the sale of SBA loans | (140,000) | (23,000) |
Net loss on sale and write-downs of other real estate owned | (63,000) | |
Increase in the cash surrender value of bank-owned life insurance | (39,000) | (41,000) |
Accrued interest receivable | (173,000) | 8,000 |
Prepaid expenses and other assets | (576,000) | (23,000) |
Accrued interest payable | 49,000 | 9,000 |
Accrued expenses and other liabilities | (391,000) | (104,000) |
Net Cash (Used in) Provided by Operating Activities | (4,178,000) | 2,682,000 |
Cash Flows from Investing Activities | ||
Purchase of interest-earning time deposits | (6,576,000) | (541,000) |
Redemption of interest-earning time deposits | 1,343,000 | 500,000 |
Purchase of investment securities available for sale | (2,524,000) | |
Principal repayments on investment securities available for sale | 385,000 | 579,000 |
Net increase in loans receivable | (9,093,000) | (8,140,000) |
Purchase of Federal Home Loan Bank stock | (3,000) | (12,000) |
Proceeds from the sale of other real estate owned | 63,000 | |
Capitalized expenditures on other real estate owned | (169,000) | (18,000) |
Purchase of premises and equipment | (103,000) | (244,000) |
Net Cash Used in Investing Activities | (16,740,000) | (7,813,000) |
Cash Flows from Financing Activities | ||
Net increase in demand deposits, money markets, and savings accounts | 415,000 | 3,760,000 |
Net increase in certificate accounts | 12,178,000 | 12,017,000 |
Decrease in advances from borrowers for taxes and insurance | (153,000) | (93,000) |
Repayment of Federal Home Loan Bank short-term borrowings | (9,000,000) | |
Proceeds from Federal Home Loan Bank long-term borrowings | 9,000,000 | |
Repayment of Federal Home Loan Bank long-term borrowings | (1,000,000) | |
Dividends paid | (317,000) | (232,000) |
Purchase of treasury stock | (174,000) | (586,000) |
Proceeds from the reissuance of treasury stock | 21,000 | 40,000 |
Proceeds from the exercise of stock options | 190,000 | 534,000 |
Net Cash Provided by Financing Activities | 11,160,000 | 15,440,000 |
Net (Decrease) Increase in Cash and Cash Equivalents | (9,758,000) | 10,309,000 |
Cash and Cash Equivalents – Beginning of Year | 26,012,000 | 7,910,000 |
Cash and Cash Equivalents – End of Year | 16,254,000 | 18,219,000 |
Supplementary Disclosure of Cash Flow and Non-Cash Information: | ||
Cash payments for interest | 2,595,000 | 1,786,000 |
Cash payments for income taxes | 529,000 | 290,000 |
Transfer of loans to other real estate owned | 1,656,000 | |
Initial recognition of operating lease right-of use assets | 1,366,000 | |
Initial recognition of operating lease obligations | $ 1,366,000 |
Note 1 - Financial Statement Pr
Note 1 - Financial Statement Presentation and Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | Notes to Unaudited Consolidated Financial Statements Note 1 Basis of Financial Presentation. June 30, 2019, five July 2009. February, 2019, July 2012 August 2016 The Bank is subject to regulation by the Pennsylvania Department of Banking and Securities and the Federal Deposit Insurance Corporation. Pursuant to the Bank’s election under Section 10 two May 2019, The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (US GAAP) for interim information and with the instructions to Form 10 not The foregoing consolidated financial statements are unaudited; but in the opinion of management include all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation thereof. The balances as of December 31, 2018 2018 10 three six June 30, 2019 not may December 31, 2019. Use of Estimates in the Preparation of Financial Statements. Loans Receivable. The loans receivable portfolio is segmented into residential loans, commercial real estate loans, construction loans, commercial business loans, and consumer loans. The residential loan segment has two one four one four five The accrual of interest is generally discontinued when principal or interest has become 90 no Allowance for Loan Losses. no The allowance for loan losses is maintained at a level considered adequate to provide for losses that can be reasonably anticipated. Management performs a quarterly evaluation of the adequacy of the allowance. The allowance is based on the Company’s past loan loss experience, known and inherent risks in the portfolio, adverse situations that may may The allowance consists of specific, general and unallocated components. The specific component relates to loans that are designated as impaired. For loans that are designated as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The general component covers pools of loans by loan class. These pools of loans are evaluated for loss exposure based upon historical loss rates for each of these categories of loans, adjusted for qualitative factors. These significant factors may 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 A loan is identified as a troubled debt restructuring (“TDR”) if the Company, for economic or legal reasons related to a debtor’s financial difficulties, grants a concession to the debtor that it would not For loans secured by real estate, estimated fair values are determined primarily through third The allowance calculation methodology includes further segregation of loan classes into risk rating categories. The borrower’s overall financial condition, repayment sources, guarantors and value of collateral, if appropriate, are evaluated annually for all loans (except one four $500,000, may not may may not Loans Held for Sale . Federal Home Loan Bank Stock . No three six June 30, 2019 2018. Bank Owned Life Insurance (BOLl). Intangible Assets. August 1, 2016 $1.0 $515,000 $485,000 ten The Company will complete a goodwill and other intangible asset analysis at least on an annual basis or more often if events and circumstances indicate that there may Other Real Estate Owned, Net . June 30, 2019 four $1.8 $1.7 December 31, 2018. Share -Based Compensation. At June 30, 2019, two 2013 2018 May 2013 May 2018. 10. The Company also has an employee stock ownership plan (“ESOP”). This plan is more fully described in Note 10. Comprehensive Income . Earnings per Share. Revenue from Contracts with Customers. 606, “Revenue from Contracts with Customers” (“Topic 606” 606, not The Company’s primary sources of revenue are derived from interest and dividends earned on loans and investment securities, gains on the sale of loans, income from bank-owned life insurance, and other financial instruments that are not 606. Service Charges on Deposits. Insurance Commissions . not one no Change in Accounting Principal . March 2017, 2017 08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310 20 not January 1, 2019. not three six June 30, 2019, no June 30, 2019. Recent ly Adopted Accounting Pronouncements. February 2016, 2016 02, Leases (Topic 842 one 12 not may December 15, 2018, January 1, 2019 $1.4 June 30, 2019 Recent Accounting Pronouncements Not September 2016, 2016 13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments, 2016 13 December 15, 2019, December 15, 2018. first one first one In January 2017, 2017 04, Simplifying the Test for Goodwill Impairment 2 2, not December 15, 2019. not In August 2018, 2018 13, Fair Value Measurement (Topic 820 December 15, 2019. not In November, 2018, 2018 19, Codification Improvements to Topic 326, 2016 13 December 15, 2021, 2016 13 December 15, 2019, December 15, 2020, December 15, 2021, not 326 20. 842, 2018 19 2016 13, 2018 19. not Reclassifications. 2018 2019 not no |
Note 2 - Earnings Per Share
Note 2 - Earnings Per Share | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 2 – Earnings Per Share Earnings per share (“EPS”) consists of two not three six June 30, 2019 2018, 2013 2018 2013 2018 The following table sets forth the composition of the weighted average shares (denominator) used in the basic and dilutive earnings per share computations. For the Three Months Ended June 30, For the Six Months Ended June 30, 201 9 201 8 201 9 201 8 Net Income $ 665,000 $ 535,000 $ 1,078,000 $ 823,000 Weighted average shares outstanding – basic 1,953,452 1,904,344 1,946,944 1,903,658 Effect of dilutive common stock equivalents 48,238 59,508 46,815 59,296 Adjusted weighted average shares outstanding – diluted 2,001,690 1,963,852 1,993,759 1,962,954 Basic earnings per share $ 0.34 $ 0.28 $ 0.55 $ 0.43 Diluted earnings per share $ 0.33 $ 0.27 $ 0.54 $ 0.42 |
Note 3 - Accumulated Other Comp
Note 3 - Accumulated Other Comprehensive Loss | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | Note 3 – Accumulated Other Comprehensive Income (Loss) The following table presents the changes in accumulated other comprehensive income (loss) by component, net of tax, for the three six June 30, 2019 2018 Unrealized Gains (Losses) on Investment Securities Available for Sale (1) For the Three Months E nded June 30, For the Six Months Ended June 30, 201 9 201 8 201 9 201 8 Balance at the beginning of the period $ (1 ) $ (3 ) $ (2 ) $ (15 ) Other comprehensive income (loss) before classifications 16 (1 ) 17 11 Amount reclassified from accumulated other comprehensive income (loss) - - - - Total other comprehensive income (loss) 16 (1 ) 17 11 Balance at the end of the period $ 15 $ (4 ) $ 15 $ (4 ) _________________ ( 1 |
Note 4 - Investment in Interest
Note 4 - Investment in Interest-earning Time Deposits | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Investments and Other Noncurrent Assets [Text Block] | N o te 4 – Investment in Interest-Earning Time Deposits The investment in interest-earning time deposits as of June 30, 2019 December 31, 2018, June 30 , 201 9 December 31, 201 8 Due in one year or less $ 1,009 $ 1,604 Due after one year through five years 9,151 3,323 Total $ 10,160 $ 4,927 |
Note 5 - Investment Securities
Note 5 - Investment Securities Available for Sale | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | N ote 5 – Investment Securities Available for Sale The amortized cost, gross unrealized gains and losses, and fair value of investment securities available for sale at June 30, 2019 December 31, 2018 June 30 , 201 9 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value Available for Sale: Mortgage-backed securities: Governmental National Mortgage Association securities $ 5,547 $ 20 $ - $ 5,567 Federal Home Loan Mortgage Corporation securities 1,085 1 (7 ) 1,079 Federal National Mortgage Association securities 320 1 - 321 Total mortgage-backed securities 6,952 22 (7 ) 6,967 Debt securities: U.S. government agency 360 - - 360 Corporate notes 1,500 5 - 1,505 Total available-for-sale-securities $ 8,812 $ 27 $ (7 ) $ 8,832 December 31, 201 8 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value Available for Sale: Mortgage-backed securities: Governmental National Mortgage Association securities $ 4,844 $ 29 $ - $ 4,873 Federal Home Loan Mortgage Corporation securities 1,111 - (29 ) 1,082 Federal National Mortgage Association securities 367 - - 367 Total mortgage-backed securities 6,322 29 (29 ) 6,322 Debt securities: U.S. government agency 360 - (2 ) 358 Total available-for-sale-securities $ 6,682 $ 29 $ (31 ) $ 6,680 The amortized cost and fair value of debt securities at June 30, 2019, may Available for Sale Amortized Cost Fair Value Due after one year through five years $ 360 $ 360 Due after ten years 8,452 8,472 Total $ 8,812 $ 8,832 The following tables show the Company’s gross unrealized losses and fair value, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position at June 30, 2019 December 31, 2018 ( June 30 , 201 9 Less than Twelve Months Twelve Months or Greater Total Number of Fair Value Gross Fair Value Gross Fair Value Gross Federal Home Loan Mortgage Corporation mortgage-backed securities 1 - - 358 (7 ) 358 (7 ) Total 1 $ - $ - $ 358 $ (7 ) $ 358 $ (7 ) December 31 , 201 8 Less than Twelve Months Twelve Months or Greater Total Number of Fair Value Gross Fair Value Gross Fair Value Gross Federal Home Loan Mortgage Corporation mortgage-backed securities 2 $ - $ - $ 1,082 $ (29 ) $ 1,082 $ (29 ) Debt securities, U.S. government agency 1 - - 358 (2 ) 358 (2 ) Total 3 $ - $ - $ 1,440 $ (31 ) $ 1,440 $ (31 ) At June 30, 2019, one 1.06% may not June 30, 2019 no three six June 30, 2019 2018. |
Note 6 - Loans Receivable, Net
Note 6 - Loans Receivable, Net and Allowance for Loan Losses | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Financing Receivables [Text Block] | Note 6 - Loans Receivable, Net and Allowance for Loan Losses The composition of net loans receivable is as follows: June 30 , 201 9 December 31, 201 8 Real estate loans: One-to-four family residential: Owner occupied $ 6,304 $ 6,603 Non-owner occupied 43,351 47,361 Total one-to-four family residential 49,655 53,694 Multi-family (five or more) residential 23,498 23,967 Commercial real estate 108,275 103,819 Construction 9,719 9,998 Home equity 3,970 4,347 Total real estate loans 195,117 196,095 Commercial business 34,009 23,616 Other consumer 11 19 Total Loans 229,137 219,730 Deferred loan fees and costs (822 ) (867 ) Allowance for loan losses (2,126 ) (1,965 ) Net Loans $ 226,189 $ 216,898 The following tables present the classes of the loan portfolio summarized by the aggregate pass rating and the classified ratings of special mention, substandard and doubtful within the Company’s internal risk rating system as of June 30, 2019 December 31, 2018 June 30 , 201 9 Pass Special Mention Substandard Doubtful Total One-to-four family residential owner occupied $ 6,132 $ - $ 172 $ - $ 6,304 One-to-four family residential non-owner occupied 42,556 - 795 - 43,351 Multi-family residential 23,498 - - - 23,498 Commercial real estate 103,986 1,975 2,314 - 108,275 Construction 9,719 - - - 9,719 Home equity 3,970 - - - 3,970 Commercial business 33,960 - 49 - 34,009 Other consumer 11 - - - 11 Total $ 223,832 $ 1,975 $ 3,330 $ - $ 229,137 December 31, 201 8 Pass Special Mention Substandard Doubtful Total One-to-four family residential owner occupied $ 6,421 $ - $ 182 $ - $ 6,603 One-to-four family residential non-owner occupied 46,534 - 827 - 47,361 Multi-family residential 23,967 - - - 23,967 Commercial real estate 101,821 - 1,998 - 103,819 Construction 9,998 - - - 9,998 Home equity 4,347 - - - 4,347 Commercial business 23,149 - 467 - 23,616 Other consumer 19 - - - 19 Total $ 216,256 $ - $ 3,374 $ - $ 219,730 The following table presents impaired loans by class, segregated by those for which a specific allowance was required and those for which a specific allowance was not June 30, 2019 June 30 , 201 9 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: One-to-four family residential owner occupied $ 172 $ 178 $ - $ 173 $ - One-to-four family residential non-owner occupied 264 264 - 265 8 Multi-family residential - - - - - Commercial real estate - - - - - Construction - - - - - Home equity - - - - - Commercial business - - - - - Other consumer - - - - - - With an allowance recorded: One-to-four family residential owner occupied $ - $ - $ - $ - $ - One-to-four family residential non-owner occupied 68 68 50 68 - Multi-family residential - - - - - Commercial real estate 133 133 5 133 6 Construction - - - - - Home equity - - - - - Commercial business - - - - - Other consumer - - - - - Total: One-to-four family residential owner occupied $ 172 $ 178 $ - $ 173 $ - One-to-four family residential non-owner occupied 332 332 50 333 8 Multi-family residential - - - - - Commercial real estate 133 133 5 133 6 Construction - - - - - Home equity - - - - - Commercial business - - - - - Other consumer - - - - - Total $ 637 $ 643 $ 55 $ 639 $ 14 The following table presents impaired loans by class, segregated by those for which a specific allowance was required and those for which a specific allowance was not December 31, 2018 December 31, 201 8 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: One-to-four family residential owner occupied $ 182 $ 185 $ - $ 417 $ 23 One-to-four family residential non-owner occupied 265 265 - 324 17 Multi-family residential - - - - - Commercial real estate - - - - - Construction - - - 2,050 37 Home equity - - - 44 2 Commercial business - - - - - Other consumer - - - - - With an allowance recorded: One-to-four family residential owner occupied $ - $ - $ - $ - $ - One-to-four family residential non-owner occupied 68 68 50 162 4 Multi-family residential - - - - - Commercial real estate 133 133 5 133 10 Construction - - - - - Home equity - - - - - Commercial business - - - - - Other consumer - - - - - Total: One-to-four family residential owner occupied $ 182 $ 185 $ - $ 417 $ 23 One-to-four family residential non-owner occupied 333 333 50 486 21 Multi-family residential - - - - - Commercial real estate 133 133 5 133 10 Construction - - - 2,050 37 Home equity - - - 44 2 Commercial business - - - - - Other consumer - - - - - Total $ 648 $ 651 $ 55 $ 3,130 $ 93 The loan portfolio also includes certain loans that have been modified in a troubled debt restructuring, where economic concessions have been granted to borrowers who have experienced or are expected to experience financial difficulties. These concessions typically result from loss mitigation activities and could include reductions in the interest rate, payment extensions, forbearance, or other actions. At June 30, 2019, two $397,000 six June 30, 2019, no December 31, 2018, two $398,000 not six The following tables present the Company’s TDR loans as of June 30, 2019 December 31, 2018 ( June 30, 2019 Number of Contracts Recorded Investment Non- Accrual Accruing Related Allowance One-to-four family residential owner occupied - $ - $ - $ - $ - One-to-four family residential non-owner occupied 1 264 - 264 - Multi-family residential - - - - - Commercial real estate 1 133 - 133 5 Construction - - - - - Home equity - - - - - Commercial business - - - - - Other consumer - - - - - Total 2 $ 397 $ - $ 397 $ 5 December 31, 201 8 Number of Contracts Recorded Investment Non- Accrual Accruing Related Allowance One-to-four family residential owner occupied - $ - $ - $ - $ - One-to-four family residential non-owner occupied 1 265 - 265 - Multi-family residential - - - - - Commercial real estate 1 133 - 133 5 Construction - - - - - Home equity - - - - - Commercial business - - - - - Other consumer - - - - - Total 2 $ 398 $ - $ 398 $ 5 The contractual aging of the TDRs in the table above as of June 30, 2019 December 31, 2018 June 30, 2019 Accruing Past Due Less than 30 Days Past Due 30-89 Days 90 Days or More Past Due Non- Accrual Total One-to-four family residential owner occupied $ - $ - $ - $ - $ - One-to-four family residential non-owner occupied 264 - - - 264 Multi-family residential - - - - - Commercial real estate 133 - - - 133 Construction - - - - - Home equity - - - - - Commercial business - - - - - Other consumer - - - - - Total $ 397 $ - $ - $ - $ 397 December 31, 201 8 Accruing Past Due Less than 30 Days Past Due 30-89 Days 90 Days or More Past Due Non- Accrual Total One-to-four family residential owner occupied $ - $ - $ - $ - $ - One-to-four family residential non-owner occupied 265 - - - 265 Multi-family residential - - - - - Commercial real estate 133 - - - 133 Construction - - - - - Home equity - - - - - Commercial business - - - - - Other consumer - - - - - Total $ 398 $ - $ - $ - $ 398 Any reserve for an impaired TDR loan is based upon the present value of the future expected cash flows discounted at the loan’s original effective rate or upon the fair value of the collateral less costs to sell, if the loan is deemed collateral dependent. At June 30, 2019 no The general practice of the Bank is to work with borrowers so that they are able to pay back their loan in full. If a borrower continues to be delinquent or cannot meet the terms of a TDR modification and the loan is determined to be uncollectible, the loan will be charged off. Following is a summary, by loan portfolio class, of changes in the allowance for loan losses for the three six June 30, 2019 June 30, 2019 ( June 30, 201 9 1-4 Family Residential Owner Occupied 1-4 Family Residential Non-Owner Occupied Multi-Family Residential Commercial Real Estate Construction Home Equity Commercial Business and Other Consumer Unallocated Total For the Three Months Ended June 30, 201 9 Allowance for loan losses: Beginning balance $ 49 $ 463 $ 160 $ 809 $ 142 $ 24 $ 303 $ 100 $ 2,050 Charge-offs - - - - - - - - - Recoveries - - - - - - - - - Provision - (26 ) (7 ) 26 38 (1 ) 67 (21 ) 76 Ending balance $ 49 $ 437 $ 153 $ 835 $ 180 $ 23 $ 370 $ 79 $ 2,126 For the Six Months Ended June 30, 201 9 Allowance for loan losses: Beginning balance $ 51 $ 435 $ 156 $ 839 $ 175 $ 21 $ 247 $ 41 $ 1,965 Charge-offs - - - - - - - - - Recoveries - - - - - - - - - Provision (2 ) 2 (3 ) (4 ) 5 2 123 38 161 Ending balance $ 49 $ 437 $ 153 $ 835 $ 180 $ 23 $ 370 $ 79 $ 2,126 Ending balance evaluated for impairment: Individually $ - $ 50 $ - $ 5 $ - $ - $ - $ - $ 55 Collectively $ 49 $ 387 $ 153 $ 830 $ 180 $ 23 $ 370 $ 79 $ 2,071 Loans receivable: Ending balance: $ 6,304 $ 43,351 $ 23,498 $ 108,275 $ 9,719 $ 3,970 $ 34,020 $ 229,137 Ending balance evaluated for impairment: Individually $ 172 $ 332 $ - $ 133 $ - $ - $ - $ 637 Collectively $ 6,132 $ 43,019 $ 23,498 $ 108,142 $ 9,719 $ 3,970 $ 34,020 $ 228,500 The Bank allocated increased allowance for loan loss provisions to the commercial business portfolio class for the three six June 30, 2019, three June 30, 2019, three June 30, 2019, 1 4 three June 30, 2019, Following is a summary, by loan portfolio class, of changes in the allowance for loan losses for the three six June 30, 2018 ( June 30, 201 8 1-4 Family Residential Owner Occupied 1-4 Family Residential Non-Owner Occupied Multi-Family Residential Commercial Real Estate Construction Home Equity Commercial Business and Other Consumer Unallocated Total For the Three Months Ended June 30, 201 8 Allowance for loan losses: Beginning balance $ 54 $ 495 $ 164 $ 720 $ 142 $ 26 $ 170 $ 65 $ 1,836 Charge-offs - - - - (100 ) - - - (100 ) Recoveries - - - - - - - - - Provision 6 (56 ) 2 8 137 (2 ) 31 (32 ) 94 Ending balance $ 60 $ 439 $ 166 $ 728 $ 179 $ 24 $ 201 $ 33 $ 1,830 For the Six Months Ended June 30, 201 8 Allowance for loan losses: Beginning balance $ 48 $ 540 $ 152 $ 687 $ 136 $ 27 $ 140 $ 82 $ 1,812 Charge-offs - (47 ) - - (100 ) - - - (147 ) Recoveries - - - - - - - - - Provision 12 (54 ) 14 41 143 (3 ) 61 (49 ) 165 Ending balance $ 60 $ 439 $ 166 $ 728 $ 179 $ 24 $ 201 $ 33 $ 1,830 Ending balance evaluated for impairment: Individually $ - $ 20 $ - $ 5 $ - $ - $ - $ - $ 25 Collectively $ 60 $ 419 $ 166 $ 723 $ 179 $ 24 $ 201 $ 33 $ 1,805 The Bank allocated decreased allowance for loan loss provisions to the 1 4 three six June 30, 2018, three six June 30, 2018, three six June 30, 2018, three six June 30, 2018, Following is a summary, by loan portfolio class, of changes in the allowance for loan losses for the year ended December 31, 2018 December 31, 2018 ( December 31, 201 8 1-4 Family Residential Owner Occupied 1-4 Family Residential Non-Owner Occupied Multi- Family Residential Commercial Real Estate Construction Home Equity Commercial Business and Other Consumer Unallocated Total Allowance for loan losses: Beginning balance $ 48 $ 540 $ 152 $ 687 $ 136 $ 27 $ 140 $ 82 $ 1,812 Charge-offs - (47 ) - - (215 ) - - - (262 ) Recoveries - - - - - - - - - Provision 3 (58 ) 4 152 254 (6 ) 107 (41 ) 415 Ending balance $ 51 $ 435 $ 156 $ 839 $ 175 $ 21 $ 247 $ 41 $ 1,965 Ending balance evaluated for impairment Individually $ - $ 50 $ - $ 5 $ - $ - $ - $ - $ 55 Collectively $ 51 $ 385 $ 156 $ 834 $ 175 $ 21 $ 247 $ 41 $ 1,910 Loans receivable: Ending balance $ 6,603 $ 47,361 $ 23,967 $ 103,819 $ 9,998 $ 4,347 $ 23,635 $ 219,730 Ending balance evaluated for impairment Individually $ 182 $ 333 $ - $ 133 $ - $ - $ - $ 648 Collectively $ 6,421 $ 47,028 $ 23,967 $ 103,686 $ 9,998 $ 4,347 $ 23,635 $ 219,082 The Bank allocated increased allowance for loan loss provisions to the construction loan portfolio class for the year ended December 31, 2018, December 31, 2018, December 31, 2018, 1 4 December 31, 2018, The following table presents nonaccrual loans by classes of the loan portfolio as of June 30, 2019 December 31, 2018 ( June 30 , 201 9 December 31, 201 8 One-to-four family residential owner occupied $ 172 $ 182 One-to-four family residential non-owner occupied 68 68 Multi-family residential - - Commercial real estate - - Construction - - Home equity - - Commercial business - - Other consumer - - Total $ 240 $ 250 Non-performing loans, which consist of non-accruing loans plus accruing loans 90 $592,000 $1.2 June 30, 2019 December 31, 2018, For the three six June 30, 2019 2018 no $4,000 $9,000 three six June 30, 2019, $9,000 $18,000 three six June 30, 2018, The performance and credit quality of the loan portfolio is also monitored by analyzing the age of the loans receivable as determined by the length of time a recorded payment is past due. The following tables present the classes of the loan portfolio summarized by the past due status as of June 30, 2019 December 31, 2018 ( June 30 , 201 9 30- 89 Days Past Due 90 Days or M ore Pas t Due Total Past Due Current Total Loans Receivable Loans Receivable 90 Days or More Past Due and Accruing One-to-four family residential owner occupied $ 643 $ 172 $ 815 $ 5,489 $ 6,304 $ - One-to-four family residential non-owner occupied 365 230 595 42,756 43,351 162 Multi-family residential - - - 23,498 23,498 - Commercial real estate 256 190 446 107,829 108,275 190 Construction 790 - 790 8,929 9,719 - Home equity 30 - 30 3,940 3,970 - Commercial business 179 - 179 33,830 34,009 - Other consumer - - - 11 11 - Total $ 2,263 $ 592 $ 2,855 $ 226,282 $ 229,137 $ 352 December 31, 201 8 30-89 Days Past Due 90 Days or More Past Due Total Past Due Current Total Loans Receivable Loans Receivable 90 Days or More Past Due and Accruing One-to-four family residential owner occupied $ 1,096 $ 182 $ 1,278 $ 5,325 $ 6,603 $ - One-to-four family residential non-owner occupied 1,259 68 1,327 46,034 47,361 - Multi-family residential 371 -- 371 23,596 23,967 - Commercial real estate 2,070 548 2,618 101,201 103,819 548 Construction 2,231 - 2,231 7,767 9,998 - Home equity 31 - 31 4,316 4,347 - Commercial business 3 380 383 23,233 23,616 380 Other consumer - - - 19 19 - Total $ 7,061 $ 1,178 $ 8,239 $ 211,491 $ 219,730 $ 928 |
Note 7 - Goodwill and Other Int
Note 7 - Goodwill and Other Intangible, Net | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 7 – Goodwill and Other Intangible, Net On August 1, 2016, $1.0 $515,000 $485,000 ten June 30, 2019 $344,000 $141,000. three six June 30, 2019 2018 $12,000 $24,000 |
Note 8 - Deposits
Note 8 - Deposits | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | N ote 8 – Deposits Deposits consist of the following classifications (in thousands): June 30, 201 9 December 31, 201 8 Non-interest bearing checking accounts $ 17,346 $ 17,542 Passbook accounts 73 192 Savings accounts 1,785 1,120 Money market accounts 26,906 26,841 Certificates of deposit 178,394 166,216 Total deposits $ 224,504 $ 211,911 |
Note 9 - Borrowings
Note 9 - Borrowings | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | N ote 9 – Borrowings Federal Home Loan Bank advances consist of the following at June 30, 2019 December 31, 2018 ( June 30 , 201 9 December 31, 201 8 Amount Weighted Interest Amount Weighted Interest Short-term borrowings $ - - % $ 9,000 2.62 % Fixed rate borrowings maturing: 2019 2,000 1.95 3,000 1.86 2020 2,000 2.00 2,000 2.00 2021 4,000 2.26 3,000 2.05 2022 6,000 2.22 3,000 2.18 2023 5,000 2.37 3,000 2.33 2024 4,000 2.49 1,000 2.54 Total FHLB long-term debt $ 23,000 2.27 % $ 15,000 2.12 % |
Note 10 - Stock Compensation Pl
Note 10 - Stock Compensation Plans | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | Note 1 0 – Stock Compensation Plans Employee Stock Ownership Plan The Company maintains an Employee Stock Ownership Plan (ESOP) for the benefit of employees who meet the eligibility requirements of the plan. Using proceeds from a loan from the Company, the ESOP purchased 8%, 222,180 2007. 7.75% 15 Shares of the Company’s common stock purchased by the ESOP are held in a suspense account and reported as unallocated common stock held by the ESOP in stockholders’ equity until released for allocation to participants. As the debt is repaid, shares are released from collateral and are allocated to each eligible participant based on the ratio of each such participant’s base compensation to the total base compensation of eligible plan participants. As the unearned shares are committed to be released and allocated among participants, the Company recognizes compensation expense equal to the average market value of the shares, and the shares become outstanding for earnings per share computations. During the three six June 30, 2019, $46,000 $90,000 three six June 30, 2018, $48,000 $96,000 Recognition & Retention and Stock Incentive Plan s In May 2008, 2008 2008 111,090 $4.68 $520,000. May 8, 2018. May 2013, 2013 “2013 2013 May 2013 195,000 48,750, 25%, may 146,250 May 2018, 2018 “2018 2018 May 2018 155,000 38,750, 25%, may 116,250 As of June 30, 2019 38,887 2013 2018 11,750 2018 none 2013 2013 2018 five A summary of the status of the share awards under the RRP and Stock Incentive Plan as of June 30, 2019 2018 six June 30, 2019 2018 June 30 , 201 9 June 30 , 201 8 Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Unvested at the beginning of the period 48,608 $ 13.30 10,061 $ 8.10 Granted - - 48,608 13.30 Vested (9,721 ) 13.30 (9,661 ) 8.10 Forfeited - - (400 ) 8.10 Unvested at the end of the period 38,887 $ 13.30 48,608 $ 13.30 Compensation expense on the restricted stock awards is recognized ratably over the five three June 30, 2019 2018, $32,000 $21,000 $7,000 $4,000 three June 30, 2019 2018, six June 30, 2019 2018, $65,000 $42,000 $14,000 $9,000 six June 30, 2019 2018, June 30, 2019, $501,000 3.9 Stock Option and Stock Incentive Plans In May 2008, 2008 May 2013, 2013 “2013 277,726 no February 13, 2018, 2013 2013 May 2013 195,000 48,750, 25%, may 146,250 May 2018, 2018 “2018 2018 May 2018 155,000 38,750, 25%, may 116,250 For grants in May 2008, $5.00 May 2008 May 2018. 422 As of June 30, 2019, 256,336 37,250 none five ten A summary of option activity under the Company’s Option Plan and Stock Incentive Plan of June 30, 2019 2018 three June 30, 2019 2018 201 9 201 8 Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (in years) Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (in years) Outstanding at the beginning of the year 279,836 $ 10.64 6.8 265,302 $ 6.74 3.2 Granted - - - 136,636 13.30 9.9 Exercised (23,500 ) 8.10 - (106,844 ) 5.00 - Forfeited - - - (15,258 ) 6.22 - Outstanding at end of period 256,336 $ 10.87 6.5 279,836 $ 10.64 7.8 Exercisable at end of period 147,027 $ 9.07 3.9 143,200 $ 8.10 4.9 The estimated fair value of the options granted in May 2018 $1.75 Expected dividend yield 2.11 % Risk-free interest rate 2.96 % Expected life of options (in years) 6.5 Expected stock-price volatility 12.42 % The dividend yield was calculated on the dividend amount and stock price existing at the grant date. The risk free interest rate used was based on the rates of United States Treasury securities with maturities equal to the expected lives of the options. Although the contractual term of the options granted is ten may During the three June 30, 2019 2018, $11,000 $8,000, $1,000 three June 30, 2019 none three June 30, 2018. six June 30, 2019 2018, $22,000 $19,000, $1,000 six June 30, 2019 none six June 30, 2018. June 30, 2019, $171,000 3.9 |
Note 11 - Fair Value Measuremen
Note 11 - Fair Value Measurements and Fair Values of Financial Instruments | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 1 1 – Fair Value Measurements and Fair Values of Financial Instruments Fair value estimates are based on quoted market prices, if available, quoted market prices of similar assets or liabilities, or the present value of expected future cash flows and other valuation techniques. These valuations are significantly affected by discount rates, cash flow assumptions, and risk assumptions used. Therefore, fair values estimates may not not may Fair value is determined at one not not not not The following disclosures show the hierarchal disclosure framework associated with the level of pricing observations utilized in measuring assets and liabilities at fair value. The three Level I: Quoted prices are available in active markets for identical assets or liabilities as of the reported date. Level II: Pricing inputs are other than the quoted prices in active markets, which are either directly or indirectly observable as of the reported date. The nature of these assets and liabilities includes items for which quoted prices are available but traded less frequently and items that are fair-valued using other financial instruments, the parameters of which can be directly observed. Level III: Valuations derived from valuation techniques in which one This hierarchy requires the use of observable market data when available. In accordance with ASU 2016 01, 3 The following is a discussion of assets and liabilities measured at fair value on a recurring and non-recurring basis and valuation techniques applied: Investment Securities Available For Sale: 1 2 We may Impaired Loans: 3 Other Real Estate Owned: 3 The table below sets forth the financial assets and liabilities that were accounted for on a recurring and nonrecurring basis by level within the fair value hierarchy as of June 30, 2019 ( June 30, 2019 Fair Value Measurements Using: Total Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Recurring fair value measurements Investment securities available for sale: Mortgage-backed securities: Governmental National Mortgage Association mortgage-backed securities $ 5,567 $ - $ 5,567 $ - Federal Home Loan Mortgage Corporation mortgage-backed securities 1,079 - 1,079 - Federal National Mortgage Association mortgage- backed securities 321 - 321 - Debt securities: U.S. government agency 360 - 360 - Corporate note 1,505 - 1,505 - Total investment securities available for sale $ 8,832 $ - $ 8,832 $ - Total recurring fair value measurements $ 8,832 $ - $ 8,832 $ - Nonrecurring fair value measurements Impaired loans $ 582 $ - $ - $ 582 Other Real Estate Owned 1,819 - - 1,819 Total nonrecurring fair value measurements $ 2,401 $ - $ - $ 2,401 The table below sets forth the financial assets and liabilities that were accounted for on a recurring and nonrecurring basis by level within the fair value hierarchy as of December 31, 2018 ( Dec ember 3 1, 2018 Fair Value Measurements Using: Total Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Recurring fair value measurements Investment securities available for sale: Mortgage-backed securities: Governmental National Mortgage Association mortgage-backed securities $ 4,876 $ - $ 4,876 $ - Federal Home Loan Mortgage Corporation mortgage-backed securities 1,082 - 1,082 - Federal National Mortgage Association mortgage- backed securities 367 - 367 - Debt securities: U.S. government agency 358 - 358 - Total investment securities available for sale $ 6,680 $ - $ 6,680 $ - Total recurring fair value measurements $ 6,680 $ - $ 6,680 $ - Nonrecurring fair value measurements Impaired loans $ 593 $ - $ - $ 593 Other Real Estate Owned 1,650 - - 1,650 Total nonrecurring fair value measurements $ 2,243 $ - $ - $ 2,243 The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which the Company has used Level 3 June 30, 2019 December 31, 2018 ( June 30 , 201 9 Quantitative Information About Level 3 Fair Value Measurements Total Fair Value Valuation Techniques Unobservable Input Range (Weighted Average) Impaired loans $ 582 Appraisal of collateral (1) Appraisal adjustments (2) 0% - 73% (9%) Other real estate owned $ 1,819 Appraisal of collateral (1) Appraisal adjustments (2) 0% - 12% (12%) December 31 , 201 8 Quantitative Information About Level 3 Fair Value Measurements Total Fair Value Valuation Techniques Unobservable Input Range (Weighted Average) Impaired loans $ 593 Appraisal of collateral (1) Appraisal adjustments (2) 0% - 73% (8%) Other real estate owned $ 1,650 Appraisal of collateral (1) Appraisal adjustments (2) 0% - 12% (12%) ( 1 Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 ( 2 Appraisals may The estimated fair values of the Company’s financial instruments that are not June 30, 2019 December 31, 2018 Fair Value Measurements at June 30 , 201 9 Carrying Amount Fair Value Estimate Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Financial Assets Investment in interest-earning time deposits $ 10,160 $ 10,488 $ - $ - $ 10,488 Loans held for sale 9,402 9,729 - 9,729 - Loans receivable, net 226,189 225,054 - - 225,054 Financial Liabilities Deposits 224,504 227,144 46,110 - 181,034 FHLB long-term borrowings 23,000 23,012 - - 23,012 Subordinated debt 7,848 8,078 - - 8,078 Fair Value Measurements at December 31, 201 8 Carrying Amount Fair Value Estimate Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Financial Assets Investment in interest-earning time deposits $ 4,927 $ 4,927 $ - $ - $ 4,927 Loans held for sale 5,103 5,254 - 5,254 - Loans receivable, net 216,898 214,351 - - 214,351 Financial Liabilities Deposits 211,911 212,320 45,695 - 166,625 FHLB long-term borrowings 15,000 14,973 - - 14,973 Subordinated debt 7,831 7,831 - - 7,831 For cash and cash equivalents, accrued interest receivable, investment in FHLB stock, bank-owned life insurance, FHLB short-term borrowings, accrued interest payable, and advances from borrowers for taxes and insurance, the carrying value is a reasonable estimate of the fair value and are considered Level 1 |
Note 12 - Operating Segments
Note 12 - Operating Segments | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 12 The Company's operations currently consist of two two The Banking Segment generates its revenues primarily from its lending, deposit gathering and fee business activities. The profitability of this segment's operations depends primarily on its net interest income after provision for credit losses, which is the difference between interest earned on interest earning assets and interest paid on interest bearing liabilities less provision for credit losses. The provision for credit losses is almost entirely dependent on changes in the Banking Segment's loan portfolio and management’s assessment of the collectability of the loan portfolio as well as prevailing economic and market conditions. The profitability of this segment’s operations also depends on the generation of non-interest income which includes fees and commissions generated by Quaint Oak Bank and its wholly-owned subsidiaries, Quaint Oak Real Estate, LLC, Quaint Oak Abstract, LLC, and Quaint Oak Insurance Agency, LLC which are included in the Banking Segment for segment reporting purposes. The Banking Segment is also subject to an extensive system of laws and regulations that are intended primarily for the protection of depositors and other customers, federal deposit insurance funds and the banking system as a whole. These laws and regulations govern such areas as capital, permissible activities, allowance for loan and lease losses, loans and investments, and rates of interest that can be charged on loans. For segment reporting purposes, Quaint Oak Bancorp, Inc. is included as part of the Company’s Banking segment. The Mortgage Banking Segment originates residential mortgage loans which are sold into the secondary market along with the loans’ servicing rights. The profitability of this segment’s operations depends primarily on the gains realized from the sale of loans and processing fees. The Mortgage Banking Segment is also subject to an extensive system of laws and regulations that are intended primarily for the protection of consumers. The following table present summary financial information for the reportable segments (in thousands): As of or f or the Three Months Ended June 30 , 2019 2018 Quaint Oak Bank (1) Quaint Oak Mortgage Consolidated Quaint Oak Bank (1) Quaint Oak Mortgage Consolidated Net Interest Income $ 2,123 $ (25 ) $ 2,098 $ 2,067 $ (7 ) $ 2,060 Provision for Loan Losses 76 - 76 94 - 94 Net Interest Income after Provision for Loan Losses 2,047 (25 ) 2,022 1,973 (7 ) 1,966 Non-Interest Income Mortgage banking and title abstract fees 176 149 325 136 81 217 Real estate sales commissions, net 33 - 33 50 - 50 Insurance commissions 106 - 106 103 - 103 Other fees and services charges 62 - 62 44 - 44 Income from bank-owned life insurance 19 - 19 21 - 21 Net gain on loans held for sale - 867 867 - 585 585 Gain on the sale of SBA loans 34 - 34 - - - Gain on sales of other real estate owned - - - - - - Total Non-Interest Income 430 1,016 1,446 354 666 1,020 Non-Interest Expense Salaries and employee benefits 1,465 306 1,771 1,323 298 1,621 Directors’ fees and expenses 56 - 56 40 - 40 Occupancy and equipment 117 57 174 107 39 146 Data processing 81 37 118 67 26 93 Professional fees 79 13 92 110 13 123 FDIC deposit insurance assessment 12 - 12 46 - 46 Other real estate owned expenses 4 - 4 2 - 2 Advertising 61 10 71 49 5 54 Amortization of other intangible 12 - 12 12 - 12 Other 205 12 217 131 13 144 Total Non-Interest Expense 2,092 435 2,527 1,887 394 2,281 Pretax Segment Profit $ 385 $ 556 $ 941 $ 440 $ 265 $ 705 Segment Assets $ 269,302 $ 15,575 $ 284,877 $ 246,844 $ 9,088 $ 251,562 ( 1 Includes Quaint Oak Bancorp, Inc. and the Bank’s Subsidiaries, Quaint Oak Real Estate, Quaint Oak Abstract, Quaint Oak Insurance Agency, and QOB Properties. As of or f or the Six Months Ended June 30 , 2019 2018 Quaint Oak Bank (1) Quaint Oak Mortgage Consolidated Quaint Oak Bank (1) Quaint Oak Mortgage Consolidated Net Interest Income $ 4,279 $ (44 ) $ 4,235 $ 4,056 $ (17 ) $ 4,039 Provision for Loan Losses 161 - 161 165 - 165 Net Interest Income after Provision for Loan Losses 4,118 (44 ) 4,074 3,891 (17 ) 3,874 Non-Interest Income Mortgage banking and title abstract fees 261 209 470 242 85 327 Real estate sales commissions, net 51 - 51 102 - 102 Insurance commissions 198 - 198 182 - 182 Other fees and services charges 90 - 90 118 - 118 Income from bank-owned life insurance 39 - 39 41 - 41 Net gain on loans held for sale - 1,300 1,300 3 903 906 Gain on the sale of SBA loans 140 - 140 23 - 23 Gain on sales of other real estate owned - - - 63 - 63 Total Non-Interest Income 779 1,509 2,288 774 988 1,762 Non-Interest Expense Salaries and employee benefits 2,787 610 3,397 2,691 598 3,289 Directors’ fees and expenses 113 - 113 94 - 94 Occupancy and equipment 228 106 334 217 79 296 Data processing 161 59 220 129 50 179 Professional fees 148 26 174 157 26 183 FDIC deposit insurance assessment 40 - 40 93 - 93 Other real estate owned expenses 11 - 11 2 - 2 Advertising 122 20 142 98 10 108 Amortization of other intangible 24 - 24 24 - 24 Other 353 26 379 289 31 320 Total Non-Interest Expense 3,987 847 4,834 3,794 794 4,588 Pretax Segment Profit $ 910 $ 618 $ 1,528 $ 871 $ 177 $ 1,048 Segment Assets $ 269,302 $ 15,575 $ 284,877 $ 246,844 $ 9,088 $ 251,562 ( 1 Includes Quaint Oak Bancorp, Inc. and the Bank’s Subsidiaries, Quaint Oak Real Estate, Quaint Oak Abstract, Quaint Oak Insurance Agency, and QOB Properties. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Financial Presentation. June 30, 2019, five July 2009. February, 2019, July 2012 August 2016 The Bank is subject to regulation by the Pennsylvania Department of Banking and Securities and the Federal Deposit Insurance Corporation. Pursuant to the Bank’s election under Section 10 two May 2019, The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (US GAAP) for interim information and with the instructions to Form 10 not The foregoing consolidated financial statements are unaudited; but in the opinion of management include all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation thereof. The balances as of December 31, 2018 2018 10 three six June 30, 2019 not may December 31, 2019. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates in the Preparation of Financial Statements. |
Financing Receivable [Policy Text Block] | Loans Receivable. The loans receivable portfolio is segmented into residential loans, commercial real estate loans, construction loans, commercial business loans, and consumer loans. The residential loan segment has two one four one four five The accrual of interest is generally discontinued when principal or interest has become 90 no |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for Loan Losses. no The allowance for loan losses is maintained at a level considered adequate to provide for losses that can be reasonably anticipated. Management performs a quarterly evaluation of the adequacy of the allowance. The allowance is based on the Company’s past loan loss experience, known and inherent risks in the portfolio, adverse situations that may may The allowance consists of specific, general and unallocated components. The specific component relates to loans that are designated as impaired. For loans that are designated as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The general component covers pools of loans by loan class. These pools of loans are evaluated for loss exposure based upon historical loss rates for each of these categories of loans, adjusted for qualitative factors. These significant factors may 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 A loan is identified as a troubled debt restructuring (“TDR”) if the Company, for economic or legal reasons related to a debtor’s financial difficulties, grants a concession to the debtor that it would not For loans secured by real estate, estimated fair values are determined primarily through third The allowance calculation methodology includes further segregation of loan classes into risk rating categories. The borrower’s overall financial condition, repayment sources, guarantors and value of collateral, if appropriate, are evaluated annually for all loans (except one four $500,000, may not may may not |
Financing Receivable, Held-for-sale [Policy Text Block] | Loans Held for Sale . |
Federal Home Loan Bank Stock [Policy Text Block] | Federal Home Loan Bank Stock . No three six June 30, 2019 2018. |
Bank Owned Life Insurance [Policy Text Block] | Bank Owned Life Insurance (BOLl). |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Intangible Assets. August 1, 2016 $1.0 $515,000 $485,000 ten The Company will complete a goodwill and other intangible asset analysis at least on an annual basis or more often if events and circumstances indicate that there may |
Financing Receivable, Real Estate Acquired Through Foreclosure [Policy Text Block] | Other Real Estate Owned, Net . June 30, 2019 four $1.8 $1.7 December 31, 2018. |
Share-based Payment Arrangement [Policy Text Block] | Share -Based Compensation. At June 30, 2019, two 2013 2018 May 2013 May 2018. 10. The Company also has an employee stock ownership plan (“ESOP”). This plan is more fully described in Note 10. |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income . |
Earnings Per Share, Policy [Policy Text Block] | Earnings per Share. |
Revenue from Contract with Customer [Policy Text Block] | Revenue from Contracts with Customers. 606, “Revenue from Contracts with Customers” (“Topic 606” 606, not The Company’s primary sources of revenue are derived from interest and dividends earned on loans and investment securities, gains on the sale of loans, income from bank-owned life insurance, and other financial instruments that are not 606. Service Charges on Deposits. Insurance Commissions . not one no |
New Accounting Pronouncements, Policy [Policy Text Block] | Change in Accounting Principal . March 2017, 2017 08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310 20 not January 1, 2019. not three six June 30, 2019, no June 30, 2019. Recent ly Adopted Accounting Pronouncements. February 2016, 2016 02, Leases (Topic 842 one 12 not may December 15, 2018, January 1, 2019 $1.4 June 30, 2019 Recent Accounting Pronouncements Not September 2016, 2016 13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments, 2016 13 December 15, 2019, December 15, 2018. first one first one In January 2017, 2017 04, Simplifying the Test for Goodwill Impairment 2 2, not December 15, 2019. not In August 2018, 2018 13, Fair Value Measurement (Topic 820 December 15, 2019. not In November, 2018, 2018 19, Codification Improvements to Topic 326, 2016 13 December 15, 2021, 2016 13 December 15, 2019, December 15, 2020, December 15, 2021, not 326 20. 842, 2018 19 2016 13, 2018 19. not |
Reclassification, Policy [Policy Text Block] | Reclassifications. 2018 2019 not no |
Note 2 - Earnings Per Share (Ta
Note 2 - Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Three Months Ended June 30, For the Six Months Ended June 30, 201 9 201 8 201 9 201 8 Net Income $ 665,000 $ 535,000 $ 1,078,000 $ 823,000 Weighted average shares outstanding – basic 1,953,452 1,904,344 1,946,944 1,903,658 Effect of dilutive common stock equivalents 48,238 59,508 46,815 59,296 Adjusted weighted average shares outstanding – diluted 2,001,690 1,963,852 1,993,759 1,962,954 Basic earnings per share $ 0.34 $ 0.28 $ 0.55 $ 0.43 Diluted earnings per share $ 0.33 $ 0.27 $ 0.54 $ 0.42 |
Note 3 - Accumulated Other Co_2
Note 3 - Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Unrealized Gains (Losses) on Investment Securities Available for Sale (1) For the Three Months E nded June 30, For the Six Months Ended June 30, 201 9 201 8 201 9 201 8 Balance at the beginning of the period $ (1 ) $ (3 ) $ (2 ) $ (15 ) Other comprehensive income (loss) before classifications 16 (1 ) 17 11 Amount reclassified from accumulated other comprehensive income (loss) - - - - Total other comprehensive income (loss) 16 (1 ) 17 11 Balance at the end of the period $ 15 $ (4 ) $ 15 $ (4 ) |
Note 4 - Investment in Intere_2
Note 4 - Investment in Interest-earning Time Deposits (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Investments in Interest-Earning Time Deposits by Contractual Maturity [Table Text Block] | June 30 , 201 9 December 31, 201 8 Due in one year or less $ 1,009 $ 1,604 Due after one year through five years 9,151 3,323 Total $ 10,160 $ 4,927 |
Note 5 - Investment Securitie_2
Note 5 - Investment Securities Available for Sale (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Available-for-sale Securities [Table Text Block] | June 30 , 201 9 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value Available for Sale: Mortgage-backed securities: Governmental National Mortgage Association securities $ 5,547 $ 20 $ - $ 5,567 Federal Home Loan Mortgage Corporation securities 1,085 1 (7 ) 1,079 Federal National Mortgage Association securities 320 1 - 321 Total mortgage-backed securities 6,952 22 (7 ) 6,967 Debt securities: U.S. government agency 360 - - 360 Corporate notes 1,500 5 - 1,505 Total available-for-sale-securities $ 8,812 $ 27 $ (7 ) $ 8,832 December 31, 201 8 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value Available for Sale: Mortgage-backed securities: Governmental National Mortgage Association securities $ 4,844 $ 29 $ - $ 4,873 Federal Home Loan Mortgage Corporation securities 1,111 - (29 ) 1,082 Federal National Mortgage Association securities 367 - - 367 Total mortgage-backed securities 6,322 29 (29 ) 6,322 Debt securities: U.S. government agency 360 - (2 ) 358 Total available-for-sale-securities $ 6,682 $ 29 $ (31 ) $ 6,680 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Available for Sale Amortized Cost Fair Value Due after one year through five years $ 360 $ 360 Due after ten years 8,452 8,472 Total $ 8,812 $ 8,832 |
Schedule of Unrealized Loss on Investments [Table Text Block] | June 30 , 201 9 Less than Twelve Months Twelve Months or Greater Total Number of Fair Value Gross Fair Value Gross Fair Value Gross Federal Home Loan Mortgage Corporation mortgage-backed securities 1 - - 358 (7 ) 358 (7 ) Total 1 $ - $ - $ 358 $ (7 ) $ 358 $ (7 ) December 31 , 201 8 Less than Twelve Months Twelve Months or Greater Total Number of Fair Value Gross Fair Value Gross Fair Value Gross Federal Home Loan Mortgage Corporation mortgage-backed securities 2 $ - $ - $ 1,082 $ (29 ) $ 1,082 $ (29 ) Debt securities, U.S. government agency 1 - - 358 (2 ) 358 (2 ) Total 3 $ - $ - $ 1,440 $ (31 ) $ 1,440 $ (31 ) |
Note 6 - Loans Receivable, Ne_2
Note 6 - Loans Receivable, Net and Allowance for Loan Losses (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | June 30 , 201 9 December 31, 201 8 Real estate loans: One-to-four family residential: Owner occupied $ 6,304 $ 6,603 Non-owner occupied 43,351 47,361 Total one-to-four family residential 49,655 53,694 Multi-family (five or more) residential 23,498 23,967 Commercial real estate 108,275 103,819 Construction 9,719 9,998 Home equity 3,970 4,347 Total real estate loans 195,117 196,095 Commercial business 34,009 23,616 Other consumer 11 19 Total Loans 229,137 219,730 Deferred loan fees and costs (822 ) (867 ) Allowance for loan losses (2,126 ) (1,965 ) Net Loans $ 226,189 $ 216,898 |
Financing Receivable Credit Quality Indicators [Table Text Block] | June 30 , 201 9 Pass Special Mention Substandard Doubtful Total One-to-four family residential owner occupied $ 6,132 $ - $ 172 $ - $ 6,304 One-to-four family residential non-owner occupied 42,556 - 795 - 43,351 Multi-family residential 23,498 - - - 23,498 Commercial real estate 103,986 1,975 2,314 - 108,275 Construction 9,719 - - - 9,719 Home equity 3,970 - - - 3,970 Commercial business 33,960 - 49 - 34,009 Other consumer 11 - - - 11 Total $ 223,832 $ 1,975 $ 3,330 $ - $ 229,137 December 31, 201 8 Pass Special Mention Substandard Doubtful Total One-to-four family residential owner occupied $ 6,421 $ - $ 182 $ - $ 6,603 One-to-four family residential non-owner occupied 46,534 - 827 - 47,361 Multi-family residential 23,967 - - - 23,967 Commercial real estate 101,821 - 1,998 - 103,819 Construction 9,998 - - - 9,998 Home equity 4,347 - - - 4,347 Commercial business 23,149 - 467 - 23,616 Other consumer 19 - - - 19 Total $ 216,256 $ - $ 3,374 $ - $ 219,730 |
Impaired Financing Receivables [Table Text Block] | June 30 , 201 9 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: One-to-four family residential owner occupied $ 172 $ 178 $ - $ 173 $ - One-to-four family residential non-owner occupied 264 264 - 265 8 Multi-family residential - - - - - Commercial real estate - - - - - Construction - - - - - Home equity - - - - - Commercial business - - - - - Other consumer - - - - - - With an allowance recorded: One-to-four family residential owner occupied $ - $ - $ - $ - $ - One-to-four family residential non-owner occupied 68 68 50 68 - Multi-family residential - - - - - Commercial real estate 133 133 5 133 6 Construction - - - - - Home equity - - - - - Commercial business - - - - - Other consumer - - - - - Total: One-to-four family residential owner occupied $ 172 $ 178 $ - $ 173 $ - One-to-four family residential non-owner occupied 332 332 50 333 8 Multi-family residential - - - - - Commercial real estate 133 133 5 133 6 Construction - - - - - Home equity - - - - - Commercial business - - - - - Other consumer - - - - - Total $ 637 $ 643 $ 55 $ 639 $ 14 December 31, 201 8 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: One-to-four family residential owner occupied $ 182 $ 185 $ - $ 417 $ 23 One-to-four family residential non-owner occupied 265 265 - 324 17 Multi-family residential - - - - - Commercial real estate - - - - - Construction - - - 2,050 37 Home equity - - - 44 2 Commercial business - - - - - Other consumer - - - - - With an allowance recorded: One-to-four family residential owner occupied $ - $ - $ - $ - $ - One-to-four family residential non-owner occupied 68 68 50 162 4 Multi-family residential - - - - - Commercial real estate 133 133 5 133 10 Construction - - - - - Home equity - - - - - Commercial business - - - - - Other consumer - - - - - Total: One-to-four family residential owner occupied $ 182 $ 185 $ - $ 417 $ 23 One-to-four family residential non-owner occupied 333 333 50 486 21 Multi-family residential - - - - - Commercial real estate 133 133 5 133 10 Construction - - - 2,050 37 Home equity - - - 44 2 Commercial business - - - - - Other consumer - - - - - Total $ 648 $ 651 $ 55 $ 3,130 $ 93 |
Financing Receivable, Troubled Debt Restructuring [Table Text Block] | June 30, 2019 Number of Contracts Recorded Investment Non- Accrual Accruing Related Allowance One-to-four family residential owner occupied - $ - $ - $ - $ - One-to-four family residential non-owner occupied 1 264 - 264 - Multi-family residential - - - - - Commercial real estate 1 133 - 133 5 Construction - - - - - Home equity - - - - - Commercial business - - - - - Other consumer - - - - - Total 2 $ 397 $ - $ 397 $ 5 December 31, 201 8 Number of Contracts Recorded Investment Non- Accrual Accruing Related Allowance One-to-four family residential owner occupied - $ - $ - $ - $ - One-to-four family residential non-owner occupied 1 265 - 265 - Multi-family residential - - - - - Commercial real estate 1 133 - 133 5 Construction - - - - - Home equity - - - - - Commercial business - - - - - Other consumer - - - - - Total 2 $ 398 $ - $ 398 $ 5 |
Contractual Aging of Troubled Debt Restructurings [Table Text Block] | June 30, 2019 Accruing Past Due Less than 30 Days Past Due 30-89 Days 90 Days or More Past Due Non- Accrual Total One-to-four family residential owner occupied $ - $ - $ - $ - $ - One-to-four family residential non-owner occupied 264 - - - 264 Multi-family residential - - - - - Commercial real estate 133 - - - 133 Construction - - - - - Home equity - - - - - Commercial business - - - - - Other consumer - - - - - Total $ 397 $ - $ - $ - $ 397 December 31, 201 8 Accruing Past Due Less than 30 Days Past Due 30-89 Days 90 Days or More Past Due Non- Accrual Total One-to-four family residential owner occupied $ - $ - $ - $ - $ - One-to-four family residential non-owner occupied 265 - - - 265 Multi-family residential - - - - - Commercial real estate 133 - - - 133 Construction - - - - - Home equity - - - - - Commercial business - - - - - Other consumer - - - - - Total $ 398 $ - $ - $ - $ 398 |
Financing Receivable, Current, Allowance for Credit Loss [Table Text Block] | June 30, 201 9 1-4 Family Residential Owner Occupied 1-4 Family Residential Non-Owner Occupied Multi-Family Residential Commercial Real Estate Construction Home Equity Commercial Business and Other Consumer Unallocated Total For the Three Months Ended June 30, 201 9 Allowance for loan losses: Beginning balance $ 49 $ 463 $ 160 $ 809 $ 142 $ 24 $ 303 $ 100 $ 2,050 Charge-offs - - - - - - - - - Recoveries - - - - - - - - - Provision - (26 ) (7 ) 26 38 (1 ) 67 (21 ) 76 Ending balance $ 49 $ 437 $ 153 $ 835 $ 180 $ 23 $ 370 $ 79 $ 2,126 For the Six Months Ended June 30, 201 9 Allowance for loan losses: Beginning balance $ 51 $ 435 $ 156 $ 839 $ 175 $ 21 $ 247 $ 41 $ 1,965 Charge-offs - - - - - - - - - Recoveries - - - - - - - - - Provision (2 ) 2 (3 ) (4 ) 5 2 123 38 161 Ending balance $ 49 $ 437 $ 153 $ 835 $ 180 $ 23 $ 370 $ 79 $ 2,126 Ending balance evaluated for impairment: Individually $ - $ 50 $ - $ 5 $ - $ - $ - $ - $ 55 Collectively $ 49 $ 387 $ 153 $ 830 $ 180 $ 23 $ 370 $ 79 $ 2,071 Loans receivable: Ending balance: $ 6,304 $ 43,351 $ 23,498 $ 108,275 $ 9,719 $ 3,970 $ 34,020 $ 229,137 Ending balance evaluated for impairment: Individually $ 172 $ 332 $ - $ 133 $ - $ - $ - $ 637 Collectively $ 6,132 $ 43,019 $ 23,498 $ 108,142 $ 9,719 $ 3,970 $ 34,020 $ 228,500 June 30, 201 8 1-4 Family Residential Owner Occupied 1-4 Family Residential Non-Owner Occupied Multi-Family Residential Commercial Real Estate Construction Home Equity Commercial Business and Other Consumer Unallocated Total For the Three Months Ended June 30, 201 8 Allowance for loan losses: Beginning balance $ 54 $ 495 $ 164 $ 720 $ 142 $ 26 $ 170 $ 65 $ 1,836 Charge-offs - - - - (100 ) - - - (100 ) Recoveries - - - - - - - - - Provision 6 (56 ) 2 8 137 (2 ) 31 (32 ) 94 Ending balance $ 60 $ 439 $ 166 $ 728 $ 179 $ 24 $ 201 $ 33 $ 1,830 For the Six Months Ended June 30, 201 8 Allowance for loan losses: Beginning balance $ 48 $ 540 $ 152 $ 687 $ 136 $ 27 $ 140 $ 82 $ 1,812 Charge-offs - (47 ) - - (100 ) - - - (147 ) Recoveries - - - - - - - - - Provision 12 (54 ) 14 41 143 (3 ) 61 (49 ) 165 Ending balance $ 60 $ 439 $ 166 $ 728 $ 179 $ 24 $ 201 $ 33 $ 1,830 Ending balance evaluated for impairment: Individually $ - $ 20 $ - $ 5 $ - $ - $ - $ - $ 25 Collectively $ 60 $ 419 $ 166 $ 723 $ 179 $ 24 $ 201 $ 33 $ 1,805 December 31, 201 8 1-4 Family Residential Owner Occupied 1-4 Family Residential Non-Owner Occupied Multi- Family Residential Commercial Real Estate Construction Home Equity Commercial Business and Other Consumer Unallocated Total Allowance for loan losses: Beginning balance $ 48 $ 540 $ 152 $ 687 $ 136 $ 27 $ 140 $ 82 $ 1,812 Charge-offs - (47 ) - - (215 ) - - - (262 ) Recoveries - - - - - - - - - Provision 3 (58 ) 4 152 254 (6 ) 107 (41 ) 415 Ending balance $ 51 $ 435 $ 156 $ 839 $ 175 $ 21 $ 247 $ 41 $ 1,965 Ending balance evaluated for impairment Individually $ - $ 50 $ - $ 5 $ - $ - $ - $ - $ 55 Collectively $ 51 $ 385 $ 156 $ 834 $ 175 $ 21 $ 247 $ 41 $ 1,910 Loans receivable: Ending balance $ 6,603 $ 47,361 $ 23,967 $ 103,819 $ 9,998 $ 4,347 $ 23,635 $ 219,730 Ending balance evaluated for impairment Individually $ 182 $ 333 $ - $ 133 $ - $ - $ - $ 648 Collectively $ 6,421 $ 47,028 $ 23,967 $ 103,686 $ 9,998 $ 4,347 $ 23,635 $ 219,082 |
Financing Receivable, Nonaccrual [Table Text Block] | June 30 , 201 9 December 31, 201 8 One-to-four family residential owner occupied $ 172 $ 182 One-to-four family residential non-owner occupied 68 68 Multi-family residential - - Commercial real estate - - Construction - - Home equity - - Commercial business - - Other consumer - - Total $ 240 $ 250 |
Financing Receivable, Past Due [Table Text Block] | June 30 , 201 9 30- 89 Days Past Due 90 Days or M ore Pas t Due Total Past Due Current Total Loans Receivable Loans Receivable 90 Days or More Past Due and Accruing One-to-four family residential owner occupied $ 643 $ 172 $ 815 $ 5,489 $ 6,304 $ - One-to-four family residential non-owner occupied 365 230 595 42,756 43,351 162 Multi-family residential - - - 23,498 23,498 - Commercial real estate 256 190 446 107,829 108,275 190 Construction 790 - 790 8,929 9,719 - Home equity 30 - 30 3,940 3,970 - Commercial business 179 - 179 33,830 34,009 - Other consumer - - - 11 11 - Total $ 2,263 $ 592 $ 2,855 $ 226,282 $ 229,137 $ 352 December 31, 201 8 30-89 Days Past Due 90 Days or More Past Due Total Past Due Current Total Loans Receivable Loans Receivable 90 Days or More Past Due and Accruing One-to-four family residential owner occupied $ 1,096 $ 182 $ 1,278 $ 5,325 $ 6,603 $ - One-to-four family residential non-owner occupied 1,259 68 1,327 46,034 47,361 - Multi-family residential 371 -- 371 23,596 23,967 - Commercial real estate 2,070 548 2,618 101,201 103,819 548 Construction 2,231 - 2,231 7,767 9,998 - Home equity 31 - 31 4,316 4,347 - Commercial business 3 380 383 23,233 23,616 380 Other consumer - - - 19 19 - Total $ 7,061 $ 1,178 $ 8,239 $ 211,491 $ 219,730 $ 928 |
Note 8 - Deposits (Tables)
Note 8 - Deposits (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Deposit Liabilities, Type [Table Text Block] | June 30, 201 9 December 31, 201 8 Non-interest bearing checking accounts $ 17,346 $ 17,542 Passbook accounts 73 192 Savings accounts 1,785 1,120 Money market accounts 26,906 26,841 Certificates of deposit 178,394 166,216 Total deposits $ 224,504 $ 211,911 |
Note 9 - Borrowings (Tables)
Note 9 - Borrowings (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Federal Home Loan Bank Advances [Member] | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | June 30 , 201 9 December 31, 201 8 Amount Weighted Interest Amount Weighted Interest Short-term borrowings $ - - % $ 9,000 2.62 % Fixed rate borrowings maturing: 2019 2,000 1.95 3,000 1.86 2020 2,000 2.00 2,000 2.00 2021 4,000 2.26 3,000 2.05 2022 6,000 2.22 3,000 2.18 2023 5,000 2.37 3,000 2.33 2024 4,000 2.49 1,000 2.54 Total FHLB long-term debt $ 23,000 2.27 % $ 15,000 2.12 % |
Note 10 - Stock Compensation _2
Note 10 - Stock Compensation Plans (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Share-based Payment Arrangement, Activity [Table Text Block] | June 30 , 201 9 June 30 , 201 8 Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Unvested at the beginning of the period 48,608 $ 13.30 10,061 $ 8.10 Granted - - 48,608 13.30 Vested (9,721 ) 13.30 (9,661 ) 8.10 Forfeited - - (400 ) 8.10 Unvested at the end of the period 38,887 $ 13.30 48,608 $ 13.30 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | 201 9 201 8 Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (in years) Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (in years) Outstanding at the beginning of the year 279,836 $ 10.64 6.8 265,302 $ 6.74 3.2 Granted - - - 136,636 13.30 9.9 Exercised (23,500 ) 8.10 - (106,844 ) 5.00 - Forfeited - - - (15,258 ) 6.22 - Outstanding at end of period 256,336 $ 10.87 6.5 279,836 $ 10.64 7.8 Exercisable at end of period 147,027 $ 9.07 3.9 143,200 $ 8.10 4.9 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Expected dividend yield 2.11 % Risk-free interest rate 2.96 % Expected life of options (in years) 6.5 Expected stock-price volatility 12.42 % |
Note 11 - Fair Value Measurem_2
Note 11 - Fair Value Measurements and Fair Values of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | June 30, 2019 Fair Value Measurements Using: Total Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Recurring fair value measurements Investment securities available for sale: Mortgage-backed securities: Governmental National Mortgage Association mortgage-backed securities $ 5,567 $ - $ 5,567 $ - Federal Home Loan Mortgage Corporation mortgage-backed securities 1,079 - 1,079 - Federal National Mortgage Association mortgage- backed securities 321 - 321 - Debt securities: U.S. government agency 360 - 360 - Corporate note 1,505 - 1,505 - Total investment securities available for sale $ 8,832 $ - $ 8,832 $ - Total recurring fair value measurements $ 8,832 $ - $ 8,832 $ - Nonrecurring fair value measurements Impaired loans $ 582 $ - $ - $ 582 Other Real Estate Owned 1,819 - - 1,819 Total nonrecurring fair value measurements $ 2,401 $ - $ - $ 2,401 Dec ember 3 1, 2018 Fair Value Measurements Using: Total Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Recurring fair value measurements Investment securities available for sale: Mortgage-backed securities: Governmental National Mortgage Association mortgage-backed securities $ 4,876 $ - $ 4,876 $ - Federal Home Loan Mortgage Corporation mortgage-backed securities 1,082 - 1,082 - Federal National Mortgage Association mortgage- backed securities 367 - 367 - Debt securities: U.S. government agency 358 - 358 - Total investment securities available for sale $ 6,680 $ - $ 6,680 $ - Total recurring fair value measurements $ 6,680 $ - $ 6,680 $ - Nonrecurring fair value measurements Impaired loans $ 593 $ - $ - $ 593 Other Real Estate Owned 1,650 - - 1,650 Total nonrecurring fair value measurements $ 2,243 $ - $ - $ 2,243 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | June 30 , 201 9 Quantitative Information About Level 3 Fair Value Measurements Total Fair Value Valuation Techniques Unobservable Input Range (Weighted Average) Impaired loans $ 582 Appraisal of collateral (1) Appraisal adjustments (2) 0% - 73% (9%) Other real estate owned $ 1,819 Appraisal of collateral (1) Appraisal adjustments (2) 0% - 12% (12%) December 31 , 201 8 Quantitative Information About Level 3 Fair Value Measurements Total Fair Value Valuation Techniques Unobservable Input Range (Weighted Average) Impaired loans $ 593 Appraisal of collateral (1) Appraisal adjustments (2) 0% - 73% (8%) Other real estate owned $ 1,650 Appraisal of collateral (1) Appraisal adjustments (2) 0% - 12% (12%) |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Fair Value Measurements at June 30 , 201 9 Carrying Amount Fair Value Estimate Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Financial Assets Investment in interest-earning time deposits $ 10,160 $ 10,488 $ - $ - $ 10,488 Loans held for sale 9,402 9,729 - 9,729 - Loans receivable, net 226,189 225,054 - - 225,054 Financial Liabilities Deposits 224,504 227,144 46,110 - 181,034 FHLB long-term borrowings 23,000 23,012 - - 23,012 Subordinated debt 7,848 8,078 - - 8,078 Fair Value Measurements at December 31, 201 8 Carrying Amount Fair Value Estimate Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Financial Assets Investment in interest-earning time deposits $ 4,927 $ 4,927 $ - $ - $ 4,927 Loans held for sale 5,103 5,254 - 5,254 - Loans receivable, net 216,898 214,351 - - 214,351 Financial Liabilities Deposits 211,911 212,320 45,695 - 166,625 FHLB long-term borrowings 15,000 14,973 - - 14,973 Subordinated debt 7,831 7,831 - - 7,831 |
Note 12 - Operating Segments (T
Note 12 - Operating Segments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | As of or f or the Three Months Ended June 30 , 2019 2018 Quaint Oak Bank (1) Quaint Oak Mortgage Consolidated Quaint Oak Bank (1) Quaint Oak Mortgage Consolidated Net Interest Income $ 2,123 $ (25 ) $ 2,098 $ 2,067 $ (7 ) $ 2,060 Provision for Loan Losses 76 - 76 94 - 94 Net Interest Income after Provision for Loan Losses 2,047 (25 ) 2,022 1,973 (7 ) 1,966 Non-Interest Income Mortgage banking and title abstract fees 176 149 325 136 81 217 Real estate sales commissions, net 33 - 33 50 - 50 Insurance commissions 106 - 106 103 - 103 Other fees and services charges 62 - 62 44 - 44 Income from bank-owned life insurance 19 - 19 21 - 21 Net gain on loans held for sale - 867 867 - 585 585 Gain on the sale of SBA loans 34 - 34 - - - Gain on sales of other real estate owned - - - - - - Total Non-Interest Income 430 1,016 1,446 354 666 1,020 Non-Interest Expense Salaries and employee benefits 1,465 306 1,771 1,323 298 1,621 Directors’ fees and expenses 56 - 56 40 - 40 Occupancy and equipment 117 57 174 107 39 146 Data processing 81 37 118 67 26 93 Professional fees 79 13 92 110 13 123 FDIC deposit insurance assessment 12 - 12 46 - 46 Other real estate owned expenses 4 - 4 2 - 2 Advertising 61 10 71 49 5 54 Amortization of other intangible 12 - 12 12 - 12 Other 205 12 217 131 13 144 Total Non-Interest Expense 2,092 435 2,527 1,887 394 2,281 Pretax Segment Profit $ 385 $ 556 $ 941 $ 440 $ 265 $ 705 Segment Assets $ 269,302 $ 15,575 $ 284,877 $ 246,844 $ 9,088 $ 251,562 As of or f or the Six Months Ended June 30 , 2019 2018 Quaint Oak Bank (1) Quaint Oak Mortgage Consolidated Quaint Oak Bank (1) Quaint Oak Mortgage Consolidated Net Interest Income $ 4,279 $ (44 ) $ 4,235 $ 4,056 $ (17 ) $ 4,039 Provision for Loan Losses 161 - 161 165 - 165 Net Interest Income after Provision for Loan Losses 4,118 (44 ) 4,074 3,891 (17 ) 3,874 Non-Interest Income Mortgage banking and title abstract fees 261 209 470 242 85 327 Real estate sales commissions, net 51 - 51 102 - 102 Insurance commissions 198 - 198 182 - 182 Other fees and services charges 90 - 90 118 - 118 Income from bank-owned life insurance 39 - 39 41 - 41 Net gain on loans held for sale - 1,300 1,300 3 903 906 Gain on the sale of SBA loans 140 - 140 23 - 23 Gain on sales of other real estate owned - - - 63 - 63 Total Non-Interest Income 779 1,509 2,288 774 988 1,762 Non-Interest Expense Salaries and employee benefits 2,787 610 3,397 2,691 598 3,289 Directors’ fees and expenses 113 - 113 94 - 94 Occupancy and equipment 228 106 334 217 79 296 Data processing 161 59 220 129 50 179 Professional fees 148 26 174 157 26 183 FDIC deposit insurance assessment 40 - 40 93 - 93 Other real estate owned expenses 11 - 11 2 - 2 Advertising 122 20 142 98 10 108 Amortization of other intangible 24 - 24 24 - 24 Other 353 26 379 289 31 320 Total Non-Interest Expense 3,987 847 4,834 3,794 794 4,588 Pretax Segment Profit $ 910 $ 618 $ 1,528 $ 871 $ 177 $ 1,048 Segment Assets $ 269,302 $ 15,575 $ 284,877 $ 246,844 $ 9,088 $ 251,562 |
Note 1 - Financial Statement _2
Note 1 - Financial Statement Presentation and Significant Accounting Policies (Details Textual) | Aug. 01, 2016USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jan. 01, 2019USD ($) | Dec. 31, 2018USD ($) |
Number of Wholly-Owned Subsidiaries | 5 | ||||||
Number of Subsidiary Branch Offices | 2 | 2 | |||||
Threshold for Loans to be Evaluated Annually, Minimum | $ 500,000 | $ 500,000 | |||||
Impairment of Federal Home Loan Bank Stock | 0 | $ 0 | 0 | $ 0 | |||
Mortgage Loans in Process of Foreclosure, Amount | $ 1,800,000 | $ 1,800,000 | $ 1,700,000 | ||||
Number of Share-Based Plans | 2 | ||||||
Accounting Standards Update 2016-02 [Member] | |||||||
Operating Lease, Right-of-Use Asset | $ 1,400,000 | ||||||
Operating Lease, Liability, Total | $ 1,400,000 | ||||||
Signature Insurance Services, LLC [Member] | |||||||
Payments to Acquire Businesses, Gross | $ 1,000,000 | ||||||
Goodwill, Acquired During Period | 515,000 | ||||||
Signature Insurance Services, LLC [Member] | Other Intangible Assets [Member] | |||||||
Finite-lived Intangible Assets Acquired | $ 485,000 | ||||||
Finite-Lived Intangible Asset, Useful Life | 10 years |
Note 2 - Earnings Per Share - W
Note 2 - Earnings Per Share - Weighted Average Shares Used in Basic and Dilutive Earnings Per Share Computations (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Net Income | $ 665,000 | $ 535,000 | $ 1,078,000 | $ 823,000 |
Weighted average shares outstanding – basic (in shares) | 1,953,452 | 1,904,344 | 1,946,944 | 1,903,658 |
Effect of dilutive common stock equivalents (in shares) | 48,238 | 59,508 | 46,815 | 59,296 |
Adjusted weighted average shares outstanding – diluted (in shares) | 2,001,690 | 1,963,852 | 1,993,759 | 1,962,954 |
Basic earnings per share (in dollars per share) | $ 0.34 | $ 0.28 | $ 0.55 | $ 0.43 |
Diluted earnings per share (in dollars per share) | $ 0.33 | $ 0.27 | $ 0.54 | $ 0.42 |
Note 3 - Accumulated Other Co_3
Note 3 - Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||
BALANCE | $ 24,206 | $ 22,485 | $ 23,836 | $ 22,185 | |
BALANCE | 24,828 | 22,932 | 24,828 | 22,932 | |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | |||||
BALANCE | [1] | (1) | (3) | (2) | (15) |
Other comprehensive income (loss) before classifications | [1] | 16 | (1) | 17 | 11 |
Amount reclassified from accumulated other comprehensive income (loss) | [1] | ||||
Total other comprehensive income (loss) | [1] | 16 | (1) | 17 | 11 |
BALANCE | [1] | $ 15 | $ (4) | $ 15 | $ (4) |
[1] | All amounts are net of tax. Amounts in parentheses indicate debits. |
Note 4 - Investment in Intere_3
Note 4 - Investment in Interest-earning Time Deposits - Investment in Interest-earnings Time Deposits (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Due in one year or less | $ 1,009 | $ 1,604 |
Due after one year through five years | 9,151 | 3,323 |
Total | $ 10,160 | $ 4,927 |
Note 5 - Investment Securitie_3
Note 5 - Investment Securities Available for Sale (Details Textual) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Dec. 31, 2018 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 1 | 1 | 3 | ||
Percentage of Aggregate Depreciation Held by Debt Securities | 1.06% | 1.06% | |||
Other than Temporary Impairment Losses, Investments, Total | $ 0 | $ 0 | $ 0 | $ 0 |
Note 5 - Investment Securitie_4
Note 5 - Investment Securities Available for Sale - Amortized Cost and Fair Value of Investment Securities Available for Sale (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Amortized cost | $ 8,812 | $ 6,682 |
Gross unrealized gains | 27 | 29 |
Gross unrealized losses | (7) | (31) |
Fair value | 8,832 | 6,680 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Amortized cost | 6,952 | 6,322 |
Gross unrealized gains | 22 | 29 |
Gross unrealized losses | (7) | (29) |
Fair value | 6,967 | 6,322 |
US Government Agencies Debt Securities [Member] | ||
Amortized cost | 360 | 360 |
Gross unrealized gains | ||
Gross unrealized losses | (2) | |
Fair value | 360 | 358 |
Corporate Debt Securities [Member] | ||
Amortized cost | 1,500 | |
Gross unrealized gains | 5 | |
Gross unrealized losses | ||
Fair value | 1,505 | |
Government National Mortgage Association (GNMA) Insured Loans [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Amortized cost | 5,547 | 4,844 |
Gross unrealized gains | 20 | 29 |
Gross unrealized losses | ||
Fair value | 5,567 | 4,873 |
Federal Home Loan Mortgage Corporation (FHLMC) Insured Loans [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Amortized cost | 1,085 | 1,111 |
Gross unrealized gains | 1 | |
Gross unrealized losses | (7) | (29) |
Fair value | 1,079 | 1,082 |
Federal National Mortgage Association (FNMA) Insured Loans [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Amortized cost | 320 | 367 |
Gross unrealized gains | 1 | |
Gross unrealized losses | ||
Fair value | $ 321 | $ 367 |
Note 5 - Investment Securitie_5
Note 5 - Investment Securities Available for Sale - Debt Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Due after one year through five years, amortized cost | $ 360 | |
Due after one year through five years, fair value | 360 | |
Due after ten years, amortized cost | 8,452 | |
Due after ten years, fair value | 8,472 | |
Total, amortized cost | 8,812 | $ 6,682 |
Total, fair value | $ 8,832 | $ 6,680 |
Note 5 - Investment Securitie_6
Note 5 - Investment Securities Available for Sale - Gross Unrealized Losses and Fair Value (Details) $ in Thousands | Jun. 30, 2019USD ($) | Dec. 31, 2018USD ($) |
Number of securities | 1 | 3 |
Fair value, less than twelve months | ||
Gross unrealized losses, less than twelve months | ||
Fair value, twelve months or greater | 358 | 1,440 |
Gross unrealized losses, twelve months or greater | (7) | (31) |
Fair value | 358 | 1,440 |
Gross unrealized losses | $ (7) | $ (31) |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Federal Home Loan Mortgage Corporation (FHLMC) Insured Loans [Member] | ||
Number of securities | 1 | 2 |
Fair value, less than twelve months | ||
Gross unrealized losses, less than twelve months | ||
Fair value, twelve months or greater | 358 | 1,082 |
Gross unrealized losses, twelve months or greater | (7) | (29) |
Fair value | 358 | 1,082 |
Gross unrealized losses | $ (7) | $ (29) |
US Government Agencies Debt Securities [Member] | ||
Number of securities | 1 | |
Fair value, less than twelve months | ||
Gross unrealized losses, less than twelve months | ||
Fair value, twelve months or greater | 358 | |
Gross unrealized losses, twelve months or greater | (2) | |
Fair value | 358 | |
Gross unrealized losses | $ (2) |
Note 6 - Loans Receivable, Ne_3
Note 6 - Loans Receivable, Net and Allowance for Loan Losses (Details Textual) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Dec. 31, 2018USD ($) | |
Troubled Debt Restructuring, Number of Contracts | 2 | 2 | 2 | ||
Financing Receivable, Troubled Debt Restructuring | $ 397,000 | $ 397,000 | $ 398,000 | ||
Financing Receivable, Troubled Debt Restructuring, Commitment to Lend | 0 | 0 | |||
Loans and Leases Receivable, Gross, Total | 229,137,000 | 229,137,000 | 219,730,000 | ||
Impaired Financing Receivable, Interest Income, Cash Basis Method, Total | 0 | $ 0 | 0 | $ 0 | |
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans | 4,000 | $ 9,000 | 9,000 | $ 18,000 | |
Nonperforming Financial Instruments [Member] | |||||
Loans and Leases Receivable, Gross, Total | $ 592,000 | $ 592,000 | $ 1,200,000 |
Note 6 - Loans Receivable, Ne_4
Note 6 - Loans Receivable, Net and Allowance for Loan Losses - Composition of Net Loans Receivable (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Loans | $ 229,137 | $ 219,730 | ||||
Deferred loan fees and costs | (822) | (867) | ||||
Allowance for loan losses | (2,126) | $ (2,050) | (1,965) | $ (1,830) | $ (1,836) | $ (1,812) |
Net Loans | 226,189 | 216,898 | ||||
Real Estate Portfolio Segment [Member] | ||||||
Loans | 195,117 | 196,095 | ||||
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | ||||||
Loans | 6,304 | 6,603 | ||||
Allowance for loan losses | (49) | (49) | (51) | (60) | (54) | (48) |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | ||||||
Loans | 43,351 | 47,361 | ||||
Allowance for loan losses | (437) | (463) | (435) | (439) | (495) | (540) |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Loans [Member] | ||||||
Loans | 49,655 | 53,694 | ||||
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | ||||||
Loans | 23,498 | 23,967 | ||||
Allowance for loan losses | (153) | (160) | (156) | (166) | (164) | (152) |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | ||||||
Loans | 108,275 | 103,819 | ||||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||||||
Loans | 9,719 | 9,998 | ||||
Allowance for loan losses | (180) | (142) | (175) | (179) | (142) | (136) |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | ||||||
Loans | 3,970 | 4,347 | ||||
Allowance for loan losses | (23) | $ (24) | (21) | $ (24) | $ (26) | $ (27) |
Commercial Portfolio Segment [Member] | ||||||
Loans | 34,009 | 23,616 | ||||
Consumer Portfolio Segment [Member] | ||||||
Loans | $ 11 | $ 19 |
Note 6 - Loans Receivable, Ne_5
Note 6 - Loans Receivable, Net and Allowance for Loan Losses - Loan Portfolio by Credit Rating (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Loans | $ 229,137 | $ 219,730 |
Pass [Member] | ||
Loans | 223,832 | 216,256 |
Special Mention [Member] | ||
Loans | 1,975 | |
Substandard [Member] | ||
Loans | 3,330 | 3,374 |
Doubtful [Member] | ||
Loans | ||
Real Estate Portfolio Segment [Member] | ||
Loans | 195,117 | 196,095 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | ||
Loans | 6,304 | 6,603 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | Pass [Member] | ||
Loans | 6,132 | 6,421 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | Special Mention [Member] | ||
Loans | ||
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | Substandard [Member] | ||
Loans | 172 | 182 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | Doubtful [Member] | ||
Loans | ||
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | ||
Loans | 43,351 | 47,361 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | Pass [Member] | ||
Loans | 42,556 | 46,534 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | Special Mention [Member] | ||
Loans | ||
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | Substandard [Member] | ||
Loans | 795 | 827 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | Doubtful [Member] | ||
Loans | ||
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | ||
Loans | 23,498 | 23,967 |
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | Pass [Member] | ||
Loans | 23,498 | 23,967 |
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | Special Mention [Member] | ||
Loans | ||
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | Substandard [Member] | ||
Loans | ||
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | Doubtful [Member] | ||
Loans | ||
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | ||
Loans | 108,275 | 103,819 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | Pass [Member] | ||
Loans | 103,986 | 101,821 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | Special Mention [Member] | ||
Loans | 1,975 | |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | Substandard [Member] | ||
Loans | 2,314 | 1,998 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | Doubtful [Member] | ||
Loans | ||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans | 9,719 | 9,998 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Pass [Member] | ||
Loans | 9,719 | 9,998 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Special Mention [Member] | ||
Loans | ||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Substandard [Member] | ||
Loans | ||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Doubtful [Member] | ||
Loans | ||
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Loans | 3,970 | 4,347 |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Pass [Member] | ||
Loans | 3,970 | 4,347 |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Special Mention [Member] | ||
Loans | ||
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Substandard [Member] | ||
Loans | ||
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Doubtful [Member] | ||
Loans | ||
Commercial Portfolio Segment [Member] | ||
Loans | 34,009 | 23,616 |
Commercial Portfolio Segment [Member] | Pass [Member] | ||
Loans | 33,960 | 23,149 |
Commercial Portfolio Segment [Member] | Special Mention [Member] | ||
Loans | ||
Commercial Portfolio Segment [Member] | Substandard [Member] | ||
Loans | 49 | 467 |
Commercial Portfolio Segment [Member] | Doubtful [Member] | ||
Loans | ||
Consumer Portfolio Segment [Member] | ||
Loans | 11 | 19 |
Consumer Portfolio Segment [Member] | Pass [Member] | ||
Loans | 11 | 19 |
Consumer Portfolio Segment [Member] | Special Mention [Member] | ||
Loans | ||
Consumer Portfolio Segment [Member] | Substandard [Member] | ||
Loans | ||
Consumer Portfolio Segment [Member] | Doubtful [Member] | ||
Loans |
Note 6 - Loans Receivable, Ne_6
Note 6 - Loans Receivable, Net and Allowance for Loan Losses - Impaired Loans by Loan Portfolio Class (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Related allowance | $ 55 | $ 55 |
Recorded investment | 637 | 648 |
Unpaid principal balance | 643 | 651 |
Average recorded investment | 639 | 3,130 |
Interest income recognized | 14 | 93 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | ||
Recorded investment, with no related allowance recorded | 172 | 182 |
Unpaid principal balance, with no related allowance recorded | 178 | 185 |
Average recorded investment, with no related allowance recorded | 173 | 417 |
Interest income recognized, with no related allowance recorded | 23 | |
Recorded investment, with an allowance recorded | ||
Unpaid principal balance, with an allowance recorded | ||
Related allowance | ||
Average recorded investment, with an allowance recorded | ||
Interest income recognized, with an allowance recorded | ||
Recorded investment | 172 | 182 |
Unpaid principal balance | 178 | 185 |
Average recorded investment | 173 | 417 |
Interest income recognized | 23 | |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | ||
Recorded investment, with no related allowance recorded | 264 | 265 |
Unpaid principal balance, with no related allowance recorded | 264 | 265 |
Average recorded investment, with no related allowance recorded | 265 | 324 |
Interest income recognized, with no related allowance recorded | 8 | 17 |
Recorded investment, with an allowance recorded | 68 | 68 |
Unpaid principal balance, with an allowance recorded | 68 | 68 |
Related allowance | 50 | 50 |
Average recorded investment, with an allowance recorded | 68 | 162 |
Interest income recognized, with an allowance recorded | 4 | |
Recorded investment | 332 | 333 |
Unpaid principal balance | 332 | 333 |
Average recorded investment | 333 | 486 |
Interest income recognized | 8 | 21 |
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | ||
Recorded investment, with no related allowance recorded | ||
Unpaid principal balance, with no related allowance recorded | ||
Average recorded investment, with no related allowance recorded | ||
Interest income recognized, with no related allowance recorded | ||
Recorded investment, with an allowance recorded | ||
Unpaid principal balance, with an allowance recorded | ||
Related allowance | ||
Average recorded investment, with an allowance recorded | ||
Interest income recognized, with an allowance recorded | ||
Recorded investment | ||
Unpaid principal balance | ||
Average recorded investment | ||
Interest income recognized | ||
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | ||
Recorded investment, with no related allowance recorded | ||
Unpaid principal balance, with no related allowance recorded | ||
Average recorded investment, with no related allowance recorded | ||
Interest income recognized, with no related allowance recorded | ||
Recorded investment, with an allowance recorded | 133 | 133 |
Unpaid principal balance, with an allowance recorded | 133 | 133 |
Related allowance | 5 | 5 |
Average recorded investment, with an allowance recorded | 133 | 133 |
Interest income recognized, with an allowance recorded | 6 | 10 |
Recorded investment | 133 | 133 |
Unpaid principal balance | 133 | 133 |
Average recorded investment | 133 | 133 |
Interest income recognized | 6 | 10 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Recorded investment, with no related allowance recorded | ||
Unpaid principal balance, with no related allowance recorded | ||
Average recorded investment, with no related allowance recorded | 2,050 | |
Interest income recognized, with no related allowance recorded | 37 | |
Recorded investment, with an allowance recorded | ||
Unpaid principal balance, with an allowance recorded | ||
Related allowance | ||
Average recorded investment, with an allowance recorded | ||
Interest income recognized, with an allowance recorded | ||
Recorded investment | ||
Unpaid principal balance | ||
Average recorded investment | 2,050 | |
Interest income recognized | 37 | |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Recorded investment, with no related allowance recorded | ||
Unpaid principal balance, with no related allowance recorded | ||
Average recorded investment, with no related allowance recorded | 44 | |
Interest income recognized, with no related allowance recorded | 2 | |
Recorded investment, with an allowance recorded | ||
Unpaid principal balance, with an allowance recorded | ||
Related allowance | ||
Average recorded investment, with an allowance recorded | ||
Interest income recognized, with an allowance recorded | ||
Recorded investment | ||
Unpaid principal balance | ||
Average recorded investment | 44 | |
Interest income recognized | 2 | |
Commercial Portfolio Segment [Member] | ||
Recorded investment, with no related allowance recorded | ||
Unpaid principal balance, with no related allowance recorded | ||
Average recorded investment, with no related allowance recorded | ||
Interest income recognized, with no related allowance recorded | ||
Recorded investment, with an allowance recorded | ||
Unpaid principal balance, with an allowance recorded | ||
Related allowance | ||
Average recorded investment, with an allowance recorded | ||
Interest income recognized, with an allowance recorded | ||
Recorded investment | ||
Unpaid principal balance | ||
Average recorded investment | ||
Interest income recognized | ||
Consumer Portfolio Segment [Member] | ||
Recorded investment, with no related allowance recorded | ||
Unpaid principal balance, with no related allowance recorded | ||
Average recorded investment, with no related allowance recorded | ||
Interest income recognized, with no related allowance recorded | ||
Recorded investment, with an allowance recorded | ||
Unpaid principal balance, with an allowance recorded | ||
Related allowance | ||
Average recorded investment, with an allowance recorded | ||
Interest income recognized, with an allowance recorded | ||
Recorded investment | ||
Unpaid principal balance | ||
Average recorded investment | ||
Interest income recognized |
Note 6 - Loans Receivable, Ne_7
Note 6 - Loans Receivable, Net and Allowance for Loan Losses - Troubled Debt Restructuring Loans (Details) | Jun. 30, 2019USD ($) | Dec. 31, 2018USD ($) |
Troubled debt restructuring, number of contracts | 2 | 2 |
Troubled debt restructuring, recorded investment | $ 397,000 | $ 398,000 |
Troubled debt restructuring, related allowance | 5,000 | 5,000 |
Nonaccruing Instrument [Member] | ||
Troubled debt restructuring, recorded investment | ||
Accruing Instrument [Member] | ||
Troubled debt restructuring, recorded investment | $ 397,000 | $ 398,000 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | ||
Troubled debt restructuring, number of contracts | ||
Troubled debt restructuring, recorded investment | ||
Troubled debt restructuring, related allowance | ||
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | Nonaccruing Instrument [Member] | ||
Troubled debt restructuring, recorded investment | ||
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | Accruing Instrument [Member] | ||
Troubled debt restructuring, recorded investment | ||
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | ||
Troubled debt restructuring, number of contracts | 1 | 1 |
Troubled debt restructuring, recorded investment | $ 264,000 | $ 265,000 |
Troubled debt restructuring, related allowance | ||
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | Nonaccruing Instrument [Member] | ||
Troubled debt restructuring, recorded investment | ||
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | Accruing Instrument [Member] | ||
Troubled debt restructuring, recorded investment | $ 264,000 | $ 265,000 |
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | ||
Troubled debt restructuring, number of contracts | ||
Troubled debt restructuring, recorded investment | ||
Troubled debt restructuring, related allowance | ||
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | Nonaccruing Instrument [Member] | ||
Troubled debt restructuring, recorded investment | ||
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | Accruing Instrument [Member] | ||
Troubled debt restructuring, recorded investment | ||
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | ||
Troubled debt restructuring, number of contracts | 1 | 1 |
Troubled debt restructuring, recorded investment | $ 133,000 | $ 133,000 |
Troubled debt restructuring, related allowance | 5,000 | 5,000 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | Nonaccruing Instrument [Member] | ||
Troubled debt restructuring, recorded investment | ||
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | Accruing Instrument [Member] | ||
Troubled debt restructuring, recorded investment | $ 133,000 | $ 133,000 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Troubled debt restructuring, number of contracts | ||
Troubled debt restructuring, recorded investment | ||
Troubled debt restructuring, related allowance | ||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Nonaccruing Instrument [Member] | ||
Troubled debt restructuring, recorded investment | ||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Accruing Instrument [Member] | ||
Troubled debt restructuring, recorded investment | ||
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Troubled debt restructuring, number of contracts | ||
Troubled debt restructuring, recorded investment | ||
Troubled debt restructuring, related allowance | ||
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Nonaccruing Instrument [Member] | ||
Troubled debt restructuring, recorded investment | ||
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Accruing Instrument [Member] | ||
Troubled debt restructuring, recorded investment | ||
Commercial Portfolio Segment [Member] | ||
Troubled debt restructuring, number of contracts | ||
Troubled debt restructuring, recorded investment | ||
Troubled debt restructuring, related allowance | ||
Commercial Portfolio Segment [Member] | Nonaccruing Instrument [Member] | ||
Troubled debt restructuring, recorded investment | ||
Commercial Portfolio Segment [Member] | Accruing Instrument [Member] | ||
Troubled debt restructuring, recorded investment | ||
Consumer Portfolio Segment [Member] | ||
Troubled debt restructuring, number of contracts | ||
Troubled debt restructuring, recorded investment | ||
Troubled debt restructuring, related allowance | ||
Consumer Portfolio Segment [Member] | Nonaccruing Instrument [Member] | ||
Troubled debt restructuring, recorded investment | ||
Consumer Portfolio Segment [Member] | Accruing Instrument [Member] | ||
Troubled debt restructuring, recorded investment |
Note 6 - Loans Receivable, Ne_8
Note 6 - Loans Receivable, Net and Allowance for Loan Losses - Contractual Aging of the TDRs (Details) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Troubled debt restructurings, non-accrual | ||
Troubled debt restructuring, recorded investment | 397,000 | 398,000 |
Financial Asset, 1 to 29 Days Past Due [Member] | ||
Troubled debt restructurings, past due | 397,000 | 398,000 |
Financing Receivables, 30 to 89 Days Past Due [Member] | ||
Troubled debt restructurings, past due | ||
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Troubled debt restructurings, past due | ||
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | ||
Troubled debt restructurings, non-accrual | ||
Troubled debt restructuring, recorded investment | ||
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | Financial Asset, 1 to 29 Days Past Due [Member] | ||
Troubled debt restructurings, past due | ||
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | ||
Troubled debt restructurings, past due | ||
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Troubled debt restructurings, past due | ||
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | ||
Troubled debt restructurings, non-accrual | ||
Troubled debt restructuring, recorded investment | 264,000 | 265,000 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | Financial Asset, 1 to 29 Days Past Due [Member] | ||
Troubled debt restructurings, past due | 264,000 | 265,000 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | ||
Troubled debt restructurings, past due | ||
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Troubled debt restructurings, past due | ||
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | ||
Troubled debt restructurings, non-accrual | ||
Troubled debt restructuring, recorded investment | ||
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | Financial Asset, 1 to 29 Days Past Due [Member] | ||
Troubled debt restructurings, past due | ||
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | ||
Troubled debt restructurings, past due | ||
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Troubled debt restructurings, past due | ||
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | ||
Troubled debt restructurings, non-accrual | ||
Troubled debt restructuring, recorded investment | 133,000 | 133,000 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | Financial Asset, 1 to 29 Days Past Due [Member] | ||
Troubled debt restructurings, past due | 133,000 | 133,000 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | ||
Troubled debt restructurings, past due | ||
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Troubled debt restructurings, past due | ||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Troubled debt restructurings, non-accrual | ||
Troubled debt restructuring, recorded investment | ||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, 1 to 29 Days Past Due [Member] | ||
Troubled debt restructurings, past due | ||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | ||
Troubled debt restructurings, past due | ||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Troubled debt restructurings, past due | ||
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Troubled debt restructurings, non-accrual | ||
Troubled debt restructuring, recorded investment | ||
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Financial Asset, 1 to 29 Days Past Due [Member] | ||
Troubled debt restructurings, past due | ||
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | ||
Troubled debt restructurings, past due | ||
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Troubled debt restructurings, past due | ||
Commercial Portfolio Segment [Member] | ||
Troubled debt restructurings, non-accrual | ||
Troubled debt restructuring, recorded investment | ||
Commercial Portfolio Segment [Member] | Financial Asset, 1 to 29 Days Past Due [Member] | ||
Troubled debt restructurings, past due | ||
Commercial Portfolio Segment [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | ||
Troubled debt restructurings, past due | ||
Commercial Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Troubled debt restructurings, past due | ||
Consumer Portfolio Segment [Member] | ||
Troubled debt restructurings, non-accrual | ||
Troubled debt restructuring, recorded investment | ||
Consumer Portfolio Segment [Member] | Financial Asset, 1 to 29 Days Past Due [Member] | ||
Troubled debt restructurings, past due | ||
Consumer Portfolio Segment [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | ||
Troubled debt restructurings, past due | ||
Consumer Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Troubled debt restructurings, past due |
Note 6 - Loans Receivable, Ne_9
Note 6 - Loans Receivable, Net and Allowance for Loan Losses - Changes in the Allowance for Loan Losses and Recorded Investment in Loans Receivable (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Allowance for loan losses, beginning balance | $ 2,050 | $ 1,836 | $ 1,965 | $ 1,812 | $ 1,812 |
Charge-offs | (100) | (147) | (262) | ||
Recoveries | |||||
Provision for Loan Losses | 76 | 94 | 161 | 165 | 415 |
Allowance for loan losses, ending balance | 2,126 | 1,830 | 2,126 | 1,830 | 1,965 |
Allowance for loan losses, individually evaluated for impairment | 55 | 25 | 55 | 25 | 55 |
Allowance for loan losses, collectively evaluated for impairment | 2,071 | 1,805 | 2,071 | 1,805 | 1,910 |
Loans | 229,137 | 229,137 | 219,730 | ||
Loans receivable, individually evaluated for impairment | 637 | 637 | 648 | ||
Loans receivable, collectively evaluated for impairment | 228,500 | 228,500 | 219,082 | ||
Real Estate Portfolio Segment [Member] | |||||
Loans | 195,117 | 195,117 | 196,095 | ||
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | |||||
Allowance for loan losses, beginning balance | 49 | 54 | 51 | 48 | 48 |
Charge-offs | |||||
Recoveries | |||||
Provision for Loan Losses | 6 | (2) | 12 | 3 | |
Allowance for loan losses, ending balance | 49 | 60 | 49 | 60 | 51 |
Allowance for loan losses, individually evaluated for impairment | |||||
Allowance for loan losses, collectively evaluated for impairment | 49 | 60 | 49 | 60 | 51 |
Loans | 6,304 | 6,304 | 6,603 | ||
Loans receivable, individually evaluated for impairment | 172 | 172 | 182 | ||
Loans receivable, collectively evaluated for impairment | 6,132 | 6,132 | 6,421 | ||
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | |||||
Allowance for loan losses, beginning balance | 463 | 495 | 435 | 540 | 540 |
Charge-offs | (47) | (47) | |||
Recoveries | |||||
Provision for Loan Losses | (26) | (56) | 2 | (54) | (58) |
Allowance for loan losses, ending balance | 437 | 439 | 437 | 439 | 435 |
Allowance for loan losses, individually evaluated for impairment | 50 | 20 | 50 | 20 | 50 |
Allowance for loan losses, collectively evaluated for impairment | 387 | 419 | 387 | 419 | 385 |
Loans | 43,351 | 43,351 | 47,361 | ||
Loans receivable, individually evaluated for impairment | 332 | 332 | 333 | ||
Loans receivable, collectively evaluated for impairment | 43,019 | 43,019 | 47,028 | ||
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | |||||
Allowance for loan losses, beginning balance | 160 | 164 | 156 | 152 | 152 |
Charge-offs | |||||
Recoveries | |||||
Provision for Loan Losses | (7) | 2 | (3) | 14 | 4 |
Allowance for loan losses, ending balance | 153 | 166 | 153 | 166 | 156 |
Allowance for loan losses, individually evaluated for impairment | |||||
Allowance for loan losses, collectively evaluated for impairment | 153 | 166 | 153 | 166 | 156 |
Loans | 23,498 | 23,498 | 23,967 | ||
Loans receivable, individually evaluated for impairment | |||||
Loans receivable, collectively evaluated for impairment | 23,498 | 23,498 | 23,967 | ||
Real Estate Portfolio Segment [Member] | Commercial Real Estate and Lines of Credit [Member] | |||||
Allowance for loan losses, beginning balance | 809 | 720 | 839 | 687 | 687 |
Charge-offs | |||||
Recoveries | |||||
Provision for Loan Losses | 26 | 8 | (4) | 41 | 152 |
Allowance for loan losses, ending balance | 835 | 728 | 835 | 728 | 839 |
Allowance for loan losses, individually evaluated for impairment | 5 | 5 | 5 | 5 | 5 |
Allowance for loan losses, collectively evaluated for impairment | 830 | 723 | 830 | 723 | 834 |
Loans | 108,275 | 108,275 | 103,819 | ||
Loans receivable, individually evaluated for impairment | 133 | 133 | 133 | ||
Loans receivable, collectively evaluated for impairment | 108,142 | 108,142 | 103,686 | ||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||||
Allowance for loan losses, beginning balance | 142 | 142 | 175 | 136 | 136 |
Charge-offs | (100) | (100) | (215) | ||
Recoveries | |||||
Provision for Loan Losses | 38 | 137 | 5 | 143 | 254 |
Allowance for loan losses, ending balance | 180 | 179 | 180 | 179 | 175 |
Allowance for loan losses, individually evaluated for impairment | |||||
Allowance for loan losses, collectively evaluated for impairment | 180 | 179 | 180 | 179 | 175 |
Loans | 9,719 | 9,719 | 9,998 | ||
Loans receivable, individually evaluated for impairment | |||||
Loans receivable, collectively evaluated for impairment | 9,719 | 9,719 | 9,998 | ||
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | |||||
Allowance for loan losses, beginning balance | 24 | 26 | 21 | 27 | 27 |
Charge-offs | |||||
Recoveries | |||||
Provision for Loan Losses | (1) | (2) | 2 | (3) | (6) |
Allowance for loan losses, ending balance | 23 | 24 | 23 | 24 | 21 |
Allowance for loan losses, individually evaluated for impairment | |||||
Allowance for loan losses, collectively evaluated for impairment | 23 | 24 | 23 | 24 | 21 |
Loans | 3,970 | 3,970 | 4,347 | ||
Loans receivable, individually evaluated for impairment | |||||
Loans receivable, collectively evaluated for impairment | 3,970 | 3,970 | 4,347 | ||
Commercial and Consumer Portfolio Segments [Member] | |||||
Allowance for loan losses, beginning balance | 303 | 170 | 247 | 140 | 140 |
Charge-offs | |||||
Recoveries | |||||
Provision for Loan Losses | 67 | 31 | 123 | 61 | 107 |
Allowance for loan losses, ending balance | 370 | 201 | 370 | 201 | 247 |
Allowance for loan losses, individually evaluated for impairment | |||||
Allowance for loan losses, collectively evaluated for impairment | 370 | 201 | 370 | 201 | 247 |
Loans | 34,020 | 34,020 | 23,635 | ||
Loans receivable, individually evaluated for impairment | |||||
Loans receivable, collectively evaluated for impairment | 34,020 | 34,020 | 23,635 | ||
Unallocated Financing Receivables [Member] | |||||
Allowance for loan losses, beginning balance | 100 | 65 | 41 | 82 | 82 |
Charge-offs | |||||
Recoveries | |||||
Provision for Loan Losses | (21) | (32) | 38 | (49) | (41) |
Allowance for loan losses, ending balance | 79 | 33 | 79 | 33 | 41 |
Allowance for loan losses, individually evaluated for impairment | |||||
Allowance for loan losses, collectively evaluated for impairment | 79 | $ 33 | 79 | $ 33 | 41 |
Loans | |||||
Loans receivable, individually evaluated for impairment | |||||
Loans receivable, collectively evaluated for impairment |
Note 6 - Loans Receivable, N_10
Note 6 - Loans Receivable, Net and Allowance for Loan Losses - Non-accrual Loans by Class of Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Loans | $ 240 | $ 250 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | ||
Loans | 172 | 182 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | ||
Loans | 68 | 68 |
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | ||
Loans | ||
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | ||
Loans | ||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans | ||
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Loans | ||
Commercial Portfolio Segment [Member] | ||
Loans | ||
Consumer Portfolio Segment [Member] | ||
Loans |
Note 6 - Loans Receivable, N_11
Note 6 - Loans Receivable, Net and Allowance for Loan Losses - Loan Portfolio Summarized by Past Due Status (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Loans, past due | $ 2,855 | $ 8,239 |
Loans, current | 226,282 | 211,491 |
Loans | 229,137 | 219,730 |
Loans > 90 days and accruing | 352 | 928 |
The 30 to 89 Days Delinquent [Member] | ||
Loans, past due | 2,263 | 7,061 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans, past due | 592 | 1,178 |
Real Estate Portfolio Segment [Member] | ||
Loans | 195,117 | 196,095 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | ||
Loans, past due | 815 | 1,278 |
Loans, current | 5,489 | 5,325 |
Loans | 6,304 | 6,603 |
Loans > 90 days and accruing | ||
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | The 30 to 89 Days Delinquent [Member] | ||
Loans, past due | 643 | 1,096 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans, past due | 172 | 182 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | ||
Loans, past due | 595 | 1,327 |
Loans, current | 42,756 | 46,034 |
Loans | 43,351 | 47,361 |
Loans > 90 days and accruing | 162 | |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | The 30 to 89 Days Delinquent [Member] | ||
Loans, past due | 365 | 1,259 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans, past due | 230 | 68 |
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | ||
Loans, past due | 371 | |
Loans, current | 23,498 | 23,596 |
Loans | 23,498 | 23,967 |
Loans > 90 days and accruing | ||
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | The 30 to 89 Days Delinquent [Member] | ||
Loans, past due | 371 | |
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans, past due | ||
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | ||
Loans, past due | 446 | 2,618 |
Loans, current | 107,829 | 101,201 |
Loans | 108,275 | 103,819 |
Loans > 90 days and accruing | 190 | 548 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | The 30 to 89 Days Delinquent [Member] | ||
Loans, past due | 256 | 2,070 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans, past due | 190 | 548 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans, past due | 790 | 2,231 |
Loans, current | 8,929 | 7,767 |
Loans | 9,719 | 9,998 |
Loans > 90 days and accruing | ||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | The 30 to 89 Days Delinquent [Member] | ||
Loans, past due | 790 | 2,231 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans, past due | ||
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Loans, past due | 30 | 31 |
Loans, current | 3,940 | 4,316 |
Loans | 3,970 | 4,347 |
Loans > 90 days and accruing | ||
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | The 30 to 89 Days Delinquent [Member] | ||
Loans, past due | 30 | 31 |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans, past due | ||
Commercial Portfolio Segment [Member] | ||
Loans, past due | 179 | 383 |
Loans, current | 33,830 | 23,233 |
Loans | 34,009 | 23,616 |
Loans > 90 days and accruing | 380 | |
Commercial Portfolio Segment [Member] | The 30 to 89 Days Delinquent [Member] | ||
Loans, past due | 179 | 3 |
Commercial Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans, past due | 380 | |
Consumer Portfolio Segment [Member] | ||
Loans, past due | ||
Loans, current | 11 | 19 |
Loans | 11 | 19 |
Loans > 90 days and accruing | ||
Consumer Portfolio Segment [Member] | The 30 to 89 Days Delinquent [Member] | ||
Loans, past due | ||
Consumer Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans, past due |
Note 7 - Goodwill and Other I_2
Note 7 - Goodwill and Other Intangible, Net (Details Textual) - USD ($) | Aug. 01, 2016 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 |
Finite-Lived Intangible Assets, Net, Ending Balance | $ 344,000 | $ 344,000 | $ 368,000 | |||
Amortization of Intangible Assets, Total | 12,000 | $ 12,000 | 24,000 | $ 24,000 | ||
Other Intangible Assets [Member] | ||||||
Finite-Lived Intangible Assets, Net, Ending Balance | 344,000 | 344,000 | ||||
Finite-Lived Intangible Assets, Accumulated Amortization | $ 141,000 | $ 141,000 | ||||
Signature Insurance Services, LLC [Member] | ||||||
Payments to Acquire Businesses, Gross | $ 1,000,000 | |||||
Goodwill, Acquired During Period | 515,000 | |||||
Signature Insurance Services, LLC [Member] | Other Intangible Assets [Member] | ||||||
Finite-lived Intangible Assets Acquired | $ 485,000 | |||||
Finite-Lived Intangible Asset, Useful Life | 10 years |
Note 8 - Deposits - Summary of
Note 8 - Deposits - Summary of Deposits (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Non-interest bearing checking accounts, amount | $ 17,346 | $ 17,542 |
Money market accounts, amount | 26,906 | 26,841 |
Certificates of deposit | 178,394 | 166,216 |
Total deposits | 224,504 | 211,911 |
Passbook Accounts [Member] | ||
Interest-bearing deposits, amount | 73 | 192 |
Savings Accounts [Member] | ||
Interest-bearing deposits, amount | $ 1,785 | $ 1,120 |
Note 9 - Borrowings - Federal H
Note 9 - Borrowings - Federal Home Loan Bank Long-term Borrowings (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Short-term borrowings, amount | $ 9 | |
Short-term borrowings, weighted interest rate | 2.62% | |
2019, amount | $ 2 | $ 3 |
2019, weighted interest rate | 1.95% | 1.86% |
2020, amount | $ 2 | $ 2 |
2020, weighted interest rate | 2.00% | 2.00% |
2021, amount | $ 4 | $ 3 |
2021, weighted interest rate | 2.26% | 2.05% |
2022, amount | $ 6 | $ 3 |
2022, weighted interest rate | 2.22% | 2.18% |
2023, amount | $ 5 | $ 3 |
2023, weighted interest rate | 2.37% | 2.33% |
2024, amount | $ 4 | $ 1 |
2024, weighted interest rate | 2.49% | 2.54% |
Total FHLB long-term debt, amount | $ 23 | $ 15 |
Total FHLB long-term debt, weighted interest rate | 2.27% | 2.12% |
Note 10 - Stock Compensation _3
Note 10 - Stock Compensation Plans (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||
May 31, 2018 | May 31, 2013 | May 31, 2008 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2007 | Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2017 | |
Employee Stock Ownership Plan (ESOP), Compensation Expense | $ 46,000 | $ 48,000 | $ 90,000 | $ 96,000 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 1.75 | |||||||||||
Restricted Stock [Member] | ||||||||||||
Share-based Payment Arrangement, Expense | 32,000 | 21,000 | 65,000 | 42,000 | ||||||||
Share-based Payment Arrangement, Expense, Tax Benefit | 7,000 | 4,000 | 14,000 | 9,000 | ||||||||
Share-based Payment Arrangement, Option [Member] | ||||||||||||
Share-based Payment Arrangement, Expense | 11,000 | 8,000 | 22,000 | 19,000 | ||||||||
Share-based Payment Arrangement, Expense, Tax Benefit | 1,000 | $ 0 | $ 1,000 | $ 0 | ||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 3 years 328 days | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||||||||||
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 171,000 | $ 171,000 | ||||||||||
Share-based Payment Arrangement, Option [Member] | Minimum [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |||||||||||
The 2008 Recognition and Retention Plan [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Purchased for Award | 111,090 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Per Share Weighted Average Price of Shares Purchased | $ 4.68 | |||||||||||
Share-based Payment Arrangement, Cash Used to Settle Award | $ 520,000 | |||||||||||
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 195,000 | |||||||||||
The 2013 Stock Incentive Plan [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 195,000 | |||||||||||
The 2013 Stock Incentive Plan [Member] | Restricted Stock [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 48,750 | |||||||||||
Percentage of Shares May Be Granted As Restricted Stock Awards | 25.00% | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 0 | 0 | ||||||||||
The 2013 Stock Incentive Plan [Member] | Share-based Payment Arrangement, Option [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 146,250 | |||||||||||
The 2018 Stock Incentive Plan [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 155,000 | |||||||||||
The 2018 Stock Incentive Plan [Member] | Restricted Stock [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 38,750 | |||||||||||
Percentage of Shares May Be Granted As Restricted Stock Awards | 25.00% | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 11,750 | 11,750 | ||||||||||
The 2018 Stock Incentive Plan [Member] | Share-based Payment Arrangement, Option [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 116,250 | |||||||||||
Stock Incentive Plan [Member] | Restricted Stock [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance | 38,887 | 38,887 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |||||||||||
The RRP and Stock Incentive Plan [Member] | Restricted Stock [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance | 38,887 | 48,608 | 38,887 | 48,608 | 48,608 | 10,061 | ||||||
The RRP and Stock Incentive Plan [Member] | Restricted Stock [Member] | Minimum [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |||||||||||
The 2008 Stock Option Plan [Member] | Share-based Payment Arrangement, Option [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 277,726 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 0 | 0 | ||||||||||
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 501,000 | $ 501,000 | ||||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 3 years 328 days | |||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 5 | |||||||||||
The Option Plan and Stock Incentive Plan [Member] | Share-based Payment Arrangement, Option [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 37,250 | 37,250 | ||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 8.10 | $ 5 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance | 256,336 | 279,836 | 256,336 | 279,836 | 279,836 | 265,302 | ||||||
Employee Stock Ownership Plan [Member] | ||||||||||||
Percentage of Company Shares Purchased by ESOP | 8.00% | |||||||||||
Employee Stock Ownership Plan (ESOP), Shares Contributed to ESOP | 222,180 | |||||||||||
ESOP Loan Interest Rate | 7.75% | |||||||||||
Employee Stock Ownership Plan (ESOP), Loan Term | 15 years |
Note 10 - Stock Compensation _4
Note 10 - Stock Compensation Plans - Status of Shares Under the RRP and Stock Incentive Plan (Details) - The RRP and Stock Incentive Plan [Member] - Restricted Stock [Member] - $ / shares | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Unvested at the beginning of the period (in shares) | 48,608 | 10,061 |
Unvested at the beginning of the period (in dollars per share) | $ 13.30 | $ 8.10 |
Granted, number of shares (in shares) | 48,608 | |
Granted, weighted average grant date fair value (in dollars per share) | $ 13.30 | |
Vested, number of shares (in shares) | (9,721) | (9,661) |
Vested, weighted average grant date fair value (in dollars per share) | $ 13.30 | $ 8.10 |
Forfeited, number of shares (in shares) | (400) | |
Forfeited, weighted average grant date fair value (in dollars per share) | $ 8.10 | |
Unvested at the end of the period (in shares) | 38,887 | 48,608 |
Unvested at the end of the period (in dollars per share) | $ 13.30 | $ 13.30 |
Note 10 - Stock Compensation _5
Note 10 - Stock Compensation Plans - Summary of Option Activity (Details) - Share-based Payment Arrangement, Option [Member] - The Option Plan and Stock Incentive Plan [Member] - $ / shares | 3 Months Ended | |||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | |
Outstanding at the beginning of the year, number of shares (in shares) | 279,836 | 265,302 | ||
Outstanding at the beginning of the year, weighted average exercise price (in dollars per share) | $ 10.64 | $ 6.74 | ||
Outstanding at the beginning of the year, weighted average remaining contractual life (Year) | 6 years 182 days | 6 years 292 days | 7 years 292 days | 3 years 73 days |
Granted, number of shares (in shares) | 136,636 | |||
Granted, weighted average exercise price (in dollars per share) | $ 13.30 | |||
Granted, weighted average remaining contractual life (Year) | 9 years 328 days | |||
Exercised, number of shares (in shares) | (23,500) | (106,844) | ||
Exercised, weighted average exercise price (in dollars per share) | $ 8.10 | $ 5 | ||
Forfeited, number of shares (in shares) | (15,258) | |||
Forfeited, weighted average exercise price (in dollars per share) | $ 6.22 | |||
Outstanding at end of period, number of shares (in shares) | 256,336 | 279,836 | 279,836 | 265,302 |
Outstanding at end of period, weighted average exercise price (in dollars per share) | $ 10.87 | $ 10.64 | $ 10.64 | $ 6.74 |
Exercisable at end of period, number of shares (in shares) | 147,027 | 143,200 | ||
Exercisable at end of period, weighted average exercise price (in dollars per share) | $ 9.07 | $ 8.10 | ||
Exercisable at end of period, weighted average remaining contractual life (Year) | 3 years 328 days | 4 years 328 days |
Note 10 - Stock Compensation _6
Note 10 - Stock Compensation Plans - Fair Value Assumptions (Details) | 6 Months Ended |
Jun. 30, 2019 | |
Expected dividend yield | 2.11% |
Risk-free interest rate | 2.96% |
Expected life of options (Year) | 6 years 182 days |
Expected stock-price volatility | 12.42% |
Note 11 - Fair Value Measurem_3
Note 11 - Fair Value Measurements and Fair Values of Financial Instruments - Financial Assets and Liabilities on a Recurring and Nonrecurring (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Investment securities available for sale | $ 8,832 | $ 6,680 |
Other Real Estate Owned | 1,650 | |
Fair Value, Inputs, Level 1 [Member] | ||
Other Real Estate Owned | ||
Fair Value, Inputs, Level 2 [Member] | ||
Other Real Estate Owned | ||
Fair Value, Inputs, Level 3 [Member] | ||
Other Real Estate Owned | 1,650 | |
Fair Value, Recurring [Member] | ||
Investment securities available for sale | 8,832 | 6,680 |
Total fair value measurements | 8,832 | 6,680 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investment securities available for sale | ||
Total fair value measurements | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investment securities available for sale | 8,832 | 6,680 |
Total fair value measurements | 8,832 | 6,680 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investment securities available for sale | ||
Total fair value measurements | ||
Fair Value, Nonrecurring [Member] | ||
Total fair value measurements | 2,401 | 2,243 |
Impaired loans | 582 | 593 |
Other Real Estate Owned | 1,819 | |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Total fair value measurements | ||
Impaired loans | ||
Other Real Estate Owned | ||
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Total fair value measurements | ||
Impaired loans | ||
Other Real Estate Owned | ||
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Total fair value measurements | 2,401 | 2,243 |
Impaired loans | 582 | 593 |
Other Real Estate Owned | 1,819 | |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Investment securities available for sale | 6,967 | 6,322 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Government National Mortgage Association (GNMA) Insured Loans [Member] | ||
Investment securities available for sale | 5,567 | 4,873 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Government National Mortgage Association (GNMA) Insured Loans [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale | 5,567 | 4,876 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Government National Mortgage Association (GNMA) Insured Loans [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investment securities available for sale | ||
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Government National Mortgage Association (GNMA) Insured Loans [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investment securities available for sale | 5,567 | 4,876 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Government National Mortgage Association (GNMA) Insured Loans [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investment securities available for sale | ||
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Federal Home Loan Mortgage Corporation (FHLMC) Insured Loans [Member] | ||
Investment securities available for sale | 1,079 | 1,082 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Federal Home Loan Mortgage Corporation (FHLMC) Insured Loans [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale | 1,079 | 1,082 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Federal Home Loan Mortgage Corporation (FHLMC) Insured Loans [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investment securities available for sale | ||
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Federal Home Loan Mortgage Corporation (FHLMC) Insured Loans [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investment securities available for sale | 1,079 | 1,082 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Federal Home Loan Mortgage Corporation (FHLMC) Insured Loans [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investment securities available for sale | ||
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Federal National Mortgage Association (FNMA) Insured Loans [Member] | ||
Investment securities available for sale | 321 | 367 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Federal National Mortgage Association (FNMA) Insured Loans [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale | 321 | 367 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Federal National Mortgage Association (FNMA) Insured Loans [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investment securities available for sale | ||
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Federal National Mortgage Association (FNMA) Insured Loans [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investment securities available for sale | 321 | 367 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Federal National Mortgage Association (FNMA) Insured Loans [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investment securities available for sale | ||
US Government Agencies Debt Securities [Member] | ||
Investment securities available for sale | 360 | 358 |
US Government Agencies Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale | 360 | 358 |
US Government Agencies Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investment securities available for sale | ||
US Government Agencies Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investment securities available for sale | 360 | 358 |
US Government Agencies Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investment securities available for sale | ||
Corporate Debt Securities [Member] | ||
Investment securities available for sale | 1,505 | |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale | 1,505 | |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investment securities available for sale | ||
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investment securities available for sale | 1,505 | |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investment securities available for sale |
Note 11 - Fair Value Measurem_4
Note 11 - Fair Value Measurements and Fair Values of Financial Instruments - Additional Quantitative Information About Assets Measured at Fair Value on a Nonrecurring Basis (Details) - Appraisal of Collateral [Member] - Fair Value, Inputs, Level 3 [Member] $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2019 | Jun. 30, 2019USD ($) | Dec. 31, 2018USD ($) | ||
Valuation techniques | [1] | Appraisal of collateral | Appraisal of collateral | |
Unobservable input | [2] | Appraisal adjustments | Appraisal adjustments | |
Meaurement Input, Appraisal Adjustments Rate [Member] | ||||
Total fair value | $ 582 | $ 593 | ||
Other real estate owned, fair value | $ 1,819 | $ 1,650 | ||
Meaurement Input, Appraisal Adjustments Rate [Member] | Minimum [Member] | ||||
Unobservable input, range | 0 | 0 | ||
Unobservable input, range | 0 | 0 | ||
Meaurement Input, Appraisal Adjustments Rate [Member] | Maximum [Member] | ||||
Unobservable input, range | 0.73 | 0.73 | ||
Unobservable input, range | 0.12 | 0.12 | ||
Meaurement Input, Appraisal Adjustments Rate [Member] | Weighted Average [Member] | ||||
Unobservable input, range | (0.09) | (0.08) | ||
Unobservable input, range | (0.12) | (0.12) | ||
[1] | Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are identifiable. | |||
[2] | Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of liquidation expenses and other appraisal adjustments are presented as a percentage of the appraisal. |
Note 11 - Fair Value Measurem_5
Note 11 - Fair Value Measurements and Fair Values of Financial Instruments - Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Financial Assets | ||
Investment in interest-earning time deposits | $ 4,927 | |
Reported Value Measurement [Member] | ||
Financial Assets | ||
Investment in interest-earning time deposits | $ 10,160 | 4,927 |
Loans held for sale | 9,402 | 5,103 |
Loans receivable, net | 226,189 | 216,898 |
Financial Liabilities | ||
Deposits | 224,504 | 211,911 |
FHLB long-term borrowings | 23,000 | 15,000 |
Subordinated debt | 7,848 | 7,831 |
Estimate of Fair Value Measurement [Member] | ||
Financial Assets | ||
Investment in interest-earning time deposits | 10,488 | |
Loans held for sale | 9,729 | 5,254 |
Loans receivable, net | 225,054 | 214,351 |
Financial Liabilities | ||
Deposits | 227,144 | 212,320 |
FHLB long-term borrowings | 23,012 | 14,973 |
Subordinated debt | 8,078 | 7,831 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Financial Assets | ||
Investment in interest-earning time deposits | ||
Loans held for sale | ||
Loans receivable, net | ||
Financial Liabilities | ||
Deposits | 46,110 | 45,695 |
FHLB long-term borrowings | ||
Subordinated debt | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Financial Assets | ||
Investment in interest-earning time deposits | ||
Loans held for sale | 9,729 | 5,254 |
Loans receivable, net | ||
Financial Liabilities | ||
Deposits | ||
FHLB long-term borrowings | ||
Subordinated debt | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Financial Assets | ||
Investment in interest-earning time deposits | 10,488 | 4,927 |
Loans held for sale | ||
Loans receivable, net | 225,054 | 214,351 |
Financial Liabilities | ||
Deposits | 181,034 | 166,625 |
FHLB long-term borrowings | 23,012 | 14,973 |
Subordinated debt | $ 8,078 | $ 7,831 |
Note 12 - Operating Segments (D
Note 12 - Operating Segments (Details Textual) | 6 Months Ended |
Jun. 30, 2019 | |
Number of Operating Segments | 2 |
Note 12 - Operating Segments -
Note 12 - Operating Segments - Summary of Financial Information for the Reportable Segments (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |||
Net Interest Income | $ 2,098,000 | $ 2,060,000 | $ 4,235,000 | $ 4,039,000 | |||
Provision for Loan Losses | 76,000 | 94,000 | 161,000 | 165,000 | $ 415,000 | ||
Net Interest Income after Provision for Loan Losses | 2,022,000 | 1,966,000 | 4,074,000 | 3,874,000 | |||
Non-Interest Income | |||||||
Insurance commissions | 106,000 | 103,000 | 198,000 | 182,000 | |||
Income from bank-owned life insurance | 19,000 | 21,000 | 39,000 | 41,000 | |||
Net gain on loans held for sale | 867,000 | 585,000 | 1,300,000 | 906,000 | |||
Gain on the sale of SBA loans | 34,000 | 140,000 | 23,000 | ||||
Gain on sales of other real estate owned | 63,000 | ||||||
Total Non-Interest Income | 1,446,000 | 1,020,000 | 2,288,000 | 1,762,000 | |||
Non-Interest Expense | |||||||
Salaries and employee benefits | 1,771,000 | 1,621,000 | 3,397,000 | 3,289,000 | |||
Directors’ fees and expenses | 56,000 | 40,000 | 113,000 | 94,000 | |||
Occupancy and equipment | 174,000 | 146,000 | 334,000 | 296,000 | |||
Data processing | 118,000 | 93,000 | 220,000 | 179,000 | |||
Professional fees | 92,000 | 123,000 | 174,000 | 183,000 | |||
FDIC deposit insurance assessment | 12,000 | 46,000 | 40,000 | 93,000 | |||
Other real estate owned expenses | 4,000 | 2,000 | 11,000 | 2,000 | |||
Advertising | 71,000 | 54,000 | 142,000 | 108,000 | |||
Amortization of Intangible Assets, Total | 12,000 | 12,000 | 24,000 | 24,000 | |||
Other | 217,000 | 144,000 | 379,000 | 320,000 | |||
Total Non-Interest Expense | 2,527,000 | 2,281,000 | 4,834,000 | 4,588,000 | |||
Pretax Segment Profit | 941,000 | 705,000 | 1,528,000 | 1,048,000 | |||
Segment Assets | 284,877,000 | 251,562,000 | 284,877,000 | 251,562,000 | 271,404,000 | ||
Net Interest Income | 2,098,000 | 2,060,000 | 4,235,000 | 4,039,000 | |||
Provision for Loan Losses | 76,000 | 94,000 | 161,000 | 165,000 | $ 415,000 | ||
Net Interest Income after Provision for Loan Losses | 2,022,000 | 1,966,000 | 4,074,000 | 3,874,000 | |||
Mortgage Banking and Abstract Fees [Member] | |||||||
Non-Interest Income | |||||||
Non-interest revenue | 325,000 | 217,000 | 470,000 | 327,000 | |||
Real Estate Sales Commissions [Member] | |||||||
Non-Interest Income | |||||||
Non-interest revenue | 33,000 | 50,000 | 51,000 | 102,000 | |||
Other Fees and Services Fees [Member] | |||||||
Non-Interest Income | |||||||
Non-interest revenue | 62,000 | 44,000 | 90,000 | 118,000 | |||
Quaint Oak Bank [Member] | |||||||
Net Interest Income | 2,123,000 | 2,067,000 | [1] | 4,279,000 | 4,056,000 | [1] | |
Provision for Loan Losses | 76,000 | 94,000 | [1] | 161,000 | 165,000 | [1] | |
Net Interest Income after Provision for Loan Losses | 2,047,000 | 1,973,000 | [1] | 4,118,000 | 3,891,000 | [1] | |
Non-Interest Income | |||||||
Insurance commissions | 106,000 | 103,000 | [1] | 198,000 | 182,000 | [1] | |
Income from bank-owned life insurance | 19,000 | 21,000 | [1] | 39,000 | 41,000 | [1] | |
Net gain on loans held for sale | [1] | 3,000 | [1] | ||||
Gain on the sale of SBA loans | 34,000 | [1] | 140,000 | 23,000 | [1] | ||
Gain on sales of other real estate owned | [1] | 63,000 | [1] | ||||
Total Non-Interest Income | 430,000 | 354,000 | [1] | 779,000 | 774,000 | [1] | |
Non-Interest Expense | |||||||
Salaries and employee benefits | 1,465,000 | 1,323,000 | [1] | 2,787,000 | 2,691,000 | [1] | |
Directors’ fees and expenses | 56,000 | 40,000 | [1] | 113,000 | 94,000 | [1] | |
Occupancy and equipment | 117,000 | 107,000 | [1] | 228,000 | 217,000 | [1] | |
Data processing | 81,000 | 67,000 | [1] | 161,000 | 129,000 | [1] | |
Professional fees | 79,000 | 110,000 | [1] | 148,000 | 157,000 | [1] | |
FDIC deposit insurance assessment | 12,000 | 46,000 | [1] | 40,000 | 93,000 | [1] | |
Other real estate owned expenses | 4,000 | 2,000 | [1] | 11,000 | 2,000 | [1] | |
Advertising | 61,000 | 49,000 | [1] | 122,000 | 98,000 | [1] | |
Amortization of Intangible Assets, Total | 12,000 | 12,000 | [1] | 24,000 | 24,000 | [1] | |
Other | 205,000 | 131,000 | [1] | 353,000 | 289,000 | [1] | |
Total Non-Interest Expense | 2,092,000 | 1,887,000 | [1] | 3,987,000 | 3,794,000 | [1] | |
Pretax Segment Profit | 385,000 | 440,000 | [1] | 910,000 | 871,000 | [1] | |
Segment Assets | 269,302,000 | 246,844,000 | [1] | 269,302,000 | 246,844,000 | [1] | |
Net Interest Income | 2,123,000 | 2,067,000 | [1] | 4,279,000 | 4,056,000 | [1] | |
Provision for Loan Losses | 76,000 | 94,000 | [1] | 161,000 | 165,000 | [1] | |
Net Interest Income after Provision for Loan Losses | 2,047,000 | 1,973,000 | [1] | 4,118,000 | 3,891,000 | [1] | |
Quaint Oak Bank [Member] | Mortgage Banking and Abstract Fees [Member] | |||||||
Non-Interest Income | |||||||
Non-interest revenue | 176,000 | 136,000 | [1] | 261,000 | 242,000 | [1] | |
Quaint Oak Bank [Member] | Real Estate Sales Commissions [Member] | |||||||
Non-Interest Income | |||||||
Non-interest revenue | 33,000 | 50,000 | [1] | 51,000 | 102,000 | [1] | |
Quaint Oak Bank [Member] | Other Fees and Services Fees [Member] | |||||||
Non-Interest Income | |||||||
Non-interest revenue | 62,000 | 44,000 | [1] | 90,000 | 118,000 | [1] | |
Quaint Oak Bank [Member] | Quaint Oak Bank, Mortgage [Member] | |||||||
Net Interest Income | (25,000) | (7,000) | (44,000) | (17,000) | |||
Provision for Loan Losses | |||||||
Net Interest Income after Provision for Loan Losses | (25,000) | (7,000) | (44,000) | (17,000) | |||
Non-Interest Income | |||||||
Insurance commissions | |||||||
Income from bank-owned life insurance | |||||||
Net gain on loans held for sale | 867,000 | 585,000 | 1,300,000 | 903,000 | |||
Gain on the sale of SBA loans | |||||||
Gain on sales of other real estate owned | |||||||
Total Non-Interest Income | 1,016,000 | 666,000 | 1,509,000 | 988,000 | |||
Non-Interest Expense | |||||||
Salaries and employee benefits | 306,000 | 298,000 | 610,000 | 598,000 | |||
Directors’ fees and expenses | |||||||
Occupancy and equipment | 57,000 | 39,000 | 106,000 | 79,000 | |||
Data processing | 37,000 | 26,000 | 59,000 | 50,000 | |||
Professional fees | 13,000 | 13,000 | 26,000 | 26,000 | |||
FDIC deposit insurance assessment | |||||||
Other real estate owned expenses | |||||||
Advertising | 10,000 | 5,000 | 20,000 | 10,000 | |||
Amortization of Intangible Assets, Total | |||||||
Other | 12,000 | 13,000 | 26,000 | 31,000 | |||
Total Non-Interest Expense | 435,000 | 394,000 | 847,000 | 794,000 | |||
Pretax Segment Profit | 556,000 | 265,000 | 618,000 | 177,000 | |||
Segment Assets | 15,575,000 | 9,088,000 | 15,575,000 | 9,088,000 | |||
Net Interest Income | (25,000) | (7,000) | (44,000) | (17,000) | |||
Provision for Loan Losses | |||||||
Net Interest Income after Provision for Loan Losses | (25,000) | (7,000) | (44,000) | (17,000) | |||
Quaint Oak Bank [Member] | Quaint Oak Bank, Mortgage [Member] | Mortgage Banking and Abstract Fees [Member] | |||||||
Non-Interest Income | |||||||
Non-interest revenue | 149,000 | 81,000 | 209,000 | 85,000 | |||
Quaint Oak Bank [Member] | Quaint Oak Bank, Mortgage [Member] | Real Estate Sales Commissions [Member] | |||||||
Non-Interest Income | |||||||
Non-interest revenue | |||||||
Quaint Oak Bank [Member] | Quaint Oak Bank, Mortgage [Member] | Other Fees and Services Fees [Member] | |||||||
Non-Interest Income | |||||||
Non-interest revenue | |||||||
[1] | Includes Quaint Oak Bancorp, Inc. and the Bank's Subsidiaries, Quaint Oak Real Estate, Quaint Oak Abstract, Quaint Oak Insurance Agency, and Quaint Oak Properties. |