Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Jul. 28, 2017 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | BLMT | |
Entity Registrant Name | BSB BANCORP, INC. | |
Entity Central Index Key | 1,522,420 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 9,696,660 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
ASSETS | ||
Cash and due from banks | $ 2,041 | $ 2,211 |
Interest-bearing deposits in other banks | 50,000 | 56,665 |
Cash and cash equivalents | 52,041 | 58,876 |
Interest-bearing time deposits with other banks | 235 | 234 |
Investments in available-for-sale securities | 22,118 | 22,048 |
Investments in held-to-maturity securities (fair value of $139,952 as of June 30, 2017 (unaudited) and $129,465 as of December 31, 2016) | 140,524 | 130,197 |
Loans, net of allowance for loan losses of $15,089 as of June 30, 2017 (unaudited) and $13,585 as of December 31, 2016 | 2,067,584 | 1,866,035 |
Federal Home Loan Bank stock, at cost | 30,428 | 25,071 |
Premises and equipment, net | 2,333 | 2,355 |
Accrued interest receivable | 5,115 | 4,635 |
Deferred tax asset, net | 7,918 | 8,321 |
Income taxes receivable | 1,033 | 423 |
Bank-owned life insurance | 36,393 | 35,842 |
Other assets | 5,159 | 4,667 |
Total assets | 2,370,881 | 2,158,704 |
Deposits: | ||
Noninterest-bearing | 203,711 | 208,082 |
Interest-bearing | 1,407,104 | 1,261,340 |
Total deposits | 1,610,815 | 1,469,422 |
Federal Home Loan Bank advances | 567,250 | 508,850 |
Securities sold under agreements to repurchase | 3,030 | 1,985 |
Accrued interest payable | 1,293 | 1,023 |
Deferred compensation liability | 7,464 | 7,043 |
Other liabilities | 11,204 | 9,460 |
Total liabilities | 2,201,056 | 1,997,783 |
Stockholders' Equity: | ||
Common stock; $0.01 par value per share, 100,000,000 shares authorized; 9,694,260 and 9,110,077 shares issued and outstanding at June 30, 2017 (unaudited) and December 31, 2016, respectively | 97 | 91 |
Additional paid-in capital | 93,092 | 92,013 |
Retained earnings | 80,176 | 72,498 |
Accumulated other comprehensive income | 167 | 103 |
Unearned compensation - ESOP | (3,707) | (3,784) |
Total stockholders' equity | 169,825 | 160,921 |
Total liabilities and stockholders' equity | $ 2,370,881 | $ 2,158,704 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Investments in held-to-maturity securities, fair value | $ 139,952 | $ 129,465 |
Loans, allowance for loan losses | $ 15,089 | $ 13,585 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 9,694,260 | 9,110,077 |
Common stock, shares outstanding | 9,694,260 | 9,110,077 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Interest and dividend income: | ||||
Interest and fees on loans | $ 17,508 | $ 14,138 | $ 33,895 | $ 27,550 |
Interest on taxable debt securities | 855 | 801 | 1,634 | 1,629 |
Dividends | 290 | 186 | 546 | 341 |
Other interest income | 111 | 39 | 195 | 84 |
Total interest and dividend income | 18,764 | 15,164 | 36,270 | 29,604 |
Interest expense: | ||||
Interest on deposits | 2,988 | 2,348 | 5,601 | 4,472 |
Interest on Federal Home Loan Bank advances | 1,827 | 1,108 | 3,458 | 2,135 |
Interest on securities sold under agreements to repurchase | 1 | 1 | 2 | 2 |
Interest on other borrowed funds | 5 | |||
Total interest expense | 4,816 | 3,457 | 9,061 | 6,614 |
Net interest and dividend income | 13,948 | 11,707 | 27,209 | 22,990 |
Provision for loan losses | 707 | 741 | 1,536 | 1,340 |
Net interest and dividend income after provision for loan losses | 13,241 | 10,966 | 25,673 | 21,650 |
Noninterest income: | ||||
Customer service fees | 199 | 224 | 382 | 450 |
Income from bank-owned life insurance | 294 | 237 | 546 | 470 |
Net gain on sales of loans | 338 | 106 | 347 | 167 |
Loan servicing fee income | 101 | 92 | 217 | 205 |
Other income | 63 | 46 | 133 | 75 |
Total noninterest income | 995 | 705 | 1,625 | 1,367 |
Noninterest expense: | ||||
Salaries and employee benefits | 4,803 | 4,359 | 9,474 | 8,959 |
Director compensation | 356 | 247 | 659 | 481 |
Occupancy expense | 232 | 240 | 498 | 492 |
Equipment expense | 103 | 109 | 227 | 214 |
Deposit insurance | 416 | 287 | 818 | 567 |
Data processing | 694 | 879 | 1,388 | 1,761 |
Professional fees | 270 | 187 | 558 | 422 |
Marketing | 283 | 208 | 561 | 429 |
Other expense | 488 | 468 | 938 | 915 |
Total noninterest expense | 7,645 | 6,984 | 15,121 | 14,240 |
Income before income tax expense | 6,591 | 4,687 | 12,177 | 8,777 |
Income tax expense | 2,579 | 1,735 | 4,499 | 3,286 |
Net income | $ 4,012 | $ 2,952 | $ 7,678 | $ 5,491 |
Earnings per share | ||||
Basic | $ 0.45 | $ 0.34 | $ 0.87 | $ 0.63 |
Diluted | $ 0.43 | $ 0.33 | $ 0.83 | $ 0.61 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Net income | $ 4,012 | $ 2,952 | $ 7,678 | $ 5,491 |
Other comprehensive (loss) income, net of tax: | ||||
Net change in fair value of securities available for sale | (3) | 94 | 64 | 170 |
Total other comprehensive (loss) income | (3) | 94 | 64 | 170 |
Total comprehensive income | $ 4,009 | $ 3,046 | $ 7,742 | $ 5,661 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive (Loss) Income | Unearned Compensation - ESOP |
Balance (in shares) at Dec. 31, 2015 | 9,086,639 | |||||
Balance at Dec. 31, 2015 | $ 146,203 | $ 91 | $ 89,648 | $ 60,517 | $ (116) | $ (3,937) |
Net income | 5,491 | 5,491 | ||||
Other comprehensive income | 170 | 170 | ||||
ESOP shares committed to be released | 172 | 95 | 77 | |||
Stock based compensation-restricted stock awards | 425 | 425 | ||||
Stock based compensation-stock options | 387 | 387 | ||||
Tax benefit from stock based compensation | 54 | 54 | ||||
Proceeds from exercises of stock options, net of cash paid | 136 | 136 | ||||
Proceeds from exercises of stock options, net of cash paid (in shares) | 14,176 | |||||
Balance (in shares) at Jun. 30, 2016 | 9,100,815 | |||||
Balance at Jun. 30, 2016 | $ 153,038 | $ 91 | 90,745 | 66,008 | 54 | (3,860) |
Balance (in shares) at Dec. 31, 2016 | 9,110,077 | 9,110,077 | ||||
Balance at Dec. 31, 2016 | $ 160,921 | $ 91 | 92,013 | 72,498 | 103 | (3,784) |
Net income | 7,678 | 7,678 | ||||
Other comprehensive income | 64 | 64 | ||||
ESOP shares committed to be released | 218 | 141 | 77 | |||
Stock based compensation-restricted stock awards | 807 | 807 | ||||
Stock based compensation-stock options | 385 | 385 | ||||
Restricted stock awards granted | $ 5 | (5) | ||||
Restricted stock awards granted (in shares) | 487,200 | |||||
Proceeds from exercises of stock options, net of cash paid | $ (248) | $ 1 | (249) | |||
Proceeds from exercises of stock options, net of cash paid (in shares) | 96,983 | |||||
Balance (in shares) at Jun. 30, 2017 | 9,694,260 | 9,694,260 | ||||
Balance at Jun. 30, 2017 | $ 169,825 | $ 97 | $ 93,092 | $ 80,176 | $ 167 | $ (3,707) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Cash flows from operating activities: | ||
Net income | $ 7,678 | $ 5,491 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Amortization of securities, net | 406 | 381 |
Gain on sales of loans, net | (347) | (167) |
Loans originated for sale | (2,564) | (5,151) |
Proceeds from sales of loans | 26,388 | 6,562 |
Provision for loan losses | 1,536 | 1,340 |
Change in net unamortized mortgage premiums | (1,133) | (823) |
Change in net deferred loan costs | 145 | 675 |
ESOP expense | 218 | 172 |
Stock based compensation expense | 1,192 | 812 |
Excess tax benefit from stock based compensation | (54) | |
Depreciation and amortization expense | 303 | 308 |
Impairment of fixed assets | 18 | |
Deferred income tax expense (benefit) | 359 | (724) |
Increase in bank-owned life insurance | (546) | (470) |
Net change in: | ||
Accrued interest receivable | (480) | (570) |
Other assets | (475) | 730 |
Income taxes receivable | (610) | (692) |
Income taxes payable | (130) | |
Accrued interest payable | 270 | 23 |
Deferred compensation liability | 421 | 467 |
Other liabilities | 918 | (2,510) |
Net cash provided by operating activities | 33,697 | 5,670 |
Cash flows from investing activities: | ||
Maturities of interest-bearing time deposits with other banks | 134 | 131 |
Purchases of interest-bearing time deposits with other banks | (135) | (134) |
Proceeds from maturities, payments, and calls of held-to-maturity securities | 13,014 | 11,586 |
Purchases of held-to-maturity securities | (23,709) | (12,151) |
Redemption of Federal Home Loan Bank stock | 642 | 1,240 |
Purchases of Federal Home Loan Bank stock | (5,999) | (4,755) |
Recoveries of loans previously charged off | 17 | 13 |
Loan originations and principal collections, net | (19,145) | (7,050) |
Purchases of loans | (206,446) | (149,512) |
Capital expenditures | (299) | (212) |
Premiums paid on bank-owned life insurance | (5) | (5,004) |
Net cash used in investing activities | (241,931) | (165,848) |
Cash flows from financing activities: | ||
Net increase in demand deposits, NOW and savings accounts | 62,931 | 63,934 |
Net increase in time deposits | 78,462 | 51,172 |
Net proceeds from long-term Federal Home Loan Bank borrowings | 95,000 | 116,250 |
Net change in short-term Federal Home Loan Bank advances | (36,600) | (67,000) |
Net increase (decrease) in securities sold under agreement to repurchase | 1,045 | (1,924) |
Net increase in mortgagors' escrow accounts | 826 | 138 |
Net proceeds from exercise of stock options | 183 | 136 |
Payment of income taxes for shares withheld in stock based award activity | (448) | |
Excess tax benefit from stock based compensation | 54 | |
Net cash provided by financing activities | 201,399 | 162,760 |
Net (decrease) increase in cash and cash equivalents | (6,835) | 2,582 |
Cash and cash equivalents at beginning of period | 58,876 | 51,261 |
Cash and cash equivalents at end of period | 52,041 | 53,843 |
Supplemental disclosures: | ||
Interest paid | 8,791 | 6,591 |
Income taxes paid | 4,750 | 4,832 |
Transfer of loans held for investment to loans held for sale, net | $ 23,559 | |
Derecognition of loans and related recourse obligation in other borrowings | $ 1,020 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 6 Months Ended |
Jun. 30, 2017 | |
BASIS OF PRESENTATION | NOTE 1 – BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements of BSB Bancorp, Inc. have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q 10-01 S-X. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments (consisting only of normal recurring adjustments) necessary to present fairly the Company’s financial position as of June 30, 2017 and December 31, 2016 and the results of operations and cash flows for the interim periods ended June 30, 2017 and 2016. All interim amounts have not been audited, and the results of operations for the interim periods herein are not necessarily indicative of the results of operations to be expected for the fiscal year. The accompanying unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes thereto included in the Company’s Annual Report on Form 10-K Certain previously reported amounts have been reclassified to conform to the current period’s presentation. |
RECENT ACCOUNTING STANDARDS UPD
RECENT ACCOUNTING STANDARDS UPDATES | 6 Months Ended |
Jun. 30, 2017 | |
RECENT ACCOUNTING STANDARDS UPDATES | NOTE 2 – RECENT ACCOUNTING STANDARDS UPDATES In January 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-01, 825-10): ASU 2016-01, available-for-sale In February 2016, the FASB issued ASU 2016-02, Leases . In March 2016, the FASB issued ASU 2016-09, Compensation-Stock . 2016-09 Amendments related to the presentation of employee taxes paid within financing activities in the statement of cash flows have been adopted retrospectively and prior period reclassifications will be made. Following the adoption of the new standard, the Company has elected to continue to estimate forfeitures. The adoption did not impact the existing classification of the awards. In June 2016, the FASB issued ASU 2016-13, off-balance In August 2016, the FASB issued ASU 2016-15, Cash Payments. The update provides guidance on the classification of certain cash receipts and cash payments for presentation in the statement of cash flows. The amendment is effective for the Company for fiscal years beginning after December 15, 2017 and interim periods within those years. Early adoption is permitted. The amendments will be applied using a retrospective transition method to each period presented unless impracticable. The adoption of this guidance is not expected to have a material impact on the Company’s consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, beginning-of-period end-of-period In February 2017, the FASB issued ASU 2017-05, 610-20): 610-20, 2014-09. In March 2017, the FASB issued ASU 2017-07, In March 2017, the FASB issued ASU 2017-08, 310-20): |
INVESTMENTS IN SECURITIES
INVESTMENTS IN SECURITIES | 6 Months Ended |
Jun. 30, 2017 | |
INVESTMENTS IN SECURITIES | NOTE 3 - INVESTMENTS IN SECURITIES The amortized cost basis of available-for-sale held-to-maturity June 30, 2017 December 31, 2016 Amortized Gross Gross Fair Amortized Gross Gross Fair (unaudited) Available-for-sale Corporate debt securities $ 22,013 $ 180 $ (75 ) $ 22,118 $ 22,051 $ 147 $ (150 ) $ 22,048 $ 22,013 $ 180 $ (75 ) $ 22,118 $ 22,051 $ 147 $ (150 ) $ 22,048 Held-to-maturity U.S. government sponsored mortgage-backed securities $ 122,844 $ 256 $ (1,175 ) $ 121,925 $ 112,543 $ 306 $ (1,289 ) $ 111,560 Corporate debt securities 17,680 347 — 18,027 17,654 251 — 17,905 $ 140,524 $ 603 $ (1,175 ) $ 139,952 $ 130,197 $ 557 $ (1,289 ) $ 129,465 The amortized cost basis and estimated fair value of debt securities by contractual maturity at June 30, 2017 is as follows (in thousands and unaudited). Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. June 30, 2017 Available-for-Sale Held-to-Maturity Amortized Fair Amortized Fair (unaudited) (unaudited) Due within one year $ 12,762 $ 12,839 $ 7,011 $ 7,058 Due after one year through five years 4,251 4,176 5,579 5,606 Due after five years through ten years 5,000 5,103 43,570 43,555 Due after ten years — — 84,364 83,733 $ 22,013 $ 22,118 $ 140,524 $ 139,952 When securities are sold, the adjusted cost basis of the specific security sold is used to compute the gain or loss on the sale. During the six months ended June 30, 2017 (unaudited) and June 30, 2016 (unaudited), there were no sales of available-for-sale Information pertaining to securities with gross unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous loss position is as follows (in thousands): Less than 12 Months Over 12 Months # of Fair Unrealized Fair Unrealized Holdings Value Losses Value Losses June 30, 2017 (unaudited): Available-for-sale Corporate debt securities 1 $ 4,176 $ (75 ) $ — $ — Held-to-maturity U.S. government sponsored mortgage-backed securities 67 94,102 (897 ) 12,447 (278 ) Total temporarily impaired securities 68 $ 98,278 $ (972 ) $ 12,447 $ (278 ) December 31, 2016: Available-for-sale Corporate debt securities 1 $ 4,130 $ (150 ) $ — $ — Held-to-maturity U.S. government sponsored mortgage-backed securities 57 77,474 (1,097 ) 6,518 (192 ) Total temporarily impaired securities 58 $ 81,604 $ (1,247 ) $ 6,518 $ (192 ) The investment securities portfolio is generally evaluated for other-than-temporary impairment under ASC 320-10, Management evaluates securities for other-than-temporary impairment at least on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. At June 30, 2017 (unaudited), 68 debt securities were in an unrealized loss position. When there are securities in an unrealized loss position, consideration is given to (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, and (3) the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. Based on the Company’s June 30, 2017 (unaudited) quarterly review of securities in the investment portfolio, management has determined that unrealized losses related to 68 debt securities with aggregate depreciation of 1.12% from the Company’s amortized cost basis were caused primarily by changes in market interest rates. The contractual terms of these investments do not permit the companies to settle the security at a price less than the par value of the investment. The Company currently does not believe it is probable that it will be unable to collect all amounts due according to the contractual terms of the investments. Therefore, it is expected that the securities would not be settled at a price less than the par value of the investment. Because the Company does not intend to sell the investments and it is more likely than not that the Company will not be required to sell the investments before recovery of their amortized cost basis, it does not consider these investments to be other-than-temporarily impaired at June 30, 2017. At December 31, 2016, 58 debt securities had unrealized losses with aggregate depreciation of 1.61% from the Company’s amortized cost basis. The Company’s unrealized losses on investments in corporate bonds and mortgage-backed securities are primarily caused by changes in market interest rates. In addition to the securities listed above, the Company holds investments in a Rabbi Trust that are used to fund the executive and director non-qualified |
LOANS, ALLOWANCE FOR LOAN LOSSE
LOANS, ALLOWANCE FOR LOAN LOSSES AND CREDIT QUALITY | 6 Months Ended |
Jun. 30, 2017 | |
LOANS, ALLOWANCE FOR LOAN LOSSES AND CREDIT QUALITY | NOTE 4 – LOANS, ALLOWANCE FOR LOAN LOSSES AND CREDIT QUALITY Loans Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield using the interest method. The accrual of interest on all loans is discontinued at the time the loan is 90 days past due unless the credit is well-secured and in process of collection. Past due status is based on contractual terms of the loan. In all cases, loans are placed on nonaccrual if collection of principal or interest is considered doubtful. All interest accrued but not collected for loans that are placed on nonaccrual is reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Payments received on impaired loans are applied to reduce the recorded investment in the loan principal to the extent necessary to eliminate doubt as to the collectability of the net carrying amount of the loan. Some or all of the payments received on impaired loans are recognized as interest income if the remaining net carrying amount of the loan is deemed to be fully collectible. When recognition of interest income on an impaired loan on a cash basis is appropriate, the amount of income that is recognized is limited to that which would have been accrued on the net carrying amount of the loan at the contractual interest rate. Any cash interest payments received in excess of the limit and not applied to reduce the net carrying amount of the loan are recorded as recoveries of charge-offs until the charge-offs are fully recovered. Allowance for Loan Losses The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes the uncollectability of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. The allowance for loan losses is evaluated on a regular basis by management. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. The allowance consists of general, allocated and unallocated components, as further described below. General Component: The general component of the allowance for loan losses is based on historical loss experience adjusted for qualitative factors stratified by the following loan segments: residential real estate, home equity lines of credit, commercial real estate, construction, commercial, indirect auto and other consumer. Management uses a rolling average of historical losses based on a time frame appropriate to capture relevant loss data for each loan segment. This historical loss factor is adjusted for the following qualitative factors: levels/trends in delinquencies; trends in volume and terms of loans; effects of changes in risk selection and underwriting standards and other changes in lending policies, procedures and practices; experience/ability/depth of lending management and staff; and national and local economic trends and conditions. There were no changes in the Company’s policies or methodology pertaining to the general component of the allowance for loan losses during the six months ended June 30, 2017 or during fiscal year 2016. The qualitative factors are determined based on the various risk characteristics of each loan segment. Risk characteristics relevant to each portfolio segment are as follows: Residential real estate loans and home equity lines of credit – The Company generally does not originate or purchase loans with a loan-to-value Commercial real estate loans – Loans in this segment are primarily secured by income-producing properties in eastern Massachusetts. The underlying cash flows generated by the properties may be adversely impacted by a downturn in the economy and increased vacancy rates, which in turn, will have an effect on the credit quality in this segment. Management generally obtains rent rolls annually and continually monitors the cash flows of these borrowers. Construction loans – Loans in this segment primarily include speculative real estate development loans for which payment is derived from sale and/or lease up of the property. Credit risk is affected by cost overruns, time to sell, or lease at adequate prices, and market conditions. Commercial loans – 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 resultant decreased consumer and business spending, will have an effect on the credit quality in this segment. Indirect auto loans – Loans in this segment are secured installment loans that were originated through a network of select regional automobile dealerships. The Company’s interest in the vehicle is secured with a recorded lien on the state title of each automobile. Collections are sensitive to changes in borrower financial circumstances, and the collateral can depreciate or be damaged in the event of repossession. Repayment is primarily dependent on the credit worthiness and the cash flow of the individual borrower and secondarily, liquidation of the collateral. Other consumer loans - Loans in this segment include secured and unsecured consumer loans including passbook loans, consumer lines of credit and overdraft protection, and consumer unsecured loans. Repayment is dependent on the credit quality and the cash flow of the individual borrower. Allocated Component: The allocated component relates to loans that are classified as impaired. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case The Company periodically may agree to modify the contractual terms of loans. When a loan is modified and a concession is made to a borrower experiencing financial difficulty, the modification is considered a troubled debt restructuring (“TDR”). All TDRs are classified as impaired. Impaired loans are measured based on 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. Generally, TDRs are measured for impairment using the discounted cash flow method except in instances where foreclosure is probable in which case the fair value of collateral method is used. When the fair value of the impaired loan is determined to be less than the recorded investment in the loan, the impairment is recorded through the valuation allowance. However, for collateral dependent loans, the amount of the recorded investment in a loan that exceeds the fair value of the collateral is charged-off Unallocated Component: An unallocated component may be maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating allocated and general reserves in the portfolio. At June 30, 2017 (unaudited) and December 31, 2016, the Company had unallocated reserves of $572,000 and $517,000, respectively. Loans consisted of the following (dollars in thousands): June 30, 2017 December 31, 2016 Amount Percent Amount Percent (unaudited) Mortgage loans: Residential one-to-four $ 1,159,603 55.97 % $ 997,336 53.34 % Commercial real estate loans (1) 558,818 26.97 491,838 26.31 Home equity lines of credit 167,853 8.10 167,465 8.96 Construction loans 81,780 3.95 89,003 4.76 Total mortgage loans 1,968,054 94.99 1,745,642 93.37 Commercial loans 60,363 2.92 63,404 3.39 Consumer loans: Indirect auto loans 42,954 2.07 60,240 3.22 Other consumer loans 419 0.02 439 0.02 103,736 5.01 124,083 6.63 Total loans 2,071,790 100.00 % 1,869,725 100.00 % Net deferred loan costs 3,477 3,622 Net unamortized mortgage premiums 7,406 6,273 Allowance for loan losses (15,089 ) (13,585 ) Total loans, net $ 2,067,584 $ 1,866,035 (1) Includes multi-family real estate loans. The following tables (in thousands) present the activity in the allowance for loan losses by portfolio class for the three and six months ended June 30, 2017 and 2016 (unaudited); and the balances of the allowance for loan losses and recorded investment in loans by portfolio class based on impairment method at June 30, 2017 (unaudited) and December 31, 2016. The recorded investment in loans in any of the following tables does not include accrued and unpaid interest or any deferred loan fees or costs, as amounts are not significant. Three Months Ended June 30, 2017 Beginning balance Provision (benefit) Charge-offs Recoveries Ending balance Residential one-to-four $ 5,223 $ 441 $ — $ — $ 5,664 Commercial real estate 5,250 362 — — 5,612 Construction 1,297 (144 ) — — 1,153 Commercial 713 5 — — 718 Home equity lines of credit 1,011 13 — — 1,024 Indirect auto 335 1 (9 ) 12 339 Other consumer 8 2 (4 ) 1 7 Unallocated 545 27 — — 572 Total $ 14,382 $ 707 $ (13 ) $ 13 $ 15,089 Three Months Ended June 30, 2016 Beginning balance Provision (benefit) Charge-offs Recoveries Ending balance Residential one-to-four $ 3,980 $ 175 $ — $ — $ 4,155 Commercial real estate 4,868 (58 ) — — 4,810 Construction 679 185 — — 864 Commercial 505 193 — — 698 Home equity lines of credit 1,008 30 — — 1,038 Indirect auto 554 (36 ) (28 ) 2 492 Other consumer 9 4 (4 ) 1 10 Unallocated 228 248 — — 476 Total $ 11,831 $ 741 $ (32 ) $ 3 $ 12,543 Six Months Ended June 30, 2017 Beginning balance Provision (benefit) Charge-offs Recoveries Ending balance Residential one-to-four $ 4,828 $ 836 $ — $ — $ 5,664 Commercial real estate 4,885 727 — — 5,612 Construction 1,219 (66 ) — — 1,153 Commercial 728 (10 ) — — 718 Home equity lines of credit 1,037 (13 ) — — 1,024 Indirect auto 362 1 (40 ) 16 339 Other consumer 9 6 (9 ) 1 7 Unallocated 517 55 — — 572 Total $ 13,585 $ 1,536 $ (49 ) $ 17 $ 15,089 Six Months Ended June 30, 2016 Beginning balance Provision (benefit) Charge-offs Recoveries Ending balance Residential one-to-four $ 3,574 $ 581 $ — $ — $ 4,155 Commercial real estate 4,478 332 — — 4,810 Construction 801 63 — — 864 Commercial 613 85 — — 698 Home equity lines of credit 928 110 — — 1,038 Indirect auto 623 (100 ) (42 ) 11 492 Other consumer 10 6 (8 ) 2 10 Unallocated 213 263 — — 476 Total $ 11,240 $ 1,340 $ (50 ) $ 13 $ 12,543 June 30, 2017 Individually evaluated for impairment Collectively evaluated for impairment Total Loan balance Allowance Loan balance Allowance Loan balance Allowance Residential one-to-four $ 2,989 $ 228 $ 1,156,614 $ 5,436 $ 1,159,603 $ 5,664 Commercial real estate 3,185 — 555,633 5,612 558,818 5,612 Construction — — 81,780 1,153 81,780 1,153 Commercial — — 60,363 718 60,363 718 Home equity lines of credit — — 167,853 1,024 167,853 1,024 Indirect auto — — 42,954 339 42,954 339 Other consumer — — 419 7 419 7 Unallocated — — — 572 — 572 Total $ 6,174 $ 228 $ 2,065,616 $ 14,861 $ 2,071,790 $ 15,089 December 31, 2016 Individually evaluated for impairment Collectively evaluated for impairment Total Loan balance Allowance Loan balance Allowance Loan balance Allowance Residential one-to-four $ 2,896 $ 154 $ 994,440 $ 4,674 $ 997,336 $ 4,828 Commercial real estate 3,364 — 488,474 4,885 491,838 4,885 Construction — — 89,003 1,219 89,003 1,219 Commercial — — 63,404 728 63,404 728 Home equity lines of credit 200 — 167,265 1,037 167,465 1,037 Indirect auto 15 — 60,225 362 60,240 362 Other consumer — — 439 9 439 9 Unallocated — — — 517 — 517 Total $ 6,475 $ 154 $ 1,863,250 $ 13,431 $ 1,869,725 $ 13,585 Information about loans that meet the definition of an impaired loan in ASC 310-10-35 Impaired loans with a related allowance for credit losses Recorded Unpaid Related Residential one-to-four $ 1,228 $ 1,228 $ 228 Totals $ 1,228 $ 1,228 $ 228 Impaired loans with no related allowance for credit losses Recorded Unpaid Related Residential one-to-four $ 1,761 $ 1,871 $ — Commercial real estate 3,185 3,185 — Totals $ 4,946 $ 5,056 $ — Information about loans that meet the definition of an impaired loan in ASC 310-10-35 Impaired loans with a related allowance for credit losses Recorded Unpaid Related Residential one-to-four $ 740 $ 740 $ 154 Totals $ 740 $ 740 $ 154 Impaired loans with no related allowance for credit losses Recorded Unpaid Related Residential one-to-four $ 2,156 $ 2,278 $ — Commercial real estate 3,364 3,364 — Home equity lines of credit 200 200 — Indirect auto 15 15 — Totals $ 5,735 $ 5,857 $ — The following tables set forth information regarding interest income recognized on impaired loans, by portfolio, for the periods indicated (unaudited and in thousands): Three months ended June 30, 2017 Three months ended June 30, 2016 Average Interest Average Interest Recorded Income Recorded Income With an allowance recorded Investment Recognized Investment Recognized Residential one-to-four $ 1,229 $ 8 $ 1,400 $ 8 Commercial real estate — — 2,977 30 Totals $ 1,229 $ 8 $ 4,377 $ 38 Three months ended June 30, 2017 Three months ended June 30, 2016 Average Interest Average Interest Recorded Income Recorded Income Without an allowance recorded Investment Recognized Investment Recognized Residential one-to-four $ 1,767 $ 6 $ 2,882 $ 19 Commercial real estate 3,215 36 569 6 Home equity lines of credit 65 2 200 2 Indirect auto 7 — 15 — Totals $ 5,054 $ 44 $ 3,666 $ 27 Six months ended June 30, 2017 Six months ended June 30, 2016 Average Interest Average Interest Recorded Income Recorded Income With an allowance recorded Investment Recognized Investment Recognized Residential one-to-four $ 1,066 $ 16 $ 1,407 $ 16 Commercial real estate — — 3,783 85 Totals $ 1,066 $ 16 $ 5,190 $ 101 Six months ended June 30, 2017 Six months ended June 30, 2016 Average Interest Average Interest Recorded Income Recorded Income Without an allowance recorded Investment Recognized Investment Recognized Residential one-to-four $ 1,953 $ 9 $ 2,886 $ 39 Commercial real estate 3,260 72 596 13 Home equity lines of credit 212 13 200 4 Indirect auto 8 — 19 — Totals $ 5,433 $ 94 $ 3,701 $ 56 The following is a summary of past due and non-accrual June 30, 2017 (unaudited) 30–59 Days 60–89 Days 90 Days Total 90 days Loans on Non-accrual Real estate loans: Residential one-to-four $ 1,360 $ — $ 992 $ 2,352 $ — $ 1,656 Home equity lines of credit 323 — — 323 — — Other loans: Indirect auto 267 99 — 366 — — Other Consumer — 2 — 2 — — Total $ 1,950 $ 101 $ 992 $ 3,043 $ — $ 1,656 December 31, 2016 30–59 Days 60–89 Days 90 Days Total 90 days Loans on Non-accrual Real estate loans: Residential one-to-four $ — $ — $ 497 $ 497 $ — $ 1,804 Commercial real estate — — — — — — Home equity lines of credit 57 486 — 543 — — Other loans: Indirect auto 460 106 15 581 — 15 Total $ 517 $ 592 $ 512 $ 1,621 $ — $ 1,819 Credit Quality Information The Company utilizes a nine grade internal loan rating system for commercial, commercial real estate and construction loans, and a five grade internal loan rating system for certain residential real estate and home equity lines of credit that are rated if the loans become delinquent. Loans rated 1, 2, 2.5, 3 and 3.5: Loans in these categories are considered “pass” rated loans with low to average risk. Loans rated 4: Loans in this category are considered “special mention.” These loans are starting to show signs of potential weakness and are being closely monitored by management. Loans rated 5: Loans in this category are considered “substandard.” 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. Loans rated 6: Loans in this category are considered “doubtful.” 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. Loans rated 7: Loans in this category are considered uncollectible (“loss”) and of such little value that their continuance as loans is not warranted. On an annual basis, or more often if needed, the Company formally reviews the ratings on all commercial, commercial real estate loans, and construction loans. On an annual basis, the Company engages an independent third party to review a significant portion of loans within these segments. Management uses the results of these reviews as part of its annual review process. On a quarterly basis, the Company formally reviews the ratings on all residential real estate and home equity lines of credit if they have become delinquent. Criteria used to determine the rating consists of loan-to-value The following tables present the Company’s loans by risk rating at June 30, 2017 (unaudited and in thousands) and December 31, 2016 (in thousands). There were no loans rated as 6 (“doubtful”) or 7 (“loss”) at the dates indicated. June 30, 2017 Loans rated 1-3.5 Loans rated 4 Loans rated 5 Loans not rated (A) Total Residential one-to-four $ — $ 348 $ 2,354 $ 1,156,901 $ 1,159,603 Commercial real estate 554,693 — 4,125 — 558,818 Construction 81,780 — — — 81,780 Commercial 60,319 44 — — 60,363 Home equity lines of credit — — 799 167,054 167,853 Indirect auto — — — 42,954 42,954 Other consumer — — — 419 419 Total $ 696,792 $ 392 $ 7,278 $ 1,367,328 $ 2,071,790 December 31, 2016 Loans rated 1-3.5 Loans rated 4 Loans rated 5 Loans not rated (A) Total Residential one-to-four $ — $ 351 $ 2,509 $ 994,476 $ 997,336 Commercial real estate 471,491 16,032 4,315 — 491,838 Construction 89,003 — — — 89,003 Commercial 63,404 — — — 63,404 Home equity lines of credit — — 799 166,666 167,465 Indirect auto — — — 60,240 60,240 Consumer — — — 439 439 Total $ 623,898 $ 16,383 $ 7,623 $ 1,221,821 $ 1,869,725 (A) Residential real estate and home equity lines of credit are not formally risk rated by the Company unless the loans become delinquent. The Company periodically modifies loans to extend the term or make other concessions to help a borrower stay current on their loan and to avoid foreclosure. Any loans that are modified are reviewed by the Company to identify if a TDR has occurred, which is when, for economic or legal reasons related to a borrower’s financial difficulties, the Bank grants a concession to the borrower that it would not otherwise consider. During the three and six months ended June 30, 2017 (unaudited), one existing troubled debt restructure was modified again to extend the maturity. During the three and six months ended June 30, 2016, there were no loans modified and determined to be TDRs. At June 30, 2017 (unaudited), the Company had $5.7 million of troubled debt restructurings related to nine loans. The following table shows the Company’s total TDRs and other pertinent information as of the dates indicated (in thousands): June 30, 2017 December 31, 2016 (unaudited) TDRs on Accrual Status $ 4,517 $ 4,656 TDRs on Nonaccrual Status 1,162 1,442 Total TDRs $ 5,679 $ 6,098 Amount of specific allocation included in the allowance for loan losses associated with TDRs $ 154 $ 154 Additional commitments to lend to a borrower who has been a party to a TDR $ — $ — The following tables show the troubled debt restructuring modifications which occurred during the periods indicated and the change in the recorded investment subsequent to the modifications occurring (dollars in thousands and unaudited): Three months ended Three months ended June 30, 2017 June 30, 2016 # of Pre-modification Post-modification # of Pre-modification Post-modification Real estate loans: Commercial real estate loans 1 $ 273 $ 273 — $ — $ — Total 1 $ 273 $ 273 — $ — $ — Six months ended Six months ended June 30, 2017 June 30, 2016 # of Pre-modification Post-modification # of Pre-modification Post-modification Real estate loans: Commercial real estate loans 1 $ 273 $ 273 — $ — $ — Total 1 $ 273 $ 273 — $ — $ — The following table shows the Company’s post-modification balance of TDRs listed by type of modification during the periods indicated (in thousands): Three months ended Three months ended (unaudited) (unaudited) Extended maturity $ 273 $ — Total $ 273 $ — Six months ended Six months ended (unaudited) (unaudited) Extended maturity $ 273 $ — Total $ 273 $ — For purposes of this table the Company generally considers a loan to have defaulted when it reaches 90 days past due. The following table shows the loans that have been modified during the past twelve months which have subsequently defaulted during the periods indicated (unaudited and in thousands except for number of contracts): For the three months ended June 30, 2017 2016 Number Recorded Number Recorded of Contracts Investment of Contracts Investment Real estate loans: Residential one-to-four — $ — 1 $ 497 Total — $ — 1 $ 497 For the six months ended June 30, 2017 2016 Number Recorded Number Recorded of Contracts Investment of Contracts Investment Real estate loans: Residential one-to-four — $ — 1 $ 497 Total — $ — 1 $ 497 The impact of TDRs and subsequently defaulted TDRs did not have a material impact on the allowance for loan losses. Foreclosure Proceedings Consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure totaled $497,000 as of June 30, 2017 (unaudited) and $497,000 as of December 31, 2016. We did not have any foreclosed residential real estate property as of June 30, 2017 (unaudited) and as of December 31, 2016. |
TRANSFERS AND SERVICING
TRANSFERS AND SERVICING | 6 Months Ended |
Jun. 30, 2017 | |
TRANSFERS AND SERVICING | NOTE 5 – TRANSFERS AND SERVICING Certain residential mortgage loans are periodically sold by the Company to the secondary market. Generally, these loans are sold without recourse or other credit enhancements. The Company sells loans and both releases and retains the servicing rights. For loans sold with the servicing rights retained, we provide the servicing for the loans on a per-loan At June 30, 2017 (unaudited) and December 31, 2016, residential loans previously sold and serviced by the Company were $79.8 million and $59.8 million, respectively. At June 30, 2017 (unaudited) and December 31, 2016, indirect auto loans previously sold and serviced by the Company were $17.9 million and $28.2 million, respectively. Mortgage servicing rights (MSR) are initially recorded as an asset and measured at fair value when loans are sold to third parties with servicing rights retained. MSR assets are amortized in proportion to, and over the period of, estimated net servicing revenues. The carrying value of these assets is periodically reviewed for impairment using the lower of amortized cost or fair value methodology. The fair value of the servicing rights is determined by estimating the present value of future net cash flows, taking into consideration market loan prepayment speeds, discount rates, servicing costs and other economic factors. For purposes of measuring impairment, the underlying loans are stratified into relatively homogeneous pools based on predominant risk characteristics which include product type (i.e., fixed or adjustable) and interest rate bands. If the aggregate carrying value of the capitalized mortgage servicing rights for a stratum exceeds its fair value, MSR impairment is recognized in earnings through a valuation allowance for the difference. As the loans are repaid and net servicing revenue is earned, the MSR asset is amortized as an offset to loan servicing income. Servicing revenues are expected to exceed this amortization expense. However, if actual prepayment experience or defaults exceed what was originally anticipated, net servicing revenues may be less than expected and mortgage servicing rights may be impaired. No servicing assets or liabilities related to auto loans were recorded, as the contractual servicing fees are adequate to compensate the Company for its servicing responsibilities. Changes in mortgage servicing rights, which are included in other assets, were as follows (in thousands): Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 (unaudited) (unaudited) Balance at beginning of period $ 414 $ 466 $ 403 $ 479 Capitalization 180 29 185 46 Amortization (27 ) (24 ) (51 ) (45 ) Valuation allowance adjustment 17 (14 ) 47 (23 ) Balance at end of period $ 584 $ 457 $ 584 $ 457 |
SECURITIES SOLD UNDER AGREEMENT
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE AND OTHER BORROWED FUNDS | 6 Months Ended |
Jun. 30, 2017 | |
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE AND OTHER BORROWED FUNDS | NOTE 6 – SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE AND OTHER BORROWED FUNDS The securities sold under agreements to repurchase as of June 30, 2017 (unaudited) and December 31, 2016 are securities sold on a short-term basis by the Company that have been accounted for not as sales but as borrowings. The securities consisted of mortgage-backed securities issued by U.S. government sponsored entities. The securities were held in the Company’s safekeeping account at the Federal Home Loan Bank of Boston under the control of the Company. The securities are pledged to the purchasers of the securities. The purchasers have agreed to sell to the Company identical securities at the maturity of the agreements. The balance of securities sold under agreements to repurchase as of June 30, 2017 (unaudited) and December 31, 2016 was $3.0 million and $2.0 million, respectively. |
EMPLOYEE AND DIRECTOR BENEFIT P
EMPLOYEE AND DIRECTOR BENEFIT PLANS | 6 Months Ended |
Jun. 30, 2017 | |
EMPLOYEE AND DIRECTOR BENEFIT PLANS | NOTE 7 – EMPLOYEE AND DIRECTOR BENEFIT PLANS Belmont Savings Bank Supplemental Executive Retirement Plan The purpose of the Belmont Savings Bank Supplemental Executive Retirement Plan is to remain competitive with our peers in our compensation arrangements and to help us retain certain executive officers of the Company. At June 30, 2017 (unaudited) and December 31, 2016, there were four participants in the Plan. Participants are fully vested after the completion of between five and ten years of service. The plan is unfunded. The estimated liability at June 30, 2017 (unaudited) and December 31, 2016 relating to this plan was $1.7 million and $1.5 million, respectively. Other Supplemental Retirement Plans The Company has supplemental retirement plans for eligible executive officers that provide for a lump sum benefit upon termination of employment at or after age 55 and completing 10 or more years of service (certain reduced benefits are available prior to attaining age 55 or fewer than 10 years of service), subject to certain limitations as set forth in the agreements. The present value of these future payments is being accrued over the service period. The estimated liability at June 30, 2017 (unaudited) and December 31, 2016 relating to these plans was $2.4 million and $2.3 million, respectively. The Company has a supplemental retirement plan for eligible directors that provides for monthly benefits based upon years of service to the Company, subject to certain limitations as set forth in the agreements. The present value of these future payments is being accrued over the estimated period of service. The estimated liability at June 30, 2017 (unaudited) and December 31, 2016 relating to this plan was $673,000 and $661,000, respectively. Incentive Compensation Plan The Incentive Compensation Plan is a discretionary annual cash-based incentive plan that is an integral part of the participant’s total compensation package and supports the continued growth, profitability and risk management of Belmont Savings Bank. Each year participants are awarded for the achievement of certain performance objectives on a company-wide and individual basis. Compensation expense recognized was $461,000 and $523,000 for the three months ended June 30, 2017 and 2016 (unaudited), respectively, and $973,000 and $921,000 for the six months ended June 30, 2017 and 2016 (unaudited), respectively. Defined Contribution Plan The Company sponsors a 401(k) plan covering substantially all employees meeting certain eligibility requirements. Under the provisions of the plan, employees are able to contribute up to an annual limit of the lesser of 75% of eligible compensation or the maximum allowed by the Internal Revenue Service. The Company’s contributions for the three months ended June 30, 2017 and 2016 (unaudited) totaled $210,000 and $196,000, respectively, and $453,000 and $430,000 for the six months ended June 30, 2017 and 2016 (unaudited), respectively. Deferred Compensation Plan The Company has a compensation deferral plan by which selected employees and directors of the Company are entitled to elect, prior to the beginning of each year, to defer the receipt of an amount of their compensation for the forthcoming year. Each agreement allows for the individual to elect to defer a portion of his or her compensation to an individual deferred compensation account established by Belmont Savings Bank. In April 2013, Belmont Savings Bank created a Rabbi Trust, or grantor trust. The Rabbi Trust is maintained by the Company primarily for purposes of holding deferred compensation for certain directors and employees of the Company. The plan is administered by a third party and permits participants to select from a number of investment options for the investment of their account balances. Each participant is always 100% vested in his or her deferred compensation account balance. As of June 30, 2017 (unaudited) and December 31, 2016, the recorded liability relating to the Rabbi Trust was $2.7 million and $2.6 million, respectively. Employee Stock Ownership Plan The Company maintains an Employee Stock Ownership Plan (“ESOP”) to provide eligible employees the opportunity to own Company stock. This plan is a tax-qualified The Company contributed funds to a subsidiary to enable it to grant a loan to the ESOP for the purchase of 458,643 shares of the Company’s common stock at a price of $10.00 per share. The loan obtained by the ESOP from the Company’s subsidiary to purchase Company common stock is payable annually over 30 years at a rate per annum equal to the Prime Rate on the first business day of each calendar year (3.75% for 2017, unaudited). Loan payments are principally funded by cash contributions from the Bank. The loan is secured by the shares purchased, which are held in a suspense account for allocation among participants as the loan is repaid. Cash dividends paid on allocated shares are distributed to participants and cash dividends paid on unallocated shares are used to repay the outstanding debt of the ESOP. Shares used as collateral to secure the loan are released and available for allocation to eligible employees as the principal and interest on the loan is paid. The Company incurred expenses of $111,000 and $87,000 for the three months ended June 30, 2017 and 2016 (unaudited), respectively, and $218,000 and $172,000 for the six months ended June 30, 2017 and 2016 (unaudited), respectively. Severance Agreements The Company has entered into employment agreements and change in control agreements with certain executive officers which would provide the executive officers with severance payments based on salary, and the continuation of other benefits, upon a change in control as defined in the agreements. |
PLEDGED ASSETS
PLEDGED ASSETS | 6 Months Ended |
Jun. 30, 2017 | |
PLEDGED ASSETS | NOTE 8 – PLEDGED ASSETS The following securities and loans were pledged to secure securities sold under agreements to repurchase, Federal Home Loan Bank (“FHLB”) advances and credit facilities available (in thousands). Securities held to Loans Total pledged June 30, 2017 (unaudited) Repurchase agreements $ 4,218 $ — $ 4,218 FHLB borrowings 32,698 1,243,309 1,276,007 Federal Reserve Bank line of credit 15,759 — 15,759 Total pledged assets $ 52,675 $ 1,243,309 $ 1,295,984 Securities held to Loans Total pledged December 31, 2016 Repurchase agreements $ 4,721 $ — $ 4,721 FHLB borrowings 37,561 1,132,476 1,170,037 Federal Reserve Bank line of credit 15,739 — 15,739 Total pledged assets $ 58,021 $ 1,132,476 $ 1,190,497 |
EARNINGS PER SHARE
EARNINGS PER SHARE | 6 Months Ended |
Jun. 30, 2017 | |
EARNINGS PER SHARE | NOTE 9 – EARNINGS PER SHARE Basic earnings per share (“EPS”) excludes dilution and is calculated by dividing net income allocated to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted EPS is computed in a manner similar to that of basic EPS except that the weighted-average number of common shares outstanding is increased to include the number of incremental common shares (computed using the treasury stock method) that would have been outstanding if all potentially dilutive common stock equivalents (such as stock options and unvested restricted stock not meeting the definition of a participating security) were issued during the period. Earnings per share consisted of the following components for the periods indicated (unaudited and dollars in thousands except per share data): Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Net income $ 4,012 $ 2,952 $ 7,678 $ 5,491 Undistributed earnings attributable to participating securities (33 ) (49 ) (64 ) (92 ) Net income allocated to common stockholders $ 3,979 $ 2,903 $ 7,614 $ 5,399 Weighted average shares outstanding, basic 8,754,917 8,560,039 8,715,635 8,555,212 Effect of dilutive shares 429,742 266,700 415,744 260,623 Weighted average shares outstanding, assuming dilution 9,184,659 8,826,739 9,131,379 8,815,835 Basic EPS $ 0.45 $ 0.34 $ 0.87 $ 0.63 Effect of dilutive shares (0.02 ) (0.01 ) (0.04 ) (0.02 ) Diluted EPS $ 0.43 $ 0.33 $ 0.83 $ 0.61 The following table illustrates average options to purchase shares of common stock that were outstanding but not included in the computation of EPS because they were antidilutive under the treasury stock method (unaudited): Three months ended Six months ended June 30, June 30, 2017 2016 2017 2016 Stock options — 27,500 — 18,434 Unallocated common shares held by the ESOP are shown as a reduction in stockholders’ equity and are not included in the weighted-average number of common shares outstanding for either basic or diluted earnings per share calculations. On June 22, 2013, the Company’s Board of Directors authorized a program to repurchase, from time-to-time |
STOCK BASED COMPENSATION
STOCK BASED COMPENSATION | 6 Months Ended |
Jun. 30, 2017 | |
STOCK BASED COMPENSATION | NOTE 10 – STOCK BASED COMPENSATION The following table presents the pre-tax Three months ended Six months ended June 30, June 30, 2017 2016 2017 2016 Stock options $ 196 $ 198 $ 385 $ 387 Restricted stock awards 539 215 807 425 Total stock based compensation expense $ 735 $ 413 $ 1,192 $ 812 Related tax benefits recognized in earnings $ 254 $ 122 $ 397 $ 241 On February 8, 2017, the stockholders of the Company approved the Company’s 2017 Equity Incentive Plan (“the Plan”). On March 15, 2017, 487,200 restricted stock awards were granted under the Plan at $27.10 with a ten year vesting period and an estimated 2.64% forfeiture rate. The awards are not deemed to be participating securities. Total compensation cost related to non-vested As of June 30, 2017 As of December 31, 2016 (unaudited) Weighted Weighted Amount average period Amount average period Stock options $ 456 1.29 $ 819 1.48 Restricted stock 11,522 9.41 772 0.97 Total $ 11,978 $ 1,591 |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 6 Months Ended |
Jun. 30, 2017 | |
FAIR VALUE MEASUREMENTS | NOTE 11 – FAIR VALUE MEASUREMENTS Determination of Fair Value The fair value of an asset or liability 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. The Company uses prices and inputs that are current as of the measurement date, including during periods of market dislocation. In periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition could cause an instrument to be reclassified from one level to another. 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 of cash flows 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 instrument. The Company groups its assets and liabilities measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the observability and reliability of the assumptions used to determine fair value. Level 1 - Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 - Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 - Level 3 inputs are unobservable inputs for the asset or liability. For assets and liabilities, fair value is based upon the lowest level of input that is significant to the fair value measurement. In general, fair value is based upon quoted market prices, where available. If such quoted market prices are not available, fair value is based upon models that primarily use, as inputs, observable market based parameters. The Company’s valuation methodologies may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. While management believes the Company’s valuation methodologies are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. Furthermore, the reported fair value amounts have not been comprehensively revalued since the presentation dates, and therefore, estimates of fair value after the balance sheet date may differ significantly from the amounts presented herein. A more detailed description of the valuation methodologies used for assets and liabilities measured at fair value is set forth below. A description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. These valuation methodologies were applied to all of the Company’s financial assets and financial liabilities carried at fair value for June 30, 2017 and December 31, 2016. There were no significant transfers between level 1 and level 2 of the fair value hierarchy during the six months ended June 30, 2017 (unaudited) and the year ended December 31, 2016. Financial Assets and Financial Liabilities: Financial assets and financial liabilities measured at fair value on a recurring basis include the following: Securities Available for Sale Investments held in the Rabbi Trust non-qualified The following table summarizes financial assets measured at fair value on a recurring basis as of June 30, 2017 and December 31, 2016, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (in thousands): Level 1 Level 2 Level 3 Total At June 30, 2017 (unaudited) Securities available-for-sale Corporate debt securities $ — $ 22,118 $ — $ 22,118 Trading securities Rabbi trust investments 2,710 — — 2,710 Totals $ 2,710 $ 22,118 $ — $ 24,828 Level 1 Level 2 Level 3 Total At December 31, 2016 Securities available-for-sale Corporate debt securities $ — $ 22,048 $ — $ 22,048 Trading securities Rabbi trust investments 2,606 — — 2,606 Totals $ 2,606 $ 22,048 $ — $ 24,654 Certain financial assets and financial liabilities are measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment). Financial assets measured at fair value on a non-recurring The following table (in thousands) presents certain impaired loans that were re-measured June 30, 2017 Level 1 Level 2 Level 3 Impaired loans $ — $ — $ 421 Totals $ — $ — $ 421 December 31, 2016 Level 1 Level 2 Level 3 Impaired loans $ — $ — $ — Totals $ — $ — $ — The following table presents the valuation methodology and unobservable inputs for level 3 assets measured at fair value on a nonrecurring basis at June 30, 2017 (unaudited and in thousands): Fair Value Valuation Methodology Unobservable input Discount Range (Weighted-Average) June 30, 2017 Collateral-dependent impaired loans: Specifically reserved $ 421 Market approach appraisal of collateral Management adjustment of appraisal 30 % (30 %) Estimate selling costs 5 % (5 %) Non-Financial Non-Financial non-financial non-financial The following table (in thousands) presents the non-financial re-measured June 30, 2017 Level 1 Level 2 Level 3 (unaudited) Mortgage servicing rights $ — $ — $ 584 Totals $ — $ — $ 584 December 31, 2016 Level 1 Level 2 Level 3 Mortgage servicing rights $ — $ — $ 403 Totals $ — $ — $ 403 ASC Topic 825, “Financial Instruments,” requires disclosure of the fair value of financial assets and financial liabilities, including those financial assets and financial liabilities that are not measured and reported at fair value on a recurring basis or non-recurring non-recurring Securities held to maturity-The fair values presented are based on quoted market prices, where available. If quoted market prices are not available, fair values are based on quoted market prices of comparable instruments and/or discounted cash flow analyses. Loans-For variable-rate loans that reprice frequently and with no significant change in credit risk, fair values are based on carrying values. The fair values for other loans are estimated using discounted cash flow analyses, using interest rates currently being offered for loans with similar terms to borrowers of similar credit quality. Deposits-The fair values disclosed for demand deposits (e.g., interest and non-interest FHLB advances-The fair values of the Company’s FHLB advances are estimated using discounted cash flow analyses based on the current incremental borrowing rates in the market for similar types of borrowing arrangements. Summary of Fair Values of Financial Instruments not Carried at Fair Value The estimated fair values, and related carrying or notional amounts, of the Company’s financial instruments are as follows (in thousands): June 30, 2017 Carrying Fair Level 1 Level 2 Level 3 (unaudited) Financial assets: Cash and cash equivalents $ 52,041 $ 52,041 $ 52,041 $ — $ — Interest-bearing time deposits with other banks 235 235 — 235 — Held-to-maturity 140,524 139,952 — 139,952 — Federal Home Loan Bank stock 30,428 30,428 — 30,428 — Loans, net 2,067,584 2,043,708 — — 2,043,708 Accrued interest receivable 5,115 5,115 5,115 — — Bank-owned life insurance 36,393 36,393 — 36,393 — Financial liabilities: Deposits 1,610,815 1,610,771 1,196,752 414,019 — Federal Home Loan Bank advances 567,250 566,950 — 566,950 — Securities sold under agreements to repurchase 3,030 3,030 — 3,030 — Accrued interest payable 1,293 1,293 1,293 — — Mortgagors’ escrow accounts 4,167 4,167 — 4,167 — December 31, 2016 Carrying Fair Amount Value Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 58,876 $ 58,876 $ 58,876 $ — $ — Interest-bearing time deposits with other banks 234 233 — 233 — Held-to-maturity 130,197 129,465 — 129,465 — Federal Home Loan Bank stock 25,071 25,071 — 25,071 — Loans, net 1,866,035 1,837,068 — — 1,837,068 Accrued interest receivable 4,635 4,635 4,635 — — Bank-owned life insurance 35,842 35,842 — 35,842 — Financial liabilities: Deposits 1,469,422 1,469,906 1,133,821 336,085 — Federal Home Loan Bank advances 508,850 507,773 — 507,773 — Securities sold under agreements to repurchase 1,985 1,985 — 1,985 — Accrued interest payable 1,023 1,023 1,023 — — Mortgagors’ escrow accounts 3,341 3,341 — 3,341 — The financial instruments in the tables above are included in the consolidated balance sheets under the indicated captions except for mortgagors’ escrow accounts which are included in other liabilities. |
OTHER COMPREHENSIVE (LOSS) INCO
OTHER COMPREHENSIVE (LOSS) INCOME | 6 Months Ended |
Jun. 30, 2017 | |
OTHER COMPREHENSIVE (LOSS) INCOME | NOTE 12 – OTHER COMPREHENSIVE (LOSS) INCOME The following table presents a reconciliation of the changes in the components of other comprehensive (loss) income for the dates indicated, including the amount of income tax expense allocated to each component of other comprehensive (loss) income: Three months ended June 30, 2017 Three months ended June 30, 2016 (unaudited and in thousands) (unaudited and in thousands) Pre Tax Tax After Tax Pre Tax Tax After Tax Amount Benefit Amount Amount Expense Amount Securities available-for-sale: Change in fair value of securities available-for-sale $ (5 ) $ 2 $ (3 ) $ 156 $ (62 ) $ 94 Total other comprehensive (loss) income $ (5 ) $ 2 $ (3 ) $ 156 $ (62 ) $ 94 Six months ended June 30, 2017 Six months ended June 30, 2016 (unaudited and in thousands) (unaudited and in thousands) Pre Tax Tax After Tax Pre Tax Tax After Tax Amount Expense Amount Amount Expense Amount Securities available-for-sale: Change in fair value of securities available-for-sale $ 108 $ (44 ) $ 64 $ 284 $ (114 ) $ 170 Total other comprehensive income $ 108 $ (44 ) $ 64 $ 284 $ (114 ) $ 170 The components of accumulated other comprehensive income, included in stockholders’ equity, are as follows: (in thousands): June 30, 2017 December 31, 2016 (unaudited) Net unrealized holding gain (loss) on available-for-sale $ 63 $ (1 ) Unrecognized benefit pertaining to defined benefit plan, net of tax 104 104 Accumulated other comprehensive income $ 167 $ 103 |
INVESTMENTS IN SECURITIES (Tabl
INVESTMENTS IN SECURITIES (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Amortized Cost Basis and Fair Value of Available for Sale and Held-to-Maturity Securities | The amortized cost basis of available-for-sale held-to-maturity June 30, 2017 December 31, 2016 Amortized Gross Gross Fair Amortized Gross Gross Fair (unaudited) Available-for-sale Corporate debt securities $ 22,013 $ 180 $ (75 ) $ 22,118 $ 22,051 $ 147 $ (150 ) $ 22,048 $ 22,013 $ 180 $ (75 ) $ 22,118 $ 22,051 $ 147 $ (150 ) $ 22,048 Held-to-maturity U.S. government sponsored mortgage-backed securities $ 122,844 $ 256 $ (1,175 ) $ 121,925 $ 112,543 $ 306 $ (1,289 ) $ 111,560 Corporate debt securities 17,680 347 — 18,027 17,654 251 — 17,905 $ 140,524 $ 603 $ (1,175 ) $ 139,952 $ 130,197 $ 557 $ (1,289 ) $ 129,465 |
Amortized Cost Basis and Estimated Fair Value of Debt Securities by Contractual Maturity | The amortized cost basis and estimated fair value of debt securities by contractual maturity at June 30, 2017 is as follows (in thousands and unaudited). Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. June 30, 2017 Available-for-Sale Held-to-Maturity Amortized Fair Amortized Fair (unaudited) (unaudited) Due within one year $ 12,762 $ 12,839 $ 7,011 $ 7,058 Due after one year through five years 4,251 4,176 5,579 5,606 Due after five years through ten years 5,000 5,103 43,570 43,555 Due after ten years — — 84,364 83,733 $ 22,013 $ 22,118 $ 140,524 $ 139,952 |
Securities with Gross Unrealized Losses Aggregated by Investment Category and Length of Time | Information pertaining to securities with gross unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous loss position is as follows (in thousands): Less than 12 Months Over 12 Months # of Fair Unrealized Fair Unrealized Holdings Value Losses Value Losses June 30, 2017 (unaudited): Available-for-sale Corporate debt securities 1 $ 4,176 $ (75 ) $ — $ — Held-to-maturity U.S. government sponsored mortgage-backed securities 67 94,102 (897 ) 12,447 (278 ) Total temporarily impaired securities 68 $ 98,278 $ (972 ) $ 12,447 $ (278 ) December 31, 2016: Available-for-sale Corporate debt securities 1 $ 4,130 $ (150 ) $ — $ — Held-to-maturity U.S. government sponsored mortgage-backed securities 57 77,474 (1,097 ) 6,518 (192 ) Total temporarily impaired securities 58 $ 81,604 $ (1,247 ) $ 6,518 $ (192 ) |
LOANS, ALLOWANCE FOR LOAN LOS21
LOANS, ALLOWANCE FOR LOAN LOSSES AND CREDIT QUALITY (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Summary of Loans | Loans consisted of the following (dollars in thousands): June 30, 2017 December 31, 2016 Amount Percent Amount Percent (unaudited) Mortgage loans: Residential one-to-four $ 1,159,603 55.97 % $ 997,336 53.34 % Commercial real estate loans (1) 558,818 26.97 491,838 26.31 Home equity lines of credit 167,853 8.10 167,465 8.96 Construction loans 81,780 3.95 89,003 4.76 Total mortgage loans 1,968,054 94.99 1,745,642 93.37 Commercial loans 60,363 2.92 63,404 3.39 Consumer loans: Indirect auto loans 42,954 2.07 60,240 3.22 Other consumer loans 419 0.02 439 0.02 103,736 5.01 124,083 6.63 Total loans 2,071,790 100.00 % 1,869,725 100.00 % Net deferred loan costs 3,477 3,622 Net unamortized mortgage premiums 7,406 6,273 Allowance for loan losses (15,089 ) (13,585 ) Total loans, net $ 2,067,584 $ 1,866,035 (1) Includes multi-family real estate loans. |
Activity in Allowance for Loan Losses by Portfolio Class and Balances of Allowance for Loan Losses and Recorded Investment in Loans by Portfolio Class | The following tables (in thousands) present the activity in the allowance for loan losses by portfolio class for the three and six months ended June 30, 2017 and 2016 (unaudited); and the balances of the allowance for loan losses and recorded investment in loans by portfolio class based on impairment method at June 30, 2017 (unaudited) and December 31, 2016. The recorded investment in loans in any of the following tables does not include accrued and unpaid interest or any deferred loan fees or costs, as amounts are not significant. Three Months Ended June 30, 2017 Beginning balance Provision (benefit) Charge-offs Recoveries Ending balance Residential one-to-four $ 5,223 $ 441 $ — $ — $ 5,664 Commercial real estate 5,250 362 — — 5,612 Construction 1,297 (144 ) — — 1,153 Commercial 713 5 — — 718 Home equity lines of credit 1,011 13 — — 1,024 Indirect auto 335 1 (9 ) 12 339 Other consumer 8 2 (4 ) 1 7 Unallocated 545 27 — — 572 Total $ 14,382 $ 707 $ (13 ) $ 13 $ 15,089 Three Months Ended June 30, 2016 Beginning balance Provision (benefit) Charge-offs Recoveries Ending balance Residential one-to-four $ 3,980 $ 175 $ — $ — $ 4,155 Commercial real estate 4,868 (58 ) — — 4,810 Construction 679 185 — — 864 Commercial 505 193 — — 698 Home equity lines of credit 1,008 30 — — 1,038 Indirect auto 554 (36 ) (28 ) 2 492 Other consumer 9 4 (4 ) 1 10 Unallocated 228 248 — — 476 Total $ 11,831 $ 741 $ (32 ) $ 3 $ 12,543 Six Months Ended June 30, 2017 Beginning balance Provision (benefit) Charge-offs Recoveries Ending balance Residential one-to-four $ 4,828 $ 836 $ — $ — $ 5,664 Commercial real estate 4,885 727 — — 5,612 Construction 1,219 (66 ) — — 1,153 Commercial 728 (10 ) — — 718 Home equity lines of credit 1,037 (13 ) — — 1,024 Indirect auto 362 1 (40 ) 16 339 Other consumer 9 6 (9 ) 1 7 Unallocated 517 55 — — 572 Total $ 13,585 $ 1,536 $ (49 ) $ 17 $ 15,089 Six Months Ended June 30, 2016 Beginning balance Provision (benefit) Charge-offs Recoveries Ending balance Residential one-to-four $ 3,574 $ 581 $ — $ — $ 4,155 Commercial real estate 4,478 332 — — 4,810 Construction 801 63 — — 864 Commercial 613 85 — — 698 Home equity lines of credit 928 110 — — 1,038 Indirect auto 623 (100 ) (42 ) 11 492 Other consumer 10 6 (8 ) 2 10 Unallocated 213 263 — — 476 Total $ 11,240 $ 1,340 $ (50 ) $ 13 $ 12,543 June 30, 2017 Individually evaluated for impairment Collectively evaluated for impairment Total Loan balance Allowance Loan balance Allowance Loan balance Allowance Residential one-to-four $ 2,989 $ 228 $ 1,156,614 $ 5,436 $ 1,159,603 $ 5,664 Commercial real estate 3,185 — 555,633 5,612 558,818 5,612 Construction — — 81,780 1,153 81,780 1,153 Commercial — — 60,363 718 60,363 718 Home equity lines of credit — — 167,853 1,024 167,853 1,024 Indirect auto — — 42,954 339 42,954 339 Other consumer — — 419 7 419 7 Unallocated — — — 572 — 572 Total $ 6,174 $ 228 $ 2,065,616 $ 14,861 $ 2,071,790 $ 15,089 December 31, 2016 Individually evaluated for impairment Collectively evaluated for impairment Total Loan balance Allowance Loan balance Allowance Loan balance Allowance Residential one-to-four $ 2,896 $ 154 $ 994,440 $ 4,674 $ 997,336 $ 4,828 Commercial real estate 3,364 — 488,474 4,885 491,838 4,885 Construction — — 89,003 1,219 89,003 1,219 Commercial — — 63,404 728 63,404 728 Home equity lines of credit 200 — 167,265 1,037 167,465 1,037 Indirect auto 15 — 60,225 362 60,240 362 Other consumer — — 439 9 439 9 Unallocated — — — 517 — 517 Total $ 6,475 $ 154 $ 1,863,250 $ 13,431 $ 1,869,725 $ 13,585 |
Information about Loans that Meet Definition of Impaired Loan | Information about loans that meet the definition of an impaired loan in ASC 310-10-35 Impaired loans with a related allowance for credit losses Recorded Unpaid Related Residential one-to-four $ 1,228 $ 1,228 $ 228 Totals $ 1,228 $ 1,228 $ 228 Impaired loans with no related allowance for credit losses Recorded Unpaid Related Residential one-to-four $ 1,761 $ 1,871 $ — Commercial real estate 3,185 3,185 — Totals $ 4,946 $ 5,056 $ — Information about loans that meet the definition of an impaired loan in ASC 310-10-35 Impaired loans with a related allowance for credit losses Recorded Unpaid Related Residential one-to-four $ 740 $ 740 $ 154 Totals $ 740 $ 740 $ 154 Impaired loans with no related allowance for credit losses Recorded Unpaid Related Residential one-to-four $ 2,156 $ 2,278 $ — Commercial real estate 3,364 3,364 — Home equity lines of credit 200 200 — Indirect auto 15 15 — Totals $ 5,735 $ 5,857 $ — |
Information regarding Interest Income Recognized on Impaired Loans | The following tables set forth information regarding interest income recognized on impaired loans, by portfolio, for the periods indicated (unaudited and in thousands): Three months ended June 30, 2017 Three months ended June 30, 2016 Average Interest Average Interest Recorded Income Recorded Income With an allowance recorded Investment Recognized Investment Recognized Residential one-to-four $ 1,229 $ 8 $ 1,400 $ 8 Commercial real estate — — 2,977 30 Totals $ 1,229 $ 8 $ 4,377 $ 38 Three months ended June 30, 2017 Three months ended June 30, 2016 Average Interest Average Interest Recorded Income Recorded Income Without an allowance recorded Investment Recognized Investment Recognized Residential one-to-four $ 1,767 $ 6 $ 2,882 $ 19 Commercial real estate 3,215 36 569 6 Home equity lines of credit 65 2 200 2 Indirect auto 7 — 15 — Totals $ 5,054 $ 44 $ 3,666 $ 27 Six months ended June 30, 2017 Six months ended June 30, 2016 Average Interest Average Interest Recorded Income Recorded Income With an allowance recorded Investment Recognized Investment Recognized Residential one-to-four $ 1,066 $ 16 $ 1,407 $ 16 Commercial real estate — — 3,783 85 Totals $ 1,066 $ 16 $ 5,190 $ 101 Six months ended June 30, 2017 Six months ended June 30, 2016 Average Interest Average Interest Recorded Income Recorded Income Without an allowance recorded Investment Recognized Investment Recognized Residential one-to-four $ 1,953 $ 9 $ 2,886 $ 39 Commercial real estate 3,260 72 596 13 Home equity lines of credit 212 13 200 4 Indirect auto 8 — 19 — Totals $ 5,433 $ 94 $ 3,701 $ 56 |
Summary of Past Due and Non-Accrual Loans | The following is a summary of past due and non-accrual June 30, 2017 (unaudited) 30–59 Days 60–89 Days 90 Days Total 90 days Loans on Non-accrual Real estate loans: Residential one-to-four $ 1,360 $ — $ 992 $ 2,352 $ — $ 1,656 Home equity lines of credit 323 — — 323 — — Other loans: Indirect auto 267 99 — 366 — — Other Consumer — 2 — 2 — — Total $ 1,950 $ 101 $ 992 $ 3,043 $ — $ 1,656 December 31, 2016 30–59 Days 60–89 Days 90 Days Total 90 days Loans on Non-accrual Real estate loans: Residential one-to-four $ — $ — $ 497 $ 497 $ — $ 1,804 Commercial real estate — — — — — — Home equity lines of credit 57 486 — 543 — — Other loans: Indirect auto 460 106 15 581 — 15 Total $ 517 $ 592 $ 512 $ 1,621 $ — $ 1,819 |
Company's Loans by Risk Rating | The following tables present the Company’s loans by risk rating at June 30, 2017 (unaudited and in thousands) and December 31, 2016 (in thousands). There were no loans rated as 6 (“doubtful”) or 7 (“loss”) at the dates indicated. June 30, 2017 Loans rated 1-3.5 Loans rated 4 Loans rated 5 Loans not rated (A) Total Residential one-to-four $ — $ 348 $ 2,354 $ 1,156,901 $ 1,159,603 Commercial real estate 554,693 — 4,125 — 558,818 Construction 81,780 — — — 81,780 Commercial 60,319 44 — — 60,363 Home equity lines of credit — — 799 167,054 167,853 Indirect auto — — — 42,954 42,954 Other consumer — — — 419 419 Total $ 696,792 $ 392 $ 7,278 $ 1,367,328 $ 2,071,790 December 31, 2016 Loans rated 1-3.5 Loans rated 4 Loans rated 5 Loans not rated (A) Total Residential one-to-four $ — $ 351 $ 2,509 $ 994,476 $ 997,336 Commercial real estate 471,491 16,032 4,315 — 491,838 Construction 89,003 — — — 89,003 Commercial 63,404 — — — 63,404 Home equity lines of credit — — 799 166,666 167,465 Indirect auto — — — 60,240 60,240 Consumer — — — 439 439 Total $ 623,898 $ 16,383 $ 7,623 $ 1,221,821 $ 1,869,725 (A) Residential real estate and home equity lines of credit are not formally risk rated by the Company unless the loans become delinquent. |
Trouble Debt Restructuring Accrual Status | The following table shows the Company’s total TDRs and other pertinent information as of the dates indicated (in thousands): June 30, 2017 December 31, 2016 (unaudited) TDRs on Accrual Status $ 4,517 $ 4,656 TDRs on Nonaccrual Status 1,162 1,442 Total TDRs $ 5,679 $ 6,098 Amount of specific allocation included in the allowance for loan losses associated with TDRs $ 154 $ 154 Additional commitments to lend to a borrower who has been a party to a TDR $ — $ — |
Troubled Debt Restructurings on Financing Receivables | The following tables show the troubled debt restructuring modifications which occurred during the periods indicated and the change in the recorded investment subsequent to the modifications occurring (dollars in thousands and unaudited): Three months ended Three months ended June 30, 2017 June 30, 2016 # of Pre-modification Post-modification # of Pre-modification Post-modification Real estate loans: Commercial real estate loans 1 $ 273 $ 273 — $ — $ — Total 1 $ 273 $ 273 — $ — $ — Six months ended Six months ended June 30, 2017 June 30, 2016 # of Pre-modification Post-modification # of Pre-modification Post-modification Real estate loans: Commercial real estate loans 1 $ 273 $ 273 — $ — $ — Total 1 $ 273 $ 273 — $ — $ — |
Post Modification of Troubled Debt Restructuring Balance | The following table shows the Company’s post-modification balance of TDRs listed by type of modification during the periods indicated (in thousands): Three months ended Three months ended (unaudited) (unaudited) Extended maturity $ 273 $ — Total $ 273 $ — Six months ended Six months ended (unaudited) (unaudited) Extended maturity $ 273 $ — Total $ 273 $ — |
Modified and subsequently defaulted | |
Post Modification of Troubled Debt Restructuring Balance | The following table shows the loans that have been modified during the past twelve months which have subsequently defaulted during the periods indicated (unaudited and in thousands except for number of contracts): For the three months ended June 30, 2017 2016 Number Recorded Number Recorded of Contracts Investment of Contracts Investment Real estate loans: Residential one-to-four — $ — 1 $ 497 Total — $ — 1 $ 497 For the six months ended June 30, 2017 2016 Number Recorded Number Recorded of Contracts Investment of Contracts Investment Real estate loans: Residential one-to-four — $ — 1 $ 497 Total — $ — 1 $ 497 |
TRANSFERS AND SERVICING (Tables
TRANSFERS AND SERVICING (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Changes in Mortgage Servicing Rights | Changes in mortgage servicing rights, which are included in other assets, were as follows (in thousands): Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 (unaudited) (unaudited) Balance at beginning of period $ 414 $ 466 $ 403 $ 479 Capitalization 180 29 185 46 Amortization (27 ) (24 ) (51 ) (45 ) Valuation allowance adjustment 17 (14 ) 47 (23 ) Balance at end of period $ 584 $ 457 $ 584 $ 457 |
PLEDGED ASSETS (Tables)
PLEDGED ASSETS (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Securities and Loans Pledged to Secure Securities Sold Under Agreements to Repurchase, Federal Home Loan Bank ("FHLB") Advances and Credit Facilities Available | The following securities and loans were pledged to secure securities sold under agreements to repurchase, Federal Home Loan Bank (“FHLB”) advances and credit facilities available (in thousands). Securities held to Loans Total pledged June 30, 2017 (unaudited) Repurchase agreements $ 4,218 $ — $ 4,218 FHLB borrowings 32,698 1,243,309 1,276,007 Federal Reserve Bank line of credit 15,759 — 15,759 Total pledged assets $ 52,675 $ 1,243,309 $ 1,295,984 Securities held to Loans Total pledged December 31, 2016 Repurchase agreements $ 4,721 $ — $ 4,721 FHLB borrowings 37,561 1,132,476 1,170,037 Federal Reserve Bank line of credit 15,739 — 15,739 Total pledged assets $ 58,021 $ 1,132,476 $ 1,190,497 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Components of Earning Per Share | Earnings per share consisted of the following components for the periods indicated (unaudited and dollars in thousands except per share data): Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Net income $ 4,012 $ 2,952 $ 7,678 $ 5,491 Undistributed earnings attributable to participating securities (33 ) (49 ) (64 ) (92 ) Net income allocated to common stockholders $ 3,979 $ 2,903 $ 7,614 $ 5,399 Weighted average shares outstanding, basic 8,754,917 8,560,039 8,715,635 8,555,212 Effect of dilutive shares 429,742 266,700 415,744 260,623 Weighted average shares outstanding, assuming dilution 9,184,659 8,826,739 9,131,379 8,815,835 Basic EPS $ 0.45 $ 0.34 $ 0.87 $ 0.63 Effect of dilutive shares (0.02 ) (0.01 ) (0.04 ) (0.02 ) Diluted EPS $ 0.43 $ 0.33 $ 0.83 $ 0.61 |
Options Excluded from Computation of EPS | The following table illustrates average options to purchase shares of common stock that were outstanding but not included in the computation of EPS because they were antidilutive under the treasury stock method (unaudited): Three months ended Six months ended June 30, June 30, 2017 2016 2017 2016 Stock options — 27,500 — 18,434 |
STOCK BASED COMPENSATION (Table
STOCK BASED COMPENSATION (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Pre-Tax Expense Associated with Stock Option and Restricted Stock Awards and Related Tax Benefits Recognized | The following table presents the pre-tax Three months ended Six months ended June 30, June 30, 2017 2016 2017 2016 Stock options $ 196 $ 198 $ 385 $ 387 Restricted stock awards 539 215 807 425 Total stock based compensation expense $ 735 $ 413 $ 1,192 $ 812 Related tax benefits recognized in earnings $ 254 $ 122 $ 397 $ 241 |
Compensation Cost Related to Non-Vested Awards not Yet Recognized and Weighted Average Recognition Period | Total compensation cost related to non-vested As of June 30, 2017 As of December 31, 2016 (unaudited) Weighted Weighted Amount average period Amount average period Stock options $ 456 1.29 $ 819 1.48 Restricted stock 11,522 9.41 772 0.97 Total $ 11,978 $ 1,591 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Summary of Financial Assets Measured at Fair Value on Recurring Basis | The following table summarizes financial assets measured at fair value on a recurring basis as of June 30, 2017 and December 31, 2016, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (in thousands): Level 1 Level 2 Level 3 Total At June 30, 2017 (unaudited) Securities available-for-sale Corporate debt securities $ — $ 22,118 $ — $ 22,118 Trading securities Rabbi trust investments 2,710 — — 2,710 Totals $ 2,710 $ 22,118 $ — $ 24,828 Level 1 Level 2 Level 3 Total At December 31, 2016 Securities available-for-sale Corporate debt securities $ — $ 22,048 $ — $ 22,048 Trading securities Rabbi trust investments 2,606 — — 2,606 Totals $ 2,606 $ 22,048 $ — $ 24,654 |
Summary of Valuation Methodology and Unobservable Inputs for Level 3 Assets Measured at Fair Value on Nonrecurring Basis | The following table presents the valuation methodology and unobservable inputs for level 3 assets measured at fair value on a nonrecurring basis at June 30, 2017 (unaudited and in thousands): Fair Value Valuation Methodology Unobservable input Discount Range (Weighted-Average) June 30, 2017 Collateral-dependent impaired loans: Specifically reserved $ 421 Market approach appraisal of collateral Management adjustment of appraisal 30 % (30 %) Estimate selling costs 5 % (5 %) |
Schedule of Estimated Fair Values and Related Carrying or Notional Amounts of Financial Instruments | The estimated fair values, and related carrying or notional amounts, of the Company’s financial instruments are as follows (in thousands): June 30, 2017 Carrying Fair Level 1 Level 2 Level 3 (unaudited) Financial assets: Cash and cash equivalents $ 52,041 $ 52,041 $ 52,041 $ — $ — Interest-bearing time deposits with other banks 235 235 — 235 — Held-to-maturity 140,524 139,952 — 139,952 — Federal Home Loan Bank stock 30,428 30,428 — 30,428 — Loans, net 2,067,584 2,043,708 — — 2,043,708 Accrued interest receivable 5,115 5,115 5,115 — — Bank-owned life insurance 36,393 36,393 — 36,393 — Financial liabilities: Deposits 1,610,815 1,610,771 1,196,752 414,019 — Federal Home Loan Bank advances 567,250 566,950 — 566,950 — Securities sold under agreements to repurchase 3,030 3,030 — 3,030 — Accrued interest payable 1,293 1,293 1,293 — — Mortgagors’ escrow accounts 4,167 4,167 — 4,167 — December 31, 2016 Carrying Fair Amount Value Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 58,876 $ 58,876 $ 58,876 $ — $ — Interest-bearing time deposits with other banks 234 233 — 233 — Held-to-maturity 130,197 129,465 — 129,465 — Federal Home Loan Bank stock 25,071 25,071 — 25,071 — Loans, net 1,866,035 1,837,068 — — 1,837,068 Accrued interest receivable 4,635 4,635 4,635 — — Bank-owned life insurance 35,842 35,842 — 35,842 — Financial liabilities: Deposits 1,469,422 1,469,906 1,133,821 336,085 — Federal Home Loan Bank advances 508,850 507,773 — 507,773 — Securities sold under agreements to repurchase 1,985 1,985 — 1,985 — Accrued interest payable 1,023 1,023 1,023 — — Mortgagors’ escrow accounts 3,341 3,341 — 3,341 — |
Impaired Loans | |
Fair Value of Assets Measured on Nonrecurring Basis | The following table (in thousands) presents certain impaired loans that were re-measured June 30, 2017 Level 1 Level 2 Level 3 Impaired loans $ — $ — $ 421 Totals $ — $ — $ 421 December 31, 2016 Level 1 Level 2 Level 3 Impaired loans $ — $ — $ — Totals $ — $ — $ — |
Non-financial Assets | |
Fair Value of Assets Measured on Nonrecurring Basis | The following table (in thousands) presents the non-financial re-measured June 30, 2017 Level 1 Level 2 Level 3 (unaudited) Mortgage servicing rights $ — $ — $ 584 Totals $ — $ — $ 584 December 31, 2016 Level 1 Level 2 Level 3 Mortgage servicing rights $ — $ — $ 403 Totals $ — $ — $ 403 |
OTHER COMPREHENSIVE (LOSS) IN27
OTHER COMPREHENSIVE (LOSS) INCOME (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Schedules of Other Comprehensive (Loss) Income | The following table presents a reconciliation of the changes in the components of other comprehensive (loss) income for the dates indicated, including the amount of income tax expense allocated to each component of other comprehensive (loss) income: Three months ended June 30, 2017 Three months ended June 30, 2016 (unaudited and in thousands) (unaudited and in thousands) Pre Tax Tax After Tax Pre Tax Tax After Tax Amount Benefit Amount Amount Expense Amount Securities available-for-sale: Change in fair value of securities available-for-sale $ (5 ) $ 2 $ (3 ) $ 156 $ (62 ) $ 94 Total other comprehensive (loss) income $ (5 ) $ 2 $ (3 ) $ 156 $ (62 ) $ 94 Six months ended June 30, 2017 Six months ended June 30, 2016 (unaudited and in thousands) (unaudited and in thousands) Pre Tax Tax After Tax Pre Tax Tax After Tax Amount Expense Amount Amount Expense Amount Securities available-for-sale: Change in fair value of securities available-for-sale $ 108 $ (44 ) $ 64 $ 284 $ (114 ) $ 170 Total other comprehensive income $ 108 $ (44 ) $ 64 $ 284 $ (114 ) $ 170 |
Components of Accumulated Other Comprehensive Income, included in Stockholders' Equity | The components of accumulated other comprehensive income, included in stockholders’ equity, are as follows: (in thousands): June 30, 2017 December 31, 2016 (unaudited) Net unrealized holding gain (loss) on available-for-sale $ 63 $ (1 ) Unrecognized benefit pertaining to defined benefit plan, net of tax 104 104 Accumulated other comprehensive income $ 167 $ 103 |
Recent Accounting Standards U28
Recent Accounting Standards Updates - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2017 | Jun. 30, 2016 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Excess tax benefits from stock-based compensation | $ 54 | ||
ASU 2016-09 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Excess tax benefits from stock-based compensation | $ 718 | $ 781 |
Amortized Cost Basis of Availab
Amortized Cost Basis of Available for Sale and Held-to-Maturity Securities (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | $ 22,013 | $ 22,051 |
Available-for-sale Securities, Gross Unrealized Gains | 180 | 147 |
Available-for-sale Securities, Gross Unrealized Losses | (75) | (150) |
Available-for-sale Securities, Fair Value | 22,118 | 22,048 |
Held-to-maturity securities, Amortized Cost Basis | 140,524 | 130,197 |
Held-to-maturity securities, Gross Unrealized Gains | 603 | 557 |
Held-to-maturity securities, Gross Unrealized Losses | (1,175) | (1,289) |
Held-to-maturity securities, Fair Value | 139,952 | 129,465 |
Corporate debt securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 22,013 | 22,051 |
Available-for-sale Securities, Gross Unrealized Gains | 180 | 147 |
Available-for-sale Securities, Gross Unrealized Losses | (75) | (150) |
Available-for-sale Securities, Fair Value | 22,118 | 22,048 |
Held-to-maturity securities, Amortized Cost Basis | 17,680 | 17,654 |
Held-to-maturity securities, Gross Unrealized Gains | 347 | 251 |
Held-to-maturity securities, Fair Value | 18,027 | 17,905 |
U.S. government sponsored mortgage-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Held-to-maturity securities, Amortized Cost Basis | 122,844 | 112,543 |
Held-to-maturity securities, Gross Unrealized Gains | 256 | 306 |
Held-to-maturity securities, Gross Unrealized Losses | (1,175) | (1,289) |
Held-to-maturity securities, Fair Value | $ 121,925 | $ 111,560 |
Amortized Cost Basis and Estima
Amortized Cost Basis and Estimated Fair Value of Debt Securities by Contractual Maturity (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Due within one year, Available-for-sale Securities, Amortized Cost Basis | $ 12,762 | |
Due after one year through five years, Available-for-sale Securities, Amortized Cost Basis | 4,251 | |
Due after five years through ten years, Available-for-sale Securities, Amortized Cost Basis | 5,000 | |
Due after ten years, Available-for-sale Securities, Amortized Cost Basis | 0 | |
Available-for-sale Securities, Amortized Cost Basis | 22,013 | $ 22,051 |
Due within one year, Available-for-sale Securities, Fair Value | 12,839 | |
Due after one year through five years, Available-for-sale Securities, Fair Value | 4,176 | |
Due after five years through ten years, Available-for-sale Securities, Fair Value | 5,103 | |
Due after ten years, Available-for-sale Securities, Fair Value | 0 | |
Available-for-sale Securities, Fair Value | 22,118 | 22,048 |
Due within one year, Held-to-Maturity, Amortized Cost Basis | 7,011 | |
Due after one year through five years, Held-to-Maturity, Amortized Cost Basis | 5,579 | |
Due after five years through ten years, Held-to-Maturity, Amortized Cost Basis | 43,570 | |
Due after ten years, Held-to-Maturity, Amortized Cost Basis | 84,364 | |
Held-to-maturity securities, Amortized Cost Basis | 140,524 | 130,197 |
Due within one year, Held-to-Maturity, Fair Value | 7,058 | |
Due after one year through five years, Held-to-Maturity, Fair Value | 5,606 | |
Due after five years through ten years, Held-to-Maturity, Fair Value | 43,555 | |
Due after ten years, Held-to-Maturity, Fair Value | 83,733 | |
Held-to-Maturity, Fair Value | $ 139,952 | $ 129,465 |
Investments in Securities - Add
Investments in Securities - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017USD ($)Entity | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($)Entity | Jun. 30, 2016USD ($) | Dec. 31, 2016USD ($)Entity | |
Investment Securities [Line Items] | |||||
Proceeds from sales of available-for-sale securities | $ 0 | $ 0 | |||
Number of securities that had unrealized losses | Entity | 68 | 68 | 58 | ||
Securities that had unrealized losses, aggregate depreciation percentage | 1.12% | 1.12% | 1.61% | ||
Rabbi Trust | |||||
Investment Securities [Line Items] | |||||
Trading securities, fair value | $ 2,700,000 | $ 2,700,000 | $ 2,600,000 | ||
Trading securities, unrealized holding gain (loss) | $ 38,000 | $ 13,000 | $ 83,000 | $ 14,000 |
Securities with Gross Unrealize
Securities with Gross Unrealized Losses Aggregated by Investment Category and Length of Time (Detail) $ in Thousands | Jun. 30, 2017USD ($)Entity | Dec. 31, 2016USD ($)Entity |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Number of Holdings | Entity | 68 | 58 |
Less than 12 Months, Fair Value | $ 98,278 | $ 81,604 |
Less than 12 Months, Unrealized Losses | (972) | (1,247) |
12 Months or longer, Fair Value | 12,447 | 6,518 |
12 Months or longer, Unrealized Losses | $ (278) | $ (192) |
Corporate debt securities | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Number of Holdings | Entity | 1 | 1 |
Available-for-sale, Less than 12 Months, Fair Value | $ 4,176 | $ 4,130 |
Available-for-sale, Less than 12 Months, Unrealized Losses | (75) | (150) |
Available-for-sale, 12 Months or longer, Fair Value | 0 | 0 |
Available-for-sale, 12 Months or longer, Unrealized Losses | $ 0 | $ 0 |
U.S. government sponsored mortgage-backed securities | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Number of Holdings | Entity | 67 | 57 |
Held-to-maturity, Less than 12 Months, Fair Value | $ 94,102 | $ 77,474 |
Held-to-maturity, Less than 12 Months, Unrealized Losses | (897) | (1,097) |
Held-to-maturity, 12 Months or longer, Fair Value | 12,447 | 6,518 |
Held-to-maturity, 12 Months or longer, Unrealized Losses | $ (278) | $ (192) |
Loans, Allowance for Loan Los33
Loans, Allowance for Loan Losses and Credit Quality - Additional Information (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2017USD ($)Contract | Jun. 30, 2016USD ($)Contract | Jun. 30, 2017USD ($)Contract | Jun. 30, 2016USD ($)Contract | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Due days of accrual of interest on all loans | 90 days | |||||||
Originate loans with a loan-to-value | 80.00% | 80.00% | ||||||
Loans, allowance for loan losses | $ 15,089 | $ 12,543 | $ 15,089 | $ 12,543 | $ 14,382 | $ 13,585 | $ 11,831 | $ 11,240 |
Troubled debt restructurings | 5,679 | 5,679 | 6,098 | |||||
Unallocated | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Loans, allowance for loan losses | $ 572 | $ 476 | $ 572 | $ 476 | $ 545 | 517 | $ 228 | $ 213 |
Financing Receivable Troubled Debt Restructurings | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Number of financing receivables modified by troubled debt restructurings | Contract | 1 | 0 | 1 | 0 | ||||
Residential one-to-four family | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Consumer mortgage loans in the process of foreclosure amount | $ 497 | $ 497 | $ 497 |
Summary of Loans (Detail)
Summary of Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Total Loans Balance | $ 2,071,790 | $ 1,869,725 | |||||
Net deferred loan costs | 3,477 | 3,622 | |||||
Net unamortized mortgage premiums | 7,406 | 6,273 | |||||
Allowance for loan losses | (15,089) | $ (14,382) | (13,585) | $ (12,543) | $ (11,831) | $ (11,240) | |
Total loans, net | $ 2,067,584 | $ 1,866,035 | |||||
Commercial and consumer gross percent | 5.01% | 6.63% | |||||
Total loans, Percent | 100.00% | 100.00% | |||||
Mortgage Loan Portfolio Segment | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Total Loans Balance | $ 1,968,054 | $ 1,745,642 | |||||
Mortgage loans on real estate percent | 94.99% | 93.37% | |||||
Mortgage Loan Portfolio Segment | Real Estate Loan | Residential one-to-four family | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Total Loans Balance | $ 1,159,603 | $ 997,336 | |||||
Mortgage loans on real estate percent | 55.97% | 53.34% | |||||
Allowance for loan losses | $ (5,664) | (5,223) | $ (4,828) | (4,155) | (3,980) | (3,574) | |
Mortgage Loan Portfolio Segment | Real Estate Loan | Commercial real estate loans | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Total Loans Balance | [1] | $ 558,818 | $ 491,838 | ||||
Mortgage loans on real estate percent | [1] | 26.97% | 26.31% | ||||
Allowance for loan losses | $ (5,612) | (5,250) | $ (4,885) | (4,810) | (4,868) | (4,478) | |
Mortgage Loan Portfolio Segment | Home equity lines of credit | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Total Loans Balance | $ 167,853 | $ 167,465 | |||||
Mortgage loans on real estate percent | 8.10% | 8.96% | |||||
Allowance for loan losses | $ (1,024) | (1,011) | $ (1,037) | (1,038) | (1,008) | (928) | |
Mortgage Loan Portfolio Segment | Construction loans | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Total Loans Balance | $ 81,780 | $ 89,003 | |||||
Mortgage loans on real estate percent | 3.95% | 4.76% | |||||
Allowance for loan losses | $ (1,153) | (1,297) | $ (1,219) | (864) | (679) | (801) | |
Commercial Portfolio Segment | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Total Loans Balance | 60,363 | 63,404 | |||||
Allowance for loan losses | $ (718) | (713) | $ (728) | (698) | (505) | (613) | |
Commercial loans, percentage | 2.92% | 3.39% | |||||
Consumer Portfolio Segment | Indirect auto loans | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Total Loans Balance | $ 42,954 | $ 60,240 | |||||
consumer loans, percent | 2.07% | 3.22% | |||||
Allowance for loan losses | $ (339) | (335) | $ (362) | (492) | (554) | (623) | |
Consumer Portfolio Segment | Other Consumer Loan | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Total Loans Balance | $ 419 | $ 439 | |||||
consumer loans, percent | 0.02% | 0.02% | |||||
Allowance for loan losses | $ (7) | $ (8) | $ (9) | $ (10) | $ (9) | $ (10) | |
Commercial and Consumer Loan | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Total Loans Balance | $ 103,736 | $ 124,083 | |||||
[1] | Includes multi-family real estate loans. |
Allowance for Loan Losses by Po
Allowance for Loan Losses by Portfolio Class (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | $ 14,382 | $ 11,831 | $ 13,585 | $ 11,240 |
Provision (benefit) | 707 | 741 | 1,536 | 1,340 |
Charge-offs | (13) | (32) | (49) | (50) |
Recoveries | 13 | 3 | 17 | 13 |
Ending Balance | 15,089 | 12,543 | 15,089 | 12,543 |
Mortgage Loan Portfolio Segment | Real Estate Loan | Residential one-to-four family | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 5,223 | 3,980 | 4,828 | 3,574 |
Provision (benefit) | 441 | 175 | 836 | 581 |
Ending Balance | 5,664 | 4,155 | 5,664 | 4,155 |
Mortgage Loan Portfolio Segment | Real Estate Loan | Commercial real estate loans | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 5,250 | 4,868 | 4,885 | 4,478 |
Provision (benefit) | 362 | (58) | 727 | 332 |
Ending Balance | 5,612 | 4,810 | 5,612 | 4,810 |
Mortgage Loan Portfolio Segment | Construction loans | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 1,297 | 679 | 1,219 | 801 |
Provision (benefit) | (144) | 185 | (66) | 63 |
Ending Balance | 1,153 | 864 | 1,153 | 864 |
Mortgage Loan Portfolio Segment | Home equity lines of credit | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 1,011 | 1,008 | 1,037 | 928 |
Provision (benefit) | 13 | 30 | (13) | 110 |
Ending Balance | 1,024 | 1,038 | 1,024 | 1,038 |
Commercial Portfolio Segment | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 713 | 505 | 728 | 613 |
Provision (benefit) | 5 | 193 | (10) | 85 |
Ending Balance | 718 | 698 | 718 | 698 |
Consumer Portfolio Segment | Indirect auto loans | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 335 | 554 | 362 | 623 |
Provision (benefit) | 1 | (36) | 1 | (100) |
Charge-offs | (9) | (28) | (40) | (42) |
Recoveries | 12 | 2 | 16 | 11 |
Ending Balance | 339 | 492 | 339 | 492 |
Consumer Portfolio Segment | Other Consumer Loan | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 8 | 9 | 9 | 10 |
Provision (benefit) | 2 | 4 | 6 | 6 |
Charge-offs | (4) | (4) | (9) | (8) |
Recoveries | 1 | 1 | 1 | 2 |
Ending Balance | 7 | 10 | 7 | 10 |
Unallocated | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 545 | 228 | 517 | 213 |
Provision (benefit) | 27 | 248 | 55 | 263 |
Ending Balance | $ 572 | $ 476 | $ 572 | $ 476 |
Individually Impaired Loans by
Individually Impaired Loans by Class of Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Individually evaluated for impairment, Loan Balance | $ 6,174 | $ 6,475 | |||||
Individually evaluated for impairment, Loan allowance | 228 | 154 | |||||
Collectively evaluated for impairment, Loan Balance | 2,065,616 | 1,863,250 | |||||
Collectively evaluated for impairment, Loan allowance | 14,861 | 13,431 | |||||
Total Loan Balance | 2,071,790 | 1,869,725 | |||||
Total Loan, allowance | 15,089 | $ 14,382 | 13,585 | $ 12,543 | $ 11,831 | $ 11,240 | |
Mortgage Loan Portfolio Segment | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Total Loan Balance | 1,968,054 | 1,745,642 | |||||
Mortgage Loan Portfolio Segment | Real Estate Loan | Residential one-to-four family | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Individually evaluated for impairment, Loan Balance | 2,989 | 2,896 | |||||
Individually evaluated for impairment, Loan allowance | 228 | 154 | |||||
Collectively evaluated for impairment, Loan Balance | 1,156,614 | 994,440 | |||||
Collectively evaluated for impairment, Loan allowance | 5,436 | 4,674 | |||||
Total Loan Balance | 1,159,603 | 997,336 | |||||
Total Loan, allowance | 5,664 | 5,223 | 4,828 | 4,155 | 3,980 | 3,574 | |
Mortgage Loan Portfolio Segment | Real Estate Loan | Commercial real estate loans | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Individually evaluated for impairment, Loan Balance | 3,185 | 3,364 | |||||
Collectively evaluated for impairment, Loan Balance | 555,633 | 488,474 | |||||
Collectively evaluated for impairment, Loan allowance | 5,612 | 4,885 | |||||
Total Loan Balance | [1] | 558,818 | 491,838 | ||||
Total Loan, allowance | 5,612 | 5,250 | 4,885 | 4,810 | 4,868 | 4,478 | |
Mortgage Loan Portfolio Segment | Construction loans | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Collectively evaluated for impairment, Loan Balance | 81,780 | 89,003 | |||||
Collectively evaluated for impairment, Loan allowance | 1,153 | 1,219 | |||||
Total Loan Balance | 81,780 | 89,003 | |||||
Total Loan, allowance | 1,153 | 1,297 | 1,219 | 864 | 679 | 801 | |
Mortgage Loan Portfolio Segment | Home equity lines of credit | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Individually evaluated for impairment, Loan Balance | 200 | ||||||
Collectively evaluated for impairment, Loan Balance | 167,853 | 167,265 | |||||
Collectively evaluated for impairment, Loan allowance | 1,024 | 1,037 | |||||
Total Loan Balance | 167,853 | 167,465 | |||||
Total Loan, allowance | 1,024 | 1,011 | 1,037 | 1,038 | 1,008 | 928 | |
Commercial Portfolio Segment | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Collectively evaluated for impairment, Loan Balance | 60,363 | 63,404 | |||||
Collectively evaluated for impairment, Loan allowance | 718 | 728 | |||||
Total Loan Balance | 60,363 | 63,404 | |||||
Total Loan, allowance | 718 | 713 | 728 | 698 | 505 | 613 | |
Consumer Portfolio Segment | Indirect auto loans | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Individually evaluated for impairment, Loan Balance | 15 | ||||||
Collectively evaluated for impairment, Loan Balance | 42,954 | 60,225 | |||||
Collectively evaluated for impairment, Loan allowance | 339 | 362 | |||||
Total Loan Balance | 42,954 | 60,240 | |||||
Total Loan, allowance | 339 | 335 | 362 | 492 | 554 | 623 | |
Consumer Portfolio Segment | Other Consumer Loan | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Collectively evaluated for impairment, Loan Balance | 419 | 439 | |||||
Collectively evaluated for impairment, Loan allowance | 7 | 9 | |||||
Total Loan Balance | 419 | 439 | |||||
Total Loan, allowance | 7 | 8 | 9 | 10 | 9 | 10 | |
Unallocated | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Collectively evaluated for impairment, Loan allowance | 572 | 517 | |||||
Total Loan, allowance | $ 572 | $ 545 | $ 517 | $ 476 | $ 228 | $ 213 | |
[1] | Includes multi-family real estate loans. |
Impaired Loans (Detail)
Impaired Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Impaired loans with a related allowance for credit losses at, Recorded Investment | $ 1,228 | $ 1,228 | $ 740 | ||
Impaired loans with a related allowance for credit losses at, Unpaid Principal Balance | 1,228 | 1,228 | 740 | ||
Impaired loans with a related allowance for credit losses at, Specific Allowance | 228 | 228 | 154 | ||
Impaired loans with no related allowance for credit losses, Recorded Investment | 4,946 | 4,946 | 5,735 | ||
Impaired loans with no related allowance for credit losses, Unpaid Principal Balance | 5,056 | 5,056 | 5,857 | ||
Impaired loans with no related allowance for credit losses at, Specific Allowance | 0 | 0 | 0 | ||
Impaired loans with a related allowance for credit losses, Average recorded Investment | 1,229 | $ 4,377 | 1,066 | $ 5,190 | |
Impaired loans with a related allowance for credit losses, Income Recognized | 8 | 38 | 16 | 101 | |
Impaired loans with no related allowance for credit losses, Average recorded Investment | 5,054 | 3,666 | 5,433 | 3,701 | |
Impaired loans with no related allowance for credit losses, Interest income recognized | 44 | 27 | 94 | 56 | |
Mortgage Loan Portfolio Segment | Real Estate Loan | Residential one-to-four family | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Impaired loans with a related allowance for credit losses at, Recorded Investment | 1,228 | 1,228 | 740 | ||
Impaired loans with a related allowance for credit losses at, Unpaid Principal Balance | 1,228 | 1,228 | 740 | ||
Impaired loans with a related allowance for credit losses at, Specific Allowance | 228 | 228 | 154 | ||
Impaired loans with no related allowance for credit losses, Recorded Investment | 1,761 | 1,761 | 2,156 | ||
Impaired loans with no related allowance for credit losses, Unpaid Principal Balance | 1,871 | 1,871 | 2,278 | ||
Impaired loans with no related allowance for credit losses at, Specific Allowance | 0 | 0 | 0 | ||
Impaired loans with a related allowance for credit losses, Average recorded Investment | 1,229 | 1,400 | 1,066 | 1,407 | |
Impaired loans with a related allowance for credit losses, Income Recognized | 8 | 8 | 16 | 16 | |
Impaired loans with no related allowance for credit losses, Average recorded Investment | 1,767 | 2,882 | 1,953 | 2,886 | |
Impaired loans with no related allowance for credit losses, Interest income recognized | 6 | 19 | 9 | 39 | |
Mortgage Loan Portfolio Segment | Real Estate Loan | Commercial real estate loans | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Impaired loans with no related allowance for credit losses, Recorded Investment | 3,185 | 3,185 | 3,364 | ||
Impaired loans with no related allowance for credit losses, Unpaid Principal Balance | 3,185 | 3,185 | 3,364 | ||
Impaired loans with no related allowance for credit losses at, Specific Allowance | 0 | 0 | 0 | ||
Impaired loans with a related allowance for credit losses, Average recorded Investment | 2,977 | 3,783 | |||
Impaired loans with a related allowance for credit losses, Income Recognized | 30 | 85 | |||
Impaired loans with no related allowance for credit losses, Average recorded Investment | 3,215 | 569 | 3,260 | 596 | |
Impaired loans with no related allowance for credit losses, Interest income recognized | 36 | 6 | 72 | 13 | |
Mortgage Loan Portfolio Segment | Home equity lines of credit | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Impaired loans with no related allowance for credit losses, Recorded Investment | 200 | ||||
Impaired loans with no related allowance for credit losses, Unpaid Principal Balance | 200 | ||||
Impaired loans with no related allowance for credit losses at, Specific Allowance | 0 | ||||
Impaired loans with no related allowance for credit losses, Average recorded Investment | 65 | 200 | 212 | 200 | |
Impaired loans with no related allowance for credit losses, Interest income recognized | 2 | 2 | 13 | 4 | |
Consumer Portfolio Segment | Indirect auto loans | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Impaired loans with no related allowance for credit losses, Recorded Investment | 15 | ||||
Impaired loans with no related allowance for credit losses, Unpaid Principal Balance | 15 | ||||
Impaired loans with no related allowance for credit losses at, Specific Allowance | $ 0 | ||||
Impaired loans with no related allowance for credit losses, Average recorded Investment | $ 7 | $ 15 | $ 8 | $ 19 |
Past Due and Non-Accrual Loans
Past Due and Non-Accrual Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Days Past Due | $ 3,043 | $ 1,621 |
90 days or more and accruing | 0 | 0 |
Loans on Non-accrual | 1,656 | 1,819 |
Mortgage Loan Portfolio Segment | Real Estate Loan | Residential one-to-four family | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Days Past Due | 2,352 | 497 |
90 days or more and accruing | 0 | 0 |
Loans on Non-accrual | 1,656 | 1,804 |
Mortgage Loan Portfolio Segment | Real Estate Loan | Commercial real estate loans | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
90 days or more and accruing | 0 | |
Mortgage Loan Portfolio Segment | Home equity lines of credit | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Days Past Due | 323 | 543 |
90 days or more and accruing | 0 | 0 |
Consumer Portfolio Segment | Indirect auto loans | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Days Past Due | 366 | 581 |
90 days or more and accruing | 0 | 0 |
Loans on Non-accrual | 15 | |
Consumer Portfolio Segment | Other Consumer Loan | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Days Past Due | 2 | |
90 days or more and accruing | 0 | |
30-59 Days | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Days Past Due | 1,950 | 517 |
30-59 Days | Mortgage Loan Portfolio Segment | Real Estate Loan | Residential one-to-four family | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Days Past Due | 1,360 | |
30-59 Days | Mortgage Loan Portfolio Segment | Home equity lines of credit | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Days Past Due | 323 | 57 |
30-59 Days | Consumer Portfolio Segment | Indirect auto loans | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Days Past Due | 267 | 460 |
60-89 Days | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Days Past Due | 101 | 592 |
60-89 Days | Mortgage Loan Portfolio Segment | Home equity lines of credit | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Days Past Due | 486 | |
60-89 Days | Consumer Portfolio Segment | Indirect auto loans | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Days Past Due | 99 | 106 |
60-89 Days | Consumer Portfolio Segment | Other Consumer Loan | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Days Past Due | 2 | |
Loans 90 Days Or More Past Due | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Days Past Due | 992 | 512 |
Loans 90 Days Or More Past Due | Mortgage Loan Portfolio Segment | Real Estate Loan | Residential one-to-four family | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Days Past Due | $ 992 | 497 |
Loans 90 Days Or More Past Due | Consumer Portfolio Segment | Indirect auto loans | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Days Past Due | $ 15 |
Loans Classified by Risk Rating
Loans Classified by Risk Rating (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | |
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Balance | $ 2,071,790 | $ 1,869,725 | |
Mortgage Loan Portfolio Segment | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Balance | 1,968,054 | 1,745,642 | |
Mortgage Loan Portfolio Segment | Real Estate Loan | Residential one-to-four family | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Balance | 1,159,603 | 997,336 | |
Mortgage Loan Portfolio Segment | Real Estate Loan | Commercial real estate loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Balance | [1] | 558,818 | 491,838 |
Mortgage Loan Portfolio Segment | Construction loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Balance | 81,780 | 89,003 | |
Mortgage Loan Portfolio Segment | Home equity lines of credit | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Balance | 167,853 | 167,465 | |
Commercial Portfolio Segment | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Balance | 60,363 | 63,404 | |
Consumer Portfolio Segment | Indirect auto loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Balance | 42,954 | 60,240 | |
Consumer Portfolio Segment | Other Consumer Loan | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Balance | 419 | 439 | |
Loans rated 1-3.5 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Balance | 696,792 | 623,898 | |
Loans rated 1-3.5 | Mortgage Loan Portfolio Segment | Real Estate Loan | Commercial real estate loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Balance | 554,693 | 471,491 | |
Loans rated 1-3.5 | Mortgage Loan Portfolio Segment | Construction loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Balance | 81,780 | 89,003 | |
Loans rated 1-3.5 | Commercial Portfolio Segment | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Balance | 60,319 | 63,404 | |
Loans rated 4 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Balance | 392 | 16,383 | |
Loans rated 4 | Mortgage Loan Portfolio Segment | Real Estate Loan | Residential one-to-four family | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Balance | 348 | 351 | |
Loans rated 4 | Mortgage Loan Portfolio Segment | Real Estate Loan | Commercial real estate loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Balance | 16,032 | ||
Loans rated 4 | Commercial Portfolio Segment | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Balance | 44 | ||
Loans rated 5 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Balance | 7,278 | 7,623 | |
Loans rated 5 | Mortgage Loan Portfolio Segment | Real Estate Loan | Residential one-to-four family | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Balance | 2,354 | 2,509 | |
Loans rated 5 | Mortgage Loan Portfolio Segment | Real Estate Loan | Commercial real estate loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Balance | 4,125 | 4,315 | |
Loans rated 5 | Mortgage Loan Portfolio Segment | Home equity lines of credit | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Balance | 799 | 799 | |
Loans not rated | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Balance | [2] | 1,367,328 | 1,221,821 |
Loans not rated | Mortgage Loan Portfolio Segment | Real Estate Loan | Residential one-to-four family | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Balance | [2] | 1,156,901 | 994,476 |
Loans not rated | Mortgage Loan Portfolio Segment | Home equity lines of credit | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Balance | [2] | 167,054 | 166,666 |
Loans not rated | Consumer Portfolio Segment | Indirect auto loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Balance | [2] | 42,954 | 60,240 |
Loans not rated | Consumer Portfolio Segment | Other Consumer Loan | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Balance | [2] | $ 419 | $ 439 |
[1] | Includes multi-family real estate loans. | ||
[2] | Residential real estate and home equity lines of credit are not formally risk rated by the Company unless the loans become delinquent. |
Troubled Debt Restructuring Acc
Troubled Debt Restructuring Accrual Status (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total TDRs | $ 5,679 | $ 6,098 |
Amount of specific allocation included in the allowance for loan losses associated with TDRs | 154 | 154 |
Additional commitments to lend to a borrower who has been a party to a TDR | 0 | 0 |
Accrual Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total TDRs | 4,517 | 4,656 |
Non-accrual Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total TDRs | $ 1,162 | $ 1,442 |
Troubled Debt Restructurings on
Troubled Debt Restructurings on Financing Receivables (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2017USD ($)Contract | Jun. 30, 2017USD ($)Contract | |
Financing Receivable, Modifications [Line Items] | ||
Post-modification outstanding recorded investment | $ 273 | $ 273 |
Mortgage Loan Portfolio Segment | Real Estate Loan | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 1 | 1 |
Pre-modification outstanding recorded investment | $ 273 | $ 273 |
Post-modification outstanding recorded investment | $ 273 | $ 273 |
Mortgage Loan Portfolio Segment | Real Estate Loan | Commercial real estate loans | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 1 | 1 |
Pre-modification outstanding recorded investment | $ 273 | $ 273 |
Post-modification outstanding recorded investment | $ 273 | $ 273 |
Post Modification of Troubled D
Post Modification of Troubled Debt Restructuring Balance (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2017 | Jun. 30, 2017 | |
Troubled Debt Restructuring, Debtor, Subsequent Periods [Line Items] | ||
Post-modification outstanding recorded investment | $ 273 | $ 273 |
Extended Maturity | ||
Troubled Debt Restructuring, Debtor, Subsequent Periods [Line Items] | ||
Post-modification outstanding recorded investment | $ 273 | $ 273 |
Summary of Loans Modified and S
Summary of Loans Modified and Subsequently Defaulted (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2016USD ($)Contract | Jun. 30, 2016USD ($)Contract | |
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 1 | 1 |
Recorded Investment | $ | $ 497 | $ 497 |
Residential one-to-four family | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 1 | 1 |
Recorded Investment | $ | $ 497 | $ 497 |
Transfers and Servicing - Addit
Transfers and Servicing - Additional Information (Detail) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Indirect auto loans | ||
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | ||
Loans previously sold and serviced | $ 17.9 | $ 28.2 |
Residential Mortgage | ||
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | ||
Loans previously sold and serviced | $ 79.8 | $ 59.8 |
Changes in Mortgage Servicing R
Changes in Mortgage Servicing Rights (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Servicing Asset at Amortized Cost [Line Items] | ||||
Balance at beginning of period | $ 414 | $ 466 | $ 403 | $ 479 |
Capitalization | 180 | 29 | 185 | 46 |
Amortization | (27) | (24) | (51) | (45) |
Valuation allowance adjustment | 17 | (14) | 47 | (23) |
Balance at end of period | $ 584 | $ 457 | $ 584 | $ 457 |
Securities Sold Under Agreeme46
Securities Sold Under Agreements to Repurchase and Other Borrowed Funds - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Securities Sold under Agreements to Repurchase [Abstract] | ||
Balance of securities sold under agreements to repurchase | $ 3,030 | $ 1,985 |
Employee and Director Benefit47
Employee and Director Benefit Plans - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2011 | Dec. 31, 2016 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Compensation expense recognized | $ 461 | $ 523 | $ 973 | $ 921 | ||
Percentage of eligible compensation of employee | 75.00% | |||||
Contributions by the Company | $ 210 | 196 | $ 453 | 430 | ||
Percentage of deferred compensation vested | 100.00% | |||||
ESOP, purchase shares | 458,643 | |||||
Common stock price per share | $ 10 | |||||
Loan obtained by the ESOP, payable annually over | 30 years | |||||
Loan Obtained By ESOP Rate Per Annum Equal To Prime Rate | 3.75% | 3.75% | ||||
ESOP expense | $ 111 | $ 87 | $ 218 | $ 172 | ||
Rabbi Trust | Deferred Compensation Plan | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Recorded liability | 2,700 | 2,700 | $ 2,600 | |||
Executive Officers | Other Supplemental Retirement Plans | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Estimated liability | 2,400 | $ 2,400 | 2,300 | |||
Benefit upon termination of employment at or after age | 55 years | |||||
Reduced benefits available prior to attaining age | 55 years | |||||
Executive Officers | Belmont Savings Bank Supplemental Executive Retirement Plan | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Estimated liability | 1,700 | $ 1,700 | 1,500 | |||
Executive Officers | Maximum | Other Supplemental Retirement Plans | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Number of years of service to complete | 10 years | |||||
Executive Officers | Maximum | Belmont Savings Bank Supplemental Executive Retirement Plan | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Fully vested participants, years of service to complete | 10 years | |||||
Executive Officers | Minimum | Other Supplemental Retirement Plans | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Number of years of service to complete | 10 years | |||||
Executive Officers | Minimum | Belmont Savings Bank Supplemental Executive Retirement Plan | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Fully vested participants, years of service to complete | 5 years | |||||
Directors | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Estimated liability | $ 673 | $ 673 | $ 661 |
Securities and Loans Pledged to
Securities and Loans Pledged to Secure Securities Sold Under Agreements to Repurchase, Federal Home Loan Bank ("FHLB") Advances and Credit Facilities Available (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities held-to- maturity (at cost) | $ 52,675 | $ 58,021 |
Loans receivable | 1,243,309 | 1,132,476 |
Total pledged assets | 1,295,984 | 1,190,497 |
Repurchase agreements | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities held-to- maturity (at cost) | 4,218 | 4,721 |
Total pledged assets | 4,218 | 4,721 |
FHLB borrowings | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities held-to- maturity (at cost) | 32,698 | 37,561 |
Loans receivable | 1,243,309 | 1,132,476 |
Total pledged assets | 1,276,007 | 1,170,037 |
Federal Reserve Bank LOC | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities held-to- maturity (at cost) | 15,759 | 15,739 |
Total pledged assets | $ 15,759 | $ 15,739 |
Earning Per Share (Detail)
Earning Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Computation of Earnings Per Share [Line Items] | ||||
Net income | $ 4,012 | $ 2,952 | $ 7,678 | $ 5,491 |
Undistributed earnings attributable to participating securities | (33) | (49) | (64) | (92) |
Net income allocated to common stockholders | $ 3,979 | $ 2,903 | $ 7,614 | $ 5,399 |
Weighted average shares outstanding, basic | 8,754,917 | 8,560,039 | 8,715,635 | 8,555,212 |
Effect of dilutive shares | 429,742 | 266,700 | 415,744 | 260,623 |
Weighted average shares outstanding, assuming dilution | 9,184,659 | 8,826,739 | 9,131,379 | 8,815,835 |
Basic EPS | $ 0.45 | $ 0.34 | $ 0.87 | $ 0.63 |
Effect of dilutive shares | (0.02) | (0.01) | (0.04) | (0.02) |
Diluted EPS | $ 0.43 | $ 0.33 | $ 0.83 | $ 0.61 |
Options Outstanding Excluded Fr
Options Outstanding Excluded From Computation of Earnings Per Share (Detail) - shares | 3 Months Ended | 6 Months Ended |
Jun. 30, 2016 | Jun. 30, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Stock options | 27,500 | 18,434 |
Earnings Per Share - Additional
Earnings Per Share - Additional information (Detail) - shares | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 22, 2013 | |
Computation of Earnings Per Share [Line Items] | |||
Shares repurchase during period under repurchase program | 0 | 0 | |
Maximum | |||
Computation of Earnings Per Share [Line Items] | |||
Share repurchase program, shares authorized to be repurchased | 500,000 |
Pre-Tax Expense Associated with
Pre-Tax Expense Associated with Stock Option and Restricted Stock Awards and Related Tax Benefits Recognized (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock options | $ 196 | $ 198 | $ 385 | $ 387 |
Restricted stock awards | 539 | 215 | 807 | 425 |
Total stock based compensation expense | 735 | 413 | 1,192 | 812 |
Related tax benefits recognized in earnings | $ 254 | $ 122 | $ 397 | $ 241 |
Stock Based Compensation - Addi
Stock Based Compensation - Additional Information (Detail) - 2017 Equity Incentive Plan - Restricted Stock | Mar. 15, 2017$ / sharesshares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted stock awards granted | shares | 487,200 |
Restricted stock grant date price | $ / shares | $ 27.10 |
Vesting period of awards granted | 10 years |
Estimated forfeiture rate of awards granted | 2.64% |
Compensation Cost Related to No
Compensation Cost Related to Non-Vested Awards not Yet Recognized and Weighted Average Recognition Period (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total | $ 11,978 | $ 1,591 |
Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock options, amount | $ 456 | $ 819 |
Restricted stock, weighted average period | 1 year 3 months 15 days | 1 year 5 months 23 days |
Restricted Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock, amount | $ 11,522 | $ 772 |
Restricted stock, weighted average period | 9 years 4 months 28 days | 11 months 19 days |
Summary of Financial Assets Mea
Summary of Financial Assets Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | $ 22,118 | $ 22,048 |
Rabbi Trust | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 2,700 | 2,600 |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 24,828 | 24,654 |
Fair Value, Measurements, Recurring | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 22,118 | 22,048 |
Fair Value, Measurements, Recurring | Rabbi Trust | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 2,710 | 2,606 |
Fair Value, Measurements, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 2,710 | 2,606 |
Fair Value, Measurements, Recurring | Level 1 | Rabbi Trust | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 2,710 | 2,606 |
Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 22,118 | 22,048 |
Fair Value, Measurements, Recurring | Level 2 | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | $ 22,118 | $ 22,048 |
Loans Remeasured and Reported a
Loans Remeasured and Reported at Fair Value (Detail) - Fair Value, Measurements, Nonrecurring - Level 3 $ in Thousands | Jun. 30, 2017USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Impaired loans | $ 421 |
Totals | $ 421 |
Summary of Valuation Methodolog
Summary of Valuation Methodology and Unobservable Inputs for Level 3 Assets Measured at Fair Value on Nonrecurring Basis (Detail) - Level 3 - Fair Value, Measurements, Nonrecurring $ in Thousands | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Specifically reserved | $ 421 |
Market Approach Appraisal of Collateral | Specifically Reserved | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Specifically reserved | $ 421 |
Discount rate | 30.00% |
Estimate selling costs | 5.00% |
Weighted-Average | Market Approach Appraisal of Collateral | Specifically Reserved | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Discount rate | 30.00% |
Estimate selling costs | 5.00% |
Assets Remeasured and Reported
Assets Remeasured and Reported at Lower of Cost or Fair Value (Detail) - Level 3 - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | $ 584 | $ 403 |
Mortgage Servicing Rights | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | $ 584 | $ 403 |
Fair Values of Assets and Liabi
Fair Values of Assets and Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 |
ASSETS | ||||
Cash and cash equivalents | $ 52,041 | $ 58,876 | $ 53,843 | $ 51,261 |
Interest-bearing time deposits with other banks | 235 | 234 | ||
Held-to-maturity securities | 140,524 | 130,197 | ||
Federal Home Loan Bank stock | 30,428 | 25,071 | ||
Loans, net | 2,067,584 | 1,866,035 | ||
Accrued interest receivable | 5,115 | 4,635 | ||
Bank-owned life insurance | 36,393 | 35,842 | ||
Liabilities | ||||
Deposits | 1,610,815 | 1,469,422 | ||
Federal Home Loan Bank advances | 567,250 | 508,850 | ||
Securities sold under agreements to repurchase | 3,030 | 1,985 | ||
Accrued interest payable | 1,293 | 1,023 | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
Cash and cash equivalents | 52,041 | 58,876 | ||
Interest-bearing time deposits with other banks | 235 | 233 | ||
Held-to-maturity securities | 139,952 | 129,465 | ||
Federal Home Loan Bank stock | 30,428 | 25,071 | ||
Loans, net | 2,043,708 | 1,837,068 | ||
Accrued interest receivable | 5,115 | 4,635 | ||
Bank-owned life insurance | 36,393 | 35,842 | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||||
Deposits | 1,610,771 | 1,469,906 | ||
Federal Home Loan Bank advances | 566,950 | 507,773 | ||
Securities sold under agreements to repurchase | 3,030 | 1,985 | ||
Accrued interest payable | 1,293 | 1,023 | ||
Mortgagors' escrow accounts | 4,167 | 3,341 | ||
Carrying Amount | ||||
ASSETS | ||||
Cash and cash equivalents | 52,041 | 58,876 | ||
Interest-bearing time deposits with other banks | 235 | 234 | ||
Held-to-maturity securities | 140,524 | 130,197 | ||
Federal Home Loan Bank stock | 30,428 | 25,071 | ||
Loans, net | 2,067,584 | 1,866,035 | ||
Accrued interest receivable | 5,115 | 4,635 | ||
Bank-owned life insurance | 36,393 | 35,842 | ||
Liabilities | ||||
Deposits | 1,610,815 | 1,469,422 | ||
Federal Home Loan Bank advances | 567,250 | 508,850 | ||
Securities sold under agreements to repurchase | 3,030 | 1,985 | ||
Accrued interest payable | 1,293 | 1,023 | ||
Mortgagors' escrow accounts | 4,167 | 3,341 | ||
Level 1 | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
Cash and cash equivalents | 52,041 | 58,876 | ||
Accrued interest receivable | 5,115 | 4,635 | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||||
Deposits | 1,196,752 | 1,133,821 | ||
Accrued interest payable | 1,293 | 1,023 | ||
Level 2 | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
Interest-bearing time deposits with other banks | 235 | 233 | ||
Held-to-maturity securities | 139,952 | 129,465 | ||
Federal Home Loan Bank stock | 30,428 | 25,071 | ||
Bank-owned life insurance | 36,393 | 35,842 | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||||
Deposits | 414,019 | 336,085 | ||
Federal Home Loan Bank advances | 566,950 | 507,773 | ||
Securities sold under agreements to repurchase | 3,030 | 1,985 | ||
Mortgagors' escrow accounts | 4,167 | 3,341 | ||
Level 3 | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
Loans, net | $ 2,043,708 | $ 1,837,068 |
Other Comprehensive (loss) In60
Other Comprehensive (loss) Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Schedule of Other Comprehensive Income (Loss) [Line Items] | ||||
Change in fair value of securities available-for-sale, After Tax Amount | $ (3) | $ 94 | $ 64 | $ 170 |
Total other comprehensive (loss) income | (3) | 94 | 64 | 170 |
After Tax | ||||
Schedule of Other Comprehensive Income (Loss) [Line Items] | ||||
Change in fair value of securities available-for-sale, After Tax Amount | (3) | 94 | 64 | 170 |
Total other comprehensive (loss) income | (3) | 94 | 64 | 170 |
Income Tax (Expense) Benefit | ||||
Schedule of Other Comprehensive Income (Loss) [Line Items] | ||||
Change in fair value of securities available-for-sale, Tax (Expense) Benefit | 2 | (62) | (44) | (114) |
Total other comprehensive (loss) income, Tax (Expense) Benefit | 2 | (62) | (44) | (114) |
Pre Tax | ||||
Schedule of Other Comprehensive Income (Loss) [Line Items] | ||||
Change in fair value of securities available-for-sale, Pre-Tax Amount | (5) | 156 | 108 | 284 |
Total other comprehensive (loss) income, Pre-Tax Amount | $ (5) | $ 156 | $ 108 | $ 284 |
Components of Accumulated Other
Components of Accumulated Other Comprehensive Income, included in Stockholders' Equity (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Net unrealized holding gain (loss) on available-for-sale securities, net of tax | $ 63 | $ (1) |
Unrecognized benefit pertaining to defined benefit plan, net of tax | 104 | 104 |
Accumulated other comprehensive income | $ 167 | $ 103 |