Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Mar. 26, 2019 | Jun. 29, 2018 | |
Document And Entity Information | |||
Entity Registrant Name | Sunnyside Bancorp, Inc. | ||
Entity Central Index Key | 0001571398 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filer | No | ||
Entity Reporting Status Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business Flag | true | ||
Entity Emerging Growth Company | false | ||
Entity Ex Transition Period | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 11,120,173 | ||
Entity Common Stock, Shares Outstanding | 793,500 | ||
Trading Symbol | SNNY | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2018 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Assets | ||
Cash and cash equivalents | $ 1,217,621 | $ 1,229,036 |
Securities held to maturity, net; approximate fair value of $623,000 (2018) and $672,000 (2017) | 628,526 | 656,838 |
Securities available for sale | 29,426,745 | 29,175,525 |
Loans receivable, net | 43,101,525 | 48,798,072 |
Premises and equipment, net | 1,108,873 | 1,229,457 |
Federal Home Loan Bank of New York and other stock, at cost | 330,800 | 166,800 |
Accrued interest receivable | 516,757 | 490,239 |
Cash surrender value of life insurance | 2,319,802 | 2,258,324 |
Deferred income taxes | 822,538 | 682,438 |
Other assets | 227,540 | 248,268 |
Total assets | 79,700,727 | 84,934,997 |
Liabilities: | ||
Deposits | 63,658,430 | 72,558,814 |
Advances from Federal Home Loan Bank of New York | 3,750,000 | |
Advances from borrowers for taxes and insurance | 536,712 | 482,024 |
Other liabilities | 890,473 | 618,646 |
Total liabilities | 68,835,615 | 73,659,484 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Serial preferred stock; par value $.01, 1,000,000 shares authorized, no shares issued | ||
Common stock; par value $.01, 30,000,000 shares authorized and 793,500 shares issued | 7,935 | 7,935 |
Additional paid-in capital | 7,064,299 | 7,030,530 |
Unallocated common stock held by the Employee Stock Ownership Plan | (422,184) | (444,394) |
Retained earnings | 6,204,754 | 6,152,648 |
Accumulated other comprehensive (loss) | (1,989,692) | (1,471,206) |
Total stockholders' equity | 10,865,112 | 11,275,513 |
Total liabilities and stockholders' equity | $ 79,700,727 | $ 84,934,997 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Securities held to maturity, fair value | $ 623,368 | $ 672,000 |
Serial preferred stock, par value | $ 0.01 | $ 0.01 |
Serial preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Serial preferred stock, shares issued | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 30,000,000 | 30,000,000 |
Common stock, shares issued | 793,500 | 793,500 |
Consolidated Statement of Opera
Consolidated Statement of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Interest and dividend income: | ||
Loans | $ 1,992,454 | $ 2,174,922 |
Investment securities | 63,868 | 67,363 |
Mortgage-backed securities | 593,738 | 502,741 |
Federal funds sold and other earning assets | 13,293 | 30,636 |
Total interest and dividend income | 2,663,353 | 2,775,662 |
Interest expense: | ||
Deposits | 268,788 | 228,021 |
Borrowings | 30,955 | 15,465 |
Total interest expense | 299,743 | 243,486 |
Net interest income | 2,363,610 | 2,532,176 |
Provision for loan losses | 3,800 | 40,342 |
Net interest income after provision for loan losses | 2,359,810 | 2,491,834 |
Non-interest income: | ||
Fees and service charges | 111,281 | 104,620 |
Net gain on sale of securities | 34,373 | |
Net gain on sale of loans | 60,157 | |
Income on bank owned life insurance | 61,478 | 60,976 |
Total non-interest income | 172,759 | 260,126 |
Non-interest expense: | ||
Compensation and benefits | 1,220,938 | 1,399,958 |
Occupancy and equipment, net | 273,733 | 295,567 |
Data processing service fees | 296,520 | 294,157 |
Professional fees | 450,343 | 397,867 |
Federal deposit insurance premiums | 20,966 | 24,586 |
Advertising and promotion | 31,876 | 50,433 |
Other | 172,299 | 204,677 |
Total non-interest expense | 2,466,675 | 2,667,245 |
Income before income taxes | 65,894 | 84,715 |
Income tax | 13,788 | 411,764 |
Net income (loss) | $ 52,106 | $ (327,049) |
Basic and diluted earnings (loss) per share | $ 0.07 | $ (0.44) |
Weighted average shares outstanding basic and diluted | 750,014 | 748,046 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | ||
Net income (loss) | $ 52,106 | $ (327,049) |
Defined benefit pension plans: | ||
Net gain (loss) arising during the period | (381,246) | 71,191 |
Amortization of loss included in net periodic plan cost | 48,406 | 51,878 |
Unrealized gains (losses) on securities available for sale: | ||
Unrealized holding gains (losses) arising during the period | (323,474) | 356,669 |
Other comprehensive income (loss), before tax | (656,314) | 479,738 |
Income tax expense (benefit) related to items of other comprehensive income | (137,828) | 163,148 |
Other comprehensive income (loss), net of tax | (518,486) | 316,590 |
Comprehensive income (loss) | $ (466,380) | $ (10,459) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Unallocated Common Stock Held by ESOP [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total |
Balance at Dec. 31, 2016 | $ 7,935 | $ 6,998,363 | $ (466,606) | $ 6,237,637 | $ (1,545,736) | $ 11,231,593 |
Net income loss | (327,049) | (327,049) | ||||
ESOP shares allocated or committed to be released | 10,117 | 30,723 | 40,840 | |||
Restricted stock awards earned | $ 22,050 | $ 22,050 | ||||
Purchase of shares for the ESOP | (8,511) | (8,511) | ||||
Reclassification adjustment for the income tax effects of the Tax Cuts and Jobs Act on items within accumulated other comprehensive income (loss) | $ 242,060 | $ (242,060) | ||||
Other comprehensive income (loss), net of tax | 316,590 | 316,590 | ||||
Balance at Dec. 31, 2017 | 7,935 | 7,030,530 | (444,394) | 6,152,648 | (1,471,206) | 11,275,513 |
Net income loss | 52,106 | 52,106 | ||||
ESOP shares allocated or committed to be released | 11,719 | 37,698 | 49,417 | |||
Restricted stock awards earned | $ 22,050 | $ 22,050 | ||||
Purchase of shares for the ESOP | (15,488) | (15,488) | ||||
Other comprehensive income (loss), net of tax | $ (518,486) | $ (518,486) | ||||
Balance at Dec. 31, 2018 | $ 7,935 | $ 7,064,299 | $ (422,184) | $ 6,204,754 | $ (1,989,692) | $ 10,865,112 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 52,106 | $ (327,049) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation expense | 135,016 | 135,919 |
Amortization of premiums and accretion of discounts, net | 161,811 | 239,324 |
Amortization of deferred loan fees and costs, net | 90,885 | 67,626 |
Provision for loan losses | 3,800 | 40,342 |
Net gain on sales of securities | (34,373) | |
Net gain on sales of loans | (60,157) | |
Increase in accrued interest receivable | (26,518) | (47,177) |
Increase in cash surrender value of life insurance | (61,478) | (60,976) |
Deferred income taxes | (2,272) | 424,989 |
Net decrease in other assets | 20,728 | 182,888 |
Net decrease in other liabilities | (61,013) | (321,774) |
Amortization of stock compensation plans | 71,467 | 62,890 |
Net cash provided by operating activities | 384,532 | 302,472 |
Cash flows from investing activities: | ||
Purchases of securities available for sale | (8,573,949) | (12,619,769) |
Repayments and maturities of securities held to maturity | 27,235 | 239,520 |
Repayments and maturities of securities available for sale | 7,838,521 | 12,894,208 |
Proceeds from sales/calls of securities held to maturity | 3,091,223 | |
(Purchase) redemption of Federal Home Loan Bank and other stock | (164,000) | 168,220 |
Loans purchased | (7,126,027) | |
Proceeds from sales of loans | 942,866 | |
Loan originations, net of principal repayments | 5,601,862 | 5,382,340 |
Purchases of bank premises and equipment | (14,432) | (29,722) |
Net cash provided by investing activities | 4,715,237 | 2,942,859 |
Cash flows from financing activities: | ||
Net decrease in deposits | (8,900,384) | (1,728,782) |
Net increase (decrease) in short term borrowings | 3,750,000 | (3,000,000) |
Net increase (decrease) in advances from borrowers for taxes and insurance | 54,688 | (202,444) |
Purchase of stock for ESOP | (15,488) | (8,511) |
Net cash used in financing activities | (5,111,184) | (4,939,737) |
Net decrease in cash and cash equivalents | (11,415) | (1,694,406) |
Cash and cash equivalents at beginning of year | 1,229,036 | 2,923,442 |
Cash and cash equivalents at end of year | 1,217,621 | 1,229,036 |
Cash paid for: | ||
Interest | 299,398 | 244,646 |
Income taxes, net | $ 15,300 | $ 12,000 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The following is a description of the more significant policies used in the presentation of the accompanying consolidated financial statements of Sunnyside Bancorp, Inc. and Subsidiary (the “Company”). Principles of Consolidation The consolidated financial statements are comprised of the accounts of Sunnyside Bancorp. Inc., and its wholly-owned subsidiary, Sunnyside Federal Savings and Loan Association of Irvington (the “Association”). All significant intercompany accounts and transactions have been eliminated in consolidation. Business Sunnyside Federal Savings and Loan Association of Irvington is a community-oriented savings institution whose primary business is accepting deposits from customers within its market area (Westchester County, New York) and investing those funds in mortgage loans secured by one-to-four family residences, commercial and multi-family real estate loans and student loans as well as mortgage-backed and other securities. To a significantly lesser extent, funds are invested in commercial loans, home equity and other loans (consisting primarily of loans secured by deposits and marketable securities). Customer deposits are insured up to applicable limits by the Federal Deposit Insurance Corporation (the “FDIC”). As a federally-chartered savings association, the Association’s primary regulator is the Office of the Controller of the Currency (the “OCC”). Basis of Financial Statement Presentation The financial statements of the Company have been prepared in conformity with accounting principles generally accepted in the United States of America. In preparing the financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the statement of financial condition and revenues and expenses for the period then ended. Actual results could differ significantly from those estimates. A material estimate that is particularly susceptible to significant change relates to the determination of the allowance for loan losses. Management believes that the allowance for loan losses is adequate. While management uses available information to recognize losses on loans, future additions to the allowance for loan losses may be necessary based on changes in economic conditions in the Company’s market area. In addition, various regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance for loan losses. Such agencies may require the Company to recognize additions to the allowance based on their judgments about information available to them at the time of their examination. Cash and Cash Equivalents For purposes of reporting cash flows, the Company considers all cash and amounts due from depository institutions and interest-bearing deposits in other depository institutions with original maturities of three months or less to be cash equivalents. Investment and Mortgage-Backed Securities Securities that the Company has the positive intent and ability to hold to maturity are classified as held-to-maturity securities and reported at amortized cost. Securities classified as available-for-sale securities are reported at fair value, with unrealized holding gains or losses reported in a separate component of retained earnings. As of December 31, 2018 and 2017, the Company had no securities classified as trading. The Company conducts a periodic review and evaluation of the securities portfolio to determine if a decline in the fair value of any security below its cost basis is other-than-temporary. The evaluation of other-than-temporary impairment considers the duration and severity of the impairment, the Company’s intent and ability to hold the securities and assessments of the reason for the decline in value and the likelihood of a near-term recovery. If such a decline is deemed other-than-temporary, the security is written down to a new cost basis and the resulting loss is charged to income as a component of non-interest expense. Premiums and discounts on securities are amortized by use of the level-yield method, over the life of the individual securities. Gain or loss on sales of securities is based upon the specific identification method. Loans Receivable Loans receivable are stated at unpaid principal balances less the allowance for loan losses and net deferred loan fees. Recognition of interest on the accrual method is generally discontinued when interest or principal payments are ninety days or more in arrears, or when other factors indicate that the collection of such amounts is doubtful. At that time, a loan is placed on a nonaccrual status, and all previously accrued and uncollected interest is reversed against interest income in the current period. Interest on such loans, if appropriate, is recognized as income when payments are received. A loan is returned to an accrual status when factors indicating doubtful collectability no longer exist. Allowance for Loan Losses An allowance for loan losses is maintained at a level, to the best of management’s knowledge, to cover all known and inherent losses in the portfolio that are both probable and reasonable to estimate. Management of the Association, in determining the provision for loan losses considers the risks inherent in its loan portfolio and changes in the nature and volume of its loan activities, along with the general economic and real estate market conditions. The Company utilizes a two tier approach: (1) identification of problem loans and establishment of specific loss allowances on such loans; and (2) establishment of general valuation allowances on the remainder of its loan portfolio. The Company maintains a loan review system which allows for a periodic review of its loan portfolio and the early identification of potential problem loans. Such system takes into consideration, among other things, delinquency status, size of loans, type of collateral, and financial condition of the borrowers. Specific loan losses are established for identified loans based on a review of such information and appraisals of the underlying collateral. General loan losses are based upon a combination of factors including, but not limited to, actual loan loss experience, composition of the loan portfolio, current economic conditions, and management’s judgment. Although management believes that adequate specific and general loan loss allowances are established, actual losses are dependent upon future events and, as such, further additions to the level of specific and general loan loss allowances may be necessary. A loan evaluated for impairment is deemed to be impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. An insignificant payment delay, which is defined as up to ninety days by the Company, will not cause a loan to be classified as impaired. A loan is not impaired during a period of delay in payment if the Association expects to collect all amounts due, including interest accrued at the contractual interest rate for the period of delay. The amount of loan impairment is measured based on the present value of expected future cash flows discounted at the loan’s effective interest rate or, as a practical expedient, at the loan’s observable market price or the fair value of the collateral if the loan is collateral dependent. All loans identified as impaired are evaluated independently. The Association does not aggregate such loans for evaluation purposes. Federal Home Loan Bank of New York stock As a member of the Federal Home Loan Bank of New York (“FHLB”), the Company is required to acquire and hold shares of FHLB Class B stock. The holding requirement varies based on the Company’s activities, primarily its outstanding borrowings, with the FHLB. The investment in FHLB stock is carried at cost. The Company conducts a periodic review and evaluation of its FHLB stock to determine if any impairment exists. Premises and Equipment Premises and equipment are comprised of land, building, and furniture, fixtures, and equipment, at cost, less accumulated depreciation. Depreciation charges are computed on the straight-line method over the following estimated useful lives: Building and improvements 5 to 40 years Furniture, fixtures and equipment 2 to 10 years Bank-Owned Life Insurance Bank-owned life insurance (“BOLI”) is accounted for in accordance with Financial Accounting Standards Board “FASB”) guidance. The cash surrender value of BOLI is recorded on the statement of financial condition as an asset and the change in the cash surrender value is recorded as non-interest income. The amount by which any death benefits received exceeds a policy’s cash surrender value is recorded in non-interest income at the time of receipt. A liability is also recorded on the statement of financial condition for postretirement death benefits provided by the split-dollar endorsement policy. A corresponding expense is recorded in non-interest expense for the accrual of benefits over the period during which employees provide services to earn the benefits. Income Taxes Federal and state income taxes have been provided on the basis of reported income. The amounts reflected on the tax return differ from these provisions due principally to temporary differences in the reporting of certain items for financial reporting and income tax reporting purposes. The tax effect of these temporary differences is accounted as deferred taxes applicable to future periods. Deferred income tax expense or benefit is determined by recognizing deferred tax assets and liabilities for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. 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 earnings in the period that includes the enactment date. The realization of deferred tax assets is assessed and a valuation allowance provided, when necessary, for that portion of the asset which is not likely to be realized. The Company accounts for uncertainty in income taxes recognized in the financial statements in accordance with accounting guidance which prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return, and also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. As a result of the Company’s evaluation, no significant income tax uncertainties have been identified. Therefore, the Company recognized no adjustment for unrecognized income tax benefits for the years ended December 31, 2018 and 2017. The Company’s policy is to recognize interest and penalties on unrecognized tax benefits in income tax expense in the statement of operations. The amount of interest and penalties for the years ended December 31, 2018 and 2017 was immaterial. The Company is subject to U.S. federal income tax, as well as income tax of the State of New York. The Company is no longer subject to examination by taxing authorities for years before 2014. Employee Benefits Defined Benefit Plans: The accounting guidance related to retirement benefits requires an employer to: (a) recognize in its statement of financial position an asset for a plan’s overfunded status or a liability for a plan’s underfunded status; (b) measure a plan’s assets and its obligations that determine its funded status as of the end of the employer’s fiscal year; and (c) recognize, in comprehensive income, changes in the funded status of a defined benefit postretirement plan in the year in which the changes occur. The accounting guidance requires that plan assets and benefit obligations be measured as of the date of the employer’s fiscal year-end statement of financial condition. 401K Plan: The Company has a 401(k) plan covering substantially all employees. The Company matches 50% of the first 6% contributed by participants and recognizes expense as its contributions are made. Employee Stock Ownership Plan: The employee stock ownership plan (ESOP) is accounted for in accordance with the provisions of ASC 718-40, “Employers’ Accounting for Employee Stock Ownership Plans.” The funds borrowed by the ESOP from the Company to purchase the Company’s common stock are being repaid from the Association’s contributions over a period of up to 25 years. The Company’s common stock not yet allocated to participants is recorded as a reduction of stockholders’ equity at cost. Compensation expense for the ESOP is based on the market price of the Company’s stock and is recognized as shares are committed to be released to participants. Equity Incentive Plan: On July 17, 2014, the Board of Directors adopted the Sunnyside Bancorp, Inc. 2014 Equity Incentive Plan. (“the Stock Incentive Plan”) which was approved by shareholders at the Company’s 2014 Annual Meeting of Shareholders held on September 16, 2014. Stock options and restricted stock may be granted to directors, officers and other employees of the Company. The maximum number of shares which may be issued upon exercise of the options under the plan cannot exceed 79,350 shares. The maximum number of shares of stock that may be issued as restricted stock awards cannot exceed 23,805. The Stock Incentive Plan will remain in effect as long as any awards under it are outstanding; however, no awards may be granted under the Stock Incentive Plan on or after the 10-year anniversary of the effective date of the Stock Incentive Plan or July 17, 2024. Under FASB ASC Topic 718, the Company will recognize compensation expense on its income statement over the requisite service period or performance period based on the grant date fair value of stock options and other equity-based compensation (such as restricted stock). Comprehensive Income Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities, such as unrealized gains and losses on available-for-sale securities, and the actuarial gains and losses of the pension plan, are reported as a separate component of the equity section of the balance sheet, such items, along with net income, are components of comprehensive income. Concentration of Credit Risk and Interest-Rate Risk Financial instruments which potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents, investment and mortgage-backed securities and loans. Cash and cash equivalents include amounts placed with highly rated financial institutions. Investment securities include securities backed by the U.S. Government and other highly rated instruments. The Company’s lending activity is primarily concentrated in loans collateralized by real estate in the State of New York. As a result, credit risk is broadly dependent on the real estate market and general economic conditions in the state. The Company is principally engaged in the business of attracting deposits from the general public and using these deposits, together with borrowings and other funds, to make loans secured by real estate in the State of New York. The potential for interest-rate risk exists as a result of the shorter duration of interest-sensitive liabilities compared to the generally longer duration of interest-sensitive assets. In a rising rate environment, liabilities will reprice faster than assets, thereby reducing net interest income. For this reason, management regularly monitors the maturity structure of the Company’s assets and liabilities in order to measure its level of interest-rate risk and to plan for future volatility. Earnings Per Share Basic earnings per common share, or EPS, are computed by dividing net income by the weighted-average common shares outstanding during the year. The weighted-average common shares outstanding includes the weighted-average number of shares of common stock outstanding less the weighted average number of unallocated shares held by the ESOP and the unvested shares of restricted stock. Diluted earnings per share reflect additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to income that would result from the assumed issuance. Potential common shares that may be issued by the Company relate to outstanding stock options and non-vested restricted stock grants. Potential common shares related to stock options are determined using the treasury stock method. Advertising Costs It is the Company’s policy to expense advertising costs in the period in which they are incurred. Subsequent Events The Company has evaluated all events subsequent to the balance sheet date of December 31, 2018, through the date of this report, and has determined that there are no subsequent events that require disclosure under FASB guidance. Recent Accounting Pronouncements In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2018-14, “Compensation - Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20).” This update amends and modifies the disclosure requirements for employers that sponsor defined benefit pension or other post-retirement plans. The amendments in this update remove disclosures that no longer are considered cost beneficial, clarify the specific requirements of certain disclosures, and add disclosure requirements identified as relevant. This update will be effective on January 1, 2021, with early adoption permitted, and is not expected to have a material effect on the Company’s consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820) - Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement.” This update modifies the disclosure requirements on fair value measurements in Topic 820. The amendments in this update remove disclosures that no longer are considered cost beneficial, clarify the specific requirements of certain disclosures, and add disclosure requirements identified as relevant. This update will be effective on January 1, 2020, with early adoption permitted, and is not expected to have a material effect on the Company’s consolidated financial statements. In June 2018, the FASB issued ASU 2018-07 “Compensation-Stock Compensation (Topic 718) Improvements to Nonemployee Share-Based Payment Accounting”. This update expands earlier guidance on stock compensation to include share-based payments issued to nonemployees for goods and services. Consequently, the accounting for share-based payments to nonemployees and employees will be substantially the same. In May 2017, the FASB issued ASU 2017-09, “Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting”. This update provides guidance about changes to terms or conditions of a share-based payment award which would require modification accounting. In particular, an entity is required to account for the effects of a modification if the fair value, vesting condition or the equity/liability classification of the modified award is not the same immediately before and after a change to the terms and conditions of the award. The update is to be applied prospectively for awards modified on or after the adoption date. The adoption of this guidance on January 1, 2018 did not have a material impact on the Company’s consolidated financial statements. In March 2017, the FASB issued ASU 2017-08, “Receivables-Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities”. The amendments in this update require the premium on callable debt securities to be amortized to the earliest call date rather than the maturity date; however, securities held at a discount continue to be amortized to maturity. The amendments apply only to debt securities purchased at a premium that are callable at fixed prices and on preset dates. The amendments more closely align interest income recorded on debt securities held at a premium or discount with the economics of the underlying instrument. ASU No. 2017-08 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The adoption of this guidance on January 1, 2019 is not expected to have a material impact on the Company’s consolidated financial statements. In March 2017, the FASB issued ASU 2017-07, “Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost”, which requires that companies disaggregate the service cost component from other components of net benefit cost. This update calls for companies that offer postretirement benefits to present the service cost, which is the amount an employer has to set aside each quarter or fiscal year to cover the benefits, in the same line item with other current employee compensation costs. Other components of net benefit cost will be presented in the income statement separately from the service cost component and outside the subtotal of income from operations, if one is presented. The adoption of this guidance on January 1, 2018 did not have a material impact on the Company’s consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230), which provides guidance on eight specific cash flow issues in order to reduce diversity in the manner in which certain cash receipts and cash payments are presented and classified in the statements of cash flows. The amendments in this ASU are effective for public companies for fiscal years beginning after December 15, 2017. The adoption of this guidance on January 1, 2018 did not have a material impact on the Company’s consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, “Measurement of Credit Losses on Financial Instruments.” This ASU significantly changes how entities will measure credit losses for most financial assets and certain other instruments that aren’t measured at fair value through net income. In issuing the standard, the FASB is responding to criticism that today’s guidance delays recognition of credit losses. The standard will replace today’s “incurred loss” approach with an “expected loss” model. The new model, referred to as the current expected credit loss (“CECL”) model, will apply to: (1) financial assets subject to credit losses and measured at amortized cost, and (2) certain off-balance sheet credit exposures. This includes, but is not limited to, loans, leases, held-to-maturity securities, loan commitments, and financial guarantees. The CECL model does not apply to available-for-sale (“AFS”) debt securities. For AFS debt securities with unrealized losses, entities will measure credit losses in a manner similar to what they do today, except that the losses will be recognized as allowances rather than reductions in the amortized cost of the securities. As a result, entities will recognize improvements to estimated credit losses immediately in earnings rather than as interest income over time, as they do today. The ASU also simplifies the accounting model for purchased credit-impaired debt securities and loans. ASU 2016-13 also expands the disclosure requirements regarding an entity’s assumptions, models, and methods for estimating the allowance for loan and lease losses. In addition, entities will need to disclose the amortized cost balance for each class of financial asset by credit quality indicator, disaggregated by the year of origination. ASU No. 2016-13 is effective for interim and annual reporting periods beginning after December 15, 2019; early adoption is permitted for interim and annual reporting periods beginning after December 15, 2018. Entities will apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (i.e., modified retrospective approach). While early adoption is permitted, the Company does not expect to elect that option. The Company has begun its evaluation of the amended guidance including the potential impact on its Consolidated Financial Statements. The extent of the change is indeterminable at this time as it will be dependent upon portfolio composition and credit quality at the adoption date, as well as economic conditions and forecasts at that time. Upon adoption, any impact to the allowance for credit losses - currently allowance for loan and lease losses - will have an offsetting impact on retained earnings. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)”. Under the new guidance, lessees will be required to recognize the following for all leases (with the exception of short-term leases) at the commencement date: (i) a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and (ii) a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Under the new guidance, lessor accounting is largely unchanged. Public business entities should apply the amendments in ASU 2016-02 for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted for all public business entities upon issuance. Lessees (for capital and operating leases) and lessors (for sales-type, direct financing, and operating leases) must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The adoption of this guidance on January 1, 2019 is not expected to have a material effect on the Company’s consolidated financial statements. In January, 2016, the FASB issued ASU 2016-01, Financial Instruments – Overall (Subtopic 825-10): “Recognition and Measurement of Financial Assets and Financial Liabilities” requires all equity investments to be measured at fair value with changes in the fair value recognized through net income (other than those accounted for under equity method of accounting or those that result in consolidation of the investee). The amendments in this Update also require an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. In addition, this ASU eliminates the requirement to disclose the fair value of financial instruments measured at amortized cost for entities that are not public business entities and the requirement to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet for public business entities. ASU 2016-01 is effective for fiscal years beginning after December 15, 2017 for public entities. The adoption of this guidance on January 1, 2018 did not have a material effect on the Company’s consolidated financial statements. In May, 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers. The amendments in this ASU establish a comprehensive revenue recognition standard for virtually all industries under U.S. GAAP, including those that previously followed industry-specific guidance such as the real estate, construction and software industries. The revenue standard’s core principle is built on the contract between a vendor and a customer for the provision of goods and services. It attempts to depict the exchange of rights and obligations between the parties in the pattern of revenue recognition based on the consideration to which the vendor is entitled. To accomplish this objective, the standard requires five basic steps: (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract, and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company applied the five-step method outlined in the ASU to all revenue streams scoped-in by the ASU and elected the modified retrospective implementation method. Substantially all of the Company’s interest income and certain noninterest income were not impacted by the adoption of this ASU because the revenue from those contracts with customers is covered by other guidance in U.S. GAAP. The Company’s largest source of noninterest revenue which is subject to the guidance is service charges on deposit accounts. The Company adopted ASU 2014-09 on January 1, 2018. The adoption of ASU 2014-09 did not change the timing and pattern of the Company’s revenue recognition related to scoped-in noninterest income. The adoption did not have a material impact on the Company’s consolidated financial statements. See footnote 15, Revenue Recognition, for further details. Reclassification Certain amounts for the year ended December 31, 2017 have been reclassified to conform to the current year’s presentation. |
Mutual to Stock Conversion and
Mutual to Stock Conversion and Liquidation Account | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Mutual to Stock Conversion and Liquidation Account | 2. MUTUAL TO STOCK CONVERSION AND LIQUIDATION ACCOUNT On July 15, 2013, the Association completed its mutual-to-stock conversion, and the Company consummated its initial stock offering. The Company sold 793,500 shares of its common stock, including 55,545 shares purchased by the Association’s employee stock ownership plan (“ESOP”), at a price of $10.00 per share, in a subscription offering, for gross offering proceeds of $7,935,000. The cost of conversion and the stock offering were deferred and deducted from the proceeds of the offering. Conversion costs incurred totaled $845,000 resulting in net proceeds of $6.5 million after also deducting the shares acquired by the ESOP. In accordance with applicable federal conversion regulations, at the time of the completion of the mutual-to-stock conversion, the Company established a liquidation account in the Association in an amount equal to the Association’s total retained earnings as of the latest balance sheet date in the final prospectus used in the conversion. Each eligible account holder or supplemental account holder is entitled to a proportionate share of this liquidation account in the event of a complete liquidation of the Association, and only in such event. This share will be reduced if the eligible account holder’s or supplemental account holder’s deposit balance falls below the amounts on the date of record as of any December 31 and will cease to exist if the account is closed. The liquidation account will never be increased despite any increase after conversion in the related deposit balance. The Company may not declare, pay a dividend on, or repurchase any of its capital stock, if the effect thereof would cause retained earnings to be reduced below the liquidation account amount or regulatory capital requirements. |
Securities
Securities | 12 Months Ended |
Dec. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | 3. SECURITIES December 31, 2018 Amortized Gross Unrealized Fair Cost Gains Losses Value Securities held to maturity: State, county, and municipal obligations $ 547,788 $ - $ 6,675 $ 541,113 Mortgage-backed securities 80,738 1,517 - 82,255 $ 628,526 $ 1,517 $ 6,675 $ 623,368 Securities available for sale: U.S. government and agency obligations $ 2,999,797 $ - $ 28,746 2,971,051 Mortgage-backed securities 27,166,429 5,387 716,122 26,455,694 $ 30,166,226 $ 5,387 $ 744,868 $ 29,426,745 December 31, 2017 Amortized Gross Unrealized Fair Cost Gains Losses Value Securities held to maturity: State, county, and municipal obligations $ 549,011 $ 11,595 $ 1,036 $ 559,570 Mortgage-backed securities 107,827 4,390 - 112,217 $ 656,838 $ 15,985 $ 1,036 $ 671,787 Securities available for sale: U.S. government and agency obligations $ 2,999,229 $ 75 $ 21,508 2,977,796 Mortgage-backed securities 26,592,303 - 394,574 26,197,729 $ 29,591,532 $ 75 $ 416,082 $ 29,175,525 Mortgage-backed securities consist of securities guaranteed by Ginnie Mae, Fannie Mae, Freddie Mac, and the Small Business Administration with amortized costs of $249,000, $15.5 million, $9.3 million, and $2.2 million, respectively, at December 31, 2018 ($316,000, $14.5 million, $9.3 million, and $2.6 million, respectively, at December 31, 2017). There were no proceeds from the sale/call of securities available for sale for the years ended December 31, 2018 and 2017, respectively. Proceeds from the sale/calls of securities held to maturity amounted to $0 and $3.1 million for the years ended December 31, 2018 and 2017, respectively. Net gains of $0 and $34,000 were recognized on these sales, respectively. The sale of the securities occurred after the Company had already collected a substantial portion (at least 85%) of the principal outstanding at acquisition due to prepayments on the debt securities. The following is a summary of the amortized cost and fair value of securities at December 31, 2018 and 2017, by remaining period to contractual maturity. Actual maturities may differ from these amounts because certain debt security issuers have the right to call or redeem their obligations prior to contractual maturity. In addition, mortgage backed securities that amortize monthly are listed in the period the security is legally set to pay off in full. December 31, 2018 Held to Maturity Available for Sale Amortized Fair Amortized Fair Cost Value Cost Value Within one year $ 201,208 $ 200,316 $ 999,797 $ 988,380 After one to five years - - 3,268,006 3,220,881 After five to ten years - - 1,933,095 1,877,699 After ten years 427,318 423,052 23,965,328 23,339,785 $ 628,526 $ 623,368 $ 30,166,226 $ 29,426,745 December 31, 2017 Held to Maturity Available for Sale Amortized Fair Amortized Fair Cost Value Cost Value Within one year $ - $ - $ - $ - After one to five years 202,658 201,622 3,324,388 3,297,519 After five to ten years - - 3,427,174 3,371,664 After ten years 454,180 470,165 22,839,970 22,506,342 $ 656,838 $ 671,787 $ 29,591,532 $ 29,175,525 The following tables summarize the fair values and unrealized losses of securities with an unrealized loss at December 31, 2018 and 2017, segregated between securities that have been in an unrealized loss position for less than one year, or one year or longer, at the respective dates. December 31, 2018 Under One Year One Year or More Gross Gross Fair Unrealized Fair Unrealized Value Loss Value Loss Securities available for sale: U.S. government and agency obligations $ - $ - $ 2,971,051 $ 28,746 Mortgage-backed securities 2,322,591 13,840 21,274,973 702,282 2,322,591 13,840 24,246,024 731,028 Securities held to maturity: State, county, and municipal obligations 340,797 5,783 200,316 892 $ 2,663,388 $ 19,623 $ 24,446,340 $ 731,920 December 31, 2017 Under One Year One Year or More Gross Gross Fair Unrealized Fair Unrealized Value Loss Value Loss Securities available for sale: U.S. government and agency obligations $ 1,488,655 $ 11,107 $ 989,189 $ 10,401 Mortgage-backed securities 7,791,601 58,819 18,406,128 335,755 9,280,256 69,926 19,395,317 346,156 Securities held to maturity: State, county, and municipal obligations 202,658 1,036 - - $ 9,482,914 $ 70,962 $ 19,395,317 $ 346,156 The unrealized losses are primarily due to changes in market interest rates subsequent to purchase. At December 31, 2018, a total of 45 securities were in an unrealized loss position (40 at December 31, 2017). The Company generally purchases securities issued by Government Sponsored Enterprises (GSE). Accordingly, it is expected that the GSE securities would not be settled at a price less than the Company’s amortized cost basis. The Company does not consider these investments to be other-than-temporarily impaired at December 31, 2018 and December 31, 2017 since the decline in market value is attributable to changes in interest rates and not credit quality and the Company has the intent and ability to hold these investments until there is a full recovery of the unrealized loss, which may be at maturity. Securities available for sale, with a carrying value of approximately $5.5 million at December 31, 2018 have been pledged to secure advances from the Federal Home Loan Bank of New York. |
Loans Receivable, Net
Loans Receivable, Net | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Loans Receivable, Net | 4. LOANS RECEIVABLE, NET 2018 2017 Mortgage loans: Residential 1-4 family $ 18,239,205 $ 22,328,431 Commercial and multi-family 15,640,233 14,635,915 Home equity lines of credit 27,725 433,193 33,907,163 37,397,539 Other loans: Secured by savings accounts - 7,158 Student 8,024,588 10,150,844 Commercial 1,316,545 1,416,661 9,341,133 11,574,663 Total loans 43,248,296 48,972,202 Less: Deferred loan fees (costs and premiums), net (261,061 ) (333,105 ) Allowance for loan losses 407,832 507,235 146,771 174,130 $ 43,101,525 $ 48,798,072 In the ordinary course of business, the Company makes loans to its directors, executive officers, and their associates (related parties) on the same terms as those prevailing at the time of origination for comparable loans with other borrowers. The unpaid principal balances of related party loans were approximately $142,000 and $151,000 at December 31, 2018 and 2017, respectively. Activity in the allowance for loan losses is summarized as follows: Year Ended December 31, 2018 2017 Balance at beginning of year $ 507,235 $ 466,893 Provision for loan losses 3,800 40,342 Charge-offs (103,203 ) - Recoveries - - Balance at end of year $ 407,832 $ 507,235 The allowance for loan losses consists of specific, general and unallocated components. The specific component relates to loans that are classified as impaired. For loans that are classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. There are no specific allowances as of December 31, 2018 and 2017. The general component covers pools of loans by loan class not considered impaired, as well as smaller balance homogeneous loans, such as one-to-four family real estate, home equity lines of credit and other consumer loans. These pools of loans are evaluated for loss exposure based upon historical loss rates for each of these categories of loans, adjusted for qualitative factors. These qualitative risk factors include: 1. Lending policies and procedures, including underwriting standards and collection, charge-off, and recovery practices. 2. National, regional, and local economic and business conditions including the value of underlying collateral for collateral dependent loans. 3. Nature and volume of the portfolio and terms of loans. 4. Experience, ability, and depth of lending management and staff and the quality of the Association’s loan review system. 5. Volume and severity of past due, classified and nonaccrual loans. 6. Existence and effect of any concentrations of credit and changes in the level of such concentrations. 7. Effect of external factors, such as competition and legal and regulatory requirements. Each factor is assigned a value to reflect improving, stable or declining conditions based on management’s best judgment using relevant information available at the time of the evaluation. Adjustments to the factors are supported through documentation of changes in conditions in a narrative accompanying the allowance for loan loss calculation. An unallocated component is maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio. The allowance calculation methodology includes further segregation of loan classes into risk rating categories. The borrower’s overall financial condition, repayment sources, guarantors and value of collateral, if appropriate, are evaluated when credit deficiencies arise, such as delinquent loan payments. Credit quality risk ratings include regulatory classifications of pass, special mention, substandard, doubtful and loss. Loan classifications are defined as follows: ● Pass — These loans are well protected by the current net worth and paying capacity of the obligor (or guarantors, if any) or by the fair value, less cost to acquire and sell, of any underlying collateral in a timely manner. ● Special Mention — These loans have potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of repayment prospects. ● Substandard — These loans are inadequately protected by the current net worth and paying capacity of the obligor or by the collateral pledged, if any. Assets so classified must have a well-defined weakness, or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. ● Doubtful — These loans have all the weaknesses inherent in a loan classified substandard with the added characteristic that the weaknesses make the full recovery of our principal balance highly questionable and improbable on the basis of currently known facts, conditions, and values. The likelihood of a loss on an asset or portion of an asset classified as doubtful is high. Its classification as Loss is not appropriate, however, because pending events are expected to materially affect the amount of loss. ● Loss — These loans are considered uncollectible and of such little value that a charge-off is warranted. This classification does not necessarily mean that an asset has no recovery or salvage value; but rather, there is much doubt about whether, how much, or when the recovery will occur. One of the primary methods the Company uses as an indicator of the credit quality of their portfolio is the regulatory classification system. The following table reflects the credit quality indicators by portfolio segment and class, at the dates indicated: December 31, 2018 Mortgage Loans Commercial Commercial Residential Real Estate and and 1-4 Family Multi-Family Home Equity Student Other Total (In thousands) Pass $ 17,941 $ 15,640 $ 28 $ 8,000 $ 1,316 $ 42,925 Special Mention 49 - - - - 49 Substandard 249 - - 25 - 274 Total $ 18,239 $ 15,640 $ 28 $ 8,025 $ 1,316 $ 43,248 December 31, 2017 Mortgage Loans Commercial Commercial Residential Real Estate and and 1-4 Family Multi-Family Home Equity Student Other Total (In thousands) Pass $ 21,729 $ 14,636 $ 417 $ 10,151 $ 1,424 $ 48,357 Special Mention 49 - - - - 49 Substandard 550 - 16 - - 566 Total $ 22,328 $ 14,636 $ 433 $ 10,151 $ 1,424 $ 48,972 The following table provides information about loan delinquencies at the dates indicated: December 31, 2018 90 Days or More 30-59 60-89 90 Days Past Due Days Days or More Total Current Total and Past Due Past Due Past Due Past Due Loans Loans Accruing (In thousands) Residential 1-4 family $ - $ - $ 49 $ 49 $ 18,190 $ 18,239 $ 49 Commercial and multi-family - - - $ - 15,640 15,640 - Home equity lines of credit - - - $ - 28 28 - Student loans 5 33 - $ 38 7,987 8,025 - Other loans - - - $ - 1,316 1,316 - $ 5 $ 33 $ 49 $ 87 $ 43,161 $ 43,248 $ 49 December 31, 2017 90 Days or More 30-59 60-89 90 Days Past Due Days Days or More Total Current Total and Past Due Past Due Past Due Past Due Loans Loans Accruing (In thousands) Residential 1-4 family $ 177 $ - $ 336 $ 513 $ 21,815 $ 22,328 $ - Commercial and multi-family - - - $ - 14,636 14,636 - Home equity lines of credit - - - $ - 433 433 - Student loans 48 - 27 $ 75 10,076 10,151 27 Other loans - - - $ - 1,424 1,424 - $ 225 $ - $ 363 $ 588 $ 48,384 $ 48,972 $ 27 The following is a summary of loans, by loan type, on which the accrual of income has been discontinued and loans that are contractually past due 90 days or more but have not been classified as non-accrual at the dates indicated: December 31, 2018 2017 (In thousands) Residential 1-4 family $ 249 $ 599 Commercial and multi-family - - Home equity lines of credit - 16 Student loans - - Other loans - Total non-accrual loans 249 615 Accruing loans delinquent 90 days or more 49 27 Total non-performing loans $ 298 $ 642 The total amount of interest income on non-accrual loans that would have been recognized if interest on all such loans had been recorded based upon original contract terms amounted to approximately $25,300 and $31,300 for the year ended December 31, 2018 and 2017, respectively. The total amount of interest income recognized on non-accrual loans amounted to approximately $14,100 and $16,800 during the year ended December 31, 2018 and 2017, respectively. A loan is defined as impaired when, based on current information and events, it is probable that a creditor will be unable to collect all amounts due under the contractual terms of the loan agreement. The Company considers one-to four-family mortgage loans and consumer installment loans to be homogeneous and, therefore, does not generally evaluate them for impairment, unless they are considered troubled debt restructurings. All other loans are evaluated on an individual basis. The following table presents loans evaluated for impairment by loan type: Year Ended December 31, 2018 Unpaid Related Average Interest Recorded Principal Specific Recorded Income Investment Balance Allowance Investment Recognized Without an allowance: 1-4 family residential $ 248,956 $ 248,956 $ - $ 279,678 $ - There were no impaired loans as of December 31, 2017. The recorded investment in the loan modified in a troubled debt restructuring totaled $248,956 at December 31, 2018, which was current at December 31, 2018 and complied with the terms of its restructure agreement. Loans that were modified in a troubled debt restructuring represent concessions made to borrowers experiencing financial difficulties. The Company works with these borrowers to modify existing loan terms usually by extending maturities or reducing interest rates. The Company records an impairment loss, if any, based on the present value of expected future cash flows discounted at the original loan’s effective interest rate or the value of the underlying collateral property. Subsequently, these loans are individually evaluated for impairment. The following table is a comparison of the Company’s troubled debt restructurings by class modified during the year indicated: Year Ended December 31, 2018 Pre-restructuring Post-restructuring Number Outstanding Outstanding of Recorded Recorded Contracts Investment Investment Troubled debt restructurings: 1-4 family residential 1 $ 287,358 $ 248,956 There were no troubled debt restructured loans during the year ended December 31, 2017. The following tables present the activity in the allowance for loan losses by loan type for the years indicated: December 31, 2018 Mortgage Loans Residential 1-4 Family Commercial and Multi-Family Home Equity Student Other Unallocated Total (In thousands) Beginning balance $ 318 $ 121 $ 4 $ 54 $ 10 $ - $ 507 Provision for loan losses (82 ) 7 (3 ) 80 2 - 4 Charge offs (91 ) - - (12 ) - - (103 ) Ending Balance $ 145 $ 128 $ 1 $ 122 $ 12 $ - $ 408 Year Ended December 31, 2017 Mortgage Loans Residential 1-4 Family Commercial and Multi-Family Home Equity Student Other Unallocated Total (In thousands) Beginning balance $ 297 $ 138 $ 5 $ 20 $ 7 $ - $ 467 Provision for loan losses 21 (17 ) (1 ) 34 3 - 40 Ending Balance $ 318 $ 121 $ 4 $ 54 $ 10 $ - $ 507 |
Premises and Equipment, Net
Premises and Equipment, Net | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment, Net | 5. PREMISES AND EQUIPMENT, NET December 31, 2018 2017 Land and land improvements $ 766,939 $ 766,939 Building and building improvements 2,533,246 2,528,451 Furniture, fixtures and equipment 870,159 860,523 4,170,344 4,155,913 Less accumulated depreciation (3,061,471 ) (2,926,456 ) $ 1,108,873 $ 1,229,457 Depreciation expense for the years ended, December 31, 2018 and 2017, was $135,016 and $135,919, respectively. |
Accrued Interest Receivable
Accrued Interest Receivable | 12 Months Ended |
Dec. 31, 2018 | |
Accrued Interest Receivable | |
Accrued Interest Receivable | 6. ACCRUED INTEREST RECEIVABLE December 31, 2018 2017 Loans $ 427,301 $ 406,295 Mortgage-backed securities 75,232 72,979 Investment securities 14,224 10,965 $ 516,757 $ 490,239 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2018 | |
Deposits [Abstract] | |
Deposits | 7. DEPOSITS December 31, 2018 2017 Weighted Weighted Average Average Rate Amount Rate Amount Non-interest bearing checking 0.00 % $ 4,292,035 0.00 % $ 4,816,982 NOW accounts 0.05 % 11,667,083 0.05 % 12,172,345 Regular savings and clubs 0.10 % 18,535,375 0.10 % 21,864,032 Super saver 0.18 % 6,114,479 0.15 % 6,168,913 Money market 0.10 % 3,234,522 0.10 % 3,413,996 43,843,494 48,436,268 Certificates of deposit 1.30 % 19,814,936 0.85 % 24,122,546 0.46 % $ 63,658,430 0.34 % $ 72,558,814 Certificates of deposit are summarized by remaining period to contractual maturity as follows: December 31, 2018 2017 (In thousands) One year or less $ 12,993 $ 17,403 Over one to three years 6,020 5,361 Over three years 802 1,359 $ 19,815 $ 24,123 Certificates of deposit with balances of $100,000 or more totaled $9.1 million and $9.3 million at December 31, 2018 and 2017, respectively. The Company’s deposits are insurable to applicable limits established by the Federal Deposit Insurance Corporation. The maximum deposit insurance amount is $250,000. Interest expense on deposits is summarized as follows: Year Ended December 31, 2018 2017 NOW $ 6,074 $ 5,764 Savings and clubs 29,759 32,784 Money market 3,355 3,177 Certificates of deposit 229,600 186,295 $ 268,788 $ 228,021 |
Advances from Federal Home Loan
Advances from Federal Home Loan Bank of New York | 12 Months Ended |
Dec. 31, 2018 | |
Federal Home Loan Banks [Abstract] | |
Advances from Federal Home Loan Bank of New York | 8. ADVANCES FROM FEDERAL HOME LOAN BANK OF NEW YORK Advances from the Federal Home Loan Bank of New York totaled $3,750,000 and $0 as of December 31, 2018 and 2017, respectively. The advance at December 31, 2018 carried an interest rate of 2.62% and matured on January 4, 2019. At December 31, 2018, the Company had a borrowing capacity at the FHLB of $23.9 million and access to a line of credit at Atlantic Community Bankers Bank of $2,000,000 of which no balances were outstanding at December 31, 2018. See Note 3 to the consolidated financial statements regarding securities pledged as collateral for such advances. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 9. INCOME TAXES The components of income taxes are summarized as follows: Year Ended December 31, 2018 2017 Current tax expense Federal $ - $ - State 16,060 18,000 16,060 18,000 Deferred tax expense (benefit): Federal 50,100 436,980 State (27,186 ) (76,638 ) 22,914 360,342 Change in State valuation allowance, net (25,186 ) 33,422 $ 13,788 $ 411,764 The following is a reconciliation of expected income taxes (benefit), computed at the applicable federal statutory rate of 21% for the year ended December 31, 2018 and 34% for the year ended December 31, 2017 to the actual income tax expense (benefit): December 31, 2018 2017 Federal income tax expense (benefit) $ 13,838 $ 28,803 Impact of Tax Reform - 422,910 State income tax expense (benefit) (8,789 ) (15,974 ) Income from life insurance (12,910 ) (20,732 ) Tax-exempt interest (2,836 ) (4,737 ) Other 49,671 (31,928 ) Valuation allowance (25,186 ) 33,422 Actual income tax $ 13,788 $ 411,764 The components of deferred tax assets and liabilities are as follows: December 31, 2018 2017 Deferred tax assets: Depreciation $ 110,774 $ 102,918 Benefit plan liabilities 80,202 88,510 Allowance for loan losses 124,393 126,770 Charitable contribution carryover 2,950 3,362 Net operating loss carryover 572,342 595,124 Unfunded pension liability 373,617 303,719 Unrealized loss on securities available for sale 155,291 87,361 Other 901 - 1,420,470 1,307,764 Valuation allowance (197,022 ) (222,208 ) Total deferred tax assets 1,223,448 1,085,556 Deferred tax liabilities: Discounts on investments 759 299 Prepaid benefit plans 375,578 393,200 Net deferred loan costs/fees 24,573 9,476 Other - 143 Total deferred tax liabilities 400,910 403,118 Net deferred tax assets $ 822,538 $ 682,438 At December 31, 2018, the Company had a federal net operating loss carryover of $1,696,000 and a New York state net operating loss carryover of $3,172,000 available to offset future taxable income. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. As a result of New York State tax law changes, a valuation allowance of $197,000 has been established on the entire New York State portion of the net deferred tax asset. Based upon projections of future taxable income, management believes it is more likely than not the Company will realize the remaining deferred tax asset. On December 22, 2017, the President signed into law the Tax Act. The new law reduces the federal corporate income tax rate from 34% to 21% for tax years beginning after December 31, 2017. Under ASC 740, “Income Taxes”, companies are required to recognize the effect of tax law changes in the period of enactment; therefore, the Company re-measured its deferred tax assets and liabilities at the enacted tax rate expected to apply when its temporary differences are expected to be realized or settled. As of the date of enactment, the resulting impact of the re-measurement of the Company’s deferred tax balances was $422,910. Sunnyside Federal qualifies as a savings and loan association under the provisions of the Internal Revenue Code and, therefore, was permitted, prior to January 1, 1996, to deduct from federal taxable income an allowance for bad debts based on eight percent of taxable income before such deduction less certain adjustments, subject to certain limitations. Beginning January 1, 1996, Sunnyside Federal, for federal income tax purposes, must calculate its bad debt deduction using either the experience or the specific charge off method. Retained earnings at December 31, 2018 included approximately $1,700,000 of such bad deductions for which income taxes have not been provided. |
Benefit Plans
Benefit Plans | 12 Months Ended |
Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |
Benefit Plans | 10. BENEFIT PLANS Pension Plan All eligible Company employees are included in a non-contributory defined benefit pension plan. Effective April 15, 2008, the plan was “Frozen.” At the freeze date, no employee will be permitted to commence or recommence participation in the plan and no further benefits will accrue to any plan participants. In addition, compensation received on or after the plan freeze date will not be considered for any purpose under the plan. The following table sets forth the change in benefit obligation, change in plan assets, and a reconciliation of the funded status: December 31, 2018 2017 Change in projected benefit obligation: Projected benefit obligation at beginning of year $ 2,496,881 $ 2,529,326 Interest cost 104,111 105,571 Actuarial loss 99,149 49,487 Benefits paid (189,032 ) (187,503 ) Projected benefit obligation at end of year 2,511,109 2,496,881 Change in fair value of plan assets: Fair value of plan assets at beginning of year 2,343,589 2,211,641 Actual return on plan assets (106,474 ) 286,545 Employer contributions 34,048 32,906 Benefits paid (189,032 ) (187,503 ) Fair value of plan assets at end of year 2,082,131 2,343,589 Funded status of plan included in other liabilities $ (428,978 ) $ (153,292 ) As of December 31, 2018 and 2017, the components of accumulated other comprehensive loss on a pretax basis are an unrecognized actuarial loss of $1,779,119 and $1,446,279, respectively. The estimated net actuarial loss for the pension plan that will be amortized from accumulated other comprehensive loss into net periodic benefit cost during 2019 is $67,402. The weighted average assumptions used to determine the Plan’s benefit obligation are as follows: December 31, 2018 2017 Discount rate 4.50 % 4.50 % Salary increase rate N/A N/A The components of net periodic plan cost is as follows: Year Ended December 31, 2018 2017 Components of net periodic plan cost (credit): Interest cost $ 104,111 $ 105,571 Expected return on assets (175,623 ) (165,866 ) Amortization of unrecognized loss 48,406 51,878 Net periodic plan cost (credit) included in compensation and benefits expense (23,106 ) (8,417 ) Changes in benefit obligation recognized in other comprehensive income (loss): Net loss (gain) 381,246 (71,191 ) Amortization of loss (48,406 ) (51,878 ) Benefit obligation recognized in other comprehensive income (loss) 332,840 (123,069 ) Total recognized in net periodic plan cost and other comprehensive income (loss) $ 309,734 $ (131,486 ) The weighted average assumptions used to determine net periodic plan cost are as follows: Year Ended December 31, 2018 2017 Discount rate 4.50 % 4.50 % Expected rate of return on plan assets 8.00 % 8.00 % Rate of compensation increase N/A N/A Amortization period 24.72 25.38 Investment Policies and Strategies Wilmington Trust Retirement & Institutional Services Company acts as Trustee for the Plan. The Plan assets are managed by Pinnacle Associates, Ltd. The long-term investment objectives are to maintain plan assets at a level that will sufficiently cover long-term obligations and to generate a return on plan assets that will meet or exceed the rate at which long-term obligations will grow. A broadly diversified combination of equity and fixed income portfolios and various risk management techniques are used to help achieve these objectives. Allowable investments include common stocks, preferred stocks, fixed income securities, depository receipts, money market funds, real estate investment trusts, and publicly traded limited partnerships with the following limitations: ● The account will be a balanced account, with a target of 60% equity securities and 40% fixed income securities ratio which may vary based on the portfolio manager’s discretion. ● The account will generally not invest more than 20% of its net assets in cash and cash equivalents. ● The account will invest, under normal circumstances, between 20% to 60% of its net assets in fixed income securities. ● The account will invest, under normal circumstances, between 30% to 80% of its net assets in equity securities. The equities will be mostly of a large capitalization nature. ● The account will generally hold between 50 to 90 equity securities. ● The maximum equity position size will be limited to 5% of net assets at the time of purchase. ● For equities, each significant economic sector will be considered for the investment. ● The account may invest up to 15% of its net assets in companies incorporated outside of the United States, at the time of purchase. ● The account will not sell securities short. Any short transactions in futures, swaps, structured products, and call options will apply to this limit. The investment goal is to achieve investment results that will contribute to the proper funding of the pension plan by exceeding the rate of inflation over the long term. Determination of Long-Term Rate-of-Return The long-term rate-of-return-on-assets assumption was set based on historical returns earned by equities and fixed income securities, adjusted to reflect expectations of future returns as applied to the plan’s target allocation of asset classes. Equities and fixed income securities were assumed to earn real rates of return in the ranges of 5-9% and 2-6%, respectively. The long-term inflation rate was estimated to be 3%. When these overall return expectations are applied to the plan’s target allocation, the result is an expected rate of return of 7% to 10%. Estimated Future Benefit Payments The following benefit payments, which reflect expected future services, as appropriate, are expected to be paid: Fiscal year ending December 31, 2019 203,805 2020 202,961 2021 197,371 2022 191,497 2023 193,300 Years 2024-2028 853,808 $ 1,842,742 The Company expects to contribute cash of $34,000 to the plan in 2019. The fair values of the Association’s pension plan assets at December 31, 2018, by asset category (see note 14 for the definition of levels) are as follows: Identical Observable Unobservable Assets Inputs Inputs Asset Category Total (Level 1) (Level 2) (Level 3) Cash and money market funds $ 398,259 $ 398,259 $ - $ - US Treasuries 49,622 49,622 - - Corporate bonds (a) 528,325 - 528,325 - Equity securities (b) 1,105,925 1,105,925 - - Total $ 2,082,131 $ 1,553,806 $ 528,325 $ - (a) Includes eight corporate bonds due within ten years rated BBB+ or better by the S&P. (b) Includes 46 companies spread over various market sectors. The fair values of the pension plan assets at December 31, 2017 by asset category (see note 14 for the definition of levels) are as follows: Quoted Prices in Active Markets for Significant Significant Identical Observable Unobservable Assets Inputs Inputs Asset Category Total (Level 1) (Level 2) (Level 3) Cash and money market funds $ 172,614 $ 172,614 $ - $ - Corporate bonds (a) 540,212 - 540,212 - Equity securities (b) 1,630,763 1,630,763 - - Total $ 2,343,589 $ 1,803,377 $ 540,212 $ - (a) Includes eight corporate bonds due within ten years rated BBB+ or better by the S&P. (b) Includes 56 companies spread over various market sectors. Employee Savings Plan The Company also maintains a defined contribution plan for eligible employees under Section 401(k) of the Internal Revenue Service (“IRS”) Code. All employees who meet the plan eligibility requirements may elect to participate in the plan by making contributions up to the maximum permissible IRS limit. The Company makes matching contributions limited to 50% of the participant’s contributions up to 6% of compensation. Savings plan expense was approximately $20,000 and $22,000 for the years ended December 31, 2018 and 2017, respectively. Employee Stock Ownership Plan Effective upon completion of the Company’s initial public offering in July 2013, the Association established an Employee Stock Ownership Plan (“ESOP”) for all eligible employees who complete a twelve-month period of employment with the Association, have attained the age of 21 and complete at least 1,000 hours of service in a plan year. The ESOP used $555,450 in proceeds from a term loan obtained from the Company to purchase 55,545 shares of Company common stock. The remaining term loan principal is payable over 25 equal annual installments through December 31, 2037. The interest rate on the term loan is the prime rate. Each year, the Association intends to make discretionary contributions to the ESOP, which will be equal to principal and interest payments required on the term loan. The Association may substitute dividends paid, if any, on the Company common stock held by the ESOP for discretionary contributions. Shares purchased with the loan proceeds provide collateral for the term loan and are held in a suspense account for future allocations among participants. Contributions to the ESOP and shares released from the suspense account are to be allocated among the participants on the basis of compensation, as described by the ESOP, in the year of allocation. ESOP shares pledged as collateral were initially recorded as unearned ESOP shares in the consolidated statements of financial condition. Thereafter, on a monthly basis, compensation expense is recorded equal to the number of shares committed to be released times the monthly average market price of the shares, and the committed shares become outstanding for basic net income per common share computations. ESOP compensation expense was approximately $49,000 and $41,000 for the years ended December 31, 2018 and 2017, respectively. The ESOP shares were as follows: December 31, 2018 2017 Allocated shares 10,933 8,842 Shares committed to be released 2,069 2,092 Unearned shares 42,543 44,611 Total ESOP shares 55,545 55,545 Equity Incentive Plan On July 17, 2014, the Board of Directors adopted the Sunnyside Bancorp, Inc. 2014 Equity Incentive Plan (the “Stock Incentive Plan”) which was approved by shareholders at the Company’s 2014 Annual Meeting of Shareholders held on September 16, 2014. Stock options and restricted stock may be granted to directors, officers and other employees of the Company. The maximum number of shares which may be issued upon exercise of the options under the plan cannot exceed 79,350 shares. The maximum number of shares of stock that may be issued as restricted stock awards cannot exceed 23,805. On June 16, 2015, the Company granted 10,500 shares of restricted stock to certain executive officers, with a grant date fair value of $10.50 per share. Twenty percent of the shares awarded vest annually. Management recognizes expense for the fair value of those awards on a straight line basis over the requisite service period. Plan expense was approximately $22,000 for each of the years ended December 31, 2018 and 2017, respectively. During the years ended December 31, 2018 and December 31, 2017, 2,100 shares of restricted stock vested each year. Expected future expense relating to these non-vested restricted shares at December 31, 2018 is $33,075 over a weighted average period of 1.5 years. There were no stock options outstanding as of December 31, 2018. Other Retirement Benefits Effective June 2002, the Company entered into salary continuation agreements with certain of its officers. The agreements provide for specified benefit payments for life, 15-year period certain commencing at normal retirement, as well as payments upon early retirement, disability and death. The amounts payable under the agreements vest at an annual rate of 5% over 20 years and are computed as a specified percentage of a defined total compensation base, less (i) benefits under the Company’s pension plan, 401(k) plan and deferred compensation agreements, and (ii) a portion of social security benefits. The Association also entered into agreements providing for split-dollar life insurance death benefits based on each officer’s total compensation, as defined. The salary continuation and split-dollar agreements are unfunded, non-qualified benefits plans. However, the Company has purchased life insurance policies held by a Rabbi Trust in consideration of its obligations under the salary continuation agreements and certain prior deferred compensation agreements. During 2009, certain of these obligations were renegotiated by the Company with the purchase of annuity contracts. At December 31, 2018 and 2017, recorded obligations of $244,414 and $262,044, respectively, are included in other liabilities with respect to these agreements. The related life insurance policies are reported as assets at their cash surrender values of $2,319,802 and $2,258,324 at December 31, 2018 and 2017, respectively. Total expense under these plans was approximately $700 and $2,800 for the years ended December 31, 2018 and 2017, respectively. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | 11. ACCUMULATED OTHER COMPREHENSIVE LOSS The components of accumulated other comprehensive loss included in stockholders’ equity are as follows: December 31, 2018 2017 Unrealized net loss on pension plan $ (1,779,119 ) $ (1,446,279 ) Unrealized loss on securities available for sale (739,481 ) (416,007 ) Accumulated other comprehensive loss before taxes (2,518,600 ) (1,862,286 ) Tax effect 528,908 391,080 Accumulated other comprehensive loss $ (1,989,692 ) $ (1,471,206 ) |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 12. COMMITMENTS AND CONTINGENCIES Off-Balance Sheet Financial Instruments The Company is a party to certain financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers and to reduce its own exposure to fluctuations in interest rates. These financial instruments are limited to agreements to extend credit that involve, to varying degrees, elements of credit risk and interest rate risk in excess of the amounts recognized in the balance sheets. The contract or notional amounts of these instruments reflect the extent of the Association’s involvement in particular classes of financial instruments. The Company’s maximum exposure to credit loss in the event of nonperformance by the other parties to these instruments represents the contract amounts, assuming that they are fully funded at a later date and any collateral proves to be worthless. The Company had loan origination commitments of $175,000 and $429,000 at December 31, 2018 and 2017, respectively. The commitments at December 31, 2018, were at a fixed rate of 4.90%. In addition, the Company has outstanding undisbursed home equity and other lines of credit totaling $335,000 and $228,000 at December 31, 2018 and 2017, respectively. These are contractual agreements to lend to customers within specified time periods at interest rates and on other terms based on existing market conditions. Commitments generally have fixed expiration dates or other termination clauses and may require the payment of a fee by the customer. The commitment amounts do not necessarily represent future cash requirements since certain agreements may expire without being funded. The credit risk associated with these instruments is essentially the same as for outstanding loans reported in the balance sheets. Commitments are subject to the same credit approval process, including a case-by-case evaluation of the customer’s creditworthiness and related collateral requirements. At December 31, 2018 and 2017, the Company had a $2.0 million unsecured line of credit with Atlantic Community Bankers Bank which has no balance outstanding for the aforementioned periods. Contingencies The Company has a $8.0 million student loan portfolio of which $3.3 million is insured by ReliaMax Surety Company (“ReliaMax”). The Company has approximately $78,000 in unamortized premiums paid to ReliaMax to insure these student loans. On June 27, 2018, the South Dakota Division of Insurance was granted a petition to place ReliaMax into liquidation. While the Company expects to recover some of these premiums through the liquidation of ReliaMax as well as through a state insurance guarantee fund, we cannot estimate the amount of any loss or recovery at the present time. The Company filed a claim against ReliaMax and we expect to have an estimate of our recovery sometime during 2019. Legal Proceedings The Company is not involved in any pending legal proceedings other than routine legal proceedings occurring in the ordinary course of business. At December 31, 2018, the Company is not involved in any legal proceedings, the outcome of which would be material to the financial statements. |
Regulatory Capital
Regulatory Capital | 12 Months Ended |
Dec. 31, 2018 | |
Banking and Thrift [Abstract] | |
Regulatory Capital | 13. REGULATORY CAPITAL The Association is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory, and possible additional discretionary, actions by regulators, that if undertaken could have a direct material effect on the Company’s consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Association must meet specific capital guidelines that involve quantitative measures of the Association’s assets, liabilities, and certain off-balance-sheet items, as calculated under regulatory accounting practices. Capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Quantitative measures established by regulation to ensure capital adequacy require the Association to maintain minimum amounts and ratios of common equity Tier 1 capital, total and Tier 1 capital to risk-weighted assets, and Tier 1 capital to average assets, as defined in the regulations. As of December 31, 2018 and 2017 the Association exceeded all capital adequacy requirements to which it was subject (see tables below). There were no conditions or events since December 31, 2018 that management believes have changed the Association’s capital ratings. On January 1, 2015, the final rules implementing the Basel Committee on Banking Supervision capital guidelines for banking organizations (Basel III) regulatory capital framework and related Dodd-Frank Act changes became effective for the Association. These rules supersede the federal banking agencies’ general risk-based capital rules (Basel I). Full compliance with all of the final rule’s requirements is phased in over a multi-year transition period ending on January 1, 2019. Basel III revised minimum capital requirements and adjusted prompt corrective action thresholds. Under the final rules, minimum requirements increased for both the quantity and quality of capital held by the Association. The rules included a new common equity Tier 1 capital to risk-weighted assets ratio of 4.5 percent, raised the minimum ratio of Tier 1 capital to risk-weighted assets from 4.0 percent to 6.0 percent, required a minimum ratio of total capital to risk-weighted assets of 8.0 percent, and required a minimum leverage ratio of 4.0 percent. A new capital conservation buffer, comprised of common equity Tier 1 capital, was also established above the regulatory minimum capital requirements. This conservation buffer will be phased in beginning January 1, 2016 at 0.625 percent of risk-weighted assets and increase each subsequent year by an additional 0.625 percent until reaching its final level of 2.5 percent of risk-weighted assets on January 1, 2019. The final rule also revised the definition and calculation of Tier 1 capital, total capital and risk-weighted assets. The following table presents the Association’s actual capital positions and ratios under risk-based capital guidelines of Basel III and Basel I at December 31, 2018 and 2017, respectively: Actual Minimum Capital Requirements To be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars in Thousands) December 31, 2018 Tangible Capital 11,912 15.00 % 1,191 1.500 % N/A N/A Total Risked-based Capital 12,320 26.76 % 4,546 9.875 % 4,603 10.00 % Common Equity Tier 1 Capital 11,912 25.88 % 2,935 6.375 % 2,992 6.50 % Tier 1 Risk-based Capital 11,912 25.88 % 3,625 7.875 % 3,683 8.00 % Tier 1 Leverage Capital 11,912 15.00 % 3,177 4.000 % 3,971 5.00 % December 31, 2017 Tangible Capital 11,745 13.57 % 1,298 1.500 % N/A - Total Risked-based Capital 12,252 25.90 % 4,376 9.250 % 4,731 10.00 % Common Equity Tier 1 Capital 11,745 24.82 % 2,720 5.750 % 3,075 6.50 % Tier 1 Risk-based Capital 11,745 24.82 % 3,430 7.250 % 3,785 8.00 % Tier 1 Leverage Capital 11,745 13.57 % 3,463 4.000 % 4,328 5.00 % |
Fair Value Measurements and Dis
Fair Value Measurements and Disclosures | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements and Disclosures | 14. FAIR VALUE MEASUREMENTS AND DISCLOSURES A. Fair Value Measurements The Accounting Standards Codification (“ASC”) Topic 820, “Fair Value Measurements and Disclosures,” defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. ASC Topic 820 applies only to fair value measurements already required or permitted by other accounting standards and does not impose requirements for additional fair value measures. ASC Topic 820 was issued to increase consistency and comparability in reporting fair values. The Company uses fair value measurements to record fair value adjustments to certain assets and to determine fair value disclosures. The Company did not have any liabilities that were measured at fair value at December 31, 2018 and 2017. Securities available-for-sale are recorded at fair value on a recurring basis. Additionally, from time to time, the Company may be required to record at fair value other assets or liabilities on a non-recurring basis, such as foreclosed real estate owned and certain impaired loans. These non-recurring fair value adjustments generally involve the write-down of individual assets due to impairment losses. In accordance with ASC Topic 820, the Company groups its assets at fair value in three levels, based on the markets in which the assets are traded and the reliability of the assumptions used to determine fair value. These levels are: ● Level 1 — Valuation is based upon quoted prices for identical instruments traded in active markets. ● Level 2 — Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market. ● Level 3 — Valuation is generated from model-based techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect the Company’s own estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include the use of option pricing models, discounted cash flow models and similar techniques. The results cannot be determined with precision and may not be realized in an actual sale or immediate settlement of the asset or liability. The Company bases its fair values on the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date. ASC Topic 820 requires the Company to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Assets that are measured on a recurring basis are limited to the available-for-sale securities portfolio. The available-for-sale portfolio is carried at estimated fair value with any unrealized gains and losses, net of taxes, reported as accumulated other comprehensive income or loss in stockholders’ equity. Substantially all of the available-for-sale portfolio consists of investment securities issued by government-sponsored enterprises. The fair values for substantially all of these securities are obtained from an independent securities broker. Based on the nature of the securities, the securities broker provides the Company with prices which are categorized as Level 2 since quoted prices in active markets for identical assets are generally not available for the majority of securities in the portfolio. The following table provides the level of valuation assumptions used to determine the carrying value of assets measured at fair value on a recurring basis at December 31, 2018 and 2017: Fair Value Measurements at December 31, Carrying Quoted Prices in Active Markets for Identical Significant Other Observable Inputs Significant Unobservable Inputs Description Value (Level 1) (Level 2) (Level 3) December 31, 2018: Securities available for sale $ 29,426,745 $ - $ 29,426,745 $ - December 31, 2017: Securities available for sale $ 29,175,525 $ - $ 29,175,525 $ - There were no assets measured at fair value on a non-recurring basis at December 31, 2018 and 2017. B. Fair Value Disclosures The following methods and assumptions were used by the Company in estimating fair values of financial instruments as disclosed herein. Cash and Cash Equivalents For cash and due from banks and federal funds sold, the carrying amount approximates the fair value (Level 1). Securities The fair value of securities is estimated based on bid quotations received from securities dealers, if available (Level 1). If a quoted market price was not available, fair value was estimated using quoted market prices of similar instruments, adjusted for differences between the quoted instruments and the instruments being valued (Level 2). FHLB and other stock, at cost The fair value for FHLB and other stock, at cost is its carrying value, since this is the amount for which it could be redeemed. There is no active market for this stock, and the Company is required to maintain a minimum balance based upon the unpaid principal of home mortgage loans (Level 2). Loans Receivable Fair values are estimated for portfolios of loans with similar financial characteristics. Loans are segregated by type such as residential mortgage, commercial, and consumer. Each loan category is further segmented into fixed and adjustable rate interest terms and by performing and nonperforming categories (Level 3). Deposits The fair value of deposits with no stated maturity, such as non-interest-bearing demand deposits, savings, and NOW and money market accounts, is equal to the amount payable on demand (Level 1). 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 with similar remaining maturities (Level 2). Short-Term Borrowings The carrying amounts of federal funds purchased, and other short-term borrowings maturing within 90 days approximate their fair values. Fair values of other short-term borrowings are estimated using discounted cash flow analyses based on the Company’s current incremental borrowing rates for similar types of borrowing arrangements (Level 1). Long-Term Borrowings The fair value of long-term borrowings is estimated using discounted cash flow analysis based on the current incremental borrowing rates for similar types of borrowing arrangements (Level 2). Off-Balance-Sheet Instruments In the ordinary course of business the Company has entered into off-balance-sheet financial instruments consisting of commitments to extend credit. Such financial instruments are recorded in the financial statements when they are funded. Their fair value would approximate fees currently charged to enter into similar agreements. For further information on these financial instruments, see Note 12. The carrying values and estimated fair values of financial instruments are as follows (in thousands): December 31, 2018 2017 Carrying Estimated Carrying Estimated Value Fair Value Value Fair Value (In Thousands) Financial assets: Cash and cash equivalents $ 1,218 $ 1,218 $ 1,229 $ 1,229 Securities held to maturity 629 623 657 672 Securities available for sale 29,427 29,427 29,176 29,176 Loans receivable 43,102 41,867 48,798 48,909 FHLB and other stock, at cost 331 331 167 167 Accrued interest receivable 517 517 490 490 Financial liabilities: Deposits 63,658 63,711 72,559 72,609 Advances from FHLB of N.Y. 3,750 3,754 - - The fair value estimates are made at a discrete point in time based on relevant market information and information about the financial instruments. Fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates. Further, the foregoing estimates may not reflect the actual amount that could be realized if all or substantially all of the financial instruments were offered for sale. In addition, the fair value estimates were based on existing on-and-off balance sheet financial instruments without attempting to value the anticipated future business and the value of assets and liabilities that are not considered financial instruments. Other significant assets and liabilities that are not considered financial assets and liabilities include premises and equipment and advances from borrowers for taxes and insurance. In addition, the tax ramifications related to the realization of the unrealized gains and losses have a significant effect on fair value estimates and have not been considered in any of the estimates. Finally, reasonable comparability between financial institutions may not be likely due to the wide range of permitted valuation techniques and numerous estimates which must be made given the absence of active secondary markets for many of the financial instruments. The lack of uniform valuation methodologies introduces a greater degree of subjectivity to these estimated fair values. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | 15. REVENUE RECOGNITION The Company adopted ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)” on January 1, 2018. The objective of this amendment is to clarify the principles for recognizing revenue and to develop a common revenue standard for U.S. GAAP. This update affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of non-financial assets unless those contracts are in the scope of other standards. Revenue associated with financial instruments, including loans, leases, securities and derivatives, that are accounted for under other U.S. GAAP are specifically excluded from Topic 606. The Company’s contracts with customers in the scope of Topic 606 are contracts for deposit accounts. The revenue resulting from deposit accounts, which includes fees such as safe deposit fees, insufficient funds fees, wire transfer fees and out-of-network ATM transaction fees, is included as a component of fees and service charges in the consolidated statements of operations. Revenue from contracts with customers included in fees and service charges was $96,700 and $90,500 for the years ended December 31, 2018 and 2017, respectively. For our contracts with customers, we satisfy our performance obligations each day as services are rendered. For our deposit account revenue, we receive payment on a daily basis as services are rendered. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements are comprised of the accounts of Sunnyside Bancorp. Inc., and its wholly-owned subsidiary, Sunnyside Federal Savings and Loan Association of Irvington (the “Association”). All significant intercompany accounts and transactions have been eliminated in consolidation. |
Business | Business Sunnyside Federal Savings and Loan Association of Irvington is a community-oriented savings institution whose primary business is accepting deposits from customers within its market area (Westchester County, New York) and investing those funds in mortgage loans secured by one-to-four family residences, commercial and multi-family real estate loans and student loans as well as mortgage-backed and other securities. To a significantly lesser extent, funds are invested in commercial loans, home equity and other loans (consisting primarily of loans secured by deposits and marketable securities). Customer deposits are insured up to applicable limits by the Federal Deposit Insurance Corporation (the “FDIC”). As a federally-chartered savings association, the Association’s primary regulator is the Office of the Controller of the Currency (the “OCC”). |
Basis of Financial Statement Presentation | Basis of Financial Statement Presentation The financial statements of the Company have been prepared in conformity with accounting principles generally accepted in the United States of America. In preparing the financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the statement of financial condition and revenues and expenses for the period then ended. Actual results could differ significantly from those estimates. A material estimate that is particularly susceptible to significant change relates to the determination of the allowance for loan losses. Management believes that the allowance for loan losses is adequate. While management uses available information to recognize losses on loans, future additions to the allowance for loan losses may be necessary based on changes in economic conditions in the Company’s market area. In addition, various regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance for loan losses. Such agencies may require the Company to recognize additions to the allowance based on their judgments about information available to them at the time of their examination. |
Cash and Cash Equivalents | Cash and Cash Equivalents For purposes of reporting cash flows, the Company considers all cash and amounts due from depository institutions and interest-bearing deposits in other depository institutions with original maturities of three months or less to be cash equivalents. |
Investment and Mortgage-Backed Securities | Investment and Mortgage-Backed Securities Securities that the Company has the positive intent and ability to hold to maturity are classified as held-to-maturity securities and reported at amortized cost. Securities classified as available-for-sale securities are reported at fair value, with unrealized holding gains or losses reported in a separate component of retained earnings. As of December 31, 2018 and 2017, the Company had no securities classified as trading. The Company conducts a periodic review and evaluation of the securities portfolio to determine if a decline in the fair value of any security below its cost basis is other-than-temporary. The evaluation of other-than-temporary impairment considers the duration and severity of the impairment, the Company’s intent and ability to hold the securities and assessments of the reason for the decline in value and the likelihood of a near-term recovery. If such a decline is deemed other-than-temporary, the security is written down to a new cost basis and the resulting loss is charged to income as a component of non-interest expense. Premiums and discounts on securities are amortized by use of the level-yield method, over the life of the individual securities. Gain or loss on sales of securities is based upon the specific identification method. |
Loans Receivable | Loans Receivable Loans receivable are stated at unpaid principal balances less the allowance for loan losses and net deferred loan fees. Recognition of interest on the accrual method is generally discontinued when interest or principal payments are ninety days or more in arrears, or when other factors indicate that the collection of such amounts is doubtful. At that time, a loan is placed on a nonaccrual status, and all previously accrued and uncollected interest is reversed against interest income in the current period. Interest on such loans, if appropriate, is recognized as income when payments are received. A loan is returned to an accrual status when factors indicating doubtful collectability no longer exist. |
Allowance for Loan Losses | Allowance for Loan Losses An allowance for loan losses is maintained at a level, to the best of management’s knowledge, to cover all known and inherent losses in the portfolio that are both probable and reasonable to estimate. Management of the Association, in determining the provision for loan losses considers the risks inherent in its loan portfolio and changes in the nature and volume of its loan activities, along with the general economic and real estate market conditions. The Company utilizes a two tier approach: (1) identification of problem loans and establishment of specific loss allowances on such loans; and (2) establishment of general valuation allowances on the remainder of its loan portfolio. The Company maintains a loan review system which allows for a periodic review of its loan portfolio and the early identification of potential problem loans. Such system takes into consideration, among other things, delinquency status, size of loans, type of collateral, and financial condition of the borrowers. Specific loan losses are established for identified loans based on a review of such information and appraisals of the underlying collateral. General loan losses are based upon a combination of factors including, but not limited to, actual loan loss experience, composition of the loan portfolio, current economic conditions, and management’s judgment. Although management believes that adequate specific and general loan loss allowances are established, actual losses are dependent upon future events and, as such, further additions to the level of specific and general loan loss allowances may be necessary. A loan evaluated for impairment is deemed to be impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. An insignificant payment delay, which is defined as up to ninety days by the Company, will not cause a loan to be classified as impaired. A loan is not impaired during a period of delay in payment if the Association expects to collect all amounts due, including interest accrued at the contractual interest rate for the period of delay. The amount of loan impairment is measured based on the present value of expected future cash flows discounted at the loan’s effective interest rate or, as a practical expedient, at the loan’s observable market price or the fair value of the collateral if the loan is collateral dependent. All loans identified as impaired are evaluated independently. The Association does not aggregate such loans for evaluation purposes. |
Federal Home Loan Bank of New York Stock | Federal Home Loan Bank of New York stock As a member of the Federal Home Loan Bank of New York (“FHLB”), the Company is required to acquire and hold shares of FHLB Class B stock. The holding requirement varies based on the Company’s activities, primarily its outstanding borrowings, with the FHLB. The investment in FHLB stock is carried at cost. The Company conducts a periodic review and evaluation of its FHLB stock to determine if any impairment exists. |
Premises and Equipment | Premises and Equipment Premises and equipment are comprised of land, building, and furniture, fixtures, and equipment, at cost, less accumulated depreciation. Depreciation charges are computed on the straight-line method over the following estimated useful lives: Building and improvements 5 to 40 years Furniture, fixtures and equipment 2 to 10 years |
Bank-Owned Life Insurance | Bank-Owned Life Insurance Bank-owned life insurance (“BOLI”) is accounted for in accordance with Financial Accounting Standards Board “FASB”) guidance. The cash surrender value of BOLI is recorded on the statement of financial condition as an asset and the change in the cash surrender value is recorded as non-interest income. The amount by which any death benefits received exceeds a policy’s cash surrender value is recorded in non-interest income at the time of receipt. A liability is also recorded on the statement of financial condition for postretirement death benefits provided by the split-dollar endorsement policy. A corresponding expense is recorded in non-interest expense for the accrual of benefits over the period during which employees provide services to earn the benefits. |
Income Taxes | Income Taxes Federal and state income taxes have been provided on the basis of reported income. The amounts reflected on the tax return differ from these provisions due principally to temporary differences in the reporting of certain items for financial reporting and income tax reporting purposes. The tax effect of these temporary differences is accounted as deferred taxes applicable to future periods. Deferred income tax expense or benefit is determined by recognizing deferred tax assets and liabilities for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. 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 earnings in the period that includes the enactment date. The realization of deferred tax assets is assessed and a valuation allowance provided, when necessary, for that portion of the asset which is not likely to be realized. The Company accounts for uncertainty in income taxes recognized in the financial statements in accordance with accounting guidance which prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return, and also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. As a result of the Company’s evaluation, no significant income tax uncertainties have been identified. Therefore, the Company recognized no adjustment for unrecognized income tax benefits for the years ended December 31, 2018 and 2017. The Company’s policy is to recognize interest and penalties on unrecognized tax benefits in income tax expense in the statement of operations. The amount of interest and penalties for the years ended December 31, 2018 and 2017 was immaterial. The Company is subject to U.S. federal income tax, as well as income tax of the State of New York. The Company is no longer subject to examination by taxing authorities for years before 2014. |
Employee Benefits | Employee Benefits Defined Benefit Plans: The accounting guidance related to retirement benefits requires an employer to: (a) recognize in its statement of financial position an asset for a plan’s overfunded status or a liability for a plan’s underfunded status; (b) measure a plan’s assets and its obligations that determine its funded status as of the end of the employer’s fiscal year; and (c) recognize, in comprehensive income, changes in the funded status of a defined benefit postretirement plan in the year in which the changes occur. The accounting guidance requires that plan assets and benefit obligations be measured as of the date of the employer’s fiscal year-end statement of financial condition. 401K Plan: The Company has a 401(k) plan covering substantially all employees. The Company matches 50% of the first 6% contributed by participants and recognizes expense as its contributions are made. Employee Stock Ownership Plan: The employee stock ownership plan (ESOP) is accounted for in accordance with the provisions of ASC 718-40, “Employers’ Accounting for Employee Stock Ownership Plans.” The funds borrowed by the ESOP from the Company to purchase the Company’s common stock are being repaid from the Association’s contributions over a period of up to 25 years. The Company’s common stock not yet allocated to participants is recorded as a reduction of stockholders’ equity at cost. Compensation expense for the ESOP is based on the market price of the Company’s stock and is recognized as shares are committed to be released to participants. Equity Incentive Plan: On July 17, 2014, the Board of Directors adopted the Sunnyside Bancorp, Inc. 2014 Equity Incentive Plan. (“the Stock Incentive Plan”) which was approved by shareholders at the Company’s 2014 Annual Meeting of Shareholders held on September 16, 2014. Stock options and restricted stock may be granted to directors, officers and other employees of the Company. The maximum number of shares which may be issued upon exercise of the options under the plan cannot exceed 79,350 shares. The maximum number of shares of stock that may be issued as restricted stock awards cannot exceed 23,805. The Stock Incentive Plan will remain in effect as long as any awards under it are outstanding; however, no awards may be granted under the Stock Incentive Plan on or after the 10-year anniversary of the effective date of the Stock Incentive Plan or July 17, 2024. Under FASB ASC Topic 718, the Company will recognize compensation expense on its income statement over the requisite service period or performance period based on the grant date fair value of stock options and other equity-based compensation (such as restricted stock). |
Comprehensive Income | Comprehensive Income Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities, such as unrealized gains and losses on available-for-sale securities, and the actuarial gains and losses of the pension plan, are reported as a separate component of the equity section of the balance sheet, such items, along with net income, are components of comprehensive income. |
Concentration of Credit Risk and Interest-Rate Risk | Concentration of Credit Risk and Interest-Rate Risk Financial instruments which potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents, investment and mortgage-backed securities and loans. Cash and cash equivalents include amounts placed with highly rated financial institutions. Investment securities include securities backed by the U.S. Government and other highly rated instruments. The Company’s lending activity is primarily concentrated in loans collateralized by real estate in the State of New York. As a result, credit risk is broadly dependent on the real estate market and general economic conditions in the state. The Company is principally engaged in the business of attracting deposits from the general public and using these deposits, together with borrowings and other funds, to make loans secured by real estate in the State of New York. The potential for interest-rate risk exists as a result of the shorter duration of interest-sensitive liabilities compared to the generally longer duration of interest-sensitive assets. In a rising rate environment, liabilities will reprice faster than assets, thereby reducing net interest income. For this reason, management regularly monitors the maturity structure of the Company’s assets and liabilities in order to measure its level of interest-rate risk and to plan for future volatility. |
Earnings Per Share | Earnings Per Share Basic earnings per common share, or EPS, are computed by dividing net income by the weighted-average common shares outstanding during the year. The weighted-average common shares outstanding includes the weighted-average number of shares of common stock outstanding less the weighted average number of unallocated shares held by the ESOP and the unvested shares of restricted stock. Diluted earnings per share reflect additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to income that would result from the assumed issuance. Potential common shares that may be issued by the Company relate to outstanding stock options and non-vested restricted stock grants. Potential common shares related to stock options are determined using the treasury stock method. |
Advertising Costs | Advertising Costs It is the Company’s policy to expense advertising costs in the period in which they are incurred. |
Subsequent Events | Subsequent Events The Company has evaluated all events subsequent to the balance sheet date of December 31, 2018, through the date of this report, and has determined that there are no subsequent events that require disclosure under FASB guidance. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2018-14, “Compensation - Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20).” This update amends and modifies the disclosure requirements for employers that sponsor defined benefit pension or other post-retirement plans. The amendments in this update remove disclosures that no longer are considered cost beneficial, clarify the specific requirements of certain disclosures, and add disclosure requirements identified as relevant. This update will be effective on January 1, 2021, with early adoption permitted, and is not expected to have a material effect on the Company’s consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820) - Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement.” This update modifies the disclosure requirements on fair value measurements in Topic 820. The amendments in this update remove disclosures that no longer are considered cost beneficial, clarify the specific requirements of certain disclosures, and add disclosure requirements identified as relevant. This update will be effective on January 1, 2020, with early adoption permitted, and is not expected to have a material effect on the Company’s consolidated financial statements. In June 2018, the FASB issued ASU 2018-07 “Compensation-Stock Compensation (Topic 718) Improvements to Nonemployee Share-Based Payment Accounting”. This update expands earlier guidance on stock compensation to include share-based payments issued to nonemployees for goods and services. Consequently, the accounting for share-based payments to nonemployees and employees will be substantially the same. In May 2017, the FASB issued ASU 2017-09, “Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting”. This update provides guidance about changes to terms or conditions of a share-based payment award which would require modification accounting. In particular, an entity is required to account for the effects of a modification if the fair value, vesting condition or the equity/liability classification of the modified award is not the same immediately before and after a change to the terms and conditions of the award. The update is to be applied prospectively for awards modified on or after the adoption date. The adoption of this guidance on January 1, 2018 did not have a material impact on the Company’s consolidated financial statements. In March 2017, the FASB issued ASU 2017-08, “Receivables-Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities”. The amendments in this update require the premium on callable debt securities to be amortized to the earliest call date rather than the maturity date; however, securities held at a discount continue to be amortized to maturity. The amendments apply only to debt securities purchased at a premium that are callable at fixed prices and on preset dates. The amendments more closely align interest income recorded on debt securities held at a premium or discount with the economics of the underlying instrument. ASU No. 2017-08 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The adoption of this guidance on January 1, 2019 is not expected to have a material impact on the Company’s consolidated financial statements. In March 2017, the FASB issued ASU 2017-07, “Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost”, which requires that companies disaggregate the service cost component from other components of net benefit cost. This update calls for companies that offer postretirement benefits to present the service cost, which is the amount an employer has to set aside each quarter or fiscal year to cover the benefits, in the same line item with other current employee compensation costs. Other components of net benefit cost will be presented in the income statement separately from the service cost component and outside the subtotal of income from operations, if one is presented. The adoption of this guidance on January 1, 2018 did not have a material impact on the Company’s consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230), which provides guidance on eight specific cash flow issues in order to reduce diversity in the manner in which certain cash receipts and cash payments are presented and classified in the statements of cash flows. The amendments in this ASU are effective for public companies for fiscal years beginning after December 15, 2017. The adoption of this guidance on January 1, 2018 did not have a material impact on the Company’s consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, “Measurement of Credit Losses on Financial Instruments.” This ASU significantly changes how entities will measure credit losses for most financial assets and certain other instruments that aren’t measured at fair value through net income. In issuing the standard, the FASB is responding to criticism that today’s guidance delays recognition of credit losses. The standard will replace today’s “incurred loss” approach with an “expected loss” model. The new model, referred to as the current expected credit loss (“CECL”) model, will apply to: (1) financial assets subject to credit losses and measured at amortized cost, and (2) certain off-balance sheet credit exposures. This includes, but is not limited to, loans, leases, held-to-maturity securities, loan commitments, and financial guarantees. The CECL model does not apply to available-for-sale (“AFS”) debt securities. For AFS debt securities with unrealized losses, entities will measure credit losses in a manner similar to what they do today, except that the losses will be recognized as allowances rather than reductions in the amortized cost of the securities. As a result, entities will recognize improvements to estimated credit losses immediately in earnings rather than as interest income over time, as they do today. The ASU also simplifies the accounting model for purchased credit-impaired debt securities and loans. ASU 2016-13 also expands the disclosure requirements regarding an entity’s assumptions, models, and methods for estimating the allowance for loan and lease losses. In addition, entities will need to disclose the amortized cost balance for each class of financial asset by credit quality indicator, disaggregated by the year of origination. ASU No. 2016-13 is effective for interim and annual reporting periods beginning after December 15, 2019; early adoption is permitted for interim and annual reporting periods beginning after December 15, 2018. Entities will apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (i.e., modified retrospective approach). While early adoption is permitted, the Company does not expect to elect that option. The Company has begun its evaluation of the amended guidance including the potential impact on its Consolidated Financial Statements. The extent of the change is indeterminable at this time as it will be dependent upon portfolio composition and credit quality at the adoption date, as well as economic conditions and forecasts at that time. Upon adoption, any impact to the allowance for credit losses - currently allowance for loan and lease losses - will have an offsetting impact on retained earnings. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)”. Under the new guidance, lessees will be required to recognize the following for all leases (with the exception of short-term leases) at the commencement date: (i) a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and (ii) a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Under the new guidance, lessor accounting is largely unchanged. Public business entities should apply the amendments in ASU 2016-02 for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted for all public business entities upon issuance. Lessees (for capital and operating leases) and lessors (for sales-type, direct financing, and operating leases) must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The adoption of this guidance on January 1, 2019 is not expected to have a material effect on the Company’s consolidated financial statements. In January, 2016, the FASB issued ASU 2016-01, Financial Instruments – Overall (Subtopic 825-10): “Recognition and Measurement of Financial Assets and Financial Liabilities” requires all equity investments to be measured at fair value with changes in the fair value recognized through net income (other than those accounted for under equity method of accounting or those that result in consolidation of the investee). The amendments in this Update also require an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. In addition, this ASU eliminates the requirement to disclose the fair value of financial instruments measured at amortized cost for entities that are not public business entities and the requirement to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet for public business entities. ASU 2016-01 is effective for fiscal years beginning after December 15, 2017 for public entities. The adoption of this guidance on January 1, 2018 did not have a material effect on the Company’s consolidated financial statements. In May, 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers. The amendments in this ASU establish a comprehensive revenue recognition standard for virtually all industries under U.S. GAAP, including those that previously followed industry-specific guidance such as the real estate, construction and software industries. The revenue standard’s core principle is built on the contract between a vendor and a customer for the provision of goods and services. It attempts to depict the exchange of rights and obligations between the parties in the pattern of revenue recognition based on the consideration to which the vendor is entitled. To accomplish this objective, the standard requires five basic steps: (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract, and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company applied the five-step method outlined in the ASU to all revenue streams scoped-in by the ASU and elected the modified retrospective implementation method. Substantially all of the Company’s interest income and certain noninterest income were not impacted by the adoption of this ASU because the revenue from those contracts with customers is covered by other guidance in U.S. GAAP. The Company’s largest source of noninterest revenue which is subject to the guidance is service charges on deposit accounts. The Company adopted ASU 2014-09 on January 1, 2018. The adoption of ASU 2014-09 did not change the timing and pattern of the Company’s revenue recognition related to scoped-in noninterest income. The adoption did not have a material impact on the Company’s consolidated financial statements. See footnote 15, Revenue Recognition, for further details. |
Reclassification | Reclassification Certain amounts for the year ended December 31, 2017 have been reclassified to conform to the current year’s presentation. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Schedule of Premises and Equipment Estimated Useful Lives | Depreciation charges are computed on the straight-line method over the following estimated useful lives: Building and improvements 5 to 40 years Furniture, fixtures and equipment 2 to 10 years |
Securities (Tables)
Securities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Held to Maturity and Available for Sale Securities | December 31, 2018 Amortized Gross Unrealized Fair Cost Gains Losses Value Securities held to maturity: State, county, and municipal obligations $ 547,788 $ - $ 6,675 $ 541,113 Mortgage-backed securities 80,738 1,517 - 82,255 $ 628,526 $ 1,517 $ 6,675 $ 623,368 Securities available for sale: U.S. government and agency obligations $ 2,999,797 $ - $ 28,746 2,971,051 Mortgage-backed securities 27,166,429 5,387 716,122 26,455,694 $ 30,166,226 $ 5,387 $ 744,868 $ 29,426,745 December 31, 2017 Amortized Gross Unrealized Fair Cost Gains Losses Value Securities held to maturity: State, county, and municipal obligations $ 549,011 $ 11,595 $ 1,036 $ 559,570 Mortgage-backed securities 107,827 4,390 - 112,217 $ 656,838 $ 15,985 $ 1,036 $ 671,787 Securities available for sale: U.S. government and agency obligations $ 2,999,229 $ 75 $ 21,508 2,977,796 Mortgage-backed securities 26,592,303 - 394,574 26,197,729 $ 29,591,532 $ 75 $ 416,082 $ 29,175,525 |
Schedule of Amortized Cost and Fair Value of Securities by Remaining Period to Contractual Maturity | December 31, 2018 Held to Maturity Available for Sale Amortized Fair Amortized Fair Cost Value Cost Value Within one year $ 201,208 $ 200,316 $ 999,797 $ 988,380 After one to five years - - 3,268,006 3,220,881 After five to ten years - - 1,933,095 1,877,699 After ten years 427,318 423,052 23,965,328 23,339,785 $ 628,526 $ 623,368 $ 30,166,226 $ 29,426,745 December 31, 2017 Held to Maturity Available for Sale Amortized Fair Amortized Fair Cost Value Cost Value Within one year $ - $ - $ - $ - After one to five years 202,658 201,622 3,324,388 3,297,519 After five to ten years - - 3,427,174 3,371,664 After ten years 454,180 470,165 22,839,970 22,506,342 $ 656,838 $ 671,787 $ 29,591,532 $ 29,175,525 |
Schedule of Fair Values and Unrealized Losses of Securities in Unrealized Loss Position | December 31, 2018 Under One Year One Year or More Gross Gross Fair Unrealized Fair Unrealized Value Loss Value Loss Securities available for sale: U.S. government and agency obligations $ - $ - $ 2,971,051 $ 28,746 Mortgage-backed securities 2,322,591 13,840 21,274,973 702,282 2,322,591 13,840 24,246,024 731,028 Securities held to maturity: State, county, and municipal obligations 340,797 5,783 200,316 892 $ 2,663,388 $ 19,623 $ 24,446,340 $ 731,920 December 31, 2017 Under One Year One Year or More Gross Gross Fair Unrealized Fair Unrealized Value Loss Value Loss Securities available for sale: U.S. government and agency obligations $ 1,488,655 $ 11,107 $ 989,189 $ 10,401 Mortgage-backed securities 7,791,601 58,819 18,406,128 335,755 9,280,256 69,926 19,395,317 346,156 Securities held to maturity: State, county, and municipal obligations 202,658 1,036 - - $ 9,482,914 $ 70,962 $ 19,395,317 $ 346,156 |
Loans Receivable, Net (Tables)
Loans Receivable, Net (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Schedule of Loans Receivable, Net | 2018 2017 Mortgage loans: Residential 1-4 family $ 18,239,205 $ 22,328,431 Commercial and multi-family 15,640,233 14,635,915 Home equity lines of credit 27,725 433,193 33,907,163 37,397,539 Other loans: Secured by savings accounts - 7,158 Student 8,024,588 10,150,844 Commercial 1,316,545 1,416,661 9,341,133 11,574,663 Total loans 43,248,296 48,972,202 Less: Deferred loan fees (costs and premiums), net (261,061 ) (333,105 ) Allowance for loan losses 407,832 507,235 146,771 174,130 $ 43,101,525 $ 48,798,072 |
Schedule of Activity in Allowance for Loan Losses | Activity in the allowance for loan losses is summarized as follows: Year Ended December 31, 2018 2017 Balance at beginning of year $ 507,235 $ 466,893 Provision for loan losses 3,800 40,342 Charge-offs (103,203 ) - Recoveries - - Balance at end of year $ 407,832 $ 507,235 |
Schedule of Credit Quality Indicators by Portfolio Segment | The following table reflects the credit quality indicators by portfolio segment and class, at the dates indicated: December 31, 2018 Mortgage Loans Commercial Commercial Residential Real Estate and and 1-4 Family Multi-Family Home Equity Student Other Total (In thousands) Pass $ 17,941 $ 15,640 $ 28 $ 8,000 $ 1,316 $ 42,925 Special Mention 49 - - - - 49 Substandard 249 - - 25 - 274 Total $ 18,239 $ 15,640 $ 28 $ 8,025 $ 1,316 $ 43,248 December 31, 2017 Mortgage Loans Commercial Commercial Residential Real Estate and and 1-4 Family Multi-Family Home Equity Student Other Total (In thousands) Pass $ 21,729 $ 14,636 $ 417 $ 10,151 $ 1,424 $ 48,357 Special Mention 49 - - - - 49 Substandard 550 - 16 - - 566 Total $ 22,328 $ 14,636 $ 433 $ 10,151 $ 1,424 $ 48,972 |
Schedule of Information About Loan Delinquencies | December 31, 2018 90 Days or More 30-59 60-89 90 Days Past Due Days Days or More Total Current Total and Past Due Past Due Past Due Past Due Loans Loans Accruing (In thousands) Residential 1-4 family $ - $ - $ 49 $ 49 $ 18,190 $ 18,239 $ 49 Commercial and multi-family - - - $ - 15,640 15,640 - Home equity lines of credit - - - $ - 28 28 - Student loans 5 33 - $ 38 7,987 8,025 - Other loans - - - $ - 1,316 1,316 - $ 5 $ 33 $ 49 $ 87 $ 43,161 $ 43,248 $ 49 December 31, 2017 90 Days or More 30-59 60-89 90 Days Past Due Days Days or More Total Current Total and Past Due Past Due Past Due Past Due Loans Loans Accruing (In thousands) Residential 1-4 family $ 177 $ - $ 336 $ 513 $ 21,815 $ 22,328 $ - Commercial and multi-family - - - $ - 14,636 14,636 - Home equity lines of credit - - - $ - 433 433 - Student loans 48 - 27 $ 75 10,076 10,151 27 Other loans - - - $ - 1,424 1,424 - $ 225 $ - $ 363 $ 588 $ 48,384 $ 48,972 $ 27 |
Schedule of Loans Accrual of Income has Been Discontinued and Loans Past Due but Not Classified as Non-accrual | The following is a summary of loans, by loan type, on which the accrual of income has been discontinued and loans that are contractually past due 90 days or more but have not been classified as non-accrual at the dates indicated: December 31, 2018 2017 (In thousands) Residential 1-4 family $ 249 $ 599 Commercial and multi-family - - Home equity lines of credit - 16 Student loans - - Other loans - Total non-accrual loans 249 615 Accruing loans delinquent 90 days or more 49 27 Total non-performing loans $ 298 $ 642 |
Schedule of Loans Evaluated for Impairment by Loan Type | The following table presents loans evaluated for impairment by loan type: Year Ended December 31, 2018 Unpaid Related Average Interest Recorded Principal Specific Recorded Income Investment Balance Allowance Investment Recognized Without an allowance: 1-4 family residential $ 248,956 $ 248,956 $ - $ 279,678 $ - |
Schedule of Troubled Debt Restructurings by Class Modified | The following table is a comparison of the Company’s troubled debt restructurings by class modified during the year indicated: Year Ended December 31, 2018 Pre-restructuring Post-restructuring Number Outstanding Outstanding of Recorded Recorded Contracts Investment Investment Troubled debt restructurings: 1-4 family residential 1 $ 287,358 $ 248,956 |
Schedule of Activity in Allowance for Loan Losses by Loan Type | The following tables present the activity in the allowance for loan losses by loan type for the years indicated: December 31, 2018 Mortgage Loans Residential 1-4 Family Commercial and Multi-Family Home Equity Student Other Unallocated Total (In thousands) Beginning balance $ 318 $ 121 $ 4 $ 54 $ 10 $ - $ 507 Provision for loan losses (82 ) 7 (3 ) 80 2 - 4 Charge offs (91 ) - - (12 ) - - (103 ) Ending Balance $ 145 $ 128 $ 1 $ 122 $ 12 $ - $ 408 Year Ended December 31, 2017 Mortgage Loans Residential 1-4 Family Commercial and Multi-Family Home Equity Student Other Unallocated Total (In thousands) Beginning balance $ 297 $ 138 $ 5 $ 20 $ 7 $ - $ 467 Provision for loan losses 21 (17 ) (1 ) 34 3 - 40 Ending Balance $ 318 $ 121 $ 4 $ 54 $ 10 $ - $ 507 |
Premises and Equipment, Net (Ta
Premises and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | December 31, 2018 2017 Land and land improvements $ 766,939 $ 766,939 Building and building improvements 2,533,246 2,528,451 Furniture, fixtures and equipment 870,159 860,523 4,170,344 4,155,913 Less accumulated depreciation (3,061,471 ) (2,926,456 ) $ 1,108,873 $ 1,229,457 |
Accrued Interest Receivable (Ta
Accrued Interest Receivable (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accrued Interest Receivable | |
Schecule of Accrued Interest Receivable | December 31, 2018 2017 Loans $ 427,301 $ 406,295 Mortgage-backed securities 75,232 72,979 Investment securities 14,224 10,965 $ 516,757 $ 490,239 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Deposits [Abstract] | |
Schedule of Deposits | December 31, 2018 2017 Weighted Weighted Average Average Rate Amount Rate Amount Non-interest bearing checking 0.00 % $ 4,292,035 0.00 % $ 4,816,982 NOW accounts 0.05 % 11,667,083 0.05 % 12,172,345 Regular savings and clubs 0.10 % 18,535,375 0.10 % 21,864,032 Super saver 0.18 % 6,114,479 0.15 % 6,168,913 Money market 0.10 % 3,234,522 0.10 % 3,413,996 43,843,494 48,436,268 Certificates of deposit 1.30 % 19,814,936 0.85 % 24,122,546 0.46 % $ 63,658,430 0.34 % $ 72,558,814 |
Schedule of Certificates of Deposit by Contractual Maturity | Certificates of deposit are summarized by remaining period to contractual maturity as follows: December 31, 2018 2017 (In thousands) One year or less $ 12,993 $ 17,403 Over one to three years 6,020 5,361 Over three years 802 1,359 $ 19,815 $ 24,123 |
Schedule of Interest Expense on Deposits | Interest expense on deposits is summarized as follows: Year Ended December 31, 2018 2017 NOW $ 6,074 $ 5,764 Savings and clubs 29,759 32,784 Money market 3,355 3,177 Certificates of deposit 229,600 186,295 $ 268,788 $ 228,021 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The components of income taxes are summarized as follows: Year Ended December 31, 2018 2017 Current tax expense Federal $ - $ - State 16,060 18,000 16,060 18,000 Deferred tax expense (benefit): Federal 50,100 436,980 State (27,186 ) (76,638 ) 22,914 360,342 Change in State valuation allowance, net (25,186 ) 33,422 $ 13,788 $ 411,764 |
Schedule of Reconciliation of Effective Income Tax Rate from Statutory Federal Rate | December 31, 2018 2017 Federal income tax expense (benefit) $ 13,838 $ 28,803 Impact of Tax Reform - 422,910 State income tax expense (benefit) (8,789 ) (15,974 ) Income from life insurance (12,910 ) (20,732 ) Tax-exempt interest (2,836 ) (4,737 ) Other 49,671 (31,928 ) Valuation allowance (25,186 ) 33,422 Actual income tax $ 13,788 $ 411,764 |
Schedule of Deferred Tax Assets and Liabilities | The components of deferred tax assets and liabilities are as follows: December 31, 2018 2017 Deferred tax assets: Depreciation $ 110,774 $ 102,918 Benefit plan liabilities 80,202 88,510 Allowance for loan losses 124,393 126,770 Charitable contribution carryover 2,950 3,362 Net operating loss carryover 572,342 595,124 Unfunded pension liability 373,617 303,719 Unrealized loss on securities available for sale 155,291 87,361 Other 901 - 1,420,470 1,307,764 Valuation allowance (197,022 ) (222,208 ) Total deferred tax assets 1,223,448 1,085,556 Deferred tax liabilities: Discounts on investments 759 299 Prepaid benefit plans 375,578 393,200 Net deferred loan costs/fees 24,573 9,476 Other - 143 Total deferred tax liabilities 400,910 403,118 Net deferred tax assets $ 822,538 $ 682,438 |
Benefit Plans (Tables)
Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |
Schedule of Change in Benefit Obligation, Change in Plan Assets, and Reconciliation of Funded Status | The following table sets forth the change in benefit obligation, change in plan assets, and a reconciliation of the funded status: December 31, 2018 2017 Change in projected benefit obligation: Projected benefit obligation at beginning of year $ 2,496,881 $ 2,529,326 Interest cost 104,111 105,571 Actuarial loss 99,149 49,487 Benefits paid (189,032 ) (187,503 ) Projected benefit obligation at end of year 2,511,109 2,496,881 Change in fair value of plan assets: Fair value of plan assets at beginning of year 2,343,589 2,211,641 Actual return on plan assets (106,474 ) 286,545 Employer contributions 34,048 32,906 Benefits paid (189,032 ) (187,503 ) Fair value of plan assets at end of year 2,082,131 2,343,589 Funded status of plan included in other liabilities $ (428,978 ) $ (153,292 ) |
Schedule of Weighted Average Assumptions Used to Determine Plan's Benefit Obligation | The weighted average assumptions used to determine the Plan’s benefit obligation are as follows: December 31, 2018 2017 Discount rate 4.50 % 4.50 % Salary increase rate N/A N/A |
Schedule of Components of Net Periodic Plan Cost | The components of net periodic plan cost is as follows: Year Ended December 31, 2018 2017 Components of net periodic plan cost (credit): Interest cost $ 104,111 $ 105,571 Expected return on assets (175,623 ) (165,866 ) Amortization of unrecognized loss 48,406 51,878 Net periodic plan cost (credit) included in compensation and benefits expense (23,106 ) (8,417 ) Changes in benefit obligation recognized in other comprehensive income (loss): Net loss (gain) 381,246 (71,191 ) Amortization of loss (48,406 ) (51,878 ) Benefit obligation recognized in other comprehensive income (loss) 332,840 (123,069 ) Total recognized in net periodic plan cost and other comprehensive income (loss) $ 309,734 $ (131,486 ) |
Schedule of Weighted Average Assumptions Used to Determine Net Periodic Plan | The weighted average assumptions used to determine net periodic plan cost are as follows: Year Ended December 31, 2018 2017 Discount rate 4.50 % 4.50 % Expected rate of return on plan assets 8.00 % 8.00 % Rate of compensation increase N/A N/A Amortization period 24.72 25.38 |
Schedule of Benefit Payments Expected to be Paid | The following benefit payments, which reflect expected future services, as appropriate, are expected to be paid: Fiscal year ending December 31, 2019 203,805 2020 202,961 2021 197,371 2022 191,497 2023 193,300 Years 2024-2028 853,808 $ 1,842,742 |
Schedule of Fair Values of Pension Plan Assets | The fair values of the Association’s pension plan assets at December 31, 2018, by asset category (see note 14 for the definition of levels) are as follows: Identical Observable Unobservable Assets Inputs Inputs Asset Category Total (Level 1) (Level 2) (Level 3) Cash and money market funds $ 398,259 $ 398,259 $ - $ - US Treasuries 49,622 49,622 - - Corporate bonds (a) 528,325 - 528,325 - Equity securities (b) 1,105,925 1,105,925 - - Total $ 2,082,131 $ 1,553,806 $ 528,325 $ - (a) Includes eight corporate bonds due within ten years rated BBB+ or better by the S&P. (b) Includes 46 companies spread over various market sectors. The fair values of the pension plan assets at December 31, 2017 by asset category (see note 14 for the definition of levels) are as follows: Quoted Prices in Active Markets for Significant Significant Identical Observable Unobservable Assets Inputs Inputs Asset Category Total (Level 1) (Level 2) (Level 3) Cash and money market funds $ 172,614 $ 172,614 $ - $ - Corporate bonds (a) 540,212 - 540,212 - Equity securities (b) 1,630,763 1,630,763 - - Total $ 2,343,589 $ 1,803,377 $ 540,212 $ - (a) Includes eight corporate bonds due within ten years rated BBB+ or better by the S&P. (b) Includes 56 companies spread over various market sectors. |
Schedule of ESOP Shares | The ESOP shares were as follows: December 31, 2018 2017 Allocated shares 10,933 8,842 Shares committed to be released 2,069 2,092 Unearned shares 42,543 44,611 Total ESOP shares 55,545 55,545 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Schedule of Components of Accumulated Other Comprehensive Loss | The components of accumulated other comprehensive loss included in stockholders’ equity are as follows: December 31, 2018 2017 Unrealized net loss on pension plan $ (1,779,119 ) $ (1,446,279 ) Unrealized loss on securities available for sale (739,481 ) (416,007 ) Accumulated other comprehensive loss before taxes (2,518,600 ) (1,862,286 ) Tax effect 528,908 391,080 Accumulated other comprehensive loss $ (1,989,692 ) $ (1,471,206 ) |
Regulatory Capital (Tables)
Regulatory Capital (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Banking and Thrift [Abstract] | |
Schedule of Actual Capital Positions and Ratios | The following table presents the Association’s actual capital positions and ratios under risk-based capital guidelines of Basel III and Basel I at December 31, 2018 and 2017, respectively: Actual Minimum Capital Requirements To be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars in Thousands) December 31, 2018 Tangible Capital 11,912 15.00 % 1,191 1.500 % N/A N/A Total Risked-based Capital 12,320 26.76 % 4,546 9.875 % 4,603 10.00 % Common Equity Tier 1 Capital 11,912 25.88 % 2,935 6.375 % 2,992 6.50 % Tier 1 Risk-based Capital 11,912 25.88 % 3,625 7.875 % 3,683 8.00 % Tier 1 Leverage Capital 11,912 15.00 % 3,177 4.000 % 3,971 5.00 % December 31, 2017 Tangible Capital 11,745 13.57 % 1,298 1.500 % N/A - Total Risked-based Capital 12,252 25.90 % 4,376 9.250 % 4,731 10.00 % Common Equity Tier 1 Capital 11,745 24.82 % 2,720 5.750 % 3,075 6.50 % Tier 1 Risk-based Capital 11,745 24.82 % 3,430 7.250 % 3,785 8.00 % Tier 1 Leverage Capital 11,745 13.57 % 3,463 4.000 % 4,328 5.00 % |
Fair Value Measurements and D_2
Fair Value Measurements and Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets Measured at Fair Value on Recurring Basis | The following table provides the level of valuation assumptions used to determine the carrying value of assets measured at fair value on a recurring basis at December 31, 2018 and 2017: Fair Value Measurements at December 31, Carrying Quoted Prices in Active Markets for Identical Significant Other Observable Inputs Significant Unobservable Inputs Description Value (Level 1) (Level 2) (Level 3) December 31, 2018: Securities available for sale $ 29,426,745 $ - $ 29,426,745 $ - December 31, 2017: Securities available for sale $ 29,175,525 $ - $ 29,175,525 $ - |
Schedule of Estimated Fair Values of Financial Instruments | The carrying values and estimated fair values of financial instruments are as follows (in thousands): December 31, 2018 2017 Carrying Estimated Carrying Estimated Value Fair Value Value Fair Value (In Thousands) Financial assets: Cash and cash equivalents $ 1,218 $ 1,218 $ 1,229 $ 1,229 Securities held to maturity 629 623 657 672 Securities available for sale 29,427 29,427 29,176 29,176 Loans receivable 43,102 41,867 48,798 48,909 FHLB and other stock, at cost 331 331 167 167 Accrued interest receivable 517 517 490 490 Financial liabilities: Deposits 63,658 63,711 72,559 72,609 Advances from FHLB of N.Y. 3,750 3,754 - - |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details Narrative) - shares | 12 Months Ended | |
Dec. 31, 2018 | Jul. 17, 2014 | |
Summary Of Significant Accounting Policies [Line Items] | ||
Employer matching contribution percent of match | 50.00% | |
Maximum annual contributions per employee percent | 6.00% | |
ESOP repayment period for common stock borrowed from company | 25 years | |
Stock incentive plan, description | The Stock Incentive Plan will remain in effect as long as any awards under it are outstanding; however, no awards may be granted under the Stock Incentive Plan on or after the 10-year anniversary of the effective date of the Stock Incentive Plan (i.e., July 17, 2024). | |
Stock Option [Member] | Stock Incentive Plan 2014 [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Maximum number of shares which may be issued | 79,350 | 79,350 |
Restricted Stock [Member] | Stock Incentive Plan 2014 [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Maximum number of shares which may be issued | 23,805 | 23,805 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Premises and Equipment Estimated Useful Lives (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Building and Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 5 years |
Building and Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 40 years |
Furniture, Fixtures and Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 2 years |
Furniture, Fixtures and Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 10 years |
Mutual to Stock Conversion an_2
Mutual to Stock Conversion and Liquidation Account (Details Narrative) - USD ($) | Jul. 15, 2013 | Dec. 31, 2018 | Dec. 31, 2017 |
Equity [Abstract] | |||
Shares of common stock sold | 793,500 | 793,500 | 793,500 |
Shares purchased by ESOP | 55,545 | 15,488 | 8,511 |
ESOP purchase price per share | $ 10 | ||
Gross offering proceeds | $ 7,935,000 | ||
Conversion costs | 845,000 | ||
Net proceeds after deducting shares acquired by ESOP | $ 6,500,000 |
Securities (Details Narrative)
Securities (Details Narrative) | 12 Months Ended | |
Dec. 31, 2018USD ($)Security | Dec. 31, 2017USD ($)Security | |
Proceeds from sales/calls of securities held to maturity | $ 3,091,223 | |
Net gain on sale of securities | $ 34,373 | |
Percentage of principal outstanding collected due to prepayments on debt securities | 85.00% | |
Number of securities in an unrealized loss position | Security | 45 | 40 |
Debt securities available for sale | $ 29,426,745 | $ 29,175,525 |
Federal Home Loan Bank Borrowings [Member] | ||
Debt securities available for sale | 5,500,000 | |
Guaranteed by Ginnie Mae [Member] | ||
Mortgage-backed securities | 249,000 | 316,000 |
Guaranteed by Fannie Mae [Member] | ||
Mortgage-backed securities | 15,500,000 | 14,500,000 |
Guaranteed by Freddie Mac [Member] | ||
Mortgage-backed securities | 9,300,000 | 9,300,000 |
Guaranteed by Small Business Administration [Member] | ||
Mortgage-backed securities | $ 2,200,000 | $ 2,600,000 |
Securities - Schedule of Held t
Securities - Schedule of Held to Maturity and Available for Sale Securities (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Securities held to maturity: Amortized Cost | $ 628,526 | $ 656,838 |
Securities held to maturity: Gross Unrealized Gains | 1,517 | 15,985 |
Securities held to maturity: Gross Unrealized Losses | 6,675 | 1,036 |
Securities held to maturity: Fair Value | 623,368 | 672,000 |
Securities available for sale: Amortized Cost | 30,166,226 | 29,591,532 |
Securities available for sale: Gross Unrealized Gains | 5,387 | 75 |
Securities available for sale: Gross Unrealized Losses | 744,868 | 416,082 |
Securities available for sale: Fair Value | 29,426,745 | 29,175,525 |
State, County and Municipal Obligations [Member] | ||
Securities held to maturity: Amortized Cost | 547,788 | 549,011 |
Securities held to maturity: Gross Unrealized Gains | 11,595 | |
Securities held to maturity: Gross Unrealized Losses | 6,675 | 1,036 |
Securities held to maturity: Fair Value | 541,113 | 559,570 |
Mortgage Backed Securities [Member] | ||
Securities held to maturity: Amortized Cost | 80,738 | 107,827 |
Securities held to maturity: Gross Unrealized Gains | 1,517 | 4,390 |
Securities held to maturity: Gross Unrealized Losses | ||
Securities held to maturity: Fair Value | 82,255 | 112,217 |
Securities available for sale: Amortized Cost | 27,166,429 | 26,592,303 |
Securities available for sale: Gross Unrealized Gains | 5,387 | |
Securities available for sale: Gross Unrealized Losses | 716,122 | 394,574 |
Securities available for sale: Fair Value | 26,455,694 | 26,197,729 |
U.S. Government and Agency Obligations [Member] | ||
Securities available for sale: Amortized Cost | 2,999,797 | 2,999,229 |
Securities available for sale: Gross Unrealized Gains | 75 | |
Securities available for sale: Gross Unrealized Losses | 28,746 | 21,508 |
Securities available for sale: Fair Value | $ 2,971,051 | $ 2,977,796 |
Securities - Schedule of Amorti
Securities - Schedule of Amortized Cost and Fair Value of Securities by Remaining Period to Contractual Maturity (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Investments, Debt and Equity Securities [Abstract] | ||
Held to Maturity, Within one year, Amortized Cost | $ 201,208 | |
Held to Maturity, After one to five years, Amortized Cost | 202,658 | |
Held to Maturity, After five to ten years, Amortized Cost | ||
Held to Maturity, After ten years, Amortized Cost | 427,318 | 454,180 |
Held to Maturity, Amortized Cost | 628,526 | 656,838 |
Held to maturity, Within one year, Fair Value | 200,316 | |
Held to maturity, After one to five years, Fair Value | 201,622 | |
Held to Maturity, After five to ten years, Fair Value | ||
Held to Maturity, After ten years, Fair Value | 423,052 | 470,165 |
Held to Maturity, Fair Value | 623,368 | 672,000 |
Available for Sale, Within one year, Amortized Cost | 999,797 | |
Available for Sale, After one to five years, Amortized Cost | 3,268,006 | 3,324,388 |
Available for Sale, After five to ten years, Amortized Cost | 1,933,095 | 3,427,174 |
Available for Sale, After ten years, Amortized Cost | 23,965,328 | 22,839,970 |
Available for Sale, Amortized Cost | 30,166,226 | 29,591,532 |
Available for Sale, Within one year, Fair Value | 988,380 | |
Available for Sale, After one to five years, Fair Value | 3,220,881 | 3,297,519 |
Available for Sale, After five to ten years, Fair Value | 1,877,699 | 3,371,664 |
Available for Sale, After ten years, Fair Value | 23,339,785 | 22,506,342 |
Available for Sale, Fair Value | $ 29,426,745 | $ 29,175,525 |
Securities - Schedule of Fair V
Securities - Schedule of Fair Values and Unrealized Losses of Securities in Unrealized Loss Position (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Securities available for sale: Under One Year, Fair Value | $ 2,322,591 | $ 9,280,256 |
Securities available for sale: Under One Year, Gross Unrealized Loss | 13,840 | 69,926 |
Securities available for sale: One Year or More, Fair Value | 21,274,973 | 19,395,317 |
Securities available for sale: One Year or More, Gross Unrealized Loss | 702,282 | 346,156 |
Total Securities: Under One Year, Fair Value | 2,663,388 | 9,482,914 |
Total Securities: Under One Year, Gross Unrealized Loss | 19,623 | 70,962 |
Total Securities: One Year or More, Fair Value | 24,446,340 | 19,395,317 |
Total Securities: One Year or More, Gross Unrealized Loss | 731,920 | 346,156 |
U.S. Government and Agency Obligations [Member] | ||
Securities available for sale: Under One Year, Fair Value | 1,488,655 | |
Securities available for sale: Under One Year, Gross Unrealized Loss | 11,107 | |
Securities available for sale: One Year or More, Fair Value | 2,971,051 | 989,189 |
Securities available for sale: One Year or More, Gross Unrealized Loss | 28,746 | 10,401 |
Mortgage Backed Securities [Member] | ||
Securities available for sale: Under One Year, Fair Value | 2,322,591 | 7,791,601 |
Securities available for sale: Under One Year, Gross Unrealized Loss | 13,840 | 58,819 |
Securities available for sale: One Year or More, Fair Value | 21,274,973 | 18,406,128 |
Securities available for sale: One Year or More, Gross Unrealized Loss | 702,282 | 335,755 |
State, County and Municipal Obligations [Member] | ||
Securities held to maturity: Under One Year, Fair Value | 340,797 | 202,658 |
Securities held to maturity: Under One Year, Gross Unrealized Loss | 5,783 | 1,036 |
Securities held to maturity: One Year or More, Fair Value | 200,316 | |
Securities held to maturity: One Year or More, Gross Unrealized Loss | $ 892 |
Loans Receivable, Net (Details
Loans Receivable, Net (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Receivables [Abstract] | ||
Unpaid principal balances of related party loans | $ 142,000 | $ 151,000 |
Specific allowances | ||
Interest income on non-accrual loans | 25,300 | 31,300 |
Amount of interest recognized on non-accrual loans | 14,100 | 16,800 |
Debt restructuring | $ 248,956 | $ 0 |
Loans Receivable, Net - Schedul
Loans Receivable, Net - Schedule of Loans Receivable, Net (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | $ 43,248,296 | $ 48,972,202 | |
Less: Deferred loan fees (costs) and (premiums), net | (261,061) | (333,105) | |
Less: Allowance for loan losses | 407,832 | 507,235 | $ 466,893 |
Total loans after deduction of deferred loan fees (costs) and (premiums), net and allowance for loan losses | 146,771 | 174,130 | |
Total loans, net | 43,101,525 | 48,798,072 | |
Mortgage Loans Portfolio Segment [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 33,907,163 | 37,397,539 | |
Commercial and Other Loans Portfolio Segment [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 9,341,133 | 11,574,663 | |
Residential 1-4 Family Mortgage Loans [Member] | Mortgage Loans Portfolio Segment [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 18,239,205 | 22,328,431 | |
Commercial and Multi-Family Mortgage Loans [Member] | Mortgage Loans Portfolio Segment [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 15,640,233 | 14,635,915 | |
Home Equity Lines of Credit [Member] | Mortgage Loans Portfolio Segment [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 27,725 | 433,193 | |
Secured by Savings Accounts [Member] | Commercial and Other Loans Portfolio Segment [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 7,158 | ||
Student Loans [Member] | Commercial and Other Loans Portfolio Segment [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 8,024,588 | 10,150,844 | |
Commercial Loans [Member] | Commercial and Other Loans Portfolio Segment [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | $ 1,316,545 | $ 1,416,661 |
Loans Receivable, Net - Sched_2
Loans Receivable, Net - Schedule of Activity in Allowance for Loan Losses (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Receivables [Abstract] | ||
Balance at beginning of period | $ 507,235 | $ 466,893 |
Provision for loan losses | 3,800 | 40,342 |
Charge-offs | (103,203) | |
Recoveries | ||
Balance at end of period | $ 407,832 | $ 507,235 |
Loans Receivable, Net - Sched_3
Loans Receivable, Net - Schedule of Credit Quality Indicators by Portfolio Segment (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total | $ 43,248,296 | $ 48,972,202 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 42,925,000 | 48,357,000 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 49,000 | 49,000 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 274,000 | 566,000 |
Mortgage Loans Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 33,907,163 | 37,397,539 |
Commercial and Other [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 1,316,000 | |
Commercial and Other [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | ||
Commercial and Other Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 1,316,000 | 1,424,000 |
Commercial and Other Loans [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 1,424,000 | |
Commercial and Other Loans [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | ||
Commercial and Other Loans [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | ||
Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 43,248,000 | 48,972,000 |
Residential 1-4 Family Mortgage Loans [Member] | Mortgage Loans Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 18,239,205 | 22,328,431 |
Residential 1-4 Family Mortgage Loans [Member] | Mortgage Loans Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 17,941,000 | 21,729,000 |
Residential 1-4 Family Mortgage Loans [Member] | Mortgage Loans Portfolio Segment [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 49,000 | 49,000 |
Residential 1-4 Family Mortgage Loans [Member] | Mortgage Loans Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 249,000 | 550,000 |
Commercial Real Estate and Multi-Family Mortgage Loans [Member] | Mortgage Loans Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 15,640,000 | 14,635,915 |
Commercial Real Estate and Multi-Family Mortgage Loans [Member] | Mortgage Loans Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 15,640,000 | 14,636,000 |
Commercial Real Estate and Multi-Family Mortgage Loans [Member] | Mortgage Loans Portfolio Segment [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | ||
Commercial Real Estate and Multi-Family Mortgage Loans [Member] | Mortgage Loans Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | ||
Home Equity Line of Credit [Member] | Mortgage Loans Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 28,000 | 433,000 |
Home Equity Line of Credit [Member] | Mortgage Loans Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 28,000 | 417,000 |
Home Equity Line of Credit [Member] | Mortgage Loans Portfolio Segment [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | ||
Home Equity Line of Credit [Member] | Mortgage Loans Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 16,000 | |
Student Loan [Member] | Other Loans Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 8,025,000 | 10,151,000 |
Student Loan [Member] | Other Loans Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 8,000,000 | 10,151,000 |
Student Loan [Member] | Other Loans Portfolio Segment [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | ||
Student Loan [Member] | Other Loans Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | $ 25,000 |
Loans Receivable, Net - Sched_4
Loans Receivable, Net - Schedule of Information About Loan Delinquencies (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 87,000 | $ 588,000 |
Current Loans | 42,161,000 | 48,384,000 |
Total Loans | 43,248,296 | 48,972,202 |
90 Days or More Past Due and Accruing | 49,000 | 27,000 |
Mortgage Loans Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 33,907,163 | 37,397,539 |
Other Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Current Loans | 1,316,000 | 1,424,000 |
Total Loans | 1,316,000 | 1,424,000 |
90 Days or More Past Due and Accruing | ||
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 5,000 | 225,000 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial and Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Financing Receivables, 30 to 59 Days Past Due [Member] | Other Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 33,000 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial and Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Financing Receivables, 60 to 89 Days Past Due [Member] | Other Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 49,000 | 363,000 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial and Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Other Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Residential 1-4 Family Mortgage Loans [Member] | Mortgage Loans Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 49,000 | 513,000 |
Current Loans | 18,190,000 | 21,815,000 |
Total Loans | 18,239,205 | 22,328,431 |
90 Days or More Past Due and Accruing | 49,000 | |
Residential 1-4 Family Mortgage Loans [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | Mortgage Loans Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 177,000 | |
Residential 1-4 Family Mortgage Loans [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | Mortgage Loans Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Residential 1-4 Family Mortgage Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Mortgage Loans Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 49,000 | 336,000 |
Commercial Real Estate and Multi-Family Mortgage Loans [Member] | Mortgage Loans Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Current Loans | 15,640,000 | 14,636,000 |
Total Loans | 15,640,000 | 14,635,915 |
90 Days or More Past Due and Accruing | ||
Commercial Real Estate and Multi-Family Mortgage Loans [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | Mortgage Loans Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Commercial Real Estate and Multi-Family Mortgage Loans [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | Mortgage Loans Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Commercial Real Estate and Multi-Family Mortgage Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Mortgage Loans Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Home Equity Line of Credit [Member] | Mortgage Loans Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Current Loans | 28,000 | 433,000 |
Total Loans | 28,000 | 433,000 |
90 Days or More Past Due and Accruing | ||
Home Equity Line of Credit [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | Mortgage Loans Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Home Equity Line of Credit [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | Mortgage Loans Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Home Equity Line of Credit [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Mortgage Loans Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Student Loans [Member] | Mortgage Loans Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 38,000 | 75,000 |
Current Loans | 7,987,000 | 10,076,000 |
Total Loans | 8,025,000 | 10,151,000 |
90 Days or More Past Due and Accruing | 27,000 | |
Student Loans [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | Mortgage Loans Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 5,000 | 48,000 |
Student Loans [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | Mortgage Loans Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 33,000 | |
Student Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Mortgage Loans Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 27,000 |
Loans Receivable, Net - Schedu
Loans Receivable, Net - Schedule of Loans Accrual of Income has Been Discontinued and Loans Past Due but Not Classified as Non-accrual (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total non-accrual loans | $ 249,000 | $ 615,000 |
Accruing loans delinquent 90 days or more | 49,000 | 27,000 |
Total non-performing loans | 298,000 | 642,000 |
Residential 1-4 Family Mortgage Loans [Member] | Mortgage Loans Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total non-accrual loans | 249,000 | 599,000 |
Accruing loans delinquent 90 days or more | 49,000 | |
Commercial Real Estate and Multi-Family Mortgage Loans [Member] | Mortgage Loans Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total non-accrual loans | ||
Accruing loans delinquent 90 days or more | ||
Home Equity Line of Credit [Member] | Mortgage Loans Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total non-accrual loans | 16,000 | |
Accruing loans delinquent 90 days or more | ||
Student Loans [Member] | Mortgage Loans Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total non-accrual loans | ||
Accruing loans delinquent 90 days or more | 27,000 | |
Other Loans [Member] | Mortgage Loans Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total non-accrual loans |
Loans Receivable, Net - Sched_5
Loans Receivable, Net - Schedule of Loans Evaluated for Impairment by Loan Type (Details) - 1-4 Family Residential [Member] | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Recorded Investment | $ 248,956 |
Unpaid Principal Balance | 248,956 |
Related Specific Allowance | |
Average Recorded Investment | 279,678 |
Interest Income Recognized |
Loans Receivable, Net - Sched_6
Loans Receivable, Net - Schedule of Troubled Debt Restructurings by Class Modified (Details) - 1-4 Family Residential [Member] | 12 Months Ended |
Dec. 31, 2018USD ($)Integer | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Number of Contracts | Integer | 1 |
Pre-restructuring Outstanding Recorded Investment | $ 287,358 |
Post-restructuring Outstanding Recorded Investment | $ 248,956 |
Loans Receivable, Net - Sched_7
Loans Receivable, Net - Schedule of Activity in Allowance for Loan Losses by Loan Type (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning balance | $ 507,000 | $ 467,000 |
Provision for loan losses | 3,800 | 40,342 |
Charge offs | (103,203) | |
Ending Balance | 408,000 | 507,000 |
Mortgage Loans Portfolio Segment [Member] | Residential 1-4 Family Mortgage Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning balance | 318,000 | 297,000 |
Provision for loan losses | (82,000) | 21,000 |
Charge offs | (91,000) | |
Ending Balance | 145,000 | 318,000 |
Mortgage Loans Portfolio Segment [Member] | Commercial and Multi-Family Mortgage Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning balance | 121,000 | 138,000 |
Provision for loan losses | 7,000 | (17,000) |
Charge offs | ||
Ending Balance | 128,000 | 121,000 |
Mortgage Loans Portfolio Segment [Member] | Home Equity Line of Credit [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning balance | 4,000 | 5,000 |
Provision for loan losses | (3,000) | (1,000) |
Charge offs | ||
Ending Balance | 1,000 | 4,000 |
Other Loans Portfolio Segment [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning balance | 10,000 | 7,000 |
Provision for loan losses | 2,000 | 3,000 |
Charge offs | ||
Ending Balance | 12,000 | 10,000 |
Other Loans Portfolio Segment [Member] | Student Loan [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning balance | 54,000 | 20,000 |
Provision for loan losses | 80,000 | 34,000 |
Charge offs | (12,000) | |
Ending Balance | 122,000 | 54,000 |
Unallocated Financing Receivables [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning balance | ||
Provision for loan losses | ||
Charge offs | ||
Ending Balance |
Premises and Equipment, Net (De
Premises and Equipment, Net (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 135,016 | $ 135,919 |
Premises and Equipment, Net - S
Premises and Equipment, Net - Schedule of Property and Equipment (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Premises and equipment, gross | $ 4,170,344 | $ 4,155,913 |
less accumulated depreciation | (3,061,471) | (2,926,456) |
Premises and equipment, net | 1,108,873 | 1,229,457 |
Land and Land Improvements [Member] | ||
Premises and equipment, gross | 766,939 | 766,939 |
Building and Building Improvements [Member] | ||
Premises and equipment, gross | 2,533,246 | 2,528,451 |
Furniture, Fixtures and Equipment [Member] | ||
Premises and equipment, gross | $ 870,159 | $ 860,523 |
Accrued Interest Receivable - S
Accrued Interest Receivable - Schecule of Accrued Interest Receivable (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Accrued interest receivable | $ 516,757 | $ 490,239 |
Loans [Member] | ||
Accrued interest receivable | 427,301 | 406,295 |
Mortgage Backed Securities [Member] | ||
Accrued interest receivable | 75,232 | 72,979 |
Investment Securities [Member] | ||
Accrued interest receivable | $ 14,224 | $ 10,965 |
Deposits (Details Narrative)
Deposits (Details Narrative) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Deposits [Abstract] | ||
Certificates of deposits of $100,000 or more | $ 9,100,000 | $ 9,300,000 |
Maximum deposit insurance amount | $ 250,000 |
Deposits - Schedule of Deposits
Deposits - Schedule of Deposits (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Deposits [Abstract] | ||
Weighted average non-interest checking, percentage | 0.00% | 0.00% |
Weighted average NOW accounts , percentage | 0.05% | 0.05% |
Weighted average regular savings and clubs, percentage | 0.10% | 0.10% |
Weighted average super saver, percentage | 0.18% | 0.15% |
Weighted average money market, percentage | 0.10% | 0.10% |
Weighted average certificate of deposit, percentage | 1.30% | 0.85% |
Weighted average deposits percentage | 0.46% | 0.34% |
Non-interest bearing checking | $ 4,292,035 | $ 4,816,982 |
NOW accounts, amount | 11,667,083 | 12,172,345 |
Regular savings and clubs, amount | 18,535,375 | 21,864,032 |
Super saver, amount | 6,114,479 | 6,168,913 |
Money market, amount | 3,234,522 | 3,413,996 |
Deposits gross amount | 43,843,494 | 48,436,268 |
Certificate of deposit, amount | 19,814,936 | 24,122,546 |
Deposits, net amount | $ 63,658,430 | $ 72,558,814 |
Deposits - Schedule of Certific
Deposits - Schedule of Certificates of Deposit by Contractual Maturity (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Deposits [Abstract] | ||
One year or less | $ 12,993,000 | $ 17,403,000 |
Over one to three years | 6,020,000 | 5,361,000 |
Over three years | 802,000 | 1,359,000 |
Certificates of deposit | $ 19,814,936 | $ 24,122,546 |
Deposits - Schedule of Interest
Deposits - Schedule of Interest Expense on Deposits (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Deposits [Abstract] | ||
NOW | $ 6,074 | $ 5,764 |
Savings and clubs | 29,759 | 32,784 |
Money market | 3,355 | 3,177 |
Certificate of deposit | 229,600 | 186,295 |
Deposits | $ 268,788 | $ 228,021 |
Advances from Federal Home Lo_2
Advances from Federal Home Loan Bank of New York (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Amount of advances | $ 3,750,000 | $ 0 |
Interest rate | 2.62% | |
Maturity date | Jan. 4, 2019 | |
Atlantic Community Bankers Bank [Member] | ||
Borrowing capacity at FHLB | $ 2,000,000 | |
Line of credit | ||
Federal Home Loan Bank Borrowings [Member] | ||
Borrowing capacity at FHLB | $ 23,900,000 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Federal statutory rate | 21.00% | 34.00% |
Corporate income tax reduction percent | 21.00% | |
Deferred tax balance | $ 422,910 | |
Bad deductions included in retained earnings | 1,700,000 | |
Federal [Member] | ||
Net operating loss carryover | 1,696,000 | |
State [Member] | ||
Net operating loss carryover | 3,172,000 | |
Valuation allowances | $ 197,000 |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||
Current tax expense, Federal | ||
Current tax expense, State | 16,060 | 18,000 |
Current tax expense, Total | 16,060 | 18,000 |
Deferred tax expense (benefit), Federal | 50,100 | 436,980 |
Deferred tax expense (benefit), State | (27,186) | (76,638) |
Deferred tax expense (benefit), Total | 22,914 | 360,342 |
Change in State valuation allowance, net | (25,186) | 33,422 |
Actual income tax (benefit) | $ 13,788 | $ 411,764 |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation of Effective Income Tax Rate from Statutory Federal Rate (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||
Federal income tax expense (benefit) | $ 13,838 | $ 28,803 |
Impact of Tax Reform | 422,910 | |
State income tax expense (benefit) | (8,789) | (15,974) |
Income from life insurance | (12,910) | (20,732) |
Tax-exempt interest | (2,836) | (4,737) |
Other | 49,671 | (31,928) |
State valuation allowance, net | (25,186) | 33,422 |
Actual income tax (benefit) | $ 13,788 | $ 411,764 |
Income Taxes - Schedule of Re_2
Income Taxes - Schedule of Reconciliation of Effective Income Tax Rate from Statutory Federal Rate (Details) (Parenthetical) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||
Federal statutory rate | 21.00% | 34.00% |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Income Tax Disclosure [Abstract] | ||
Depreciation | $ 110,774 | $ 102,918 |
Benefit plan liabilities | 80,202 | 88,510 |
Allowance for loan losses | 124,393 | 126,770 |
Charitable contribution carryover | 2,950 | 3,362 |
Net operating loss carryover | 572,342 | 595,124 |
Unfunded pension liability | 373,617 | 303,719 |
Unrealized loss on securities available for sale | 155,291 | 87,361 |
Other | 901 | |
Total deferred tax assets | 1,420,470 | 1,307,764 |
Valuation allowance | (197,022) | (222,208) |
Total deferred tax assets | 1,223,448 | 1,085,556 |
Discounts on investments | 759 | 299 |
Prepaid benefit plans | 375,578 | 393,200 |
Net deferred loan costs/fees | 24,573 | 9,476 |
Other | 143 | |
Total deferred tax liabilities | 400,910 | 403,118 |
Net deferred tax assets | $ 822,538 | $ 682,438 |
Benefit Plans (Details Narrativ
Benefit Plans (Details Narrative) | 1 Months Ended | 12 Months Ended | ||
Jun. 16, 2015$ / sharesshares | Dec. 31, 2018USD ($)SecurityInstallmentshares | Dec. 31, 2017USD ($)shares | Jul. 17, 2014shares | |
Accumulated other comprehensive loss before taxes | $ 2,518,600 | $ 1,862,286 | ||
Expected rate of return on plan assets | 8.00% | 8.00% | ||
Long-term inflation rate | 3.00% | 3.00% | ||
Defined contribution plan expense | $ 20,000 | $ 22,000 | ||
Employee stock ownership plan eligibility requirement | Eligible employees who complete a twelve-month period of employment with the Association, have attained the age of 21 and complete at least 1,000 hours of service in a plan year. | |||
Value of shares purchased by ESOP | $ 555,450 | |||
Shares purchased by ESOP | shares | 55,545 | |||
Number of equal annual installment | Installment | 25 | |||
ESOP compensation expense | $ 49,000 | $ 41,000 | ||
Other retirement benefit payment period | 15 years | |||
Annual vesting percentage | 5.00% | |||
Vesting period, term | 20 years | |||
Recorded obligations | 244,414 | $ 262,044 | ||
Cash surrender value of life insurance | 2,319,802 | 2,258,324 | ||
Retirement benefits expenses | $ 700 | $ 2,800 | ||
Minimum [Member] | ||||
Expected rate of return on plan assets | 7.00% | |||
Maximum [Member] | ||||
Defined benefit plan percent of net assets in companies incorporated in foreign countries | 15.00% | |||
Expected rate of return on plan assets | 10.00% | |||
Equity Securities [Member] | ||||
Defined benefit plan target allocation, percent | 60.00% | |||
Equity Securities [Member] | Minimum [Member] | ||||
Defined benefit plan target allocation, percent | 30.00% | |||
Defined benefit plan number of securities held | Security | 50 | |||
Expected rate of return on plan assets | 5.00% | |||
Equity Securities [Member] | Maximum [Member] | ||||
Defined benefit plan target allocation, percent | 80.00% | |||
Defined benefit plan number of securities held | Security | 90 | |||
Defined benefit plan percent of net assets | 5.00% | |||
Expected rate of return on plan assets | 9.00% | |||
Fixed Income Securities [Member] | ||||
Defined benefit plan target allocation, percent | 40.00% | |||
Fixed Income Securities [Member] | Minimum [Member] | ||||
Defined benefit plan target allocation, percent | 20.00% | |||
Expected rate of return on plan assets | 2.00% | |||
Fixed Income Securities [Member] | Maximum [Member] | ||||
Defined benefit plan target allocation, percent | 60.00% | |||
Expected rate of return on plan assets | 6.00% | |||
Cash and Money Market Funds [Member] | ||||
Defined benefit plan target allocation, percent | 20.00% | |||
2019 [Member] | ||||
Net periodic benefit cost in 2018 | $ 67,402 | |||
Defined benefit plan expected cash contribution in 2018 | $ 34,000 | |||
Stock Option [Member] | Stock Incentive Plan 2014 [Member] | ||||
Maximum number of shares which may be issued | shares | 79,350 | 79,350 | ||
Stock options outstanding | shares | ||||
Restricted Stock [Member] | ||||
Number of restricted stock vested | shares | 2,100 | 2,100 | ||
Restricted Stock [Member] | Stock Incentive Plan 2014 [Member] | ||||
Maximum number of shares which may be issued | shares | 23,805 | 23,805 | ||
Restricted stock awards expenses | $ 22,000 | $ 22,000 | ||
Expected future expense relating to non-vested restricted shares | 33,075 | |||
Vesting period of non-vested restricted shares | 1 year 6 months | |||
Restricted Stock [Member] | Stock Incentive Plan 2014 [Member] | Executive Officer [Member] | ||||
Number of shares granted | shares | 10,500 | |||
Grant date fair value, per share | $ / shares | $ 10.50 | |||
Vesting percentage | 20.00% | |||
Accumulated Defined Benefit Plans Adjustment [Member] | ||||
Accumulated other comprehensive loss before taxes | $ 1,779,119 | $ 1,446,279 |
Benefit Plans - Schedule of Cha
Benefit Plans - Schedule of Change in Benefit Obligation, Change in Plan Assets, and Reconciliation of Funded Status (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Retirement Benefits [Abstract] | ||
Projected benefit obligation at beginning of year | $ 2,496,881 | $ 2,529,326 |
Interest cost | 104,111 | 105,571 |
Actuarial loss | 99,149 | 49,487 |
Benefits paid | (189,032) | (187,503) |
Projected benefit obligation at end of year | 2,511,109 | 2,496,881 |
Fair value of plan assets at beginning of year | 2,343,589 | 2,211,641 |
Actual return on plan assets | (106,474) | 286,545 |
Employer contributions | 34,048 | 32,906 |
Fair value of plan assets at end of year | 2,082,131 | 2,343,589 |
Funded status of plan included in other liabilities | $ (428,978) | $ (153,292) |
Benefit Plans - Schedule of Wei
Benefit Plans - Schedule of Weighted Average Assumptions Used to Determine Plan's Benefit Obligation (Details) | Dec. 31, 2018 | Dec. 31, 2017 |
Retirement Benefits [Abstract] | ||
Discount rate | 4.50% | 4.50% |
Salary increase rate |
Benefit Plans - Schedule of Com
Benefit Plans - Schedule of Components of Net Periodic Plan Cost (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Retirement Benefits [Abstract] | ||
Interest cost | $ 104,111 | $ 105,571 |
Expected return on assets | (175,623) | (165,866) |
Amortization of unrecognized loss | 48,406 | 51,878 |
Net periodic plan cost (credit) included in compensation and benefits expense | (23,106) | (8,417) |
Net loss (gain) | 381,246 | (71,191) |
Amortization of loss | (48,406) | (51,878) |
Benefit obligation recognized in other comprehensive (income) loss | 332,840 | (123,069) |
Total recognized in net periodic plan cost and other comprehensive (income) loss | $ 309,734 | $ (131,486) |
Benefit Plans - Schedule of W_2
Benefit Plans - Schedule of Weighted Average Assumptions Used to Determine Net Periodic Plan (Details) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Retirement Benefits [Abstract] | ||
Discount rate | 4.50% | 4.50% |
Expected rate of return on plan assets | 8.00% | 8.00% |
Rate of compensation increase | ||
Amortization period | 24 years 8 months 19 days | 25 years 4 months 17 days |
Benefit Plans - Schedule of Ben
Benefit Plans - Schedule of Benefit Payments Expected to be Paid (Details) | Dec. 31, 2018USD ($) |
Retirement Benefits [Abstract] | |
2019 | $ 203,805 |
2020 | 202,961 |
2021 | 197,371 |
2022 | 191,497 |
2023 | 193,300 |
Years 2024-2028 | 853,808 |
Total estimated future benefit payments | $ 1,842,742 |
Benefit Plans - Schedule of Fai
Benefit Plans - Schedule of Fair Values of Pension Plan Assets (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Fair value of plan assets | $ 2,082,131 | $ 2,343,589 | $ 2,211,641 | |||
Fair Value, Inputs, Level 1 [Member] | ||||||
Fair value of plan assets | 1,553,806 | 1,803,377 | ||||
Fair Value Inputs Level 2 [Member] | ||||||
Fair value of plan assets | 528,325 | 540,212 | ||||
Fair Value, Inputs, Level 3 [Member] | ||||||
Fair value of plan assets | ||||||
Cash and Money Market Funds [Member] | ||||||
Fair value of plan assets | 398,259 | 172,614 | ||||
Cash and Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||
Fair value of plan assets | 398,259 | 172,614 | ||||
Cash and Money Market Funds [Member] | Fair Value Inputs Level 2 [Member] | ||||||
Fair value of plan assets | ||||||
Cash and Money Market Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair value of plan assets | ||||||
US Treasuries [Member] | ||||||
Fair value of plan assets | 49,622 | |||||
US Treasuries [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||
Fair value of plan assets | 49,622 | |||||
US Treasuries [Member] | Fair Value Inputs Level 2 [Member] | ||||||
Fair value of plan assets | ||||||
US Treasuries [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair value of plan assets | ||||||
Corporate Bonds [Member] | ||||||
Fair value of plan assets | [1] | 528,325 | 540,212 | |||
Corporate Bonds [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||
Fair value of plan assets | [1] | |||||
Corporate Bonds [Member] | Fair Value Inputs Level 2 [Member] | ||||||
Fair value of plan assets | [1] | 528,325 | 540,212 | |||
Corporate Bonds [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair value of plan assets | [1] | |||||
Equity Securities [Member] | ||||||
Fair value of plan assets | 1,105,925 | [2] | 1,630,763 | [3] | ||
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||
Fair value of plan assets | 1,105,925 | [2] | 1,630,763 | [3] | ||
Equity Securities [Member] | Fair Value Inputs Level 2 [Member] | ||||||
Fair value of plan assets | [2] | [3] | ||||
Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair value of plan assets | [2] | [3] | ||||
[1] | Includes eight corporate bonds due within ten years rated BBB+ or better by the S&P. | |||||
[2] | Includes 46 companies spread over various market sectors. | |||||
[3] | Includes 56 companies spread over various market sectors. |
Benefit Plans - Schedule of F_2
Benefit Plans - Schedule of Fair Values of Pension Plan Assets (Details) (Parenthetical) | 12 Months Ended | |
Dec. 31, 2018SecurityCompany | Dec. 31, 2017SecurityCompany | |
Corporate Bonds [Member] | Maximum [Member] | ||
Debt instrument, term | 10 years | 10 years |
Corporate Bonds [Member] | ||
Number of debt instruments | Security | 8 | 7 |
Equity Securities [Member] | ||
Number of companies used | Company | 56 | 56 |
Benefit Plans - Schedule of ESO
Benefit Plans - Schedule of ESOP Shares (Details) - Employee Stock Ownership Plan [Member] - shares | Dec. 31, 2018 | Dec. 31, 2017 |
Allocated shares | 10,933 | 8,842 |
Shares committed to be released | 2,069 | 2,092 |
Unearned shares | 42,543 | 44,611 |
Total ESOP shares | 55,545 | 55,545 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss - Schedule of Components of Accumulated Other Comprehensive Loss (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive loss before taxes | $ (2,518,600) | $ (1,862,286) |
Tax effect | 528,908 | 391,080 |
Accumulated other comprehensive loss | (1,989,692) | (1,471,206) |
Accumulated Defined Benefit Plans Adjustment [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive loss before taxes | (1,779,119) | (1,446,279) |
Accumulated Net Unrealized Investment Loss [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive loss before taxes | $ (739,481) | $ (416,007) |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
ReliaMax Surety Company [Member] | ||
Loan portfolio amount | $ 3,300,000 | |
Atlantic Central Bankers Bank [Member] | ||
Unsecured line of credit | 2,000,000 | $ 2,000,000 |
Loan Origination Commitments [Member] | ||
Financial liabilities | $ 175,000 | 429,000 |
Fixed rate line of credit interest rate | 4.90% | |
Undisbursed Home Equity and Other Lines of Credit | ||
Financial liabilities | $ 335,000 | $ 228,000 |
Student Loan [Member] | ReliaMax Surety Company [Member] | ||
Loan portfolio amount | 8,000,000 | |
Loss contingency, unamortized insurance premiums | $ 78,000 |
Regulatory Capital (Details Nar
Regulatory Capital (Details Narrative) | 12 Months Ended |
Dec. 31, 2018 | |
Banking and Thrift [Abstract] | |
Regulatory capital description | The rules included a new common equity Tier 1 capital to risk-weighted assets ratio of 4.5 percent, raised the minimum ratio of Tier 1 capital to risk-weighted assets from 4.0 percent to 6.0 percent, required a minimum ratio of total capital to risk-weighted assets of 8.0 percent, and required a minimum leverage ratio of 4.0 percent. A new capital conservation buffer, comprised of common equity Tier 1 capital, was also established above the regulatory minimum capital requirements. This conservation buffer will be phased in beginning January 1, 2016 at 0.625 percent of risk-weighted assets and increase each subsequent year by an additional 0.625 percent until reaching its final level of 2.5 percent of risk-weighted assets on January 1, 2019. The final rule also revised the definition and calculation of Tier 1 capital, total capital and risk-weighted assets. |
Regulatory Capital - Schedule o
Regulatory Capital - Schedule of Actual Capital Positions and Ratios (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Banking and Thrift [Abstract] | ||
Tangible Capital, Actual, Amount | $ 11,912 | $ 11,745 |
Tangible Capital, Actual, Ratio | 15.00% | 13.57% |
Tangible Capital, Minimum Capital Requirements, Amount | $ 1,191 | $ 1,298 |
Tangible Capital, Minimum Capital Requirements, Ratio | 1.50% | 1.50% |
Tangible Capital, To be Well Capitalized Under Prompt Corrective Action Provisions, Amount | ||
Tangible Capital, To be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | ||
Total Risk-based Capital, Actual, Amount | $ 12,320 | $ 12,252 |
Total Risk-based Capital, Actual, Ratio | 26.76% | 25.90% |
Total Risk-based Capital, Minimum Capital Requirements, Amount | $ 4,546 | $ 4,376 |
Total Risk-based Capital, Minimum Capital Requirements, Ratio | 9.875% | 9.25% |
Total Risk-based Capital, To be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 4,603 | $ 4,731 |
Total Risk-based Capital, To be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 10.00% | 10.00% |
Common Equity Tier I Capital, Actual, Amount | $ 11,912 | $ 11,745 |
Common Equity Tier I Capital, Actual, Ratio | 25.88% | 24.82% |
Common Equity Tier I Capital, Minimum Capital Requirements, Amount | $ 2,935 | $ 2,720 |
Common Equity Tier I Capital, Minimum Capital Requirements, Ratio | 6.375% | 5.75% |
Common Equity Tier I Capital, To be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 2,992 | $ 3,075 |
Common Equity Tier I Capital, To be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 6.50% | 6.50% |
Tier I Risked-based Capital, Actual, Amount | $ 11,912 | $ 11,745 |
Tier I Risked-based Capital, Actual, Ratio | 25.88% | 24.82% |
Tier I Risked-based Capital, Minimum Capital Requirements, Amount | $ 3,625 | $ 3,430 |
Tier I Risked-based Capital, Minimum Capital Requirements, Ratio | 7.875% | 7.25% |
Tier I Risked-based Capital, To be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 3,683 | $ 3,785 |
Tier I Risked-based Capital, To be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 8.00% | 8.00% |
Tier 1 Leverage Capital, Actual, Amount | $ 11,912 | $ 11,745 |
Tier 1 Leverage Capital, Actual, Ratio | 15.00% | 13.57% |
Tier 1 Leverage Capital, Minimum Capital Requirements, Amount | $ 3,177 | $ 3,463 |
Tier 1 Leverage Capital, Minimum Capital Requirements, Ratio | 4.00% | 4.00% |
Tier 1 Leverage Capital, To be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 3,971 | $ 4,328 |
Tier 1 Leverage Capital, To be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 5.00% | 5.00% |
Fair Value Measurements and D_3
Fair Value Measurements and Disclosures - Schedule of Assets Measured at Fair Value on Recurring Basis (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | $ 29,426,745 | $ 29,175,525 |
Fair Value, Inputs, Level 1 [Member] | Fair Value Measurements Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | ||
Fair Value Inputs Level 2 [Member] | Fair Value Measurements Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 29,426,745 | 29,175,525 |
Fair Value, Inputs, Level 3 [Member] | Fair Value Measurements Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale |
Fair Value Measurements and D_4
Fair Value Measurements and Disclosures - Schedule of Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Carrying Reported Amount Fair Value Disclosure [Member] | Cash and Cash Equivalents [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value of Financial assets | $ 1,218 | $ 1,229 |
Carrying Reported Amount Fair Value Disclosure [Member] | Securities Held-to-maturity [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value of Financial assets | 629 | 657 |
Carrying Reported Amount Fair Value Disclosure [Member] | Securities Available for Sale [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value of Financial assets | 29,427 | 29,176 |
Carrying Reported Amount Fair Value Disclosure [Member] | Loans Receivable [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value of Financial assets | 43,102 | 48,798 |
Carrying Reported Amount Fair Value Disclosure [Member] | FHLB and Other Stock at Cost [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value of Financial assets | 331 | 167 |
Carrying Reported Amount Fair Value Disclosure [Member] | Accrued Interest Receivable [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value of Financial assets | 517 | 490 |
Carrying Reported Amount Fair Value Disclosure [Member] | Deposits [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value of Financial liabilities | 63,658 | 72,559 |
Carrying Reported Amount Fair Value Disclosure [Member] | FHLB Advances [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value of Financial liabilities | 3,750 | |
Estimate of Fair Value Fair Value Disclosure [Member] | Cash and Cash Equivalents [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value of Financial assets | 1,219 | 1,229 |
Estimate of Fair Value Fair Value Disclosure [Member] | Securities Held-to-maturity [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value of Financial assets | 623 | 672 |
Estimate of Fair Value Fair Value Disclosure [Member] | Securities Available for Sale [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value of Financial assets | 29,427 | 29,176 |
Estimate of Fair Value Fair Value Disclosure [Member] | Loans Receivable [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value of Financial assets | 41,867 | 48,909 |
Estimate of Fair Value Fair Value Disclosure [Member] | FHLB and Other Stock at Cost [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value of Financial assets | 331 | 167 |
Estimate of Fair Value Fair Value Disclosure [Member] | Accrued Interest Receivable [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value of Financial assets | 517 | 490 |
Estimate of Fair Value Fair Value Disclosure [Member] | Deposits [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value of Financial liabilities | 63,711 | 72,609 |
Estimate of Fair Value Fair Value Disclosure [Member] | FHLB Advances [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value of Financial liabilities | $ 3,754 |
Revenue Recognition (Details Na
Revenue Recognition (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue from Contract with Customer [Abstract] | ||
Revenue from contracts with customers included in fees and service charges | $ 96,700 | $ 90,500 |