Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2018 | Nov. 02, 2018 | |
Entity Information [Line Items] | ||
Entity Registrant Name | SI Financial Group, Inc. | |
Entity Central Index Key | 1,500,213 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Common Stock, Shares Outstanding | 12,033,611 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Cash and due from banks: | ||
Noninterest-bearing | $ 16,915 | $ 16,872 |
Interest-bearing | 59,829 | 66,614 |
Total cash and cash equivalents | 76,744 | 83,486 |
Available for sale securities, at fair value | 147,576 | 154,053 |
Loans held for sale | 1,368 | 835 |
Loans receivable (net of allowance for loan losses of $14,227 at September 30, 2018 and $12,334 at December 31, 2017) | 1,276,373 | 1,237,174 |
Federal Home Loan Bank stock, at cost | 9,308 | 9,856 |
Federal Reserve Bank stock, at cost | 3,638 | 3,636 |
Bank-owned life insurance | 34,397 | 33,726 |
Premises and equipment, net | 19,099 | 19,409 |
Goodwill and other intangibles | 16,442 | 16,893 |
Accrued interest receivable | 5,209 | 4,784 |
Deferred tax asset, net | 6,943 | 6,412 |
Other real estate owned, net | 608 | 1,226 |
Other assets | 9,430 | 9,466 |
Total assets | 1,607,135 | 1,580,956 |
Deposits: | ||
Noninterest-bearing | 243,688 | 220,877 |
Interest-bearing | 1,006,405 | 987,170 |
Total deposits | 1,250,093 | 1,208,047 |
Mortgagors' and investors' escrow accounts | 2,838 | 4,418 |
Federal Home Loan Bank advances | 152,780 | 170,094 |
Junior subordinated debt owed to unconsolidated trust | 8,248 | 8,248 |
Accrued expenses and other liabilities | 23,164 | 21,668 |
Total liabilities | 1,437,123 | 1,412,475 |
Shareholders' Equity: | ||
Preferred stock ($.01 par value; 1,000,000 shares authorized; none issued) | 0 | 0 |
Common stock ($.01 par value; 35,000,000 shares authorized; 12,033,734 and 12,242,434 shares issued and outstanding at September 30, 2018 and December 31, 2017, respectively) | 120 | 122 |
Additional paid-in-capital | 126,178 | 126,540 |
Unallocated common shares held by ESOP | (2,328) | (2,688) |
Unearned restricted shares | (227) | (235) |
Retained earnings | 49,628 | 46,176 |
Accumulated other comprehensive loss | (3,359) | (1,434) |
Total shareholders' equity | 170,012 | 168,481 |
Total liabilities and shareholders' equity | $ 1,607,135 | $ 1,580,956 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
ASSETS: | ||
Loans receivable, allowance for loan losses | $ 14,227 | $ 12,334 |
Shareholders' Equity | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 35,000,000 | 35,000,000 |
Common stock, shares issued | 12,033,734 | 12,242,434 |
Common stock, outstanding (in shares) | 12,033,734 | 12,242,434 |
Treasury stock (in shares) | 0 | 0 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Interest and dividend income: | ||||
Loans, including fees | $ 13,493 | $ 12,326 | $ 39,188 | $ 36,758 |
Securities: | ||||
Taxable interest | 854 | 891 | 2,030 | 2,465 |
Tax-exempt interest | 13 | 14 | 41 | 42 |
Dividends | 199 | 184 | 566 | 538 |
Other | 295 | 234 | 847 | 546 |
Total interest and dividend income | 14,854 | 13,649 | 42,672 | 40,349 |
Interest expense: | ||||
Deposits | 2,528 | 1,922 | 6,579 | 5,555 |
Federal Home Loan Bank advances | 779 | 802 | 2,408 | 2,577 |
Subordinated debt and other borrowings | 82 | 60 | 228 | 173 |
Total interest expense | 3,389 | 2,784 | 9,215 | 8,305 |
Net interest income | 11,465 | 10,865 | 33,457 | 32,044 |
Provision for loan losses | 1,009 | 171 | 2,022 | 501 |
Net interest income after provision for loan losses | 10,456 | 10,694 | 31,435 | 31,543 |
Noninterest income: | ||||
Service fees | 1,736 | 1,723 | 5,217 | 5,165 |
Wealth management fees | 5 | 20 | 23 | 539 |
Increase in cash surrender value of bank-owned life insurance | 230 | 133 | 671 | 395 |
Mortgage banking | 343 | 519 | 901 | 1,140 |
Net loss on disposal of equipment | (2) | (4) | (2) | (4) |
Other | 607 | 124 | 1,822 | 1,428 |
Total noninterest income | 2,919 | 2,515 | 8,632 | 8,663 |
Noninterest expenses: | ||||
Salaries and employee benefits | 5,386 | 5,052 | 15,898 | 15,485 |
Occupancy and equipment | 1,668 | 1,662 | 5,175 | 5,138 |
Computer and electronic banking services | 1,350 | 1,345 | 3,926 | 4,015 |
Outside professional services | 268 | 379 | 967 | 1,172 |
Marketing and advertising | 203 | 173 | 666 | 580 |
Supplies | 141 | 121 | 436 | 383 |
FDIC deposit insurance and regulatory assessments | 192 | 178 | 530 | 590 |
Core deposit intangible amortization | 150 | 150 | 451 | 451 |
Other real estate owned operations | 103 | 117 | 271 | 484 |
Other | 491 | 481 | 1,536 | 1,725 |
Total noninterest expenses | 9,952 | 9,658 | 29,856 | 30,023 |
Income before income tax provision | 3,423 | 3,551 | 10,211 | 10,183 |
Income tax provision | 719 | 1,307 | 2,147 | 3,378 |
Net income | $ 2,704 | $ 2,244 | $ 8,064 | $ 6,805 |
Earnings per share: | ||||
Basic | $ 0.23 | $ 0.19 | $ 0.68 | $ 0.57 |
Diluted | $ 0.23 | $ 0.19 | $ 0.68 | $ 0.57 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Net income | $ 2,704 | $ 2,244 | $ 8,064 | $ 6,805 |
Available for sale securities: | ||||
Net unrealized holding gains (losses) on available for sale securities | (482) | 47 | (1,925) | 202 |
Other comprehensive income (loss) | (482) | 47 | (1,925) | 202 |
Comprehensive income | $ 2,222 | $ 2,291 | $ 6,139 | $ 7,007 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - 9 months ended Sep. 30, 2018 - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Unallocated Common Shares Held By ESOP [Member] | Unearned Restricted Shares [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] |
Balance at Dec. 31, 2017 | $ 168,481 | $ 122 | $ 126,540 | $ (2,688) | $ (235) | $ 46,176 | $ (1,434) |
Balance (in shares) at Dec. 31, 2017 | 12,242,434 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Comprehensive income | 6,139 | 8,064 | (1,925) | ||||
Cash dividends declared ($0.18 per share) | (2,135) | (2,135) | |||||
Equity incentive plans compensation | 156 | 148 | 8 | ||||
Allocation of 36,477 ESOP shares | 526 | 166 | 360 | ||||
Stock options exercised | 6,300 | ||||||
Stock Options exercised, Value | 71 | 71 | |||||
Common shares repurchased | (215,000) | ||||||
Common shares repurchased, Value | (3,226) | $ (2) | (747) | (2,477) | |||
Balance at Sep. 30, 2018 | $ 170,012 | $ 120 | $ 126,178 | $ (2,328) | $ (227) | $ 49,628 | $ (3,359) |
Balance (in shares) at Sep. 30, 2018 | 12,033,734 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) | 9 Months Ended |
Sep. 30, 2018$ / sharesshares | |
Cash dividends declared per share | $ / shares | $ 0.18 |
Allocation of ESOP shares | shares | 36,477 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Cash flows from operating activities: | |||||
Net income | $ 2,704 | $ 2,244 | $ 8,064 | $ 6,805 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||
Provision for loan losses | 1,009 | 171 | 2,022 | 501 | |
Employee stock ownership plan expense | 526 | 544 | |||
Equity incentive plan expense | 156 | 346 | |||
Amortization of investment premiums and discounts, net | 1,009 | 745 | |||
Amortization of loan premiums and discounts, net | 709 | 881 | |||
Depreciation and amortization of premises and equipment | 1,714 | 1,666 | |||
Amortization of core deposit intangible | 150 | 150 | 451 | 451 | |
Deferred income tax provision (benefit) | (20) | 105 | |||
Loans originated for sale | (55,329) | (38,379) | |||
Proceeds from sale of loans held for sale | 54,915 | 38,506 | |||
Net gain on sales of loans held for sale | (371) | (896) | |||
Net loss on disposal of equipment | 2 | 4 | |||
Net loss on sales or write-downs of other real estate owned | 82 | 393 | |||
Increase in cash surrender value of bank-owned life insurance | (230) | (133) | (671) | (395) | |
Change in operating assets and liabilities: | |||||
Accrued interest receivable | (425) | (300) | |||
Other assets | 288 | (630) | |||
Accrued expenses and other liabilities | 1,496 | (3,163) | |||
Net cash provided by operating activities | 14,618 | 7,184 | |||
Cash flows from investing activities: | |||||
Purchases of available for sale securities | (30,966) | (32,008) | |||
Proceeds from maturities of and principal repayments on available for sale securities | 33,998 | 22,391 | |||
Purchases of Federal Home Loan Bank stock | 0 | (69) | |||
Purchases of Federal Reserve Bank stock | (2) | (7) | |||
Redemption of Federal Home Loan Bank stock | 548 | 2,214 | |||
Loan principal originations, net of principal collections | (6,839) | 12,867 | |||
Purchases of loans | (35,201) | (22,280) | $ (36,100) | ||
Proceeds from sales of other real estate owned | 646 | 288 | |||
Purchases of premises and equipment | (1,406) | (1,410) | |||
Net cash used in investing activities | (39,222) | (18,014) | |||
Cash flows from financing activities: | |||||
Net increase in deposits | 42,046 | 83,404 | |||
Net increase in mortgagors' and investors' escrow accounts | (1,580) | (1,462) | |||
Proceeds from Federal Home Loan Bank advances | 14,817 | 14,500 | |||
Repayments of Federal Home Loan Bank advances | (32,131) | (65,444) | |||
Cash dividends on common stock | (2,135) | (1,778) | |||
Stock options exercised | 71 | 361 | |||
Common shares repurchased | (3,226) | (205) | |||
Net cash provided by financing activities | 17,862 | 29,376 | |||
Net change in cash and cash equivalents | (6,742) | 18,546 | |||
Cash and cash equivalents at beginning of period | 83,486 | 73,186 | 73,186 | ||
Cash and cash equivalents at end of period | $ 76,744 | $ 91,732 | 76,744 | 91,732 | $ 83,486 |
Supplemental cash flow information: | |||||
Interest paid | 9,200 | 8,356 | |||
Income taxes paid, net | 2,731 | 5,670 | |||
Transfer of loans to other real estate owned | 110 | 894 | |||
Stock options exercised by net-share settlement | $ 0 | $ 163 |
NATURE OF BUSINESS AND SUMMARY
NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Business SI Financial Group, Inc. (the “Company”) is the holding company for Savings Institute Bank and Trust Company (the “Bank”). Established in 1842 , the Bank is a community-oriented financial institution headquartered in Willimantic, Connecticut. The Bank provides a variety of financial services to individuals, businesses and municipalities through its 23 offices in eastern Connecticut and Rhode Island. Its primary products include savings, checking and certificate of deposit accounts, residential and commercial mortgage loans, commercial business loans, construction loans and consumer loans. The Company does not conduct any material business other than owning all of the stock of the Bank and making payments on the subordinated debentures held by the Company. Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company, its wholly-owned subsidiary, the Bank, and the Bank’s wholly-owned subsidiaries, SI Mortgage Company and SI Realty Company, Inc. All significant intercompany accounts and transactions have been eliminated. Basis of Financial Statement Presentation The interim consolidated financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information, the instructions to Form 10-Q and Rule 10.01 of Regulation S-X of the Securities and Exchange Commission and general practices within the banking industry. Accordingly, certain information and footnote disclosures required by GAAP for complete financial statements have been omitted. Information in the accompanying interim consolidated financial statements and notes to the financial statements of the Company as of September 30, 2018 and for the three and nine months ended September 30, 2018 and 2017 is unaudited. These unaudited interim consolidated financial statements and related notes should be read in conjunction with the audited consolidated financial statements of the Company and the accompanying notes for the year ended December 31, 2017 contained in the Company’s Annual Report on Form 10-K. In the opinion of management, the accompanying unaudited interim consolidated financial statements reflect all of the adjustments, consisting only of normal and recurring adjustments, necessary for a fair presentation of the financial condition, results of operations and cash flows as of and for the periods covered herein. The results of operations for the three and nine months ended September 30, 2018 are not necessarily indicative of the operating results for the year ending December 31, 2018 or for any other period. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosures of contingent assets and liabilities, as of the date of the balance sheets and reported amounts of revenues and expenses for the periods presented. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, deferred income taxes and the impairment of long-lived assets such as goodwill and other intangibles. Reclassifications Amounts in the Company’s prior year consolidated financial statements are reclassified to conform to the current year presentation. Such reclassifications had no effect on net income. Loans Receivable Loans receivable are stated at current unpaid principal balances, net of the allowance for loan losses and deferred loan origination fees and costs. Management has the ability and intent to hold its loans receivable for the foreseeable future or until maturity or pay-off. A loan is impaired when, based on current information and events, it is probable the Company will be unable to collect all contractual principal and interest payments due in accordance with the 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. Impairment is measured on a loan by loan basis for residential and commercial mortgage loans and commercial business loans by either the present value of expected future cash flows discounted at the loan's effective interest rate or, as a practical expedient, at the loan's observable market price or the fair value of the collateral if the loan is collateral dependent. Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Company does not typically identify individual consumer loans for impairment disclosures, unless such loans are subject to a troubled debt restructuring ("TDR") agreement. Troubled Debt Restructurings The Company periodically may agree to modify the contractual terms of loans. When a loan is modified and concessions have been made to the original contractual terms due to the borrower's financial condition that would not otherwise be considered for a borrower with similar risk characteristics, such as reductions of interest rates, deferral of interest or principal payments, or maturity extensions, the modification is considered a TDR. Modified terms are dependent upon the financial position and needs of the individual borrower. If the modification agreement is violated, the loan is handled by the Company’s Collections Department for resolution, which may result in foreclosure. Management considers all nonaccrual loans, with the exception of certain consumer loans, to be impaired. Also, all TDRs are initially classified as impaired and follow the Company's nonaccrual policy. However, if the loan was current prior to modification, nonaccrual status would not be required. If the loan was on nonaccrual prior to modification or if the payment amount significantly increases, the loan will remain on nonaccrual for a period of at least six months. Loans qualify for return to accrual status once the borrower has demonstrated the willingness and the ability to perform in accordance with the restructured terms of the loan agreement for a period of not less than six consecutive months. In most cases, loan payments less than 90 days past due are considered minor collection delays and the related loans are generally not considered impaired. Impaired classification may be removed after a year following the restructure if the borrower demonstrates compliance with the modified terms and the restructuring agreement specifies an interest rate equal to that which would be provided to a borrower with similar risk characteristics at the time of restructuring. Allowance for Loan Losses The allowance for loan losses, a material estimate which could change significantly in the near-term, is established through a provision for loan losses charged to earnings to account for losses that are inherent in the loan portfolio and estimated to occur, and is maintained at a level management considers adequate to absorb losses in the loan portfolio. Loan losses are charged against the allowance for loan losses when management believes the uncollectibility of the principal loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance for loan losses when received. Management's judgment in determining the adequacy of the allowance is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. The allowance for loan losses is evaluated on a monthly basis by management and is based on the evaluation of the known and inherent risk characteristics and size and composition of the loan portfolio, the assessment of current economic and real estate market conditions, adverse situations that may affect a borrower’s ability to repay, estimated value of any underlying collateral, historical loan loss experience, the amount and trends of nonperforming loans, delinquencies, classified assets and loan charge-offs and evaluations of loans and other relevant factors. The allowance for loan losses consists of the following key elements: • Specific allowance for identified impaired loans . For loans identified as impaired, an allowance is established when the present value of expected cash flows, or observable market price of the loan or fair value of the collateral if the loan is collateral dependent, of the impaired loan is lower than the carrying value of that loan. In the determination of the allowance for loan losses, management may obtain independent appraisals for significant properties, when necessary. • General valuation allowance. The general component represents a valuation allowance on the remainder of the loan portfolio, after excluding impaired loans. For this portion of the allowance, loans are segregated by category and assigned an allowance percentage based on historical loan loss experience adjusted for qualitative factors stratified by the following loan segments: residential one- to four-family, multi-family and commercial real estate, construction, commercial business and consumer. Management uses a rolling average of historical losses based on the time frame appropriate to capture relevant loss data for each loan segment. This historical loss factor is adjusted for the following qualitative factors: changes in lending policies and procedures, including changes in underwriting standards and collections, charge-off and recovery practices; changes in national, regional and local economic and business conditions and developments that affect the collectibility of the portfolio, including the condition of various market segments; changes in the size and composition of the loan portfolio and in the terms of the loans; changes in the experience, ability and depth of lending and underwriting management and other relevant staff; changes in the volume and severity of past due loans, the volume of nonaccrual loans and the volume and severity of adversely classified or graded loans; changes in the quality of the loan review system; changes in the underlying collateral for collateral-dependent loans; the existence and effect of any concentrations of credit and changes in the level of such concentrations; the effect of other external factors such as competition and legal and regulatory requirements on the level of estimated credit losses in the portfolio. The qualitative factors are determined based on the following various risk characteristics for each loan segment. Risk characteristics relevant to each portfolio segment are as follows: • Residential – One to Four Family – The Bank primarily originates conventional loans with loan-to-value ratios less than 95% and generally originates loans with loan-to-value ratios in excess of 80% only when secured by first liens on owner-occupied one- to four-family residences. Loans with loan-to-value ratios in excess of 80% generally require private mortgage insurance or additional collateral. All loans in this segment are collateralized by owner-occupied residential real estate and repayment is dependent on the credit quality of the individual borrower. The overall health of the economy, including unemployment rates and housing prices, will have an effect on the credit quality of this segment. • Multi-family and Commercial – Loans in this segment are originated to acquire, develop, improve or refinance multi-family and commercial real estate where the property is the primary collateral securing the loan, and the income generated from the property is the primary repayment source. The underlying cash flows generated by the properties can be impacted by the economy as evidenced by increased vacancy rates. Payments on loans secured by income-producing properties often depend on the successful operation and management of the properties. Management continually monitors the cash flows of these loans. • Construction – This segment includes loans to individuals and, to a lesser extent, builders to finance the construction of residential dwellings. The Bank also originates construction loans for commercial development projects. Upon the completion of construction, the loan generally converts to a permanent mortgage loan. Credit risk is affected by cost overruns, whether estimates of the sale price of the property are correct, the time it takes to sell at an adequate price and market conditions. • Commercial Business – Loans in this segment are made to businesses and are generally secured by assets of the business. Repayment is expected from the cash flows of the business. A weakened economy and reduced viability of the industry in which the customer operates will have a negative impact on the credit quality in this segment. The Bank provides loans to investors in the time share industry, which are secured by consumer receivables, and provides loans for capital improvements to condominium associations, which are secured by the assigned rights to levy special assessments to condominium owners. Additionally, the Bank purchases loans primarily out of our market area from a company specializing in medical loan originations, which are secured by medical equipment. • Consumer – Loans in this segment primarily include home equity lines of credit (representing both first and second liens) and, to a lesser extent, loans secured by marketable securities, passbook or certificate accounts, motorcycles, automobiles and recreational vehicles, as well as unsecured loans. Consumer loan collections depend on the borrower’s continuing financial stability, and therefore, are more likely to be adversely affected by job loss, divorce, illness or personal bankruptcy. In computing the allowance for loan losses, we do not assign a general valuation allowance to the Small Business Administration (“SBA”) and United States Department of Agriculture (“USDA”) loans that we purchase as such loans are fully guaranteed. These loans are included in commercial business loans. The majority of the Company's loans are collateralized by real estate located in eastern Connecticut and Rhode Island. To a lesser extent, certain commercial real estate loans are secured by collateral located outside of our primary market area with concentrations in Massachusetts and New Hampshire. Accordingly, the collateral value of a substantial portion of the Company's loan portfolio and real estate acquired through foreclosure is susceptible to changes in local market conditions. Although management believes it uses the best information available to establish the allowance for loan losses, future adjustments to the allowance for loan losses may be necessary and the Company’s results of operations could be adversely affected if circumstances differ substantially from the assumptions used in making the determinations. Furthermore, while management believes it has established the allowance for loan losses in conformity with GAAP, our regulators, in reviewing the loan portfolio, may request us to increase our allowance for loan losses based on judgments different from ours. In addition, because future events affecting borrowers and collateral cannot be predicted with certainty, the existing allowance for loan losses may not be adequate or increases may be necessary should the quality of any loans deteriorate as a result of the factors discussed above. Any material increase in the allowance for loan losses would adversely affect the Company’s financial condition and results of operations. Interest and Fees on Loans Interest on loans is accrued and included in net interest income based on contractual rates applied to principal amounts outstanding. Accrual of interest is discontinued when loan payments are 90 days or more past due, based on contractual terms, or when, in the judgment of management, collectibility of the loan or loan interest becomes uncertain. Subsequent recognition of income occurs only to the extent payment is received subject to management's assessment of the collectibility of the remaining interest and principal. A nonaccrual loan is restored to accrual status when it is no longer delinquent and collectibility of interest and principal is no longer in doubt and the borrower has made regular payments in accordance with the terms of the loan over a period of at least six months. Interest collected on nonaccrual loans is recognized only to the extent cash payments are received, and may be recorded as a reduction to principal if the collectibility of the principal balance of the loan is unlikely. Loan origination fees, direct loan origination costs and loan purchase premiums are deferred, and the net amount is recognized as an adjustment of the related loan's yield utilizing the interest method over the contractual life of the loan. In addition, discounts related to fair value adjustments for loans receivable acquired in a business combination or asset purchase are accreted into earnings over the contractual term as an adjustment of the related loan's yield. The Company periodically evaluates the cash flows expected to be collected for loans acquired with deteriorated credit quality. Changes in the expected cash flows compared to the expected cash flows as of the date of acquisition may impact the accretable yield or result in a charge to the provision for loan losses to the extent of a shortfall. Common Share Repurchases The Company is chartered in Maryland. Maryland law does not provide for treasury shares, rather shares repurchased by the Company constitute authorized but unissued shares. GAAP states that accounting for treasury stock shall conform to state law. Therefore, the cost of shares repurchased by the Company is allocated to common stock, additional paid-in capital and retained earnings balances. Recent Accounting Pronouncements Revenue from Contracts with Customers (Topic 606): In May 2014, the Financial Accounting Standards Board ("FASB") issued guidance that improves the revenue recognition requirements for contracts with customers. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve the core principle, a company should apply a five step approach to revenue recognition. The guidance in this update affects any entity that either enters into contracts with customers to transfer goods or services or entered into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards. Accordingly, the guidance does not apply to, among other things, the following: receivables (i.e. loans), debt and equity investments, equity method investments, joint ventures, derivatives and hedging, financial instruments and transfers and servicing. This guidance became effective for fiscal years beginning after December 15, 2017. Significantly all of the Company's revenues are excluded from the scope of the guidance; therefore, adoption of this guidance on January 1, 2018 did not have a material impact on the Company's consolidated financial statements. Financial Instruments (Subtopic 825-10): In January 2016, the FASB issued guidance addressing certain aspects of recognition, measurement, presentation and disclosure of financial instruments. Targeted improvements to GAAP include the requirement for equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income and the elimination of the requirement for public business entities to disclose the methods and significant assumptions used to estimate the fair value for financial instruments measured at amortized cost. The amendments in this update became effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The adoption of this guidance on January 1, 2018 did not have a material impact on the Company's consolidated financial statements. Leases (Topic 842): In February 2016, the FASB issued amended guidance to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. Disclosures are required by lessees and lessors to meet the objective of enabling users of financial statements to assess the amount, timing and uncertainty of cash flows arising from leases. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The modified retrospective approach includes a number of optional practical expedients that entities may elect to apply. An entity that elects to apply the practical expedients will, in effect, continue to account for leases that commence before the effective date in accordance with previous GAAP unless the lease is modified, except that lessees are required to recognize a right-of-use asset and a lease liability for all operating leases at each reporting date based on the present value of the remaining minimum rental payments that were tracked and disclosed under previous GAAP. The amendments in this update are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. It is expected that assets and liabilities will increase based on the present value of remaining lease payments for leases in place at the adoption date; however, based on the current level of long-term leases in place, this is not expected to be material to the Company's consolidated financial statements. Financial Instruments - Credit Losses (Topic 326): In June 2016, the FASB issued guidance that significantly changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The update will replace today's "incurred loss" approach with an "expected loss" model. The new model, referred to as the current expected credit loss ("CECL") model, will apply to (1) financial assets subject to credit losses and measured at amortized cost and (2) certain off-balance sheet credit exposures. This includes, but is not limited to, loans, leases, held-to-maturity securities, loan commitments and financial guarantees. The CECL model does not apply to available for sale ("AFS") debt securities. For AFS debt securities with unrealized losses, entities will measure credit losses in a manner similar to current accounting guidance, except that losses will be recognized as allowances rather than reductions in the amortized cost of the securities. The update also simplifies the accounting model for purchased credit-impaired debt securities and loans. Disclosure requirements under the update have been expanded to include the entity's assumptions, models and methods for estimating the allowance for loan and lease losses. In addition, entities will need to disclose the amortized cost balance for each class of financial asset by credit quality indicator, disaggregated by year of origination. The update is effective for interim and annual reporting periods beginning after December 15, 2019; early adoption is permitted for interim and annual periods beginning after December 15, 2018. The update requires a modified retrospective transition under which a cumulative effect to equity will be recognized in the period of adoption. Management has developed a focus team that is reviewing and monitoring additional developments and accounting guidance to determine the impact to the Company's consolidated financial statements. Management is evaluating the models and related requirements and is developing an implementation plan. Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments (Topic 230): In August 2016, the FASB issued guidance to reduce the existing diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. This update provides guidance on eight specific cash flow issues. The update became effective for fiscal years beginning after December 15, 2017, and for interim periods within those fiscal years. The amendments in this update should be applied using a retrospective transition method to each period presented. The adoption of this guidance on January 1, 2018 did not have a material impact on the Company's consolidated financial statements. Intangibles - Goodwill and Other - Simplifying the Test for Goodwill Impairment (Topic 350): In January, 2017, the FASB issued guidance aimed at simplifying the subsequent measurement of goodwill. Under these amendments, an entity should perform its annual or interim goodwill impairment test by comparing the fair value of reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider income tax effects from tax deductible goodwill on the carrying amount of a reporting unit when measuring the goodwill impairment loss, if applicable. The Board also eliminated the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, if it fails that qualitative test, to perform Step 2 of the goodwill impairment test. Therefore, the same impairment assessment applies to all reporting units. An entity is required to disclose the amount of goodwill allocated to each reporting unit with a zero or negative carrying amount of net assets. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. The amendments in this update should be applied on a prospective basis and are effective for annual goodwill impairment tests in fiscal years beginning after December 15, 2019. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements. Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): In March 2017, the FASB issued guidance shortening the amortization period for certain callable debt securities held at a premium. Specifically, the amendments require the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. The amendments in this update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted, including adoption in an interim period. The amendments in this update should be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. Additionally, in the period of adoption, an entity should provide disclosures about a change in accounting principle. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements due to limited holdings with callable features. Compensation - Stock Compensation (Topic 718): In May 2017, the FASB issued guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. An entity should account for the effects of a modification unless all of the following are met: 1) the fair value of the modified award is the same as the fair value of the original award immediately before the original award is modified; 2) the vesting conditions of the modified award are the same as the vesting conditions of the original award immediately before the original award is modified; and 3) the classification of the modified award as an equity instrument or a liability instrument is the same as the classification of the original award immediately before the original award is modified. The amendments in this update became effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. The amendments in this update should be applied prospectively to an award modified on or after the adoption date. The adoption of this guidance on January 1, 2018 did not have a material impact on the Company's consolidated financial statements. Fair Value Measurement (Topic 820): In August 2018, the FASB issued guidance which removes, modifies and adds disclosure requirements related to fair value measurements. The amendments in this update become effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2019. Certain amendments are to be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. Early adoption is permitted. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
EARNINGS (LOSS) PER SHARE | EARNINGS PER SHARE Basic earnings per share is calculated by dividing the net income available to common shareholders by the weighted average number of common shares outstanding during the period. Unvested restricted shares are considered outstanding in the computation of basic earnings per share since the shares participate in dividends and the rights to the dividends are non-forfeitable. Diluted earnings per share is computed in a manner similar to basic earnings per share except that the weighted average number of common shares outstanding is increased to include the incremental common shares (as computed using the treasury stock method) that would have been outstanding if all potentially dilutive common stock equivalents were issued during the period. The Company’s common stock equivalents relate solely to stock options. Repurchased common shares and unallocated common shares held by the Bank’s ESOP are not deemed outstanding for earnings per share calculations. Anti-dilutive shares are common stock equivalents with weighted average exercise prices in excess of the weighted average market value for the periods presented, and are not considered in diluted earnings per share calculations. The Company had anti-dilutive common shares outstanding of 136,000 and 135,181 for the three and nine months ended September 30, 2018 , respectively, and 130,000 for both the three and nine months ended September 30, 2017 . The computation of earnings per share is as follows: Three Months Ended Nine Months Ended 2018 2017 2018 2017 (Dollars in Thousands, Except Per Share Amounts) Net income $ 2,704 $ 2,244 $ 8,064 $ 6,805 Weighted average common shares outstanding: Basic 11,723,926 11,874,142 11,832,723 11,850,229 Effect of dilutive stock options 78,896 88,683 84,303 89,490 Diluted 11,802,822 11,962,825 11,917,026 11,939,719 Earnings per share: Basic $ 0.23 $ 0.19 $ 0.68 $ 0.57 Diluted $ 0.23 $ 0.19 $ 0.68 $ 0.57 |
SECURITIES
SECURITIES | 9 Months Ended |
Sep. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
SECURITIES [Text Block] | SECURITIES The amortized cost, gross unrealized gains and losses and fair values of available for sale securities at September 30, 2018 and December 31, 2017 are as follows: September 30, 2018 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In Thousands) Debt securities: U.S. Government and agency obligations $ 59,689 $ — $ (1,774 ) $ 57,915 Government-sponsored enterprises 9,963 — (119 ) 9,844 Mortgage-backed securities: (1) Agency - residential 78,041 60 (2,444 ) 75,657 Non-agency - residential 54 — (5 ) 49 Collateralized debt obligation 1,059 27 — 1,086 Obligations of state and political subdivisions 500 — — 500 Tax-exempt securities 2,522 7 (4 ) 2,525 Total available for sale securities $ 151,828 $ 94 $ (4,346 ) $ 147,576 (1) Agency securities refer to debt obligations issued or guaranteed by government corporations or government-sponsored enterprises (“GSEs”). Non-agency securities, or private-label securities, are the sole obligation of their issuer and are not guaranteed by any of the GSEs or the U.S. Government. December 31, 2017 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In Thousands) Debt securities: U.S. Government and agency obligations $ 62,749 $ 17 $ (998 ) $ 61,768 Government-sponsored enterprises 9,212 16 (11 ) 9,217 Mortgage-backed securities: (1) Agency - residential 79,134 231 (1,135 ) 78,230 Non-agency - residential 70 — (5 ) 65 Collateralized debt obligation 1,090 34 — 1,124 Obligations of state and political subdivisions 500 — — 500 Tax-exempt securities 3,114 37 (2 ) 3,149 Total available for sale securities $ 155,869 $ 335 $ (2,151 ) $ 154,053 (1) Agency securities refer to debt obligations issued or guaranteed by government corporations or GSEs. Non-agency securities, or private-label securities, are the sole obligation of their issuer and are not guaranteed by any of the GSEs or the U.S. Government. The amortized cost and fair value of debt securities by contractual maturities at September 30, 2018 are presented below. Maturities are based on the final contractual payment dates and do not reflect the impact of potential prepayments or early redemptions. Because mortgage-backed securities are not due at a single maturity date, they are not included in the maturity categories in the following maturity summary. Amortized Cost Fair Value (In Thousands) Within 1 year $ 6,039 $ 6,029 After 1 but within 5 years 24,990 24,577 After 5 but within 10 years 3,110 3,103 After 10 years 39,594 38,161 73,733 71,870 Mortgage-backed securities 78,095 75,706 Total debt securities $ 151,828 $ 147,576 There were no sales of available for sale securities for the three and nine months ended September 30, 2018 and 2017 . The following tables present information pertaining to securities with gross unrealized losses at September 30, 2018 and December 31, 2017 , aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position. Less Than 12 Months 12 Months or More Total September 30, 2018 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In Thousands) U.S. Government and agency obligations $ 29,310 $ 383 $ 28,605 $ 1,391 $ 57,915 $ 1,774 Government sponsored enterprises 8,854 107 990 12 9,844 119 Mortgage-backed securities: Agency - residential 28,446 456 44,764 1,988 73,210 2,444 Non-agency - residential — — 49 5 49 5 Tax-exempt securities 860 4 — — 860 4 Total $ 67,470 $ 950 $ 74,408 $ 3,396 $ 141,878 $ 4,346 Less Than 12 Months 12 Months or More Total December 31, 2017 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In Thousands) U.S. Government and agency obligations $ 28,871 $ 156 $ 26,461 $ 842 $ 55,332 $ 998 Government-sponsored enterprises 5,992 7 259 4 6,251 11 Mortgage-backed securities: Agency - residential 34,562 239 32,572 896 67,134 1,135 Non-agency - residential — — 65 5 65 5 Tax-exempt securities 1,116 2 — — 1,116 2 Total $ 70,541 $ 404 $ 59,357 $ 1,747 $ 129,898 $ 2,151 At September 30, 2018 , 93 debt securities with gross unrealized losses had an aggregate depreciation of 2.97% of the Company’s amortized cost basis. The unrealized losses are primarily related to the Company’s agency mortgage-backed securities and U.S. Government and agency obligations. There were no investments deemed other-than-temporarily impaired for the three and nine months ended September 30, 2018 and 2017 . The following summarizes, by security type, the basis for management’s determination during the preparation of the financial statements of whether the applicable investments within the Company’s securities portfolio were not other-than-temporarily impaired at September 30, 2018 . U.S. Government and Agency Obligations and Mortgage-backed Securities - Agency - Residential. The unrealized losses on the Company’s U.S. Government and agency obligations and mortgage-backed agency-residential securities related primarily to a widening of the rate spread to comparable treasury securities. The Company does not expect these securities to settle at a price less than the par value of the securities. Government Sponsored Enterprises. The unrealized losses on the Company's government sponsored enterprises were also caused by interest rate movement. The contractual cash flows of these investments are guaranteed by a government sponsored agency. Accordingly, it is expected that the securities would not be settled at a price less than the amortized cost of our investment. Mortgage-backed Securities - Non-Agency - Residential. The unrealized losses on the Company's non-agency-residential mortgage-backed securities relate to one investment which has been evaluated by management and no potential credit loss was identified. |
LOANS RECEIVABLE AND ALLOWANCE
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | 9 Months Ended |
Sep. 30, 2018 | |
Receivables [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES Loan Portfolio The composition of the Company’s loan portfolio at September 30, 2018 and December 31, 2017 is as follows: September 30, 2018 December 31, 2017 (In Thousands) Real estate loans: Residential - 1 to 4 family $ 380,571 $ 397,277 Multi-family and commercial 557,008 481,998 Construction 34,649 28,765 Total real estate loans 972,228 908,040 Commercial business loans: SBA and USDA guaranteed 72,779 89,514 Time share 41,583 50,526 Condominium association 33,051 27,096 Medical loans 28,605 27,803 Other 89,735 88,566 Total commercial business loans 265,753 283,505 Consumer loans: Home equity 48,307 53,480 Indirect automobile 1 57 Other 1,344 1,835 Total consumer loans 49,652 55,372 Total loans 1,287,633 1,246,917 Deferred loan origination costs, net of fees 2,967 2,591 Allowance for loan losses (14,227 ) (12,334 ) Loans receivable, net $ 1,276,373 $ 1,237,174 The Company purchased commercial loans totaling $35.2 million during the nine months ended September 30, 2018 . For the twelve months ended December 31, 2017 , the Company purchased commercial loans totaling $36.1 million . Allowance for Loan Losses Changes in the allowance for loan losses for the three and nine months ended September 30, 2018 and 2017 are as follows: Three Months Ended Residential - 1 to 4 Family Multi-family and Commercial Construction Commercial Business Consumer Total (In Thousands) Balance at beginning of period $ 1,194 $ 7,642 $ 721 $ 3,051 $ 627 $ 13,235 Provision (credit) for loan losses 72 377 139 419 2 1,009 Loans charged-off (30 ) — — — (1 ) (31 ) Recoveries of loans previously charged-off — — — 13 1 14 Balance at end of period $ 1,236 $ 8,019 $ 860 $ 3,483 $ 629 $ 14,227 Nine Months Ended Residential - 1 to 4 Family Multi-family and Commercial Construction Commercial Business Consumer Total (In Thousands) Balance at beginning of period $ 1,093 $ 6,627 $ 633 $ 3,308 $ 673 $ 12,334 Provision (credit) for loan losses 173 1,392 227 274 (44 ) 2,022 Loans charged-off (30 ) — — (132 ) (2 ) (164 ) Recoveries of loans previously charged-off — — — 33 2 35 Balance at end of period $ 1,236 $ 8,019 $ 860 $ 3,483 $ 629 $ 14,227 Three Months Ended Residential - 1 to 4 Family Multi-family and Commercial Construction Commercial Business Consumer Total (In Thousands) Balance at beginning of period $ 1,181 $ 6,230 $ 562 $ 3,439 $ 735 $ 12,147 Provision (credit) for loan losses (48 ) 241 37 (56 ) (3 ) 171 Loans charged-off (21 ) — — (32 ) (57 ) (110 ) Recoveries of loans previously charged-off — — — 7 2 9 Balance at end of period $ 1,112 $ 6,471 $ 599 $ 3,358 $ 677 $ 12,217 Nine Months Ended Residential - Multi-family Construction Commercial Consumer Total (In Thousands) Balance at beginning of period $ 1,149 $ 5,724 $ 952 $ 3,266 $ 729 $ 11,820 Provision (credit) for loan losses 3 747 (353 ) 106 (2 ) 501 Loans charged-off (43 ) — — (46 ) (58 ) (147 ) Recoveries of loans previously charged-off 3 — — 32 8 43 Balance at end of period $ 1,112 $ 6,471 $ 599 $ 3,358 $ 677 $ 12,217 Further information pertaining to the allowance for loan losses at September 30, 2018 and December 31, 2017 is as follows: September 30, 2018 Residential - 1 to 4 Family Multi-family and Commercial Construction Commercial Business Consumer Total (In Thousands) Allowance for loans individually evaluated and deemed to be impaired $ 344 $ 1,384 $ — $ 638 $ 28 $ 2,395 Allowance for loans individually or collectively evaluated and not deemed to be impaired 892 6,635 860 2,844 601 11,832 Allowance for loans acquired with deteriorated credit quality — — — — — — Total loan loss allowance $ 1,236 $ 8,019 $ 860 $ 3,483 $ 629 $ 14,227 Loans individually evaluated and deemed to be impaired $ 6,086 $ 10,281 $ — $ 1,201 $ 368 $ 17,936 Loans individually or collectively evaluated and not deemed to be impaired 374,485 545,412 34,649 264,552 49,284 1,268,382 Amount of loans acquired with deteriorated credit quality — 1,315 — — — 1,315 Total loans $ 380,571 $ 557,008 $ 34,649 $ 265,753 $ 49,652 $ 1,287,633 December 31, 2017 Residential - 1 to 4 Family Multi-family and Commercial Construction Commercial Business Consumer Total (In Thousands) Allowance for loans individually evaluated and deemed to be impaired $ 231 $ 251 $ — $ — $ — $ 482 Allowance for loans individually or collectively evaluated and not deemed to be impaired 862 6,376 633 3,308 673 11,852 Allowance for loans acquired with deteriorated credit quality — — — — — — Total loan loss allowance $ 1,093 $ 6,627 $ 633 $ 3,308 $ 673 $ 12,334 Loans individually evaluated and deemed to be impaired $ 5,113 $ 9,646 $ — $ 334 $ 292 $ 15,385 Loans individually or collectively evaluated and not deemed to be impaired 392,164 470,433 28,765 283,171 55,080 1,229,613 Amount of loans acquired with deteriorated credit quality — 1,919 — — — 1,919 Total loans $ 397,277 $ 481,998 $ 28,765 $ 283,505 $ 55,372 $ 1,246,917 Past Due Loans The following represents an aging of loans at September 30, 2018 and December 31, 2017 : September 30, 2018 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Total 30 Days or More Past Due Current Total Loans (In Thousands) Real Estate: Residential - 1 to 4 family $ — $ 2,329 $ 2,263 $ 4,592 $ 375,979 $ 380,571 Multi-family and commercial 16,397 2,435 962 19,794 537,214 557,008 Construction — — — — 34,649 34,649 Commercial Business: SBA and USDA guaranteed — — — — 72,779 72,779 Time share — — — — 41,583 41,583 Condominium association 289 — — 289 32,762 33,051 Medical loans 49 — 38 87 28,518 28,605 Other 462 — — 957 1,419 88,316 89,735 Consumer: Home equity 767 157 121 1,045 47,262 48,307 Indirect automobile — — — — 1 1 Other 19 2 — 21 1,323 1,344 Total $ 17,983 $ 4,923 $ 4,341 $ 27,247 $ 1,260,386 $ 1,287,633 December 31, 2017 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Total 30 Days or More Past Due Current Total Loans (In Thousands) Real Estate: Residential - 1 to 4 family $ 6,243 $ 1,582 $ 1,280 $ 9,105 $ 388,172 $ 397,277 Multi-family and commercial 3,633 — 27 3,660 478,338 481,998 Construction — — — — 28,765 28,765 Commercial Business: SBA and USDA guaranteed 483 — — 483 89,031 89,514 Time share — — — — 50,526 50,526 Condominium association — — — — 27,096 27,096 Medical loans 139 99 — 238 27,565 27,803 Other 77 183 26 286 88,280 88,566 Consumer: Home equity 475 — — 475 53,005 53,480 Indirect automobile 2 3 — 5 52 57 Other 8 — — 8 1,827 1,835 Total $ 11,060 $ 1,867 $ 1,333 $ 14,260 $ 1,232,657 $ 1,246,917 Impaired and Nonaccrual Loans The following is a summary of impaired loans and nonaccrual loans at September 30, 2018 and December 31, 2017 : Impaired Loans (1) September 30, 2018 Recorded Investment Unpaid Principal Balance Related Allowance Nonaccrual Loans (In Thousands) Impaired loans without valuation allowance: Real Estate: Residential - 1 to 4 family $ 3,728 $ 3,728 $ — $ 3,231 Multi-family and commercial 6,672 6,869 — 1,092 Commercial Business: Medical loans 24 70 — 24 Other 80 80 — 72 Consumer: Home equity 230 230 — 230 Total impaired loans without valuation allowance 10,734 10,977 — 4,649 Impaired loans with valuation allowance: Real Estate: Residential - 1 to 4 family 2,358 2,369 344 668 Multi-family and commercial 4,924 4,924 1,384 2,137 Commercial Business: Medical loans 38 38 1 38 Other 1,059 1,059 638 885 Consumer: Home equity 138 138 28 38 Total impaired loans with valuation allowance 8,517 8,528 2,395 3,766 Total impaired loans $ 19,251 $ 19,505 $ 2,395 $ 8,415 (1) Includes loans acquired with deteriorated credit quality from the Newport Federal Savings Bank ("Newport") merger and performing troubled debt restructurings. Impaired Loans (1) December 31, 2017 Recorded Investment Unpaid Principal Balance Related Allowance Nonaccrual Loans (In Thousands) Impaired loans without valuation allowance : Real Estate: Residential - 1 to 4 family $ 3,097 $ 3,156 $ — $ 2,024 Multi-family and commercial 7,120 7,317 — 3,169 Commercial business - Other 308 308 — 298 Consumer - Home equity 292 292 — 192 Consumer - Indirect automobile — — — 1 Total impaired loans without valuation allowance 10,817 11,073 — 5,684 Impaired loans with valuation allowance: Real Estate: Residential - 1 to 4 family 2,016 2,027 231 381 Multi-family and commercial 4,029 4,029 251 313 Commercial business - Other 26 26 — 26 Total impaired loans with valuation allowance 6,071 6,082 482 720 Total impaired loans $ 16,888 $ 17,155 $ 482 $ 6,404 (1) Includes loans acquired with deteriorated credit quality from the Newport merger and performing troubled debt restructurings. The Company reviews and establishes, if necessary, an allowance for certain impaired loans for the amount by which the present value of expected cash flows, or observable market price of loan or fair value of the collateral if the loan is collateral dependent, are lower than the carrying value of the loan. At September 30, 2018 and December 31, 2017 , the Company concluded that certain impaired loans required no valuation allowance as a result of management’s measurement of impairment. No additional funds are advanced to those borrowers whose loans are deemed impaired without prior approval of the Loan Committee or the Board of Directors. Additional information related to impaired loans is as follows: Three Months Ended Nine Months Ended Average Recorded Investment Interest Income Recognized Interest Income Recognized on Cash Basis Average Recorded Investment Interest Income Recognized Interest Income Recognized on Cash Basis (In Thousands) Real Estate: Residential - 1 to 4 family $ 5,991 $ 41 $ 11 $ 5,727 $ 97 $ 12 Multi-family and commercial 10,873 133 — 10,560 381 38 Commercial business: Medical loans 47 — 4 46 — 4 Other 1,785 12 — 1,593 42 14 Consumer: Home equity 341 1 — 340 3 — Total $ 19,037 $ 187 $ 15 $ 18,266 $ 523 $ 68 Three Months Ended Nine Months Ended Average Recorded Investment Interest Income Recognized Interest Income Recognized on Cash Basis Average Recorded Investment Interest Income Recognized Interest Income Recognized on Cash Basis (In Thousands) Real Estate: Residential - 1 to 4 family $ 5,328 $ 32 $ 1 $ 5,834 $ 102 $ 10 Multi-family and commercial 8,010 98 — 8,401 324 11 Commercial business: Medical loans 23 — — 12 — — Other 1,449 8 — 1,218 52 27 Consumer: Home equity 284 1 — 354 4 1 Other 4 — — 3 — — Total $ 15,098 $ 139 $ 1 $ 15,822 $ 482 $ 49 Credit Quality Information The Company utilizes an eight-grade internal loan rating system for all loans in the portfolio, with the exception of its purchased SBA and USDA commercial business loans that are fully guaranteed by the U.S. government, as follows: o Pass (Ratings 1-4): Loans in these categories are considered low to average risk. o Special Mention (Rating 5): Loans in this category are starting to show signs of potential weakness and are being closely monitored by management. o Substandard (Rating 6): Generally, a loan is considered substandard if it is inadequately protected by the current net worth and paying capacity of the obligors and/or the collateral pledged. There is a distinct possibility that the Company will sustain some loss if the weakness is not corrected. o Doubtful (Rating 7): Loans classified as doubtful have all the weaknesses inherent in those classified substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, highly questionable and improbable. o Loss (Rating 8): Loans in this category are considered uncollectible and of such little value that their continuance as assets is not warranted. Management periodically reviews the ratings described above and the Company’s internal audit function reviews components of the credit files, including the assigned risk ratings, of certain commercial loans as part of its loan review. The following tables present the Company’s loans by risk rating at September 30, 2018 and December 31, 2017 : September 30, 2018 Not Rated Pass Special Mention Substandard Doubtful Loss Total (In Thousands) Real Estate: Residential - 1 to 4 family $ — $ 372,078 $ 1,482 $ 7,011 $ — $ — $ 380,571 Multi-family and commercial — 517,754 30,826 8,428 — — 557,008 Construction — 25,101 9,548 — — — 34,649 Total real estate loans — 914,933 41,856 15,439 — — 972,228 Commercial Business: SBA and USDA guaranteed 72,779 — — — — — 72,779 Time share — 41,583 — — — — 41,583 Condominium association — 33,051 — — — — 33,051 Medical loans — 28,543 — 62 — — 28,605 Other — 85,525 3,097 1,113 — — 89,735 Total commercial business loans 72,779 188,702 3,097 1,175 — — 265,753 Consumer: Home equity — 47,769 140 398 — — 48,307 Indirect automobile — 1 — — — — 1 Other — 1,344 — — — — 1,344 Total consumer loans — 49,114 140 398 — — 49,652 Total loans $ 72,779 $ 1,152,749 $ 45,093 $ 17,012 $ — $ — $ 1,287,633 December 31, 2017 Not Rated Pass Special Mention Substandard Doubtful Loss Total (In Thousands) Real Estate: Residential - 1 to 4 family $ — $ 389,276 $ 1,592 $ 6,409 $ — $ — $ 397,277 Multi-family and commercial — 457,395 13,362 11,241 — — 481,998 Construction — 28,765 — — — — 28,765 Total real estate loans — 875,436 14,954 17,650 — — 908,040 Commercial Business: SBA and USDA guaranteed 89,514 — — — — — 89,514 Time share — 50,526 — — — — 50,526 Condominium association — 27,096 — — — — 27,096 Medical loans — 27,803 — — — — 27,803 Other — 83,742 3,559 1,265 — — 88,566 Total commercial business loans 89,514 189,167 3,559 1,265 — — 283,505 Consumer: Home equity — 53,086 137 257 — — 53,480 Indirect automobile — 57 — — — — 57 Other — 1,834 — 1 — — 1,835 Total consumer loans — 54,977 137 258 — — 55,372 Total loans $ 89,514 $ 1,119,580 $ 18,650 $ 19,173 $ — $ — $ 1,246,917 The following tables provide information on loans modified as TDRs during the three and nine months ended September 30, 2018 and 2017 . During the modification process, there were no loan charge-offs or principal reductions for the loans included in the table below. Three Months Ended September 30, 2018 2017 Allowance for Loan Losses (End of Period) Allowance for Loan Losses (End of Period) Number of Loans Recorded Investment Number of Loans Recorded Investment (Dollars in Thousands) Residential - 1 to 4 family 1 $ 126 $ 72 1 $ 214 $ 4 Multi-family and commercial 1 2,137 1,217 — — 53 Consumer - Home equity — — 9 — — — Total 2 $ 2,263 $ 1,298 1 $ 214 $ 57 Nine Months Ended September 30, 2018 2017 Allowance for Loan Losses (End of Period) Allowance for Loan Losses (End of Period) Number of Loans Recorded Investment Number of Loans Recorded Investment (Dollars in Thousands) Residential - 1 to 4 family 4 $ 585 $ 72 2 $ 505 $ 4 Multi-family and commercial 1 2,137 1,217 2 234 53 Consumer - home equity 1 100 9 — — — Total 6 $ 2,822 $ 1,298 4 $ 739 $ 57 The following table provides the recorded investment, by type of modification, during the three and nine months ended September 30, 2018 and 2017 for modified loans identified as TDRs. Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 (In Thousands) Interest rate adjustments $ — $ — $ 77 $ — Principal deferrals 2,137 — 2,240 — Combination of rate and payment (1) — 214 379 214 Combination of rate and maturity (2) 126 — 126 234 Maturity only — — — 291 Total $ 2,263 $ 214 $ 2,822 $ 739 (1) Terms include combination of rate adjustments and interest-only payment with deferral of principal. There were no TDRs in payment default (defined as 90 days or more past due) within twelve months of restructure for the three and nine months ended September 30, 2018 and September 30, 2017 . As of September 30, 2018 , the Company held $1.2 million in consumer mortgage loans collateralized by residential real estate properties that are in the process of foreclosure according to local requirements of the applicable jurisdiction. Loans Acquired with Deteriorated Credit Quality The following is a summary of loans acquired from Newport with evidence of credit deterioration as of September 30, 2018 and December 31, 2017 . Contractual Required Payments Receivable Cash Expected To Be Collected Non-Accretable Discount Accretable Yield Loans Receivable (In Thousands) Balance at December 31, 2017 $ 2,141 $ 1,919 $ 222 $ 143 $ 1,776 Collections (13 ) (13 ) — (74 ) 61 Dispositions (591 ) (591 ) — (42 ) (549 ) Balance at September 30, 2018 $ 1,537 $ 1,315 $ 222 $ 27 $ 1,288 |
PREMISES AND EQUIPMENT
PREMISES AND EQUIPMENT | 9 Months Ended |
Sep. 30, 2018 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment Disclosure [Text Block] | PREMISES AND EQUIPMENT Premises and equipment at September 30, 2018 and December 31, 2017 are summarized as follows: September 30, 2018 December 31, 2017 (In Thousands) Land $ 4,746 $ 4,746 Buildings 13,707 13,675 Leasehold improvements 11,787 11,746 Furniture and equipment 13,170 12,561 Construction in process 353 7 43,763 42,735 Accumulated depreciation and amortization (24,664 ) (23,326 ) Premises and equipment, net $ 19,099 $ 19,409 At September 30, 2018 , construction in process related to construction costs of remodeling an existing branch. At September 30, 2018 , the Company had outstanding commitments related to the remodeling of an existing branch totaling $597,000 . Construction in process related to construction, design and site costs associated with a new off-site ATM at December 31, 2017 . |
OTHER COMPREHENSIVE (LOSS) INCO
OTHER COMPREHENSIVE (LOSS) INCOME | 9 Months Ended |
Sep. 30, 2018 | |
Stockholders' Equity Note [Abstract] | |
OTHER COMPREHENSIVE (LOSS) INCOME | OTHER COMPREHENSIVE LOSS Accounting principles generally require recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities are reported as a separate component of shareholders’ equity on the balance sheet, such items along with net income are components of comprehensive income. Components of other comprehensive loss and related tax effects are as follows: Nine Months Ended September 30, 2018 Before Tax Amount Tax Effects Net of Tax Amount Securities: (In Thousands) Unrealized holding losses on available for sale securities $ (2,436 ) $ 511 $ (1,925 ) Other comprehensive loss $ (2,436 ) $ 511 $ (1,925 ) The components of accumulated other comprehensive loss included in shareholders’ equity are as follows: September 30, 2018 Before Tax Amount Tax Effects Net of Tax Amount (In Thousands) Net unrealized losses on available for sale securities $ (4,252 ) $ 893 $ (3,359 ) Accumulated other comprehensive loss $ (4,252 ) $ 893 $ (3,359 ) December 31, 2017 Before Tax Amount Tax Effects Net of Tax Amount (In Thousands) Net unrealized losses on available for sale securities $ (1,816 ) $ 618 $ (1,198 ) Reclassification of stranded tax effect from change in tax law (1) — (236 ) (236 ) Accumulated other comprehensive loss $ (1,816 ) $ 382 $ (1,434 ) (1) Reclassification was due to the one-time revaluation of the net deferred tax assets as a result of the Tax Cuts and Jobs Act. |
REGULATORY CAPITAL
REGULATORY CAPITAL | 9 Months Ended |
Sep. 30, 2018 | |
Banking and Thrift [Abstract] | |
REGULATORY CAPITAL | REGULATORY CAPITAL The Bank is subject to regulatory capital requirements promulgated by federal bank regulatory agencies. Failure by the Bank to meet minimum capital requirements could result in certain mandatory and discretionary actions by regulators that could have a material adverse effect on our consolidated financial statements. Under Basel III capital requirements, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classifications are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Quantitative measures established by regulation require the Bank to maintain certain minimum capital amounts and ratios. Federal bank regulators require the Bank to maintain minimum ratios of core capital to adjusted average assets, common equity tier 1 capital to risk-weighted assets, tier 1 capital to risk-weighted assets and total risk-based capital to risk-weighted assets. At September 30, 2018 , the Bank met all the capital adequacy requirements to which they were subject and were “well capitalized” under the regulatory requirements. Management believes no conditions or events have occurred since September 30, 2018 that would materially adversely change the Bank’s capital classifications. Effective January 1, 2016, Basel III implemented a requirement for all banking organizations to maintain a capital conservation buffer exclusively composed of common equity Tier 1 capital in an amount greater than 2.5% of total risk-weighted assets to avoid being subject to limitations on capital distributions, stock repurchases and discretionary bonus payments to executive officers. The capital conservation buffer increases the three risk-based capital ratios and will be phased in over a multi-year schedule with full compliance in 2019. Management believes the Bank's capital level will remain characterized as "well-capitalized" under the new rules. As a result of the recently enacted Economic Growth, Regulatory Relief, and Consumer Protection Act, the Federal Reserve Board is required to amend its small bank holding company and savings and loan holding company policy statement to provide that holding companies with consolidated assets of less than $3 billion that are (i) not engaged in significant nonbanking activities, (ii) do not conduct significant off-balance sheet activities, and (iii) do not have a material amount of SEC-registered debt or equity securities, other than trust preferred securities, that contribute to an organization’s complexity, will no longer be subject to regulatory capital requirements, effective no later than November 2018. In addition, as a result of the legislation, the federal banking agencies are required to develop a “Community Bank Leverage Ratio” (the ratio of a bank’s tangible equity capital to average total consolidated assets) for financial institutions with assets of less than $10 billion. A “qualifying community bank” that exceeds this ratio will be deemed to be in compliance with all other capital and leverage requirements, including the capital requirements to be considered “well capitalized” under Prompt Corrective Action statutes. The federal banking agencies may consider a financial institution’s risk profile when evaluating whether it qualifies as a community bank for purposes of the capital ratio requirement. The federal banking agencies must set the minimum capital for the new Community Bank Leverage Ratio at not less than 8% and not more than 10%. A financial institution can elect to be subject to this new definition. The Bank's regulatory capital amounts and ratios at September 30, 2018 and December 31, 2017 , compared to the FDIC's requirements for classification as a well capitalized institution and for minimum capital adequacy, were as follows: Actual Minimum Capital Requirement Minimum To Be Well Capitalized September 30, 2018 Amount Ratio Amount Ratio Amount Ratio (Dollars in Thousands) Common Equity Tier 1 Capital 151,354 13.02 52,307 4.50 75,555 6.50 Tier 1 Capital to Risk Weighted Assets 151,354 13.02 69,743 6.00 92,991 8.00 Total Capital to Risk Weighted Assets 165,887 14.27 92,991 8.00 116,238 10.00 Tier 1 Capital to Average Assets 151,354 9.61 63,004 4.00 78,756 5.00 Actual Minimum Capital Requirement Minimum To Be Well Capitalized December 31, 2017 Amount Ratio Amount Ratio Amount Ratio (Dollars in Thousands) Common Equity Tier 1 Capital 146,509 13.81 47,740 4.50 68,958 6.50 Tier 1 Capital to Risk Weighted Assets 146,509 13.81 63,653 6.00 84,871 8.00 Total Capital to Risk Weighted Assets 159,303 15.02 84,871 8.00 106,089 10.00 Tier 1 Capital to Average Assets 146,509 9.40 62,348 4.00 77,934 5.00 |
FAIR VALUE OF ASSETS AND LIABIL
FAIR VALUE OF ASSETS AND LIABILITIES | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE OF ASSETS AND LIABILITIES | FAIR VALUE OF ASSETS AND LIABILITIES Fair Value Hierarchy The Company groups its assets and liabilities in three levels based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. Transfers between levels are recognized at the end of a reporting period, if applicable. Level 1: Valuation is based on quoted prices in active markets for identical assets or liabilities. Level 1 assets and liabilities generally include debt and equity securities that are traded in an active exchange market. Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities. Level 2: Valuation is based on observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3: Valuation is based on unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include assets or liabilities whose value is determined using unobservable inputs to pricing models, discounted cash flow methodologies, or similar techniques, as well as assets or liabilities for which the determination of fair value requires significant management judgment or estimation. Determination of Fair Value The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. The fair value of assets and liabilities is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for the Company’s various assets and liabilities. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the assets and liabilities. The following methods and assumptions were used by the Company in estimating fair value disclosures of its financial instruments: • Cash and cash equivalents. The carrying amounts of cash and cash equivalents approximate the fair values based on the short-term nature of the assets. • Securities available for sale. Included in the available for sale category are debt securities. The securities measured at fair value in Level 1 are based on quoted market prices in an active exchange market. Securities measured at fair value in Level 2 are based on pricing models that consider standard input factors such as observable market data, benchmark yields, interest rate volatilities, broker/dealer quotes, credit spreads and new issue data. The Company utilizes a nationally-recognized third-party pricing service to estimate fair value measurements for the majority of its portfolio. The pricing service evaluates each asset class based on relevant market information considering observable data, but these prices do not represent binding quotes. The fair value prices on all investments are reviewed for reasonableness by management. Securities measured at fair value in Level 3 include one collateralized debt obligation that was backed by a trust preferred security issued by banks and insurance companies. Management determined that an orderly and active market for this security and similar securities did not exist based on a significant reduction in trading volume and widening spreads relative to historical levels. The Company estimates future cash flows discounted using a rate management believes is representative of current market conditions. Factors in determining the discount rate include the current level of deferrals and/or defaults, changes in credit rating and the financial condition of the debtors within the underlying securities, broker quotes for securities with similar structure and credit risk, interest rate movements and pricing for new issuances. • Federal Home Loan Bank stock. The carrying value of Federal Home Loan Bank (“FHLB”) stock approximates fair value based on the redemption provisions of the FHLB. • Federal Reserve Bank stock. The carrying value of Federal Reserve Bank ("FRB") stock approximates fair value based on the redemption provisions of the FRB. • Loans held for sale. The fair value of loans held for sale is estimated using quoted market prices. • Loans receivable. For variable rate loans that reprice frequently and have no significant change in credit risk, fair values are based on carrying values. The fair value of fixed-rate loans are estimated by discounting the future cash flows using the rates at the end of the period in which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. Fair values for nonperforming loans are estimated using discounted cash flow analyses or underlying collateral values, where applicable. • Accrued interest receivable. The carrying amount of accrued interest approximates fair value. • Deposits. The fair value of demand deposits, negotiable orders of withdrawal, regular savings, certain money market deposits and mortgagors’ and investors’ escrow accounts is the amount payable on demand at the reporting date. The fair value of certificates of deposit and other time deposits is estimated using a discounted cash flow calculation that applies interest rates currently being offered for deposits of similar remaining maturities to a schedule of aggregated expected maturities on such deposits. • Federal Home Loan Bank advances. The fair value of the advances is estimated using a discounted cash flow calculation that applies current FHLB interest rates for advances of similar maturity to a schedule of maturities of such advances. • Junior subordinated debt owed to unconsolidated trust. Rates currently available for debt with similar terms and remaining maturities are used to estimate fair value of existing debt. • Forward loan sale commitments and derivative loan commitments. Forward loan sale commitments and derivative loan commitments are based on the fair values of the underlying mortgage loans, including the servicing rights for derivative loan commitments, and the probability of such commitments being exercised. Significant management judgment and estimation is required in determining these fair value measurements. • Interest rate swap agreements. The fair value of interest rate swap agreements are obtained from a third-party pricing service and are determined using a discounted cash flow approach and utilize observable inputs such as the LIBOR swap curve, effective date, maturity date, notional amount and stated interest rate. Such derivatives do not have embedded interest rate caps or floors. • Off-balance sheet instruments. Fair values for off-balance sheet lending commitments are based on fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the counterparties' credit standings. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following tables present assets and liabilities measured at fair value on a recurring basis as of September 30, 2018 and December 31, 2017 . The Company had no significant transfers into or out of Levels 1, 2 or 3 during the three and nine months ended September 30, 2018 . September 30, 2018 Level 1 Level 2 Level 3 Total (In Thousands) Assets: U.S. Government and agency obligations $ 18,307 $ 39,608 $ — $ 57,915 Government-sponsored enterprises — 9,844 — 9,844 Mortgage-backed securities — 75,706 — 75,706 Collateralized debt obligation — — 1,086 1,086 Obligations of state and political subdivisions — 500 — 500 Tax-exempt securities — 2,525 — 2,525 Forward loan sale commitments and derivative loan commitments — — 103 103 Interest rate swap agreements — 353 — 353 Total assets $ 18,307 $ 128,536 $ 1,189 $ 148,032 Liabilities: Interest rate swap agreements $ — $ 353 $ — $ 353 Total liabilities $ — $ 353 $ — $ 353 December 31, 2017 Level 1 Level 2 Level 3 Total (In Thousands) Assets: U.S. Government and agency obligations $ 19,435 $ 42,333 $ — $ 61,768 Government-sponsored enterprises — 9,217 — 9,217 Mortgage-backed securities — 78,295 — 78,295 Collateralized debt obligation — — 1,124 1,124 Obligations of state and political subdivisions — 500 — 500 Tax-exempt securities — 3,149 — 3,149 Forward loan sale commitments and derivative loan commitments — — 43 43 Total assets $ 19,435 $ 133,494 $ 1,167 $ 154,096 The following table shows a reconciliation of the beginning and ending balances for Level 3 assets: Collateralized Debt Obligations Derivative Loan and Forward Loan Sale Commitments, Net (In Thousands) Balance at December 31, 2017 $ 1,124 $ 43 Total realized gains included in net income — 60 Total unrealized losses included in other comprehensive loss (38 ) — Balance at September 30, 2018 $ 1,086 $ 103 Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis The Company may also be required from time to time to measure certain other financial assets on a nonrecurring basis in accordance with generally accepted accounting principles. These adjustments to fair value usually result from the application of lower-of-cost-or-market accounting or write-downs of individual assets. The following table summarizes the fair value hierarchy used to determine each adjustment and the carrying value of the related individual assets at September 30, 2018 and December 31, 2017 . There were no liabilities measured at fair value on a nonrecurring basis at September 30, 2018 and December 31, 2017 . At September 30, 2018 At December 31, 2017 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 (In Thousands) Impaired loans $ — $ — $ 1,402 $ — $ — $ 337 Other real estate owned — — 608 — — 1,226 Total assets $ — $ — $ 2,010 $ — $ — $ 1,563 The following table summarizes losses resulting from fair value adjustments for assets measured at fair value on a nonrecurring basis. Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 (In Thousands) Impaired loans $ 613 $ 34 $ 1,989 $ 88 Other real estate owned — — — 197 Total losses $ 613 $ 34 $ 1,989 $ 285 The Company measures the impairment of loans that are collateral dependent based on the fair value of the collateral (Level 3). The fair value of collateral used by the Company represents the amount expected to be received from the sale of the property, net of selling costs, as determined by an independent, licensed or certified appraiser using observable market data. This data includes information such as selling price of similar properties, expected future cash flows or earnings of the subject property based on current market expectations, and relevant legal, physical and economic factors. The appraised values of collateral are adjusted as necessary by management based on observable inputs for specific properties. Losses applicable to write-downs of impaired loans are based on the appraised market value of the underlying collateral, assuming foreclosure of these loans is imminent, and are recorded through the provision for loan losses. The amount of other real estate owned represents the carrying value of the collateral based on the appraised value of the underlying collateral less estimated selling costs. The loss on foreclosed assets represents adjustments in the valuation recorded during the time period indicated and not for losses incurred on sales. Summary of Fair Values of Financial Instruments The estimated fair values and related carrying or notional amounts of the Company’s financial instruments are presented in the following table. Certain financial instruments and all nonfinancial instruments are exempt from disclosure requirements. Accordingly, the aggregate fair value amounts presented do not represent the underlying value of the Company. Management uses its best judgment in estimating the fair value of the Company's financial instruments; however, there are inherent weaknesses in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates presented herein are not necessarily indicative of the amounts the Company could have realized in a sales transaction at September 30, 2018 and December 31, 2017 . The estimated fair value amounts at September 30, 2018 and December 31, 2017 have been measured as of each respective date, and have not been re-evaluated or updated for purposes of the consolidated financial statements subsequent to those respective dates. As such, the estimated fair values of these financial instruments subsequent to the respective reporting dates may be different than the amounts reported at each period-end. The information presented should not be interpreted as an estimate of the fair value of the entire Company since a fair value calculation is only required for a limited portion of the Company's assets. Due to the wide range of valuation techniques and the degree of subjectivity used in making the estimate, comparisons between the Company's disclosures and those of other banks may not be meaningful. As of September 30, 2018 and December 31, 2017 , the recorded carrying amounts and estimated fair values of the Company's financial instruments are as follows: September 30, 2018 Carrying Amount Fair Value Level 1 Level 2 Level 3 Total (In Thousands) Financial Assets: Cash and cash equivalents $ 76,744 $ 76,744 $ — $ — $ 76,744 Available for sale securities 147,576 18,307 128,183 1,086 147,576 Loans held for sale 1,368 — — 1,386 1,386 Loans receivable, net 1,276,373 — — 1,232,510 1,232,510 Federal Home Loan Bank stock 9,308 — — 9,308 9,308 Federal Reserve Bank stock 3,638 — — 3,638 3,638 Accrued interest receivable 5,209 — — 5,209 5,209 Financial Liabilities: Deposits 1,250,093 — — 1,250,044 1,250,044 Mortgagors' and investors' escrow accounts 2,838 — — 2,838 2,838 Federal Home Loan Bank advances 152,780 — 149,732 — 149,732 Junior subordinated debt owed to unconsolidated trust 8,248 — 6,821 — 6,821 On-balance Sheet Derivative Financial Instruments: Assets: Derivative loan commitments 28 — — 28 28 Forward loan sale commitments 75 — — 75 75 Interest rate swap agreements 353 — 353 — 353 Liabilities: Interest rate swap agreements 353 — 353 — 353 December 31, 2017 Carrying Amount Fair Value Level 1 Level 2 Level 3 Total (In Thousands) Financial Assets: Cash and cash equivalents $ 83,486 $ 83,486 $ — $ — $ 83,486 Available for sale securities 154,053 19,435 133,494 1,124 154,053 Loans held for sale 835 — — 847 847 Loans receivable, net 1,237,174 — — 1,229,696 1,229,696 Federal Home Loan Bank stock 9,856 — — 9,856 9,856 Federal Reserve Bank stock 3,636 — — 3,636 3,636 Accrued interest receivable 4,784 — — 4,784 4,784 Financial Liabilities: Deposits 1,208,047 — — 1,209,458 1,209,458 Mortgagors' and investors' escrow accounts 4,418 — — 4,418 4,418 Federal Home Loan Bank advances 170,094 — 163,568 — 163,568 Junior subordinated debt owed to unconsolidated trust 8,248 — 6,231 — 6,231 On-balance Sheet Derivative Financial Instruments: Assets: Derivative loan commitments 27 — — 27 27 Forward loan sale commitments 16 — — 16 16 |
DERIVATIVE INSTRUMENTS AND HEDG
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | 9 Months Ended |
Sep. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES Derivative Instruments Not Designated As Hedging Instruments Certain derivative instruments do not meet the requirements to be accounted for as hedging instruments. These undesignated derivative instruments are recognized on the consolidated balance sheets at fair value, with changes in fair value recorded in noninterest income. Derivative Loan Commitments - Mortgage loan commitments are referred to as derivative loan commitments if the loan that will result from exercise of the commitment will be held for sale upon funding. The Company enters into commitments to fund residential mortgage loans at specified times in the future, with the intention that these loans will subsequently be sold in the secondary market. A mortgage loan commitment binds the Company to lend funds to a potential borrower at a specified interest rate and within a specified period of time, generally up to 60 days after inception of the rate lock. Outstanding derivative loan commitments expose the Company to the risk that the price of the loans arising from exercise of the loan commitment might decline from inception of the rate lock to funding of the loan due to increases in mortgage interest rates. If interest rates increase, the values of these loan commitments decrease. Conversely, if interest rates decrease, the value of these loan commitments increase. Forward Loan Sale Commitments - To protect against the price risk inherent in the exercise of derivative loan commitments resulting from potential decreases in the value of loans, the Company utilizes both “mandatory delivery” and "best efforts" forward loan sale commitments. With a “mandatory delivery” contract, the Company commits to deliver a certain principal amount of mortgage loans to an investor at a specified price on or before a specified date. If the Company fails to deliver the amount of mortgages necessary to fulfill the commitment by the specified date, it is obligated to pay a “pair-off” fee, based on then-current market prices, to the investor to compensate the investor for the shortfall. With a "best efforts" contract, the Company commits to deliver an individual mortgage loan of a specified principal amount and quality to an investor if the loan to the underlying borrower closes. Generally, the price the investor will pay the seller for an individual loan is specified prior to the loan being funded (e.g., on the same day the lender commits to lend funds to a potential borrower). The Company expects that these forward loan sale commitments will experience changes in fair value opposite to the change in fair value of derivative loan commitments. Interest Rate Swap Agreements - The Company does not use derivatives for trading or speculative purposes. Interest rate swap derivatives not designated as hedges are offered to certain qualifying commercial customers and to manage the Company's exposure to interest rate movements but do not meet the strict hedge accounting definition under FASB ASC 815, "Derivatives and Hedging." The interest rate swap agreement enables the customer to synthetically fix the interest rate on a variable rate loan. The customer pays a variable rate and enters into a fixed rate swap agreement with the Company. The credit risk associated with the interest rate swap derivatives executed with these customers is essentially the same as that involved in extending loans and is subject to the Company's normal credit policies. The Company obtains collateral, if needed, based upon its assessment of the customers' credit quality. Generally, interest rate swap agreements are offered to "pass" rated customers requesting long-term commercial loans or commercial mortgages in amounts generally of at least $1.0 million . The interest rate swap agreements with our customers are cross-collateralized by the loan collateral and do not have any embedded interest rate caps or floors. For every variable interest rate swap agreement entered into with a commercial customer, the Company simultaneously enters into a fixed rate swap agreement with a correspondent bank, agreeing to pay a fixed income stream and receive a variable interest rate swap. The Company is party to master netting agreements with its correspondent bank; however, the Company does not offset assets and liabilities for financial statement presentation purposes. The master netting agreements provide for a single net settlement of all swap agreements, as well as collateral, in the event of default on, or termination of, any one contract. Collateral generally in the form of cash is received or posted by the counterparty with the net liability position, in accordance with contract thresholds. As of September 30, 2018 , based on its current position, the Company has paid $850,000 into a collateral account to collateralize its position. The Company and correspondent bank have an agreement to secure any outstanding payable in excess of $100,000 . The Company's agreements with its derivative counterparties contain the following provisions related to contingent credit risk: • if the Company defaults on any of its indebtedness, including a default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations; • if the Company fails to maintain its status as a well/adequately capitalized institution, then the counterparty could terminate the derivative position, and the Company would be required to settle its obligations under the agreements; • if the Company fails to maintain a specified minimum leverage ratio, then the Company could be declared in default on its derivative obligations; and • if a specified event or condition occurs that materially changes the Company's creditworthiness in an adverse manner, it may be required to fully collateralize its obligations under the derivative instrument. The Company is in compliance with the above provisions as of September 30, 2018 . The Company has established a derivative policy which sets forth the parameters for such transactions (including underwriting guidelines, rate setting process, maximum maturity, approval and documentation requirements), as well as identifies internal controls for the management of risks related to these hedging activities (such as approval of counterparties, limits on counterparty credit risk, maximum loan amounts and limits to single dealer counterparties). The interest rate swap derivatives executed with our customers and our counterparties are marked to market and are included with other assets and other liabilities on the consolidated balance sheets at fair value. Interest Rate Risk Management - Derivative Instruments The following table presents the fair values of derivative instruments as well as their classification on the consolidated balance sheets at September 30, 2018 and December 31, 2017 . September 30, 2018 December 31, 2017 Balance Sheet Location Notional Amount Estimated Fair Value Notional Amount Estimated Fair Value (In Thousands) Derivatives not designated as hedging instruments: Derivative loan commitments Other Assets $ 3,857 $ 28 $ 3,133 $ 27 Forward loan sale commitments Other Assets 4,722 75 2,752 16 Commercial loan customer interest rate swap position Other Assets 34,059 353 — — Counterparty interest rate swap position Other Liabilities 34,059 353 — — |
NATURE OF BUSINESS AND SUMMAR_2
NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Level 2 (Policies) | 9 Months Ended |
Sep. 30, 2018 | |
NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company, its wholly-owned subsidiary, the Bank, and the Bank’s wholly-owned subsidiaries, SI Mortgage Company and SI Realty Company, Inc. All significant intercompany accounts and transactions have been eliminated. |
Basis of Accounting, Policy [Policy Text Block] | Basis of Financial Statement Presentation The interim consolidated financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information, the instructions to Form 10-Q and Rule 10.01 of Regulation S-X of the Securities and Exchange Commission and general practices within the banking industry. Accordingly, certain information and footnote disclosures required by GAAP for complete financial statements have been omitted. Information in the accompanying interim consolidated financial statements and notes to the financial statements of the Company as of September 30, 2018 and for the three and nine months ended September 30, 2018 and 2017 is unaudited. These unaudited interim consolidated financial statements and related notes should be read in conjunction with the audited consolidated financial statements of the Company and the accompanying notes for the year ended December 31, 2017 contained in the Company’s Annual Report on Form 10-K. In the opinion of management, the accompanying unaudited interim consolidated financial statements reflect all of the adjustments, consisting only of normal and recurring adjustments, necessary for a fair presentation of the financial condition, results of operations and cash flows as of and for the periods covered herein. The results of operations for the three and nine months ended September 30, 2018 are not necessarily indicative of the operating results for the year ending December 31, 2018 or for any other period. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosures of contingent assets and liabilities, as of the date of the balance sheets and reported amounts of revenues and expenses for the periods presented. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, deferred income taxes and the impairment of long-lived assets such as goodwill and other intangibles. |
Reclassification, Policy [Policy Text Block] | Reclassifications Amounts in the Company’s prior year consolidated financial statements are reclassified to conform to the current year presentation. Such reclassifications had no effect on net income. |
Finance, Loans and Leases Receivable, Policy [Policy Text Block] | Loans Receivable Loans receivable are stated at current unpaid principal balances, net of the allowance for loan losses and deferred loan origination fees and costs. Management has the ability and intent to hold its loans receivable for the foreseeable future or until maturity or pay-off. A loan is impaired when, based on current information and events, it is probable the Company will be unable to collect all contractual principal and interest payments due in accordance with the 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. Impairment is measured on a loan by loan basis for residential and commercial mortgage loans and commercial business loans by either the present value of expected future cash flows discounted at the loan's effective interest rate or, as a practical expedient, at the loan's observable market price or the fair value of the collateral if the loan is collateral dependent. Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Company does not typically identify individual consumer loans for impairment disclosures, unless such loans are subject to a troubled debt restructuring ("TDR") agreement. |
Loans and Leases Receivable, Troubled Debt Restructuring Policy [Policy Text Block] | Troubled Debt Restructurings The Company periodically may agree to modify the contractual terms of loans. When a loan is modified and concessions have been made to the original contractual terms due to the borrower's financial condition that would not otherwise be considered for a borrower with similar risk characteristics, such as reductions of interest rates, deferral of interest or principal payments, or maturity extensions, the modification is considered a TDR. Modified terms are dependent upon the financial position and needs of the individual borrower. If the modification agreement is violated, the loan is handled by the Company’s Collections Department for resolution, which may result in foreclosure. Management considers all nonaccrual loans, with the exception of certain consumer loans, to be impaired. Also, all TDRs are initially classified as impaired and follow the Company's nonaccrual policy. However, if the loan was current prior to modification, nonaccrual status would not be required. If the loan was on nonaccrual prior to modification or if the payment amount significantly increases, the loan will remain on nonaccrual for a period of at least six months. Loans qualify for return to accrual status once the borrower has demonstrated the willingness and the ability to perform in accordance with the restructured terms of the loan agreement for a period of not less than six consecutive months. In most cases, loan payments less than 90 days past due are considered minor collection delays and the related loans are generally not considered impaired. Impaired classification may be removed after a year following the restructure if the borrower demonstrates compliance with the modified terms and the restructuring agreement specifies an interest rate equal to that which would be provided to a borrower with similar risk characteristics at the time of restructuring. |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for Loan Losses The allowance for loan losses, a material estimate which could change significantly in the near-term, is established through a provision for loan losses charged to earnings to account for losses that are inherent in the loan portfolio and estimated to occur, and is maintained at a level management considers adequate to absorb losses in the loan portfolio. Loan losses are charged against the allowance for loan losses when management believes the uncollectibility of the principal loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance for loan losses when received. Management's judgment in determining the adequacy of the allowance is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. The allowance for loan losses is evaluated on a monthly basis by management and is based on the evaluation of the known and inherent risk characteristics and size and composition of the loan portfolio, the assessment of current economic and real estate market conditions, adverse situations that may affect a borrower’s ability to repay, estimated value of any underlying collateral, historical loan loss experience, the amount and trends of nonperforming loans, delinquencies, classified assets and loan charge-offs and evaluations of loans and other relevant factors. The allowance for loan losses consists of the following key elements: • Specific allowance for identified impaired loans . For loans identified as impaired, an allowance is established when the present value of expected cash flows, or observable market price of the loan or fair value of the collateral if the loan is collateral dependent, of the impaired loan is lower than the carrying value of that loan. In the determination of the allowance for loan losses, management may obtain independent appraisals for significant properties, when necessary. • General valuation allowance. The general component represents a valuation allowance on the remainder of the loan portfolio, after excluding impaired loans. For this portion of the allowance, loans are segregated by category and assigned an allowance percentage based on historical loan loss experience adjusted for qualitative factors stratified by the following loan segments: residential one- to four-family, multi-family and commercial real estate, construction, commercial business and consumer. Management uses a rolling average of historical losses based on the time frame appropriate to capture relevant loss data for each loan segment. This historical loss factor is adjusted for the following qualitative factors: changes in lending policies and procedures, including changes in underwriting standards and collections, charge-off and recovery practices; changes in national, regional and local economic and business conditions and developments that affect the collectibility of the portfolio, including the condition of various market segments; changes in the size and composition of the loan portfolio and in the terms of the loans; changes in the experience, ability and depth of lending and underwriting management and other relevant staff; changes in the volume and severity of past due loans, the volume of nonaccrual loans and the volume and severity of adversely classified or graded loans; changes in the quality of the loan review system; changes in the underlying collateral for collateral-dependent loans; the existence and effect of any concentrations of credit and changes in the level of such concentrations; the effect of other external factors such as competition and legal and regulatory requirements on the level of estimated credit losses in the portfolio. The qualitative factors are determined based on the following various risk characteristics for each loan segment. Risk characteristics relevant to each portfolio segment are as follows: • Residential – One to Four Family – The Bank primarily originates conventional loans with loan-to-value ratios less than 95% and generally originates loans with loan-to-value ratios in excess of 80% only when secured by first liens on owner-occupied one- to four-family residences. Loans with loan-to-value ratios in excess of 80% generally require private mortgage insurance or additional collateral. All loans in this segment are collateralized by owner-occupied residential real estate and repayment is dependent on the credit quality of the individual borrower. The overall health of the economy, including unemployment rates and housing prices, will have an effect on the credit quality of this segment. • Multi-family and Commercial – Loans in this segment are originated to acquire, develop, improve or refinance multi-family and commercial real estate where the property is the primary collateral securing the loan, and the income generated from the property is the primary repayment source. The underlying cash flows generated by the properties can be impacted by the economy as evidenced by increased vacancy rates. Payments on loans secured by income-producing properties often depend on the successful operation and management of the properties. Management continually monitors the cash flows of these loans. • Construction – This segment includes loans to individuals and, to a lesser extent, builders to finance the construction of residential dwellings. The Bank also originates construction loans for commercial development projects. Upon the completion of construction, the loan generally converts to a permanent mortgage loan. Credit risk is affected by cost overruns, whether estimates of the sale price of the property are correct, the time it takes to sell at an adequate price and market conditions. • Commercial Business – Loans in this segment are made to businesses and are generally secured by assets of the business. Repayment is expected from the cash flows of the business. A weakened economy and reduced viability of the industry in which the customer operates will have a negative impact on the credit quality in this segment. The Bank provides loans to investors in the time share industry, which are secured by consumer receivables, and provides loans for capital improvements to condominium associations, which are secured by the assigned rights to levy special assessments to condominium owners. Additionally, the Bank purchases loans primarily out of our market area from a company specializing in medical loan originations, which are secured by medical equipment. • Consumer – Loans in this segment primarily include home equity lines of credit (representing both first and second liens) and, to a lesser extent, loans secured by marketable securities, passbook or certificate accounts, motorcycles, automobiles and recreational vehicles, as well as unsecured loans. Consumer loan collections depend on the borrower’s continuing financial stability, and therefore, are more likely to be adversely affected by job loss, divorce, illness or personal bankruptcy. In computing the allowance for loan losses, we do not assign a general valuation allowance to the Small Business Administration (“SBA”) and United States Department of Agriculture (“USDA”) loans that we purchase as such loans are fully guaranteed. These loans are included in commercial business loans. The majority of the Company's loans are collateralized by real estate located in eastern Connecticut and Rhode Island. To a lesser extent, certain commercial real estate loans are secured by collateral located outside of our primary market area with concentrations in Massachusetts and New Hampshire. Accordingly, the collateral value of a substantial portion of the Company's loan portfolio and real estate acquired through foreclosure is susceptible to changes in local market conditions. Although management believes it uses the best information available to establish the allowance for loan losses, future adjustments to the allowance for loan losses may be necessary and the Company’s results of operations could be adversely affected if circumstances differ substantially from the assumptions used in making the determinations. Furthermore, while management believes it has established the allowance for loan losses in conformity with GAAP, our regulators, in reviewing the loan portfolio, may request us to increase our allowance for loan losses based on judgments different from ours. In addition, because future events affecting borrowers and collateral cannot be predicted with certainty, the existing allowance for loan losses may not be adequate or increases may be necessary should the quality of any loans deteriorate as a result of the factors discussed above. Any material increase in the allowance for loan losses would adversely affect the Company’s financial condition and results of operations. |
Revenue Recognition, Interest [Policy Text Block] | Interest and Fees on Loans Interest on loans is accrued and included in net interest income based on contractual rates applied to principal amounts outstanding. Accrual of interest is discontinued when loan payments are 90 days or more past due, based on contractual terms, or when, in the judgment of management, collectibility of the loan or loan interest becomes uncertain. Subsequent recognition of income occurs only to the extent payment is received subject to management's assessment of the collectibility of the remaining interest and principal. A nonaccrual loan is restored to accrual status when it is no longer delinquent and collectibility of interest and principal is no longer in doubt and the borrower has made regular payments in accordance with the terms of the loan over a period of at least six months. Interest collected on nonaccrual loans is recognized only to the extent cash payments are received, and may be recorded as a reduction to principal if the collectibility of the principal balance of the loan is unlikely. Loan origination fees, direct loan origination costs and loan purchase premiums are deferred, and the net amount is recognized as an adjustment of the related loan's yield utilizing the interest method over the contractual life of the loan. In addition, discounts related to fair value adjustments for loans receivable acquired in a business combination or asset purchase are accreted into earnings over the contractual term as an adjustment of the related loan's yield. The Company periodically evaluates the cash flows expected to be collected for loans acquired with deteriorated credit quality. Changes in the expected cash flows compared to the expected cash flows as of the date of acquisition may impact the accretable yield or result in a charge to the provision for loan losses to the extent of a shortfall. |
Earnings Per Share, Policy [Policy Text Block] | Basic earnings per share is calculated by dividing the net income available to common shareholders by the weighted average number of common shares outstanding during the period. Unvested restricted shares are considered outstanding in the computation of basic earnings per share since the shares participate in dividends and the rights to the dividends are non-forfeitable. Diluted earnings per share is computed in a manner similar to basic earnings per share except that the weighted average number of common shares outstanding is increased to include the incremental common shares (as computed using the treasury stock method) that would have been outstanding if all potentially dilutive common stock equivalents were issued during the period. The Company’s common stock equivalents relate solely to stock options. Repurchased common shares and unallocated common shares held by the Bank’s ESOP are not deemed outstanding for earnings per share calculations. |
Stockholders' Equity, Policy [Policy Text Block] | Common Share Repurchases The Company is chartered in Maryland. Maryland law does not provide for treasury shares, rather shares repurchased by the Company constitute authorized but unissued shares. GAAP states that accounting for treasury stock shall conform to state law. Therefore, the cost of shares repurchased by the Company is allocated to common stock, additional paid-in capital and retained earnings balances. |
Comprehensive Income, Policy [Policy Text Block] | Accounting principles generally require recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities are reported as a separate component of shareholders’ equity on the balance sheet, such items along with net income are components of comprehensive income. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value Hierarchy The Company groups its assets and liabilities in three levels based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. Transfers between levels are recognized at the end of a reporting period, if applicable. Level 1: Valuation is based on quoted prices in active markets for identical assets or liabilities. Level 1 assets and liabilities generally include debt and equity securities that are traded in an active exchange market. Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities. Level 2: Valuation is based on observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3: Valuation is based on unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include assets or liabilities whose value is determined using unobservable inputs to pricing models, discounted cash flow methodologies, or similar techniques, as well as assets or liabilities for which the determination of fair value requires significant management judgment or estimation. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements Revenue from Contracts with Customers (Topic 606): In May 2014, the Financial Accounting Standards Board ("FASB") issued guidance that improves the revenue recognition requirements for contracts with customers. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve the core principle, a company should apply a five step approach to revenue recognition. The guidance in this update affects any entity that either enters into contracts with customers to transfer goods or services or entered into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards. Accordingly, the guidance does not apply to, among other things, the following: receivables (i.e. loans), debt and equity investments, equity method investments, joint ventures, derivatives and hedging, financial instruments and transfers and servicing. This guidance became effective for fiscal years beginning after December 15, 2017. Significantly all of the Company's revenues are excluded from the scope of the guidance; therefore, adoption of this guidance on January 1, 2018 did not have a material impact on the Company's consolidated financial statements. Financial Instruments (Subtopic 825-10): In January 2016, the FASB issued guidance addressing certain aspects of recognition, measurement, presentation and disclosure of financial instruments. Targeted improvements to GAAP include the requirement for equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income and the elimination of the requirement for public business entities to disclose the methods and significant assumptions used to estimate the fair value for financial instruments measured at amortized cost. The amendments in this update became effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The adoption of this guidance on January 1, 2018 did not have a material impact on the Company's consolidated financial statements. Leases (Topic 842): In February 2016, the FASB issued amended guidance to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. Disclosures are required by lessees and lessors to meet the objective of enabling users of financial statements to assess the amount, timing and uncertainty of cash flows arising from leases. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The modified retrospective approach includes a number of optional practical expedients that entities may elect to apply. An entity that elects to apply the practical expedients will, in effect, continue to account for leases that commence before the effective date in accordance with previous GAAP unless the lease is modified, except that lessees are required to recognize a right-of-use asset and a lease liability for all operating leases at each reporting date based on the present value of the remaining minimum rental payments that were tracked and disclosed under previous GAAP. The amendments in this update are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. It is expected that assets and liabilities will increase based on the present value of remaining lease payments for leases in place at the adoption date; however, based on the current level of long-term leases in place, this is not expected to be material to the Company's consolidated financial statements. Financial Instruments - Credit Losses (Topic 326): In June 2016, the FASB issued guidance that significantly changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The update will replace today's "incurred loss" approach with an "expected loss" model. The new model, referred to as the current expected credit loss ("CECL") model, will apply to (1) financial assets subject to credit losses and measured at amortized cost and (2) certain off-balance sheet credit exposures. This includes, but is not limited to, loans, leases, held-to-maturity securities, loan commitments and financial guarantees. The CECL model does not apply to available for sale ("AFS") debt securities. For AFS debt securities with unrealized losses, entities will measure credit losses in a manner similar to current accounting guidance, except that losses will be recognized as allowances rather than reductions in the amortized cost of the securities. The update also simplifies the accounting model for purchased credit-impaired debt securities and loans. Disclosure requirements under the update have been expanded to include the entity's assumptions, models and methods for estimating the allowance for loan and lease losses. In addition, entities will need to disclose the amortized cost balance for each class of financial asset by credit quality indicator, disaggregated by year of origination. The update is effective for interim and annual reporting periods beginning after December 15, 2019; early adoption is permitted for interim and annual periods beginning after December 15, 2018. The update requires a modified retrospective transition under which a cumulative effect to equity will be recognized in the period of adoption. Management has developed a focus team that is reviewing and monitoring additional developments and accounting guidance to determine the impact to the Company's consolidated financial statements. Management is evaluating the models and related requirements and is developing an implementation plan. Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments (Topic 230): In August 2016, the FASB issued guidance to reduce the existing diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. This update provides guidance on eight specific cash flow issues. The update became effective for fiscal years beginning after December 15, 2017, and for interim periods within those fiscal years. The amendments in this update should be applied using a retrospective transition method to each period presented. The adoption of this guidance on January 1, 2018 did not have a material impact on the Company's consolidated financial statements. Intangibles - Goodwill and Other - Simplifying the Test for Goodwill Impairment (Topic 350): In January, 2017, the FASB issued guidance aimed at simplifying the subsequent measurement of goodwill. Under these amendments, an entity should perform its annual or interim goodwill impairment test by comparing the fair value of reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider income tax effects from tax deductible goodwill on the carrying amount of a reporting unit when measuring the goodwill impairment loss, if applicable. The Board also eliminated the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, if it fails that qualitative test, to perform Step 2 of the goodwill impairment test. Therefore, the same impairment assessment applies to all reporting units. An entity is required to disclose the amount of goodwill allocated to each reporting unit with a zero or negative carrying amount of net assets. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. The amendments in this update should be applied on a prospective basis and are effective for annual goodwill impairment tests in fiscal years beginning after December 15, 2019. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements. Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): In March 2017, the FASB issued guidance shortening the amortization period for certain callable debt securities held at a premium. Specifically, the amendments require the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. The amendments in this update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted, including adoption in an interim period. The amendments in this update should be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. Additionally, in the period of adoption, an entity should provide disclosures about a change in accounting principle. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements due to limited holdings with callable features. Compensation - Stock Compensation (Topic 718): In May 2017, the FASB issued guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. An entity should account for the effects of a modification unless all of the following are met: 1) the fair value of the modified award is the same as the fair value of the original award immediately before the original award is modified; 2) the vesting conditions of the modified award are the same as the vesting conditions of the original award immediately before the original award is modified; and 3) the classification of the modified award as an equity instrument or a liability instrument is the same as the classification of the original award immediately before the original award is modified. The amendments in this update became effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. The amendments in this update should be applied prospectively to an award modified on or after the adoption date. The adoption of this guidance on January 1, 2018 did not have a material impact on the Company's consolidated financial statements. Fair Value Measurement (Topic 820): In August 2018, the FASB issued guidance which removes, modifies and adds disclosure requirements related to fair value measurements. The amendments in this update become effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2019. Certain amendments are to be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. Early adoption is permitted. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements. |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings (Loss) Per Share, Basic and Diluted [Table Text Block] | The computation of earnings per share is as follows: Three Months Ended Nine Months Ended 2018 2017 2018 2017 (Dollars in Thousands, Except Per Share Amounts) Net income $ 2,704 $ 2,244 $ 8,064 $ 6,805 Weighted average common shares outstanding: Basic 11,723,926 11,874,142 11,832,723 11,850,229 Effect of dilutive stock options 78,896 88,683 84,303 89,490 Diluted 11,802,822 11,962,825 11,917,026 11,939,719 Earnings per share: Basic $ 0.23 $ 0.19 $ 0.68 $ 0.57 Diluted $ 0.23 $ 0.19 $ 0.68 $ 0.57 |
SECURITIES (Tables)
SECURITIES (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | The amortized cost, gross unrealized gains and losses and fair values of available for sale securities at September 30, 2018 and December 31, 2017 are as follows: September 30, 2018 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In Thousands) Debt securities: U.S. Government and agency obligations $ 59,689 $ — $ (1,774 ) $ 57,915 Government-sponsored enterprises 9,963 — (119 ) 9,844 Mortgage-backed securities: (1) Agency - residential 78,041 60 (2,444 ) 75,657 Non-agency - residential 54 — (5 ) 49 Collateralized debt obligation 1,059 27 — 1,086 Obligations of state and political subdivisions 500 — — 500 Tax-exempt securities 2,522 7 (4 ) 2,525 Total available for sale securities $ 151,828 $ 94 $ (4,346 ) $ 147,576 (1) Agency securities refer to debt obligations issued or guaranteed by government corporations or government-sponsored enterprises (“GSEs”). Non-agency securities, or private-label securities, are the sole obligation of their issuer and are not guaranteed by any of the GSEs or the U.S. Government. December 31, 2017 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In Thousands) Debt securities: U.S. Government and agency obligations $ 62,749 $ 17 $ (998 ) $ 61,768 Government-sponsored enterprises 9,212 16 (11 ) 9,217 Mortgage-backed securities: (1) Agency - residential 79,134 231 (1,135 ) 78,230 Non-agency - residential 70 — (5 ) 65 Collateralized debt obligation 1,090 34 — 1,124 Obligations of state and political subdivisions 500 — — 500 Tax-exempt securities 3,114 37 (2 ) 3,149 Total available for sale securities $ 155,869 $ 335 $ (2,151 ) $ 154,053 (1) Agency securities refer to debt obligations issued or guaranteed by government corporations or GSEs. Non-agency securities, or private-label securities, are the sole obligation of their issuer and are not guaranteed by any of the GSEs or the U.S. Government. |
Investments Classified by Contractual Maturity Date [Table Text Block] | The amortized cost and fair value of debt securities by contractual maturities at September 30, 2018 are presented below. Maturities are based on the final contractual payment dates and do not reflect the impact of potential prepayments or early redemptions. Because mortgage-backed securities are not due at a single maturity date, they are not included in the maturity categories in the following maturity summary. Amortized Cost Fair Value (In Thousands) Within 1 year $ 6,039 $ 6,029 After 1 but within 5 years 24,990 24,577 After 5 but within 10 years 3,110 3,103 After 10 years 39,594 38,161 73,733 71,870 Mortgage-backed securities 78,095 75,706 Total debt securities $ 151,828 $ 147,576 There were no sales of available for sale securities for the three and nine months ended September 30, 2018 and 2017 . |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block] | The following tables present information pertaining to securities with gross unrealized losses at September 30, 2018 and December 31, 2017 , aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position. Less Than 12 Months 12 Months or More Total September 30, 2018 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In Thousands) U.S. Government and agency obligations $ 29,310 $ 383 $ 28,605 $ 1,391 $ 57,915 $ 1,774 Government sponsored enterprises 8,854 107 990 12 9,844 119 Mortgage-backed securities: Agency - residential 28,446 456 44,764 1,988 73,210 2,444 Non-agency - residential — — 49 5 49 5 Tax-exempt securities 860 4 — — 860 4 Total $ 67,470 $ 950 $ 74,408 $ 3,396 $ 141,878 $ 4,346 Less Than 12 Months 12 Months or More Total December 31, 2017 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In Thousands) U.S. Government and agency obligations $ 28,871 $ 156 $ 26,461 $ 842 $ 55,332 $ 998 Government-sponsored enterprises 5,992 7 259 4 6,251 11 Mortgage-backed securities: Agency - residential 34,562 239 32,572 896 67,134 1,135 Non-agency - residential — — 65 5 65 5 Tax-exempt securities 1,116 2 — — 1,116 2 Total $ 70,541 $ 404 $ 59,357 $ 1,747 $ 129,898 $ 2,151 |
LOANS RECEIVABLE AND ALLOWANC_2
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Receivables [Abstract] | |
Composition of the Company's loan portfolio [Table Text Block] | The composition of the Company’s loan portfolio at September 30, 2018 and December 31, 2017 is as follows: September 30, 2018 December 31, 2017 (In Thousands) Real estate loans: Residential - 1 to 4 family $ 380,571 $ 397,277 Multi-family and commercial 557,008 481,998 Construction 34,649 28,765 Total real estate loans 972,228 908,040 Commercial business loans: SBA and USDA guaranteed 72,779 89,514 Time share 41,583 50,526 Condominium association 33,051 27,096 Medical loans 28,605 27,803 Other 89,735 88,566 Total commercial business loans 265,753 283,505 Consumer loans: Home equity 48,307 53,480 Indirect automobile 1 57 Other 1,344 1,835 Total consumer loans 49,652 55,372 Total loans 1,287,633 1,246,917 Deferred loan origination costs, net of fees 2,967 2,591 Allowance for loan losses (14,227 ) (12,334 ) Loans receivable, net $ 1,276,373 $ 1,237,174 |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | Changes in the allowance for loan losses for the three and nine months ended September 30, 2018 and 2017 are as follows: Three Months Ended Residential - 1 to 4 Family Multi-family and Commercial Construction Commercial Business Consumer Total (In Thousands) Balance at beginning of period $ 1,194 $ 7,642 $ 721 $ 3,051 $ 627 $ 13,235 Provision (credit) for loan losses 72 377 139 419 2 1,009 Loans charged-off (30 ) — — — (1 ) (31 ) Recoveries of loans previously charged-off — — — 13 1 14 Balance at end of period $ 1,236 $ 8,019 $ 860 $ 3,483 $ 629 $ 14,227 Nine Months Ended Residential - 1 to 4 Family Multi-family and Commercial Construction Commercial Business Consumer Total (In Thousands) Balance at beginning of period $ 1,093 $ 6,627 $ 633 $ 3,308 $ 673 $ 12,334 Provision (credit) for loan losses 173 1,392 227 274 (44 ) 2,022 Loans charged-off (30 ) — — (132 ) (2 ) (164 ) Recoveries of loans previously charged-off — — — 33 2 35 Balance at end of period $ 1,236 $ 8,019 $ 860 $ 3,483 $ 629 $ 14,227 Three Months Ended Residential - 1 to 4 Family Multi-family and Commercial Construction Commercial Business Consumer Total (In Thousands) Balance at beginning of period $ 1,181 $ 6,230 $ 562 $ 3,439 $ 735 $ 12,147 Provision (credit) for loan losses (48 ) 241 37 (56 ) (3 ) 171 Loans charged-off (21 ) — — (32 ) (57 ) (110 ) Recoveries of loans previously charged-off — — — 7 2 9 Balance at end of period $ 1,112 $ 6,471 $ 599 $ 3,358 $ 677 $ 12,217 Nine Months Ended Residential - Multi-family Construction Commercial Consumer Total (In Thousands) Balance at beginning of period $ 1,149 $ 5,724 $ 952 $ 3,266 $ 729 $ 11,820 Provision (credit) for loan losses 3 747 (353 ) 106 (2 ) 501 Loans charged-off (43 ) — — (46 ) (58 ) (147 ) Recoveries of loans previously charged-off 3 — — 32 8 43 Balance at end of period $ 1,112 $ 6,471 $ 599 $ 3,358 $ 677 $ 12,217 |
Additional Information on Allowance for Credit Losses on Financing Receivables [Table Text Block] | Further information pertaining to the allowance for loan losses at September 30, 2018 and December 31, 2017 is as follows: September 30, 2018 Residential - 1 to 4 Family Multi-family and Commercial Construction Commercial Business Consumer Total (In Thousands) Allowance for loans individually evaluated and deemed to be impaired $ 344 $ 1,384 $ — $ 638 $ 28 $ 2,395 Allowance for loans individually or collectively evaluated and not deemed to be impaired 892 6,635 860 2,844 601 11,832 Allowance for loans acquired with deteriorated credit quality — — — — — — Total loan loss allowance $ 1,236 $ 8,019 $ 860 $ 3,483 $ 629 $ 14,227 Loans individually evaluated and deemed to be impaired $ 6,086 $ 10,281 $ — $ 1,201 $ 368 $ 17,936 Loans individually or collectively evaluated and not deemed to be impaired 374,485 545,412 34,649 264,552 49,284 1,268,382 Amount of loans acquired with deteriorated credit quality — 1,315 — — — 1,315 Total loans $ 380,571 $ 557,008 $ 34,649 $ 265,753 $ 49,652 $ 1,287,633 December 31, 2017 Residential - 1 to 4 Family Multi-family and Commercial Construction Commercial Business Consumer Total (In Thousands) Allowance for loans individually evaluated and deemed to be impaired $ 231 $ 251 $ — $ — $ — $ 482 Allowance for loans individually or collectively evaluated and not deemed to be impaired 862 6,376 633 3,308 673 11,852 Allowance for loans acquired with deteriorated credit quality — — — — — — Total loan loss allowance $ 1,093 $ 6,627 $ 633 $ 3,308 $ 673 $ 12,334 Loans individually evaluated and deemed to be impaired $ 5,113 $ 9,646 $ — $ 334 $ 292 $ 15,385 Loans individually or collectively evaluated and not deemed to be impaired 392,164 470,433 28,765 283,171 55,080 1,229,613 Amount of loans acquired with deteriorated credit quality — 1,919 — — — 1,919 Total loans $ 397,277 $ 481,998 $ 28,765 $ 283,505 $ 55,372 $ 1,246,917 |
Past Due Loans Receivables [Table Text Block] | The following represents an aging of loans at September 30, 2018 and December 31, 2017 : September 30, 2018 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Total 30 Days or More Past Due Current Total Loans (In Thousands) Real Estate: Residential - 1 to 4 family $ — $ 2,329 $ 2,263 $ 4,592 $ 375,979 $ 380,571 Multi-family and commercial 16,397 2,435 962 19,794 537,214 557,008 Construction — — — — 34,649 34,649 Commercial Business: SBA and USDA guaranteed — — — — 72,779 72,779 Time share — — — — 41,583 41,583 Condominium association 289 — — 289 32,762 33,051 Medical loans 49 — 38 87 28,518 28,605 Other 462 — — 957 1,419 88,316 89,735 Consumer: Home equity 767 157 121 1,045 47,262 48,307 Indirect automobile — — — — 1 1 Other 19 2 — 21 1,323 1,344 Total $ 17,983 $ 4,923 $ 4,341 $ 27,247 $ 1,260,386 $ 1,287,633 December 31, 2017 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Total 30 Days or More Past Due Current Total Loans (In Thousands) Real Estate: Residential - 1 to 4 family $ 6,243 $ 1,582 $ 1,280 $ 9,105 $ 388,172 $ 397,277 Multi-family and commercial 3,633 — 27 3,660 478,338 481,998 Construction — — — — 28,765 28,765 Commercial Business: SBA and USDA guaranteed 483 — — 483 89,031 89,514 Time share — — — — 50,526 50,526 Condominium association — — — — 27,096 27,096 Medical loans 139 99 — 238 27,565 27,803 Other 77 183 26 286 88,280 88,566 Consumer: Home equity 475 — — 475 53,005 53,480 Indirect automobile 2 3 — 5 52 57 Other 8 — — 8 1,827 1,835 Total $ 11,060 $ 1,867 $ 1,333 $ 14,260 $ 1,232,657 $ 1,246,917 |
Impaired Financing Receivables [Table Text Block] | The following is a summary of impaired loans and nonaccrual loans at September 30, 2018 and December 31, 2017 : Impaired Loans (1) September 30, 2018 Recorded Investment Unpaid Principal Balance Related Allowance Nonaccrual Loans (In Thousands) Impaired loans without valuation allowance: Real Estate: Residential - 1 to 4 family $ 3,728 $ 3,728 $ — $ 3,231 Multi-family and commercial 6,672 6,869 — 1,092 Commercial Business: Medical loans 24 70 — 24 Other 80 80 — 72 Consumer: Home equity 230 230 — 230 Total impaired loans without valuation allowance 10,734 10,977 — 4,649 Impaired loans with valuation allowance: Real Estate: Residential - 1 to 4 family 2,358 2,369 344 668 Multi-family and commercial 4,924 4,924 1,384 2,137 Commercial Business: Medical loans 38 38 1 38 Other 1,059 1,059 638 885 Consumer: Home equity 138 138 28 38 Total impaired loans with valuation allowance 8,517 8,528 2,395 3,766 Total impaired loans $ 19,251 $ 19,505 $ 2,395 $ 8,415 (1) Includes loans acquired with deteriorated credit quality from the Newport Federal Savings Bank ("Newport") merger and performing troubled debt restructurings. Impaired Loans (1) December 31, 2017 Recorded Investment Unpaid Principal Balance Related Allowance Nonaccrual Loans (In Thousands) Impaired loans without valuation allowance : Real Estate: Residential - 1 to 4 family $ 3,097 $ 3,156 $ — $ 2,024 Multi-family and commercial 7,120 7,317 — 3,169 Commercial business - Other 308 308 — 298 Consumer - Home equity 292 292 — 192 Consumer - Indirect automobile — — — 1 Total impaired loans without valuation allowance 10,817 11,073 — 5,684 Impaired loans with valuation allowance: Real Estate: Residential - 1 to 4 family 2,016 2,027 231 381 Multi-family and commercial 4,029 4,029 251 313 Commercial business - Other 26 26 — 26 Total impaired loans with valuation allowance 6,071 6,082 482 720 Total impaired loans $ 16,888 $ 17,155 $ 482 $ 6,404 |
Additional Information Related to Impaired Loans [Table Text Block] | Additional information related to impaired loans is as follows: Three Months Ended Nine Months Ended Average Recorded Investment Interest Income Recognized Interest Income Recognized on Cash Basis Average Recorded Investment Interest Income Recognized Interest Income Recognized on Cash Basis (In Thousands) Real Estate: Residential - 1 to 4 family $ 5,991 $ 41 $ 11 $ 5,727 $ 97 $ 12 Multi-family and commercial 10,873 133 — 10,560 381 38 Commercial business: Medical loans 47 — 4 46 — 4 Other 1,785 12 — 1,593 42 14 Consumer: Home equity 341 1 — 340 3 — Total $ 19,037 $ 187 $ 15 $ 18,266 $ 523 $ 68 Three Months Ended Nine Months Ended Average Recorded Investment Interest Income Recognized Interest Income Recognized on Cash Basis Average Recorded Investment Interest Income Recognized Interest Income Recognized on Cash Basis (In Thousands) Real Estate: Residential - 1 to 4 family $ 5,328 $ 32 $ 1 $ 5,834 $ 102 $ 10 Multi-family and commercial 8,010 98 — 8,401 324 11 Commercial business: Medical loans 23 — — 12 — — Other 1,449 8 — 1,218 52 27 Consumer: Home equity 284 1 — 354 4 1 Other 4 — — 3 — — Total $ 15,098 $ 139 $ 1 $ 15,822 $ 482 $ 49 |
Financing Receivable Credit Quality Indicators [Table Text Block] | The following tables present the Company’s loans by risk rating at September 30, 2018 and December 31, 2017 : September 30, 2018 Not Rated Pass Special Mention Substandard Doubtful Loss Total (In Thousands) Real Estate: Residential - 1 to 4 family $ — $ 372,078 $ 1,482 $ 7,011 $ — $ — $ 380,571 Multi-family and commercial — 517,754 30,826 8,428 — — 557,008 Construction — 25,101 9,548 — — — 34,649 Total real estate loans — 914,933 41,856 15,439 — — 972,228 Commercial Business: SBA and USDA guaranteed 72,779 — — — — — 72,779 Time share — 41,583 — — — — 41,583 Condominium association — 33,051 — — — — 33,051 Medical loans — 28,543 — 62 — — 28,605 Other — 85,525 3,097 1,113 — — 89,735 Total commercial business loans 72,779 188,702 3,097 1,175 — — 265,753 Consumer: Home equity — 47,769 140 398 — — 48,307 Indirect automobile — 1 — — — — 1 Other — 1,344 — — — — 1,344 Total consumer loans — 49,114 140 398 — — 49,652 Total loans $ 72,779 $ 1,152,749 $ 45,093 $ 17,012 $ — $ — $ 1,287,633 December 31, 2017 Not Rated Pass Special Mention Substandard Doubtful Loss Total (In Thousands) Real Estate: Residential - 1 to 4 family $ — $ 389,276 $ 1,592 $ 6,409 $ — $ — $ 397,277 Multi-family and commercial — 457,395 13,362 11,241 — — 481,998 Construction — 28,765 — — — — 28,765 Total real estate loans — 875,436 14,954 17,650 — — 908,040 Commercial Business: SBA and USDA guaranteed 89,514 — — — — — 89,514 Time share — 50,526 — — — — 50,526 Condominium association — 27,096 — — — — 27,096 Medical loans — 27,803 — — — — 27,803 Other — 83,742 3,559 1,265 — — 88,566 Total commercial business loans 89,514 189,167 3,559 1,265 — — 283,505 Consumer: Home equity — 53,086 137 257 — — 53,480 Indirect automobile — 57 — — — — 57 Other — 1,834 — 1 — — 1,835 Total consumer loans — 54,977 137 258 — — 55,372 Total loans $ 89,514 $ 1,119,580 $ 18,650 $ 19,173 $ — $ — $ 1,246,917 |
Loans Modified as Troubled Debt Restructurings [Table Text Block] | The following tables provide information on loans modified as TDRs during the three and nine months ended September 30, 2018 and 2017 . During the modification process, there were no loan charge-offs or principal reductions for the loans included in the table below. Three Months Ended September 30, 2018 2017 Allowance for Loan Losses (End of Period) Allowance for Loan Losses (End of Period) Number of Loans Recorded Investment Number of Loans Recorded Investment (Dollars in Thousands) Residential - 1 to 4 family 1 $ 126 $ 72 1 $ 214 $ 4 Multi-family and commercial 1 2,137 1,217 — — 53 Consumer - Home equity — — 9 — — — Total 2 $ 2,263 $ 1,298 1 $ 214 $ 57 Nine Months Ended September 30, 2018 2017 Allowance for Loan Losses (End of Period) Allowance for Loan Losses (End of Period) Number of Loans Recorded Investment Number of Loans Recorded Investment (Dollars in Thousands) Residential - 1 to 4 family 4 $ 585 $ 72 2 $ 505 $ 4 Multi-family and commercial 1 2,137 1,217 2 234 53 Consumer - home equity 1 100 9 — — — Total 6 $ 2,822 $ 1,298 4 $ 739 $ 57 |
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | The following table provides the recorded investment, by type of modification, during the three and nine months ended September 30, 2018 and 2017 for modified loans identified as TDRs. Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 (In Thousands) Interest rate adjustments $ — $ — $ 77 $ — Principal deferrals 2,137 — 2,240 — Combination of rate and payment (1) — 214 379 214 Combination of rate and maturity (2) 126 — 126 234 Maturity only — — — 291 Total $ 2,263 $ 214 $ 2,822 $ 739 (1) Terms include combination of rate adjustments and interest-only payment with deferral of principal. |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Table Text Block] | The following is a summary of loans acquired from Newport with evidence of credit deterioration as of September 30, 2018 and December 31, 2017 . Contractual Required Payments Receivable Cash Expected To Be Collected Non-Accretable Discount Accretable Yield Loans Receivable (In Thousands) Balance at December 31, 2017 $ 2,141 $ 1,919 $ 222 $ 143 $ 1,776 Collections (13 ) (13 ) — (74 ) 61 Dispositions (591 ) (591 ) — (42 ) (549 ) Balance at September 30, 2018 $ 1,537 $ 1,315 $ 222 $ 27 $ 1,288 |
PREMISES AND EQUIPMENT (Tables)
PREMISES AND EQUIPMENT (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment [Table Text Block] | Premises and equipment at September 30, 2018 and December 31, 2017 are summarized as follows: September 30, 2018 December 31, 2017 (In Thousands) Land $ 4,746 $ 4,746 Buildings 13,707 13,675 Leasehold improvements 11,787 11,746 Furniture and equipment 13,170 12,561 Construction in process 353 7 43,763 42,735 Accumulated depreciation and amortization (24,664 ) (23,326 ) Premises and equipment, net $ 19,099 $ 19,409 |
OTHER COMPREHENSIVE INCOME (Tab
OTHER COMPREHENSIVE INCOME (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Comprehensive Income (Loss) [Table Text Block] | Components of other comprehensive loss and related tax effects are as follows: Nine Months Ended September 30, 2018 Before Tax Amount Tax Effects Net of Tax Amount Securities: (In Thousands) Unrealized holding losses on available for sale securities $ (2,436 ) $ 511 $ (1,925 ) Other comprehensive loss $ (2,436 ) $ 511 $ (1,925 ) |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The components of accumulated other comprehensive loss included in shareholders’ equity are as follows: September 30, 2018 Before Tax Amount Tax Effects Net of Tax Amount (In Thousands) Net unrealized losses on available for sale securities $ (4,252 ) $ 893 $ (3,359 ) Accumulated other comprehensive loss $ (4,252 ) $ 893 $ (3,359 ) December 31, 2017 Before Tax Amount Tax Effects Net of Tax Amount (In Thousands) Net unrealized losses on available for sale securities $ (1,816 ) $ 618 $ (1,198 ) Reclassification of stranded tax effect from change in tax law (1) — (236 ) (236 ) Accumulated other comprehensive loss $ (1,816 ) $ 382 $ (1,434 ) (1) Reclassification was due to the one-time revaluation of the net deferred tax assets as a result of the Tax Cuts and Jobs Act. |
REGULATORY CAPITAL (Tables)
REGULATORY CAPITAL (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Banking and Thrift [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | The Bank's regulatory capital amounts and ratios at September 30, 2018 and December 31, 2017 , compared to the FDIC's requirements for classification as a well capitalized institution and for minimum capital adequacy, were as follows: Actual Minimum Capital Requirement Minimum To Be Well Capitalized September 30, 2018 Amount Ratio Amount Ratio Amount Ratio (Dollars in Thousands) Common Equity Tier 1 Capital 151,354 13.02 52,307 4.50 75,555 6.50 Tier 1 Capital to Risk Weighted Assets 151,354 13.02 69,743 6.00 92,991 8.00 Total Capital to Risk Weighted Assets 165,887 14.27 92,991 8.00 116,238 10.00 Tier 1 Capital to Average Assets 151,354 9.61 63,004 4.00 78,756 5.00 Actual Minimum Capital Requirement Minimum To Be Well Capitalized December 31, 2017 Amount Ratio Amount Ratio Amount Ratio (Dollars in Thousands) Common Equity Tier 1 Capital 146,509 13.81 47,740 4.50 68,958 6.50 Tier 1 Capital to Risk Weighted Assets 146,509 13.81 63,653 6.00 84,871 8.00 Total Capital to Risk Weighted Assets 159,303 15.02 84,871 8.00 106,089 10.00 Tier 1 Capital to Average Assets 146,509 9.40 62,348 4.00 77,934 5.00 |
FAIR VALUE OF ASSETS AND LIAB_2
FAIR VALUE OF ASSETS AND LIABILITIES (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Assets and Liabilities Measured at Fair Value on a Recurring Basis The following tables present assets and liabilities measured at fair value on a recurring basis as of September 30, 2018 and December 31, 2017 . The Company had no significant transfers into or out of Levels 1, 2 or 3 during the three and nine months ended September 30, 2018 . September 30, 2018 Level 1 Level 2 Level 3 Total (In Thousands) Assets: U.S. Government and agency obligations $ 18,307 $ 39,608 $ — $ 57,915 Government-sponsored enterprises — 9,844 — 9,844 Mortgage-backed securities — 75,706 — 75,706 Collateralized debt obligation — — 1,086 1,086 Obligations of state and political subdivisions — 500 — 500 Tax-exempt securities — 2,525 — 2,525 Forward loan sale commitments and derivative loan commitments — — 103 103 Interest rate swap agreements — 353 — 353 Total assets $ 18,307 $ 128,536 $ 1,189 $ 148,032 Liabilities: Interest rate swap agreements $ — $ 353 $ — $ 353 Total liabilities $ — $ 353 $ — $ 353 December 31, 2017 Level 1 Level 2 Level 3 Total (In Thousands) Assets: U.S. Government and agency obligations $ 19,435 $ 42,333 $ — $ 61,768 Government-sponsored enterprises — 9,217 — 9,217 Mortgage-backed securities — 78,295 — 78,295 Collateralized debt obligation — — 1,124 1,124 Obligations of state and political subdivisions — 500 — 500 Tax-exempt securities — 3,149 — 3,149 Forward loan sale commitments and derivative loan commitments — — 43 43 Total assets $ 19,435 $ 133,494 $ 1,167 $ 154,096 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The following table shows a reconciliation of the beginning and ending balances for Level 3 assets: Collateralized Debt Obligations Derivative Loan and Forward Loan Sale Commitments, Net (In Thousands) Balance at December 31, 2017 $ 1,124 $ 43 Total realized gains included in net income — 60 Total unrealized losses included in other comprehensive loss (38 ) — Balance at September 30, 2018 $ 1,086 $ 103 |
Fair Value Measurements, Nonrecurring [Table Text Block] | The following table summarizes the fair value hierarchy used to determine each adjustment and the carrying value of the related individual assets at September 30, 2018 and December 31, 2017 . There were no liabilities measured at fair value on a nonrecurring basis at September 30, 2018 and December 31, 2017 . At September 30, 2018 At December 31, 2017 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 (In Thousands) Impaired loans $ — $ — $ 1,402 $ — $ — $ 337 Other real estate owned — — 608 — — 1,226 Total assets $ — $ — $ 2,010 $ — $ — $ 1,563 |
Fair Value - Nonrecurring Gain/Loss Adjustments [Table Text Block] | The following table summarizes losses resulting from fair value adjustments for assets measured at fair value on a nonrecurring basis. Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 (In Thousands) Impaired loans $ 613 $ 34 $ 1,989 $ 88 Other real estate owned — — — 197 Total losses $ 613 $ 34 $ 1,989 $ 285 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | As of September 30, 2018 and December 31, 2017 , the recorded carrying amounts and estimated fair values of the Company's financial instruments are as follows: September 30, 2018 Carrying Amount Fair Value Level 1 Level 2 Level 3 Total (In Thousands) Financial Assets: Cash and cash equivalents $ 76,744 $ 76,744 $ — $ — $ 76,744 Available for sale securities 147,576 18,307 128,183 1,086 147,576 Loans held for sale 1,368 — — 1,386 1,386 Loans receivable, net 1,276,373 — — 1,232,510 1,232,510 Federal Home Loan Bank stock 9,308 — — 9,308 9,308 Federal Reserve Bank stock 3,638 — — 3,638 3,638 Accrued interest receivable 5,209 — — 5,209 5,209 Financial Liabilities: Deposits 1,250,093 — — 1,250,044 1,250,044 Mortgagors' and investors' escrow accounts 2,838 — — 2,838 2,838 Federal Home Loan Bank advances 152,780 — 149,732 — 149,732 Junior subordinated debt owed to unconsolidated trust 8,248 — 6,821 — 6,821 On-balance Sheet Derivative Financial Instruments: Assets: Derivative loan commitments 28 — — 28 28 Forward loan sale commitments 75 — — 75 75 Interest rate swap agreements 353 — 353 — 353 Liabilities: Interest rate swap agreements 353 — 353 — 353 December 31, 2017 Carrying Amount Fair Value Level 1 Level 2 Level 3 Total (In Thousands) Financial Assets: Cash and cash equivalents $ 83,486 $ 83,486 $ — $ — $ 83,486 Available for sale securities 154,053 19,435 133,494 1,124 154,053 Loans held for sale 835 — — 847 847 Loans receivable, net 1,237,174 — — 1,229,696 1,229,696 Federal Home Loan Bank stock 9,856 — — 9,856 9,856 Federal Reserve Bank stock 3,636 — — 3,636 3,636 Accrued interest receivable 4,784 — — 4,784 4,784 Financial Liabilities: Deposits 1,208,047 — — 1,209,458 1,209,458 Mortgagors' and investors' escrow accounts 4,418 — — 4,418 4,418 Federal Home Loan Bank advances 170,094 — 163,568 — 163,568 Junior subordinated debt owed to unconsolidated trust 8,248 — 6,231 — 6,231 On-balance Sheet Derivative Financial Instruments: Assets: Derivative loan commitments 27 — — 27 27 Forward loan sale commitments 16 — — 16 16 |
DERIVATIVE INSTRUMENTS AND HE_2
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments [Table Text Block] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | The following table presents the fair values of derivative instruments as well as their classification on the consolidated balance sheets at September 30, 2018 and December 31, 2017 . September 30, 2018 December 31, 2017 Balance Sheet Location Notional Amount Estimated Fair Value Notional Amount Estimated Fair Value (In Thousands) Derivatives not designated as hedging instruments: Derivative loan commitments Other Assets $ 3,857 $ 28 $ 3,133 $ 27 Forward loan sale commitments Other Assets 4,722 75 2,752 16 Commercial loan customer interest rate swap position Other Assets 34,059 353 — — Counterparty interest rate swap position Other Liabilities 34,059 353 — — |
NATURE OF BUSINESS AND SUMMAR_3
NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Narrative (Details) | 9 Months Ended |
Sep. 30, 2018 | |
NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Year Founded | 1,842 |
Number of Branch Offices | 23 |
EARNINGS PER SHARE (Narrative)
EARNINGS PER SHARE (Narrative) (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings (Loss) Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings (Loss) Per Share, Amount | 136,000 | 130,000 | 135,181 | 130,000 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Earnings Per Share, Basic and Diluted [Line Items] | ||||
Net income | $ 2,704 | $ 2,244 | $ 8,064 | $ 6,805 |
Weighted average common shares outstanding: | ||||
Basic | 11,723,926 | 11,874,142 | 11,832,723 | 11,850,229 |
Effect of dilutive stock options | 78,896 | 88,683 | 84,303 | 89,490 |
Diluted | 11,802,822 | 11,962,825 | 11,917,026 | 11,939,719 |
Earnings per share: | ||||
Basic | $ 0.23 | $ 0.19 | $ 0.68 | $ 0.57 |
Diluted | $ 0.23 | $ 0.19 | $ 0.68 | $ 0.57 |
SECURITIES Securities (Narrativ
SECURITIES Securities (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 93 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Other | 0.02972152314 |
SECURITIES Summary of Available
SECURITIES Summary of Available for Sale Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | |
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | $ 151,828 | $ 155,869 | |
Gross Unrealized Gains | 94 | 335 | |
Gross Unrealized Losses | (4,346) | (2,151) | |
Available for sale securities, at fair value | 147,576 | 154,053 | |
U.S. Government and agency obligations | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | 59,689 | 62,749 | |
Gross Unrealized Gains | 0 | 17 | |
Gross Unrealized Losses | (1,774) | (998) | |
Available for sale securities, at fair value | 57,915 | 61,768 | |
Government-sponsored enterprises | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | 9,963 | 9,212 | |
Gross Unrealized Gains | 0 | 16 | |
Gross Unrealized Losses | (119) | (11) | |
Available for sale securities, at fair value | 9,844 | 9,217 | |
Agency - residential | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | [1] | 78,041 | 79,134 |
Gross Unrealized Gains | [1] | 60 | 231 |
Gross Unrealized Losses | [1] | (2,444) | (1,135) |
Available for sale securities, at fair value | [1] | 75,657 | 78,230 |
Non-agency - residential | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | [1] | 54 | 70 |
Gross Unrealized Gains | [1] | 0 | 0 |
Gross Unrealized Losses | [1] | (5) | (5) |
Available for sale securities, at fair value | [1] | 49 | 65 |
Collateralized debt obligation | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | 1,059 | 1,090 | |
Gross Unrealized Gains | 27 | 34 | |
Gross Unrealized Losses | 0 | 0 | |
Available for sale securities, at fair value | 1,086 | 1,124 | |
Obligations of state and political subdivisions | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | 500 | 500 | |
Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized Losses | 0 | 0 | |
Available for sale securities, at fair value | 500 | 500 | |
Tax-exempt securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | 2,522 | 3,114 | |
Gross Unrealized Gains | 7 | 37 | |
Gross Unrealized Losses | (4) | (2) | |
Available for sale securities, at fair value | $ 2,525 | $ 3,149 | |
[1] | Agency securities refer to debt obligations issued or guaranteed by government corporations or government-sponsored enterprises (“GSEs”). Non-agency securities, or private-label securities, are the sole obligation of their issuer and are not guaranteed by any of the GSEs or the U.S. Government. |
SECURITIES Debt Securities by C
SECURITIES Debt Securities by Contractual Maturities (Details) $ in Thousands | Sep. 30, 2018USD ($) |
Investments, Debt and Equity Securities [Abstract] | |
Within 1 year, Amortized Cost | $ 6,039 |
Within 1 year, Fair Value | 6,029 |
After 1 but within 5 years, Amortized Cost | 24,990 |
After 1 but within 5 years, Fair Value | 24,577 |
After 5 but within 10 years, Amortized Cost | 3,110 |
After 5 but within 10 years, Fair Value | 3,103 |
After 10 years, Amortized Cost | 39,594 |
After 10 years, Fair Value | 38,161 |
Available-for-Sale Securities, Debt Maturities, excluding Mortgage-Backed Securities, Amortized Cost | 73,733 |
Available-for-Sale, Debt Securities, Excluding Mortgage-Backed Securities | 71,870 |
Mortgage-backed securities, Amortized Cost | 78,095 |
Mortgage-backed securities, Fair Value | 75,706 |
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis | 151,828 |
Debt Securities, Available-for-sale | $ 147,576 |
SECURITIES Securities in Contin
SECURITIES Securities in Continuous Loss Position (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 67,470 | $ 70,541 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 950 | 404 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 74,408 | 59,357 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 3,396 | 1,747 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 141,878 | 129,898 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 4,346 | 2,151 |
U.S. Government and agency obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 29,310 | 28,871 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 383 | 156 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 28,605 | 26,461 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 1,391 | 842 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 57,915 | 55,332 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 1,774 | 998 |
Government-sponsored enterprises | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 8,854 | 5,992 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 107 | 7 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 990 | 259 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 12 | 4 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 9,844 | 6,251 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 119 | 11 |
Agency - residential | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 28,446 | 34,562 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 456 | 239 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 44,764 | 32,572 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 1,988 | 896 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 73,210 | 67,134 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 2,444 | 1,135 |
Non-agency - residential | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 49 | 65 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 5 | 5 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 49 | 65 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 5 | 5 |
Tax-exempt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 860 | 1,116 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 4 | 2 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 860 | 1,116 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ 4 | $ 2 |
LOANS RECEIVABLE AND ALLOWANC_3
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES Loan Portfolio (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | $ 1,287,633 | $ 1,246,917 | ||||
Allowance for loan losses | (14,227) | (12,334) | ||||
Loans receivable, net | 1,276,373 | 1,237,174 | ||||
Total real estate loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | 972,228 | 908,040 | ||||
Real estate: Residential - 1 to 4 family [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | 380,571 | 397,277 | ||||
Allowance for loan losses | (1,236) | $ (1,194) | (1,093) | $ (1,112) | $ (1,181) | $ (1,149) |
Real estate: Multi-family and commercial [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | 557,008 | 481,998 | ||||
Allowance for loan losses | (8,019) | (7,642) | (6,627) | (6,471) | (6,230) | (5,724) |
Real estate: Construction [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | 34,649 | 28,765 | ||||
Allowance for loan losses | (860) | (721) | (633) | (599) | (562) | (952) |
Total commercial business loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | 265,753 | 283,505 | ||||
Allowance for loan losses | (3,483) | (3,051) | (3,308) | (3,358) | (3,439) | (3,266) |
Commercial business: SBA and USDA guaranteed [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | 72,779 | 89,514 | ||||
Commercial business: Time share [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | 41,583 | 50,526 | ||||
Commercial business: Condominium association [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | 33,051 | 27,096 | ||||
Commercial Business: Medical loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | 28,605 | 27,803 | ||||
Commercial business: Other [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | 89,735 | 88,566 | ||||
Total consumer loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | 49,652 | 55,372 | ||||
Allowance for loan losses | (629) | (627) | (673) | (677) | (735) | (729) |
Consumer: Home equity [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | 48,307 | 53,480 | ||||
Consumer: Indirect automobile [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | 1 | 57 | ||||
Consumer: Other [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | 1,344 | 1,835 | ||||
Deferred loan origination costs, net of fees [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Deferred loan origination costs, net of fees | 2,967 | 2,591 | ||||
Allowance for loan losses [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | $ (14,227) | $ (13,235) | $ (12,334) | $ (12,217) | $ (12,147) | $ (11,820) |
LOANS RECEIVABLE AND ALLOWANC_4
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES Narrative - (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Significant Purchases | $ (35,201) | $ (22,280) | $ (36,100) |
Mortgage Loans in Process of Foreclosure, Amount | $ 1,194 |
LOANS RECEIVABLE AND ALLOWANC_5
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at beginning of period | $ 12,334 | |||
Provision for loan losses | $ 1,009 | $ 171 | 2,022 | $ 501 |
Balance at end of period | 14,227 | 14,227 | ||
Allowance for loan losses [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at beginning of period | 13,235 | 12,147 | 12,334 | 11,820 |
Provision for loan losses | 1,009 | 171 | 2,022 | 501 |
Loans charged-off | (31) | (110) | (164) | (147) |
Recoveries of loans previously charged-off | 14 | 9 | 35 | 43 |
Balance at end of period | 14,227 | 12,217 | 14,227 | 12,217 |
Real estate: Residential - 1 to 4 family [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at beginning of period | 1,194 | 1,181 | 1,093 | 1,149 |
Provision for loan losses | 72 | (48) | 173 | 3 |
Loans charged-off | (30) | (21) | (30) | (43) |
Recoveries of loans previously charged-off | 0 | 0 | 0 | 3 |
Balance at end of period | 1,236 | 1,112 | 1,236 | 1,112 |
Real estate: Multi-family and commercial [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at beginning of period | 7,642 | 6,230 | 6,627 | 5,724 |
Provision for loan losses | 377 | 241 | 1,392 | 747 |
Loans charged-off | 0 | 0 | 0 | 0 |
Recoveries of loans previously charged-off | 0 | 0 | 0 | 0 |
Balance at end of period | 8,019 | 6,471 | 8,019 | 6,471 |
Real estate: Construction [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at beginning of period | 721 | 562 | 633 | 952 |
Provision for loan losses | 139 | 37 | 227 | (353) |
Loans charged-off | 0 | 0 | 0 | 0 |
Recoveries of loans previously charged-off | 0 | 0 | 0 | 0 |
Balance at end of period | 860 | 599 | 860 | 599 |
Commercial Business [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at beginning of period | 3,051 | 3,439 | 3,308 | 3,266 |
Provision for loan losses | 419 | (56) | 274 | 106 |
Loans charged-off | 0 | (32) | (132) | (46) |
Recoveries of loans previously charged-off | 13 | 7 | 33 | 32 |
Balance at end of period | 3,483 | 3,358 | 3,483 | 3,358 |
Consumer [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at beginning of period | 627 | 735 | 673 | 729 |
Provision for loan losses | 2 | (3) | (44) | (2) |
Loans charged-off | (1) | (57) | (2) | (58) |
Recoveries of loans previously charged-off | 1 | 2 | 2 | 8 |
Balance at end of period | $ 629 | $ 677 | $ 629 | $ 677 |
LOANS RECEIVABLE AND ALLOWANC_6
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES Allowance for Loan Losses, Futher Information (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 |
Financing Receivable, Impaired [Line Items] | ||||||
Allowance for loans individually evaluated and deemed to be impaired | $ 2,395 | $ 482 | ||||
Allowance for loans individually or collectively evaluated and not deemed to be impaired | 11,832 | 11,852 | ||||
Allowance for loans acquired with deteriorated credit quality | 0 | 0 | ||||
Total loan loss allowance | 14,227 | 12,334 | ||||
Loans individually evaluated and deemed to be impaired | 17,936 | 15,385 | ||||
Loans individually or collectively evaluated and not deemed to be impaired | 1,268,382 | 1,229,613 | ||||
Amount of loans acquired with deteriorated credit quality | 1,315 | 1,919 | ||||
Total loans | 1,287,633 | 1,246,917 | ||||
Real estate: Residential - 1 to 4 family [Member] | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Allowance for loans individually evaluated and deemed to be impaired | 344 | 231 | ||||
Allowance for loans individually or collectively evaluated and not deemed to be impaired | 892 | 862 | ||||
Allowance for loans acquired with deteriorated credit quality | 0 | 0 | ||||
Total loan loss allowance | 1,236 | $ 1,194 | 1,093 | $ 1,112 | $ 1,181 | $ 1,149 |
Loans individually evaluated and deemed to be impaired | 6,086 | 5,113 | ||||
Loans individually or collectively evaluated and not deemed to be impaired | 374,485 | 392,164 | ||||
Amount of loans acquired with deteriorated credit quality | 0 | 0 | ||||
Total loans | 380,571 | 397,277 | ||||
Real estate: Multi-family and commercial [Member] | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Allowance for loans individually evaluated and deemed to be impaired | 1,384 | 251 | ||||
Allowance for loans individually or collectively evaluated and not deemed to be impaired | 6,635 | 6,376 | ||||
Allowance for loans acquired with deteriorated credit quality | 0 | 0 | ||||
Total loan loss allowance | 8,019 | 7,642 | 6,627 | 6,471 | 6,230 | 5,724 |
Loans individually evaluated and deemed to be impaired | 10,281 | 9,646 | ||||
Loans individually or collectively evaluated and not deemed to be impaired | 545,412 | 470,433 | ||||
Amount of loans acquired with deteriorated credit quality | 1,315 | 1,919 | ||||
Total loans | 557,008 | 481,998 | ||||
Real estate: Construction [Member] | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Allowance for loans individually evaluated and deemed to be impaired | 0 | 0 | ||||
Allowance for loans individually or collectively evaluated and not deemed to be impaired | 860 | 633 | ||||
Allowance for loans acquired with deteriorated credit quality | 0 | 0 | ||||
Total loan loss allowance | 860 | 721 | 633 | 599 | 562 | 952 |
Loans individually evaluated and deemed to be impaired | 0 | 0 | ||||
Loans individually or collectively evaluated and not deemed to be impaired | 34,649 | 28,765 | ||||
Amount of loans acquired with deteriorated credit quality | 0 | 0 | ||||
Total loans | 34,649 | 28,765 | ||||
Commercial Business [Member] | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Allowance for loans individually evaluated and deemed to be impaired | 638 | 0 | ||||
Allowance for loans individually or collectively evaluated and not deemed to be impaired | 2,844 | 3,308 | ||||
Allowance for loans acquired with deteriorated credit quality | 0 | 0 | ||||
Total loan loss allowance | 3,483 | 3,051 | 3,308 | 3,358 | 3,439 | 3,266 |
Loans individually evaluated and deemed to be impaired | 1,201 | 334 | ||||
Loans individually or collectively evaluated and not deemed to be impaired | 264,552 | 283,171 | ||||
Amount of loans acquired with deteriorated credit quality | 0 | 0 | ||||
Total loans | 265,753 | 283,505 | ||||
Consumer [Member] | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Allowance for loans individually evaluated and deemed to be impaired | 28 | 0 | ||||
Allowance for loans individually or collectively evaluated and not deemed to be impaired | 601 | 673 | ||||
Allowance for loans acquired with deteriorated credit quality | 0 | 0 | ||||
Total loan loss allowance | 629 | $ 627 | 673 | $ 677 | $ 735 | $ 729 |
Loans individually evaluated and deemed to be impaired | 368 | 292 | ||||
Loans individually or collectively evaluated and not deemed to be impaired | 49,284 | 55,080 | ||||
Amount of loans acquired with deteriorated credit quality | 0 | 0 | ||||
Total loans | $ 49,652 | $ 55,372 |
LOANS RECEIVABLE AND ALLOWANC_7
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES Past Due Loans Receivable (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | $ 27,247 | $ 14,260 |
Loans Receivable Current and Not Past Due | 1,260,386 | 1,232,657 |
Total loans | 1,287,633 | 1,246,917 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 17,983 | 11,060 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 4,923 | 1,867 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 4,341 | 1,333 |
Real estate: Residential - 1 to 4 family [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 4,592 | 9,105 |
Loans Receivable Current and Not Past Due | 375,979 | 388,172 |
Total loans | 380,571 | 397,277 |
Real estate: Residential - 1 to 4 family [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 6,243 |
Real estate: Residential - 1 to 4 family [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 2,329 | 1,582 |
Real estate: Residential - 1 to 4 family [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 2,263 | 1,280 |
Real estate: Multi-family and commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 19,794 | 3,660 |
Loans Receivable Current and Not Past Due | 537,214 | 478,338 |
Total loans | 557,008 | 481,998 |
Real estate: Multi-family and commercial [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 16,397 | 3,633 |
Real estate: Multi-family and commercial [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 2,435 | 0 |
Real estate: Multi-family and commercial [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 962 | 27 |
Real estate: Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Loans Receivable Current and Not Past Due | 34,649 | 28,765 |
Total loans | 34,649 | 28,765 |
Real estate: Construction [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Real estate: Construction [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Real estate: Construction [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Commercial business: SBA and USDA guaranteed [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 483 |
Loans Receivable Current and Not Past Due | 72,779 | 89,031 |
Total loans | 72,779 | 89,514 |
Commercial business: SBA and USDA guaranteed [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 483 |
Commercial business: SBA and USDA guaranteed [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Commercial business: SBA and USDA guaranteed [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Commercial business: Time share [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Loans Receivable Current and Not Past Due | 41,583 | 50,526 |
Total loans | 41,583 | 50,526 |
Commercial business: Time share [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Commercial business: Time share [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Commercial business: Time share [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Commercial business: Condominium association [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 289 | 0 |
Loans Receivable Current and Not Past Due | 32,762 | 27,096 |
Total loans | 33,051 | 27,096 |
Commercial business: Condominium association [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 289 | 0 |
Commercial business: Condominium association [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Commercial business: Condominium association [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Commercial Business: Medical loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 87 | 238 |
Loans Receivable Current and Not Past Due | 28,518 | 27,565 |
Total loans | 28,605 | 27,803 |
Commercial Business: Medical loans [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 49 | 139 |
Commercial Business: Medical loans [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 99 |
Commercial Business: Medical loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 38 | 0 |
Commercial business: Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 1,419 | 286 |
Loans Receivable Current and Not Past Due | 88,316 | 88,280 |
Total loans | 89,735 | 88,566 |
Commercial business: Other [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 462 | 77 |
Commercial business: Other [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 183 |
Commercial business: Other [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 957 | 26 |
Consumer: Home equity [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 1,045 | 475 |
Loans Receivable Current and Not Past Due | 47,262 | 53,005 |
Total loans | 48,307 | 53,480 |
Consumer: Home equity [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 767 | 475 |
Consumer: Home equity [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 157 | 0 |
Consumer: Home equity [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 121 | 0 |
Consumer: Indirect automobile [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 5 |
Loans Receivable Current and Not Past Due | 1 | 52 |
Total loans | 1 | 57 |
Consumer: Indirect automobile [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 2 |
Consumer: Indirect automobile [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 3 |
Consumer: Indirect automobile [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Consumer: Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 21 | 8 |
Loans Receivable Current and Not Past Due | 1,323 | 1,827 |
Total loans | 1,344 | 1,835 |
Consumer: Other [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 19 | 8 |
Consumer: Other [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 2 | 0 |
Consumer: Other [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | $ 0 | $ 0 |
LOANS RECEIVABLE AND ALLOWANC_8
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES Impaired Loans and Non Accrual Loans by Class (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | |
Financing Receivable, Impaired [Line Items] | |||
Impaired Financing Receivable, Related Allowance | [1] | $ 2,395 | $ 482 |
Impaired Financing Receivable, Recorded Investment | [1] | 19,251 | 16,888 |
Impaired Financing Receivable, Unpaid Principal Balance | [1] | 19,505 | 17,155 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 8,415 | 6,404 | |
Real estate: Residential - 1 to 4 family [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | [1] | 2,358 | 2,016 |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | [1] | 2,369 | 2,027 |
Impaired Financing Receivable, Related Allowance | [1] | 344 | 231 |
Nonaccrual Loans, with Related Allowance | 668 | 381 | |
Real estate: Multi-family and commercial [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | [1] | 4,924 | 4,029 |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | [1] | 4,924 | 4,029 |
Impaired Financing Receivable, Related Allowance | [1] | 1,384 | 251 |
Nonaccrual Loans, with Related Allowance | 2,137 | 313 | |
Commercial Business: Medical loans [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | [1] | 38 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | [1] | 38 | |
Impaired Financing Receivable, Related Allowance | [1] | 1 | |
Nonaccrual Loans, with Related Allowance | 38 | ||
Commercial business: Other [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | [1] | 1,059 | 26 |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | [1] | 1,059 | 26 |
Impaired Financing Receivable, Related Allowance | [1] | 638 | 0 |
Nonaccrual Loans, with Related Allowance | 885 | 26 | |
Consumer: Home equity [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | [1] | 138 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | [1] | 138 | |
Impaired Financing Receivable, Related Allowance | [1] | 28 | |
Nonaccrual Loans, with Related Allowance | 38 | ||
Total impaired loans with valuation allowance [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | [1] | 8,517 | 6,071 |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | [1] | 8,528 | 6,082 |
Impaired Financing Receivable, Related Allowance | [1] | 2,395 | 482 |
Nonaccrual Loans, with Related Allowance | 3,766 | 720 | |
Real estate: Residential - 1 to 4 family [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | [1] | 3,728 | 3,097 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | [1] | 3,728 | 3,156 |
Nonaccrual Loans, with No Related Allowance | 3,231 | 2,024 | |
Impaired Financing Receivable, Related Allowance | [1] | 0 | 0 |
Real estate: Multi-family and commercial [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | [1] | 6,672 | 7,120 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | [1] | 6,869 | 7,317 |
Nonaccrual Loans, with No Related Allowance | 1,092 | 3,169 | |
Impaired Financing Receivable, Related Allowance | [1] | 0 | 0 |
Commercial Business: Medical loans [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | [1] | 24 | |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | [1] | 70 | |
Nonaccrual Loans, with No Related Allowance | 24 | ||
Impaired Financing Receivable, Related Allowance | [1] | 0 | |
Commercial business: Other [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | [1] | 80 | 308 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | [1] | 80 | 308 |
Nonaccrual Loans, with No Related Allowance | 72 | 298 | |
Impaired Financing Receivable, Related Allowance | [1] | 0 | 0 |
Consumer: Home equity [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | [1] | 230 | 292 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | [1] | 230 | 292 |
Nonaccrual Loans, with No Related Allowance | 230 | 192 | |
Impaired Financing Receivable, Related Allowance | [1] | 0 | 0 |
Loans and Leases Receivable Indirect Automobile [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | [1] | 0 | |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | [1] | 0 | |
Nonaccrual Loans, with No Related Allowance | 1 | ||
Impaired Financing Receivable, Related Allowance | [1] | 0 | |
Total impaired loans without valuation allowance [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | [1] | 10,734 | 10,817 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | [1] | 10,977 | 11,073 |
Nonaccrual Loans, with No Related Allowance | 4,649 | 5,684 | |
Impaired Financing Receivable, Related Allowance | [1] | $ 0 | $ 0 |
[1] | (1) Includes loans acquired with deteriorated credit quality from the Newport Federal Savings Bank ("Newport") merger and performing troubled debt restructurings. |
LOANS RECEIVABLE AND ALLOWANC_9
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES Additional Info Related to Impaired Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | $ 19,037 | $ 15,098 | $ 18,266 | $ 15,822 |
Interest Income Recognized | 187 | 139 | 523 | 482 |
Interest Income Recognized on Cash Basis | 15 | 1 | 68 | 49 |
Real estate: Residential - 1 to 4 family [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 5,991 | 5,328 | 5,727 | 5,834 |
Interest Income Recognized | 41 | 32 | 97 | 102 |
Interest Income Recognized on Cash Basis | 11 | 1 | 12 | 10 |
Real estate: Multi-family and commercial [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 10,873 | 8,010 | 10,560 | 8,401 |
Interest Income Recognized | 133 | 98 | 381 | 324 |
Interest Income Recognized on Cash Basis | 0 | 0 | 38 | 11 |
Commercial Business: Medical loans [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 47 | 23 | 46 | 12 |
Interest Income Recognized | 0 | 0 | 0 | 0 |
Interest Income Recognized on Cash Basis | 4 | 0 | 4 | 0 |
Commercial business: Other [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 1,785 | 1,449 | 1,593 | 1,218 |
Interest Income Recognized | 12 | 8 | 42 | 52 |
Interest Income Recognized on Cash Basis | 0 | 0 | 14 | 27 |
Consumer: Home equity [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 341 | 284 | 340 | 354 |
Interest Income Recognized | 1 | 1 | 3 | 4 |
Interest Income Recognized on Cash Basis | $ 0 | 0 | $ 0 | 1 |
Consumer: Other [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 4 | 3 | ||
Interest Income Recognized | 0 | 0 | ||
Interest Income Recognized on Cash Basis | $ 0 | $ 0 |
LOANS RECEIVABLE AND ALLOWAN_10
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES Credit Quality Information (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 1,287,633 | $ 1,246,917 |
Total real estate loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 972,228 | 908,040 |
Real estate: Residential - 1 to 4 family [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 380,571 | 397,277 |
Real estate: Multi-family and commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 557,008 | 481,998 |
Real estate: Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 34,649 | 28,765 |
Total commercial business loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 265,753 | 283,505 |
Commercial business: SBA and USDA guaranteed [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 72,779 | 89,514 |
Commercial business: Time share [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 41,583 | 50,526 |
Commercial business: Condominium association [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 33,051 | 27,096 |
Commercial Business: Medical loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 28,605 | 27,803 |
Commercial business: Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 89,735 | 88,566 |
Total consumer loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 49,652 | 55,372 |
Consumer: Home equity [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 48,307 | 53,480 |
Consumer: Indirect automobile [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 1 | 57 |
Consumer: Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 1,344 | 1,835 |
Not Rated [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 72,779 | 89,514 |
Not Rated [Member] | Total real estate loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Not Rated [Member] | Real estate: Residential - 1 to 4 family [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Not Rated [Member] | Real estate: Multi-family and commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Not Rated [Member] | Real estate: Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Not Rated [Member] | Total commercial business loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 72,779 | 89,514 |
Not Rated [Member] | Commercial business: SBA and USDA guaranteed [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 72,779 | 89,514 |
Not Rated [Member] | Commercial business: Time share [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Not Rated [Member] | Commercial business: Condominium association [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Not Rated [Member] | Commercial Business: Medical loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Not Rated [Member] | Commercial business: Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Not Rated [Member] | Total consumer loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Not Rated [Member] | Consumer: Home equity [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Not Rated [Member] | Consumer: Indirect automobile [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Not Rated [Member] | Consumer: Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 1,152,749 | 1,119,580 |
Pass [Member] | Total real estate loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 914,933 | 875,436 |
Pass [Member] | Real estate: Residential - 1 to 4 family [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 372,078 | 389,276 |
Pass [Member] | Real estate: Multi-family and commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 517,754 | 457,395 |
Pass [Member] | Real estate: Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 25,101 | 28,765 |
Pass [Member] | Total commercial business loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 188,702 | 189,167 |
Pass [Member] | Commercial business: SBA and USDA guaranteed [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Pass [Member] | Commercial business: Time share [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 41,583 | 50,526 |
Pass [Member] | Commercial business: Condominium association [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 33,051 | 27,096 |
Pass [Member] | Commercial Business: Medical loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 28,543 | 27,803 |
Pass [Member] | Commercial business: Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 85,525 | 83,742 |
Pass [Member] | Total consumer loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 49,114 | 54,977 |
Pass [Member] | Consumer: Home equity [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 47,769 | 53,086 |
Pass [Member] | Consumer: Indirect automobile [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 1 | 57 |
Pass [Member] | Consumer: Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 1,344 | 1,834 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 45,093 | 18,650 |
Special Mention [Member] | Total real estate loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 41,856 | 14,954 |
Special Mention [Member] | Real estate: Residential - 1 to 4 family [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 1,482 | 1,592 |
Special Mention [Member] | Real estate: Multi-family and commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 30,826 | 13,362 |
Special Mention [Member] | Real estate: Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 9,548 | 0 |
Special Mention [Member] | Total commercial business loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 3,097 | 3,559 |
Special Mention [Member] | Commercial business: SBA and USDA guaranteed [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Special Mention [Member] | Commercial business: Time share [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Special Mention [Member] | Commercial business: Condominium association [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Special Mention [Member] | Commercial Business: Medical loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Special Mention [Member] | Commercial business: Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 3,097 | 3,559 |
Special Mention [Member] | Total consumer loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 140 | 137 |
Special Mention [Member] | Consumer: Home equity [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 140 | 137 |
Special Mention [Member] | Consumer: Indirect automobile [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Special Mention [Member] | Consumer: Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 17,012 | 19,173 |
Substandard [Member] | Total real estate loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 15,439 | 17,650 |
Substandard [Member] | Real estate: Residential - 1 to 4 family [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 7,011 | 6,409 |
Substandard [Member] | Real estate: Multi-family and commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 8,428 | 11,241 |
Substandard [Member] | Real estate: Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Substandard [Member] | Total commercial business loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 1,175 | 1,265 |
Substandard [Member] | Commercial business: SBA and USDA guaranteed [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Substandard [Member] | Commercial business: Time share [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Substandard [Member] | Commercial business: Condominium association [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Substandard [Member] | Commercial Business: Medical loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 62 | 0 |
Substandard [Member] | Commercial business: Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 1,113 | 1,265 |
Substandard [Member] | Total consumer loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 398 | 258 |
Substandard [Member] | Consumer: Home equity [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 398 | 257 |
Substandard [Member] | Consumer: Indirect automobile [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Substandard [Member] | Consumer: Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 1 |
Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Doubtful [Member] | Total real estate loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Doubtful [Member] | Real estate: Residential - 1 to 4 family [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Doubtful [Member] | Real estate: Multi-family and commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Doubtful [Member] | Real estate: Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Doubtful [Member] | Total commercial business loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Doubtful [Member] | Commercial business: SBA and USDA guaranteed [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Doubtful [Member] | Commercial business: Time share [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Doubtful [Member] | Commercial business: Condominium association [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Doubtful [Member] | Commercial Business: Medical loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Doubtful [Member] | Commercial business: Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Doubtful [Member] | Total consumer loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Doubtful [Member] | Consumer: Home equity [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Doubtful [Member] | Consumer: Indirect automobile [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Doubtful [Member] | Consumer: Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Loss [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Loss [Member] | Total real estate loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Loss [Member] | Real estate: Residential - 1 to 4 family [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Loss [Member] | Real estate: Multi-family and commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Loss [Member] | Real estate: Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Loss [Member] | Total commercial business loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Loss [Member] | Commercial business: SBA and USDA guaranteed [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Loss [Member] | Commercial business: Time share [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Loss [Member] | Commercial business: Condominium association [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Loss [Member] | Commercial Business: Medical loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Loss [Member] | Commercial business: Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Loss [Member] | Total consumer loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Loss [Member] | Consumer: Home equity [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Loss [Member] | Consumer: Indirect automobile [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Loss [Member] | Consumer: Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 0 | $ 0 |
LOANS RECEIVABLE AND ALLOWAN_11
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES Loans Modified as TDRs (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | |
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable Modifications Contracts Number | 2 | 1 | 6 | 4 |
Financing Receivable Modifications Investment Recorded | $ 2,263 | $ 214 | $ 2,822 | $ 739 |
Financing Receivable, Modifications, Allowance for Loan Losses | $ 1,298 | $ 57 | $ 1,298 | $ 57 |
Real estate: Residential - 1 to 4 family [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable Modifications Contracts Number | 1 | 1 | 4 | 2 |
Financing Receivable Modifications Investment Recorded | $ 126 | $ 214 | $ 585 | $ 505 |
Financing Receivable, Modifications, Allowance for Loan Losses | $ 72 | $ 4 | $ 72 | $ 4 |
Loans and Leases Receivable, Multi Family and Commercial [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable Modifications Contracts Number | 1 | 0 | 1 | 2 |
Financing Receivable Modifications Investment Recorded | $ 2,137 | $ 0 | $ 2,137 | $ 234 |
Financing Receivable, Modifications, Allowance for Loan Losses | $ 1,217 | $ 53 | $ 1,217 | $ 53 |
Home Equity Loan [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable Modifications Contracts Number | 0 | 0 | 1 | 0 |
Financing Receivable Modifications Investment Recorded | $ 0 | $ 0 | $ 100 | $ 0 |
Financing Receivable, Modifications, Allowance for Loan Losses | $ 9 | $ 0 | $ 9 | $ 0 |
LOANS RECEIVABLE AND ALLOWAN_12
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES TDR - By Type of Modification (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Financing Receivable, Modifications [Line Items] | ||||
Loans Modified As Troubled Debt Restructurings During Period | $ 2,263 | $ 214 | $ 2,822 | $ 739 |
Adjusted Interest Rate [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loans Modified As Troubled Debt Restructurings During Period | 0 | 0 | 77 | 0 |
Principal Deferrals [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loans Modified As Troubled Debt Restructurings During Period | 2,137 | 0 | 2,240 | 0 |
Combination of Rate and Payment [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loans Modified As Troubled Debt Restructurings During Period | 0 | 214 | 379 | 214 |
Combination Of Rate And Maturity [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loans Modified As Troubled Debt Restructurings During Period | 126 | 0 | 126 | 234 |
Extension of Maturity Date [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loans Modified As Troubled Debt Restructurings During Period | $ 0 | $ 0 | $ 0 | $ 291 |
LOANS RECEIVABLE AND ALLOWAN_13
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES Loans Acquired with Evidence of Credit Deteroration (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Contractual Required Payments Receivable [Member] | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | |
Loans Acquired with Deteriorated Credit, Carrying Amount | $ 2,141 |
Collections of principal repayments on loans acquired with deteriorated credit | (13) |
Disposition of loans acquired with deteriorated credit quality | (591) |
Loans Acquired with Deteriorated Credit, Carrying Amount | 1,537 |
Cash Expected to be Collected [Member] | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | |
Loans Acquired with Deteriorated Credit, Carrying Amount | 1,919 |
Collections of principal repayments on loans acquired with deteriorated credit | (13) |
Disposition of loans acquired with deteriorated credit quality | (591) |
Loans Acquired with Deteriorated Credit, Carrying Amount | 1,315 |
Non-Accretable Discount [Member] | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | |
Loans Acquired with Deteriorated Credit, Carrying Amount | 222 |
Collections of principal repayments on loans acquired with deteriorated credit | 0 |
Disposition of loans acquired with deteriorated credit quality | 0 |
Loans Acquired with Deteriorated Credit, Carrying Amount | 222 |
Accretable Yield [Member] | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | |
Loans Acquired with Deteriorated Credit, Carrying Amount | 143 |
Collections of principal repayments on loans acquired with deteriorated credit | (74) |
Disposition of loans acquired with deteriorated credit quality | (42) |
Loans Acquired with Deteriorated Credit, Carrying Amount | 27 |
Loans Receivable [Member] | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | |
Loans Acquired with Deteriorated Credit, Carrying Amount | 1,776 |
Collections of principal repayments on loans acquired with deteriorated credit | 61 |
Disposition of loans acquired with deteriorated credit quality | (549) |
Loans Acquired with Deteriorated Credit, Carrying Amount | $ 1,288 |
PREMISES AND EQUIPMENT (Details
PREMISES AND EQUIPMENT (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Abstract] | ||
Land | $ 4,746 | $ 4,746 |
Buildings | 13,707 | 13,675 |
Leasehold Improvements | 11,787 | 11,746 |
Furniture and Equipment | 13,170 | 12,561 |
Construction in Process | 353 | 7 |
Total | 43,763 | 42,735 |
Accumulated depreciation and amortization | (24,664) | (23,326) |
Premises and equipment, net | $ 19,099 | $ 19,409 |
PREMISES AND EQUIPMENT Narrativ
PREMISES AND EQUIPMENT Narrative (Details) | Sep. 30, 2018USD ($) |
Narrative [Abstract] | |
Purchase Obligation | $ 597,000 |
OTHER COMPREHENSIVE INCOME Comp
OTHER COMPREHENSIVE INCOME Components of Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Securities: [Abstract] | ||||
Unrealized holding losses on available for sale securities, Before Tax Amount | $ (2,436) | |||
Unrealized holding losses on available for sale securities, Tax Effects | 511 | |||
Unrealized holding losses on available for sale securities, Net of Tax Amount | (1,925) | |||
Other comprehensive loss, Before Tax Amount | (2,436) | |||
Other comprehensive loss, Tax Effects | 511 | |||
Other comprehensive loss | $ (482) | $ 47 | $ (1,925) | $ 202 |
OTHER COMPREHENSIVE INCOME Co_2
OTHER COMPREHENSIVE INCOME Components of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Accumulated Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Before Tax Amount | $ (4,252) | $ (1,816) |
Accumulated Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Tax Effects | 893 | 618 |
Accumulated Other Comprehensive Income (Loss), Debt Securities, Available-for-sale, Adjustment, after Tax | (3,359) | (1,198) |
Cumulative Effect of New Accounting Principle in Period of Adoption, Before Tax Amount | 0 | |
Cumulative Effect of New Accounting Principle in Period of Adoption, Tax Effects | (236) | |
Cumulative Effect of New Accounting Principle in Period of Adoption | (236) | |
Accumulated Other Comprehensive Income (Loss), Before Tax Amount | (4,252) | (1,816) |
Accumulated Other Comprehensive Income (Loss), Tax Effects | 893 | 382 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (3,359) | $ (1,434) |
REGULATORY CAPITAL (Details)
REGULATORY CAPITAL (Details) - Savings Institute Bank and Trust Company [Member] - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier One Common Equity | $ 151,354 | $ 146,509 |
Tier One Common Equity to Risk Weighted Assets | 13.02% | 13.81% |
Tier One Common Equity Required for Capital Adequacy | $ 52,307 | $ 47,740 |
Tier One Common Equity Required for Capital Adequacy to Risk Weighted Assets | 4.50% | 4.50% |
Tier One Common Equity Required to be Well Capitalized | $ 75,555 | $ 68,958 |
Tier One Common Equity Required to be Well Capitalized to Risk Weighted Assets | 6.50% | 6.50% |
Tier One Risk Based Capital | $ 151,354 | $ 146,509 |
Tier One Risk Based Capital to Risk Weighted Assets | 13.02% | 13.81% |
Tier One Risk Based Capital Required for Capital Adequacy | $ 69,743 | $ 63,653 |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 6.00% | 6.00% |
Tier One Risk Based Capital Required to be Well Capitalized | $ 92,991 | $ 84,871 |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 8.00% | 8.00% |
Capital | $ 165,887 | $ 159,303 |
Capital to Risk Weighted Assets | 14.27% | 15.02% |
Capital Required for Capital Adequacy | $ 92,991 | $ 84,871 |
Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | 8.00% |
Capital Required to be Well Capitalized | $ 116,238 | $ 106,089 |
Capital Required to be Well Capitalized to Risk Weighted Assets | 10.00% | 10.00% |
Tier One Leverage Capital | $ 151,354 | $ 146,509 |
Tier One Leverage Capital to Average Assets | 9.61% | 9.40% |
Tier One Leverage Capital Required for Capital Adequacy | $ 63,004 | $ 62,348 |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 4.00% | 4.00% |
Tier One Leverage Capital Required to be Well Capitalized | $ 78,756 | $ 77,934 |
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | 5.00% | 5.00% |
FAIR VALUE OF ASSETS AND LIAB_3
FAIR VALUE OF ASSETS AND LIABILITIES Fair Value Measurements - Recurring (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Assets, Fair Value Disclosure [Abstract] | ||
Assets Fair Value Disclosure | $ 148,032 | $ 154,096 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Financial Liabilities Fair Value Disclosure | 353 | |
U.S. Government and agency obligations | ||
Assets, Fair Value Disclosure [Abstract] | ||
Assets Fair Value Disclosure | 57,915 | 61,768 |
Government-sponsored enterprises | ||
Assets, Fair Value Disclosure [Abstract] | ||
Assets Fair Value Disclosure | 9,844 | 9,217 |
Mortgage-backed securities:(1) | ||
Assets, Fair Value Disclosure [Abstract] | ||
Assets Fair Value Disclosure | 75,706 | 78,295 |
Collateralized debt obligation | ||
Assets, Fair Value Disclosure [Abstract] | ||
Assets Fair Value Disclosure | 1,086 | 1,124 |
Obligations of state and political subdivisions | ||
Assets, Fair Value Disclosure [Abstract] | ||
Assets Fair Value Disclosure | 500 | 500 |
Tax-exempt securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Assets Fair Value Disclosure | 2,525 | 3,149 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Assets Fair Value Disclosure | 18,307 | 19,435 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Financial Liabilities Fair Value Disclosure | 0 | |
Fair Value, Inputs, Level 1 [Member] | U.S. Government and agency obligations | ||
Assets, Fair Value Disclosure [Abstract] | ||
Assets Fair Value Disclosure | 18,307 | 19,435 |
Fair Value, Inputs, Level 1 [Member] | Government-sponsored enterprises | ||
Assets, Fair Value Disclosure [Abstract] | ||
Assets Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Mortgage-backed securities:(1) | ||
Assets, Fair Value Disclosure [Abstract] | ||
Assets Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Collateralized debt obligation | ||
Assets, Fair Value Disclosure [Abstract] | ||
Assets Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Obligations of state and political subdivisions | ||
Assets, Fair Value Disclosure [Abstract] | ||
Assets Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Tax-exempt securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Assets Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Assets Fair Value Disclosure | 128,536 | 133,494 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Financial Liabilities Fair Value Disclosure | 353 | |
Fair Value, Inputs, Level 2 [Member] | U.S. Government and agency obligations | ||
Assets, Fair Value Disclosure [Abstract] | ||
Assets Fair Value Disclosure | 39,608 | 42,333 |
Fair Value, Inputs, Level 2 [Member] | Government-sponsored enterprises | ||
Assets, Fair Value Disclosure [Abstract] | ||
Assets Fair Value Disclosure | 9,844 | 9,217 |
Fair Value, Inputs, Level 2 [Member] | Mortgage-backed securities:(1) | ||
Assets, Fair Value Disclosure [Abstract] | ||
Assets Fair Value Disclosure | 75,706 | 78,295 |
Fair Value, Inputs, Level 2 [Member] | Collateralized debt obligation | ||
Assets, Fair Value Disclosure [Abstract] | ||
Assets Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Obligations of state and political subdivisions | ||
Assets, Fair Value Disclosure [Abstract] | ||
Assets Fair Value Disclosure | 500 | 500 |
Fair Value, Inputs, Level 2 [Member] | Tax-exempt securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Assets Fair Value Disclosure | 2,525 | 3,149 |
Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Assets Fair Value Disclosure | 1,189 | 1,167 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Financial Liabilities Fair Value Disclosure | 0 | |
Fair Value, Inputs, Level 3 [Member] | U.S. Government and agency obligations | ||
Assets, Fair Value Disclosure [Abstract] | ||
Assets Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Government-sponsored enterprises | ||
Assets, Fair Value Disclosure [Abstract] | ||
Assets Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Mortgage-backed securities:(1) | ||
Assets, Fair Value Disclosure [Abstract] | ||
Assets Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Collateralized debt obligation | ||
Assets, Fair Value Disclosure [Abstract] | ||
Assets Fair Value Disclosure | 1,086 | 1,124 |
Fair Value, Inputs, Level 3 [Member] | Obligations of state and political subdivisions | ||
Assets, Fair Value Disclosure [Abstract] | ||
Assets Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Tax-exempt securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Assets Fair Value Disclosure | 0 | 0 |
Mortgage Banking Derivatives [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Assets Fair Value Disclosure | 103 | 43 |
Mortgage Banking Derivatives [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Assets Fair Value Disclosure | 0 | 0 |
Mortgage Banking Derivatives [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Assets Fair Value Disclosure | 0 | 0 |
Mortgage Banking Derivatives [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Assets Fair Value Disclosure | 103 | $ 43 |
Interest Rate Swap [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Assets Fair Value Disclosure | 353 | |
Liabilities, Fair Value Disclosure [Abstract] | ||
Financial Liabilities Fair Value Disclosure | 353 | |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Assets Fair Value Disclosure | 0 | |
Liabilities, Fair Value Disclosure [Abstract] | ||
Financial Liabilities Fair Value Disclosure | 0 | |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Assets Fair Value Disclosure | 353 | |
Liabilities, Fair Value Disclosure [Abstract] | ||
Financial Liabilities Fair Value Disclosure | 353 | |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Assets Fair Value Disclosure | 0 | |
Liabilities, Fair Value Disclosure [Abstract] | ||
Financial Liabilities Fair Value Disclosure | $ 0 |
FAIR VALUE OF ASSETS AND LIAB_4
FAIR VALUE OF ASSETS AND LIABILITIES Reconciliation of Level 3 Assets and Liabilities - Recurring (Details) - Fair Value, Measurements, Recurring [Member] - Fair Value, Inputs, Level 3 [Member] $ in Thousands | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Collateralized Debt Obligations [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Abstract] | |
Beginning balance | $ 1,124 |
Total realized gains included in net income | 0 |
Total unrealized losses included in other comprehensive loss | (38) |
Ending balance | 1,086 |
Derivative Loan and Forward Loan Sale Commitments, Net [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Abstract] | |
Beginning balance | 43 |
Total realized gains included in net income | 60 |
Total unrealized losses included in other comprehensive loss | 0 |
Ending balance | $ 103 |
FAIR VALUE OF ASSETS AND LIAB_5
FAIR VALUE OF ASSETS AND LIABILITIES Fair Value - Nonrecurring Hierarchy (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned, Fair Value Disclosure | $ 608 | $ 1,226 |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Loans Fair Value Disclosure | 0 | 0 |
Other real estate owned, Fair Value Disclosure | 0 | 0 |
Total Losses | 0 | 0 |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Loans Fair Value Disclosure | 0 | 0 |
Other real estate owned, Fair Value Disclosure | 0 | 0 |
Total Losses | 0 | 0 |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Loans Fair Value Disclosure | 1,402 | 337 |
Other real estate owned, Fair Value Disclosure | 608 | 1,226 |
Total Losses | $ 2,010 | $ 1,563 |
FAIR VALUE OF ASSETS AND LIAB_6
FAIR VALUE OF ASSETS AND LIABILITIES Fair Value - Nonrecurring Gain/Loss Adjustments (Details) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impaired Loans | $ 613 | $ 34 | $ 1,989 | $ 88 |
Other real estate owned | 0 | 0 | 0 | 197 |
Total Adjustments to Fair Value, Assets Measured on a Nonrecurring Basis | $ 613 | $ 34 | $ 1,989 | $ 285 |
FAIR VALUE OF ASSETS AND LIAB_7
FAIR VALUE OF ASSETS AND LIABILITIES Fair Value - Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Financial Assets [Abstract] | ||
Cash, Cash Equivalents, and Federal Funds Sold | $ 76,744 | $ 83,486 |
Available-for-sale Securities | 147,576 | 154,053 |
Loans held for sale | 1,368 | 835 |
Loans Receivable, Net Amount | 1,276,373 | 1,237,174 |
Federal Home Loan Bank Stock | 9,308 | 9,856 |
Federal Reserve Bank Stock | 3,638 | 3,636 |
Accrued interest receivable | 5,209 | 4,784 |
Financial Liabilities [Abstract] | ||
Deposits | 1,250,093 | 1,208,047 |
Mortgagors' and investors' escrow accounts | 2,838 | 4,418 |
Federal Home Loan Bank Advances | 152,780 | 170,094 |
Junior subordinated debt owed to unconsolidated trust | 8,248 | 8,248 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Financial Assets [Abstract] | ||
Cash, Cash Equivalents, and Federal Funds Sold | 76,744 | 83,486 |
Available-for-sale Securities | 147,576 | 154,053 |
Loans held for sale | 1,368 | 835 |
Loans Receivable, Net Amount | 1,276,373 | 1,237,174 |
Federal Home Loan Bank Stock | 9,308 | 9,856 |
Federal Reserve Bank Stock | 3,638 | 3,636 |
Accrued interest receivable | 5,209 | 4,784 |
Financial Liabilities [Abstract] | ||
Deposits | 1,250,093 | 1,208,047 |
Mortgagors' and investors' escrow accounts | 2,838 | 4,418 |
Federal Home Loan Bank Advances | 152,780 | 170,094 |
Junior subordinated debt owed to unconsolidated trust | 8,248 | 8,248 |
Derivative Assets [Abstract] | ||
Derivative Loan Commitments, Asset | 28 | 27 |
Forward Sale Loan Commitments, Asset | 75 | 16 |
Interest Rate Swap Agreements, Asset | 353 | |
Derivative Liabilities [Abstract] | ||
Derivative Loan Commitments, Liability | 0 | |
Interest Rate Swap Agreement, Liability | 353 | |
Estimate of Fair Value, Fair Value Disclosure [Member] | ||
Financial Assets [Abstract] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 76,744 | 83,486 |
Available-for-sale securities, Fair Value Disclosure | 147,576 | 154,053 |
Loans Held-for-sale, Fair Value Disclosure | 1,386 | 847 |
Loans Receivable, Fair Value Disclosure | 1,232,510 | 1,229,696 |
Federal Home Loan Bank Stock, Fair Value Disclosure | 9,308 | 9,856 |
Federal Reserve Bank stock, Fair Value Disclosure | 3,638 | 3,636 |
Accrued interest receivable, Fair Value Disclosure | 5,209 | 4,784 |
Financial Liabilities [Abstract] | ||
Deposits, Fair Value Disclosure | 1,250,044 | 1,209,458 |
Mortgagors' and investors' escrow accounts | 2,838 | 4,418 |
Federal Home Loan Bank Advances, Fair Value Disclosure | 149,732 | 163,568 |
Junior subordinated debt owed to uncolsolidated trust, Fair Value Disclosure | 6,821 | 6,231 |
Derivative Assets [Abstract] | ||
Derivative Loan Commitments, Asset | 28 | 27 |
Forward Sale Loan Commitments, Asset | 75 | 16 |
Interest Rate Swap Agreements, Asset | 353 | |
Derivative Liabilities [Abstract] | ||
Derivative Loan Commitments, Liability | 0 | |
Interest Rate Swap Agreement, Liability | 353 | |
Fair Value, Inputs, Level 1 [Member] | ||
Financial Assets [Abstract] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 76,744 | 83,486 |
Available-for-sale securities, Fair Value Disclosure | 18,307 | 19,435 |
Loans Held-for-sale, Fair Value Disclosure | 0 | 0 |
Loans Receivable, Fair Value Disclosure | 0 | 0 |
Federal Home Loan Bank Stock, Fair Value Disclosure | 0 | 0 |
Federal Reserve Bank stock, Fair Value Disclosure | 0 | 0 |
Accrued interest receivable, Fair Value Disclosure | 0 | 0 |
Financial Liabilities [Abstract] | ||
Deposits, Fair Value Disclosure | 0 | 0 |
Mortgagors' and investors' escrow accounts | 0 | 0 |
Federal Home Loan Bank Advances, Fair Value Disclosure | 0 | 0 |
Junior subordinated debt owed to uncolsolidated trust, Fair Value Disclosure | 0 | 0 |
Derivative Assets [Abstract] | ||
Derivative Loan Commitments, Asset | 0 | 0 |
Forward Sale Loan Commitments, Asset | 0 | 0 |
Interest Rate Swap Agreements, Asset | 0 | |
Derivative Liabilities [Abstract] | ||
Derivative Loan Commitments, Liability | 0 | |
Interest Rate Swap Agreement, Liability | 0 | |
Fair Value, Inputs, Level 2 [Member] | ||
Financial Assets [Abstract] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 |
Available-for-sale securities, Fair Value Disclosure | 128,183 | 133,494 |
Loans Held-for-sale, Fair Value Disclosure | 0 | 0 |
Loans Receivable, Fair Value Disclosure | 0 | 0 |
Federal Home Loan Bank Stock, Fair Value Disclosure | 0 | 0 |
Federal Reserve Bank stock, Fair Value Disclosure | 0 | 0 |
Accrued interest receivable, Fair Value Disclosure | 0 | 0 |
Financial Liabilities [Abstract] | ||
Deposits, Fair Value Disclosure | 0 | 0 |
Mortgagors' and investors' escrow accounts | 0 | 0 |
Federal Home Loan Bank Advances, Fair Value Disclosure | 149,732 | 163,568 |
Junior subordinated debt owed to uncolsolidated trust, Fair Value Disclosure | 6,821 | 6,231 |
Derivative Assets [Abstract] | ||
Derivative Loan Commitments, Asset | 0 | 0 |
Forward Sale Loan Commitments, Asset | 0 | 0 |
Interest Rate Swap Agreements, Asset | 353 | |
Derivative Liabilities [Abstract] | ||
Derivative Loan Commitments, Liability | 0 | |
Interest Rate Swap Agreement, Liability | 353 | |
Fair Value, Inputs, Level 3 [Member] | ||
Financial Assets [Abstract] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 |
Available-for-sale securities, Fair Value Disclosure | 1,086 | 1,124 |
Loans Held-for-sale, Fair Value Disclosure | 1,386 | 847 |
Loans Receivable, Fair Value Disclosure | 1,232,510 | 1,229,696 |
Federal Home Loan Bank Stock, Fair Value Disclosure | 9,308 | 9,856 |
Federal Reserve Bank stock, Fair Value Disclosure | 3,638 | 3,636 |
Accrued interest receivable, Fair Value Disclosure | 5,209 | 4,784 |
Financial Liabilities [Abstract] | ||
Deposits, Fair Value Disclosure | 1,250,044 | 1,209,458 |
Mortgagors' and investors' escrow accounts | 2,838 | 4,418 |
Federal Home Loan Bank Advances, Fair Value Disclosure | 0 | 0 |
Junior subordinated debt owed to uncolsolidated trust, Fair Value Disclosure | 0 | 0 |
Derivative Assets [Abstract] | ||
Derivative Loan Commitments, Asset | 28 | 27 |
Forward Sale Loan Commitments, Asset | 75 | $ 16 |
Interest Rate Swap Agreements, Asset | 0 | |
Derivative Liabilities [Abstract] | ||
Derivative Loan Commitments, Liability | 0 | |
Interest Rate Swap Agreement, Liability | $ 0 |
DERIVATIVE INSTRUMENTS AND HE_3
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES Derivative Instrument - Nonhedge (Details) - Not Designated as Hedging Instrument [Member] | Sep. 30, 2018USD ($) |
Derivative [Line Items] | |
Minimum Amount of Commercial Loan Borrowings Required for Receiving Interest Rate Swap Agreements to Pass Rated Customers | $ 1,000,000 |
Cash Balance Pledged Against Derivative Liability | 850,000 |
Outstanding Receivables Secured in Excess of by Partner Bank | $ 100,000 |
DERIVATIVE INSTRUMENTS AND HE_4
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES Derivative Fair Value and Balance Sheet Classification (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Derivative Loan Commitments [Member] | Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | $ 3,857 | $ 3,133 |
Estimated Fair Value | 28 | 27 |
Forward Loan Sale Commitments [Member] | Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 4,722 | 2,752 |
Estimated Fair Value | 75 | 16 |
Commercial Loan Customer Interest Rate Swap Position [Member] | Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 34,059 | 0 |
Estimated Fair Value | 353 | 0 |
Counterparty Interest Rate Swap Position [Member] | Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 34,059 | 0 |
Estimated Fair Value | $ 353 | $ 0 |