Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | May 10, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | PMHG | |
Entity Registrant Name | Prime Meridian Holding Co | |
Entity Central Index Key | 1,586,454 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 2,007,072 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Assets | ||
Cash and due from banks | $ 9,699 | $ 4,817 |
Federal funds sold | 20,148 | 25,963 |
Interest-bearing deposits | 5,353 | 5,385 |
Total cash and cash equivalents | 35,200 | 36,165 |
Securities available for sale | 42,950 | 33,103 |
Loans held for sale | 2,695 | 3,291 |
Loans, net of allowance for loan losses of $2,908 and $2,876 | 225,742 | 222,768 |
Federal Home Loan Bank stock | 274 | 220 |
Premises and equipment, net | 5,091 | 4,929 |
Accrued interest receivable | 782 | 798 |
Bank-owned life insurance | 1,723 | 1,711 |
Other assets | 1,072 | 956 |
Total assets | 315,529 | 303,941 |
Liabilities | ||
Noninterest-bearing demand deposits | 69,244 | 61,856 |
Savings, NOW and money-market deposits | 196,897 | 192,768 |
Time deposits | 20,108 | 20,723 |
Total deposits | 286,249 | 275,347 |
Official checks | 838 | 632 |
Other liabilities | 880 | 880 |
Total liabilities | 287,967 | 276,859 |
Stockholders' equity: | ||
Preferred stock, undesignated; 1,000,000 shares authorized, none issued or outstanding | ||
Common stock, $.01 par value; 9,000,000 shares authorized, 2,006,180 and 2,004,707 issued and outstanding | 20 | 20 |
Additional paid-in capital | 20,768 | 20,732 |
Retained earnings | 6,959 | 6,563 |
Accumulated other comprehensive (loss) income | (185) | (233) |
Total stockholders' equity | 27,562 | 27,082 |
Total liabilities and stockholders' equity | $ 315,529 | $ 303,941 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Loans receivable, allowance for loan losses | $ 2,908 | $ 2,876 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 9,000,000 | 9,000,000 |
Common stock, shares issued | 2,006,180 | 2,004,707 |
Common stock, shares outstanding | 2,006,180 | 2,004,707 |
Consolidated Statements of Earn
Consolidated Statements of Earnings - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Interest Income: | ||
Loans | $ 2,635 | $ 2,274 |
Securities | 209 | 200 |
Other | 69 | 25 |
Total interest income | 2,913 | 2,499 |
Interest expense - | ||
Deposits | 247 | 192 |
Net interest income | 2,666 | 2,307 |
Provision for loan losses | 35 | 134 |
Net interest income after provision for loan losses | 2,631 | 2,173 |
Non interest income: | ||
Service charges and fees on deposit accounts | 80 | 48 |
Mortgage banking revenue | 251 | 151 |
Income from bank-owned life insurance | 12 | 13 |
(Loss) gain on sale of securities available for sale | (1) | 15 |
Other income | 81 | 64 |
Total noninterest income | 423 | 291 |
Noninterest expense: | ||
Salaries and employee benefits | 1,247 | 985 |
Occupancy and equipment | 247 | 203 |
Professional fees | 63 | 105 |
Advertising | 154 | 159 |
FDIC/State assessment | 46 | 32 |
Software maintenance, amortization and other | 129 | 126 |
Other | 323 | 269 |
Total noninterest expense | 2,209 | 1,879 |
Earnings before income taxes | 845 | 585 |
Income taxes | 309 | 203 |
Net earnings | $ 536 | $ 382 |
Basic earnings per share | $ 0.27 | $ 0.19 |
Diluted earnings per share | 0.27 | 0.19 |
Cash dividends per common share | $ 0.07 | $ 0.05 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | ||
Net earnings | $ 536 | $ 382 |
Change in unrealized gain (loss) on securities: | ||
Unrealized gain arising during the year | 75 | 514 |
Reclassification adjustment for realized loss (gain) | 1 | (15) |
Net change in unrealized gain (loss) | 76 | 499 |
Deferred income taxes on above change | (28) | (184) |
Total other comprehensive income | 48 | 315 |
Comprehensive income | $ 584 | $ 697 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Beginning Balance, Value at Dec. 31, 2015 | $ 24,933 | $ 20 | $ 20,415 | $ 4,442 | $ 56 |
Beginning Balance, Shares at Dec. 31, 2015 | 1,975,329 | ||||
Net earnings (unaudited) | 382 | 382 | |||
Dividend Paid (unaudited) | (99) | (99) | |||
Net change in unrealized gain (loss) on securities available for sale, net of income taxes (unaudited) | 315 | 315 | |||
Common stock issued as compensation to directors (unaudited), Value | 10 | 10 | |||
Common stock issued as compensation to directors (unaudited), Shares | 770 | ||||
Ending Balance (unaudited), Value at Mar. 31, 2016 | 25,541 | $ 20 | 20,425 | 4,725 | 371 |
Ending Balance (unaudited), Shares at Mar. 31, 2016 | 1,976,099 | ||||
Beginning Balance, Value at Dec. 31, 2016 | $ 27,082 | $ 20 | 20,732 | 6,563 | (233) |
Beginning Balance, Shares at Dec. 31, 2016 | 2,004,707 | 2,004,707 | |||
Net earnings (unaudited) | $ 536 | 536 | |||
Dividend Paid (unaudited) | (140) | (140) | |||
Net change in unrealized gain (loss) on securities available for sale, net of income taxes (unaudited) | 48 | 48 | |||
Stock options exercised (unaudited), Value | 2 | 2 | |||
Stock options exercised (unaudited), Shares | 200 | ||||
Common stock issued as compensation to directors (unaudited), Value | 19 | 19 | |||
Common stock issued as compensation to directors (unaudited), Shares | 1,273 | ||||
Stock-based compensation (unaudited) | 15 | 15 | |||
Ending Balance (unaudited), Value at Mar. 31, 2017 | $ 27,562 | $ 20 | $ 20,768 | $ 6,959 | $ (185) |
Ending Balance (unaudited), Shares at Mar. 31, 2017 | 2,006,180 | 2,006,180 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Cash flows from operating activities: | ||
Net earnings | $ 536 | $ 382 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 137 | 89 |
Provision for loan losses | 35 | 134 |
Net amortization of deferred loan fees | (30) | (26) |
Loss (gain) on sale of securities available for sale | 1 | (15) |
Amortization of premiums and discounts on securities available for sale | 86 | 105 |
(Loss) gain on sale of loans held for sale | (244) | (146) |
Proceeds from the sale of loans held for sale | 15,217 | 9,182 |
Loans originated as held for sale | (14,377) | (8,558) |
Stock issued as compensation | 19 | 10 |
Stock-based compensation expense | 15 | |
Income from bank-owned life insurance | (12) | (13) |
Net decrease in accrued interest receivable | 16 | 13 |
Net (increase) decrease in other assets | (144) | 267 |
Net increase (decrease) in other liabilities and official checks | 206 | (268) |
Net cash provided by operating activities | 1,461 | 1,156 |
Cash flows from investing activities: | ||
Loan originations, net of principal repayments | (2,979) | (10,285) |
Purchase of securities available for sale | (11,537) | (3,637) |
Principal repayments of securities available for sale | 915 | 1,646 |
Proceeds from sale of securities available for sale | 750 | 2,330 |
Maturities and calls of securities available for sale | 14 | 17 |
Purchase of Federal Home Loan Bank stock | (54) | (31) |
Purchase of premises and equipment | (299) | (85) |
Net cash used in investing activities | (13,190) | (10,045) |
Cash flows from financing activities: | ||
Net increase in deposits | 10,902 | 19,338 |
Proceeds from stock options exercised | 2 | |
Common stock dividends paid | (140) | (99) |
Net cash provided by financing activities | 10,764 | 19,239 |
Net (decrease) increase in cash and cash equivalents | (965) | 10,350 |
Cash and cash equivalents at beginning of period | 36,165 | 8,429 |
Cash and cash equivalents at end of period | 35,200 | 18,779 |
Supplemental disclosure of cash flow information Cash paid during the period for: | ||
Interest | 247 | 193 |
Income taxes | 40 | |
Noncash transaction- | ||
Accumulated other comprehensive loss, net change in unrealized gain (loss) on securities available for sale, net of taxes | $ 48 | $ 315 |
General
General | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
General | (1) General Prime Meridian Holding Company (“PMHG”) owns 100% of the outstanding common stock of Prime Meridian Bank (the “Bank”) (collectively the “Company”). PMHG’s primary activity is the operation of the Bank. The Bank is a Florida state-chartered commercial bank. The deposit accounts of the Bank are insured up to the applicable limits by the Federal Deposit Insurance Corporation (“FDIC”). The Bank offers a variety of community banking services to individual and corporate clients through its three banking offices located in Tallahassee and Crawfordville, Florida and its online banking platform. In the opinion of management, the accompanying condensed consolidated financial statements of the Company contain all adjustments (consisting principally of normal recurring accruals) necessary to present fairly the financial position at March 31, 2017, and the results of operations for the three ended March 31, 2017 and 2016. The results of operations for the three months ended March 31, 2017 are not necessarily indicative of the results to be expected for the full year. Comprehensive Income. available-for-sale Stock-Based Compensation. Mortgage Banking Revenue. Recent Accounting Standards Update. No. 2016-01, Financial Instruments-Overall (Subtopic 825-10): available-for-sale (1) General, Continued In February 2016, the FASB issued ASU No. 2016-2, Leases (Topic 842) In March 2016, the FASB issued ASU No. 2016-09, Compensation-Stock Compensation (Topic 718) In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326) available-for-sale |
Securities Available for Sale
Securities Available for Sale | 3 Months Ended |
Mar. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities Available for Sale | (2) Securities Available for Sale Securities are classified according to management’s intent. The carrying amount of securities and fair values are as follows: Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (in thousands) At March 31, 2017 U.S. Government agency securities $ 1,339 — (5 ) 1,334 Municipal securities 12,546 126 (205 ) 12,467 Mortgage-backed securities 29,359 49 (259 ) 29,149 $ 43,244 175 (469 ) 42,950 At December 31, 2016 U.S. Government agency securities 2,186 2 (17 ) 2,171 Municipal securities 12,614 91 (282 ) 12,423 Mortgage-backed securities 18,673 36 (200 ) 18,509 $ 33,473 129 (499 ) 33,103 The following table summarizes the sale of securities available for sale. Three Months Ended March 31, (in thousands) 2017 2016 Proceeds from sale of securities $ 750 2,330 Gross gains — 15 Gross losses (1 ) — Net (loss) gain on sale of securities (1 ) 15 Securities with gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous loss position, are as follows: Less Than Twelve Months Over Twelve Months Gross Gross Unrealized Fair Unrealized Fair Losses Value Losses Value (in thousands) At March 31, 2017 Securities Available for Sale U.S. Government agency securities $ (5 ) 1,334 — — Municipal securities (205 ) 4,805 — — Mortgage-backed securities (252 ) 16,159 (7 ) 460 $ (462 ) 22,298 (7 ) 460 At December 31, 2016 Securities Available for Sale U.S. Government agency securities (17 ) 1,529 — — Municipal securities (282 ) 6,111 — — Mortgage-backed securities (191 ) 12,709 (9 ) 501 $ (490 ) 20,349 (9 ) 501 The unrealized losses at March 31, 2017 and December 31, 2016 on twenty-five and twenty-four securities, respectively, were caused by market conditions. It is expected that the securities would not be settled at a price less than the par value of the investments. Because the decline in fair value is attributable to market conditions and not credit quality, and because the Company has the ability and intent to hold these investments until a market price recovery or maturity, these investments are not considered other-than-temporarily impaired. Securities available for sale measured at fair value on a recurring basis are summarized below: Fair Value Measurements Using Quoted Prices In Active Significant Markets for Other Significant Identical Observable Unobservable Fair Assets Inputs Inputs Value Level 1 (Level 2) (Level 3) (in thousands) At March 31, 2017 U.S. Government agency securities $ 1,334 — 1,334 — Municipal securities 12,467 — 12,467 — Mortgage-backed securities 29,149 — 29,149 — $ 42,950 — 42,950 — At December 31, 2016 U.S. Government agency securities 2,171 — 2,171 — Municipal securities 12,423 — 12,423 — Mortgage-backed securities 18,509 — 18,509 — $ 33,103 — 33,103 — During the three months ended March 31, 2017 and 2016, no securities were transferred in or out of Level 1, Level 2 or Level 3. The scheduled maturities of securities are as follows: Amortized Fair Cost Value (in thousands) At March 31, 2017 Due in one to five years $ 3,296 3,274 Due in five to ten years 7,762 7,825 Due after 10 years 2,827 2,702 Mortgage-backed securities 29,359 29,149 $ 43,244 42,950 |
Loans
Loans | 3 Months Ended |
Mar. 31, 2017 | |
Receivables [Abstract] | |
Loans | (3) Loans The segments and classes of loans are as follows: At March 31, At December 31, (in thousands) 2017 2016 Real estate mortgage loans: Commercial $ 65,488 65,805 Residential and home equity 89,877 88,883 Construction 22,709 19,991 Total real estate mortgage loans 178,074 174,679 Commercial loans 45,607 46,340 Consumer and other loans 4,589 4,275 Total loans 228,270 225,294 Add (deduct): Net deferred loan costs 380 350 Allowance for loan losses (2,908 ) (2,876 ) Loans, net $ 225,742 222,768 An analysis of the change in the allowance for loan losses follows: Real Estate Mortgage Loans Residential Consumer and Home Commercial and Other (in thousands) Commercial Equity Construction Loans Loans Total Three-Month Period Ended March 31, 2017 Beginning balance $ 775 1,074 258 714 55 2,876 (Credit) provision for loan losses (8 ) 12 35 (10 ) 6 35 Net (charge-offs) recoveries — — — — (3 ) (3 ) Ending balance $ 767 1,086 293 704 58 2,908 Three-Month Period Ended March 31, 2016 Beginning balance $ 707 868 246 596 56 2,473 (Credit) provision for loan losses (6 ) 40 2 94 4 134 Net (charge-offs) recoveries — — — — (2 ) (2 ) Ending balance $ 701 908 248 690 58 2,605 At March 31, 2017 Individually evaluated for impairment: Recorded investment $ — 663 73 69 — 805 Balance in allowance for loan losses $ — — — 69 — 69 Individually evaluated for impairment: Recorded investment $ 65,488 89,214 22,636 45,538 4,589 227,465 Balance in allowance for loan losses $ 767 1,086 293 635 58 2,839 At December 31, 2016 Individually evaluated for impairment: Recorded investment $ — 662 73 76 — 811 Balance in allowance for loan losses $ — — — 76 — 76 Individually evaluated for impairment: Recorded investment $ 65,805 88,221 19,918 46,264 4,275 224,483 Balance in allowance for loan losses $ 775 1,074 258 638 55 2,800 The Company has divided the loan portfolio into three portfolio segments and five portfolio classes, each with different risk characteristics and methodologies for assessing risk. All loans are underwritten based upon standards set forth in the policies approved by the Company’s Board of Directors. The Company identifies the portfolio segments and classes as follows: Real Estate Mortgage Loans. Commercial. non-owner mixed-use Residential and Home Equity. one-to-four nonowner-occupied 1-year, 3-year, 5-year, 7-year 15-year 30-year Construction. Commercial Loans. Small-to-medium Other factors of risk could include changes in the borrower’s management and fluctuations in collateral value. Additionally, there may be refinancing risk if a commercial loan includes a balloon payment which must be refinanced or paid off at loan maturity. In reference to our risk management process, our commercial loan portfolio presents a higher risk profile than our consumer real estate and consumer loan portfolios. Therefore, we require that all loans to businesses must have a clearly stated and reasonable payment plan to allow for timely retirement of debt, unless secured by liquid collateral or as otherwise justified. Consumer and Other Loans. The following summarizes the loan credit quality: Real Estate Mortgage Loans (in thousands) Commercial Residential Construction Commercial Consumer Total At March 31, 2017 Grade: Pass $ 61,458 85,335 22,158 44,840 4,541 218,332 Special mention 4,030 3,507 371 319 46 8,273 Substandard — 1,035 180 448 2 1,665 Doubtful — — — — — — Loss — — — — — — Total $ 65,488 89,877 22,709 45,607 4,589 228,270 At December 31, 2016 Grade: Pass 61,734 84,695 19,485 45,623 4,227 215,764 Special mention 4,071 3,152 333 250 46 7,852 Substandard — 1,036 173 467 2 1,678 Doubtful — — — — — — Loss — — — — — — Total $ 65,805 88,883 19,991 46,340 4,275 225,294 The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company analyzes loans individually by classifying the loans as to credit risk. Loans classified as substandard or special mention are reviewed quarterly by the Company for further deterioration or improvement to determine if they are appropriately classified and whether there is any impairment. All loans are graded upon initial issuance. Furthermore, construction loans, non-owner Loans excluded from the review process above are generally classified as pass credits until: (a) they become past due; (b) management becomes aware of deterioration in the credit worthiness of the borrower; or (c) the client contacts the Company for a modification. In these circumstances, the loan is specifically evaluated for potential classification as to special mention, substandard or even charged-off. Pass Special Mention Substandard Doubtful Loss At March 31, 2017, there were four nonaccrual loans, totaling $805,000. Age analysis of past-due Accruing Loans 30-59 Days 60-89 Days Greater Than Past Due Total Past Current Nonaccrual Total (in thousands) At March 31, 2017: Real estate mortgage loans: Commercial $ — — — — 65,488 — 65,488 Residential and home equity — — — — 89,214 663 89,877 Construction — — — — 22,636 73 22,709 Commercial loans 32 — — 32 45,506 69 45,607 Consumer and other loans — — — — 4,589 — 4,589 Total $ 32 — — 32 227,433 805 228,270 At December 31, 2016: Real estate mortgage loans: Commercial — — — — 65,805 — 65,805 Residential and home equity 371 — — 371 87,850 662 88,883 Construction — — — — 19,918 73 19,991 Commercial loans — — — — 46,264 76 46,340 Consumer and other loans — — — — 4,275 — 4,275 Total $ 371 — — 371 224,112 811 225,294 The following summarizes the amount of impaired loans: With No Related Allowance Recorded With an Allowance Recorded Total Unpaid Unpaid Unpaid Contractual Contractual Contractual Recorded Principal Recorded Principal Related Recorded Principal Related (in thousands) Investment Balance Investment Balance Allowance Investment Balance Allowance At March 31, 2017: Residential and home equity $ 663 663 — — — 663 663 — Construction loans 73 73 — — — 73 73 — Commercial loans — — 69 69 69 69 69 69 Total $ 736 736 69 69 69 805 805 69 At December 31, 2016: Residential and home equity 662 662 — — — 662 662 — Construction loans 73 73 — — — 73 73 — Commercial loans — — 76 76 76 76 76 76 Total $ 735 735 76 76 76 811 811 76 The average net investment in impaired loans and interest income recognized and received on impaired loans are as follows: Three Months Ended March 31, 2017 2016 Average Interest Interest Average Interest Interest Recorded Income Income Recorded Income Income (in thousands) Investment Recognized Received Investment Recognized Received Residential and Home Equity $ 650 — — — — — Commercial Loans 73 — 1 146 1 1 Construction 74 — — — — — Total $ 797 — 1 146 1 1 There were no collateral dependent loans measured at fair value on a nonrecurring basis at March 31, 2017 or March 31, 2016. The company did not enter into any new troubled debt restructured loans during the three months ended March 31, 2017 and 2016. |
Regulatory Capital
Regulatory Capital | 3 Months Ended |
Mar. 31, 2017 | |
Banking and Thrift [Abstract] | |
Regulatory Capital | (4) Regulatory Capital The Bank is subject to various regulatory capital requirements administered by the banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s and the Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities, and certain off-balance Effective January 1, 2015, the Bank, became subject to the new Basel III capital level threshold requirements under the Prompt Corrective Action regulations with full compliance with all of the final rule’s requirements phased in over a multi-year schedule. These new regulations were designed to ensure that banks maintain strong capital positions even in the event of severe economic downturns or unforeseen losses. Changes that could affect the Bank going forward include additional constraints on the inclusion of deferred tax assets in capital and increased risk weightings for nonperforming loans and acquisition/development loans in regulatory capital. Under the new regulations in the first quarter of 2015, the Bank elected an irreversible one-time opt-out Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and percentage (set forth in the table below) of total and Tier 1 capital (as defined in the regulations) to risk-weighted assets (as defined), and of Tier 1 capital (as defined) to average assets (as defined). Management believes, as of March 31, 2017 that the Bank meets all capital adequacy requirements to which it is subject. As of March 31, 2017, the Bank is well capitalized under the regulatory framework for prompt corrective action. To be categorized as adequately capitalized, the Bank must maintain minimum total risk-based, Tier 1 risk-based, and Tier 1 leverage percentages as set forth in the table. There are no conditions or events since that notification that management believes have changed the Bank’s category. The Bank’s actual capital amounts and percentages are also presented in the following table. Actual For Capital Adequacy For Well Capitalized (dollars in thousands) Amount Percentage Amount Percentage Amount Percentage As of March 31, 2017 Tier 1 Leverage Capital $ 26,612 8.65 % $ 12,300 4.00 % $ 15,375 5.00 % Common Equity Tier 1 Risk-based Capital 26,612 11.54 10,375 4.50 14,986 6.50 Tier 1 Risk-based Capital 26,612 11.54 13,833 6.00 18,444 8.00 Total Risk-based Capital 29,494 12.79 18,444 8.00 23,055 10.00 As of December 31, 2016 Tier 1 Leverage Capital 25,994 8.73 11,906 4.00 14,883 5.00 Common Equity Tier 1 Risk-based Capital 25,994 11.70 9,995 4.50 14,437 6.50 Tier 1 Risk-based Capital 25,994 11.70 13,326 6.00 17,769 8.00 Total Risk-based Capital 28,772 12.95 17,769 8.00 22,211 10.00 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | (5) Earnings Per Share Earnings per share, (“EPS”) have been computed on the basis of the weighted-average number of shares of common stock outstanding. For the three months ended March 31, 2017 and 2016, outstanding stock options are considered dilutive securities for purposes of calculating diluted EPS which was computed using the treasury stock method. 2017 2016 Weighted- Per Weighted- Per Average Share Average Share (dollars in thousands, except per share amounts) Earnings Shares Amount Earnings Shares Amount Three Months Ending March 31: Basic EPS: Net earnings $ 536 2,005,868 $ 0.27 $ 382 1,975,972 $ 0.19 Effect of dilutive securities-Incremental shares from assumed conversion of options 3,288 3,871 Diluted EPS: Net earnings $ 536 2,009,156 $ 0.27 $ 382 1,979,843 $ 0.19 |
Stock Option Plans
Stock Option Plans | 3 Months Ended |
Mar. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Option Plans | (6) Stock Option Plans The 2015 Stock Incentive Compensation Plan (the “2015 Plan”) was approved by the Shareholders at the Company’s annual meeting of shareholders on May 20, 2015 and permits the Company to grant the Company’s key employees and directors stock options, stock appreciation rights, performance shares, and phantom stock. Under the 2015 Plan, the number of shares which may be issued is 500,000, but in no instance more than 15% of the issued and outstanding shares of the Company’s common stock. As of March 31, 2017, 11,540 stock options have been granted under the 2015 Plan. Weighted- Weighted- Average Average Remaining Aggregate Number of Exercise Contractual Intrinsic Options Price Term Value Outstanding at December 31, 2016 — — Granted 11,540 $ 17.03 Outstanding at March 31, 2017 11,540 $ 17.03 4.84 years Exercisable at March 31, 2017 11,540 $ 17.03 4.84 years $ 10,040 At March 31, 2017, the fair value of shares vested and recognized as compensation expense was $15,000 for the three months ended March 31, 2017. There was no unrecognized compensation expense related to nonvested share-based compensation arrangements granted under the 2015 Plan. The fair value of each option granted during the three months ended March 31, 2017 was estimated on the date of grant using the Black-Scholes option-pricing model with the following assumptions: Weighted average risk-free interest rate 1.48 % Expected dividend yield — Expected stock volatility 8.54 % Expected life in years 3 Per share fair value of options issued during period $ 1.26 The Company used the guidance in Staff Accounting Bulletin No. 107 to determine the estimated life of options issued. Expected volatility is based on volatility of similar companies’ common stock. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. The dividend yield is based on the Company’s history and expectation of dividend payouts. As of May 20, 2015, no further grants will be made under the 2007 Stock Option Plan (the “2007 Plan”). Unexercised stock options that were granted under the 2007 Plan will remain outstanding and will expire under the terms of the individual stock grant. A summary of the activity in the Company’s 2007 Stock Option Plan is as follows: Weighted- Weighted- Average Average Remaining Aggregate Number of Exercise Contractual Intrinsic Options Price Term Value Outstanding at December 31, 2015 75,500 $ 10.19 Options exercised — — Outstanding at March 31, 2016 75,500 $ 10.19 Outstanding at December 31, 2016 42,200 $ 10.16 Options exercised (200 ) 10.00 Options forfeited (200 ) 10.00 Outstanding at March 31, 2017 41,800 $ 10.16 2.16 years Exercisable at March 31, 2017 41,300 $ 10.16 2.12 years $ 320,000 In 2012, the Company’s Board of Directors and shareholders adopted the Directors’ Plan. The Directors’ Plan permits the Company’s and the Bank’s directors to elect to receive any compensation to be paid to them in shares of the Company’s common stock. Pursuant to the Directors’ Plan, each director is permitted to make an election to receive shares of stock instead of cash. To encourage directors to elect to receive stock, the Directors’ Plan provides that if a director elects to receive stock, he or she will receive in common stock 110% of the amount of cash fees set by the Board or the Compensation and Nominating Committee. The value of stock to be awarded pursuant to the Directors’ Plan will be the closing price of a share of common stock as traded on the Over-the |
Federal Home Loan Bank Advances
Federal Home Loan Bank Advances | 3 Months Ended |
Mar. 31, 2017 | |
Federal Home Loan Banks [Abstract] | |
Federal Home Loan Bank Advances | (7) Federal Home Loan Bank Advances Federal Home Loan Bank (“FHLB”) advances are collateralized by a blanket lien on qualifying residential real estate, commercial real estate, home equity lines of credit and multi-family loans. Under this blanket lien, the Company could borrow up to $29.6 million at March 31, 2017. At March 31, 2017 and December 31, 2016, the Company had no outstanding loans under this line. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | (8) Fair Value of Financial Instruments The estimated fair values and fair value measurement method with respect to the Company’s financial instruments were as follows: At March 31, 2017 At December 31, 2016 Carrying Fair Carrying Fair (in thousands) Level Amount Value Amount Value Financial assets: Cash and cash equivalents 1 $ 35,200 35,200 36,165 36,165 Securities available for sale 2 42,950 42,950 33,103 33,103 Loans held for sale 3 2,695 2,745 3,291 3,500 Loans, net 3 225,742 222,261 222,768 221,320 Federal Home Loan Bank stock 3 274 274 220 220 Accrued interest receivable 3 782 782 798 798 Bank-owned life insurance 3 1,723 1,723 1,711 1,711 Financial liabilities- Deposits 3 286,249 286,420 275,347 275,433 Off Balance Sheet Items 3 — — — — Discussion regarding the assumptions used to compute the estimated fair values of financial instruments can be found in Note 1 to the consolidated financial statements included in the Company’s annual report on Form 10-K |
Off-Balance Sheet Financial Ins
Off-Balance Sheet Financial Instruments | 3 Months Ended |
Mar. 31, 2017 | |
Text Block [Abstract] | |
Off-Balance Sheet Financial Instruments | (9) Off-Balance The Company is a party to financial instruments with off-balance-sheet interest-rate The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for available lines of credit, construction loans in process and standby letters of credit is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments as it does for on-balance-sheet Commitments to extend credit, construction loans in process and unused lines of credit are agreements to lend to a client as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since some of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each client’s credit worthiness on a case-by-case Standby letters of credit are written conditional commitments issued by the Company to guarantee the performance of a client to a third party. These letters of credit are primarily issued to support third-party borrowing arrangements and generally have expiration dates within one year of issuance. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loans to clients. In the event the client does not perform in accordance with the terms of the agreement with the third party, we would be required to fund the commitment. The maximum potential amount of future payments we could be required to make is represented by the contractual amount of the commitment. If the commitment is funded, we would be entitled to seek recovery from the client. Some of the Company’s standby letters of credit are secured by collateral and those secured letters of credit totaled $834,000 at March 31, 2017. Guaranteed accounts are irrevocable standby letters of credit issued by us to guarantee a client’s credit line with our third-party credit card company, First Arkansas Bank & Trust. As a part of this agreement, we are responsible for the established credit limit on certain accounts plus 10%. The maximum potential amount of future payments we could be required to make is represented by the dollar amount disclosed in the table below. Standby letters of credit and commitments to extend credit typically result in loans with a market interest rate when funded. In 2016, the Company entered into an agreement with another bank. This agreement references an interest rate swap that was transacted between the other bank and its loan client (the “Counterparty”). Should the Counterparty default on its obligations under the interest rate swap agreement with the other bank, then the Company would be liable for 13.208% of all swap liabilities. The maximum potential credit exposure under this contract at March 31, 2017 is $74,000. The maximum potential amount of future payments we could be required to make for off-balance At March 31, 2017 (in thousands) Commitments to extend credit $ 4,752 Construction loans in process $ 9,441 Unused lines of credit $ 36,300 Standby letters of credit $ 1,884 Guaranteed accounts $ 452 |
General (Policies)
General (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Comprehensive Income | Comprehensive Income. available-for-sale |
Stock Based Compensation | Stock-Based Compensation. |
Mortgage Banking Revenue | Mortgage Banking Revenue. |
Recent Accounting Standards Update | Recent Accounting Standards Update. No. 2016-01, Financial Instruments-Overall (Subtopic 825-10): available-for-sale In February 2016, the FASB issued ASU No. 2016-2, Leases (Topic 842) In March 2016, the FASB issued ASU No. 2016-09, Compensation-Stock Compensation (Topic 718) In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326) available-for-sale |
Securities Available for Sale (
Securities Available for Sale (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Carrying Amount and Fair Values of Securities | Securities are classified according to management’s intent. The carrying amount of securities and fair values are as follows: Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (in thousands) At March 31, 2017 U.S. Government agency securities $ 1,339 — (5 ) 1,334 Municipal securities 12,546 126 (205 ) 12,467 Mortgage-backed securities 29,359 49 (259 ) 29,149 $ 43,244 175 (469 ) 42,950 At December 31, 2016 U.S. Government agency securities 2,186 2 (17 ) 2,171 Municipal securities 12,614 91 (282 ) 12,423 Mortgage-backed securities 18,673 36 (200 ) 18,509 $ 33,473 129 (499 ) 33,103 |
Schedule of Sale of Securities Available for Sale | The following table summarizes the sale of securities available for sale. Three Months Ended March 31, (in thousands) 2017 2016 Proceeds from sale of securities $ 750 2,330 Gross gains — 15 Gross losses (1 ) — Net (loss) gain on sale of securities (1 ) 15 |
Summary of Securities in Continuous Unrealized Loss Position | Securities with gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous loss position, are as follows: Less Than Twelve Months Over Twelve Months Gross Gross Unrealized Fair Unrealized Fair Losses Value Losses Value (in thousands) At March 31, 2017 Securities Available for Sale U.S. Government agency securities $ (5 ) 1,334 — — Municipal securities (205 ) 4,805 — — Mortgage-backed securities (252 ) 16,159 (7 ) 460 $ (462 ) 22,298 (7 ) 460 At December 31, 2016 Securities Available for Sale U.S. Government agency securities (17 ) 1,529 — — Municipal securities (282 ) 6,111 — — Mortgage-backed securities (191 ) 12,709 (9 ) 501 $ (490 ) 20,349 (9 ) 501 |
Securities Available for Sale Measured at Fair Value on Recurring Basis | Securities available for sale measured at fair value on a recurring basis are summarized below: Fair Value Measurements Using Quoted Prices In Active Significant Markets for Other Significant Identical Observable Unobservable Fair Assets Inputs Inputs Value Level 1 (Level 2) (Level 3) (in thousands) At March 31, 2017 U.S. Government agency securities $ 1,334 — 1,334 — Municipal securities 12,467 — 12,467 — Mortgage-backed securities 29,149 — 29,149 — $ 42,950 — 42,950 — At December 31, 2016 U.S. Government agency securities 2,171 — 2,171 — Municipal securities 12,423 — 12,423 — Mortgage-backed securities 18,509 — 18,509 — $ 33,103 — 33,103 — |
Scheduled Maturities of Securities with Fair Value and Amortized Cost | The scheduled maturities of securities are as follows: Amortized Fair Cost Value (in thousands) At March 31, 2017 Due in one to five years $ 3,296 3,274 Due in five to ten years 7,762 7,825 Due after 10 years 2,827 2,702 Mortgage-backed securities 29,359 29,149 $ 43,244 42,950 |
Loans (Tables)
Loans (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Receivables [Abstract] | |
Segments and Classes of Loans | The segments and classes of loans are as follows: At March 31, At December 31, (in thousands) 2017 2016 Real estate mortgage loans: Commercial $ 65,488 65,805 Residential and home equity 89,877 88,883 Construction 22,709 19,991 Total real estate mortgage loans 178,074 174,679 Commercial loans 45,607 46,340 Consumer and other loans 4,589 4,275 Total loans 228,270 225,294 Add (deduct): Net deferred loan costs 380 350 Allowance for loan losses (2,908 ) (2,876 ) Loans, net $ 225,742 222,768 |
Summary of Changes in Allowance for Loan Losses | An analysis of the change in the allowance for loan losses follows: Real Estate Mortgage Loans Residential Consumer and Home Commercial and Other (in thousands) Commercial Equity Construction Loans Loans Total Three-Month Period Ended March 31, 2017 Beginning balance $ 775 1,074 258 714 55 2,876 (Credit) provision for loan losses (8 ) 12 35 (10 ) 6 35 Net (charge-offs) recoveries — — — — (3 ) (3 ) Ending balance $ 767 1,086 293 704 58 2,908 Three-Month Period Ended March 31, 2016 Beginning balance $ 707 868 246 596 56 2,473 (Credit) provision for loan losses (6 ) 40 2 94 4 134 Net (charge-offs) recoveries — — — — (2 ) (2 ) Ending balance $ 701 908 248 690 58 2,605 At March 31, 2017 Individually evaluated for impairment: Recorded investment $ — 663 73 69 — 805 Balance in allowance for loan losses $ — — — 69 — 69 Individually evaluated for impairment: Recorded investment $ 65,488 89,214 22,636 45,538 4,589 227,465 Balance in allowance for loan losses $ 767 1,086 293 635 58 2,839 At December 31, 2016 Individually evaluated for impairment: Recorded investment $ — 662 73 76 — 811 Balance in allowance for loan losses $ — — — 76 — 76 Individually evaluated for impairment: Recorded investment $ 65,805 88,221 19,918 46,264 4,275 224,483 Balance in allowance for loan losses $ 775 1,074 258 638 55 2,800 |
Summary of Loan Credit Quality | The following summarizes the loan credit quality: Real Estate Mortgage Loans (in thousands) Commercial Residential Construction Commercial Consumer Total At March 31, 2017 Grade: Pass $ 61,458 85,335 22,158 44,840 4,541 218,332 Special mention 4,030 3,507 371 319 46 8,273 Substandard — 1,035 180 448 2 1,665 Doubtful — — — — — — Loss — — — — — — Total $ 65,488 89,877 22,709 45,607 4,589 228,270 At December 31, 2016 Grade: Pass 61,734 84,695 19,485 45,623 4,227 215,764 Special mention 4,071 3,152 333 250 46 7,852 Substandard — 1,036 173 467 2 1,678 Doubtful — — — — — — Loss — — — — — — Total $ 65,805 88,883 19,991 46,340 4,275 225,294 |
Summary of Past Due Loans | Age analysis of past-due Accruing Loans 30-59 Days 60-89 Days Greater Than Past Due Total Past Current Nonaccrual Total (in thousands) At March 31, 2017: Real estate mortgage loans: Commercial $ — — — — 65,488 — 65,488 Residential and home equity — — — — 89,214 663 89,877 Construction — — — — 22,636 73 22,709 Commercial loans 32 — — 32 45,506 69 45,607 Consumer and other loans — — — — 4,589 — 4,589 Total $ 32 — — 32 227,433 805 228,270 At December 31, 2016: Real estate mortgage loans: Commercial — — — — 65,805 — 65,805 Residential and home equity 371 — — 371 87,850 662 88,883 Construction — — — — 19,918 73 19,991 Commercial loans — — — — 46,264 76 46,340 Consumer and other loans — — — — 4,275 — 4,275 Total $ 371 — — 371 224,112 811 225,294 |
Summary of Impaired Loans | The following summarizes the amount of impaired loans: With No Related Allowance Recorded With an Allowance Recorded Total Unpaid Unpaid Unpaid Contractual Contractual Contractual Recorded Principal Recorded Principal Related Recorded Principal Related (in thousands) Investment Balance Investment Balance Allowance Investment Balance Allowance At March 31, 2017: Residential and home equity $ 663 663 — — — 663 663 — Construction loans 73 73 — — — 73 73 — Commercial loans — — 69 69 69 69 69 69 Total $ 736 736 69 69 69 805 805 69 At December 31, 2016: Residential and home equity 662 662 — — — 662 662 — Construction loans 73 73 — — — 73 73 — Commercial loans — — 76 76 76 76 76 76 Total $ 735 735 76 76 76 811 811 76 |
Summary of Average Net Investment in Impaired Loans and Interest Income Recognized and Received on Impaired Loans | The average net investment in impaired loans and interest income recognized and received on impaired loans are as follows: Three Months Ended March 31, 2017 2016 Average Interest Interest Average Interest Interest Recorded Income Income Recorded Income Income (in thousands) Investment Recognized Received Investment Recognized Received Residential and Home Equity $ 650 — — — — — Commercial Loans 73 — 1 146 1 1 Construction 74 — — — — — Total $ 797 — 1 146 1 1 |
Regulatory Capital (Tables)
Regulatory Capital (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Banking and Thrift [Abstract] | |
Summary of Regulatory Capital Requirements and Bank's Capital Position | The Bank’s actual capital amounts and percentages are also presented in the following table. Actual For Capital Adequacy For Well Capitalized (dollars in thousands) Amount Percentage Amount Percentage Amount Percentage As of March 31, 2017 Tier 1 Leverage Capital $ 26,612 8.65 % $ 12,300 4.00 % $ 15,375 5.00 % Common Equity Tier 1 Risk-based Capital 26,612 11.54 10,375 4.50 14,986 6.50 Tier 1 Risk-based Capital 26,612 11.54 13,833 6.00 18,444 8.00 Total Risk-based Capital 29,494 12.79 18,444 8.00 23,055 10.00 As of December 31, 2016 Tier 1 Leverage Capital 25,994 8.73 11,906 4.00 14,883 5.00 Common Equity Tier 1 Risk-based Capital 25,994 11.70 9,995 4.50 14,437 6.50 Tier 1 Risk-based Capital 25,994 11.70 13,326 6.00 17,769 8.00 Total Risk-based Capital 28,772 12.95 17,769 8.00 22,211 10.00 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Common Share | Outstanding stock options are considered dilutive securities for purposes of calculating diluted EPS which was computed using the treasury stock method. 2017 2016 Weighted- Per Weighted- Per Average Share Average Share (dollars in thousands, except per share amounts) Earnings Shares Amount Earnings Shares Amount Three Months Ending March 31: Basic EPS: Net earnings $ 536 2,005,868 $ 0.27 $ 382 1,975,972 $ 0.19 Effect of dilutive securities-Incremental shares from assumed conversion of options 3,288 3,871 Diluted EPS: Net earnings $ 536 2,009,156 $ 0.27 $ 382 1,979,843 $ 0.19 |
Stock Option Plans (Tables)
Stock Option Plans (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Black-Scholes Option-Pricing Model Assumptions | The fair value of each option granted during the three months ended March 31, 2017 was estimated on the date of grant using the Black-Scholes option-pricing model with the following assumptions: Weighted average risk-free interest rate 1.48 % Expected dividend yield — Expected stock volatility 8.54 % Expected life in years 3 Per share fair value of options issued during period $ 1.26 |
2007 Incentive Award Plan [Member] | |
Summary of Stock Option Activity | A summary of the activity in the Company’s 2007 Stock Option Plan is as follows: Weighted- Weighted- Average Average Remaining Aggregate Number of Exercise Contractual Intrinsic Options Price Term Value Outstanding at December 31, 2015 75,500 $ 10.19 Options exercised — — Outstanding at March 31, 2016 75,500 $ 10.19 Outstanding at December 31, 2016 42,200 $ 10.16 Options exercised (200 ) 10.00 Options forfeited (200 ) 10.00 Outstanding at March 31, 2017 41,800 $ 10.16 2.16 years Exercisable at March 31, 2017 41,300 $ 10.16 2.12 years $ 320,000 |
2015 Stock Incentive Compensation Plan [Member] | |
Summary of Stock Option Activity | Weighted- Weighted- Average Average Remaining Aggregate Number of Exercise Contractual Intrinsic Options Price Term Value Outstanding at December 31, 2016 — — Granted 11,540 $ 17.03 Outstanding at March 31, 2017 11,540 $ 17.03 4.84 years Exercisable at March 31, 2017 11,540 $ 17.03 4.84 years $ 10,040 |
Fair Value of Financial Instr23
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments | The estimated fair values and fair value measurement method with respect to the Company’s financial instruments were as follows: At March 31, 2017 At December 31, 2016 Carrying Fair Carrying Fair (in thousands) Level Amount Value Amount Value Financial assets: Cash and cash equivalents 1 $ 35,200 35,200 36,165 36,165 Securities available for sale 2 42,950 42,950 33,103 33,103 Loans held for sale 3 2,695 2,745 3,291 3,500 Loans, net 3 225,742 222,261 222,768 221,320 Federal Home Loan Bank stock 3 274 274 220 220 Accrued interest receivable 3 782 782 798 798 Bank-owned life insurance 3 1,723 1,723 1,711 1,711 Financial liabilities- Deposits 3 286,249 286,420 275,347 275,433 Off Balance Sheet Items 3 — — — — |
Off-Balance Sheet Financial I24
Off-Balance Sheet Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Text Block [Abstract] | |
Summary of Maximum Potential Amount of Future Payments | The maximum potential amount of future payments we could be required to make for off-balance At March 31, 2017 (in thousands) Commitments to extend credit $ 4,752 Construction loans in process $ 9,441 Unused lines of credit $ 36,300 Standby letters of credit $ 1,884 Guaranteed accounts $ 452 |
General - Additional Informatio
General - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2017Office | |
Accounting Policies [Abstract] | |
Percent of outstanding common stock owns | 100.00% |
Number of banking offices | 3 |
Securities Available for Sale -
Securities Available for Sale - Summary of Carrying Amount and Fair Values of Securities (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 43,244 | $ 33,473 |
Gross Unrealized Gains | 175 | 129 |
Gross Unrealized Losses | (469) | (499) |
Fair Value | 42,950 | 33,103 |
US Government Agency Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,339 | 2,186 |
Gross Unrealized Gains | 2 | |
Gross Unrealized Losses | (5) | (17) |
Fair Value | 1,334 | 2,171 |
Municipal Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 12,546 | 12,614 |
Gross Unrealized Gains | 126 | 91 |
Gross Unrealized Losses | (205) | (282) |
Fair Value | 12,467 | 12,423 |
Mortgage-backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 29,359 | 18,673 |
Gross Unrealized Gains | 49 | 36 |
Gross Unrealized Losses | (259) | (200) |
Fair Value | $ 29,149 | $ 18,509 |
Securities Available for Sale27
Securities Available for Sale - Schedule of Sale of Securities Available for Sale (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | ||
Proceeds from sale of securities | $ 750 | $ 2,330 |
Gross gains | 15 | |
Gross losses | (1) | |
Net (loss) gain on sale of securities | $ (1) | $ 15 |
Securities Available for Sale28
Securities Available for Sale - Summary of Securities in Continuous Unrealized Loss Position (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Gross Unrealized Losses, Less Than Twelve Months | $ (462) | $ (490) |
Fair Value, Less Than Twelve Months | 22,298 | 20,349 |
Gross Unrealized Losses, Over Twelve Months | (7) | (9) |
Fair Value, Over Twelve Months | 460 | 501 |
US Government Agency Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross Unrealized Losses, Less Than Twelve Months | (5) | (17) |
Fair Value, Less Than Twelve Months | 1,334 | 1,529 |
Municipal Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross Unrealized Losses, Less Than Twelve Months | (205) | (282) |
Fair Value, Less Than Twelve Months | 4,805 | 6,111 |
Mortgage-backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross Unrealized Losses, Less Than Twelve Months | (252) | (191) |
Fair Value, Less Than Twelve Months | 16,159 | 12,709 |
Gross Unrealized Losses, Over Twelve Months | (7) | (9) |
Fair Value, Over Twelve Months | $ 460 | $ 501 |
Securities Available for Sale29
Securities Available for Sale - Additional Information (Detail) | 3 Months Ended | ||
Mar. 31, 2017USD ($)Securities | Mar. 31, 2016USD ($) | Dec. 31, 2016Securities | |
Investments, Debt and Equity Securities [Abstract] | |||
Number of securities in unrealized loss | Securities | 25 | 24 | |
Securities transferred in or out of Level 1, Level 2 or Level 3 | $ | $ 0 | $ 0 |
Securities Available for Sale30
Securities Available for Sale - Securities Available for Sale Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 42,950 | $ 33,103 |
US Government Agency Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 1,334 | 2,171 |
Municipal Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 12,467 | 12,423 |
Mortgage-backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 29,149 | 18,509 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 42,950 | 33,103 |
Level 2 [Member] | US Government Agency Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 1,334 | 2,171 |
Level 2 [Member] | Municipal Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 12,467 | 12,423 |
Level 2 [Member] | Mortgage-backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 29,149 | $ 18,509 |
Securities Available for Sale31
Securities Available for Sale - Scheduled Maturities of Securities with Fair Value and Amortized Cost (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Investments, Debt and Equity Securities [Abstract] | ||
Due in one to five years, Amortized cost | $ 3,296 | |
Due in five to ten years, Amortized cost | 7,762 | |
Due after 10 years, Amortized cost | 2,827 | |
Mortgage-backed securities, Amortized cost | 29,359 | |
Amortized Cost | 43,244 | $ 33,473 |
Due in one to five years, Fair value | 3,274 | |
Due in five to ten years, Fair value | 7,825 | |
Due after 10 years, Fair value | 2,702 | |
Mortgage-backed securities, Fair value | 29,149 | |
Total | $ 42,950 | $ 33,103 |
Loans - Segments and Classes of
Loans - Segments and Classes of Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | $ 228,270 | $ 225,294 | ||
Net deferred loan costs | 380 | 350 | ||
Allowance for loan losses | (2,908) | (2,876) | $ (2,605) | $ (2,473) |
Loans, net | 225,742 | 222,768 | ||
Mortgage Receivable [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 178,074 | 174,679 | ||
Mortgage Receivable [Member] | Commercial Real Estate Mortgage Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 65,488 | 65,805 | ||
Allowance for loan losses | (767) | (775) | (701) | (707) |
Mortgage Receivable [Member] | Residential and Home Equity Real Estate Mortgage Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 89,877 | 88,883 | ||
Allowance for loan losses | (1,086) | (1,074) | (908) | (868) |
Mortgage Receivable [Member] | Construction Real Estate Mortgage Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 22,709 | 19,991 | ||
Allowance for loan losses | (293) | (258) | (248) | (246) |
Loans and Finance Receivables [Member] | Commercial Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 45,607 | 46,340 | ||
Allowance for loan losses | (704) | (714) | (690) | (596) |
Loans and Finance Receivables [Member] | Consumer and Other Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 4,589 | 4,275 | ||
Allowance for loan losses | $ (58) | $ (55) | $ (58) | $ (56) |
Loans - Summary of Changes in A
Loans - Summary of Changes in Allowance for Loan Losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | $ 2,876 | $ 2,473 | |
(Credit) provision for loan losses | 35 | 134 | |
Net (charge-offs) recoveries | (3) | (2) | |
Ending balance | 2,908 | 2,605 | |
Individually evaluated for impairment: | |||
Recorded investment | 805 | $ 811 | |
Balance in allowance for loan losses | 69 | 76 | |
Collectively evaluated for impairment: | |||
Recorded investment | 227,465 | 224,483 | |
Balance in allowance for loan losses | 2,839 | 2,800 | |
Mortgage Receivable [Member] | Commercial Real Estate Mortgage Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 775 | 707 | |
(Credit) provision for loan losses | (8) | (6) | |
Ending balance | 767 | 701 | |
Collectively evaluated for impairment: | |||
Recorded investment | 65,488 | 65,805 | |
Balance in allowance for loan losses | 767 | 775 | |
Mortgage Receivable [Member] | Residential and Home Equity Real Estate Mortgage Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 1,074 | 868 | |
(Credit) provision for loan losses | 12 | 40 | |
Ending balance | 1,086 | 908 | |
Individually evaluated for impairment: | |||
Recorded investment | 663 | 662 | |
Collectively evaluated for impairment: | |||
Recorded investment | 89,214 | 88,221 | |
Balance in allowance for loan losses | 1,086 | 1,074 | |
Mortgage Receivable [Member] | Construction Real Estate Mortgage Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 258 | 246 | |
(Credit) provision for loan losses | 35 | 2 | |
Ending balance | 293 | 248 | |
Individually evaluated for impairment: | |||
Recorded investment | 73 | 73 | |
Collectively evaluated for impairment: | |||
Recorded investment | 22,636 | 19,918 | |
Balance in allowance for loan losses | 293 | 258 | |
Loans and Finance Receivables [Member] | |||
Individually evaluated for impairment: | |||
Balance in allowance for loan losses | 69 | 76 | |
Loans and Finance Receivables [Member] | Commercial Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 714 | 596 | |
(Credit) provision for loan losses | (10) | 94 | |
Ending balance | 704 | 690 | |
Individually evaluated for impairment: | |||
Recorded investment | 69 | 76 | |
Balance in allowance for loan losses | 69 | 76 | |
Collectively evaluated for impairment: | |||
Recorded investment | 45,538 | 46,264 | |
Balance in allowance for loan losses | 635 | 638 | |
Loans and Finance Receivables [Member] | Consumer and Other Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 55 | 56 | |
(Credit) provision for loan losses | 6 | 4 | |
Net (charge-offs) recoveries | (3) | (2) | |
Ending balance | 58 | $ 58 | |
Collectively evaluated for impairment: | |||
Recorded investment | 4,589 | 4,275 | |
Balance in allowance for loan losses | $ 58 | $ 55 |
Loans - Additional Information
Loans - Additional Information (Detail) | 3 Months Ended | ||
Mar. 31, 2017USD ($)ClassSecurityLoanSegment | Dec. 31, 2016USD ($) | Mar. 31, 2016USD ($) | |
Financing Receivable, Impaired [Line Items] | |||
Number of loan portfolio | Segment | 3 | ||
Number of loan portfolio class | Class | 5 | ||
Financing receivable, recorded investment, nonaccrual status | SecurityLoan | 4 | ||
Nonaccrual Loans | $ 805,000 | $ 811,000 | |
Impaired Loans [Member] | Collateral Pledged [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans measured at fair value on a nonrecurring basis | 0 | $ 0 | |
Minimum [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impairment valuation loan limit | $ 500,000 | ||
Minimum [Member] | Loans Receivable [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Maturity period of loan | 1 year | ||
Maximum [Member] | Loans Receivable [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Maturity period of loan | 10 years | ||
Real Estate Mortgage Loans [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Number of loan portfolio class | Class | 3 | ||
Commercial Loans [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Description of interest rate of loans | Equipment loans generally have a term of five years or less and may have a fixed or variable rate | ||
Commercial Loans [Member] | Period 1 [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Period of portfolio mortgage adjustable rate | 1 year | ||
Period of secondary market mortgage fixed rate | 15 years | ||
Commercial Loans [Member] | Period 2 [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Period of portfolio mortgage adjustable rate | 3 years | ||
Period of secondary market mortgage fixed rate | 30 years | ||
Commercial Loans [Member] | Period 3 [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Period of portfolio mortgage adjustable rate | 5 years | ||
Commercial Loans [Member] | Period 4 [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Period of portfolio mortgage adjustable rate | 7 years | ||
Commercial Loans [Member] | Minimum [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Maturity period of loan | 3 years | ||
Commercial Loans [Member] | Maximum [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Maturity period of loan | 5 years | ||
Construction Real Estate Mortgage Loans [Member] | Minimum [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Maturity period of loan | 1 year | ||
Construction Real Estate Mortgage Loans [Member] | Maximum [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Maturity period of loan | 2 years |
Loans - Summary of Loan Credit
Loans - Summary of Loan Credit Quality (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | $ 228,270 | $ 225,294 |
Mortgage Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 178,074 | 174,679 |
Mortgage Receivable [Member] | Commercial Real Estate Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 65,488 | 65,805 |
Mortgage Receivable [Member] | Residential and Home Equity Real Estate Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 89,877 | 88,883 |
Mortgage Receivable [Member] | Construction Real Estate Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 22,709 | 19,991 |
Loans and Finance Receivables [Member] | Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 45,607 | 46,340 |
Loans and Finance Receivables [Member] | Consumer and Other Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 4,589 | 4,275 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 218,332 | 215,764 |
Pass [Member] | Mortgage Receivable [Member] | Commercial Real Estate Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 61,458 | 61,734 |
Pass [Member] | Mortgage Receivable [Member] | Residential and Home Equity Real Estate Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 85,335 | 84,695 |
Pass [Member] | Mortgage Receivable [Member] | Construction Real Estate Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 22,158 | 19,485 |
Pass [Member] | Loans and Finance Receivables [Member] | Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 44,840 | 45,623 |
Pass [Member] | Loans and Finance Receivables [Member] | Consumer and Other Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 4,541 | 4,227 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 8,273 | 7,852 |
Special Mention [Member] | Mortgage Receivable [Member] | Commercial Real Estate Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 4,030 | 4,071 |
Special Mention [Member] | Mortgage Receivable [Member] | Residential and Home Equity Real Estate Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 3,507 | 3,152 |
Special Mention [Member] | Mortgage Receivable [Member] | Construction Real Estate Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 371 | 333 |
Special Mention [Member] | Loans and Finance Receivables [Member] | Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 319 | 250 |
Special Mention [Member] | Loans and Finance Receivables [Member] | Consumer and Other Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 46 | 46 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 1,665 | 1,678 |
Substandard [Member] | Mortgage Receivable [Member] | Residential and Home Equity Real Estate Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 1,035 | 1,036 |
Substandard [Member] | Mortgage Receivable [Member] | Construction Real Estate Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 180 | 173 |
Substandard [Member] | Loans and Finance Receivables [Member] | Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 448 | 467 |
Substandard [Member] | Loans and Finance Receivables [Member] | Consumer and Other Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | $ 2 | $ 2 |
Loans - Summary of Past Due Loa
Loans - Summary of Past Due Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Loans Total Past Due | $ 32 | $ 371 |
Current | 227,433 | 224,112 |
Nonaccrual Loans | 805 | 811 |
Total Loans | 228,270 | 225,294 |
30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Loans Total Past Due | 32 | 371 |
Mortgage Receivable [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 178,074 | 174,679 |
Mortgage Receivable [Member] | Commercial Real Estate Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 65,488 | 65,805 |
Total Loans | 65,488 | 65,805 |
Mortgage Receivable [Member] | Residential and Home Equity Real Estate Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Loans Total Past Due | 371 | |
Current | 89,214 | 87,850 |
Nonaccrual Loans | 663 | 662 |
Total Loans | 89,877 | 88,883 |
Mortgage Receivable [Member] | Residential and Home Equity Real Estate Mortgage Loans [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Loans Total Past Due | 371 | |
Mortgage Receivable [Member] | Construction Real Estate Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 22,636 | 19,918 |
Nonaccrual Loans | 73 | 73 |
Total Loans | 22,709 | 19,991 |
Loans and Finance Receivables [Member] | Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Loans Total Past Due | 32 | |
Current | 45,506 | 46,264 |
Nonaccrual Loans | 69 | 76 |
Total Loans | 45,607 | 46,340 |
Loans and Finance Receivables [Member] | Commercial Loans [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Loans Total Past Due | 32 | |
Loans and Finance Receivables [Member] | Consumer and Other Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 4,589 | 4,275 |
Total Loans | $ 4,589 | $ 4,275 |
Loans - Summary of Impaired Loa
Loans - Summary of Impaired Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Impaired [Line Items] | ||
With an Allowance Recorded Related Allowance | $ 69 | $ 76 |
Loans and Finance Receivables [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With No Related Allowing Recorded Investment | 736 | 735 |
With No Related Allowing Unpaid Contractual Principal Balance | 736 | 735 |
With an Allowance Recorded Investment | 69 | 76 |
With an Allowance Recorded Unpaid Contractual Principal Balance | 69 | 76 |
With an Allowance Recorded Related Allowance | 69 | 76 |
Recorded Investment | 805 | 811 |
Unpaid Contractual Principal Balance | 805 | 811 |
Related Allowance | 69 | 76 |
Loans and Finance Receivables [Member] | Residential and Home Equity Real Estate Mortgage Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With No Related Allowing Recorded Investment | 663 | 662 |
With No Related Allowing Unpaid Contractual Principal Balance | 663 | 662 |
Recorded Investment | 663 | 662 |
Unpaid Contractual Principal Balance | 663 | 662 |
Loans and Finance Receivables [Member] | Construction Real Estate Mortgage Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With No Related Allowing Recorded Investment | 73 | 73 |
With No Related Allowing Unpaid Contractual Principal Balance | 73 | 73 |
Recorded Investment | 73 | 73 |
Unpaid Contractual Principal Balance | 73 | 73 |
Loans and Finance Receivables [Member] | Commercial Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With an Allowance Recorded Investment | 69 | 76 |
With an Allowance Recorded Unpaid Contractual Principal Balance | 69 | 76 |
With an Allowance Recorded Related Allowance | 69 | 76 |
Recorded Investment | 69 | 76 |
Unpaid Contractual Principal Balance | 69 | 76 |
Related Allowance | $ 69 | $ 76 |
Loans - Summary of Average Net
Loans - Summary of Average Net Investment in Impaired Loans and Interest Income Recognized and Received on Impaired Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | $ 797 | $ 146 |
Interest Income Recognized | 1 | |
Interest Income Received | 1 | 1 |
Residential and Home Equity Real Estate Mortgage Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | 650 | |
Construction Real Estate Mortgage Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | 74 | |
Loans and Finance Receivables [Member] | Commercial Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | 73 | 146 |
Interest Income Recognized | 1 | |
Interest Income Received | $ 1 | $ 1 |
Regulatory Capital - Additional
Regulatory Capital - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2017 | |
Regulatory Capital Requirements [Abstract] | |
Percentage of capital conservation buffer minimum risk-based capital requirement | 1.25% |
Capital conservation buffer phase period | 3 years |
Regulatory Capital - Summary of
Regulatory Capital - Summary of Regulatory Capital Requirements and Bank's Capital Position (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Banking and Thrift [Abstract] | ||
Tier 1 Leverage Capital, Actual amount | $ 26,612 | $ 25,994 |
Tier 1 Leverage Capital Ratio, Actual Percentage | 8.65% | 8.73% |
Tier 1 Leverage Capital, For Capital Adequacy Purposes, Amount | $ 12,300 | $ 11,906 |
Tier 1 Leverage Capital Ratio, For Capital Adequacy Purposes, Percentage | 4.00% | 4.00% |
Tier 1 Leverage Capital, For Well Capitalized Purposes, Amount | $ 15,375 | $ 14,883 |
Tier 1 Leverage Capital Ratio, For Well Capitalized Purposes, Percentage | 5.00% | 5.00% |
Common Equity Tier 1 Risk-Based Capital Ratio, Actual Amount | $ 26,612 | $ 25,994 |
Common Equity Tier 1 Risk-Based Capital Ratio, Actual Percentage | 11.54% | 11.70% |
Common Equity Tier 1 Risk-Based Capital Ratio, For Capital Adequacy Purposes, Amount | $ 10,375 | $ 9,995 |
Common Equity Tier 1 Risk-Based Capital Ratio, For Capital Adequacy Purposes, Percentage | 4.50% | 4.50% |
Common Equity Tier 1 Risk-Based Capital Ratio, For Well Capitalized Purposes, Amount | $ 14,986 | $ 14,437 |
Common Equity Tier 1 Risk-Based Capital Ratio, For Well Capitalized Purposes, Percentage | 6.50% | 6.50% |
Tier 1 Risk-Based Capital, Actual Amount | $ 26,612 | $ 25,994 |
Tier 1 Risk-Based Capital Ratio, Actual Percentage | 11.54% | 11.70% |
Tier 1 Risk-Based Capital, For Capital Adequacy Purposes, Amount | $ 13,833 | $ 13,326 |
Tier 1 Risk-Based Capital Ratio, For Capital Adequacy Purposes, Percentage | 6.00% | 6.00% |
Tier 1 Risk-Based Capital, For Well Capitalized Purposes, Amount | $ 18,444 | $ 17,769 |
Common Equity Tier 1 Risk-Based Capital Ratio, For Well Capitalized Purposes, Percentage | 8.00% | 8.00% |
Total Risk-Based Capital, Actual Amount | $ 29,494 | $ 28,772 |
Total Risk-Based Capital Ratio, Actual Percentage | 12.79% | 12.95% |
Total Risk-Based Capital, For Capital Adequacy Purposes, Amount | $ 18,444 | $ 17,769 |
Total Risk-Based Capital Ratio, For Capital Adequacy Purposes, Percentage | 8.00% | 8.00% |
Total Risk-Based Capital, For Well Capitalized Purposes, Amount | $ 23,055 | $ 22,211 |
Total Risk-Based Capital Ratio, For Well Capitalized Purposes, Percentage | 10.00% | 10.00% |
Earnings Per Share - Computatio
Earnings Per Share - Computation of Basic and Diluted Earnings Per Common Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Earnings Per Share [Abstract] | ||
Earnings | $ 536 | $ 382 |
Earnings | $ 536 | $ 382 |
Weighted-Average Shares | 2,005,868 | 1,975,972 |
Effect of dilutive securities-Incremental shares from assumed conversion of options | 3,288 | 3,871 |
Weighted-Average Shares | 2,009,156 | 1,979,843 |
Per Share Amount | $ 0.27 | $ 0.19 |
Per Share Amount | $ 0.27 | $ 0.19 |
Stock Option Plans - Additional
Stock Option Plans - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | $ 15,000 | |
Common stock issued as compensation to directors, value | $ 19,000 | $ 10,000 |
2015 Stock Incentive Compensation Plan [Member] | Employee Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares to be issued under stock option plan | 500,000 | |
Number of shares issued under stock option plan | 0 | |
Maximum percentage of shares issued | 15.00% | |
Shares granted | 11,540 | |
Unrecognized compensation expense related to nonvested share-based compensation arrangements granted | $ 0 | |
Directors Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares to be issued under stock option plan | 74,805 | |
Shares granted | 1,273 | |
Stock consideration on percentage of common stock received upon cash fees | 110.00% | |
Common stock issued as compensation to directors, value | $ 18,728 | |
Shares available for grant | 60,741 |
Stock Option Plans - Summary of
Stock Option Plans - Summary of Stock Option Activity (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | |
2015 Stock Incentive Compensation Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-Average Exercise Price, Options granted | $ 17.03 | ||
Number of Options, granted | 11,540 | ||
Weighted-Average Exercise Price, Outstanding beginning balance | $ 17.03 | $ 17.03 | |
Number of Options, Outstanding ending balance | 11,540 | ||
Number of Options, Exercisable ending balance | 11,540 | ||
Weighted-Average Exercise Price, Outstanding ending balance | $ 17.03 | ||
Weighted-Average Exercise Price, Exercisable | $ 17.03 | ||
Weighted-Average Remaining Contractual Term, Outstanding | 4 years 10 months 2 days | ||
Weighted-Average Remaining Contractual Term, Exercisable | 4 years 10 months 2 days | ||
Aggregate Intrinsic Value, Exercisable | $ 10,040 | ||
2007 Incentive Award Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Options, Outstanding beginning balance | 42,200 | 75,500 | |
Number of Options, exercised | (200) | ||
Weighted-Average Exercise Price, Outstanding beginning balance | $ 10.16 | $ 10.19 | $ 10.16 |
Number of Options, forfeited | (200) | ||
Number of Options, Outstanding ending balance | 41,800 | 75,500 | |
Number of Options, Exercisable ending balance | 41,300 | ||
Weighted-Average Exercise Price, Outstanding beginning balance | $ 10.16 | $ 10.19 | |
Weighted-Average Exercise Price, Options exercised | 10 | ||
Weighted-Average Exercise Price, Options forfeited | 10 | ||
Weighted-Average Exercise Price, Outstanding ending balance | $ 10.16 | $ 10.19 | |
Weighted-Average Exercise Price, Exercisable | $ 10.16 | ||
Weighted-Average Remaining Contractual Term, Outstanding | 2 years 1 month 28 days | ||
Weighted-Average Remaining Contractual Term, Exercisable | 2 years 1 month 13 days | ||
Aggregate Intrinsic Value, Exercisable | $ 320,000 |
Stock Option Plans - Black-Scho
Stock Option Plans - Black-Scholes Option-Pricing Model Assumptions (Detail) | Feb. 01, 2017$ / shares |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Weighted average risk-free interest rate | 1.48% |
Expected dividend yield | 0.00% |
Expected stock volatility | 8.54% |
Expected life in years | 3 years |
Per share fair value of options issued during period | $ 1.26 |
Federal Home Loan Bank Advanc45
Federal Home Loan Bank Advances - Additional Information (Detail) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Advances from Federal Home Loan Banks [Abstract] | ||
Maximum borrowing capacity under FHLB | $ 29,600,000 | |
Outstanding advances under FHLB | $ 0 | $ 0 |
Fair Value of Financial Instr46
Fair Value of Financial Instruments - Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | $ 35,200 | $ 36,165 | $ 18,779 | $ 8,429 |
Securities available for sale | 42,950 | 33,103 | ||
Loans held for sale | 2,695 | 3,291 | ||
Loans, net | 225,742 | 222,768 | ||
Federal Home Loan Bank stock | 274 | 220 | ||
Accrued interest receivable | 782 | 798 | ||
Bank-owned life insurance | 1,723 | 1,711 | ||
Deposits | 286,249 | 275,347 | ||
Level 2 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities available for sale | 42,950 | 33,103 | ||
Estimated Fair Value [Member] | Level 1 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 35,200 | 36,165 | ||
Estimated Fair Value [Member] | Level 2 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities available for sale | 42,950 | 33,103 | ||
Estimated Fair Value [Member] | Level 3 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Loans held for sale | 2,745 | 3,500 | ||
Loans, net | 222,261 | 221,320 | ||
Federal Home Loan Bank stock | 274 | 220 | ||
Accrued interest receivable | 782 | 798 | ||
Bank-owned life insurance | 1,723 | 1,711 | ||
Deposits | 286,420 | 275,433 | ||
Off Balance Sheet Items | 0 | 0 | ||
Carrying Amount [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 35,200 | 36,165 | ||
Securities available for sale | 42,950 | 33,103 | ||
Loans held for sale | 2,695 | 3,291 | ||
Loans, net | 225,742 | 222,768 | ||
Federal Home Loan Bank stock | 274 | 220 | ||
Accrued interest receivable | 782 | 798 | ||
Bank-owned life insurance | 1,723 | 1,711 | ||
Deposits | 286,249 | 275,347 | ||
Off Balance Sheet Items | $ 0 | $ 0 |
Off-Balance-Sheet Financial Ins
Off-Balance-Sheet Financial Instruments - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Standby Financial Letters of Credit [Member] | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Debt instrument maturity period | 1 year |
Collateral amount | $ 834,000 |
Contractual amounts with off-balance-sheet risk | $ 1,884,000 |
Standby Financial Letters of Credit [Member] | Credit Availability Concentration Risk [Member] | Swap Liabilities [Member] | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Percentage of additional credit limit guaranteed | 10.00% |
Swap Participation Agreement [Member] | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Contractual amounts with off-balance-sheet risk | $ 74,000 |
Swap Participation Agreement [Member] | Credit Availability Concentration Risk [Member] | Swap Liabilities [Member] | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Percentage of additional credit limit guaranteed | 13.208% |
Off-Balance-Sheet Financial I48
Off-Balance-Sheet Financial Instruments - Summary of Maximum Potential Amount of Future Payments (Detail) | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Commitments to Extend Credit [Member] | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Contractual amounts with off-balance-sheet risk | $ 4,752,000 |
Construction Loans in Process [Member] | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Contractual amounts with off-balance-sheet risk | 9,441,000 |
Unused Lines of Credit [Member] | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Contractual amounts with off-balance-sheet risk | 36,300,000 |
Standby Financial Letters of Credit [Member] | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Contractual amounts with off-balance-sheet risk | 1,884,000 |
Guaranteed Accounts [Member] | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Contractual amounts with off-balance-sheet risk | $ 452,000 |