Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2018 | Aug. 02, 2018 | |
Document Information [Abstract] | ||
Entity Registrant Name | First Northwest Bancorp | |
Entity Central Index Key | 1,556,727 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2018 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2,018 | |
Common Stock, Shares Outstanding | 11,485,418 |
CONSOLIDATED BALANCE SHEETS (Un
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
ASSETS | ||
Cash and due from banks | $ 14,926 | $ 13,777 |
Interest-bearing deposits in banks | 7,958 | 23,024 |
Investment securities available for sale, at fair value | 252,371 | 290,242 |
Investment securities held to maturity, at amortized cost | 44,423 | 50,126 |
Loans held for sale | 1,562 | 788 |
Loans receivable (net of allowance for loan losses of $9,282 and $8,760) | 821,339 | 779,111 |
Federal Home Loan Bank (FHLB) stock, at cost | 6,521 | 7,023 |
Accrued interest receivable | 3,899 | 3,745 |
Premises and equipment, net | 14,789 | 13,739 |
Mortgage servicing rights, net | 1,101 | 1,095 |
Bank-owned life insurance, net | 29,022 | 28,724 |
Prepaid expenses and other assets | 5,335 | 4,265 |
Total assets | 1,203,246 | 1,215,659 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Deposits | 893,326 | 885,032 |
Borrowings | 126,271 | 144,100 |
Accrued interest payable | 374 | 325 |
Accrued expenses and other liabilities | 9,335 | 7,929 |
Advances from borrowers for taxes and insurance | 993 | 1,228 |
Total liabilities | 1,030,299 | 1,038,614 |
Shareholders' Equity | ||
Preferred stock, $0.01 par value, authorized 5,000,000 shares, no shares issued or outstanding | 0 | 0 |
Common stock, $0.01 par value, authorized 75,000,000 shares; issued and outstanding 11,483,494 shares at June 30, 2018, and 11,785,507 shares at December 31, 2017 | 115 | 118 |
Additional paid-in capital | 108,780 | 111,106 |
Retained earnings | 79,767 | 78,602 |
Accumulated other comprehensive loss, net of tax | (4,836) | (1,573) |
Unearned employee stock ownership plan (ESOP) shares | (10,879) | (11,208) |
Total shareholders' equity | 172,947 | 177,045 |
Total liabilities and shareholders' equity | $ 1,203,246 | $ 1,215,659 |
CONSOLIDATED BALANCE SHEETS (U3
CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Allowance for loan losses | $ 9,282 | $ 8,760 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 75,000,000 | 75,000,000 |
Common stock, shares issued (in shares) | 11,483,494 | 11,785,507 |
Common stock, shares outstanding (in shares) | 11,483,494 | 11,785,507 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
INTEREST INCOME | ||||
Interest and fees on loans receivable | $ 8,952 | $ 7,883 | $ 17,535 | $ 15,362 |
Interest on mortgage-backed securities | 1,237 | 1,285 | 2,534 | 2,583 |
Interest on investment securities | 973 | 709 | 1,835 | 1,289 |
Interest on deposits and other | 41 | 24 | 86 | 45 |
FHLB dividends | 78 | 34 | 137 | 64 |
Total interest income | 11,281 | 9,935 | 22,127 | 19,343 |
INTEREST EXPENSE | ||||
Deposits | 1,125 | 798 | 2,110 | 1,516 |
Borrowings | 997 | 617 | 1,886 | 1,202 |
Total interest expense | 2,122 | 1,415 | 3,996 | 2,718 |
Net interest income | 9,159 | 8,520 | 18,131 | 16,625 |
PROVISION FOR LOAN LOSSES | 395 | 285 | 705 | 500 |
Net interest income after provision for loan losses | 8,764 | 8,235 | 17,426 | 16,125 |
NONINTEREST INCOME | ||||
Loan and deposit service fees | 915 | 888 | 1,808 | 1,709 |
Mortgage servicing fees, net of amortization | 70 | 44 | 132 | 113 |
Net gain on sale of loans | 150 | 44 | 317 | 328 |
Net gain on sale of investment securities | 13 | 0 | 135 | 0 |
Increase in cash surrender value of bank-owned life insurance | 149 | 159 | 298 | 337 |
Income from death benefit on bank-owned life insurance, net | 0 | 0 | 0 | 768 |
Other income | 108 | 64 | 197 | 145 |
Total noninterest income | 1,405 | 1,199 | 2,887 | 3,400 |
NONINTEREST EXPENSE | ||||
Compensation and benefits | 4,745 | 4,753 | 9,556 | 9,283 |
Real estate owned and repossessed assets expense (income), net | 19 | 14 | 27 | (36) |
Data processing | 677 | 617 | 1,305 | 1,214 |
Occupancy and equipment | 1,127 | 995 | 2,229 | 1,980 |
Supplies, postage, and telephone | 243 | 196 | 474 | 394 |
Regulatory assessments and state taxes | 155 | 137 | 281 | 270 |
Advertising | 290 | 217 | 614 | 396 |
Professional fees | 458 | 363 | 780 | 734 |
FDIC insurance premium | 79 | 70 | 155 | 124 |
Other | 505 | 577 | 1,152 | 1,078 |
Total noninterest expense | 8,298 | 7,939 | 16,573 | 15,437 |
INCOME BEFORE PROVISION FOR INCOME TAXES | 1,871 | 1,495 | 3,740 | 4,088 |
PROVISION FOR INCOME TAXES | 345 | 380 | 691 | 809 |
NET INCOME | $ 1,526 | $ 1,115 | $ 3,049 | $ 3,279 |
Basic and diluted earnings per share (in dollars per share) | $ 0.15 | $ 0.10 | $ 0.29 | $ 0.30 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Statement of Comprehensive Income [Abstract] | ||||
NET INCOME | $ 1,526 | $ 1,115 | $ 3,049 | $ 3,279 |
Unrealized (loss) gain on securities: | ||||
Unrealized holding (loss) gain, net of tax (benefit) provision of $(290), $282, $(841), and $416, respectively | (1,100) | 546 | (3,178) | 803 |
Reclassification adjustment for net loss (gain) on sales of securities realized in income, net of taxes of $3, $0, $(23), and $0, respectively | 11 | 0 | (85) | 0 |
Other comprehensive (loss) income, net of tax | (1,089) | 546 | (3,263) | 803 |
COMPREHENSIVE INCOME (LOSS) | $ 437 | $ 1,661 | $ (214) | $ 4,082 |
CONSOLIDATED STATEMENTS OF COM6
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Statement of Comprehensive Income [Abstract] | ||||
Tax (benefit) provision | $ (290) | $ 282 | $ (841) | $ 416 |
Reclassification Adjustments, Tax | $ 3 | $ 0 | $ (23) | $ 0 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Unearned ESOP Shares | Accumulated Other Comprehensive (Loss) Income, Net of Tax |
Shares, beginning balance (in shares) at Dec. 31, 2016 | 12,153,946 | |||||
Beginning balance at Dec. 31, 2016 | $ 176,892,000 | $ 122,000 | $ 114,021,000 | $ 75,833,000 | $ (11,847,000) | $ (1,237,000) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 3,279,000 | 3,279,000 | ||||
Common stock repurchased (in shares) | (251,800) | |||||
Common stock repurchased | (4,115,000) | $ (3,000) | (2,515,000) | (1,597,000) | ||
Restricted stock award forfeitures | 0 | |||||
Other comprehensive income (loss), net of tax | 803,000 | 803,000 | ||||
Share-based compensation | 467,000 | 467,000 | ||||
ESOP shares committed to be released | 395,000 | 85,000 | 310,000 | |||
Shares, ending balance (in shares) at Jun. 30, 2017 | 11,902,146 | |||||
Ending balance at Jun. 30, 2017 | $ 177,721,000 | $ 119,000 | 112,058,000 | 77,515,000 | (11,537,000) | (434,000) |
Shares, beginning balance (in shares) at Dec. 31, 2017 | 11,785,507 | 11,785,507 | ||||
Beginning balance at Dec. 31, 2017 | $ 177,045,000 | $ 118,000 | 111,106,000 | 78,602,000 | (11,208,000) | (1,573,000) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 3,049,000 | 3,049,000 | ||||
Common stock repurchased (in shares) | (297,013) | |||||
Common stock repurchased | (4,853,000) | $ (3,000) | (2,966,000) | (1,884,000) | ||
Restricted stock award forfeitures (in shares) | (5,000) | |||||
Other comprehensive income (loss), net of tax | (3,263,000) | (3,263,000) | ||||
Share-based compensation | 532,000 | 532,000 | ||||
ESOP shares committed to be released | $ 437,000 | 108,000 | 329,000 | |||
Shares, ending balance (in shares) at Jun. 30, 2018 | 11,483,494 | 11,483,494 | ||||
Ending balance at Jun. 30, 2018 | $ 172,947,000 | $ 115,000 | $ 108,780,000 | $ 79,767,000 | $ (10,879,000) | $ (4,836,000) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 3,049 | $ 3,279 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Depreciation and amortization | 662 | 612 |
Amortization and accretion of premiums and discounts on investments, net | 965 | 330 |
Accretion of deferred loan fees, net | (78) | (188) |
Amortization of mortgage servicing rights, net | 92 | 119 |
Additions to mortgage servicing rights, net | (98) | (69) |
Provision for loan losses | 705 | 500 |
Gain on sale of real estate owned and repossessed assets | 0 | (40) |
Allocation of ESOP shares | 437 | 395 |
Share-based compensation | 532 | 467 |
Gain on sale of loans, net | (317) | (328) |
Gain on sale of securities available for sale, net | (108) | 0 |
Gain on sale of securities held to maturity, net | (27) | 0 |
Increase in cash surrender value of life insurance, net | (298) | (337) |
Income from death benefit on bank-owned life insurance, net | 0 | (768) |
Origination of loans held for sale | (11,684) | (17,208) |
Proceeds from loans held for sale | 11,227 | 18,013 |
Change in assets and liabilities: | ||
Increase in accrued interest receivable | (154) | (5) |
Increase in prepaid expenses and other assets | (147) | (1,164) |
Increase in accrued interest payable | 49 | 4 |
Increase in accrued expenses and other liabilities | 1,406 | 1,860 |
Net cash from operating activities | 6,213 | 5,472 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchase of securities available for sale | (37,681) | (41,509) |
Proceeds from maturities, calls, and principal repayments of securities available for sale | 13,348 | 36,242 |
Proceeds from sales of securities available for sale | 54,704 | 0 |
Proceeds from maturities, calls, and principal repayments of securities held to maturity | 5,542 | 1,748 |
Proceeds from sales of securities held to maturity | 2,702 | 0 |
Redemption (purchase) of FHLB stock | 502 | (569) |
Proceeds from sale of real estate owned and repossessed assets | 46 | 180 |
Net increase in loans receivable | (42,958) | (36,811) |
Purchase of premises and equipment, net | (1,712) | (164) |
Net cash from investing activities | (5,507) | (40,883) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net increase in deposits | 8,294 | 29,688 |
Proceeds from FHLB advances | 372,132 | 167,440 |
Repayment of FHLB advances | (389,961) | (155,896) |
Net (decrease) increase in advances from borrowers for taxes and insurance | (235) | (64) |
Repurchase of common stock | (4,853) | (4,115) |
Net cash from financing activities | (14,623) | 37,053 |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (13,917) | 1,642 |
CASH AND CASH EQUIVALENTS, beginning of period | 36,801 | 22,650 |
CASH AND CASH EQUIVALENTS, end of period | 22,884 | 24,292 |
Cash paid during the year for: | ||
Interest on deposits and borrowings | 3,947 | 2,714 |
Income taxes | 250 | 845 |
NONCASH INVESTING ACTIVITIES | ||
Unrealized (loss) gain on securities available for sale | (4,127) | 1,219 |
Loans transferred to real estate owned and repossessed assets, net of deferred loan fees and allowance for loan losses | $ 102 | $ 134 |
Basis of Presentation and Criti
Basis of Presentation and Critical Accounting Policies | 6 Months Ended |
Jun. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Critical Accounting Policies | Basis of Presentation and Critical Accounting Policies Organization and Nature of business - First Northwest Bancorp, a Washington corporation, became the holding company of First Federal Savings and Loan Association of Port Angeles on January 29, 2015, upon completion of the Bank's conversion from a mutual to stock form of organization (the "Conversion"). In connection with the Conversion, the Company issued an aggregate of 12,167,000 shares of common stock at an offering price of $10.00 per share for gross proceeds of $121.7 million . An additional 933,360 shares of Company common stock and $400,000 in cash were contributed to the First Federal Community Foundation ("Foundation"), a charitable foundation that was established in connection with the Conversion, resulting in the issuance of a total of 13,100,360 shares. The Company received $117.6 million in net proceeds from the stock offering of which $58.4 million were contributed to the Bank upon Conversion. Pursuant to the Bank's Plan of Conversion (the "Plan") adopted by its Board of Directors, and as approved by its members, the Company established an employee stock ownership plan ("ESOP"). On December 18, 2015, the ESOP completed its open market purchases, with funds borrowed from the Company, of 8% of the common stock issued in the Conversion for a total of 1,048,029 shares. First Northwest's business activities generally are limited to passive investment activities and oversight of its investment in First Federal. Accordingly, the information set forth in this report, including the consolidated unaudited financial statements and related data, relates primarily to the Bank. The Bank is a community-oriented financial institution providing commercial and consumer banking services to individuals and businesses in Western Washington State with offices in Clallam, Jefferson, Kitsap, and Whatcom counties. These services include deposit and lending transactions that are supplemented with borrowing and investing activities. Basis of presentation - The accompanying unaudited interim consolidated financial statements have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"). Accordingly, they do not include all of the information and footnotes required by U.S. Generally Accepted Accounting Principles ("GAAP") for complete financial statements. These unaudited interim consolidated financial statements should be read in conjunction with our audited consolidated financial statements and accompanying notes included in the Company's Annual Report on Form 10-KT for the six months ended December 31, 2017 . In our opinion, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation of the consolidated financial statements in accordance with GAAP have been included. The Company changed its fiscal year from June 30 to December 31 effective December 31, 2017. Operating results for the three and six months ended June 30, 2018 , are not necessarily indicative of the results that may be expected for future periods. In preparing the unaudited interim consolidated financial statements, we are required to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to a determination of the allowance for loan losses ("ALLL"), mortgage servicing rights, fair value of financial instruments, deferred tax assets and liabilities, and the valuation of impaired loans. Principles of consolidation - The accompanying consolidated financial statements include the accounts of First Northwest Bancorp and its wholly owned subsidiary, First Federal. All material intercompany accounts and transactions have been eliminated in consolidation. Subsequent Events - The Company has evaluated subsequent events for potential recognition and disclosure and determined there are no such events or transactions requiring recognition or disclosure. Recently adopted accounting pronouncements - In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers (Topic 606) . In August 2015, FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date , which postponed the effective date of 2014-09. Subsequently, in March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations . This amendment clarifies that an entity should determine if it is the principal or the agent for each specified good or service promised in a contract with a customer. In April 2016, the FASB issued ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing . The core principle of Topic 606 is that an entity must recognize revenue when it has satisfied a performance obligation of transferring promised goods or services to a customer. In general, the new guidance requires companies to use more judgment and make more estimates than under current guidance, including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. These standards were effective for interim and annual periods beginning after December 15, 2017. The Company has analyzed its revenue sources of noninterest income to determine when the satisfaction of the performance obligation occurs and the appropriate recognition of revenue. The adoption of these ASUs did not have a material impact on the Company’s consolidated financial statements as the Company did not identify any significant changes in the timing of revenue recognition when considering the amended accounting guidance since it is consistent with the Company’s current accounting policy for contracts. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities . ASU 2016-01 requires equity investments (except those accounted for under the equity method of accounting) to be measured at fair value with changes in fair value recognized in net income. In addition, the amendments in this ASU require an entity to disclose the fair value of financial instruments using the exit price notion. Exit price 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 amendments in this ASU were effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company has used the exit price notion in the fair value disclosure of financial instruments in Note 9 of this report. The adoption of ASU 2016-01 did not have a material impact on the Company’s consolidated financial statements or disclosures in the Notes to the Consolidated Financial Statements. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments . The ASU provides specific guidance on eight classification issues in order to achieve more consistent reporting. The amendments in this ASU were effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company does not currently have items on its cash flow statement that were impacted by adoption of this ASU and therefore adoption of ASU 2016-15 did not have a material impact on the Company’s consolidated financial statements. In March 2017, the FASB issued ASU No. 2017-08, Receivables-Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities . The ASU shortens the amortization period for certain callable debt securities held at a premium using the earliest call date. The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2019. Early adoption is permitted. The adoption of ASU 2017-08 did not have a material impact on the Company's consolidated financial statements. In May 2017, the FASB issued ASU No. 2017-09, Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting . This ASU provides clarity on the guidance related to stock compensation when there have been changes to the terms or conditions of a share-based payment award to which an entity would be required to apply modification accounting under ASC 718. The ASU provides the three following criteria must be met in order to not account for the effect of the modification of terms or conditions: the fair value, the vesting conditions and the classification as an equity or liability instrument of the modified award is the same as the original award immediately before the original award is modified. The amendments in this ASU were effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. The Company has not had any modifications on share-based payment awards and therefore the adoption of ASU 2017-09 did not have a material impact on the Company’s consolidated financial statements. In March 2018, FASB issued ASU No. 2018-05, Income Taxes (Topic 740) . This ASU was issued to provide guidance on the income tax accounting implications of the Tax Cuts and Jobs Act, and allows for entities to report provisional amounts for specific income tax effects of the Act for which the accounting under Topic 740 was not yet complete but a reasonable estimate could be determined. A measurement period of one-year is allowed to complete the accounting effects under Topic 740 and revise any previous estimates reported. Any provisional amounts or subsequent adjustments included in an entity’s financial statements during the measurement period should be included in income from continuing operations as an adjustment to tax expense in the reporting period the amounts are determined. The Company adopted this ASU with the provisional adjustments as reported in the Consolidated Financial Statements on Form 10-KT as of December 31, 2017. As of June 30, 2018 , the Company did not incur any adjustments to the provisional recognition. Recently issued accounting pronouncements - In February 2016, the FASB issued ASU No. 2016-02, Leases . ASU 2016-02 is intended to increase transparency and comparability among organizations by requiring the recognition of lease assets and lease liabilities on the balance sheet and disclosure of key information about leasing arrangements. The principal change required by this ASU relates to lessee accounting, and is that for operating leases, a lessee is required to (1) recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, in the statement of financial position, (2) recognize a single lease cost, calculated so that the cost of the lease is allocated over the lease term on a generally straight-line basis, and (3) classify all cash payments within operating activities in the statement of cash flows. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. If a lessee makes this election, it should recognize lease expense for such leases generally on a straight-line basis over the lease term. ASU 2016-02 also changes disclosure requirements related to leasing activities, and requires certain qualitative disclosures along with specific quantitative disclosures. The amendments in ASU 2016-02 are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2018. Early application of the amendments in ASU 2016-02 is permitted. The Company is compiling an inventory of all leased assets to determine the impact of ASU 2016-02 on its financial condition and results of operations. Once adopted, we expect to report higher assets and liabilities on our Consolidated Balance Sheets as a result of including right-of-use assets and lease liabilities related to certain banking offices and certain equipment under noncancelable operating lease agreements, which currently are not reflected in our Consolidated Balance Sheets. We do not expect the guidance to have a material impact on the Consolidated Statements of Income or Consolidated Statements of Changes in Shareholders' Equity. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Loss , which updates the guidance on recognition and measurement of credit losses for financial assets. The new requirements, known as the current expected credit loss model (CECL) will require entities to adopt an impairment model based on expected losses rather than incurred losses. ASU No. 2016-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Upon adoption, the Company will change processes and procedures to calculate the allowance for loan losses, including changes in assumptions and estimates to consider expected credit losses over the life of the loan versus the current accounting practice that utilizes the incurred loss model. In addition, the current accounting policy and procedures for other-than-temporary impairment on investment securities available for sale will be replaced with an allowance approach. At this time, we do not anticipate an increase to the ALLL as a result of the implementation of this ASU based on the preliminary review and testing of different models being evaluated. The Company has formed an internal project management team which will coordinate and monitor implementation progress, work with our third-party vendor, and implement changes to processes and procedures to ensure the Company is fully compliant with the amendments at the adoption date. In August 2017, FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815). This ASU was issued to provide investors better insight to an entity’s risk management hedging strategies by permitting companies to recognize the economic results of its hedging strategies in its financial statements. The amendments in this ASU permit hedge accounting for hedging relationships involving nonfinancial risk and interest rate risk by removing certain limitations in cash flow and fair value hedging relationships. In addition, the ASU requires an entity to present the earnings effect of the hedging instrument in the same income statement line item in which the earnings effect of the hedged item is reported. This ASU is effective for fiscal years beginning after December 15, 2018, and early adoption is permitted. Adoption of ASU 2017-12 is not expected to have a material impact on the Company’s consolidated financial statements. Reclassifications - Certain amounts in the unaudited interim consolidated financial statements for prior periods have been reclassified to conform to the current unaudited financial statement presentation with no effect on net income or shareholders' equity. |
Securities
Securities | 6 Months Ended |
Jun. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Securities The amortized cost, gross unrealized gains and losses, and estimated fair value of securities classified as available-for-sale and held-to-maturity at June 30, 2018 , are summarized as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (In thousands) Available for Sale Municipal bonds $ 116 $ — $ (6 ) $ 110 U.S. government agency issued asset-backed securities (ABS agency) 21,245 — (253 ) 20,992 Corporate issued asset-backed securities (ABS corporate) 37,912 — (327 ) 37,585 Corporate issued debt securities (Corporate debt) 9,986 168 (199 ) 9,955 U.S. Small Business Administration securities (SBA) 39,576 — (452 ) 39,124 Mortgage-backed securities: U.S. government agency issued mortgage-backed securities (MBS agency) 135,921 — (4,773 ) 131,148 Corporate issued mortgage-backed securities (MBS corporate) 13,766 — (309 ) 13,457 Total securities available for sale $ 258,522 $ 168 $ (6,319 ) $ 252,371 Held to Maturity Municipal bonds $ 12,055 $ 104 $ (6 ) $ 12,153 SBA 356 — (2 ) 354 Mortgage-backed securities: MBS agency 32,012 — (900 ) 31,112 Total securities held to maturity $ 44,423 $ 104 $ (908 ) $ 43,619 The amortized cost, gross unrealized gains and losses, and estimated fair value of securities classified as available-for-sale and held-to-maturity at December 31, 2017 , are summarized as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (In thousands) Available for Sale Municipal bonds $ 13,058 $ 391 $ (15 ) $ 13,434 ABS agency 21,972 36 (238 ) 21,770 ABS corporate 22,823 — (55 ) 22,768 Corporate debt 19,835 195 (122 ) 19,908 SBA 47,325 98 (149 ) 47,274 Mortgage-backed securities: MBS agency 146,532 36 (2,026 ) 144,542 MBS corporate 20,721 18 (193 ) 20,546 Total securities available for sale $ 292,266 $ 774 $ (2,798 ) $ 290,242 Held to Maturity Municipal bonds $ 13,963 $ 156 $ — $ 14,119 SBA 399 — (4 ) 395 Mortgage-backed securities: MBS agency 35,764 338 (350 ) 35,752 Total securities held to maturity $ 50,126 $ 494 $ (354 ) $ 50,266 The following shows the unrealized gross losses and fair value of the investment portfolio by length of time that individual securities in each category have been in a continuous loss position as of June 30, 2018 : Less Than Twelve Months Twelve Months or Longer Total Gross Losses Fair Value Gross Losses Fair Value Gross Losses Fair Value (In thousands) Available for Sale Municipal bonds $ — $ — $ (6 ) $ 110 $ (6 ) $ 110 ABS agency (129 ) 18,442 (124 ) 2,550 (253 ) 20,992 ABS corporate (327 ) 37,585 — — (327 ) 37,585 Corporate debt (199 ) 4,787 — — (199 ) 4,787 SBA (226 ) 30,600 (226 ) 7,206 (452 ) 37,806 Mortgage-backed securities: MBS agency (1,396 ) 47,564 (3,377 ) 83,583 (4,773 ) 131,147 MBS corporate (68 ) 7,330 (241 ) 6,127 (309 ) 13,457 Total available for sale $ (2,345 ) $ 146,308 $ (3,974 ) $ 99,576 $ (6,319 ) $ 245,884 Held to Maturity Municipal bonds $ (6 ) $ 1,274 $ — $ — $ (6 ) $ 1,274 SBA — 128 (2 ) 225 (2 ) 353 Mortgage-backed securities: MBS agency (253 ) 13,365 (647 ) 17,737 (900 ) 31,102 Total held to maturity $ (259 ) $ 14,767 $ (649 ) $ 17,962 $ (908 ) $ 32,729 The following shows the unrealized gross losses and fair value of the investment portfolio by length of time that individual securities in each category have been in a continuous loss position as of December 31, 2017 : Less Than Twelve Months Twelve Months or Longer Total Gross Losses Fair Value Gross Losses Fair Value Gross Losses Fair Value (In thousands) Available for Sale Municipal bonds $ (11 ) $ 4,276 $ (4 ) $ 114 $ (15 ) $ 4,390 ABS agency — — (238 ) 7,294 (238 ) 7,294 ABS corporate (55 ) 22,768 — — (55 ) 22,768 Corporate debt (122 ) 4,864 — — (122 ) 4,864 SBA (45 ) 7,421 (104 ) 8,067 (149 ) 15,488 Mortgage-backed securities: MBS agency (394 ) 57,081 (1,632 ) 85,421 (2,026 ) 142,502 MBS corporate (22 ) 5,808 (171 ) 10,172 (193 ) 15,980 Total available for sale $ (649 ) $ 102,218 $ (2,149 ) $ 111,068 $ (2,798 ) $ 213,286 Held to Maturity SBA $ (4 ) $ 395 $ — $ — $ (4 ) $ 395 Mortgage-backed securities: MBS agency (6 ) 1,001 (344 ) 18,494 (350 ) 19,495 Total held to maturity $ (10 ) $ 1,396 $ (344 ) $ 18,494 $ (354 ) $ 19,890 The Company may hold certain investment securities in an unrealized loss position that are not considered other than temporarily impaired ("OTTI"). At June 30, 2018 and December 31, 2017 , there were 70 and 63 investment securities in an unrealized loss position, respectively. We believe that the unrealized losses on our investment securities relate principally to the general change in interest rates and illiquidity, and not credit quality, that has occurred since the initial purchase, and such unrecognized losses or gains will continue to vary with general interest rate level fluctuations in the future. Certain investments in a loss position are guaranteed by government entities or government sponsored entities. The Company does not intend to sell the securities in an unrealized loss position and believes it is not likely it will be required to sell these investments prior to a market price recovery or maturity. There were no OTTI losses during the three and six months ended June 30, 2018 and 2017 . The amortized cost and estimated fair value of investment securities by contractual maturity are shown in the following tables at the dates indicated. Expected maturities of mortgage-backed securities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties; therefore, these securities are shown separately. June 30, 2018 Available-for-Sale Held-to-Maturity Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value (In thousands) Mortgage-backed securities: Due within one year $ — $ — $ — $ — Due after one through five years 7,284 7,071 749 741 Due after five through ten years 12,412 11,977 2,399 2,316 Due after ten years 129,991 125,557 28,864 28,055 Total mortgage-backed securities 149,687 144,605 32,012 31,112 All other investment securities: Due within one year — — — — Due after one through five years — — 739 746 Due after five through ten years 16,075 15,834 6,856 6,894 Due after ten years 92,760 91,932 4,816 4,867 Total all other investment securities 108,835 107,766 12,411 12,507 Total investment securities $ 258,522 $ 252,371 $ 44,423 $ 43,619 December 31, 2017 Available-for-Sale Held-to-Maturity Amortized Estimated Amortized Estimated (In thousands) Mortgage-backed securities: Due within one year $ — $ — $ — $ — Due after one through five years 7,363 7,260 1,957 1,973 Due after five through ten years 13,337 13,127 2,835 2,792 Due after ten years 146,553 144,701 30,972 30,987 Total mortgage-backed securities 167,253 165,088 35,764 35,752 All other investment securities: Due within one year — — — — Due after one through five years 4,388 4,380 — — Due after five through ten years 29,482 29,661 9,491 9,574 Due after ten years 91,143 91,113 4,871 4,940 Total all other investment securities 125,013 125,154 14,362 14,514 Total investment securities $ 292,266 $ 290,242 $ 50,126 $ 50,266 Sales of securities available-for-sale for the periods shown are summarized as follows: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 (In thousands) Proceeds from sales $ 21,845 $ — $ 54,704 $ — Gross realized gains 69 — 233 — Gross realized losses (83 ) — (125 ) — During the six months ended June 30, 2018, the Bank sold certain held to maturity investments that had substantially reached maturity, allowing us to sell certain securities without tainting the remaining held to maturity securities portfolio. The held-to-maturity designation of the remaining securities is unchanged. Sales of securities held-to-maturity for the periods shown are summarized as follows: Three Months Ended June 30, Six Months Ended June 30, 2018 2018 (In thousands) Proceeds from sales $ 2,702 $ 2,702 Gross realized gains 32 32 Gross realized losses (5 ) (5 ) |
Loans Receivable
Loans Receivable | 6 Months Ended |
Jun. 30, 2018 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Loans Receivable | Loans Receivable Loans receivable consisted of the following at the dates indicated: June 30, 2018 December 31, 2017 (In thousands) Real Estate: One-to-four family $ 339,425 $ 355,391 Multi-family 88,147 73,767 Commercial real estate 232,266 202,956 Construction and land 56,919 71,145 Total real estate loans 716,757 703,259 Consumer: Home equity 39,085 38,473 Auto and other consumer 55,315 28,106 Total consumer loans 94,400 66,579 Commercial business loans 17,072 16,303 Total loans 828,229 786,141 Less: Net deferred loan fees (151 ) 724 Premium on purchased loans, net (2,241 ) (2,454 ) Allowance for loan losses 9,282 8,760 Total loans receivable, net $ 821,339 $ 779,111 Allowance for Loan Losses. The Company maintains a general allowance for loan losses based on evaluating known and inherent risks in the loan portfolio, including management’s continuing analysis of the factors underlying the quality of the loan portfolio. These factors include changes in the size and composition of the loan portfolio, actual loan loss experience, and current and anticipated economic conditions. The reserve is an estimate based upon factors and trends identified by management at the time the financial statements are prepared. The following tables summarize changes in the ALLL and loan portfolio by segment and impairment method for the periods shown: At or For the Three Months Ended June 30, 2018 One-to- four family Multi-family Commercial real estate Construction and land Home equity Auto and other consumer Commercial business Unallocated Total (In thousands) ALLL: Beginning balance $ 3,167 $ 647 $ 2,053 $ 679 $ 744 $ 948 $ 709 $ 37 $ 8,984 Provision for loan losses (102 ) 194 107 (166 ) (110 ) 476 6 (10 ) 395 Charge-offs (16 ) — — — — (134 ) — — (150 ) Recoveries 1 — — 1 8 42 1 — 53 Ending balance $ 3,050 $ 841 $ 2,160 $ 514 $ 642 $ 1,332 $ 716 $ 27 $ 9,282 At or For the Six Months Ended June 30, 2018 One-to- four family Multi-family Commercial real estate Construction and land Home equity Auto and other consumer Commercial business Unallocated Total (In thousands) ALLL: Beginning balance $ 3,061 $ 648 $ 1,847 $ 648 $ 787 $ 712 $ 265 $ 792 $ 8,760 Provision for loan losses 3 193 313 (135 ) (161 ) 807 450 (765 ) 705 Charge-offs (16 ) — — — — (257 ) — — (273 ) Recoveries 2 — — 1 16 70 1 — 90 Ending balance $ 3,050 $ 841 $ 2,160 $ 514 $ 642 $ 1,332 $ 716 $ 27 $ 9,282 At June 30, 2018 One-to- four family Multi-family Commercial real estate Construction and land Home equity Auto and other consumer Commercial business Unallocated Total (In thousands) Total ALLL $ 3,050 $ 841 $ 2,160 $ 514 $ 642 $ 1,332 $ 716 $ 27 $ 9,282 General reserve 3,019 840 2,048 513 636 1,318 130 27 8,531 Specific reserve 31 1 112 1 6 14 586 — 751 Total loans $ 339,425 $ 88,147 $ 232,266 $ 56,919 $ 39,085 $ 55,315 $ 17,072 $ — $ 828,229 Loans collectively evaluated (1) 336,352 88,034 230,138 56,871 38,462 55,224 16,211 — 821,292 Loans individually evaluated (2) 3,073 113 2,128 48 623 91 861 — 6,937 (1) Loans collectively evaluated for general reserves. (2) Loans individually evaluated for specific reserves. At or For the Three Months Ended June 30, 2017 One-to- four family Multi-family Commercial real estate Construction and land Home equity Auto and other consumer Commercial business Unallocated Total ALLL: (In thousands) Beginning balance $ 3,064 $ 498 $ 1,672 $ 689 $ 782 $ 448 $ 1,148 $ 27 $ 8,328 Provision for loan losses 5 13 63 (7 ) 27 173 25 (14 ) 285 Charge-offs — — — — — (136 ) (5 ) — (141 ) Recoveries 2 — — 1 10 38 — — 51 Ending balance $ 3,071 $ 511 $ 1,735 $ 683 $ 819 $ 523 $ 1,168 $ 13 $ 8,523 At or For the Six Months Ended June 30, 2017 One-to- four family Multi-family Commercial real estate Construction and land Home equity Auto and other consumer Commercial business Unallocated Total ALLL: (In thousands) Beginning balance $ 2,892 $ 370 $ 1,488 $ 585 $ 794 $ 361 $ 652 $ 918 $ 8,060 Provision for loan losses 152 141 247 97 (31 ) 279 520 (905 ) 500 Charge-offs — — — — (79 ) (169 ) (5 ) — (253 ) Recoveries 27 — — 1 135 52 1 — 216 Ending balance $ 3,071 $ 511 $ 1,735 $ 683 $ 819 $ 523 $ 1,168 $ 13 $ 8,523 At December 31, 2017 One-to- four family Multi-family Commercial real estate Construction and land Home equity Auto and other consumer Commercial business Unallocated Total (In thousands) Total ALLL $ 3,061 $ 648 $ 1,847 $ 648 $ 787 $ 712 $ 265 $ 792 $ 8,760 General reserve 3,014 647 1,719 647 779 703 262 792 8,563 Specific reserve 47 1 128 1 8 9 3 — 197 Total loans $ 355,391 $ 73,767 $ 202,956 $ 71,145 $ 38,473 $ 28,106 $ 16,303 $ — $ 786,141 Loans collectively evaluated (1) 351,545 73,652 201,885 71,093 37,838 28,047 16,020 — 780,080 Loans individually evaluated (2) 3,846 115 1,071 52 635 59 283 — 6,061 (1) Loans collectively evaluated for general reserves. (2) Loans individually evaluated for specific reserves. Impaired loans. A loan is considered impaired when First Federal has determined that it may be unable to collect payments of principal or interest when due under the contractual terms of the loan. In the process of identifying loans as impaired, management takes into consideration factors that include payment history and status, collateral value, financial condition of the borrower, and the probability of collecting scheduled payments in the future. Minor payment delays and insignificant payment shortfalls typically do not result in a loan being classified as impaired. The significance of payment delays and shortfalls is considered by management on a case-by-case basis after taking into consideration the totality of circumstances surrounding the loans and the borrowers, including payment history and amounts of any payment shortfall, length and reason for delay, and likelihood of return to stable performance. Impairment is measured on a loan-by-loan basis for all loans in the portfolio except smaller balance homogeneous loans and certain qualifying troubled debt restructuring ("TDR") loans. The following table presents a summary of loans individually evaluated for impairment by portfolio segment at the dates indicated: June 30, 2018 December 31, 2017 Recorded Investment Unpaid Principal Balance Related Allowance Recorded Investment Unpaid Principal Balance Related Allowance (In thousands) With no allowance recorded: One-to-four family $ 379 $ 445 $ — $ 382 $ 407 $ — Commercial real estate 1,345 1,402 — 256 378 — Construction and land — 2 — — 3 — Home equity 354 497 — 365 515 — Auto and other consumer — 226 — — 124 — Commercial business — 4 — — 4 — Total 2,078 2,576 — 1,003 1,431 — With an allowance recorded: One-to-four family 2,694 2,904 31 3,464 3,718 47 Multi-family 113 113 1 115 115 1 Commercial real estate 783 792 112 815 821 128 Construction and land 48 74 1 52 76 1 Home equity 269 337 6 270 338 8 Auto and other consumer 91 102 14 59 67 9 Commercial business 861 861 586 283 283 3 Total 4,859 5,183 751 5,058 5,418 197 Total impaired loans: One-to-four family 3,073 3,349 31 3,846 4,125 47 Multi-family 113 113 1 115 115 1 Commercial real estate 2,128 2,194 112 1,071 1,199 128 Construction and land 48 76 1 52 79 1 Home equity 623 834 6 635 853 8 Auto and other consumer 91 328 14 59 191 9 Commercial business 861 865 586 283 287 3 Total $ 6,937 $ 7,759 $ 751 $ 6,061 $ 6,849 $ 197 The following table presents the average recorded investment in loans individually evaluated for impairment and the related interest income recognized for the periods shown: Three months ended Six Months Ended June 30, 2018 June 30, 2018 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized (In thousands) With no allowance recorded: One-to-four family $ 407 $ 6 $ 408 $ 10 Commercial real estate 2,720 13 2,554 26 Construction and land 2,486 — 2,487 — Home equity 356 9 358 9 Auto and other consumer — 5 — 9 Total 5,969 33 5,807 54 With an allowance recorded: One-to-four family 2,779 62 3,080 102 Multi-family 113 1 114 3 Commercial real estate 785 7 790 17 Construction and land 49 3 50 4 Home equity 268 6 277 11 Auto and other consumer 116 4 108 5 Commercial business 862 33 769 36 Total 4,972 116 5,188 178 Total impaired loans: One-to-four family 3,186 68 3,488 112 Multi-family 113 1 114 3 Commercial real estate 3,505 20 3,344 43 Construction and land 2,535 3 2,537 4 Home equity 624 15 635 20 Auto and other consumer 116 9 108 14 Commercial business 862 33 769 36 Total $ 10,941 $ 149 $ 10,995 $ 232 Interest income recognized on a cash basis on impaired loans for the three and six months ended June 30, 2018 , was $111,000 and $194,000 , respectively. The following table presents the average recorded investment in loans individually evaluated for impairment and the related interest income recognized for the periods shown: Three months ended Six Months Ended June 30, 2017 June 30, 2017 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized (In thousands) With no allowance recorded: One-to-four family $ 916 $ 9 $ 1,214 $ 36 Commercial real estate 301 — 306 1 Home equity 388 6 344 12 Auto and other consumer — 2 — 3 Total 1,605 17 1,864 52 With an allowance recorded: One-to-four family 3,945 72 3,983 147 Multi-family 118 1 119 2 Commercial real estate 1,279 17 1,286 34 Construction and land 22 1 15 1 Home equity 319 7 348 14 Auto and other consumer 23 — 26 — Commercial business 305 4 322 8 Total 6,011 102 6,099 206 Total impaired loans: One-to-four family 4,861 81 5,197 183 Multi-family 118 1 119 2 Commercial real estate 1,580 17 1,592 35 Construction and land 22 1 15 1 Home equity 707 13 692 26 Auto and other consumer 23 2 26 3 Commercial business 305 4 322 8 Total $ 7,616 $ 119 $ 7,963 $ 258 Interest income recognized on a cash basis on impaired loans for the three and six months ended June 30, 2017 , was $83,000 and $171,000 , respectively. The following table presents the recorded investment in nonaccrual loans by class of loan at the dates indicated: June 30, 2018 December 31, 2017 (In thousands) One-to-four family $ 731 $ 681 Commercial real estate 251 378 Construction and land 48 52 Home equity 358 365 Auto and other consumer 91 59 Commercial business 583 — Total nonaccrual loans $ 2,062 $ 1,535 Past due loans. Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. There were no loans past due 90 days or more and still accruing interest at June 30, 2018 and December 31, 2017 . The following table presents past due loans, net of partial loan charge-offs, by class, as of June 30, 2018 : 30-59 Past Due 60-89 Past Due 90 Days Past Due Total Past Due Current Total Loans (In thousands) Real Estate: One-to-four family $ — $ 111 $ 185 $ 296 $ 339,129 $ 339,425 Multi-family — — — — 88,147 88,147 Commercial real estate — — — — 232,266 232,266 Construction and land — 32 — 32 56,887 56,919 Total real estate loans — 143 185 328 716,429 716,757 Consumer: Home equity 141 — 287 428 38,657 39,085 Auto and other consumer 202 41 47 290 55,025 55,315 Total consumer loans 343 41 334 718 93,682 94,400 Commercial business loans — — — — 17,072 17,072 Total loans $ 343 $ 184 $ 519 $ 1,046 $ 827,183 $ 828,229 The following table presents past due loans, net of partial loan charge-offs, by class, as of December 31, 2017 : 30-59 Past Due 60-89 Past Due 90 Days Past Due Total Past Due Current Total Loans (In thousands) Real Estate: One-to-four family $ 213 $ — $ 231 $ 444 $ 354,947 $ 355,391 Multi-family — — — — 73,767 73,767 Commercial real estate 91 — — 91 202,865 202,956 Construction and land 1,187 — 19 1,206 69,939 71,145 Total real estate loans 1,491 — 250 1,741 701,518 703,259 Consumer: Home equity 383 78 — 461 38,012 38,473 Auto and other consumer 77 30 — 107 27,999 28,106 Total consumer loans 460 108 — 568 66,011 66,579 Commercial business loans 648 — — 648 15,655 16,303 Total loans $ 2,599 $ 108 $ 250 $ 2,957 $ 783,184 $ 786,141 Credit quality indicator. Federal regulations provide for the classification of lower quality loans and other assets, such as debt and equity securities, as substandard, doubtful, or loss; risk ratings 6, 7, and 8 in our 8-point risk rating system, respectively. An asset is considered substandard if it is inadequately protected by the current net worth and pay capacity of the borrower or of any collateral pledged. Substandard assets include those characterized by the distinct possibility that First Federal will sustain some loss if the deficiencies are not corrected. Assets classified as doubtful have all the weaknesses inherent in those classified substandard with the added characteristic that the weaknesses present make collection or liquidation in full highly questionable and improbable, on the basis of currently existing facts, conditions, and values. Assets classified as loss are those considered uncollectible and of such little value that their continuance as assets without the establishment of a specific loss reserve is not warranted. When First Federal classifies problem assets as either substandard or doubtful, it may establish a specific allowance to address the risk specifically or allow the loss to be addressed in the general allowance. General allowances represent loss allowances that have been established to recognize the inherent risk associated with lending activities but that, unlike specific allowances, have not been specifically allocated to particular problem assets. When an insured institution classifies problem assets as a loss, it is required to charge off such assets in the period in which they are deemed uncollectible. Assets that do not currently expose First Federal to sufficient risk to warrant classification as substandard or doubtful but do possess identified weaknesses are designated as either watch or special mention assets; risk ratings 4 and 5 in our risk rating system, respectively. Loans not otherwise classified are considered pass graded loans and are rated 1-3 in our risk rating system. Additionally, First Federal categorizes loans as performing or nonperforming based on payment activity. Loans that are more than 90 days past due and nonaccrual loans are considered nonperforming. The following table represents the internally assigned grade as of June 30, 2018 , by class of loans: Pass Watch Special Mention Sub- Standard Total (In thousands) Real Estate: One-to-four family $ 333,035 $ 4,567 $ 986 $ 837 $ 339,425 Multi-family 88,034 — 113 — 88,147 Commercial real estate 225,682 4,238 747 1,599 232,266 Construction and land 51,515 5,356 — 48 56,919 Total real estate loans 698,266 14,161 1,846 2,484 716,757 Consumer: Home equity 37,740 791 40 514 39,085 Auto and other consumer 54,479 586 42 208 55,315 Total consumer loans 92,219 1,377 82 722 94,400 Commercial business loans 15,799 412 278 583 17,072 Total loans $ 806,284 $ 15,950 $ 2,206 $ 3,789 $ 828,229 The following table represents the internally assigned grade as of December 31, 2017 , by class of loans: Pass Watch Special Mention Sub- Standard Total (In thousands) Real Estate: One-to-four family $ 348,273 $ 4,134 $ 1,580 $ 1,404 $ 355,391 Multi-family 71,535 2,117 115 — 73,767 Commercial real estate 188,251 9,893 964 3,848 202,956 Construction and land 59,360 8,040 3,662 83 71,145 Total real estate loans 667,419 24,184 6,321 5,335 703,259 Consumer: Home equity 37,502 323 93 555 38,473 Auto and other consumer 27,646 202 146 112 28,106 Total consumer loans 65,148 525 239 667 66,579 Commercial business loans 14,230 653 772 648 16,303 Total loans $ 746,797 $ 25,362 $ 7,332 $ 6,650 $ 786,141 The following table represents the credit risk profile based on payment activity as of June 30, 2018 , by class of loans: Nonperforming Performing Total (In thousands) Real Estate: One-to-four family $ 731 $ 338,694 $ 339,425 Multi-family — 88,147 88,147 Commercial real estate 251 232,015 232,266 Construction and land 48 56,871 56,919 Consumer: Home equity 358 38,727 39,085 Auto and other consumer 91 55,224 55,315 Commercial business 583 16,489 17,072 Total loans $ 2,062 $ 826,167 $ 828,229 The following table represents the credit risk profile based on payment activity as of December 31, 2017 , by class of loans: Nonperforming Performing Total (In thousands) Real Estate: One-to-four family $ 681 $ 354,710 $ 355,391 Multi-family — 73,767 73,767 Commercial real estate 378 202,578 202,956 Construction and land 52 71,093 71,145 Consumer: Home equity 365 38,108 38,473 Auto and other consumer 59 28,047 28,106 Commercial business — 16,303 16,303 Total loans $ 1,535 $ 784,606 $ 786,141 Troubled debt restructuring. A TDR is a loan to a borrower who is experiencing financial difficulty that has been modified from its original terms and conditions in such a way that First Federal is granting the borrower a concession of some kind. First Federal has granted a variety of concessions to borrowers in the form of loan modifications. The modifications are generally related to the loan's interest rate, term and payment amount or a combination thereof. Upon identifying a receivable as a TDR loan, First Federal classifies the loan as impaired for purposes of determining the allowance for loan losses. This requires the loan to initially be evaluated individually for impairment, generally based on the expected cash flows under the new terms discounted at the loan’s original effective interest rates. For TDR loans that subsequently default, the method of determining impairment is generally the fair value of the collateral less estimated selling costs. TDR loans may be upgraded in their classification and placed on accrual status once there is a sustained period of repayment performance, usually six months or longer, and there is a reasonable assurance that repayment will continue. First Federal allows reclassification of a troubled debt restructuring back into the general loan pool (as a non-troubled debt restructuring) if the borrower is able to refinance the loan at then-current market rates and meet all of the underwriting criteria of First Federal required of other borrowers. The refinance must be based on the borrower’s ability to repay the debt and no special concessions of rate and/or term are granted to the borrower. The following table is a summary of information pertaining to TDR loans included in impaired loans at the dates indicated: June 30, 2018 December 31, 2017 (In thousands) Total TDR loans $ 4,043 $ 4,919 Allowance for loan losses related to TDR loans 148 182 Total nonaccrual TDR loans 367 393 There were no newly restructured and renewals or modifications of existing TDR loans by class that occurred during the three months ended June 30, 2018 , by type of concession granted. The following table presents newly restructured and renewals or modifications of existing TDR loans by class that occurred during the six months ended June 30, 2018 , by type of concession granted. Number of Contracts Rate Modification Term Modification Combination Total Modifications (Dollars in thousands) Pre-modification outstanding recorded investment One- to four-family 2 $ — $ — $ 180 $ 180 2 $ — $ — $ 180 $ 180 Post-modification outstanding recorded investment One- to four-family 2 $ — $ — $ 179 $ 179 2 $ — $ — $ 179 $ 179 There were no TDR loans which incurred a payment default within 12 months of the restructure date during the three and six months ended June 30, 2018 . The following table presents newly restructured and renewals or modifications of existing TDR loans by class that occurred during the three months ended June 30, 2017 , by type of concession granted Number of Contracts Rate Modification Term Modification Combination Total Modifications (Dollars in thousands) Pre-modification outstanding recorded investment One- to four-family 1 $ — $ — $ 244 $ 244 1 $ — $ — $ 244 $ 244 Post-modification outstanding recorded investment One- to four-family 1 $ — $ — $ 236 $ 236 1 $ — $ — $ 236 $ 236 The following table presents newly restructured and renewals or modifications of existing TDR loans by class that occurred during the six months ended June 30, 2017 , by type of concession granted. Number of Contracts Rate Modification Term Modification Combination Total Modifications (Dollars in thousands) Pre-modification outstanding recorded investment One- to four-family 3 $ 95 $ 89 $ 244 $ 428 Commercial real estate 1 — — 134 134 4 95 89 378 562 Post-modification outstanding recorded investment One- to four-family 3 $ 92 $ 87 $ 236 $ 415 Commercial real estate 1 — — 129 129 4 $ 92 $ 87 $ 365 $ 544 There were no TDR loans which incurred a payment default within 12 months of the restructure date during the six months and three months ended June 30, 2017 . No additional funds were committed to be advanced in connection with impaired loans at June 30, 2018 . The following table presents TDR loans by class at the dates indicated by accrual and nonaccrual status. June 30, 2018 December 31, 2017 Accrual Nonaccrual Total Accrual Nonaccrual Total (In thousands) One-to-four family $ 2,342 $ 263 $ 2,605 $ 3,165 $ 176 $ 3,341 Multi-family 113 — 113 115 — 115 Commercial real estate 679 104 783 693 217 910 Home equity 264 — 264 270 — 270 Commercial business 278 — 278 283 — 283 Total TDR loans $ 3,676 $ 367 $ 4,043 $ 4,526 $ 393 $ 4,919 |
Deposits
Deposits | 6 Months Ended |
Jun. 30, 2018 | |
Banking and Thrift [Abstract] | |
Deposits | Deposits The aggregate amount of time deposits in excess of the Federal Deposit Insurance Corporation ("FDIC") insured limit, currently $250,000 , at June 30, 2018 and December 31, 2017 , was $95.2 million and $82.3 million , respectively. Deposits and weighted-average interest rates at the dates indicated are as follows: Weighted-Average Interest Rate June 30, 2018 Weighted-Average Interest Rate December 31, 2017 (Dollars in thousands) Savings 0.18% $ 108,471 0.05% $ 103,243 Transaction accounts 0.03% 258,428 0.01% 272,484 Money market accounts 0.38% 280,113 0.33% 270,052 Certificates of deposit and jumbo certificates 1.50% 246,314 1.27% 239,253 $ 893,326 $ 885,032 Weighted-average interest rate 0.56 % 0.45 % Maturities of certificates at the dates indicated are as follows: June 30, 2018 December 31, 2017 (In thousands) Within one year or less $ 149,266 $ 139,613 After one year through two years 60,520 61,906 After two years through three years 21,186 20,732 After three years through four years 10,432 10,089 After four years through five years 4,905 6,886 After five years 5 27 $ 246,314 $ 239,253 Deposits at June 30, 2018 and December 31, 2017 , included $67.5 million and $56.2 million , respectively, in public fund deposits. Investment securities with a carrying value of $45.4 million and $41.0 million were pledged as collateral for these deposits at June 30, 2018 and December 31, 2017 , respectively. This exceeds the minimum collateral requirements established by the Washington Public Deposit Protection Commission. Interest on deposits by type for the periods shown was as follows: Three months ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 (In thousands) Savings $ 28 $ 14 $ 44 $ 23 Transaction accounts 9 5 13 9 Insured money market accounts 282 226 497 438 Certificates of deposit and jumbo certificates 806 553 1,556 1,046 $ 1,125 $ 798 $ 2,110 $ 1,516 |
Federal Taxes on Income
Federal Taxes on Income | 6 Months Ended |
Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Federal Taxes on Income | Federal Taxes on Income Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. These calculations are based on many complex factors including estimates of the timing of reversals of temporary differences, the interpretation of federal income tax laws, and a determination of the differences between the tax and the financial reporting basis of assets and liabilities. Actual results could differ significantly from the estimates and interpretations used in determining the current and deferred income tax assets and liabilities. Under current Federal income tax regulations, charitable contribution deductions are limited to 10% of taxable income. Due to this limitation, the Company currently has a valuation allowance of $1.2 million for financial statement reporting purposes related to its contribution to the Foundation. The contribution carryforward and related valuation allowance will expire in 2020. A valuation allowance is provided when it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Company evaluates whether its deferred tax assets will be realized and adjusts the amount of its valuation allowance, if necessary. Effective January 1, 2018, the corporate U.S. statutory federal income tax rate was reduced from 35% to 21% under the Tax Cuts and Jobs Act. The Company completed its accounting under ASC 740 in December 2017 for all material deferred tax assets and liabilities with provisional amounts recorded for immaterial items. No adjustments were made to provisional amounts during the six months ended June 30, 2018 , and none are anticipated during the one year SEC Staff Accounting Bulletin 118 measurement period. The effective tax rates were 18.5% and 19.8% for the six months ended June 30, 2018 and 2017 , respectively. The effective tax rates differ from the statutory maximum federal tax rate for 2018 and 2017 of 21% and 35%, respectively, largely due to the nontaxable earnings on bank owned life insurance and tax-exempt interest income earned on certain investment securities and loans. |
Earnings per Share
Earnings per Share | 6 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
Earnings per Share | Earnings per Share Basic earnings per share is computed by dividing income available to common shareholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity. In addition, nonvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents are considered participating securities and are included in the computation of earnings per share. The following table presents a reconciliation of the components used to compute basic and diluted earnings per share for the three and six months ended June 30, 2018 and 2017 . Three months ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 (In thousands, except share data) Numerator: Net income $ 1,526 $ 1,115 $ 3,049 $ 3,279 Denominator: Basic weighted average common shares outstanding 10,329,680 10,697,425 10,412,704 10,754,413 Dilutive restricted stock grants 126,666 138,160 120,526 123,501 Diluted weighted average common shares outstanding 10,456,346 10,835,585 10,533,230 10,877,914 Basic earnings per share $ 0.15 $ 0.10 $ 0.29 $ 0.30 Diluted earnings per share $ 0.15 $ 0.10 $ 0.29 $ 0.30 Unallocated ESOP shares are not included as outstanding for either basic or diluted earnings per share calculations. As of June 30, 2018 and 2017 , there were 873,445 and 926,334 shares in the ESOP that remain unallocated, respectively. Potential dilutive shares are excluded from the computation of EPS if their effect is anti-dilutive. There were no anti-dilutive shares at June 30, 2018 or 2017 . |
Employee Benefits
Employee Benefits | 6 Months Ended |
Jun. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Employee Benefits | Employee Benefits Employee Stock Ownership Plan In connection with the Conversion, the Company established an ESOP for eligible employees of the Company and the Bank. Employees of the Company and the Bank who have been credited with at least 1,000 hours of service during a 12 -month period are eligible to participate in the ESOP. Pursuant to the Plan, the ESOP purchased shares in the open market with funds borrowed from First Northwest. The Bank will make contributions to the ESOP in amounts necessary to amortize the ESOP loan payable to First Northwest over a period of 20 years, bearing estimated interest at 2.46% . The loan is secured by shares purchased with the loan proceeds and will be repaid by the ESOP with funds from the Bank's discretionary contributions to the ESOP and earnings on the ESOP assets. Annual principal and interest payments of $835,000 were made by the ESOP for the three and six months ended June 30, 2018 . As shares are committed to be released from collateral, the Company reports compensation expense equal to the average daily market prices of the shares and the shares become outstanding for EPS computations. The compensation expense is accrued monthly throughout the year. Dividends on allocated ESOP shares are recorded as a reduction of retained earnings; dividends on unallocated ESOP shares are recorded as a reduction of debt and accrued interest. Compensation expense related to the ESOP for the three months ended June 30, 2018 and 2017 , was $217,000 and $192,000 , respectively. For the six months ended June 30, 2018 and 2017 compensation expense related to the ESOP was $437,000 and $395,000 , respectively. Shares issued to the ESOP as of the dates indicated are as follows: June 30, 2018 December 31, 2017 (Dollars in thousands, except share data) Allocated shares 174,584 121,695 Committed to be released shares — 26,442 Unallocated shares 873,445 899,892 Total ESOP shares issued 1,048,029 1,048,029 Fair value of unallocated shares $ 13,949 $ 14,668 Stock-based Compensation On November 16, 2015 , the Company's shareholders approved the First Northwest Bancorp 2015 Equity Incentive Plan (the "2015 EIP"), which provides for the grant of incentive stock options, non-qualified stock options, restricted stock and restricted stock units to eligible participants. The cost of awards under the 2015 EIP generally is based on the fair value of the awards on their grant date. The maximum number of shares that may be utilized for awards under the 2015 EIP is 1,834,050 . The 2015 EIP provides for the use of authorized but unissued shares or shares that have been reacquired by First Northwest to fund share-based awards. At June 30, 2018 , there were 1,381,550 total shares available for grant under the 2015 EIP, including 71,514 shares available to be granted as restricted stock. During the three and six months ended June 30, 2018 and 2017 , no shares of restricted stock were awarded and no stock options were granted. Awarded shares of restricted stock vest over five years from the date of grant as long as the eligible participant remains in service to the Company. The Company recognizes compensation expense for the restricted stock awards based on the fair value of the shares at the award date. For the three months ended June 30, 2018 and 2017 , total compensation expense for the 2015 EIP was $259,000 and $250,000 , respectively. For the six months ended June 30, 2018 and 2017 , total compensation expense for the 2015 EIP was $532,000 and $467,000 , respectively. Included in the above compensation expense for the three months ended June 30, 2018 and 2017 , was directors' compensation of $85,000 and $98,000 , respectively. For the six months ended June 30, 2018 and 2017 , directors' compensation was $170,000 and $193,000 , respectively. The following tables provide a summary of changes in non-vested restricted stock awards for the periods shown: For the Three Months Ended June 30, 2018 Weighted-Average Grant Date Shares Fair Value Non-vested at April 1, 2018 347,600 $ 13.18 Granted — — Vested — — Forfeited (5,000 ) 16.07 Non-vested at June 30, 2018 342,600 13.14 For the Six Months Ended June 30, 2018 Weighted-Average Grant Date Shares Fair Value Non-vested at January 1, 2018 347,600 $ 13.18 Granted — — Vested — — Forfeited (5,000 ) 16.07 Non-vested at June 30, 2018 342,600 13.14 As of June 30, 2018 , there was $3.4 million of total unrecognized compensation cost related to non-vested shares granted as restricted stock awards. The cost is expected to be recognized over the remaining weighted-average vesting period of approximately 3.18 years. |
Stock-based Compensation
Stock-based Compensation | 6 Months Ended |
Jun. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-based Compensation | Employee Benefits Employee Stock Ownership Plan In connection with the Conversion, the Company established an ESOP for eligible employees of the Company and the Bank. Employees of the Company and the Bank who have been credited with at least 1,000 hours of service during a 12 -month period are eligible to participate in the ESOP. Pursuant to the Plan, the ESOP purchased shares in the open market with funds borrowed from First Northwest. The Bank will make contributions to the ESOP in amounts necessary to amortize the ESOP loan payable to First Northwest over a period of 20 years, bearing estimated interest at 2.46% . The loan is secured by shares purchased with the loan proceeds and will be repaid by the ESOP with funds from the Bank's discretionary contributions to the ESOP and earnings on the ESOP assets. Annual principal and interest payments of $835,000 were made by the ESOP for the three and six months ended June 30, 2018 . As shares are committed to be released from collateral, the Company reports compensation expense equal to the average daily market prices of the shares and the shares become outstanding for EPS computations. The compensation expense is accrued monthly throughout the year. Dividends on allocated ESOP shares are recorded as a reduction of retained earnings; dividends on unallocated ESOP shares are recorded as a reduction of debt and accrued interest. Compensation expense related to the ESOP for the three months ended June 30, 2018 and 2017 , was $217,000 and $192,000 , respectively. For the six months ended June 30, 2018 and 2017 compensation expense related to the ESOP was $437,000 and $395,000 , respectively. Shares issued to the ESOP as of the dates indicated are as follows: June 30, 2018 December 31, 2017 (Dollars in thousands, except share data) Allocated shares 174,584 121,695 Committed to be released shares — 26,442 Unallocated shares 873,445 899,892 Total ESOP shares issued 1,048,029 1,048,029 Fair value of unallocated shares $ 13,949 $ 14,668 Stock-based Compensation On November 16, 2015 , the Company's shareholders approved the First Northwest Bancorp 2015 Equity Incentive Plan (the "2015 EIP"), which provides for the grant of incentive stock options, non-qualified stock options, restricted stock and restricted stock units to eligible participants. The cost of awards under the 2015 EIP generally is based on the fair value of the awards on their grant date. The maximum number of shares that may be utilized for awards under the 2015 EIP is 1,834,050 . The 2015 EIP provides for the use of authorized but unissued shares or shares that have been reacquired by First Northwest to fund share-based awards. At June 30, 2018 , there were 1,381,550 total shares available for grant under the 2015 EIP, including 71,514 shares available to be granted as restricted stock. During the three and six months ended June 30, 2018 and 2017 , no shares of restricted stock were awarded and no stock options were granted. Awarded shares of restricted stock vest over five years from the date of grant as long as the eligible participant remains in service to the Company. The Company recognizes compensation expense for the restricted stock awards based on the fair value of the shares at the award date. For the three months ended June 30, 2018 and 2017 , total compensation expense for the 2015 EIP was $259,000 and $250,000 , respectively. For the six months ended June 30, 2018 and 2017 , total compensation expense for the 2015 EIP was $532,000 and $467,000 , respectively. Included in the above compensation expense for the three months ended June 30, 2018 and 2017 , was directors' compensation of $85,000 and $98,000 , respectively. For the six months ended June 30, 2018 and 2017 , directors' compensation was $170,000 and $193,000 , respectively. The following tables provide a summary of changes in non-vested restricted stock awards for the periods shown: For the Three Months Ended June 30, 2018 Weighted-Average Grant Date Shares Fair Value Non-vested at April 1, 2018 347,600 $ 13.18 Granted — — Vested — — Forfeited (5,000 ) 16.07 Non-vested at June 30, 2018 342,600 13.14 For the Six Months Ended June 30, 2018 Weighted-Average Grant Date Shares Fair Value Non-vested at January 1, 2018 347,600 $ 13.18 Granted — — Vested — — Forfeited (5,000 ) 16.07 Non-vested at June 30, 2018 342,600 13.14 As of June 30, 2018 , there was $3.4 million of total unrecognized compensation cost related to non-vested shares granted as restricted stock awards. The cost is expected to be recognized over the remaining weighted-average vesting period of approximately 3.18 years. |
Fair Value Accounting and Measu
Fair Value Accounting and Measurement | 6 Months Ended |
Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Accounting and Measurement | Fair Value Accounting and Measurement Fair value is the price to sell an asset or transfer a liability in an orderly transaction between market participants in the Company’s principal market. The Company has established and documented its process for determining the fair values of its assets and liabilities, where applicable. Fair value is based on quoted market prices, when available, for identical or similar assets or liabilities. In the absence of quoted market prices, management determines the fair value of the Company’s assets and liabilities using valuation models or third-party pricing services, both of which rely on market-based parameters when available, such as interest rate yield curves, option volatilities and credit spreads, or unobservable inputs. Unobservable inputs may be based on management’s judgment, assumptions, and estimates related to credit quality, liquidity, interest rates, and other relevant inputs. Any changes to valuation methodologies are reviewed by management to ensure they are relevant and justified. Valuation methodologies are refined as more market-based data becomes available. A three-level valuation hierarchy is used in determining fair value that is based on the transparency of the inputs used in the valuation process. The inputs used in determining fair value in each of the three levels of the hierarchy are as follows: Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 - Either: (i) quoted prices for similar assets or liabilities; (ii) observable inputs, such as interest rates or yield curves; or (iii) inputs derived principally from or corroborated by observable market data. Level 3 - Unobservable inputs. The hierarchy gives the highest ranking to Level 1 inputs and the lowest ranking to Level 3 inputs. The level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the overall fair value measurement. Qualitative disclosures of valuation techniques - Securities available for sale: where quoted prices are available in an active market, securities are classified as Level 1. Level 1 instruments include highly liquid government bonds, securities issued by the U.S. Treasury, and exchange-traded equity securities. If quoted prices are not available, management determines fair value using pricing models, quoted prices of similar securities, which are considered Level 2, or discounted cash flows. In certain cases, where there is limited activity in the market for a particular instrument, assumptions must be made to determine their fair value. Such instruments are classified as Level 3. Assets and liabilities measured at fair value on a recurring basis - Assets and liabilities are considered to be fair valued on a recurring basis if fair value is measured regularly (i.e., daily, weekly, monthly, or quarterly). The following tables show the Company’s assets measured at fair value on a recurring basis at the dates indicated: June 30, 2018 Quoted Prices in or Liabilities Significant Inputs Significant Inputs (Level 1) (Level 2) (Level 3) Total (In thousands) Securities available-for-sale Municipal bonds $ — $ 110 $ — $ 110 ABS agency — 20,992 — 20,992 ABS corporate — 37,585 — 37,585 Corporate debt — 9,955 — 9,955 SBA — 39,124 — 39,124 MBS agency — 131,148 — 131,148 MBS corporate — 13,457 — 13,457 $ — $ 252,371 $ — $ 252,371 December 31, 2017 Quoted Prices in Significant Significant (Level 1) (Level 2) (Level 3) Total (In thousands) Securities available-for-sale Municipal bonds $ — $ 13,434 $ — $ 13,434 ABS agency — 21,770 — 21,770 ABS corporate — 22,768 — 22,768 Corporate debt — 19,908 — 19,908 SBA — 47,274 — 47,274 MBS agency — 144,542 — 144,542 MBS corporate — 20,546 — 20,546 $ — $ 290,242 $ — $ 290,242 Assets and liabilities measured at fair value on a nonrecurring basis - Assets are considered to be fair valued on a nonrecurring basis if the fair value measurement of the instrument does not necessarily result in a change in the amount recorded on the consolidated balance sheets. Generally, nonrecurring valuation is the result of the application of other accounting pronouncements that require assets or liabilities to be assessed for impairment or recorded at the lower of cost or fair value. The following tables present the Company’s assets measured at fair value on a nonrecurring basis at the dates indicated: June 30, 2018 Level 1 Level 2 Level 3 Total (In thousands) Impaired loans $ — $ — $ 6,937 $ 6,937 December 31, 2017 Level 1 Level 2 Level 3 Total (In thousands) Impaired loans $ — $ — $ 6,061 $ 6,061 At June 30, 2018 and December 31, 2017 , there were no impaired loans with discounts to appraisal disposition value or other unobservable inputs. The following tables present the carrying value and estimated fair value of financial instruments at the dates indicated: June 30, 2018 Carrying Amount Estimated Fair Value Fair Value Measurements Using: Level 1 Level 2 Level 3 (In thousands) Financial assets Cash and cash equivalents $ 22,884 $ 22,884 $ 22,884 $ — $ — Investment securities available for sale 252,371 252,371 — 252,371 — Investment securities held to maturity 44,423 43,619 — 43,619 — Loans receivable, net 821,339 794,736 — — 794,736 FHLB stock 6,521 6,521 — 6,521 — Accrued interest receivable 3,899 3,899 — 3,899 — Mortgage servicing rights, net 1,101 1,619 — — 1,619 Financial liabilities Demand deposits $ 647,012 $ 647,012 $ 647,012 $ — $ — Time deposits 246,314 243,914 — 243,914 — Borrowings 126,271 127,102 — 127,102 — Accrued interest payable 374 374 — 374 — December 31, 2017 Carrying Amount Estimated Fair Value Fair Value Measurements Using: Level 1 Level 2 Level 3 (In thousands) Financial assets Cash and cash equivalents $ 36,801 $ 36,801 $ 36,801 $ — $ — Investment securities available for sale 290,242 290,242 — 290,242 — Investment securities held to maturity 50,126 50,266 — 50,266 — Loans held for sale 788 788 — 788 — Loans receivable, net 779,111 768,181 — — 768,181 FHLB stock 7,023 7,023 — 7,023 — Accrued interest receivable 3,745 3,745 — 3,745 — Mortgage servicing rights, net 1,095 1,669 — — 1,669 Financial liabilities Demand deposits $ 645,779 $ 645,779 $ 645,779 $ — $ — Time deposits 239,253 237,841 — 237,841 — Borrowings 144,100 145,892 — 145,892 — Accrued interest payable 325 325 — 325 — Financial assets and liabilities other than investment securities are not traded in active markets. Estimated fair values require subjective judgments and are approximate. The estimates of fair value in the previous table are not necessarily representative of amounts that could be realized in actual market transactions, or of the underlying value of the Company. The methods and assumptions used by the Company in estimating fair values of financial instruments as set forth below in accordance with ASC Topic 825, Financial Instruments , as amended by ASU 2016-01 requiring public entities to use the exit price notion effective January 1, 2018, are as follows: Financial instruments with a carrying amount equal to fair value - The fair value of financial instruments that are short-term or reprice frequently and that have little or no risk are considered to have a fair value equal to the carrying amount. These instruments include cash and due from banks, interest bearing deposits with banks, FHLB stock, accrued interest receivable, and accrued interest payable. FHLB stock is not publicly traded, however, it may be redeemed on a dollar-for-dollar basis, for any amount the Bank is not required to hold, subject to the FHLB's discretion. The fair value is therefore equal to the carrying amount. Securities - Fair values for investment securities are primarily measured using information from a third-party pricing service. The pricing service uses pricing models based on market data. In the event that limited or less transparent information is provided by the third-party pricing service, fair value is estimated using secondary pricing services or non-binding third-party broker quotes. Loans held for sale - The fair value of loans held for sale is based on quoted market prices from Federal Home Loan Mortgage Corporation ("Freddie Mac"), which are updated daily and represent prices at which loans are exchanged in high volumes and in a liquid market. Loans receivable, net - At June 30, 2018 , the fair value of loans and leases is estimated by discounting the future cash flows using the current rate at which similar loans and leases would be made to borrowers with similar credit and for the same remaining maturities. Additionally, to be consistent with the requirements under FASB ASC Topic 820 for Fair Value Measurements and Disclosures, the loans and leases were valued at a price that represents the Company’s exit price or the price at which these instruments would be sold or transferred. At December 31, 2017, fair values were estimated for portfolios of loans with similar financial characteristics. Loans were segregated by type, including fixed and variable one- to four-family residential real estate, commercial, and consumer loans. There is an accurate and reliable secondary market for one- to four-family residential mortgage production, and available market benchmarks are used to establish discount factors for estimating fair value for these types of loans. Commercial and consumer loans use market benchmarks when available; however, due to the varied term structures and credit issues involved, they mainly rely on cash flow projections and repricing characteristics within the loan portfolio. These amounts are discounted further by embedded probable losses expected to be realized in the portfolio. Mortgage servicing rights, net - The estimated fair value of mortgage servicing rights is based on market prices for comparable mortgage servicing contracts, when available, or alternatively, is based on a valuation model that calculates the present value of estimated future net servicing income. Deposits - The fair value of deposits with no stated maturity, such as non-interest bearing deposits, savings and interest checking accounts, and money market accounts, is equal to the amount payable on demand as of June 30, 2018 and December 31, 2017 . The fair value of certificates of deposit is based on the discounted value of contractual cash flows. The discount rate is estimated using the rates currently offered for deposits of similar remaining maturities. Borrowings - The fair value of FHLB advances and other borrowings are calculated using a discounted cash flow method, adjusted for market interest rates and terms to maturity. Off-balance-sheet financial instruments - Commitments to extend credit represent all off-balance-sheet financial instruments. The fair value of these commitments is not significant. |
Noninterest Income
Noninterest Income | 6 Months Ended |
Jun. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Noninterest Income | Noninterest Income On January 1, 2018, the Company adopted the amendments of ASU 2014-09 Revenue from Contracts with Customers (Topic 606) and all subsequent ASUs that modified Topic 606. The Company has included the following table regarding the Company’s noninterest income for the periods presented. Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 (In thousands) Noninterest income: Loan fees (1) $ 132 $ 74 $ 257 $ 170 Deposit fees 369 420 761 820 Debit interchange income 37 41 69 78 Credit card interchange income 447 397 853 754 Investment securities gain (loss), net (1) 13 — 135 — Gain on loan sales, net (1) 150 44 317 328 Increase in cash surrender value of BOLI (1) 149 159 298 337 Income from BOLI payout (1) — — — 768 Other income: Investment services revenue 83 91 157 178 Gain or loss on subsidiary (1) 18 (40 ) 32 (40 ) Remaining other income 7 13 8 7 Total other income 108 64 197 145 Total noninterest income $ 1,405 $ 1,199 $ 2,887 $ 3,400 (1) Not within scope of ASC 606 The Company recognizes revenue as it is earned and noted no impact to its revenue recognition policies as a result of the adoption of ASU 2014-09. The following is a discussion of key revenues within the scope of the new revenue guidance. Deposit fees - The Company earns fees from its deposit customers for account maintenance, transaction-based activity and overdraft services. Account maintenance fees consist primarily of account fees and analyzed account fees charged on deposit accounts on a monthly basis. The performance obligation is satisfied and the fees are recognized on a monthly basis as the service period is completed. Transaction-based fees on deposit accounts are charged to deposit customers for specific services provided to the customer, such as non-sufficient funds fees, overdraft fees, and wire fees. The performance obligation is completed as the transaction occurs and the fees are recognized at the time each specific service is provided to the customer. Debit interchange income - Debit and Automated Teller Machine ("ATM") interchange income represent fees earned when a debit card issued by the Company is used. The Company earns interchange fees from debit cardholder transactions through card networks. In addition, the Company earns interchange fees for use of its ATM by customers of other banking institutions. Interchange fees are based on purchase volumes and other factors and are recognized as transactions occur. The performance obligation is satisfied and the fees are earned when the cost of the transaction is charged to the cardholder's debit card. Certain expenses directly associated with the credit and debit card are netted against interchange income. Credit card interchange income - Credit card interchange income represents fees earned when a credit card issued by the Bank through a third-party vendor is used. Similar to the debit card interchange, the Bank earns an interchange fee for each transaction made with a Bank-branded credit card. The performance obligation is satisfied and the fees are earned when the cost of the transaction is charged to the cardholder's credit card. Certain expenses directly related to the credit card interchange contract are netted against interchange income. Investment services revenue - Commissions received on the sale of investment related products is determined by a percentage of underlying instruments sold and is recognized when the sale is finalized. Gains/losses on the sale of other real estate owned are included in non-interest expense and are generally recognized when the performance obligation is complete. This is typically at delivery of control over the property to the buyer at time of each real estate closing. |
Basis of Presentation and Cri19
Basis of Presentation and Critical Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of presentation | Basis of presentation - The accompanying unaudited interim consolidated financial statements have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"). Accordingly, they do not include all of the information and footnotes required by U.S. Generally Accepted Accounting Principles ("GAAP") for complete financial statements. These unaudited interim consolidated financial statements should be read in conjunction with our audited consolidated financial statements and accompanying notes included in the Company's Annual Report on Form 10-KT for the six months ended December 31, 2017 . In our opinion, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation of the consolidated financial statements in accordance with GAAP have been included. The Company changed its fiscal year from June 30 to December 31 effective December 31, 2017. Operating results for the three and six months ended June 30, 2018 , are not necessarily indicative of the results that may be expected for future periods. In preparing the unaudited interim consolidated financial statements, we are required to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to a determination of the allowance for loan losses ("ALLL"), mortgage servicing rights, fair value of financial instruments, deferred tax assets and liabilities, and the valuation of impaired loans. |
Principles of consolidation | Principles of consolidation - The accompanying consolidated financial statements include the accounts of First Northwest Bancorp and its wholly owned subsidiary, First Federal. All material intercompany accounts and transactions have been eliminated in consolidation. |
Subsequent Events | Subsequent Events - The Company has evaluated subsequent events for potential recognition and disclosure and determined there are no such events or transactions requiring recognition or disclosure. |
Recently adopted and issued accounting pronouncements | Recently adopted accounting pronouncements - In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers (Topic 606) . In August 2015, FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date , which postponed the effective date of 2014-09. Subsequently, in March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations . This amendment clarifies that an entity should determine if it is the principal or the agent for each specified good or service promised in a contract with a customer. In April 2016, the FASB issued ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing . The core principle of Topic 606 is that an entity must recognize revenue when it has satisfied a performance obligation of transferring promised goods or services to a customer. In general, the new guidance requires companies to use more judgment and make more estimates than under current guidance, including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. These standards were effective for interim and annual periods beginning after December 15, 2017. The Company has analyzed its revenue sources of noninterest income to determine when the satisfaction of the performance obligation occurs and the appropriate recognition of revenue. The adoption of these ASUs did not have a material impact on the Company’s consolidated financial statements as the Company did not identify any significant changes in the timing of revenue recognition when considering the amended accounting guidance since it is consistent with the Company’s current accounting policy for contracts. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities . ASU 2016-01 requires equity investments (except those accounted for under the equity method of accounting) to be measured at fair value with changes in fair value recognized in net income. In addition, the amendments in this ASU require an entity to disclose the fair value of financial instruments using the exit price notion. Exit price 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 amendments in this ASU were effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company has used the exit price notion in the fair value disclosure of financial instruments in Note 9 of this report. The adoption of ASU 2016-01 did not have a material impact on the Company’s consolidated financial statements or disclosures in the Notes to the Consolidated Financial Statements. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments . The ASU provides specific guidance on eight classification issues in order to achieve more consistent reporting. The amendments in this ASU were effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company does not currently have items on its cash flow statement that were impacted by adoption of this ASU and therefore adoption of ASU 2016-15 did not have a material impact on the Company’s consolidated financial statements. In March 2017, the FASB issued ASU No. 2017-08, Receivables-Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities . The ASU shortens the amortization period for certain callable debt securities held at a premium using the earliest call date. The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2019. Early adoption is permitted. The adoption of ASU 2017-08 did not have a material impact on the Company's consolidated financial statements. In May 2017, the FASB issued ASU No. 2017-09, Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting . This ASU provides clarity on the guidance related to stock compensation when there have been changes to the terms or conditions of a share-based payment award to which an entity would be required to apply modification accounting under ASC 718. The ASU provides the three following criteria must be met in order to not account for the effect of the modification of terms or conditions: the fair value, the vesting conditions and the classification as an equity or liability instrument of the modified award is the same as the original award immediately before the original award is modified. The amendments in this ASU were effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. The Company has not had any modifications on share-based payment awards and therefore the adoption of ASU 2017-09 did not have a material impact on the Company’s consolidated financial statements. In March 2018, FASB issued ASU No. 2018-05, Income Taxes (Topic 740) . This ASU was issued to provide guidance on the income tax accounting implications of the Tax Cuts and Jobs Act, and allows for entities to report provisional amounts for specific income tax effects of the Act for which the accounting under Topic 740 was not yet complete but a reasonable estimate could be determined. A measurement period of one-year is allowed to complete the accounting effects under Topic 740 and revise any previous estimates reported. Any provisional amounts or subsequent adjustments included in an entity’s financial statements during the measurement period should be included in income from continuing operations as an adjustment to tax expense in the reporting period the amounts are determined. The Company adopted this ASU with the provisional adjustments as reported in the Consolidated Financial Statements on Form 10-KT as of December 31, 2017. As of June 30, 2018 , the Company did not incur any adjustments to the provisional recognition. Recently issued accounting pronouncements - In February 2016, the FASB issued ASU No. 2016-02, Leases . ASU 2016-02 is intended to increase transparency and comparability among organizations by requiring the recognition of lease assets and lease liabilities on the balance sheet and disclosure of key information about leasing arrangements. The principal change required by this ASU relates to lessee accounting, and is that for operating leases, a lessee is required to (1) recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, in the statement of financial position, (2) recognize a single lease cost, calculated so that the cost of the lease is allocated over the lease term on a generally straight-line basis, and (3) classify all cash payments within operating activities in the statement of cash flows. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. If a lessee makes this election, it should recognize lease expense for such leases generally on a straight-line basis over the lease term. ASU 2016-02 also changes disclosure requirements related to leasing activities, and requires certain qualitative disclosures along with specific quantitative disclosures. The amendments in ASU 2016-02 are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2018. Early application of the amendments in ASU 2016-02 is permitted. The Company is compiling an inventory of all leased assets to determine the impact of ASU 2016-02 on its financial condition and results of operations. Once adopted, we expect to report higher assets and liabilities on our Consolidated Balance Sheets as a result of including right-of-use assets and lease liabilities related to certain banking offices and certain equipment under noncancelable operating lease agreements, which currently are not reflected in our Consolidated Balance Sheets. We do not expect the guidance to have a material impact on the Consolidated Statements of Income or Consolidated Statements of Changes in Shareholders' Equity. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Loss , which updates the guidance on recognition and measurement of credit losses for financial assets. The new requirements, known as the current expected credit loss model (CECL) will require entities to adopt an impairment model based on expected losses rather than incurred losses. ASU No. 2016-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Upon adoption, the Company will change processes and procedures to calculate the allowance for loan losses, including changes in assumptions and estimates to consider expected credit losses over the life of the loan versus the current accounting practice that utilizes the incurred loss model. In addition, the current accounting policy and procedures for other-than-temporary impairment on investment securities available for sale will be replaced with an allowance approach. At this time, we do not anticipate an increase to the ALLL as a result of the implementation of this ASU based on the preliminary review and testing of different models being evaluated. The Company has formed an internal project management team which will coordinate and monitor implementation progress, work with our third-party vendor, and implement changes to processes and procedures to ensure the Company is fully compliant with the amendments at the adoption date. In August 2017, FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815). This ASU was issued to provide investors better insight to an entity’s risk management hedging strategies by permitting companies to recognize the economic results of its hedging strategies in its financial statements. The amendments in this ASU permit hedge accounting for hedging relationships involving nonfinancial risk and interest rate risk by removing certain limitations in cash flow and fair value hedging relationships. In addition, the ASU requires an entity to present the earnings effect of the hedging instrument in the same income statement line item in which the earnings effect of the hedged item is reported. This ASU is effective for fiscal years beginning after December 15, 2018, and early adoption is permitted. Adoption of ASU 2017-12 is not expected to have a material impact on the Company’s consolidated financial statements. |
Reclassifications | Reclassifications - Certain amounts in the unaudited interim consolidated financial statements for prior periods have been reclassified to conform to the current unaudited financial statement presentation with no effect on net income or shareholders' equity. |
Earnings per Share | Earnings per Share Basic earnings per share is computed by dividing income available to common shareholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity. In addition, nonvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents are considered participating securities and are included in the computation of earnings per share. |
Fair Value Accounting and Measurement | Fair value is the price to sell an asset or transfer a liability in an orderly transaction between market participants in the Company’s principal market. The Company has established and documented its process for determining the fair values of its assets and liabilities, where applicable. Fair value is based on quoted market prices, when available, for identical or similar assets or liabilities. In the absence of quoted market prices, management determines the fair value of the Company’s assets and liabilities using valuation models or third-party pricing services, both of which rely on market-based parameters when available, such as interest rate yield curves, option volatilities and credit spreads, or unobservable inputs. Unobservable inputs may be based on management’s judgment, assumptions, and estimates related to credit quality, liquidity, interest rates, and other relevant inputs. Any changes to valuation methodologies are reviewed by management to ensure they are relevant and justified. Valuation methodologies are refined as more market-based data becomes available. A three-level valuation hierarchy is used in determining fair value that is based on the transparency of the inputs used in the valuation process. The inputs used in determining fair value in each of the three levels of the hierarchy are as follows: Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 - Either: (i) quoted prices for similar assets or liabilities; (ii) observable inputs, such as interest rates or yield curves; or (iii) inputs derived principally from or corroborated by observable market data. Level 3 - Unobservable inputs. The hierarchy gives the highest ranking to Level 1 inputs and the lowest ranking to Level 3 inputs. The level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the overall fair value measurement. Qualitative disclosures of valuation techniques - Securities available for sale: where quoted prices are available in an active market, securities are classified as Level 1. Level 1 instruments include highly liquid government bonds, securities issued by the U.S. Treasury, and exchange-traded equity securities. If quoted prices are not available, management determines fair value using pricing models, quoted prices of similar securities, which are considered Level 2, or discounted cash flows. In certain cases, where there is limited activity in the market for a particular instrument, assumptions must be made to determine their fair value. Such instruments are classified as Level 3. Assets and liabilities measured at fair value on a recurring basis - Assets and liabilities are considered to be fair valued on a recurring basis if fair value is measured regularly (i.e., daily, weekly, monthly, or quarterly). |
Fair Value of Financial Instruments | Financial assets and liabilities other than investment securities are not traded in active markets. Estimated fair values require subjective judgments and are approximate. The estimates of fair value in the previous table are not necessarily representative of amounts that could be realized in actual market transactions, or of the underlying value of the Company. The methods and assumptions used by the Company in estimating fair values of financial instruments as set forth below in accordance with ASC Topic 825, Financial Instruments , as amended by ASU 2016-01 requiring public entities to use the exit price notion effective January 1, 2018, are as follows: Financial instruments with a carrying amount equal to fair value - The fair value of financial instruments that are short-term or reprice frequently and that have little or no risk are considered to have a fair value equal to the carrying amount. These instruments include cash and due from banks, interest bearing deposits with banks, FHLB stock, accrued interest receivable, and accrued interest payable. FHLB stock is not publicly traded, however, it may be redeemed on a dollar-for-dollar basis, for any amount the Bank is not required to hold, subject to the FHLB's discretion. The fair value is therefore equal to the carrying amount. Securities - Fair values for investment securities are primarily measured using information from a third-party pricing service. The pricing service uses pricing models based on market data. In the event that limited or less transparent information is provided by the third-party pricing service, fair value is estimated using secondary pricing services or non-binding third-party broker quotes. Loans held for sale - The fair value of loans held for sale is based on quoted market prices from Federal Home Loan Mortgage Corporation ("Freddie Mac"), which are updated daily and represent prices at which loans are exchanged in high volumes and in a liquid market. Loans receivable, net - At June 30, 2018 , the fair value of loans and leases is estimated by discounting the future cash flows using the current rate at which similar loans and leases would be made to borrowers with similar credit and for the same remaining maturities. Additionally, to be consistent with the requirements under FASB ASC Topic 820 for Fair Value Measurements and Disclosures, the loans and leases were valued at a price that represents the Company’s exit price or the price at which these instruments would be sold or transferred. At December 31, 2017, fair values were estimated for portfolios of loans with similar financial characteristics. Loans were segregated by type, including fixed and variable one- to four-family residential real estate, commercial, and consumer loans. There is an accurate and reliable secondary market for one- to four-family residential mortgage production, and available market benchmarks are used to establish discount factors for estimating fair value for these types of loans. Commercial and consumer loans use market benchmarks when available; however, due to the varied term structures and credit issues involved, they mainly rely on cash flow projections and repricing characteristics within the loan portfolio. These amounts are discounted further by embedded probable losses expected to be realized in the portfolio. Mortgage servicing rights, net - The estimated fair value of mortgage servicing rights is based on market prices for comparable mortgage servicing contracts, when available, or alternatively, is based on a valuation model that calculates the present value of estimated future net servicing income. Deposits - The fair value of deposits with no stated maturity, such as non-interest bearing deposits, savings and interest checking accounts, and money market accounts, is equal to the amount payable on demand as of June 30, 2018 and December 31, 2017 . The fair value of certificates of deposit is based on the discounted value of contractual cash flows. The discount rate is estimated using the rates currently offered for deposits of similar remaining maturities. Borrowings - The fair value of FHLB advances and other borrowings are calculated using a discounted cash flow method, adjusted for market interest rates and terms to maturity. Off-balance-sheet financial instruments - Commitments to extend credit represent all off-balance-sheet financial instruments. The fair value of these commitments is not significant. |
Securities (Tables)
Securities (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Amortized Cost, Gross Unrealized Gains and Losses, and Estimated Fair Value of Securities | The amortized cost, gross unrealized gains and losses, and estimated fair value of securities classified as available-for-sale and held-to-maturity at June 30, 2018 , are summarized as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (In thousands) Available for Sale Municipal bonds $ 116 $ — $ (6 ) $ 110 U.S. government agency issued asset-backed securities (ABS agency) 21,245 — (253 ) 20,992 Corporate issued asset-backed securities (ABS corporate) 37,912 — (327 ) 37,585 Corporate issued debt securities (Corporate debt) 9,986 168 (199 ) 9,955 U.S. Small Business Administration securities (SBA) 39,576 — (452 ) 39,124 Mortgage-backed securities: U.S. government agency issued mortgage-backed securities (MBS agency) 135,921 — (4,773 ) 131,148 Corporate issued mortgage-backed securities (MBS corporate) 13,766 — (309 ) 13,457 Total securities available for sale $ 258,522 $ 168 $ (6,319 ) $ 252,371 Held to Maturity Municipal bonds $ 12,055 $ 104 $ (6 ) $ 12,153 SBA 356 — (2 ) 354 Mortgage-backed securities: MBS agency 32,012 — (900 ) 31,112 Total securities held to maturity $ 44,423 $ 104 $ (908 ) $ 43,619 The amortized cost, gross unrealized gains and losses, and estimated fair value of securities classified as available-for-sale and held-to-maturity at December 31, 2017 , are summarized as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (In thousands) Available for Sale Municipal bonds $ 13,058 $ 391 $ (15 ) $ 13,434 ABS agency 21,972 36 (238 ) 21,770 ABS corporate 22,823 — (55 ) 22,768 Corporate debt 19,835 195 (122 ) 19,908 SBA 47,325 98 (149 ) 47,274 Mortgage-backed securities: MBS agency 146,532 36 (2,026 ) 144,542 MBS corporate 20,721 18 (193 ) 20,546 Total securities available for sale $ 292,266 $ 774 $ (2,798 ) $ 290,242 Held to Maturity Municipal bonds $ 13,963 $ 156 $ — $ 14,119 SBA 399 — (4 ) 395 Mortgage-backed securities: MBS agency 35,764 338 (350 ) 35,752 Total securities held to maturity $ 50,126 $ 494 $ (354 ) $ 50,266 |
Schedule of Available-For-Sale Securities in a Continuous Unrealized Loss Position | The following shows the unrealized gross losses and fair value of the investment portfolio by length of time that individual securities in each category have been in a continuous loss position as of June 30, 2018 : Less Than Twelve Months Twelve Months or Longer Total Gross Losses Fair Value Gross Losses Fair Value Gross Losses Fair Value (In thousands) Available for Sale Municipal bonds $ — $ — $ (6 ) $ 110 $ (6 ) $ 110 ABS agency (129 ) 18,442 (124 ) 2,550 (253 ) 20,992 ABS corporate (327 ) 37,585 — — (327 ) 37,585 Corporate debt (199 ) 4,787 — — (199 ) 4,787 SBA (226 ) 30,600 (226 ) 7,206 (452 ) 37,806 Mortgage-backed securities: MBS agency (1,396 ) 47,564 (3,377 ) 83,583 (4,773 ) 131,147 MBS corporate (68 ) 7,330 (241 ) 6,127 (309 ) 13,457 Total available for sale $ (2,345 ) $ 146,308 $ (3,974 ) $ 99,576 $ (6,319 ) $ 245,884 Held to Maturity Municipal bonds $ (6 ) $ 1,274 $ — $ — $ (6 ) $ 1,274 SBA — 128 (2 ) 225 (2 ) 353 Mortgage-backed securities: MBS agency (253 ) 13,365 (647 ) 17,737 (900 ) 31,102 Total held to maturity $ (259 ) $ 14,767 $ (649 ) $ 17,962 $ (908 ) $ 32,729 The following shows the unrealized gross losses and fair value of the investment portfolio by length of time that individual securities in each category have been in a continuous loss position as of December 31, 2017 : Less Than Twelve Months Twelve Months or Longer Total Gross Losses Fair Value Gross Losses Fair Value Gross Losses Fair Value (In thousands) Available for Sale Municipal bonds $ (11 ) $ 4,276 $ (4 ) $ 114 $ (15 ) $ 4,390 ABS agency — — (238 ) 7,294 (238 ) 7,294 ABS corporate (55 ) 22,768 — — (55 ) 22,768 Corporate debt (122 ) 4,864 — — (122 ) 4,864 SBA (45 ) 7,421 (104 ) 8,067 (149 ) 15,488 Mortgage-backed securities: MBS agency (394 ) 57,081 (1,632 ) 85,421 (2,026 ) 142,502 MBS corporate (22 ) 5,808 (171 ) 10,172 (193 ) 15,980 Total available for sale $ (649 ) $ 102,218 $ (2,149 ) $ 111,068 $ (2,798 ) $ 213,286 Held to Maturity SBA $ (4 ) $ 395 $ — $ — $ (4 ) $ 395 Mortgage-backed securities: MBS agency (6 ) 1,001 (344 ) 18,494 (350 ) 19,495 Total held to maturity $ (10 ) $ 1,396 $ (344 ) $ 18,494 $ (354 ) $ 19,890 |
Schedule of Held-To-Maturity Securities in a Continuous Unrealized Loss Position | The following shows the unrealized gross losses and fair value of the investment portfolio by length of time that individual securities in each category have been in a continuous loss position as of June 30, 2018 : Less Than Twelve Months Twelve Months or Longer Total Gross Losses Fair Value Gross Losses Fair Value Gross Losses Fair Value (In thousands) Available for Sale Municipal bonds $ — $ — $ (6 ) $ 110 $ (6 ) $ 110 ABS agency (129 ) 18,442 (124 ) 2,550 (253 ) 20,992 ABS corporate (327 ) 37,585 — — (327 ) 37,585 Corporate debt (199 ) 4,787 — — (199 ) 4,787 SBA (226 ) 30,600 (226 ) 7,206 (452 ) 37,806 Mortgage-backed securities: MBS agency (1,396 ) 47,564 (3,377 ) 83,583 (4,773 ) 131,147 MBS corporate (68 ) 7,330 (241 ) 6,127 (309 ) 13,457 Total available for sale $ (2,345 ) $ 146,308 $ (3,974 ) $ 99,576 $ (6,319 ) $ 245,884 Held to Maturity Municipal bonds $ (6 ) $ 1,274 $ — $ — $ (6 ) $ 1,274 SBA — 128 (2 ) 225 (2 ) 353 Mortgage-backed securities: MBS agency (253 ) 13,365 (647 ) 17,737 (900 ) 31,102 Total held to maturity $ (259 ) $ 14,767 $ (649 ) $ 17,962 $ (908 ) $ 32,729 The following shows the unrealized gross losses and fair value of the investment portfolio by length of time that individual securities in each category have been in a continuous loss position as of December 31, 2017 : Less Than Twelve Months Twelve Months or Longer Total Gross Losses Fair Value Gross Losses Fair Value Gross Losses Fair Value (In thousands) Available for Sale Municipal bonds $ (11 ) $ 4,276 $ (4 ) $ 114 $ (15 ) $ 4,390 ABS agency — — (238 ) 7,294 (238 ) 7,294 ABS corporate (55 ) 22,768 — — (55 ) 22,768 Corporate debt (122 ) 4,864 — — (122 ) 4,864 SBA (45 ) 7,421 (104 ) 8,067 (149 ) 15,488 Mortgage-backed securities: MBS agency (394 ) 57,081 (1,632 ) 85,421 (2,026 ) 142,502 MBS corporate (22 ) 5,808 (171 ) 10,172 (193 ) 15,980 Total available for sale $ (649 ) $ 102,218 $ (2,149 ) $ 111,068 $ (2,798 ) $ 213,286 Held to Maturity SBA $ (4 ) $ 395 $ — $ — $ (4 ) $ 395 Mortgage-backed securities: MBS agency (6 ) 1,001 (344 ) 18,494 (350 ) 19,495 Total held to maturity $ (10 ) $ 1,396 $ (344 ) $ 18,494 $ (354 ) $ 19,890 |
Schedule of Amortized Cost and Estimated Fair Value of Investment Securities by Contractual Maturity | Expected maturities of mortgage-backed securities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties; therefore, these securities are shown separately. June 30, 2018 Available-for-Sale Held-to-Maturity Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value (In thousands) Mortgage-backed securities: Due within one year $ — $ — $ — $ — Due after one through five years 7,284 7,071 749 741 Due after five through ten years 12,412 11,977 2,399 2,316 Due after ten years 129,991 125,557 28,864 28,055 Total mortgage-backed securities 149,687 144,605 32,012 31,112 All other investment securities: Due within one year — — — — Due after one through five years — — 739 746 Due after five through ten years 16,075 15,834 6,856 6,894 Due after ten years 92,760 91,932 4,816 4,867 Total all other investment securities 108,835 107,766 12,411 12,507 Total investment securities $ 258,522 $ 252,371 $ 44,423 $ 43,619 December 31, 2017 Available-for-Sale Held-to-Maturity Amortized Estimated Amortized Estimated (In thousands) Mortgage-backed securities: Due within one year $ — $ — $ — $ — Due after one through five years 7,363 7,260 1,957 1,973 Due after five through ten years 13,337 13,127 2,835 2,792 Due after ten years 146,553 144,701 30,972 30,987 Total mortgage-backed securities 167,253 165,088 35,764 35,752 All other investment securities: Due within one year — — — — Due after one through five years 4,388 4,380 — — Due after five through ten years 29,482 29,661 9,491 9,574 Due after ten years 91,143 91,113 4,871 4,940 Total all other investment securities 125,013 125,154 14,362 14,514 Total investment securities $ 292,266 $ 290,242 $ 50,126 $ 50,266 |
Summary of Sales of Available-For-Sale and Held-To-Maturity Securities | Sales of securities available-for-sale for the periods shown are summarized as follows: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 (In thousands) Proceeds from sales $ 21,845 $ — $ 54,704 $ — Gross realized gains 69 — 233 — Gross realized losses (83 ) — (125 ) — During the six months ended June 30, 2018, the Bank sold certain held to maturity investments that had substantially reached maturity, allowing us to sell certain securities without tainting the remaining held to maturity securities portfolio. The held-to-maturity designation of the remaining securities is unchanged. Sales of securities held-to-maturity for the periods shown are summarized as follows: Three Months Ended June 30, Six Months Ended June 30, 2018 2018 (In thousands) Proceeds from sales $ 2,702 $ 2,702 Gross realized gains 32 32 Gross realized losses (5 ) (5 ) |
Loans Receivable - (Tables)
Loans Receivable - (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Schedule of Loans Receivable Balances | Loans receivable consisted of the following at the dates indicated: June 30, 2018 December 31, 2017 (In thousands) Real Estate: One-to-four family $ 339,425 $ 355,391 Multi-family 88,147 73,767 Commercial real estate 232,266 202,956 Construction and land 56,919 71,145 Total real estate loans 716,757 703,259 Consumer: Home equity 39,085 38,473 Auto and other consumer 55,315 28,106 Total consumer loans 94,400 66,579 Commercial business loans 17,072 16,303 Total loans 828,229 786,141 Less: Net deferred loan fees (151 ) 724 Premium on purchased loans, net (2,241 ) (2,454 ) Allowance for loan losses 9,282 8,760 Total loans receivable, net $ 821,339 $ 779,111 |
Schedule of Activity in Allowance for Loan Losses | The following tables summarize changes in the ALLL and loan portfolio by segment and impairment method for the periods shown: At or For the Three Months Ended June 30, 2018 One-to- four family Multi-family Commercial real estate Construction and land Home equity Auto and other consumer Commercial business Unallocated Total (In thousands) ALLL: Beginning balance $ 3,167 $ 647 $ 2,053 $ 679 $ 744 $ 948 $ 709 $ 37 $ 8,984 Provision for loan losses (102 ) 194 107 (166 ) (110 ) 476 6 (10 ) 395 Charge-offs (16 ) — — — — (134 ) — — (150 ) Recoveries 1 — — 1 8 42 1 — 53 Ending balance $ 3,050 $ 841 $ 2,160 $ 514 $ 642 $ 1,332 $ 716 $ 27 $ 9,282 At or For the Six Months Ended June 30, 2018 One-to- four family Multi-family Commercial real estate Construction and land Home equity Auto and other consumer Commercial business Unallocated Total (In thousands) ALLL: Beginning balance $ 3,061 $ 648 $ 1,847 $ 648 $ 787 $ 712 $ 265 $ 792 $ 8,760 Provision for loan losses 3 193 313 (135 ) (161 ) 807 450 (765 ) 705 Charge-offs (16 ) — — — — (257 ) — — (273 ) Recoveries 2 — — 1 16 70 1 — 90 Ending balance $ 3,050 $ 841 $ 2,160 $ 514 $ 642 $ 1,332 $ 716 $ 27 $ 9,282 At June 30, 2018 One-to- four family Multi-family Commercial real estate Construction and land Home equity Auto and other consumer Commercial business Unallocated Total (In thousands) Total ALLL $ 3,050 $ 841 $ 2,160 $ 514 $ 642 $ 1,332 $ 716 $ 27 $ 9,282 General reserve 3,019 840 2,048 513 636 1,318 130 27 8,531 Specific reserve 31 1 112 1 6 14 586 — 751 Total loans $ 339,425 $ 88,147 $ 232,266 $ 56,919 $ 39,085 $ 55,315 $ 17,072 $ — $ 828,229 Loans collectively evaluated (1) 336,352 88,034 230,138 56,871 38,462 55,224 16,211 — 821,292 Loans individually evaluated (2) 3,073 113 2,128 48 623 91 861 — 6,937 (1) Loans collectively evaluated for general reserves. (2) Loans individually evaluated for specific reserves. At or For the Three Months Ended June 30, 2017 One-to- four family Multi-family Commercial real estate Construction and land Home equity Auto and other consumer Commercial business Unallocated Total ALLL: (In thousands) Beginning balance $ 3,064 $ 498 $ 1,672 $ 689 $ 782 $ 448 $ 1,148 $ 27 $ 8,328 Provision for loan losses 5 13 63 (7 ) 27 173 25 (14 ) 285 Charge-offs — — — — — (136 ) (5 ) — (141 ) Recoveries 2 — — 1 10 38 — — 51 Ending balance $ 3,071 $ 511 $ 1,735 $ 683 $ 819 $ 523 $ 1,168 $ 13 $ 8,523 At or For the Six Months Ended June 30, 2017 One-to- four family Multi-family Commercial real estate Construction and land Home equity Auto and other consumer Commercial business Unallocated Total ALLL: (In thousands) Beginning balance $ 2,892 $ 370 $ 1,488 $ 585 $ 794 $ 361 $ 652 $ 918 $ 8,060 Provision for loan losses 152 141 247 97 (31 ) 279 520 (905 ) 500 Charge-offs — — — — (79 ) (169 ) (5 ) — (253 ) Recoveries 27 — — 1 135 52 1 — 216 Ending balance $ 3,071 $ 511 $ 1,735 $ 683 $ 819 $ 523 $ 1,168 $ 13 $ 8,523 At December 31, 2017 One-to- four family Multi-family Commercial real estate Construction and land Home equity Auto and other consumer Commercial business Unallocated Total (In thousands) Total ALLL $ 3,061 $ 648 $ 1,847 $ 648 $ 787 $ 712 $ 265 $ 792 $ 8,760 General reserve 3,014 647 1,719 647 779 703 262 792 8,563 Specific reserve 47 1 128 1 8 9 3 — 197 Total loans $ 355,391 $ 73,767 $ 202,956 $ 71,145 $ 38,473 $ 28,106 $ 16,303 $ — $ 786,141 Loans collectively evaluated (1) 351,545 73,652 201,885 71,093 37,838 28,047 16,020 — 780,080 Loans individually evaluated (2) 3,846 115 1,071 52 635 59 283 — 6,061 (1) Loans collectively evaluated for general reserves. (2) Loans individually evaluated for specific reserves. |
Schedules of Impaired Loans | The following table presents a summary of loans individually evaluated for impairment by portfolio segment at the dates indicated: June 30, 2018 December 31, 2017 Recorded Investment Unpaid Principal Balance Related Allowance Recorded Investment Unpaid Principal Balance Related Allowance (In thousands) With no allowance recorded: One-to-four family $ 379 $ 445 $ — $ 382 $ 407 $ — Commercial real estate 1,345 1,402 — 256 378 — Construction and land — 2 — — 3 — Home equity 354 497 — 365 515 — Auto and other consumer — 226 — — 124 — Commercial business — 4 — — 4 — Total 2,078 2,576 — 1,003 1,431 — With an allowance recorded: One-to-four family 2,694 2,904 31 3,464 3,718 47 Multi-family 113 113 1 115 115 1 Commercial real estate 783 792 112 815 821 128 Construction and land 48 74 1 52 76 1 Home equity 269 337 6 270 338 8 Auto and other consumer 91 102 14 59 67 9 Commercial business 861 861 586 283 283 3 Total 4,859 5,183 751 5,058 5,418 197 Total impaired loans: One-to-four family 3,073 3,349 31 3,846 4,125 47 Multi-family 113 113 1 115 115 1 Commercial real estate 2,128 2,194 112 1,071 1,199 128 Construction and land 48 76 1 52 79 1 Home equity 623 834 6 635 853 8 Auto and other consumer 91 328 14 59 191 9 Commercial business 861 865 586 283 287 3 Total $ 6,937 $ 7,759 $ 751 $ 6,061 $ 6,849 $ 197 The following table presents the average recorded investment in loans individually evaluated for impairment and the related interest income recognized for the periods shown: Three months ended Six Months Ended June 30, 2018 June 30, 2018 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized (In thousands) With no allowance recorded: One-to-four family $ 407 $ 6 $ 408 $ 10 Commercial real estate 2,720 13 2,554 26 Construction and land 2,486 — 2,487 — Home equity 356 9 358 9 Auto and other consumer — 5 — 9 Total 5,969 33 5,807 54 With an allowance recorded: One-to-four family 2,779 62 3,080 102 Multi-family 113 1 114 3 Commercial real estate 785 7 790 17 Construction and land 49 3 50 4 Home equity 268 6 277 11 Auto and other consumer 116 4 108 5 Commercial business 862 33 769 36 Total 4,972 116 5,188 178 Total impaired loans: One-to-four family 3,186 68 3,488 112 Multi-family 113 1 114 3 Commercial real estate 3,505 20 3,344 43 Construction and land 2,535 3 2,537 4 Home equity 624 15 635 20 Auto and other consumer 116 9 108 14 Commercial business 862 33 769 36 Total $ 10,941 $ 149 $ 10,995 $ 232 Interest income recognized on a cash basis on impaired loans for the three and six months ended June 30, 2018 , was $111,000 and $194,000 , respectively. The following table presents the average recorded investment in loans individually evaluated for impairment and the related interest income recognized for the periods shown: Three months ended Six Months Ended June 30, 2017 June 30, 2017 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized (In thousands) With no allowance recorded: One-to-four family $ 916 $ 9 $ 1,214 $ 36 Commercial real estate 301 — 306 1 Home equity 388 6 344 12 Auto and other consumer — 2 — 3 Total 1,605 17 1,864 52 With an allowance recorded: One-to-four family 3,945 72 3,983 147 Multi-family 118 1 119 2 Commercial real estate 1,279 17 1,286 34 Construction and land 22 1 15 1 Home equity 319 7 348 14 Auto and other consumer 23 — 26 — Commercial business 305 4 322 8 Total 6,011 102 6,099 206 Total impaired loans: One-to-four family 4,861 81 5,197 183 Multi-family 118 1 119 2 Commercial real estate 1,580 17 1,592 35 Construction and land 22 1 15 1 Home equity 707 13 692 26 Auto and other consumer 23 2 26 3 Commercial business 305 4 322 8 Total $ 7,616 $ 119 $ 7,963 $ 258 |
Schedule of Recorded Investments in Nonaccrual Loans | The following table presents the recorded investment in nonaccrual loans by class of loan at the dates indicated: June 30, 2018 December 31, 2017 (In thousands) One-to-four family $ 731 $ 681 Commercial real estate 251 378 Construction and land 48 52 Home equity 358 365 Auto and other consumer 91 59 Commercial business 583 — Total nonaccrual loans $ 2,062 $ 1,535 |
Schedule of Past Due Loans by Class | The following table presents past due loans, net of partial loan charge-offs, by class, as of June 30, 2018 : 30-59 Past Due 60-89 Past Due 90 Days Past Due Total Past Due Current Total Loans (In thousands) Real Estate: One-to-four family $ — $ 111 $ 185 $ 296 $ 339,129 $ 339,425 Multi-family — — — — 88,147 88,147 Commercial real estate — — — — 232,266 232,266 Construction and land — 32 — 32 56,887 56,919 Total real estate loans — 143 185 328 716,429 716,757 Consumer: Home equity 141 — 287 428 38,657 39,085 Auto and other consumer 202 41 47 290 55,025 55,315 Total consumer loans 343 41 334 718 93,682 94,400 Commercial business loans — — — — 17,072 17,072 Total loans $ 343 $ 184 $ 519 $ 1,046 $ 827,183 $ 828,229 The following table presents past due loans, net of partial loan charge-offs, by class, as of December 31, 2017 : 30-59 Past Due 60-89 Past Due 90 Days Past Due Total Past Due Current Total Loans (In thousands) Real Estate: One-to-four family $ 213 $ — $ 231 $ 444 $ 354,947 $ 355,391 Multi-family — — — — 73,767 73,767 Commercial real estate 91 — — 91 202,865 202,956 Construction and land 1,187 — 19 1,206 69,939 71,145 Total real estate loans 1,491 — 250 1,741 701,518 703,259 Consumer: Home equity 383 78 — 461 38,012 38,473 Auto and other consumer 77 30 — 107 27,999 28,106 Total consumer loans 460 108 — 568 66,011 66,579 Commercial business loans 648 — — 648 15,655 16,303 Total loans $ 2,599 $ 108 $ 250 $ 2,957 $ 783,184 $ 786,141 |
Schedule of Loans by Risk Category | The following table represents the internally assigned grade as of June 30, 2018 , by class of loans: Pass Watch Special Mention Sub- Standard Total (In thousands) Real Estate: One-to-four family $ 333,035 $ 4,567 $ 986 $ 837 $ 339,425 Multi-family 88,034 — 113 — 88,147 Commercial real estate 225,682 4,238 747 1,599 232,266 Construction and land 51,515 5,356 — 48 56,919 Total real estate loans 698,266 14,161 1,846 2,484 716,757 Consumer: Home equity 37,740 791 40 514 39,085 Auto and other consumer 54,479 586 42 208 55,315 Total consumer loans 92,219 1,377 82 722 94,400 Commercial business loans 15,799 412 278 583 17,072 Total loans $ 806,284 $ 15,950 $ 2,206 $ 3,789 $ 828,229 The following table represents the internally assigned grade as of December 31, 2017 , by class of loans: Pass Watch Special Mention Sub- Standard Total (In thousands) Real Estate: One-to-four family $ 348,273 $ 4,134 $ 1,580 $ 1,404 $ 355,391 Multi-family 71,535 2,117 115 — 73,767 Commercial real estate 188,251 9,893 964 3,848 202,956 Construction and land 59,360 8,040 3,662 83 71,145 Total real estate loans 667,419 24,184 6,321 5,335 703,259 Consumer: Home equity 37,502 323 93 555 38,473 Auto and other consumer 27,646 202 146 112 28,106 Total consumer loans 65,148 525 239 667 66,579 Commercial business loans 14,230 653 772 648 16,303 Total loans $ 746,797 $ 25,362 $ 7,332 $ 6,650 $ 786,141 The following table represents the credit risk profile based on payment activity as of June 30, 2018 , by class of loans: Nonperforming Performing Total (In thousands) Real Estate: One-to-four family $ 731 $ 338,694 $ 339,425 Multi-family — 88,147 88,147 Commercial real estate 251 232,015 232,266 Construction and land 48 56,871 56,919 Consumer: Home equity 358 38,727 39,085 Auto and other consumer 91 55,224 55,315 Commercial business 583 16,489 17,072 Total loans $ 2,062 $ 826,167 $ 828,229 The following table represents the credit risk profile based on payment activity as of December 31, 2017 , by class of loans: Nonperforming Performing Total (In thousands) Real Estate: One-to-four family $ 681 $ 354,710 $ 355,391 Multi-family — 73,767 73,767 Commercial real estate 378 202,578 202,956 Construction and land 52 71,093 71,145 Consumer: Home equity 365 38,108 38,473 Auto and other consumer 59 28,047 28,106 Commercial business — 16,303 16,303 Total loans $ 1,535 $ 784,606 $ 786,141 |
Schedule of Troubled Debt Restructured Loans | The following table presents TDR loans by class at the dates indicated by accrual and nonaccrual status. June 30, 2018 December 31, 2017 Accrual Nonaccrual Total Accrual Nonaccrual Total (In thousands) One-to-four family $ 2,342 $ 263 $ 2,605 $ 3,165 $ 176 $ 3,341 Multi-family 113 — 113 115 — 115 Commercial real estate 679 104 783 693 217 910 Home equity 264 — 264 270 — 270 Commercial business 278 — 278 283 — 283 Total TDR loans $ 3,676 $ 367 $ 4,043 $ 4,526 $ 393 $ 4,919 The following table presents newly restructured and renewals or modifications of existing TDR loans by class that occurred during the six months ended June 30, 2018 , by type of concession granted. Number of Contracts Rate Modification Term Modification Combination Total Modifications (Dollars in thousands) Pre-modification outstanding recorded investment One- to four-family 2 $ — $ — $ 180 $ 180 2 $ — $ — $ 180 $ 180 Post-modification outstanding recorded investment One- to four-family 2 $ — $ — $ 179 $ 179 2 $ — $ — $ 179 $ 179 There were no TDR loans which incurred a payment default within 12 months of the restructure date during the three and six months ended June 30, 2018 . The following table presents newly restructured and renewals or modifications of existing TDR loans by class that occurred during the three months ended June 30, 2017 , by type of concession granted Number of Contracts Rate Modification Term Modification Combination Total Modifications (Dollars in thousands) Pre-modification outstanding recorded investment One- to four-family 1 $ — $ — $ 244 $ 244 1 $ — $ — $ 244 $ 244 Post-modification outstanding recorded investment One- to four-family 1 $ — $ — $ 236 $ 236 1 $ — $ — $ 236 $ 236 The following table presents newly restructured and renewals or modifications of existing TDR loans by class that occurred during the six months ended June 30, 2017 , by type of concession granted. Number of Contracts Rate Modification Term Modification Combination Total Modifications (Dollars in thousands) Pre-modification outstanding recorded investment One- to four-family 3 $ 95 $ 89 $ 244 $ 428 Commercial real estate 1 — — 134 134 4 95 89 378 562 Post-modification outstanding recorded investment One- to four-family 3 $ 92 $ 87 $ 236 $ 415 Commercial real estate 1 — — 129 129 4 $ 92 $ 87 $ 365 $ 544 The following table is a summary of information pertaining to TDR loans included in impaired loans at the dates indicated: June 30, 2018 December 31, 2017 (In thousands) Total TDR loans $ 4,043 $ 4,919 Allowance for loan losses related to TDR loans 148 182 Total nonaccrual TDR loans 367 393 |
Deposits (Tables)
Deposits (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Banking and Thrift [Abstract] | |
Schedule of Deposits and Weighted Average Interest Rates | Deposits and weighted-average interest rates at the dates indicated are as follows: Weighted-Average Interest Rate June 30, 2018 Weighted-Average Interest Rate December 31, 2017 (Dollars in thousands) Savings 0.18% $ 108,471 0.05% $ 103,243 Transaction accounts 0.03% 258,428 0.01% 272,484 Money market accounts 0.38% 280,113 0.33% 270,052 Certificates of deposit and jumbo certificates 1.50% 246,314 1.27% 239,253 $ 893,326 $ 885,032 Weighted-average interest rate 0.56 % 0.45 % |
Schedule of Maturities of Time Deposits | Maturities of certificates at the dates indicated are as follows: June 30, 2018 December 31, 2017 (In thousands) Within one year or less $ 149,266 $ 139,613 After one year through two years 60,520 61,906 After two years through three years 21,186 20,732 After three years through four years 10,432 10,089 After four years through five years 4,905 6,886 After five years 5 27 $ 246,314 $ 239,253 |
Schedule of Interest on Deposits | Interest on deposits by type for the periods shown was as follows: Three months ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 (In thousands) Savings $ 28 $ 14 $ 44 $ 23 Transaction accounts 9 5 13 9 Insured money market accounts 282 226 497 438 Certificates of deposit and jumbo certificates 806 553 1,556 1,046 $ 1,125 $ 798 $ 2,110 $ 1,516 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Earnings Per Share | The following table presents a reconciliation of the components used to compute basic and diluted earnings per share for the three and six months ended June 30, 2018 and 2017 . Three months ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 (In thousands, except share data) Numerator: Net income $ 1,526 $ 1,115 $ 3,049 $ 3,279 Denominator: Basic weighted average common shares outstanding 10,329,680 10,697,425 10,412,704 10,754,413 Dilutive restricted stock grants 126,666 138,160 120,526 123,501 Diluted weighted average common shares outstanding 10,456,346 10,835,585 10,533,230 10,877,914 Basic earnings per share $ 0.15 $ 0.10 $ 0.29 $ 0.30 Diluted earnings per share $ 0.15 $ 0.10 $ 0.29 $ 0.30 |
Employee Benefits (Tables)
Employee Benefits (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Employee Stock Ownership Plan (ESOP) | Shares issued to the ESOP as of the dates indicated are as follows: June 30, 2018 December 31, 2017 (Dollars in thousands, except share data) Allocated shares 174,584 121,695 Committed to be released shares — 26,442 Unallocated shares 873,445 899,892 Total ESOP shares issued 1,048,029 1,048,029 Fair value of unallocated shares $ 13,949 $ 14,668 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Changes in Non-Vested Restricted Stock Awards | The following tables provide a summary of changes in non-vested restricted stock awards for the periods shown: For the Three Months Ended June 30, 2018 Weighted-Average Grant Date Shares Fair Value Non-vested at April 1, 2018 347,600 $ 13.18 Granted — — Vested — — Forfeited (5,000 ) 16.07 Non-vested at June 30, 2018 342,600 13.14 For the Six Months Ended June 30, 2018 Weighted-Average Grant Date Shares Fair Value Non-vested at January 1, 2018 347,600 $ 13.18 Granted — — Vested — — Forfeited (5,000 ) 16.07 Non-vested at June 30, 2018 342,600 13.14 |
Fair Value Accounting and Mea26
Fair Value Accounting and Measurement (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following tables show the Company’s assets measured at fair value on a recurring basis at the dates indicated: June 30, 2018 Quoted Prices in or Liabilities Significant Inputs Significant Inputs (Level 1) (Level 2) (Level 3) Total (In thousands) Securities available-for-sale Municipal bonds $ — $ 110 $ — $ 110 ABS agency — 20,992 — 20,992 ABS corporate — 37,585 — 37,585 Corporate debt — 9,955 — 9,955 SBA — 39,124 — 39,124 MBS agency — 131,148 — 131,148 MBS corporate — 13,457 — 13,457 $ — $ 252,371 $ — $ 252,371 December 31, 2017 Quoted Prices in Significant Significant (Level 1) (Level 2) (Level 3) Total (In thousands) Securities available-for-sale Municipal bonds $ — $ 13,434 $ — $ 13,434 ABS agency — 21,770 — 21,770 ABS corporate — 22,768 — 22,768 Corporate debt — 19,908 — 19,908 SBA — 47,274 — 47,274 MBS agency — 144,542 — 144,542 MBS corporate — 20,546 — 20,546 $ — $ 290,242 $ — $ 290,242 |
Schedule of Assets Measured at Fair Value on a Nonrecurring Basis | The following tables present the Company’s assets measured at fair value on a nonrecurring basis at the dates indicated: June 30, 2018 Level 1 Level 2 Level 3 Total (In thousands) Impaired loans $ — $ — $ 6,937 $ 6,937 December 31, 2017 Level 1 Level 2 Level 3 Total (In thousands) Impaired loans $ — $ — $ 6,061 $ 6,061 |
Schedule of the Carrying Value and Estimated Fair Value of Financial Instruments | The following tables present the carrying value and estimated fair value of financial instruments at the dates indicated: June 30, 2018 Carrying Amount Estimated Fair Value Fair Value Measurements Using: Level 1 Level 2 Level 3 (In thousands) Financial assets Cash and cash equivalents $ 22,884 $ 22,884 $ 22,884 $ — $ — Investment securities available for sale 252,371 252,371 — 252,371 — Investment securities held to maturity 44,423 43,619 — 43,619 — Loans receivable, net 821,339 794,736 — — 794,736 FHLB stock 6,521 6,521 — 6,521 — Accrued interest receivable 3,899 3,899 — 3,899 — Mortgage servicing rights, net 1,101 1,619 — — 1,619 Financial liabilities Demand deposits $ 647,012 $ 647,012 $ 647,012 $ — $ — Time deposits 246,314 243,914 — 243,914 — Borrowings 126,271 127,102 — 127,102 — Accrued interest payable 374 374 — 374 — December 31, 2017 Carrying Amount Estimated Fair Value Fair Value Measurements Using: Level 1 Level 2 Level 3 (In thousands) Financial assets Cash and cash equivalents $ 36,801 $ 36,801 $ 36,801 $ — $ — Investment securities available for sale 290,242 290,242 — 290,242 — Investment securities held to maturity 50,126 50,266 — 50,266 — Loans held for sale 788 788 — 788 — Loans receivable, net 779,111 768,181 — — 768,181 FHLB stock 7,023 7,023 — 7,023 — Accrued interest receivable 3,745 3,745 — 3,745 — Mortgage servicing rights, net 1,095 1,669 — — 1,669 Financial liabilities Demand deposits $ 645,779 $ 645,779 $ 645,779 $ — $ — Time deposits 239,253 237,841 — 237,841 — Borrowings 144,100 145,892 — 145,892 — Accrued interest payable 325 325 — 325 — |
Noninterest Income (Tables)
Noninterest Income (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Noninterest Income | The Company has included the following table regarding the Company’s noninterest income for the periods presented. Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 (In thousands) Noninterest income: Loan fees (1) $ 132 $ 74 $ 257 $ 170 Deposit fees 369 420 761 820 Debit interchange income 37 41 69 78 Credit card interchange income 447 397 853 754 Investment securities gain (loss), net (1) 13 — 135 — Gain on loan sales, net (1) 150 44 317 328 Increase in cash surrender value of BOLI (1) 149 159 298 337 Income from BOLI payout (1) — — — 768 Other income: Investment services revenue 83 91 157 178 Gain or loss on subsidiary (1) 18 (40 ) 32 (40 ) Remaining other income 7 13 8 7 Total other income 108 64 197 145 Total noninterest income $ 1,405 $ 1,199 $ 2,887 $ 3,400 (1) Not within scope of ASC 606 |
Basis of Presentation and Cri28
Basis of Presentation and Critical Accounting Policies (Details) - USD ($) $ / shares in Units, $ in Millions | Jan. 29, 2015 | Dec. 18, 2015 |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ||
Number of shares issued (in shares) | 13,100,360 | |
Gross proceeds from stock offering | $ 121.7 | |
Proceeds from initial public offering | 117.6 | |
Capital contribution to subsidiary | 58.4 | |
Percentage of shares to be purchased | 8.00% | |
Number of shares to be purchased (in shares) | 1,048,029 | |
Contributions to charitable organization | ||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ||
Value of charitable consideration, cash portion | $ 0.4 | |
IPO | ||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ||
Number of shares issued (in shares) | 12,167,000 | |
Share price (in dollars per share) | $ 10 | |
Secondary Offering | Contributions to charitable organization | ||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ||
Number of shares issued (in shares) | 933,360 |
Securities - Amortized Cost, Gr
Securities - Amortized Cost, Gross Unrealized Gains and Losses, and Estimated Fair Value of Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Available for Sale | ||
Amortized Cost | $ 258,522 | $ 292,266 |
Gross Unrealized Gains | 168 | 774 |
Gross Unrealized Losses | (6,319) | (2,798) |
Estimated Fair Value | 252,371 | 290,242 |
Held to Maturity | ||
Amortized Cost | 44,423 | 50,126 |
Gross Unrealized Gains | 104 | 494 |
Gross Unrealized Losses | (908) | (354) |
Estimated Fair Value | 43,619 | 50,266 |
Investment Securities | ||
Available for Sale | ||
Amortized Cost | 108,835 | 125,013 |
Estimated Fair Value | 107,766 | 125,154 |
Held to Maturity | ||
Estimated Fair Value | 12,507 | 14,514 |
Investment Securities | Municipal bonds | ||
Available for Sale | ||
Amortized Cost | 116 | 13,058 |
Gross Unrealized Gains | 0 | 391 |
Gross Unrealized Losses | (6) | (15) |
Estimated Fair Value | 110 | 13,434 |
Held to Maturity | ||
Amortized Cost | 12,055 | 13,963 |
Gross Unrealized Gains | 104 | 156 |
Gross Unrealized Losses | (6) | 0 |
Estimated Fair Value | 12,153 | 14,119 |
Investment Securities | U.S. government agency issued asset-backed securities (ABS agency) | ||
Available for Sale | ||
Amortized Cost | 21,245 | 21,972 |
Gross Unrealized Gains | 0 | 36 |
Gross Unrealized Losses | (253) | (238) |
Estimated Fair Value | 20,992 | 21,770 |
Investment Securities | Corporate issued asset-backed securities (ABS corporate) | ||
Available for Sale | ||
Amortized Cost | 37,912 | 22,823 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (327) | (55) |
Estimated Fair Value | 37,585 | 22,768 |
Investment Securities | Corporate issued debt securities (Corporate debt) | ||
Available for Sale | ||
Amortized Cost | 9,986 | 19,835 |
Gross Unrealized Gains | 168 | 195 |
Gross Unrealized Losses | (199) | (122) |
Estimated Fair Value | 9,955 | 19,908 |
Investment Securities | U.S. Small Business Administration securities (SBA) | ||
Available for Sale | ||
Amortized Cost | 39,576 | 47,325 |
Gross Unrealized Gains | 0 | 98 |
Gross Unrealized Losses | (452) | (149) |
Estimated Fair Value | 39,124 | 47,274 |
Held to Maturity | ||
Amortized Cost | 356 | 399 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (2) | (4) |
Estimated Fair Value | 354 | 395 |
Mortgage-backed Securities | ||
Available for Sale | ||
Amortized Cost | 149,687 | 167,253 |
Estimated Fair Value | 144,605 | 165,088 |
Held to Maturity | ||
Estimated Fair Value | 31,112 | 35,752 |
Mortgage-backed Securities | U.S. government agency issued mortgage-backed securities (MBS agency) | ||
Available for Sale | ||
Amortized Cost | 135,921 | 146,532 |
Gross Unrealized Gains | 0 | 36 |
Gross Unrealized Losses | (4,773) | (2,026) |
Estimated Fair Value | 131,148 | 144,542 |
Held to Maturity | ||
Amortized Cost | 32,012 | 35,764 |
Gross Unrealized Gains | 0 | 338 |
Gross Unrealized Losses | (900) | (350) |
Estimated Fair Value | 31,112 | 35,752 |
Mortgage-backed Securities | Corporate issued mortgage-backed securities (MBS corporate) | ||
Available for Sale | ||
Amortized Cost | 13,766 | 20,721 |
Gross Unrealized Gains | 0 | 18 |
Gross Unrealized Losses | (309) | (193) |
Estimated Fair Value | $ 13,457 | $ 20,546 |
Securities - Securities in a Co
Securities - Securities in a Continuous Unrealized Gross Loss Position (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Available for Sale, Gross Unrealized Losses | ||
Less Than Twelve Months | $ (2,345) | $ (649) |
Twelve Months or Longer | (3,974) | (2,149) |
Gross Unrealized Losses | (6,319) | (2,798) |
Available for Sale, Fair Value | ||
Less Than Twelve Months | 146,308 | 102,218 |
Twelve Months or Longer | 99,576 | 111,068 |
Fair Value | 245,884 | 213,286 |
Held to Maturity, Gross Unrealized Losses | ||
Less Than Twelve Months | (259) | (10) |
Twelve Months or Longer | (649) | (344) |
Total | (908) | (354) |
Held to Maturity, Fair Value | ||
Less Than Twelve Months | 14,767 | 1,396 |
Twelve Months or Longer | 17,962 | 18,494 |
Total | 32,729 | 19,890 |
Investment Securities | Municipal bonds | ||
Available for Sale, Gross Unrealized Losses | ||
Less Than Twelve Months | 0 | (11) |
Twelve Months or Longer | (6) | (4) |
Gross Unrealized Losses | (6) | (15) |
Available for Sale, Fair Value | ||
Less Than Twelve Months | 0 | 4,276 |
Twelve Months or Longer | 110 | 114 |
Fair Value | 110 | 4,390 |
Held to Maturity, Gross Unrealized Losses | ||
Less Than Twelve Months | (6) | |
Twelve Months or Longer | 0 | |
Total | (6) | |
Held to Maturity, Fair Value | ||
Less Than Twelve Months | 1,274 | |
Twelve Months or Longer | 0 | |
Total | 1,274 | |
Investment Securities | ABS agency | ||
Available for Sale, Gross Unrealized Losses | ||
Less Than Twelve Months | (129) | 0 |
Twelve Months or Longer | (124) | (238) |
Gross Unrealized Losses | (253) | (238) |
Available for Sale, Fair Value | ||
Less Than Twelve Months | 18,442 | 0 |
Twelve Months or Longer | 2,550 | 7,294 |
Fair Value | 20,992 | 7,294 |
Investment Securities | ABS corporate | ||
Available for Sale, Gross Unrealized Losses | ||
Less Than Twelve Months | (327) | (55) |
Twelve Months or Longer | 0 | 0 |
Gross Unrealized Losses | (327) | (55) |
Available for Sale, Fair Value | ||
Less Than Twelve Months | 37,585 | 22,768 |
Twelve Months or Longer | 0 | 0 |
Fair Value | 37,585 | 22,768 |
Investment Securities | Corporate debt | ||
Available for Sale, Gross Unrealized Losses | ||
Less Than Twelve Months | (199) | (122) |
Twelve Months or Longer | 0 | 0 |
Gross Unrealized Losses | (199) | (122) |
Available for Sale, Fair Value | ||
Less Than Twelve Months | 4,787 | 4,864 |
Twelve Months or Longer | 0 | 0 |
Fair Value | 4,787 | 4,864 |
Investment Securities | SBA | ||
Available for Sale, Gross Unrealized Losses | ||
Less Than Twelve Months | (226) | (45) |
Twelve Months or Longer | (226) | (104) |
Gross Unrealized Losses | (452) | (149) |
Available for Sale, Fair Value | ||
Less Than Twelve Months | 30,600 | 7,421 |
Twelve Months or Longer | 7,206 | 8,067 |
Fair Value | 37,806 | 15,488 |
Held to Maturity, Gross Unrealized Losses | ||
Less Than Twelve Months | 0 | (4) |
Twelve Months or Longer | (2) | 0 |
Total | (2) | (4) |
Held to Maturity, Fair Value | ||
Less Than Twelve Months | 128 | 395 |
Twelve Months or Longer | 225 | 0 |
Total | 353 | 395 |
Mortgage-backed Securities | MBS agency | ||
Available for Sale, Gross Unrealized Losses | ||
Less Than Twelve Months | (1,396) | (394) |
Twelve Months or Longer | (3,377) | (1,632) |
Gross Unrealized Losses | (4,773) | (2,026) |
Available for Sale, Fair Value | ||
Less Than Twelve Months | 47,564 | 57,081 |
Twelve Months or Longer | 83,583 | 85,421 |
Fair Value | 131,147 | 142,502 |
Held to Maturity, Gross Unrealized Losses | ||
Less Than Twelve Months | (253) | (6) |
Twelve Months or Longer | (647) | (344) |
Total | (900) | (350) |
Held to Maturity, Fair Value | ||
Less Than Twelve Months | 13,365 | 1,001 |
Twelve Months or Longer | 17,737 | 18,494 |
Total | 31,102 | 19,495 |
Mortgage-backed Securities | MBS corporate | ||
Available for Sale, Gross Unrealized Losses | ||
Less Than Twelve Months | (68) | (22) |
Twelve Months or Longer | (241) | (171) |
Gross Unrealized Losses | (309) | (193) |
Available for Sale, Fair Value | ||
Less Than Twelve Months | 7,330 | 5,808 |
Twelve Months or Longer | 6,127 | 10,172 |
Fair Value | $ 13,457 | $ 15,980 |
Securities - Narrative (Details
Securities - Narrative (Details) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018USD ($)security | Jun. 30, 2017USD ($) | Jun. 30, 2018USD ($)security | Jun. 30, 2017USD ($) | Dec. 31, 2017security | |
Investments, Debt and Equity Securities [Abstract] | |||||
Number of securities in an unrealized loss position | security | 70 | 70 | 63 | ||
OTTI losses | $ | $ 0 | $ 0 | $ 0 | $ 0 |
Securities - Amortized Cost and
Securities - Amortized Cost and Estimated Fair Value by Maturity (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Available-for-sale Securities, Amortized Cost | ||
Amortized Cost | $ 258,522 | $ 292,266 |
Available-for-sale Securities, Estimated Fair Value | ||
Total | 252,371 | 290,242 |
Held-to-maturity Securities, Amortized Cost | ||
Total | 44,423 | 50,126 |
Held-to-maturity Securities, Estimated Fair Value | ||
Total | 43,619 | 50,266 |
Mortgage-backed Securities | ||
Available-for-sale Securities, Amortized Cost | ||
Due within one year | 0 | 0 |
Due after one through five years | 7,284 | 7,363 |
Due after five through ten years | 12,412 | 13,337 |
Due after ten years | 129,991 | 146,553 |
Amortized Cost | 149,687 | 167,253 |
Available-for-sale Securities, Estimated Fair Value | ||
Due within one year | 0 | 0 |
Due after one through five years | 7,071 | 7,260 |
Due after five through ten years | 11,977 | 13,127 |
Due after ten years | 125,557 | 144,701 |
Total | 144,605 | 165,088 |
Held-to-maturity Securities, Amortized Cost | ||
Due within one year | 0 | 0 |
Due after one through five years | 749 | 1,957 |
Due after five through ten years | 2,399 | 2,835 |
Due after ten years | 28,864 | 30,972 |
Total | 32,012 | 35,764 |
Held-to-maturity Securities, Estimated Fair Value | ||
Due within one year | 0 | 0 |
Due after one through five years | 741 | 1,973 |
Due after five through ten years | 2,316 | 2,792 |
Due after ten years | 28,055 | 30,987 |
Total | 31,112 | 35,752 |
Investment Securities | ||
Available-for-sale Securities, Amortized Cost | ||
Due within one year | 0 | 0 |
Due after one through five years | 0 | 4,388 |
Due after five through ten years | 16,075 | 29,482 |
Due after ten years | 92,760 | 91,143 |
Amortized Cost | 108,835 | 125,013 |
Available-for-sale Securities, Estimated Fair Value | ||
Due within one year | 0 | 0 |
Due after one through five years | 0 | 4,380 |
Due after five through ten years | 15,834 | 29,661 |
Due after ten years | 91,932 | 91,113 |
Total | 107,766 | 125,154 |
Held-to-maturity Securities, Amortized Cost | ||
Due within one year | 0 | 0 |
Due after one through five years | 739 | 0 |
Due after five through ten years | 6,856 | 9,491 |
Due after ten years | 4,816 | 4,871 |
Total | 12,411 | 14,362 |
Held-to-maturity Securities, Estimated Fair Value | ||
Due within one year | 0 | 0 |
Due after one through five years | 746 | 0 |
Due after five through ten years | 6,894 | 9,574 |
Due after ten years | 4,867 | 4,940 |
Total | $ 12,507 | $ 14,514 |
Securities - Sale of Available-
Securities - Sale of Available-for-sale Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Proceeds from sales | $ 21,845 | $ 0 | $ 54,704 | $ 0 |
Gross realized gains | 69 | 0 | 233 | 0 |
Gross realized losses | $ (83) | $ 0 | $ (125) | $ 0 |
Securities - Sale of Held-to-ma
Securities - Sale of Held-to-maturity Securities (Details) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2018 | Jun. 30, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |||
Proceeds from sales of securities held to maturity | $ 2,702 | $ 2,702 | $ 0 |
Gross realized gains | 32 | 32 | |
Gross realized losses | $ (5) | $ (5) |
Loans Receivable - Balance of L
Loans Receivable - Balance of Loans Receivable (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | $ 828,229 | $ 786,141 | ||||
Net deferred loan fees | (151) | 724 | ||||
Premium on purchased loans, net | (2,241) | (2,454) | ||||
Allowance for loan losses | 9,282 | $ 8,984 | 8,760 | $ 8,523 | $ 8,328 | $ 8,060 |
Total loans receivable, net | 821,339 | 779,111 | ||||
Real Estate | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | 716,757 | 703,259 | ||||
Real Estate | Real estate loans | One-to-four family | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | 339,425 | 355,391 | ||||
Allowance for loan losses | 3,050 | 3,167 | 3,061 | 3,071 | 3,064 | 2,892 |
Real Estate | Real estate loans | Multi-family | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | 88,147 | 73,767 | ||||
Allowance for loan losses | 841 | 647 | 648 | 511 | 498 | 370 |
Real Estate | Commercial real estate | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | 232,266 | 202,956 | ||||
Allowance for loan losses | 2,160 | 2,053 | 1,847 | 1,735 | 1,672 | 1,488 |
Real Estate | Construction and land | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | 56,919 | 71,145 | ||||
Allowance for loan losses | 514 | 679 | 648 | 683 | 689 | 585 |
Consumer | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | 94,400 | 66,579 | ||||
Consumer | Home equity | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | 39,085 | 38,473 | ||||
Allowance for loan losses | 642 | 744 | 787 | 819 | 782 | 794 |
Consumer | Auto and other consumer | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | 55,315 | 28,106 | ||||
Allowance for loan losses | 1,332 | 948 | 712 | 523 | 448 | 361 |
Commercial business loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | 17,072 | 16,303 | ||||
Allowance for loan losses | $ 716 | $ 709 | $ 265 | $ 1,168 | $ 1,148 | $ 652 |
Loans Receivable - Allowance fo
Loans Receivable - Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Dec. 31, 2017 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||||
Beginning balance | $ 8,984 | $ 8,328 | $ 8,760 | $ 8,060 | ||
Provision for loan losses | 395 | 285 | 705 | 500 | ||
Charge-offs | (150) | (141) | (273) | (253) | ||
Recoveries | 53 | 51 | 90 | 216 | ||
Ending balance | 9,282 | 8,523 | 9,282 | 8,523 | ||
Total ALLL | 8,984 | 8,328 | 8,760 | 8,523 | $ 9,282 | $ 8,760 |
General reserve | 8,531 | 8,563 | ||||
Specific reserve | 751 | 197 | ||||
Total Loans | 828,229 | 786,141 | ||||
Loans collectively evaluated | 821,292 | 780,080 | ||||
Loans individually evaluated | 6,937 | 6,061 | ||||
Real Estate | ||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||||
Total Loans | 716,757 | 703,259 | ||||
Real Estate | Real estate loans | One-to-four family | ||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||||
Beginning balance | 3,167 | 3,064 | 3,061 | 2,892 | ||
Provision for loan losses | (102) | 5 | 3 | 152 | ||
Charge-offs | (16) | 0 | (16) | 0 | ||
Recoveries | 1 | 2 | 2 | 27 | ||
Ending balance | 3,050 | 3,071 | 3,050 | 3,071 | ||
Total ALLL | 3,167 | 3,064 | 3,061 | 3,071 | 3,050 | 3,061 |
General reserve | 3,019 | 3,014 | ||||
Specific reserve | 31 | 47 | ||||
Total Loans | 339,425 | 355,391 | ||||
Loans collectively evaluated | 336,352 | 351,545 | ||||
Loans individually evaluated | 3,073 | 3,846 | ||||
Real Estate | Real estate loans | Multi-family | ||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||||
Beginning balance | 647 | 498 | 648 | 370 | ||
Provision for loan losses | 194 | 13 | 193 | 141 | ||
Charge-offs | 0 | 0 | 0 | 0 | ||
Recoveries | 0 | 0 | 0 | 0 | ||
Ending balance | 841 | 511 | 841 | 511 | ||
Total ALLL | 647 | 498 | 648 | 511 | 841 | 648 |
General reserve | 840 | 647 | ||||
Specific reserve | 1 | 1 | ||||
Total Loans | 88,147 | 73,767 | ||||
Loans collectively evaluated | 88,034 | 73,652 | ||||
Loans individually evaluated | 113 | 115 | ||||
Real Estate | Commercial real estate | ||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||||
Beginning balance | 2,053 | 1,672 | 1,847 | 1,488 | ||
Provision for loan losses | 107 | 63 | 313 | 247 | ||
Charge-offs | 0 | 0 | 0 | 0 | ||
Recoveries | 0 | 0 | 0 | 0 | ||
Ending balance | 2,160 | 1,735 | 2,160 | 1,735 | ||
Total ALLL | 2,053 | 1,672 | 1,847 | 1,735 | 2,160 | 1,847 |
General reserve | 2,048 | 1,719 | ||||
Specific reserve | 112 | 128 | ||||
Total Loans | 232,266 | 202,956 | ||||
Loans collectively evaluated | 230,138 | 201,885 | ||||
Loans individually evaluated | 2,128 | 1,071 | ||||
Real Estate | Construction and land | ||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||||
Beginning balance | 679 | 689 | 648 | 585 | ||
Provision for loan losses | (166) | (7) | (135) | 97 | ||
Charge-offs | 0 | 0 | 0 | 0 | ||
Recoveries | 1 | 1 | 1 | 1 | ||
Ending balance | 514 | 683 | 514 | 683 | ||
Total ALLL | 679 | 689 | 648 | 683 | 514 | 648 |
General reserve | 513 | 647 | ||||
Specific reserve | 1 | 1 | ||||
Total Loans | 56,919 | 71,145 | ||||
Loans collectively evaluated | 56,871 | 71,093 | ||||
Loans individually evaluated | 48 | 52 | ||||
Consumer | ||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||||
Total Loans | 94,400 | 66,579 | ||||
Consumer | Home equity | ||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||||
Beginning balance | 744 | 782 | 787 | 794 | ||
Provision for loan losses | (110) | 27 | (161) | (31) | ||
Charge-offs | 0 | 0 | 0 | (79) | ||
Recoveries | 8 | 10 | 16 | 135 | ||
Ending balance | 642 | 819 | 642 | 819 | ||
Total ALLL | 744 | 782 | 787 | 819 | 642 | 787 |
General reserve | 636 | 779 | ||||
Specific reserve | 6 | 8 | ||||
Total Loans | 39,085 | 38,473 | ||||
Loans collectively evaluated | 38,462 | 37,838 | ||||
Loans individually evaluated | 623 | 635 | ||||
Consumer | Auto and other consumer | ||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||||
Beginning balance | 948 | 448 | 712 | 361 | ||
Provision for loan losses | 476 | 173 | 807 | 279 | ||
Charge-offs | (134) | (136) | (257) | (169) | ||
Recoveries | 42 | 38 | 70 | 52 | ||
Ending balance | 1,332 | 523 | 1,332 | 523 | ||
Total ALLL | 948 | 448 | 712 | 523 | 1,332 | 712 |
General reserve | 1,318 | 703 | ||||
Specific reserve | 14 | 9 | ||||
Total Loans | 55,315 | 28,106 | ||||
Loans collectively evaluated | 55,224 | 28,047 | ||||
Loans individually evaluated | 91 | 59 | ||||
Commercial business loans | ||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||||
Beginning balance | 709 | 1,148 | 265 | 652 | ||
Provision for loan losses | 6 | 25 | 450 | 520 | ||
Charge-offs | 0 | (5) | 0 | (5) | ||
Recoveries | 1 | 0 | 1 | 1 | ||
Ending balance | 716 | 1,168 | 716 | 1,168 | ||
Total ALLL | 709 | 1,148 | 265 | 1,168 | 716 | 265 |
General reserve | 130 | 262 | ||||
Specific reserve | 586 | 3 | ||||
Total Loans | 17,072 | 16,303 | ||||
Loans collectively evaluated | 16,211 | 16,020 | ||||
Loans individually evaluated | 861 | 283 | ||||
Unallocated | ||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||||
Beginning balance | 37 | 27 | 792 | 918 | ||
Provision for loan losses | (10) | (14) | (765) | (905) | ||
Charge-offs | 0 | 0 | 0 | 0 | ||
Recoveries | 0 | 0 | 0 | 0 | ||
Ending balance | 27 | 13 | 27 | 13 | ||
Total ALLL | $ 37 | $ 27 | $ 792 | $ 13 | 27 | 792 |
General reserve | 27 | 792 | ||||
Specific reserve | 0 | 0 | ||||
Total Loans | 0 | 0 | ||||
Loans collectively evaluated | 0 | 0 | ||||
Loans individually evaluated | $ 0 | $ 0 |
Loans Receivable - Impaired Loa
Loans Receivable - Impaired Loans By Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Recorded Investment | |||||
Recorded Investment, No Allowance Recorded | $ 2,078 | $ 2,078 | $ 1,003 | ||
Recorded Investment, Allowance Recorded | 4,859 | 4,859 | 5,058 | ||
Recorded Investment | 6,937 | 6,937 | 6,061 | ||
Unpaid Principal Balance | |||||
Unpaid Principal Balance, No Allowance Recorded | 2,576 | 2,576 | 1,431 | ||
Unpaid Principal Balance, Allowance Recorded | 5,183 | 5,183 | 5,418 | ||
Unpaid Principal Balance | 7,759 | 7,759 | 6,849 | ||
Related Allowance | 751 | 751 | 197 | ||
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||||
Average Recorded Investment, No Allowance Recorded | 5,969 | $ 1,605 | 5,807 | $ 1,864 | |
Average Recorded Investment, Allowance Recorded | 4,972 | 6,011 | 5,188 | 6,099 | |
Average Recorded Investment | 10,941 | 7,616 | 10,995 | 7,963 | |
Impaired Financing Receivable, Interest Income, Accrual Method [Abstract] | |||||
Interest Income Recognized, No Allowance Recorded | 33 | 17 | 54 | 52 | |
Interest Income Recognized, Allowance Recorded | 116 | 102 | 178 | 206 | |
Interest Income Recognized | 149 | 119 | 232 | 258 | |
Real Estate | Real estate loans | One-to-four family | |||||
Recorded Investment | |||||
Recorded Investment, No Allowance Recorded | 379 | 379 | 382 | ||
Recorded Investment, Allowance Recorded | 2,694 | 2,694 | 3,464 | ||
Recorded Investment | 3,073 | 3,073 | 3,846 | ||
Unpaid Principal Balance | |||||
Unpaid Principal Balance, No Allowance Recorded | 445 | 445 | 407 | ||
Unpaid Principal Balance, Allowance Recorded | 2,904 | 2,904 | 3,718 | ||
Unpaid Principal Balance | 3,349 | 3,349 | 4,125 | ||
Related Allowance | 31 | 31 | 47 | ||
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||||
Average Recorded Investment, No Allowance Recorded | 407 | 916 | 408 | 1,214 | |
Average Recorded Investment, Allowance Recorded | 2,779 | 3,945 | 3,080 | 3,983 | |
Average Recorded Investment | 3,186 | 4,861 | 3,488 | 5,197 | |
Impaired Financing Receivable, Interest Income, Accrual Method [Abstract] | |||||
Interest Income Recognized, No Allowance Recorded | 6 | 9 | 10 | 36 | |
Interest Income Recognized, Allowance Recorded | 62 | 72 | 102 | 147 | |
Interest Income Recognized | 68 | 81 | 112 | 183 | |
Real Estate | Real estate loans | Multi-family | |||||
Recorded Investment | |||||
Recorded Investment, Allowance Recorded | 113 | 113 | 115 | ||
Recorded Investment | 113 | 113 | 115 | ||
Unpaid Principal Balance | |||||
Unpaid Principal Balance, Allowance Recorded | 113 | 113 | 115 | ||
Unpaid Principal Balance | 113 | 113 | 115 | ||
Related Allowance | 1 | 1 | 1 | ||
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||||
Average Recorded Investment, Allowance Recorded | 113 | 118 | 114 | 119 | |
Average Recorded Investment | 113 | 118 | 114 | 119 | |
Impaired Financing Receivable, Interest Income, Accrual Method [Abstract] | |||||
Interest Income Recognized, Allowance Recorded | 1 | 1 | 3 | 2 | |
Interest Income Recognized | 1 | 1 | 3 | 2 | |
Real Estate | Commercial real estate | |||||
Recorded Investment | |||||
Recorded Investment, No Allowance Recorded | 1,345 | 1,345 | 256 | ||
Recorded Investment, Allowance Recorded | 783 | 783 | 815 | ||
Recorded Investment | 2,128 | 2,128 | 1,071 | ||
Unpaid Principal Balance | |||||
Unpaid Principal Balance, No Allowance Recorded | 1,402 | 1,402 | 378 | ||
Unpaid Principal Balance, Allowance Recorded | 792 | 792 | 821 | ||
Unpaid Principal Balance | 2,194 | 2,194 | 1,199 | ||
Related Allowance | 112 | 112 | 128 | ||
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||||
Average Recorded Investment, No Allowance Recorded | 2,720 | 301 | 2,554 | 306 | |
Average Recorded Investment, Allowance Recorded | 785 | 1,279 | 790 | 1,286 | |
Average Recorded Investment | 3,505 | 1,580 | 3,344 | 1,592 | |
Impaired Financing Receivable, Interest Income, Accrual Method [Abstract] | |||||
Interest Income Recognized, No Allowance Recorded | 13 | 0 | 26 | 1 | |
Interest Income Recognized, Allowance Recorded | 7 | 17 | 17 | 34 | |
Interest Income Recognized | 20 | 17 | 43 | 35 | |
Real Estate | Construction and land | |||||
Recorded Investment | |||||
Recorded Investment, No Allowance Recorded | 0 | 0 | 0 | ||
Recorded Investment, Allowance Recorded | 48 | 48 | 52 | ||
Recorded Investment | 48 | 48 | 52 | ||
Unpaid Principal Balance | |||||
Unpaid Principal Balance, No Allowance Recorded | 2 | 2 | 3 | ||
Unpaid Principal Balance, Allowance Recorded | 74 | 74 | 76 | ||
Unpaid Principal Balance | 76 | 76 | 79 | ||
Related Allowance | 1 | 1 | 1 | ||
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||||
Average Recorded Investment, No Allowance Recorded | 2,486 | 2,487 | |||
Average Recorded Investment, Allowance Recorded | 49 | 22 | 50 | 15 | |
Average Recorded Investment | 2,535 | 22 | 2,537 | 15 | |
Impaired Financing Receivable, Interest Income, Accrual Method [Abstract] | |||||
Interest Income Recognized, No Allowance Recorded | 0 | 0 | |||
Interest Income Recognized, Allowance Recorded | 3 | 1 | 4 | 1 | |
Interest Income Recognized | 3 | 1 | 4 | 1 | |
Consumer | Home equity | |||||
Recorded Investment | |||||
Recorded Investment, No Allowance Recorded | 354 | 354 | 365 | ||
Recorded Investment, Allowance Recorded | 269 | 269 | 270 | ||
Recorded Investment | 623 | 623 | 635 | ||
Unpaid Principal Balance | |||||
Unpaid Principal Balance, No Allowance Recorded | 497 | 497 | 515 | ||
Unpaid Principal Balance, Allowance Recorded | 337 | 337 | 338 | ||
Unpaid Principal Balance | 834 | 834 | 853 | ||
Related Allowance | 6 | 6 | 8 | ||
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||||
Average Recorded Investment, No Allowance Recorded | 356 | 388 | 358 | 344 | |
Average Recorded Investment, Allowance Recorded | 268 | 319 | 277 | 348 | |
Average Recorded Investment | 624 | 707 | 635 | 692 | |
Impaired Financing Receivable, Interest Income, Accrual Method [Abstract] | |||||
Interest Income Recognized, No Allowance Recorded | 9 | 6 | 9 | 12 | |
Interest Income Recognized, Allowance Recorded | 6 | 7 | 11 | 14 | |
Interest Income Recognized | 15 | 13 | 20 | 26 | |
Consumer | Auto and other consumer | |||||
Recorded Investment | |||||
Recorded Investment, No Allowance Recorded | 0 | 0 | 0 | ||
Recorded Investment, Allowance Recorded | 91 | 91 | 59 | ||
Recorded Investment | 91 | 91 | 59 | ||
Unpaid Principal Balance | |||||
Unpaid Principal Balance, No Allowance Recorded | 226 | 226 | 124 | ||
Unpaid Principal Balance, Allowance Recorded | 102 | 102 | 67 | ||
Unpaid Principal Balance | 328 | 328 | 191 | ||
Related Allowance | 14 | 14 | 9 | ||
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||||
Average Recorded Investment, No Allowance Recorded | 0 | 0 | 0 | 0 | |
Average Recorded Investment, Allowance Recorded | 116 | 23 | 108 | 26 | |
Average Recorded Investment | 116 | 23 | 108 | 26 | |
Impaired Financing Receivable, Interest Income, Accrual Method [Abstract] | |||||
Interest Income Recognized, No Allowance Recorded | 5 | 2 | 9 | 3 | |
Interest Income Recognized, Allowance Recorded | 4 | 0 | 5 | 0 | |
Interest Income Recognized | 9 | 2 | 14 | 3 | |
Commercial business loans | |||||
Recorded Investment | |||||
Recorded Investment, No Allowance Recorded | 0 | 0 | 0 | ||
Recorded Investment, Allowance Recorded | 861 | 861 | 283 | ||
Recorded Investment | 861 | 861 | 283 | ||
Unpaid Principal Balance | |||||
Unpaid Principal Balance, No Allowance Recorded | 4 | 4 | 4 | ||
Unpaid Principal Balance, Allowance Recorded | 861 | 861 | 283 | ||
Unpaid Principal Balance | 865 | 865 | 287 | ||
Related Allowance | 586 | 586 | $ 3 | ||
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||||
Average Recorded Investment, Allowance Recorded | 862 | 305 | 769 | 322 | |
Average Recorded Investment | 862 | 305 | 769 | 322 | |
Impaired Financing Receivable, Interest Income, Accrual Method [Abstract] | |||||
Interest Income Recognized, Allowance Recorded | 33 | 4 | 36 | 8 | |
Interest Income Recognized | $ 33 | $ 4 | $ 36 | $ 8 |
Loans Receivable - Narrative (D
Loans Receivable - Narrative (Details) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018USD ($)contract | Jun. 30, 2017USD ($) | Jun. 30, 2018USD ($)contract | Jun. 30, 2017USD ($) | Dec. 31, 2017USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Interest income recognized on a cash basis for impaired loans | $ 111,000 | $ 83,000 | $ 194,000 | $ 171,000 | |
Loans | $ 828,229,000 | $ 828,229,000 | $ 786,141,000 | ||
Number of contracts | contract | 0 | 0 | |||
Troubled debt restructuring, debtor, subsequent periods, contingent payments, amount | $ 0 | $ 0 | |||
90 Days or More Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | $ 0 | $ 0 | $ 0 |
Loans Receivable - Nonaccrual L
Loans Receivable - Nonaccrual Loans by Class (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment, nonaccrual loans | $ 2,062 | $ 1,535 |
Real Estate | Real estate loans | One-to-four family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment, nonaccrual loans | 731 | 681 |
Real Estate | Commercial real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment, nonaccrual loans | 251 | 378 |
Real Estate | Construction and land | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment, nonaccrual loans | 48 | 52 |
Consumer | Home equity | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment, nonaccrual loans | 358 | 365 |
Consumer | Auto and other consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment, nonaccrual loans | 91 | 59 |
Consumer | Commercial business loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment, nonaccrual loans | $ 583 | $ 0 |
Loans Receivable - Reconciliati
Loans Receivable - Reconciliation of Past Due Loans (Details) - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 1,046,000 | $ 2,957,000 |
Current | 827,183,000 | 783,184,000 |
Total Loans | 828,229,000 | 786,141,000 |
30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 343,000 | 2,599,000 |
60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 184,000 | 108,000 |
90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 519,000 | 250,000 |
Total Loans | 0 | 0 |
Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 328,000 | 1,741,000 |
Current | 716,429,000 | 701,518,000 |
Total Loans | 716,757,000 | 703,259,000 |
Real Estate | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 1,491,000 |
Real Estate | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 143,000 | 0 |
Real Estate | 90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 185,000 | 250,000 |
Real Estate | Real estate loans | One-to-four family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 296,000 | 444,000 |
Current | 339,129,000 | 354,947,000 |
Total Loans | 339,425,000 | 355,391,000 |
Real Estate | Real estate loans | One-to-four family | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 213,000 |
Real Estate | Real estate loans | One-to-four family | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 111,000 | 0 |
Real Estate | Real estate loans | One-to-four family | 90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 185,000 | 231,000 |
Real Estate | Real estate loans | Multi-family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Current | 88,147,000 | 73,767,000 |
Total Loans | 88,147,000 | 73,767,000 |
Real Estate | Real estate loans | Multi-family | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Real Estate | Real estate loans | Multi-family | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Real Estate | Real estate loans | Multi-family | 90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Real Estate | Commercial real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 91,000 |
Current | 232,266,000 | 202,865,000 |
Total Loans | 232,266,000 | 202,956,000 |
Real Estate | Commercial real estate | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 91,000 |
Real Estate | Commercial real estate | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Real Estate | Commercial real estate | 90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Real Estate | Construction and land | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 32,000 | 1,206,000 |
Current | 56,887,000 | 69,939,000 |
Total Loans | 56,919,000 | 71,145,000 |
Real Estate | Construction and land | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 1,187,000 |
Real Estate | Construction and land | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 32,000 | 0 |
Real Estate | Construction and land | 90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 19,000 |
Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 718,000 | 568,000 |
Current | 93,682,000 | 66,011,000 |
Total Loans | 94,400,000 | 66,579,000 |
Consumer | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 343,000 | 460,000 |
Consumer | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 41,000 | 108,000 |
Consumer | 90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 334,000 | 0 |
Consumer | Home equity | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 428,000 | 461,000 |
Current | 38,657,000 | 38,012,000 |
Total Loans | 39,085,000 | 38,473,000 |
Consumer | Home equity | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 141,000 | 383,000 |
Consumer | Home equity | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 78,000 |
Consumer | Home equity | 90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 287,000 | 0 |
Consumer | Auto and other consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 290,000 | 107,000 |
Current | 55,025,000 | 27,999,000 |
Total Loans | 55,315,000 | 28,106,000 |
Consumer | Auto and other consumer | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 202,000 | 77,000 |
Consumer | Auto and other consumer | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 41,000 | 30,000 |
Consumer | Auto and other consumer | 90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 47,000 | 0 |
Commercial business loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 648,000 |
Current | 17,072,000 | 15,655,000 |
Total Loans | 17,072,000 | 16,303,000 |
Commercial business loans | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 648,000 |
Commercial business loans | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial business loans | 90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 0 | $ 0 |
Loans Receivable - Credit Quali
Loans Receivable - Credit Quality Indicators by Class of Loan (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 828,229 | $ 786,141 |
Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 806,284 | 746,797 |
Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 15,950 | 25,362 |
Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 2,206 | 7,332 |
Sub- Standard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 3,789 | 6,650 |
Nonperforming | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 2,062 | 1,535 |
Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 826,167 | 784,606 |
Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 716,757 | 703,259 |
Real Estate | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 698,266 | 667,419 |
Real Estate | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 14,161 | 24,184 |
Real Estate | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,846 | 6,321 |
Real Estate | Sub- Standard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 2,484 | 5,335 |
Real Estate | Real estate loans | One-to-four family | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 339,425 | 355,391 |
Real Estate | Real estate loans | One-to-four family | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 333,035 | 348,273 |
Real Estate | Real estate loans | One-to-four family | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 4,567 | 4,134 |
Real Estate | Real estate loans | One-to-four family | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 986 | 1,580 |
Real Estate | Real estate loans | One-to-four family | Sub- Standard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 837 | 1,404 |
Real Estate | Real estate loans | One-to-four family | Nonperforming | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 731 | 681 |
Real Estate | Real estate loans | One-to-four family | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 338,694 | 354,710 |
Real Estate | Real estate loans | Multi-family | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 88,147 | 73,767 |
Real Estate | Real estate loans | Multi-family | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 88,034 | 71,535 |
Real Estate | Real estate loans | Multi-family | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 2,117 |
Real Estate | Real estate loans | Multi-family | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 113 | 115 |
Real Estate | Real estate loans | Multi-family | Sub- Standard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Real Estate | Real estate loans | Multi-family | Nonperforming | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Real Estate | Real estate loans | Multi-family | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 88,147 | 73,767 |
Real Estate | Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 232,266 | 202,956 |
Real Estate | Commercial real estate | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 225,682 | 188,251 |
Real Estate | Commercial real estate | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 4,238 | 9,893 |
Real Estate | Commercial real estate | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 747 | 964 |
Real Estate | Commercial real estate | Sub- Standard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,599 | 3,848 |
Real Estate | Commercial real estate | Nonperforming | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 251 | 378 |
Real Estate | Commercial real estate | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 232,015 | 202,578 |
Real Estate | Construction and land | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 56,919 | 71,145 |
Real Estate | Construction and land | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 51,515 | 59,360 |
Real Estate | Construction and land | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 5,356 | 8,040 |
Real Estate | Construction and land | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 3,662 |
Real Estate | Construction and land | Sub- Standard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 48 | 83 |
Real Estate | Construction and land | Nonperforming | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 48 | 52 |
Real Estate | Construction and land | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 56,871 | 71,093 |
Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 94,400 | 66,579 |
Consumer | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 92,219 | 65,148 |
Consumer | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,377 | 525 |
Consumer | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 82 | 239 |
Consumer | Sub- Standard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 722 | 667 |
Consumer | Home equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 39,085 | 38,473 |
Consumer | Home equity | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 37,740 | 37,502 |
Consumer | Home equity | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 791 | 323 |
Consumer | Home equity | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 40 | 93 |
Consumer | Home equity | Sub- Standard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 514 | 555 |
Consumer | Home equity | Nonperforming | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 358 | 365 |
Consumer | Home equity | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 38,727 | 38,108 |
Consumer | Auto and other consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 55,315 | 28,106 |
Consumer | Auto and other consumer | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 54,479 | 27,646 |
Consumer | Auto and other consumer | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 586 | 202 |
Consumer | Auto and other consumer | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 42 | 146 |
Consumer | Auto and other consumer | Sub- Standard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 208 | 112 |
Consumer | Auto and other consumer | Nonperforming | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 91 | 59 |
Consumer | Auto and other consumer | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 55,224 | 28,047 |
Commercial business loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 17,072 | 16,303 |
Commercial business loans | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 15,799 | 14,230 |
Commercial business loans | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 412 | 653 |
Commercial business loans | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 278 | 772 |
Commercial business loans | Sub- Standard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 583 | 648 |
Commercial business loans | Nonperforming | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 583 | 0 |
Commercial business loans | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 16,489 | $ 16,303 |
Loans Receivable - Troubled Deb
Loans Receivable - Troubled Debt Restructurings (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2018USD ($)contract | Jun. 30, 2018USD ($)contract | Dec. 31, 2017USD ($) | |
Financing Receivable, Modifications [Line Items] | |||
Total TDR loans | $ 4,043 | $ 4,043 | $ 4,919 |
Allowance for loan losses related to TDR loans | 148 | 148 | 182 |
Total nonaccrual TDR loans | $ 367 | $ 367 | 393 |
Number of contracts | contract | 0 | 0 | |
Real Estate | Commercial real estate | |||
Financing Receivable, Modifications [Line Items] | |||
Total TDR loans | $ 783 | $ 783 | 910 |
Total nonaccrual TDR loans | 104 | 104 | 217 |
One-to-four family | Real Estate | Real estate loans | |||
Financing Receivable, Modifications [Line Items] | |||
Total TDR loans | 2,605 | 2,605 | 3,341 |
Total nonaccrual TDR loans | $ 263 | $ 263 | $ 176 |
Loans Receivable - Troubled D43
Loans Receivable - Troubled Debt Restructured Loans by Class (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Financing Receivable, Modifications [Line Items] | ||
Accrual loans | $ 3,676 | $ 4,526 |
Nonaccrual loans | 367 | 393 |
Total TDR loans | 4,043 | 4,919 |
Real Estate | Real estate loans | One-to-four family | ||
Financing Receivable, Modifications [Line Items] | ||
Accrual loans | 2,342 | 3,165 |
Nonaccrual loans | 263 | 176 |
Total TDR loans | 2,605 | 3,341 |
Real Estate | Real estate loans | Multi-family | ||
Financing Receivable, Modifications [Line Items] | ||
Accrual loans | 113 | 115 |
Nonaccrual loans | 0 | 0 |
Total TDR loans | 113 | 115 |
Real Estate | Commercial real estate | ||
Financing Receivable, Modifications [Line Items] | ||
Accrual loans | 679 | 693 |
Nonaccrual loans | 104 | 217 |
Total TDR loans | 783 | 910 |
Consumer | Home equity | ||
Financing Receivable, Modifications [Line Items] | ||
Accrual loans | 264 | 270 |
Nonaccrual loans | 0 | 0 |
Total TDR loans | 264 | 270 |
Commercial business loans | ||
Financing Receivable, Modifications [Line Items] | ||
Accrual loans | 278 | 283 |
Nonaccrual loans | 0 | 0 |
Total TDR loans | $ 278 | $ 283 |
Loans Receivable - Troubled D44
Loans Receivable - Troubled Debt Restructuring Schedule of Modified Loans (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2017USD ($)contract | Jun. 30, 2018USD ($)contract | Jun. 30, 2017USD ($)contract | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable, modifications, pre-modification, number of contracts | contract | 1 | 2 | 4,000 |
Financing receivable, modifications, pre-modification recorded investment | $ 244 | $ 180 | $ 562 |
Financing receivable, modifications, post-modification, number of contracts | contract | 1 | 2 | 4,000 |
Financing receivable, modifications, post-modification recorded investment | $ 236 | $ 179 | $ 544 |
One-to-four family | Real Estate | Real estate loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable, modifications, pre-modification, number of contracts | contract | 1 | 2 | 3,000 |
Financing receivable, modifications, pre-modification recorded investment | $ 244 | $ 180 | $ 428 |
Financing receivable, modifications, post-modification, number of contracts | contract | 1 | 2 | 3,000 |
Financing receivable, modifications, post-modification recorded investment | $ 236 | $ 179 | $ 415 |
Commercial real estate | Commercial business loans | Real estate loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable, modifications, pre-modification, number of contracts | contract | 1,000 | ||
Financing receivable, modifications, pre-modification recorded investment | $ 134 | ||
Financing receivable, modifications, post-modification, number of contracts | contract | 1,000 | ||
Financing receivable, modifications, post-modification recorded investment | $ 129 | ||
Rate Modification | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable, modifications, pre-modification recorded investment | 0 | 0 | 95 |
Financing receivable, modifications, post-modification recorded investment | 0 | 0 | 92 |
Rate Modification | One-to-four family | Real Estate | Real estate loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable, modifications, pre-modification recorded investment | 0 | 0 | 95 |
Financing receivable, modifications, post-modification recorded investment | 0 | 0 | 92 |
Rate Modification | Commercial real estate | Commercial business loans | Real estate loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable, modifications, pre-modification recorded investment | 0 | ||
Financing receivable, modifications, post-modification recorded investment | 0 | ||
Term Modification | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable, modifications, pre-modification recorded investment | 0 | 0 | 89 |
Financing receivable, modifications, post-modification recorded investment | 0 | 0 | 87 |
Term Modification | One-to-four family | Real Estate | Real estate loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable, modifications, pre-modification recorded investment | 0 | 0 | 89 |
Financing receivable, modifications, post-modification recorded investment | 0 | 0 | 87 |
Term Modification | Commercial real estate | Commercial business loans | Real estate loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable, modifications, pre-modification recorded investment | 0 | ||
Financing receivable, modifications, post-modification recorded investment | 0 | ||
Combination Modification | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable, modifications, pre-modification recorded investment | 244 | 180 | 378 |
Financing receivable, modifications, post-modification recorded investment | 236 | 179 | 365 |
Combination Modification | One-to-four family | Real Estate | Real estate loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable, modifications, pre-modification recorded investment | 244 | 180 | 244 |
Financing receivable, modifications, post-modification recorded investment | $ 236 | $ 179 | 236 |
Combination Modification | Commercial real estate | Commercial business loans | Real estate loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable, modifications, pre-modification recorded investment | 134 | ||
Financing receivable, modifications, post-modification recorded investment | $ 129 |
Deposits - Narrative (Details)
Deposits - Narrative (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Banking and Thrift [Abstract] | ||
Time deposits in excess of FDIC limit of $250,000 | $ 95.2 | $ 82.3 |
Public fund deposits | 67.5 | 56.2 |
Investment securities pledged as collateral, carrying value | $ 45.4 | $ 41 |
Deposits - Summary of Deposits
Deposits - Summary of Deposits (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Weighted Average Rate of Deposits, by Type [Abstract] [Abstract] | |||||
Weighted-average interest rate, savings | 0.18% | 0.18% | 0.05% | ||
Weighted-average interest rate, transaction accounts | 0.03% | 0.03% | 0.01% | ||
Weighted-average interest rate, money market accounts | 0.38% | 0.38% | 0.33% | ||
Weighted-average interest rate, certificates of deposit and jumbo certificates | 1.50% | 1.50% | 1.27% | ||
Deposits, by Type [Abstract] | |||||
Savings | $ 108,471 | $ 108,471 | $ 103,243 | ||
Transaction accounts | 258,428 | 258,428 | 272,484 | ||
Money market accounts | 280,113 | 280,113 | 270,052 | ||
Certificates of deposit and jumbo certificates | 246,314 | 246,314 | 239,253 | ||
Total Deposits | $ 893,326 | $ 893,326 | $ 885,032 | ||
Weighted-average interest rate | 0.56% | 0.56% | 0.45% | ||
Time Deposits, Fiscal Year Maturity [Abstract] | |||||
Within one year or less | $ 149,266 | $ 149,266 | $ 139,613 | ||
After one year through two years | 60,520 | 60,520 | 61,906 | ||
After two years through three years | 21,186 | 21,186 | 20,732 | ||
After three years through four years | 10,432 | 10,432 | 10,089 | ||
After four years through five years | 4,905 | 4,905 | 6,886 | ||
After five years | 5 | 5 | 27 | ||
Total time deposits | 246,314 | 246,314 | $ 239,253 | ||
Interest Expense, Deposits [Abstract] | |||||
Savings | 28 | $ 14 | 44 | $ 23 | |
Transaction accounts | 9 | 5 | 13 | 9 | |
Insured money market accounts | 282 | 226 | 497 | 438 | |
Certificates of deposit and jumbo certificates | 806 | 553 | 1,556 | 1,046 | |
Interest expense | $ 1,125 | $ 798 | $ 2,110 | $ 1,516 |
Federal Taxes on Income (Detail
Federal Taxes on Income (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Income Tax Disclosure [Abstract] | ||
Valuation allowance | $ 1.2 | |
Effective income tax rate | 18.50% | 19.80% |
Earnings per Share (Details)
Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Numerator: | |||||
Net income | $ 1,526 | $ 1,115 | $ 3,049 | $ 3,279 | |
Denominator: | |||||
Basic weighted average common shares outstanding (in shares) | 10,329,680 | 10,697,425 | 10,412,704 | 10,754,413 | |
Dilutive restricted stock grants (in shares) | 126,666 | 138,160 | 120,526 | 123,501 | |
Diluted weighted average common shares outstanding (in shares) | 10,456,346 | 10,835,585 | 10,533,230 | 10,877,914 | |
Basic earnings per share (in dollars per share) | $ 0.15 | $ 0.10 | $ 0.29 | $ 0.30 | |
Diluted earnings per share (in dollars per share) | $ 0.15 | $ 0.10 | $ 0.29 | $ 0.30 | |
Unallocated shares (in shares) | 873,445 | 926,334 | 873,445 | 926,334 | 899,892 |
Antidilutive securities excluded from computation of earnings per share (in shares) | 0 | 0 |
Employee Benefits (Details)
Employee Benefits (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||
Minimum service period (over 12 month period) | 1000 hours | ||||
Requisite service period | 12 months | ||||
Debt structure, amortization period | 20 years | ||||
Debt structure, estimated interest rate | 2.46% | ||||
Principal and interest payments from ESOP | $ 835 | $ 835 | |||
Compensation expense | $ 217 | $ 192 | $ 437 | $ 395 | |
Employee Stock Ownership Plan (ESOP), Shares in ESOP [Abstract] | |||||
Allocated shares (in shares) | 174,584 | 174,584 | 121,695 | ||
Committed to be released shares (in shares) | 0 | 0 | 26,442 | ||
Unallocated shares (in shares) | 873,445 | 926,334 | 873,445 | 926,334 | 899,892 |
Total ESOP shares (in shares) | 1,048,029 | 1,048,029 | 1,048,029 | ||
Fair value of unallocated shares | $ 13,949 | $ 13,949 | $ 14,668 |
Stock-based Compensation - Narr
Stock-based Compensation - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Nov. 16, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock options granted (in shares) | 0 | 0 | 0 | 0 | |
Restricted Stock Award | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Granted (in shares) | 0 | 0 | 0 | 0 | |
Vesting period | 5 years | ||||
Total unrecognized compensation costs | $ 3,400 | $ 3,400 | |||
Remaining weighted-average vesting period | 3 years 2 months 5 days | ||||
First Northwest Bancorp 2015 Equity Incentive Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares authorized (in shares) | 1,834,050 | ||||
Number of shares available for grant (in shares) | 1,381,550 | 1,381,550 | |||
Total compensation expense | $ 259 | $ 250 | $ 532 | $ 467 | |
First Northwest Bancorp 2015 Equity Incentive Plan | Restricted Stock Award | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares available for grant (in shares) | 71,514 | 71,514 | |||
Director | First Northwest Bancorp 2015 Equity Incentive Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total compensation expense | $ 85 | $ 98 | $ 170 | $ 193 |
Stock-based Compensation - Summ
Stock-based Compensation - Summary of Non-Vested Restricted Stock Awards (Details) - Restricted Stock Award - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Shares | ||||
Non-vested, beginning of period (in shares) | 347,600 | 347,600 | ||
Granted (in shares) | 0 | 0 | 0 | 0 |
Vested (in shares) | 0 | 0 | ||
Forfeited (in shares) | (5,000) | (5,000) | ||
Non-vested at end of period (in shares) | 342,600 | 342,600 | ||
Weighted-Average Grant Date Fair Value | ||||
Non-vested at beginning of period (in dollars per share) | $ 13.18 | $ 13.18 | ||
Granted (in dollars per share) | 0 | 0 | ||
Vested (in dollars per share) | 0 | 0 | ||
Forfeited (in dollars per share) | 16.07 | 16.07 | ||
Non-vested at end of period (in dollars per share) | $ 13.14 | $ 13.14 |
Fair Value Accounting and Mea52
Fair Value Accounting and Measurement - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | $ 252,371 | $ 290,242 |
Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 252,371 | 290,242 |
Recurring | Municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 110 | 13,434 |
Recurring | ABS agency | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 20,992 | 21,770 |
Recurring | ABS corporate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 37,585 | 22,768 |
Recurring | Corporate debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 9,955 | 19,908 |
Recurring | SBA | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 39,124 | 47,274 |
Recurring | MBS agency | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 131,148 | 144,542 |
Recurring | MBS corporate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 13,457 | 20,546 |
Recurring | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 0 | 0 |
Recurring | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 0 | 0 |
Recurring | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | ABS agency | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 0 | 0 |
Recurring | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | ABS corporate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 0 | 0 |
Recurring | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Corporate debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 0 | 0 |
Recurring | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | SBA | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 0 | 0 |
Recurring | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | MBS agency | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 0 | 0 |
Recurring | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | MBS corporate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 0 | 0 |
Recurring | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 252,371 | 290,242 |
Recurring | Significant Other Observable Inputs (Level 2) | Municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 110 | 13,434 |
Recurring | Significant Other Observable Inputs (Level 2) | ABS agency | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 20,992 | 21,770 |
Recurring | Significant Other Observable Inputs (Level 2) | ABS corporate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 37,585 | 22,768 |
Recurring | Significant Other Observable Inputs (Level 2) | Corporate debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 9,955 | 19,908 |
Recurring | Significant Other Observable Inputs (Level 2) | SBA | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 39,124 | 47,274 |
Recurring | Significant Other Observable Inputs (Level 2) | MBS agency | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 131,148 | 144,542 |
Recurring | Significant Other Observable Inputs (Level 2) | MBS corporate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 13,457 | 20,546 |
Recurring | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | ABS agency | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | ABS corporate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Corporate debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | SBA | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | MBS agency | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | MBS corporate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | $ 0 | $ 0 |
Fair Value Accounting and Mea53
Fair Value Accounting and Measurement - Schedule of Assets on a Nonrecurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | $ 6,937 | $ 6,061 |
Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 6,937 | 6,061 |
Nonrecurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Nonrecurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Nonrecurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | $ 6,937 | $ 6,061 |
Fair Value Accounting and Mea54
Fair Value Accounting and Measurement - Carrying Value and Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Financial assets | ||
Investment securities available for sale | $ 252,371 | $ 290,242 |
Investment securities held to maturity | 43,619 | 50,266 |
Accrued interest receivable | 3,899 | 3,745 |
Financial liabilities | ||
Accrued interest payable | 374 | 325 |
Level 1 | ||
Financial assets | ||
Cash and cash equivalents | 22,884 | 36,801 |
Investment securities available for sale | 0 | 0 |
Investment securities held to maturity | 0 | 0 |
Loans held for sale | 0 | |
Loans receivable, net | 0 | 0 |
FHLB stock | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Mortgage servicing rights, net | 0 | 0 |
Financial liabilities | ||
Borrowings | 0 | 0 |
Accrued interest payable | 0 | 0 |
Level 1 | Demand deposits | ||
Financial liabilities | ||
Deposits | 647,012 | 645,779 |
Level 1 | Time deposits | ||
Financial liabilities | ||
Deposits | 0 | 0 |
Level 2 | ||
Financial assets | ||
Cash and cash equivalents | 0 | 0 |
Investment securities available for sale | 252,371 | 290,242 |
Investment securities held to maturity | 43,619 | 50,266 |
Loans held for sale | 788 | |
Loans receivable, net | 0 | 0 |
FHLB stock | 6,521 | 7,023 |
Accrued interest receivable | 3,899 | 3,745 |
Mortgage servicing rights, net | 0 | 0 |
Financial liabilities | ||
Borrowings | 127,102 | 145,892 |
Accrued interest payable | 374 | 325 |
Level 2 | Demand deposits | ||
Financial liabilities | ||
Deposits | 0 | 0 |
Level 2 | Time deposits | ||
Financial liabilities | ||
Deposits | 243,914 | 237,841 |
Level 3 | ||
Financial assets | ||
Cash and cash equivalents | 0 | 0 |
Investment securities available for sale | 0 | 0 |
Investment securities held to maturity | 0 | 0 |
Loans held for sale | 0 | |
Loans receivable, net | 794,736 | 768,181 |
FHLB stock | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Mortgage servicing rights, net | 1,619 | 1,669 |
Financial liabilities | ||
Borrowings | 0 | 0 |
Accrued interest payable | 0 | 0 |
Level 3 | Demand deposits | ||
Financial liabilities | ||
Deposits | 0 | 0 |
Level 3 | Time deposits | ||
Financial liabilities | ||
Deposits | 0 | 0 |
Carrying Value | ||
Financial assets | ||
Cash and cash equivalents | 22,884 | 36,801 |
Investment securities available for sale | 252,371 | 290,242 |
Investment securities held to maturity | 44,423 | 50,126 |
Loans held for sale | 788 | |
Loans receivable, net | 821,339 | 779,111 |
FHLB stock | 6,521 | 7,023 |
Accrued interest receivable | 3,899 | 3,745 |
Mortgage servicing rights, net | 1,101 | 1,095 |
Financial liabilities | ||
Borrowings | 126,271 | 144,100 |
Accrued interest payable | 374 | 325 |
Carrying Value | Demand deposits | ||
Financial liabilities | ||
Deposits | 647,012 | 645,779 |
Carrying Value | Time deposits | ||
Financial liabilities | ||
Deposits | 246,314 | 239,253 |
Fair Value | ||
Financial assets | ||
Cash and cash equivalents | 22,884 | 36,801 |
Investment securities available for sale | 252,371 | 290,242 |
Investment securities held to maturity | 43,619 | 50,266 |
Loans held for sale | 788 | |
Loans receivable, net | 794,736 | 768,181 |
FHLB stock | 6,521 | 7,023 |
Accrued interest receivable | 3,899 | 3,745 |
Mortgage servicing rights, net | 1,619 | 1,669 |
Financial liabilities | ||
Borrowings | 127,102 | 145,892 |
Accrued interest payable | 374 | 325 |
Fair Value | Demand deposits | ||
Financial liabilities | ||
Deposits | 647,012 | 645,779 |
Fair Value | Time deposits | ||
Financial liabilities | ||
Deposits | $ 243,914 | $ 237,841 |
Noninterest Income (Details)
Noninterest Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Disaggregation of Revenue [Line Items] | ||||
Other income | $ 108 | $ 64 | $ 197 | $ 145 |
Total noninterest income | 1,405 | 1,199 | 2,887 | 3,400 |
Loan fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue not within scope of ASC 606 | 132 | 74 | 257 | 170 |
Deposit fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income within scope of ASC 606 | 369 | 420 | 761 | 820 |
Debit interchange income | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income within scope of ASC 606 | 37 | 41 | 69 | 78 |
Credit card interchange income | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income within scope of ASC 606 | 447 | 397 | 853 | 754 |
Investment securities gain (loss), net | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue not within scope of ASC 606 | 13 | 0 | 135 | 0 |
Gain on loan sales, net | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue not within scope of ASC 606 | 150 | 44 | 317 | 328 |
Increase in cash surrender value of bank-owned life insurance | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue not within scope of ASC 606 | 149 | 159 | 298 | 337 |
Income from bank-owned life insurance payout | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue not within scope of ASC 606 | 0 | 0 | 0 | 768 |
Investment services revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Other income | 83 | 91 | 157 | 178 |
Gain or loss on subsidiary | ||||
Disaggregation of Revenue [Line Items] | ||||
Other income | 18 | (40) | 32 | (40) |
Remaining other income | ||||
Disaggregation of Revenue [Line Items] | ||||
Other income | $ 7 | $ 13 | $ 8 | $ 7 |