Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2018 | Aug. 07, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
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 | 3,127,271 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Assets | ||
Cash and due from banks | $ 8,118 | $ 6,971 |
Federal funds sold | 18,479 | 20,148 |
Interest-bearing deposits | 5,832 | 5,278 |
Total cash and cash equivalents | 32,429 | 32,397 |
Securities available for sale | 46,657 | 49,809 |
Loans held for sale | 7,321 | 5,880 |
Loans, net of allowance for loan losses of $3,541 and $3,136 | 285,473 | 250,259 |
Federal Home Loan Bank stock | 355 | 316 |
Premises and equipment, net | 4,828 | 4,872 |
Accrued interest receivable | 1,027 | 978 |
Bank-owned life insurance | 1,778 | 1,757 |
Other assets | 1,137 | 912 |
Total assets | 381,005 | 347,180 |
Liabilities: | ||
Noninterest-bearing demand deposits | 76,564 | 76,216 |
Savings, NOW and money-market deposits | 220,363 | 200,027 |
Time deposits | 34,896 | 22,054 |
Total deposits | 331,823 | 298,297 |
Official checks | 602 | 1,146 |
Other liabilities | 644 | 764 |
Total liabilities | 333,069 | 300,207 |
Stockholders' equity: | ||
Preferred stock, undesignated; 1,000,000 shares authorized, none issued or outstanding | ||
Common stock, $.01 par value; 9,000,000 shares authorized, 3,125,233 and 3,118,977 issued and outstanding | 31 | 31 |
Additional paid-in capital | 38,098 | 37,953 |
Retained earnings | 10,729 | 9,285 |
Accumulated other comprehensive loss | (922) | (296) |
Total stockholders' equity | 47,936 | 46,973 |
Total liabilities and stockholders' equity | $ 381,005 | $ 347,180 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Loans receivable, allowance for loan losses | $ 3,541 | $ 3,136 |
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 | 3,125,233 | 3,118,977 |
Common stock, shares outstanding | 3,125,233 | 3,118,977 |
Consolidated Statements of Earn
Consolidated Statements of Earnings - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Interest income: | ||||
Loans | $ 3,543 | $ 2,838 | $ 6,817 | $ 5,473 |
Securities | 287 | 248 | 575 | 457 |
Other | 82 | 88 | 156 | 157 |
Total interest income | 3,912 | 3,174 | 7,548 | 6,087 |
Interest expense- | ||||
Deposits | 500 | 256 | 897 | 503 |
Net interest income | 3,412 | 2,918 | 6,651 | 5,584 |
Provision for loan losses | 155 | 120 | 409 | 155 |
Net interest income after provision for loan losses | 3,257 | 2,798 | 6,242 | 5,429 |
Noninterest income: | ||||
Mortgage banking revenue | 105 | 160 | 215 | 236 |
Income from bank-owned life insurance | 10 | 11 | 21 | 23 |
Loss on sale of securities available for sale | (1) | |||
Other income | 110 | 89 | 212 | 170 |
Total noninterest income | 314 | 341 | 624 | 589 |
Noninterest expense: | ||||
Salaries and employee benefits | 1,218 | 982 | 2,446 | 2,054 |
Occupancy and equipment | 226 | 233 | 461 | 480 |
Professional fees | 97 | 82 | 181 | 145 |
Marketing | 133 | 157 | 340 | 311 |
FDIC/State assessment | 38 | 42 | 74 | 88 |
Software maintenance, amortization and other | 159 | 133 | 307 | 262 |
Other | 370 | 333 | 729 | 656 |
Total noninterest expense | 2,241 | 1,962 | 4,538 | 3,996 |
Earnings before income taxes | 1,330 | 1,177 | 2,328 | 2,022 |
Income taxes | 328 | 412 | 572 | 721 |
Net earnings | $ 1,002 | $ 765 | $ 1,756 | $ 1,301 |
Earnings per common share: | ||||
Basic | $ 0.32 | $ 0.30 | $ 0.56 | $ 0.57 |
Diluted | $ 0.32 | $ 0.30 | 0.56 | 0.57 |
Cash dividends per common share(1) | $ 0.10 | $ 0.07 | ||
Deposit Account [Member] | ||||
Noninterest income: | ||||
Service charges and fees on deposit accounts | $ 89 | $ 81 | $ 176 | $ 161 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Statement of Comprehensive Income [Abstract] | ||||
Net earnings | $ 1,002 | $ 765 | $ 1,756 | $ 1,301 |
Change in unrealized (loss) gain on securities: | ||||
Unrealized (loss) gain arising during the period | (108) | 258 | (838) | 333 |
Reclassification adjustment for realized loss | 1 | |||
Net change in unrealized (loss) gain | (108) | 258 | (838) | 334 |
Deferred income tax benefit (expense) on above change | 27 | (96) | 212 | (124) |
Total other comprehensive (loss) income | (81) | 162 | (626) | 210 |
Comprehensive income | $ 921 | $ 927 | $ 1,130 | $ 1,511 |
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 Loss [Member] |
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 | ||||
Net earnings (unaudited) | 1,301 | 1,301 | |||
Dividends paid (unaudited) | (140) | (140) | |||
Net change in unrealized gain/loss on securities available for sale, net of income taxes (unaudited) | 210 | 210 | |||
Stock options exercised (unaudited), Value | 5 | 5 | |||
Stock options exercised (unaudited), Shares | 500 | ||||
Common stock issued as compensation to directors (unaudited), Value | 35 | 35 | |||
Common stock issued as compensation to directors (unaudited), Shares | 2,165 | ||||
Sale of common stock (unaudited) net of stock offering costs, Value | 16,957 | $ 11 | 16,946 | ||
Sale of common stock (unaudited) net of stock offering costs, Shares | 1,090,908 | ||||
Stock-based compensation (unaudited) | 15 | 15 | |||
Ending Balance (unaudited), Value at Jun. 30, 2017 | 45,465 | $ 31 | 37,733 | 7,724 | (23) |
Ending Balance (unaudited), Shares at Jun. 30, 2017 | 3,098,280 | ||||
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 | ||||
Ending Balance (unaudited), Value at Dec. 31, 2017 | $ 46,973 | $ 31 | 37,953 | 9,285 | (296) |
Ending Balance (unaudited), Shares at Dec. 31, 2017 | 3,118,977 | 3,118,977 | |||
Net earnings (unaudited) | $ 1,756 | 1,756 | |||
Dividends paid (unaudited) | (312) | (312) | |||
Net change in unrealized gain/loss on securities available for sale, net of income taxes (unaudited) | (626) | (626) | |||
Stock options exercised (unaudited), Value | 47 | 47 | |||
Stock options exercised (unaudited), Shares | 4,700 | ||||
Common stock issued as compensation to directors (unaudited), Value | 34 | 34 | |||
Common stock issued as compensation to directors (unaudited), Shares | 1,556 | ||||
Stock-based compensation (unaudited) | 64 | 64 | |||
Ending Balance (unaudited), Value at Jun. 30, 2018 | $ 47,936 | $ 31 | $ 38,098 | $ 10,729 | $ (922) |
Ending Balance (unaudited), Shares at Jun. 30, 2018 | 3,125,233 | 3,125,233 |
Consolidated Statements of Sto7
Consolidated Statements of Stockholders' Equity (Parenthetical) $ in Thousands | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Sale of common stock, net of stock offering costs | $ 1,042,905 |
Additional Paid-in Capital [Member] | |
Sale of common stock, net of stock offering costs | $ 1,042,905 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Cash flows from operating activities: | ||
Net earnings | $ 1,756 | $ 1,301 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 265 | 261 |
Provision for loan losses | 409 | 155 |
Net amortization of deferred loan fees | (15) | (79) |
Loss on sale of securities available for sale | 1 | |
Amortization of premiums and discounts on securities available for sale | 205 | 191 |
Gain on sale of loans held for sale | (168) | (154) |
Proceeds from the sale of loans held for sale | 37,011 | 34,551 |
Loans originated as held for sale | (38,284) | (34,909) |
Stock issued as compensation | 34 | 35 |
Stock-based compensation expense | 64 | 15 |
Income from bank-owned life insurance | (21) | (23) |
Net increase in accrued interest receivable | (49) | (20) |
Net increase in other assets | (13) | (184) |
Net (decrease) increase in other liabilities and official checks | (664) | 75 |
Net cash provided by operating activities | 530 | 1,216 |
Cash flows from investing activities: | ||
Loan originations, net of principal repayments | (35,608) | (19,457) |
Purchase of securities available for sale | (1,003) | (13,548) |
Principal repayments of securities available for sale | 3,083 | 2,345 |
Proceeds from sale of securities available for sale | 750 | |
Maturities and calls of securities available for sale | 29 | 28 |
Purchase of Federal Home Loan Bank stock | (39) | (54) |
Purchase of premises and equipment | (221) | (344) |
Net cash used in investing activities | (33,759) | (30,280) |
Cash flows from financing activities: | ||
Net increase in deposits | 33,526 | 16,866 |
Proceeds from stock options exercised | 47 | 5 |
Proceeds from sale of common stock, net | 16,957 | |
Common stock dividends paid | (312) | (140) |
Net cash provided by financing activities | 33,261 | 33,688 |
Net increase in cash and cash equivalents | 32 | 4,624 |
Cash and cash equivalents at beginning of period | 32,397 | 36,165 |
Cash and cash equivalents at end of period | 32,429 | 40,789 |
Supplemental disclosure of cash flow information Cash paid during the period: | ||
Interest | 875 | 503 |
Income taxes | 610 | 815 |
Noncash transaction- | ||
Accumulated other comprehensive loss, net change in unrealized (loss) gain on securities available for sale, net of taxes | $ (626) | $ 210 |
General
General | 6 Months Ended |
Jun. 30, 2018 | |
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, and 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. The accounting and financial reporting policies the Company follows conform, in all material respects, to accounting principles generally accepted in the United States (“GAAP”) and to general practices within the banking industry. The condensed consolidated financial statements in the Quarterly Report on Form 10-Q 10-Q 10-K Comprehensive Income. available-for-sale Stock-Based Compensation. Mortgage Banking Revenue. Reclassifications. (continued) 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 June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326) available-for-sale The new guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted. The Company is in the process of determining the effect of the ASU on its condensed consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-01, Business In March 2017, the FASB issued ASU No. 2017-08, In February 2018, the FASB issued ASU No. 2018-02), Income Statement Reporting Comprehensive Income (Topic 220) In June 2018, the FASB issued ASU No. 2018-07, (continued) Consequently, the accounting for share-based payments to nonemployees and employees will be substantially aligned. The ASU supersedes Subtopic 505-50, Non-Employees. |
Securities Available for Sale
Securities Available for Sale | 6 Months Ended |
Jun. 30, 2018 | |
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 June 30, 2018 U.S. Government agency securities $ 1,075 $ — $ (24 ) $ 1,051 Municipal securities 12,204 58 (161 ) 12,101 Mortgage-backed securities 34,612 18 (1,125 ) 33,505 Total $ 47,891 $ 76 $ (1,310 ) $ 46,657 At December 31, 2017 U.S. Government agency securities $ 1,251 $ 6 $ (8 ) $ 1,249 Municipal securities 12,340 128 (95 ) 12,373 Mortgage-backed securities 36,614 23 (450 ) 36,187 Total $ 50,205 $ 157 $ (553 ) $ 49,809 The following table summarizes the sale of securities available for sale. Three Months Ended Six Months Ended June 30, June 30, (in thousands) 2018 2017 2018 2017 Proceeds from sale of securities $ — $ — $ — $ 750 Gross gains — — — — Gross losses — — — (1 ) Net loss on sale of securities $ — $ — $ — $ (1 ) (continued) 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 June 30, 2018 Securities Available for Sale U.S. Government agency securities $ (24 ) $ 1,051 $ — $ — Municipal securities (93 ) 4,421 (68 ) 2,369 Mortgage-backed securities (753 ) 24,431 (372 ) 8,430 Total $ (870 ) $ 29,903 $ (440 ) $ 10,799 At December 31, 2017 Securities Available for Sale U.S. Government agency securities $ (8 ) $ 694 $ — $ — Municipal securities (36 ) 1,831 (59 ) 1,203 Mortgage-backed securities (308 ) 29,742 (142 ) 5,667 Total $ (352 ) $ 32,267 $ (201 ) $ 6,870 The unrealized losses at June 30, 2018 and December 31, 2017 on forty and thirty-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 Fair Value Quoted Prices (Level 1) Significant Significant (Level 3) (in thousands) At June 30, 2018 U.S. Government agency securities $ 1,051 $ — $ 1,051 $ — Municipal securities 12,101 — 12,101 — Mortgage-backed securities 33,505 — 33,505 — Total $ 46,657 $ — $ 46,657 $ — At December 31, 2017 U.S. Government agency securities $ 1,249 $ — $ 1,249 $ — Municipal securities 12,373 — 12,373 — Mortgage-backed securities 36,187 — 36,187 — Total $ 49,809 $ — $ 49,809 $ — During the three and six months ended June 30, 2018 and 2017, no securities were transferred in or out of Levels 1, 2 or 3. The scheduled maturities of securities are as follows: At June 30, 2018 Amortized Fair Value (in thousands) Due in less than one year $ 502 $ 503 Due in one to five years 3,672 3,638 Due in five to ten years 6,378 6,388 Due after ten years 2,727 2,623 Mortgage-backed securities 34,612 33,505 Total $ 47,891 $ 46,657 |
Loans
Loans | 6 Months Ended |
Jun. 30, 2018 | |
Receivables [Abstract] | |
Loans | (3) Loans The composition of the Company’s loan portfolio, excluding loans held for sale, was the following for the periods presented below: (in thousands) At June 30, At December 31, Real estate mortgage loans: Commercial $ 89,482 $ 79,565 Residential and home equity 113,715 94,824 Construction 32,266 26,813 Total real estate mortgage loans 235,463 201,202 Commercial loans 46,006 44,027 Consumer and other loans 7,136 7,742 Total loans 288,605 252,971 Add (deduct): Net deferred loan costs 409 424 Allowance for loan losses (3,541 ) (3,136 ) Loans, net $ 285,473 $ 250,259 An analysis of the change in allowance for loan losses follows: Real Estate Mortgage Loans (in thousands) Commercial Residential Construction Commercial Consumer Total Three-Month Period Ended June 30, 2018 Beginning balance $ 977 $ 1,208 $ 372 $ 745 $ 83 $ 3,385 Provision for loan losses 24 101 28 2 — 155 Net (charge-offs) recoveries — — — 2 (1 ) 1 Ending balance $ 1,001 $ 1,309 $ 400 $ 749 $ 82 $ 3,541 Three-Month Period Ended June 30, 2017 Beginning balance $ 767 $ 1,086 $ 293 $ 704 $ 58 $ 2,908 Provision for loan losses 44 22 45 6 3 120 Net (charge-offs) recoveries — — — 2 (2 ) — Ending balance $ 811 $ 1,108 $ 338 $ 712 $ 59 $ 3,028 Six-Month Beginning balance $ 894 $ 1,097 $ 331 $ 724 $ 90 $ 3,136 Provision (credit) for loan losses 107 212 69 22 (1 ) 409 Net (charge-offs) recoveries — — — 3 (7 ) (4 ) Ending balance $ 1,001 $ 1,309 $ 400 $ 749 $ 82 $ 3,541 Six-Month Beginning balance $ 775 $ 1,074 $ 258 $ 714 $ 55 $ 2,876 Provision (credit) for loan losses 36 34 80 (4 ) 9 155 Net (charge-offs) recoveries — — — 2 (5 ) (3 ) Ending balance $ 811 $ 1,108 $ 338 $ 712 $ 59 $ 3,028 At June 30, 2018 Individually evaluated for impairment: Recorded investment $ 611 $ 240 $ — $ 133 $ — $ 984 Balance in allowance for loan losses $ — $ — $ — $ 133 $ — $ 133 Collectively evaluated for impairment: Recorded investment $ 88,871 $ 113,475 $ 32,266 $ 45,873 $ 7,136 $ 287,621 Balance in allowance for loan losses $ 1,001 $ 1,309 $ 400 $ 616 $ 82 $ 3,408 At December 31, 2017 Individually evaluated for impairment: Recorded investment $ — $ — $ — $ 134 $ — $ 134 Balance in allowance for loan losses $ — $ — $ — $ 134 $ — $ 134 Collectively evaluated for impairment: Recorded investment $ 79,565 $ 94,824 $ 26,813 $ 43,893 $ 7,742 $ 252,837 Balance in allowance for loan losses $ 894 $ 1,097 $ 331 $ 590 $ 90 $ 3,002 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. mixed-use Residential and Home Equity. one-to-four 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 and Home Equity Construction Commercial Loans Consumer and Other Loans Total At June 30, 2018 Grade: Pass $ 84,019 $ 110,717 $ 32,101 $ 43,994 $ 7,041 $ 277,872 Special mention 4,852 2,835 — 1,235 95 9,017 Substandard 611 163 165 777 — 1,716 Doubtful — — — — — — Loss — — — — — — Total $ 89,482 $ 113,715 $ 32,266 $ 46,006 $ 7,136 $ 288,605 At December 31, 2017 Grade: Pass $ 74,560 $ 92,282 $ 26,356 $ 42,874 $ 7,715 $ 243,787 Special mention 4,382 2,122 298 591 27 7,420 Substandard 623 420 159 562 — 1,764 Doubtful — — — — — — Loss — — — — — — Total $ 79,565 $ 94,824 $ 26,813 $ 44,027 $ 7,742 $ 252,971 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, nonowner-occupied commercial real estate loans, and commercial loan relationships in excess of $500,000 are reviewed at least annually. The Company determines the appropriate loan grade during the renewal process and reevaluates the loan grade in situations when a loan becomes past due. 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 June 30, 2018, there were two nonaccrual loans, totaling $90,000. Age analysis of past due loans is as follows: Accruing Loans (in thousands) 30-59 Days Past Due 60-89 Days Past Due Greater Than 90 Days Past Due Total Past Due Current Nonaccrual Loans Total Loans At June 30, 2018: Real estate mortgage loans: Commercial $ 42 $ 300 $ — $ 342 $ 89,140 $ — $ 89,482 Residential and home equity 215 — — 215 113,500 — 113,715 Construction — — — — 32,266 — 32,266 Commercial loans — — — — 45,916 90 46,006 Consumer and other loans — — — — 7,136 — 7,136 Total $ 257 $ 300 $ — $ 557 $ 287,958 $ 90 $ 288,605 At December 31, 2017: Real estate mortgage loans: Commercial $ — $ 623 $ — $ 623 $ 78,942 $ — $ 79,565 Residential and home equity — 255 — 255 94,569 — 94,824 Construction — — — — 26,813 — 26,813 Commercial loans — — — — 43,893 134 44,027 Consumer and other loans — — — — 7,742 — 7,742 Total $ — $ 878 $ — $ 878 $ 251,959 $ 134 $ 252,971 The following summarizes the amount of impaired loans: With No Related Allowance Recorded With an Allowance Recorded Total (in thousands) Recorded Investment Unpaid Contractual Principal Balance Recorded Investment Unpaid Contractual Principal Balance Related Allowance Recorded Investment Unpaid Contractual Principal Balance Related Allowance At June 30, 2018: Real estate mortgage loans: Commercial $ 611 $ 611 $ — $ — $ — $ 611 $ 611 $ — Residential & home equity 240 240 — — — 240 240 — Commercial loans — — 133 133 133 133 133 133 Total $ 851 $ 851 $ 133 $ 133 $ 133 $ 984 $ 984 $ 133 At December 31, 2017: Commercial loans $ — $ — $ 134 $ 134 $ 134 $ 134 $ 134 $ 134 Total $ — $ — $ 134 $ 134 $ 134 $ 134 $ 134 $ 134 The average net investment in impaired loans and interest income recognized and received on impaired loans are as follows: Three Months Ended June 30, 2018 2017 (in thousands) Average Recorded Investment Interest Income Recognized Interest Income Received Average Recorded Investment Interest Income Recognized Interest Income Received Real estate mortgage loans: Commercial $ 611 $ — $ — $ — $ — $ — Residential & home equity 251 1 — 481 22 27 Construction — — — 74 — — Commercial loans 156 — — 67 — 1 Total $ 1,018 $ 1 $ — $ 622 $ 22 $ 28 Six Months Ended June 30, 2018 2017 (in thousands) Average Interest Interest Average Interest Interest Real estate mortgage loans: Commercial $ 328 $ — $ — $ — $ — $ — Residential & home equity 212 1 — 562 22 28 Construction — — 2 74 — — Commercial loans 152 — — 69 — 1 Total $ 692 $ 1 $ 2 $ 705 $ 22 $ 29 There were no collateral dependent loans measured at fair value on a nonrecurring basis at June 30, 2018 or 2017. The restructuring of a loan constitutes a troubled debt restructuring (“TDR”) if the creditor grants a concession to the debtor that it would not otherwise consider in the normal course of business. A concession may include an extension of repayment terms which would not normally be granted, a reduction in interest rate or the forgiveness of principal and/or accrued interest. All TDRs are evaluated individually for impairment on a quarterly basis as part of the allowance for loan losses calculation. The Company entered into one new TDR during the quarter ended June 30, 2018 and during the six months ended June 30, 2018 and 2017. The Company had no new TDRs during the quarter ended June 30, 2017. Three Months Ended June 30, 2018 2017 ( dollars in thousands) Number of Contracts Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Current Modification Outstanding Recorded Investment Number of Contracts Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Current Modification Outstanding Recorded Investment Troubled Debt Restructurings - Commercial real estate: Modified principal 1 $ 619 $ 611 $ 611 — $ — $ — $ — Total 1 $ 619 $ 611 $ 611 — $ — $ — $ — Six Months Ended June 30, 2018 2017 (dollars in thousands) Number of Contracts Pre- Post- Current Number of Contracts Pre- Post- Current Troubled Debt Restructurings - Commercial real estate: Modified principal 1 $ 619 $ 611 $ 611 $ 1 $ 153 $ 169 $ 167 Total 1 $ 619 $ 611 $ 611 $ 1 $ 153 $ 169 $ 167 At June 30, 2018, the Company had $655,000 in loans identified as TDRs. The TDR entered into during the quarter ended June 30, 2018 did not subsequently default during that period. |
Regulatory Capital
Regulatory Capital | 6 Months Ended |
Jun. 30, 2018 | |
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. Beginning January 1, 2016, the Bank became subject to the capital conservation buffer rules which place limitations on distributions, including dividend payments, and certain discretionary bonus payments to executive officers. In order to avoid these limitations, a bank must hold a capital conservation buffer above its minimum risk-based capital requirements. As of June 30, 2018, the Bank’s capital conservation buffer exceeds the minimum requirement designated for June 30, 2018 of 1.875%. The required buffer of 2.5% will be effective January 1, 2019. Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and percentages (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 June 30, 2018 that the Bank meets all capital adequacy requirements to which it is subject. As of June 30, 2018, 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 June 30, 2018 Tier 1 Leverage Capital $ 35,213 9.68 % $ 14,554 4.00 % $ 18,192 5.00 % Common Equity Tier 1 Risk-based Capital 35,213 12.28 12,905 4.50 18,641 6.50 Tier 1 Risk-based Capital 35,213 12.28 17,207 6.00 22,942 8.00 Total Risk-based Capital 38,754 13.51 22,942 8.00 28,678 10.00 As of December 31, 2017 Tier 1 Leverage Capital $ 33,146 9.48 % $ 13,983 4.00 % $ 17,479 5.00 % Common Equity Tier 1 Risk-based Capital 33,146 12.80 11,654 4.50 16,834 6.50 Tier 1 Risk-based Capital 33,146 12.80 15,539 6.00 20,718 8.00 Total Risk-based Capital 36,282 14.01 20,718 8.00 25,898 10.00 |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2018 | |
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 and six months ended June 30, 2018 and 2017, outstanding stock options are considered dilutive securities for purposes of calculating diluted EPS which was computed using the treasury stock method. 2018 2017 Weighted- Per Weighted- Per Average Share Average Share (dollars in thousands, except per share amounts) Earnings Shares Amount Earnings Shares Amount Three Months Ending June 30: Basic EPS: Net earnings $ 1,002 3,123,594 $ 0.32 $ 765 2,589,921 $ 0.30 Effect of dilutive securities-incremental shares from assumed conversion of options 2,428 2,977 Diluted EPS: Net earnings $ 1,002 3,126,022 $ 0.32 $ 765 2,592,898 $ 0.30 Six Months Ending June 30: Basic EPS: Net earnings $ 1,756 3,122,112 $ 0.56 $ 1,301 2,299,508 $ 0.57 Effect of dilutive securities-incremental shares from assumed conversion of options 5,375 6,261 Diluted EPS: Net earnings $ 1,756 3,127,487 $ 0.56 $ 1,301 2,305,769 $ 0.57 |
Stock Option Plans
Stock Option Plans | 6 Months Ended |
Jun. 30, 2018 | |
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. During the second quarter of 2018, the Company issued 120,000 Non-Qualified During the second quarter of 2018, the Company issued Incentive Stock Options (“ISO”) to its employees. The Company issued 25,000 ISOs to its CEO and 92,250 ISOs to its remaining employees. These ISOs vest over 5 years and expire in increments beginning April 1, 2024 and concluding April 1, 2028. As of June 30, 2018, 252,917 stock options have been granted under the 2015 Plan and 204,328 options are available for grant. Number Weighted- Weighted- Aggregate Outstanding at December 31, 2016 — $ — Options granted 11,540 17.03 Outstanding at June 30, 2017 11,540 $ 17.03 Outstanding at December 31, 2017 11,540 $ 17.03 Options granted 252,917 19.79 Outstanding at June 30, 2018 264,457 $ 19.79 8.85 years $ 311,000 Exercisable at June 30, 2018 37,207 $ 17.93 3.31 years $ 113,000 The fair value of shares vested and recognized as compensation expense was $64,000 and $15,000 for the six months ended June 30, 2018 and 2017, respectively. At June 30, 2018, there was $732,000 in unrecognized compensation expense related to nonvested share-based compensation arrangements granted under the 2015 Plan, with an average remaining life of 56 months. At June 30, 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 six months ended June 30, 2018 was estimated on the date of grant using the Black-Scholes option-pricing model with the following range of assumptions: Weighted average risk-free interest rate 1.47 - 2.63 % Expected dividend yield 0.41 - 0.50 % Expected stock volatility 10.70 - 11.90 % Expected life in years 2.5 - 6.5 Per share fair value of options issued during period $ 1.49 - $3.35 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, 2016 42,200 $ 10.16 Options exercised (500 ) 10.00 Options forfeited (200 ) 10.00 Outstanding at June 30, 2017 41,500 $ 10.16 Options exercised (18,950 ) $ 10.00 Options forfeited (350 ) $ 10.00 Outstanding at December 31, 2017 22,200 $ 10.31 Options exercised (4,700 ) 10.00 Outstanding at June 30, 2018 17,500 $ 10.39 1.26 years $ 185,000 Exercisable at June 30, 2018 17,500 $ 10.39 1.26 years $ 185,000 At June 30, 2018, there was no unrecognized compensation expense related to nonvested share-based compensation arrangements granted under the 2007 plan. 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 | 6 Months Ended |
Jun. 30, 2018 | |
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 $37.1 million at June 30, 2018. At June 30, 2018 and December 31, 2017, the Company had no outstanding loans under this line. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2018 | |
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 June 30, 2018 At December 31, 2017 Carrying Fair Carrying Fair (in thousands) Level Amount Value Amount Value Financial assets: Cash and cash equivalents 1 $ 32,429 $ 32,429 $ 32,397 $ 32,397 Securities available for sale 2 46,657 46,657 49,809 49,809 Loans held for sale 3 7,321 7,354 5,880 6,039 Loans, net 3 285,473 283,741 250,259 249,628 Federal Home Loan Bank stock 3 355 355 316 316 Accrued interest receivable 3 1,027 1,027 978 978 Financial liabilities- Deposits 3 331,823 332,010 298,297 298,403 Off-Balance 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 | 6 Months Ended |
Jun. 30, 2018 | |
Text Block [Abstract] | |
Off-Balance Sheet Financial Instruments | (9) Off-Balance The Company is a party to financial instruments with off-balance 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 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 $565,000 at June 30, 2018. 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. The maximum potential amount of future payments we could be required to make for off-balance (in thousands) At June 30, 2018 Commitments to extend credit $ 3,007 Construction loans in process $ 16,459 Unused lines of credit $ 39,585 Standby letters of credit $ 1,894 Standby performance letters of credit $ 378 Guaranteed accounts $ 1,328 |
Premises and Equipment
Premises and Equipment | 6 Months Ended |
Jun. 30, 2018 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | (10) Premises and Equipment Effective August 6, 2018, Prime Meridian Holding Company’s (the “Company”) wholly-owned subsidiary, Prime Meridian Bank (the “Bank”), entered into a Retail Lease (the “Lease”) at its Timberlane location with the new owner of the property, LG Tallahassee Market Square, LLC (the “Landlord”). The Lease allows for the operation of a full-service banking office at 1471 Timberlane Road, Tallahassee, Florida 32312. The term of the Lease is 15 years, with four options to renew for five years each. The Lease requires the Landlord to seek approval from the City of Tallahassee for a lot line adjustment. Once this approval is received, the Landlord has six months from the approval date to deliver notice and proof of a Certificate of Completion (the “Delivery Date”), certifying that the Landlord’s improvement obligations are complete. The new rent obligations will commence 120 days after the Delivery Date (the “Rent Commencement Date”) and are as follows: Years Annual Rent Amount 1-5 $ 294,000 6-10 $ 323,400 11-15 $ 355,740 Prior to the Rent Commencement Date, the Bank will pay rent in accordance with its prior lease as disclosed in the Company’s annual report on Form 10-K for the year ended December 31, 2017. The Lease is a fully net lease, with the Bank separately paying real and personal property taxes, all special and third party assessments, common area maintenance charges, maintenance costs, and insurance expenses. |
General (Policies)
General (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Comprehensive Income | Comprehensive Income. available-for-sale |
Stock-Based Compensation | Stock-Based Compensation. |
Mortgage Banking Revenue | Mortgage Banking Revenue. |
Reclassifications | Reclassifications. |
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 June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326) available-for-sale The new guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted. The Company is in the process of determining the effect of the ASU on its condensed consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-01, Business In March 2017, the FASB issued ASU No. 2017-08, In February 2018, the FASB issued ASU No. 2018-02), Income Statement Reporting Comprehensive Income (Topic 220) |
Securities Available for Sale (
Securities Available for Sale (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
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 June 30, 2018 U.S. Government agency securities $ 1,075 $ — $ (24 ) $ 1,051 Municipal securities 12,204 58 (161 ) 12,101 Mortgage-backed securities 34,612 18 (1,125 ) 33,505 Total $ 47,891 $ 76 $ (1,310 ) $ 46,657 At December 31, 2017 U.S. Government agency securities $ 1,251 $ 6 $ (8 ) $ 1,249 Municipal securities 12,340 128 (95 ) 12,373 Mortgage-backed securities 36,614 23 (450 ) 36,187 Total $ 50,205 $ 157 $ (553 ) $ 49,809 |
Schedule of Sale of Securities Available for Sale | The following table summarizes the sale of securities available for sale. Three Months Ended Six Months Ended June 30, June 30, (in thousands) 2018 2017 2018 2017 Proceeds from sale of securities $ — $ — $ — $ 750 Gross gains — — — — Gross losses — — — (1 ) Net loss on sale of securities $ — $ — $ — $ (1 ) |
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 June 30, 2018 Securities Available for Sale U.S. Government agency securities $ (24 ) $ 1,051 $ — $ — Municipal securities (93 ) 4,421 (68 ) 2,369 Mortgage-backed securities (753 ) 24,431 (372 ) 8,430 Total $ (870 ) $ 29,903 $ (440 ) $ 10,799 At December 31, 2017 Securities Available for Sale U.S. Government agency securities $ (8 ) $ 694 $ — $ — Municipal securities (36 ) 1,831 (59 ) 1,203 Mortgage-backed securities (308 ) 29,742 (142 ) 5,667 Total $ (352 ) $ 32,267 $ (201 ) $ 6,870 |
Securities Available for Sale Measured at Fair Value on Recurring Basis | Fair Value Measurements Using Fair Value Quoted Prices (Level 1) Significant Significant (Level 3) (in thousands) At June 30, 2018 U.S. Government agency securities $ 1,051 $ — $ 1,051 $ — Municipal securities 12,101 — 12,101 — Mortgage-backed securities 33,505 — 33,505 — Total $ 46,657 $ — $ 46,657 $ — At December 31, 2017 U.S. Government agency securities $ 1,249 $ — $ 1,249 $ — Municipal securities 12,373 — 12,373 — Mortgage-backed securities 36,187 — 36,187 — Total $ 49,809 $ — $ 49,809 $ — |
Scheduled Maturities of Securities with Fair Value and Amortized Cost | The scheduled maturities of securities are as follows: At June 30, 2018 Amortized Fair Value (in thousands) Due in less than one year $ 502 $ 503 Due in one to five years 3,672 3,638 Due in five to ten years 6,378 6,388 Due after ten years 2,727 2,623 Mortgage-backed securities 34,612 33,505 Total $ 47,891 $ 46,657 |
Loans (Tables)
Loans (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Receivables [Abstract] | |
Composition of Company's Loan Portfolio, Excluding Loans Held for Sale | The composition of the Company’s loan portfolio, excluding loans held for sale, was the following for the periods presented below: (in thousands) At June 30, At December 31, Real estate mortgage loans: Commercial $ 89,482 $ 79,565 Residential and home equity 113,715 94,824 Construction 32,266 26,813 Total real estate mortgage loans 235,463 201,202 Commercial loans 46,006 44,027 Consumer and other loans 7,136 7,742 Total loans 288,605 252,971 Add (deduct): Net deferred loan costs 409 424 Allowance for loan losses (3,541 ) (3,136 ) Loans, net $ 285,473 $ 250,259 |
Summary of Changes in Allowance for Loan Losses | An analysis of the change in allowance for loan losses follows: Real Estate Mortgage Loans (in thousands) Commercial Residential Construction Commercial Consumer Total Three-Month Period Ended June 30, 2018 Beginning balance $ 977 $ 1,208 $ 372 $ 745 $ 83 $ 3,385 Provision for loan losses 24 101 28 2 — 155 Net (charge-offs) recoveries — — — 2 (1 ) 1 Ending balance $ 1,001 $ 1,309 $ 400 $ 749 $ 82 $ 3,541 Three-Month Period Ended June 30, 2017 Beginning balance $ 767 $ 1,086 $ 293 $ 704 $ 58 $ 2,908 Provision for loan losses 44 22 45 6 3 120 Net (charge-offs) recoveries — — — 2 (2 ) — Ending balance $ 811 $ 1,108 $ 338 $ 712 $ 59 $ 3,028 Six-Month Beginning balance $ 894 $ 1,097 $ 331 $ 724 $ 90 $ 3,136 Provision (credit) for loan losses 107 212 69 22 (1 ) 409 Net (charge-offs) recoveries — — — 3 (7 ) (4 ) Ending balance $ 1,001 $ 1,309 $ 400 $ 749 $ 82 $ 3,541 Six-Month Beginning balance $ 775 $ 1,074 $ 258 $ 714 $ 55 $ 2,876 Provision (credit) for loan losses 36 34 80 (4 ) 9 155 Net (charge-offs) recoveries — — — 2 (5 ) (3 ) Ending balance $ 811 $ 1,108 $ 338 $ 712 $ 59 $ 3,028 At June 30, 2018 Individually evaluated for impairment: Recorded investment $ 611 $ 240 $ — $ 133 $ — $ 984 Balance in allowance for loan losses $ — $ — $ — $ 133 $ — $ 133 Collectively evaluated for impairment: Recorded investment $ 88,871 $ 113,475 $ 32,266 $ 45,873 $ 7,136 $ 287,621 Balance in allowance for loan losses $ 1,001 $ 1,309 $ 400 $ 616 $ 82 $ 3,408 At December 31, 2017 Individually evaluated for impairment: Recorded investment $ — $ — $ — $ 134 $ — $ 134 Balance in allowance for loan losses $ — $ — $ — $ 134 $ — $ 134 Collectively evaluated for impairment: Recorded investment $ 79,565 $ 94,824 $ 26,813 $ 43,893 $ 7,742 $ 252,837 Balance in allowance for loan losses $ 894 $ 1,097 $ 331 $ 590 $ 90 $ 3,002 |
Summary of Loan Credit Quality | The following summarizes the loan credit quality: Real Estate Mortgage Loans (in thousands) Commercial Residential and Home Equity Construction Commercial Loans Consumer and Other Loans Total At June 30, 2018 Grade: Pass $ 84,019 $ 110,717 $ 32,101 $ 43,994 $ 7,041 $ 277,872 Special mention 4,852 2,835 — 1,235 95 9,017 Substandard 611 163 165 777 — 1,716 Doubtful — — — — — — Loss — — — — — — Total $ 89,482 $ 113,715 $ 32,266 $ 46,006 $ 7,136 $ 288,605 At December 31, 2017 Grade: Pass $ 74,560 $ 92,282 $ 26,356 $ 42,874 $ 7,715 $ 243,787 Special mention 4,382 2,122 298 591 27 7,420 Substandard 623 420 159 562 — 1,764 Doubtful — — — — — — Loss — — — — — — Total $ 79,565 $ 94,824 $ 26,813 $ 44,027 $ 7,742 $ 252,971 |
Summary of Past Due Loans | Age analysis of past due loans is as follows: Accruing Loans (in thousands) 30-59 Days Past Due 60-89 Days Past Due Greater Than 90 Days Past Due Total Past Due Current Nonaccrual Loans Total Loans At June 30, 2018: Real estate mortgage loans: Commercial $ 42 $ 300 $ — $ 342 $ 89,140 $ — $ 89,482 Residential and home equity 215 — — 215 113,500 — 113,715 Construction — — — — 32,266 — 32,266 Commercial loans — — — — 45,916 90 46,006 Consumer and other loans — — — — 7,136 — 7,136 Total $ 257 $ 300 $ — $ 557 $ 287,958 $ 90 $ 288,605 At December 31, 2017: Real estate mortgage loans: Commercial $ — $ 623 $ — $ 623 $ 78,942 $ — $ 79,565 Residential and home equity — 255 — 255 94,569 — 94,824 Construction — — — — 26,813 — 26,813 Commercial loans — — — — 43,893 134 44,027 Consumer and other loans — — — — 7,742 — 7,742 Total $ — $ 878 $ — $ 878 $ 251,959 $ 134 $ 252,971 |
Summary of Impaired Loans | The following summarizes the amount of impaired loans: With No Related Allowance Recorded With an Allowance Recorded Total (in thousands) Recorded Investment Unpaid Contractual Principal Balance Recorded Investment Unpaid Contractual Principal Balance Related Allowance Recorded Investment Unpaid Contractual Principal Balance Related Allowance At June 30, 2018: Real estate mortgage loans: Commercial $ 611 $ 611 $ — $ — $ — $ 611 $ 611 $ — Residential & home equity 240 240 — — — 240 240 — Commercial loans — — 133 133 133 133 133 133 Total $ 851 $ 851 $ 133 $ 133 $ 133 $ 984 $ 984 $ 133 At December 31, 2017: Commercial loans $ — $ — $ 134 $ 134 $ 134 $ 134 $ 134 $ 134 Total $ — $ — $ 134 $ 134 $ 134 $ 134 $ 134 $ 134 |
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 June 30, 2018 2017 (in thousands) Average Recorded Investment Interest Income Recognized Interest Income Received Average Recorded Investment Interest Income Recognized Interest Income Received Real estate mortgage loans: Commercial $ 611 $ — $ — $ — $ — $ — Residential & home equity 251 1 — 481 22 27 Construction — — — 74 — — Commercial loans 156 — — 67 — 1 Total $ 1,018 $ 1 $ — $ 622 $ 22 $ 28 Six Months Ended June 30, 2018 2017 (in thousands) Average Interest Interest Average Interest Interest Real estate mortgage loans: Commercial $ 328 $ — $ — $ — $ — $ — Residential & home equity 212 1 — 562 22 28 Construction — — 2 74 — — Commercial loans 152 — — 69 — 1 Total $ 692 $ 1 $ 2 $ 705 $ 22 $ 29 |
Summary of Loans Determined to be Troubled Debt Restructurings | The Company entered into one new TDR during the quarter ended June 30, 2018 and during the six months ended June 30, 2018 and 2017. The Company had no new TDRs during the quarter ended June 30, 2017. Three Months Ended June 30, 2018 2017 ( dollars in thousands) Number of Contracts Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Current Modification Outstanding Recorded Investment Number of Contracts Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Current Modification Outstanding Recorded Investment Troubled Debt Restructurings - Commercial real estate: Modified principal 1 $ 619 $ 611 $ 611 — $ — $ — $ — Total 1 $ 619 $ 611 $ 611 — $ — $ — $ — Six Months Ended June 30, 2018 2017 (dollars in thousands) Number of Contracts Pre- Post- Current Number of Contracts Pre- Post- Current Troubled Debt Restructurings - Commercial real estate: Modified principal 1 $ 619 $ 611 $ 611 $ 1 $ 153 $ 169 $ 167 Total 1 $ 619 $ 611 $ 611 $ 1 $ 153 $ 169 $ 167 |
Regulatory Capital (Tables)
Regulatory Capital (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
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 June 30, 2018 Tier 1 Leverage Capital $ 35,213 9.68 % $ 14,554 4.00 % $ 18,192 5.00 % Common Equity Tier 1 Risk-based Capital 35,213 12.28 12,905 4.50 18,641 6.50 Tier 1 Risk-based Capital 35,213 12.28 17,207 6.00 22,942 8.00 Total Risk-based Capital 38,754 13.51 22,942 8.00 28,678 10.00 As of December 31, 2017 Tier 1 Leverage Capital $ 33,146 9.48 % $ 13,983 4.00 % $ 17,479 5.00 % Common Equity Tier 1 Risk-based Capital 33,146 12.80 11,654 4.50 16,834 6.50 Tier 1 Risk-based Capital 33,146 12.80 15,539 6.00 20,718 8.00 Total Risk-based Capital 36,282 14.01 20,718 8.00 25,898 10.00 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Common Share | For the three and six months ended June 30, 2018 and 2017, outstanding stock options are considered dilutive securities for purposes of calculating diluted EPS which was computed using the treasury stock method. 2018 2017 Weighted- Per Weighted- Per Average Share Average Share (dollars in thousands, except per share amounts) Earnings Shares Amount Earnings Shares Amount Three Months Ending June 30: Basic EPS: Net earnings $ 1,002 3,123,594 $ 0.32 $ 765 2,589,921 $ 0.30 Effect of dilutive securities-incremental shares from assumed conversion of options 2,428 2,977 Diluted EPS: Net earnings $ 1,002 3,126,022 $ 0.32 $ 765 2,592,898 $ 0.30 Six Months Ending June 30: Basic EPS: Net earnings $ 1,756 3,122,112 $ 0.56 $ 1,301 2,299,508 $ 0.57 Effect of dilutive securities-incremental shares from assumed conversion of options 5,375 6,261 Diluted EPS: Net earnings $ 1,756 3,127,487 $ 0.56 $ 1,301 2,305,769 $ 0.57 |
Stock Option Plans (Tables)
Stock Option Plans (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Black-Scholes Option-Pricing Model Assumptions | The fair value of each option granted during the six months ended June 30, 2018 was estimated on the date of grant using the Black-Scholes option-pricing model with the following range of assumptions: Weighted average risk-free interest rate 1.47 - 2.63 % Expected dividend yield 0.41 - 0.50 % Expected stock volatility 10.70 - 11.90 % Expected life in years 2.5 - 6.5 Per share fair value of options issued during period $ 1.49 - $3.35 |
2015 Stock Incentive Compensation Plan [Member] | |
Summary of Company's Plan | Number Weighted- Weighted- Aggregate Outstanding at December 31, 2016 — $ — Options granted 11,540 17.03 Outstanding at June 30, 2017 11,540 $ 17.03 Outstanding at December 31, 2017 11,540 $ 17.03 Options granted 252,917 19.79 Outstanding at June 30, 2018 264,457 $ 19.79 8.85 years $ 311,000 Exercisable at June 30, 2018 37,207 $ 17.93 3.31 years $ 113,000 |
2007 Incentive Award Plan [Member] | |
Summary of Company's Plan | 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, 2016 42,200 $ 10.16 Options exercised (500 ) 10.00 Options forfeited (200 ) 10.00 Outstanding at June 30, 2017 41,500 $ 10.16 Options exercised (18,950 ) $ 10.00 Options forfeited (350 ) $ 10.00 Outstanding at December 31, 2017 22,200 $ 10.31 Options exercised (4,700 ) 10.00 Outstanding at June 30, 2018 17,500 $ 10.39 1.26 years $ 185,000 Exercisable at June 30, 2018 17,500 $ 10.39 1.26 years $ 185,000 |
Fair Value of Financial Instr25
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Values and Fair Value Measurement Method of Financial Instruments | The estimated fair values and fair value measurement method with respect to the Company’s financial instruments were as follows: At June 30, 2018 At December 31, 2017 Carrying Fair Carrying Fair (in thousands) Level Amount Value Amount Value Financial assets: Cash and cash equivalents 1 $ 32,429 $ 32,429 $ 32,397 $ 32,397 Securities available for sale 2 46,657 46,657 49,809 49,809 Loans held for sale 3 7,321 7,354 5,880 6,039 Loans, net 3 285,473 283,741 250,259 249,628 Federal Home Loan Bank stock 3 355 355 316 316 Accrued interest receivable 3 1,027 1,027 978 978 Financial liabilities- Deposits 3 331,823 332,010 298,297 298,403 Off-Balance 3 — — — — |
Off-Balance Sheet Financial I26
Off-Balance Sheet Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Text Block [Abstract] | |
Summary of Off-Balance Sheet Financial Instruments | The maximum potential amount of future payments we could be required to make for off-balance (in thousands) At June 30, 2018 Commitments to extend credit $ 3,007 Construction loans in process $ 16,459 Unused lines of credit $ 39,585 Standby letters of credit $ 1,894 Standby performance letters of credit $ 378 Guaranteed accounts $ 1,328 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Property, Plant and Equipment [Abstract] | |
Summary of New Rent Obligations | The new rent obligations will commence 120 days after the Delivery Date (the “Rent Commencement Date”) and are as follows: Years Annual Rent Amount 1-5 $ 294,000 6-10 $ 323,400 11-15 $ 355,740 |
General - Additional Informatio
General - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2018Office | |
Accounting Policies [Abstract] | |
Percent of outstanding common stock owns | 100.00% |
Number of banking offices | 3 |
Statutory federal income tax rate | 21.00% |
Securities Available for Sale -
Securities Available for Sale - Summary of Carrying Amount and Fair Values of Securities (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 47,891 | $ 50,205 |
Gross Unrealized Gains | 76 | 157 |
Gross Unrealized Losses | (1,310) | (553) |
Fair Value | 46,657 | 49,809 |
US Government Agency Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,075 | 1,251 |
Gross Unrealized Gains | 6 | |
Gross Unrealized Losses | (24) | (8) |
Fair Value | 1,051 | 1,249 |
Municipal Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 12,204 | 12,340 |
Gross Unrealized Gains | 58 | 128 |
Gross Unrealized Losses | (161) | (95) |
Fair Value | 12,101 | 12,373 |
Mortgage-backed Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 34,612 | 36,614 |
Gross Unrealized Gains | 18 | 23 |
Gross Unrealized Losses | (1,125) | (450) |
Fair Value | $ 33,505 | $ 36,187 |
Securities Available for Sale30
Securities Available for Sale - Schedule of Sale of Securities Available for Sale (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Proceeds from sale of securities | $ 750 | |||
Gross gains | $ 0 | $ 0 | $ 0 | 0 |
Gross losses | (1) | |||
Net loss on sale of securities | $ (1) |
Securities Available for Sale31
Securities Available for Sale - Summary of Securities in Continuous Unrealized Loss Position (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Debt Securities, Available-for-sale [Line Items] | ||
Gross Unrealized Losses, Less Than Twelve Months | $ (870) | $ (352) |
Fair Value, Less Than Twelve Months | 29,903 | 32,267 |
Gross Unrealized Losses, Over Twelve Months | (440) | (201) |
Fair Value, Over Twelve Months | 10,799 | 6,870 |
US Government Agency Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Gross Unrealized Losses, Less Than Twelve Months | (24) | (8) |
Fair Value, Less Than Twelve Months | 1,051 | 694 |
Municipal Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Gross Unrealized Losses, Less Than Twelve Months | (93) | (36) |
Fair Value, Less Than Twelve Months | 4,421 | 1,831 |
Gross Unrealized Losses, Over Twelve Months | (68) | (59) |
Fair Value, Over Twelve Months | 2,369 | 1,203 |
Mortgage-backed Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Gross Unrealized Losses, Less Than Twelve Months | (753) | (308) |
Fair Value, Less Than Twelve Months | 24,431 | 29,742 |
Gross Unrealized Losses, Over Twelve Months | (372) | (142) |
Fair Value, Over Twelve Months | $ 8,430 | $ 5,667 |
Securities Available for Sale32
Securities Available for Sale - Additional Information (Detail) | 3 Months Ended | |||
Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2018Securities | Dec. 31, 2017Securities | |
Investments, Debt and Equity Securities [Abstract] | ||||
Number of securities in unrealized loss | Securities | 40 | 34 | ||
Securities transferred in or out of Level 1, Level 2 or Level 3 | $ | $ 0 | $ 0 |
Securities Available for Sale33
Securities Available for Sale - Securities Available for Sale Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 46,657 | $ 49,809 |
US Government Agency Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 1,051 | 1,249 |
Municipal Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 12,101 | 12,373 |
Mortgage-backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 33,505 | 36,187 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 46,657 | 49,809 |
Level 2 [Member] | US Government Agency Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 1,051 | 1,249 |
Level 2 [Member] | Municipal Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 12,101 | 12,373 |
Level 2 [Member] | Mortgage-backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 33,505 | $ 36,187 |
Securities Available for Sale34
Securities Available for Sale - Scheduled Maturities of Securities with Fair Value and Amortized Cost (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Investments, Debt and Equity Securities [Abstract] | ||
Due in less than one year, Amortized cost | $ 502 | |
Due in one to five years, Amortized cost | 3,672 | |
Due in five to ten year, Amortized cost | 6,378 | |
Due after ten years, Amortized cost | 2,727 | |
Mortgage-backed securities, Amortized cost | 34,612 | |
Amortized Cost | 47,891 | $ 50,205 |
Due in less than one year, Fair value | 503 | |
Due in one to five years, Fair value | 3,638 | |
Due in five to ten year, Fair value | 6,388 | |
Due after ten years, Fair value | 2,623 | |
Mortgage-backed securities, Fair value | 33,505 | |
Total | $ 46,657 | $ 49,809 |
Loans - Composition of Company'
Loans - Composition of Company's Loan Portfolio, Excluding Loans Held for Sale (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | $ 288,605 | $ 252,971 | ||||
Net deferred loan costs | 409 | 424 | ||||
Allowance for loan losses | (3,541) | $ (3,385) | (3,136) | $ (3,028) | $ (2,908) | $ (2,876) |
Loans, net | 285,473 | 250,259 | ||||
Mortgage Receivable [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | 235,463 | 201,202 | ||||
Mortgage Receivable [Member] | Commercial Real Estate Mortgage Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | 89,482 | 79,565 | ||||
Allowance for loan losses | (1,001) | (977) | (894) | (811) | (767) | (775) |
Mortgage Receivable [Member] | Residential and Home Equity Real Estate Mortgage Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | 113,715 | 94,824 | ||||
Allowance for loan losses | (1,309) | (1,208) | (1,097) | (1,108) | (1,086) | (1,074) |
Mortgage Receivable [Member] | Construction Real Estate Mortgage Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | 32,266 | 26,813 | ||||
Allowance for loan losses | (400) | (372) | (331) | (338) | (293) | (258) |
Loans and Finance Receivables [Member] | Commercial Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | 46,006 | 44,027 | ||||
Allowance for loan losses | (749) | (745) | (724) | (712) | (704) | (714) |
Loans and Finance Receivables [Member] | Consumer and Other Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | 7,136 | 7,742 | ||||
Allowance for loan losses | $ (82) | $ (83) | $ (90) | $ (59) | $ (58) | $ (55) |
Loans - Summary of Changes in A
Loans - Summary of Changes in Allowance for Loan Losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Beginning balance | $ 3,385 | $ 2,908 | $ 3,136 | $ 2,876 | |
Provision (credit) for loan losses | 155 | 120 | 409 | 155 | |
Net (charge-offs) recoveries | 1 | (4) | (3) | ||
Ending balance | 3,541 | 3,028 | 3,541 | 3,028 | |
Individually evaluated for impairment: | |||||
Recorded investment | 984 | 984 | $ 134 | ||
Balance in allowance for loan losses | 133 | 133 | 134 | ||
Collectively evaluated for impairment: | |||||
Recorded investment | 287,621 | 287,621 | 252,837 | ||
Balance in allowance for loan losses | 3,408 | 3,408 | 3,002 | ||
Mortgage Receivable [Member] | Commercial Real Estate Mortgage Loans [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Beginning balance | 977 | 767 | 894 | 775 | |
Provision (credit) for loan losses | 24 | 44 | 107 | 36 | |
Ending balance | 1,001 | 811 | 1,001 | 811 | |
Individually evaluated for impairment: | |||||
Recorded investment | 611 | 611 | |||
Collectively evaluated for impairment: | |||||
Recorded investment | 88,871 | 88,871 | 79,565 | ||
Balance in allowance for loan losses | 1,001 | 1,001 | 894 | ||
Mortgage Receivable [Member] | Residential and Home Equity Real Estate Mortgage Loans [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Beginning balance | 1,208 | 1,086 | 1,097 | 1,074 | |
Provision (credit) for loan losses | 101 | 22 | 212 | 34 | |
Ending balance | 1,309 | 1,108 | 1,309 | 1,108 | |
Individually evaluated for impairment: | |||||
Recorded investment | 240 | 240 | |||
Collectively evaluated for impairment: | |||||
Recorded investment | 113,475 | 113,475 | 94,824 | ||
Balance in allowance for loan losses | 1,309 | 1,309 | 1,097 | ||
Mortgage Receivable [Member] | Construction Real Estate Mortgage Loans [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Beginning balance | 372 | 293 | 331 | 258 | |
Provision (credit) for loan losses | 28 | 45 | 69 | 80 | |
Ending balance | 400 | 338 | 400 | 338 | |
Collectively evaluated for impairment: | |||||
Recorded investment | 32,266 | 32,266 | 26,813 | ||
Balance in allowance for loan losses | 400 | 400 | 331 | ||
Loans and Finance Receivables [Member] | Commercial Loans [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Beginning balance | 745 | 704 | 724 | 714 | |
Provision (credit) for loan losses | 2 | 6 | 22 | (4) | |
Net (charge-offs) recoveries | 2 | 2 | 3 | 2 | |
Ending balance | 749 | 712 | 749 | 712 | |
Individually evaluated for impairment: | |||||
Recorded investment | 133 | 133 | 134 | ||
Balance in allowance for loan losses | 133 | 133 | 134 | ||
Collectively evaluated for impairment: | |||||
Recorded investment | 45,873 | 45,873 | 43,893 | ||
Balance in allowance for loan losses | 616 | 616 | 590 | ||
Loans and Finance Receivables [Member] | Consumer and Other Loans [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Beginning balance | 83 | 58 | 90 | 55 | |
Provision (credit) for loan losses | 3 | (1) | 9 | ||
Net (charge-offs) recoveries | (1) | (2) | (7) | (5) | |
Ending balance | 82 | $ 59 | 82 | $ 59 | |
Collectively evaluated for impairment: | |||||
Recorded investment | 7,136 | 7,136 | 7,742 | ||
Balance in allowance for loan losses | $ 82 | $ 82 | $ 90 |
Loans - Additional Information
Loans - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018USD ($)SecurityLoanClassContracts | Jun. 30, 2017USD ($)Contracts | Jun. 30, 2018USD ($)SecurityLoanClassContractsSegment | Jun. 30, 2017USD ($)Contracts | Dec. 31, 2017USD ($) | |
Financing Receivable, Impaired [Line Items] | |||||
Number of loan portfolio | Segment | 3 | ||||
Number of loan portfolio class | Class | 5 | 5 | |||
Financing receivable, recorded investment, nonaccrual status | SecurityLoan | 2 | 2 | |||
Nonaccrual loan | $ 90,000 | $ 90,000 | $ 134,000 | ||
Impaired Loans [Member] | Collateral Pledged [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Loans measured at fair value on a nonrecurring basis | $ 0 | $ 0 | 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 | 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 | ||||
Troubled Debt Restructurings [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Number of loans | Contracts | 1 | 0 | 0 | 0 | |
Loans identified as TDRs | $ 655,000 | $ 655,000 |
Loans - Summary of Loan Credit
Loans - Summary of Loan Credit Quality (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | $ 288,605 | $ 252,971 |
Mortgage Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 235,463 | 201,202 |
Mortgage Receivable [Member] | Commercial Real Estate Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 89,482 | 79,565 |
Mortgage Receivable [Member] | Residential and Home Equity Real Estate Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 113,715 | 94,824 |
Mortgage Receivable [Member] | Construction Real Estate Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 32,266 | 26,813 |
Loans and Finance Receivables [Member] | Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 46,006 | 44,027 |
Loans and Finance Receivables [Member] | Consumer and Other Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 7,136 | 7,742 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 277,872 | 243,787 |
Pass [Member] | Mortgage Receivable [Member] | Commercial Real Estate Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 84,019 | 74,560 |
Pass [Member] | Mortgage Receivable [Member] | Residential and Home Equity Real Estate Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 110,717 | 92,282 |
Pass [Member] | Mortgage Receivable [Member] | Construction Real Estate Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 32,101 | 26,356 |
Pass [Member] | Loans and Finance Receivables [Member] | Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 43,994 | 42,874 |
Pass [Member] | Loans and Finance Receivables [Member] | Consumer and Other Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 7,041 | 7,715 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 9,017 | 7,420 |
Special Mention [Member] | Mortgage Receivable [Member] | Commercial Real Estate Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 4,852 | 4,382 |
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 | 2,835 | 2,122 |
Special Mention [Member] | Mortgage Receivable [Member] | Construction Real Estate Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 298 | |
Special Mention [Member] | Loans and Finance Receivables [Member] | Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 1,235 | 591 |
Special Mention [Member] | Loans and Finance Receivables [Member] | Consumer and Other Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 95 | 27 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 1,716 | 1,764 |
Substandard [Member] | Mortgage Receivable [Member] | Commercial Real Estate Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 611 | 623 |
Substandard [Member] | Mortgage Receivable [Member] | Residential and Home Equity Real Estate Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 163 | 420 |
Substandard [Member] | Mortgage Receivable [Member] | Construction Real Estate Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 165 | 159 |
Substandard [Member] | Loans and Finance Receivables [Member] | Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | $ 777 | $ 562 |
Loans - Summary of Past Due Loa
Loans - Summary of Past Due Loans (Detail) - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Loans Total Past Due | $ 557,000 | $ 878,000 |
Current | 287,958,000 | 251,959,000 |
Nonaccrual Loans | 90,000 | 134,000 |
Total Loans | 288,605,000 | 252,971,000 |
30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Loans Total Past Due | 257,000 | |
60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Loans Total Past Due | 300,000 | 878,000 |
Mortgage Receivable [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 235,463,000 | 201,202,000 |
Mortgage Receivable [Member] | Commercial Real Estate Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Loans Total Past Due | 342,000 | 623,000 |
Current | 89,140,000 | 78,942,000 |
Total Loans | 89,482,000 | 79,565,000 |
Mortgage Receivable [Member] | Commercial Real Estate Mortgage Loans [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Loans Total Past Due | 42,000 | |
Mortgage Receivable [Member] | Commercial Real Estate Mortgage Loans [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Loans Total Past Due | 300,000 | 623,000 |
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 | 215,000 | 255,000 |
Current | 113,500,000 | 94,569,000 |
Total Loans | 113,715,000 | 94,824,000 |
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 | 215,000 | |
Mortgage Receivable [Member] | Residential and Home Equity Real Estate Mortgage Loans [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Loans Total Past Due | 255,000 | |
Mortgage Receivable [Member] | Construction Real Estate Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 32,266,000 | 26,813,000 |
Total Loans | 32,266,000 | 26,813,000 |
Loans and Finance Receivables [Member] | Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 45,916,000 | 43,893,000 |
Nonaccrual Loans | 90,000 | 134,000 |
Total Loans | 46,006,000 | 44,027,000 |
Loans and Finance Receivables [Member] | Consumer and Other Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 7,136,000 | 7,742,000 |
Total Loans | $ 7,136,000 | $ 7,742,000 |
Loans - Summary of Impaired Loa
Loans - Summary of Impaired Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Financing Receivable, Impaired [Line Items] | ||
With No Related Allowance Recorded Investment | $ 851 | |
With No Related Allowance Unpaid Contractual Principal Balance | 851 | |
With an Allowance Recorded Investment | 133 | $ 134 |
With an Allowance Recorded Unpaid Contractual Principal Balance | 133 | 134 |
With an Allowance Recorded Related Allowance | 133 | 134 |
Recorded Investment | 984 | 134 |
Unpaid Contractual Principal Balance | 984 | 134 |
Related Allowance | 133 | 134 |
Mortgage Receivable [Member] | Commercial Real Estate Mortgage Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With No Related Allowance Recorded Investment | 611 | |
With No Related Allowance Unpaid Contractual Principal Balance | 611 | |
Recorded Investment | 611 | |
Unpaid Contractual Principal Balance | 611 | |
Mortgage Receivable [Member] | Residential and Home Equity Real Estate Mortgage Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With No Related Allowance Recorded Investment | 240 | |
With No Related Allowance Unpaid Contractual Principal Balance | 240 | |
Recorded Investment | 240 | |
Unpaid Contractual Principal Balance | 240 | |
Loans and Finance Receivables [Member] | Commercial Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With an Allowance Recorded Investment | 133 | 134 |
With an Allowance Recorded Unpaid Contractual Principal Balance | 133 | 134 |
With an Allowance Recorded Related Allowance | 133 | 134 |
Recorded Investment | 133 | 134 |
Unpaid Contractual Principal Balance | 133 | 134 |
Related Allowance | $ 133 | $ 134 |
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 | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | $ 1,018 | $ 622 | $ 692 | $ 705 |
Interest Income Recognized | 1 | 22 | 1 | 22 |
Interest Income Received | 28 | 2 | 29 | |
Commercial Loans [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 152 | 69 | ||
Interest Income Received | 1 | |||
Mortgage Receivable [Member] | Residential and Home Equity Real Estate Mortgage Loans [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 251 | 481 | 212 | 562 |
Interest Income Recognized | 1 | 22 | 1 | 22 |
Interest Income Received | 27 | 28 | ||
Mortgage Receivable [Member] | Commercial Real Estate Mortgage Loans [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 328 | |||
Mortgage Receivable [Member] | Construction Real Estate Mortgage Loans [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 74 | $ 74 | ||
Interest Income Received | $ 2 | |||
Mortgage Receivable [Member] | Commercial Loans [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 156 | 67 | ||
Interest Income Received | $ 1 | |||
Loans and Finance Receivables [Member] | Commercial Real Estate Mortgage Loans [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | $ 611 |
Loans - Summary of Loans Determ
Loans - Summary of Loans Determined to be Troubled Debt Restructurings (Detail) - Commercial Real Estate Mortgage Loans [Member] $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2018USD ($)Contracts | Jun. 30, 2018USD ($)Contracts | Jun. 30, 2017USD ($)Contracts | |
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contracts | 1 | 1 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 619 | $ 619 | $ 153 |
Post-Modification Outstanding Recorded Investment | 611 | 611 | 169 |
Current Modification Outstanding Recorded Investment | $ 611 | $ 611 | $ 167 |
Modified Principal [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contracts | 1 | 1 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 619 | $ 619 | $ 153 |
Post-Modification Outstanding Recorded Investment | 611 | 611 | 169 |
Current Modification Outstanding Recorded Investment | $ 611 | $ 611 | $ 167 |
Regulatory Capital - Additional
Regulatory Capital - Additional Information (Detail) | Jan. 01, 2019 | Jun. 30, 2018 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Percentage of capital conservation buffer minimum risk-based capital requirement | 1.875% | |
Scenario, Forecast [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Capital conservation buffer required | 2.50% |
Regulatory Capital - Summary of
Regulatory Capital - Summary of Regulatory Capital Requirements and Bank's Capital Position (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Banking and Thrift [Abstract] | ||
Tier 1 Leverage Capital, Actual amount | $ 35,213 | $ 33,146 |
Tier 1 Leverage Capital Ratio, Actual Percentage | 9.68% | 9.48% |
Tier 1 Leverage Capital, For Capital Adequacy Purposes, Amount | $ 14,554 | $ 13,983 |
Tier 1 Leverage Capital Ratio, For Capital Adequacy Purposes, Percentage | 4.00% | 4.00% |
Tier 1 Leverage Capital, For Well Capitalized Purposes, Amount | $ 18,192 | $ 17,479 |
Tier 1 Leverage Capital Ratio, For Well Capitalized Purposes, Percentage | 5.00% | 5.00% |
Common Equity Tier 1 Risk-Based Capital Ratio, Actual Amount | $ 35,213 | $ 33,146 |
Common Equity Tier 1 Risk-Based Capital Ratio, Actual Percentage | 12.28% | 12.80% |
Common Equity Tier 1 Risk-Based Capital Ratio, For Capital Adequacy Purposes, Amount | $ 12,905 | $ 11,654 |
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 | $ 18,641 | $ 16,834 |
Common Equity Tier 1 Risk-Based Capital Ratio, For Well Capitalized Purposes, Percentage | 6.50% | 6.50% |
Tier 1 Risk-Based Capital, Actual Amount | $ 35,213 | $ 33,146 |
Tier 1 Risk-Based Capital Ratio, Actual Percentage | 12.28% | 12.80% |
Tier 1 Risk-Based Capital, For Capital Adequacy Purposes, Amount | $ 17,207 | $ 15,539 |
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 | $ 22,942 | $ 20,718 |
Common Equity Tier 1 Risk-Based Capital Ratio, For Well Capitalized Purposes, Percentage | 8.00% | 8.00% |
Total Risk-Based Capital, Actual Amount | $ 38,754 | $ 36,282 |
Total Risk-Based Capital Ratio, Actual Percentage | 13.51% | 14.01% |
Total Risk-Based Capital, For Capital Adequacy Purposes, Amount | $ 22,942 | $ 20,718 |
Total Risk-Based Capital Ratio, For Capital Adequacy Purposes, Percentage | 8.00% | 8.00% |
Total Risk-Based Capital, For Well Capitalized Purposes, Amount | $ 28,678 | $ 25,898 |
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 | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Earnings Per Share [Abstract] | ||||
Earnings | $ 1,002 | $ 765 | $ 1,756 | $ 1,301 |
Earnings | $ 1,002 | $ 765 | $ 1,756 | $ 1,301 |
Weighted-Average Shares | 3,123,594 | 2,589,921 | 3,122,112 | 2,299,508 |
Effect of dilutive securities-incremental shares from assumed conversion of options | 2,428 | 2,977 | 5,375 | 6,261 |
Weighted-Average Shares | 3,126,022 | 2,592,898 | 3,127,487 | 2,305,769 |
Per Share Amount | $ 0.32 | $ 0.30 | $ 0.56 | $ 0.57 |
Per Share Amount | $ 0.32 | $ 0.30 | $ 0.56 | $ 0.57 |
Stock Option Plans - Additional
Stock Option Plans - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2018 | Jun. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 64,000 | $ 15,000 | |
Common stock issued as compensation to directors, value | $ 34,000 | $ 35,000 | |
Non Qualified Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Incentive Stock Options vesting period | 5 years | ||
Non qualified stock options beginning date | Apr. 1, 2024 | ||
Non qualified stock options ending date | Apr. 1, 2028 | ||
Non Qualified Stock Options [Member] | Director [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Incentive Stock Options issued | 120,000 | ||
Incentive Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Incentive Stock Options vesting period | 5 years | ||
Incentive Stock Options [Member] | Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Incentive Stock Options issued | 92,250 | ||
Incentive Stock Options [Member] | Chief Executive Officer [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Incentive Stock Options issued | 25,000 | ||
2015 Stock Incentive Compensation Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted | 252,917 | 11,540 | |
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 | 500,000 | |
Number of shares issued under stock option plan | 0 | ||
Maximum percentage of shares issued | 15.00% | ||
Unrecognized compensation expense related to nonvested share-based compensation arrangements granted | $ 732,000 | $ 732,000 | $ 0 |
Remaining life | 56 months | ||
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 | 74,805 | |
Shares granted | 1,556 | 2,165 | |
Shares available for grant | 56,546 | 56,546 | |
Stock consideration on percentage of common stock received upon cash fees | 110.00% | 110.00% | |
Common stock issued as compensation to directors, value | $ 34,000 | $ 35,000 | |
2015 Stock Option Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted | 252,917 | ||
Shares available for grant | 204,328 | 204,328 |
Stock Option Plans - Summary of
Stock Option Plans - Summary of Company's Plan (Detail) - USD ($) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
2015 Stock Incentive Compensation Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Options, Outstanding beginning balance | 11,540 | ||
Number of Options, granted | 252,917 | 11,540 | |
Number of Options, Outstanding ending balance | 264,457 | 11,540 | 11,540 |
Number of Options, Exercisable ending balance | 37,207 | ||
Weighted-Average Exercise Price, Outstanding beginning balance | $ 17.03 | ||
Weighted-Average Exercise Price, Options granted | 19.79 | $ 17.03 | |
Weighted-Average Exercise Price, Outstanding ending balance | 19.79 | $ 17.03 | $ 17.03 |
Weighted-Average Exercise Price, Exercisable | $ 17.93 | ||
Weighted-Average Remaining Contractual Term, Outstanding | 8 years 10 months 6 days | ||
Weighted-Average Remaining Contractual Term, Exercisable | 3 years 3 months 22 days | ||
Aggregate Intrinsic Value, Outstanding | $ 311,000 | ||
Aggregate Intrinsic Value, Exercisable | $ 113,000 | ||
2007 Incentive Award Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Options, Outstanding beginning balance | 22,200 | 42,200 | 42,200 |
Number of Options, exercised | (4,700) | (500) | (18,950) |
Number of Options, forfeited | (200) | (350) | |
Number of Options, Outstanding ending balance | 17,500 | 41,500 | 22,200 |
Number of Options, Exercisable ending balance | 17,500 | ||
Weighted-Average Exercise Price, Outstanding beginning balance | $ 10.31 | $ 10.16 | $ 10.16 |
Weighted-Average Exercise Price, Options exercised | 10 | 10 | 10 |
Weighted-Average Exercise Price, Options forfeited | 10 | 10 | |
Weighted-Average Exercise Price, Outstanding ending balance | 10.39 | $ 10.16 | $ 10.31 |
Weighted-Average Exercise Price, Exercisable | $ 10.39 | ||
Weighted-Average Remaining Contractual Term, Outstanding | 1 year 3 months 4 days | ||
Weighted-Average Remaining Contractual Term, Exercisable | 1 year 3 months 4 days | ||
Aggregate Intrinsic Value, Outstanding | $ 185,000 | ||
Aggregate Intrinsic Value, Exercisable | $ 185,000 |
Stock Option Plans - Black-Scho
Stock Option Plans - Black-Scholes Option-Pricing Model Assumptions (Detail) | 6 Months Ended |
Jun. 30, 2018$ / shares | |
Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted average risk-free interest rate | 1.47% |
Expected dividend yield | 0.41% |
Expected stock volatility | 10.70% |
Expected life in years | 2 years 6 months |
Per share fair value of options issued during period | $ 1.49 |
Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted average risk-free interest rate | 2.63% |
Expected dividend yield | 0.50% |
Expected stock volatility | 11.90% |
Expected life in years | 6 years 6 months |
Per share fair value of options issued during period | $ 3.35 |
Federal Home Loan Bank Advanc49
Federal Home Loan Bank Advances - Additional Information (Detail) - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 |
Advances from Federal Home Loan Banks [Abstract] | ||
Maximum borrowing capacity under FHLB | $ 37,100,000 | |
Outstanding advances under FHLB | $ 0 | $ 0 |
Fair Value of Financial Instr50
Fair Value of Financial Instruments - Schedule of Estimated Fair Values and Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | $ 32,429 | $ 32,397 |
Securities available for sale | 46,657 | 49,809 |
Loans held for sale | 7,321 | 5,880 |
Loans, net | 285,473 | 250,259 |
Federal Home Loan Bank stock | 355 | 316 |
Accrued interest receivable | 1,027 | 978 |
Deposits | 331,823 | 298,297 |
Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for sale | 46,657 | 49,809 |
Estimated Fair Value [Member] | Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 32,429 | 32,397 |
Estimated Fair Value [Member] | Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for sale | 46,657 | 49,809 |
Estimated Fair Value [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans held for sale | 7,354 | 6,039 |
Loans, net | 283,741 | 249,628 |
Federal Home Loan Bank stock | 355 | 316 |
Accrued interest receivable | 1,027 | 978 |
Deposits | 332,010 | 298,403 |
Off Balance Sheet Items | 0 | 0 |
Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 32,429 | 32,397 |
Securities available for sale | 46,657 | 49,809 |
Loans held for sale | 7,321 | 5,880 |
Loans, net | 285,473 | 250,259 |
Federal Home Loan Bank stock | 355 | 316 |
Accrued interest receivable | 1,027 | 978 |
Deposits | 331,823 | 298,297 |
Off Balance Sheet Items | $ 0 | $ 0 |
Off-Balance Sheet Financial I51
Off-Balance Sheet Financial Instruments - Additional Information (Detail) - Standby Financial Letters of Credit [Member] | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Debt instrument maturity period | 1 year |
Collateral amount | $ 565,000 |
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% |
Off-Balance Sheet Financial I52
Off-Balance Sheet Financial Instruments - Summary of Off-Balance Sheet Financial Instruments (Detail) | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Commitments to Extend Credit [Member] | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Contractual amounts with off-balance-sheet risk | $ 3,007,000 |
Construction Loans in Process [Member] | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Contractual amounts with off-balance-sheet risk | 16,459,000 |
Unused Lines of Credit [Member] | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Contractual amounts with off-balance-sheet risk | 39,585,000 |
Standby Financial Letters of Credit [Member] | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Contractual amounts with off-balance-sheet risk | 1,894,000 |
Performance Stand By Letters Of Credit [Member] | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Contractual amounts with off-balance-sheet risk | 378,000 |
Guaranteed Accounts [Member] | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Contractual amounts with off-balance-sheet risk | $ 1,328,000 |
Premises and Equipment - Additi
Premises and Equipment - Additional Information (Detail) | 6 Months Ended | |
Jun. 30, 2018 | Aug. 06, 2018 | |
Lease Rental Expenses [Line Items] | ||
Lease option to extend, description | The term of the Lease is 15 years, with four options to renew for five years each. | |
Lease initial setting up period | 6 months | |
Anticipated rent commencement | 120 days | |
Subsequent Event [Member] | ||
Lease Rental Expenses [Line Items] | ||
Lease initial term | 15 years |
Premises and Equipment - Summar
Premises and Equipment - Summary of New Rent Obligations (Detail) | Jun. 30, 2018USD ($) |
Lease Rental Expenses [Line Items] | |
Annual Rent Amount | $ 355,740 |
One To Five Years [Member] | |
Lease Rental Expenses [Line Items] | |
Annual Rent Amount | 294,000 |
Six To Ten Years [Member] | |
Lease Rental Expenses [Line Items] | |
Annual Rent Amount | $ 323,400 |