Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Aug. 05, 2019 | |
Document Information [Line Items] | ||
Entity Registrant Name | Prime Meridian Holding Co | |
Entity Central Index Key | 0001586454 | |
Trading Symbol | pmhg | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Common Stock, Shares Outstanding (in shares) | 3,145,431 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Assets | ||
Cash and due from banks | $ 10,807 | $ 7,866 |
Federal funds sold | 35,707 | 34,777 |
Interest-bearing deposits | 25,528 | 5,395 |
Total cash and cash equivalents | 72,042 | 48,038 |
Securities available for sale | 52,431 | 45,384 |
Loans held for sale | 6,223 | 4,767 |
Loans, net of allowance for loan losses of $4,006 and $3,661 | 299,949 | 290,113 |
Federal Home Loan Bank stock | 404 | 355 |
Premises and equipment, net | 7,311 | 4,656 |
Operating lease right of use assets | 3,768 | |
Accrued interest receivable | 1,100 | 1,034 |
Bank-owned life insurance | 6,413 | 6,323 |
Other assets | 1,086 | 1,032 |
Total assets | 450,727 | 401,702 |
Liabilities: | ||
Noninterest-bearing demand deposits | 89,608 | 80,097 |
Savings, NOW and money-market deposits | 247,804 | 227,674 |
Time deposits | 52,912 | 41,296 |
Total deposits | 390,324 | 349,067 |
Other borrowings | 770 | |
Official checks | 1,496 | 837 |
Operating lease liabilities | 3,827 | |
Other liabilities | 1,314 | 978 |
Total liabilities | 397,731 | 350,882 |
Stockholders' equity: | ||
Preferred stock, undesignated; 1,000,000 shares authorized, none issued or outstanding | ||
Common stock, $.01 par value; 9,000,000 shares authorized, 3,144,456 and 3,138,945 issued and outstanding | 31 | 31 |
Additional paid-in capital | 38,450 | 38,330 |
Retained earnings | 14,269 | 13,015 |
Accumulated other comprehensive income (loss) | 246 | (556) |
Total stockholders' equity | 52,996 | 50,820 |
Total liabilities and stockholders' equity | $ 450,727 | $ 401,702 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Loans receivable, allowance for loan losses | $ 4,006 | $ 3,661 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 9,000,000 | 9,000,000 |
Common stock, shares issued (in shares) | 3,144,456 | 3,138,945 |
Common stock, shares outstanding (in shares) | 3,144,456 | 3,138,945 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Earnings (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Interest income: | |||||
Loans | $ 3,916 | $ 3,543 | $ 7,772 | $ 6,817 | |
Securities | 333 | 287 | 629 | 575 | |
Other | 361 | 82 | 709 | 156 | |
Total interest income | 4,610 | 3,912 | 9,110 | 7,548 | |
Interest expense- | |||||
Deposits | 851 | 500 | 1,664 | 897 | |
Net interest income | 3,759 | 3,412 | 7,446 | 6,651 | |
Provision for loan losses | 179 | 155 | 344 | 409 | |
Net interest income after provision for loan losses | 3,580 | 3,257 | 7,102 | 6,242 | |
Noninterest income: | |||||
Service charges and fees on deposit accounts | 68 | 89 | 139 | 176 | |
Mortgage banking revenue | (197) | (105) | (303) | (215) | |
Income from bank-owned life insurance | 45 | 10 | 90 | 21 | |
Gain on sale of securities available for sale | 7 | ||||
Other income | 152 | 110 | 285 | 212 | |
Total noninterest income | 462 | 314 | 824 | 624 | |
Noninterest expense: | |||||
Salaries and employee benefits | 1,579 | 1,218 | 3,136 | 2,446 | |
Occupancy and equipment | 427 | 226 | 702 | 461 | |
Professional fees | 106 | 97 | 183 | 181 | |
Marketing | 194 | 133 | 393 | 340 | |
FDIC/State assessment | 44 | 38 | 87 | 74 | |
Software maintenance, amortization and other | 167 | 159 | 319 | 307 | |
Other | 516 | 370 | 956 | 729 | |
Total noninterest expense | 3,033 | 2,241 | 5,776 | 4,538 | |
Earnings before income taxes | 1,009 | 1,330 | 2,150 | 2,328 | |
Income taxes | 245 | 328 | 519 | 572 | |
Net earnings | $ 764 | $ 1,002 | $ 1,631 | $ 1,756 | |
Earnings per common share: | |||||
Basic (in dollars per share) | $ 0.24 | $ 0.32 | $ 0.52 | $ 0.56 | |
Diluted (in dollars per share) | 0.24 | 0.32 | 0.52 | 0.56 | |
Cash dividends per common share(1) (in dollars per share) | [1] | $ 0.12 | $ 0.10 | ||
[1] | Annual cash dividends were paid during the first quarters of 2018 and 2019 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Net earnings | $ 764 | $ 1,002 | $ 1,631 | $ 1,756 |
Change in unrealized gain (loss) on securities: | ||||
Unrealized gain (loss) arising during the period | 653 | (108) | 1,081 | (838) |
Reclassification adjustment for realized gain | (7) | (7) | ||
Net change in unrealized gain (loss) | 646 | (108) | 1,074 | (838) |
Deferred income tax (expense) benefit on above change | (164) | 27 | (272) | 212 |
Total other comprehensive income (loss) | 482 | (81) | 802 | (626) |
Comprehensive income | $ 1,246 | $ 921 | $ 2,433 | $ 1,130 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Dec. 31, 2017 | 3,118,977 | ||||
Balance at Dec. 31, 2017 | $ 31 | $ 37,953 | $ 9,285 | $ (296) | $ 46,973 |
Net earnings | 754 | 754 | |||
Dividends paid (unaudited) | (312) | (312) | |||
Net change in unrealized loss on securities available for sale, net of income tax benefit (unaudited) | (545) | (545) | |||
Stock options exercised (unaudited) (in shares) | 3,000 | ||||
Stock options exercised (unaudited) | 30 | 30 | |||
Common stock issued as compensation to directors (unaudited) (in shares) | 792 | ||||
Common stock issued as compensation to directors (unaudited) | 17 | 17 | |||
Stock-based compensation (unaudited) | 23 | 23 | |||
Stock options exercised (unaudited) (in shares) | 3,000 | ||||
Balance (in shares) at Mar. 31, 2018 | 3,122,769 | ||||
Balance at Mar. 31, 2018 | $ 31 | 38,023 | 9,727 | (841) | 46,940 |
Balance (in shares) at Dec. 31, 2017 | 3,118,977 | ||||
Balance at Dec. 31, 2017 | $ 31 | 37,953 | 9,285 | (296) | 46,973 |
Net earnings | 1,756 | ||||
Net change in unrealized loss on securities available for sale, net of income tax benefit (unaudited) | (626) | ||||
Balance (in shares) at Jun. 30, 2018 | 3,125,233 | ||||
Balance at Jun. 30, 2018 | $ 31 | 38,098 | 10,729 | (922) | 47,936 |
Balance (in shares) at Mar. 31, 2018 | 3,122,769 | ||||
Balance at Mar. 31, 2018 | $ 31 | 38,023 | 9,727 | (841) | 46,940 |
Net earnings | 1,002 | 1,002 | |||
Net change in unrealized loss on securities available for sale, net of income tax benefit (unaudited) | (81) | (81) | |||
Stock options exercised (unaudited) (in shares) | 1,700 | ||||
Stock options exercised (unaudited) | 17 | 17 | |||
Common stock issued as compensation to directors (unaudited) (in shares) | 764 | ||||
Common stock issued as compensation to directors (unaudited) | 17 | 17 | |||
Stock-based compensation (unaudited) | 41 | 41 | |||
Stock options exercised (unaudited) (in shares) | 1,700 | ||||
Balance (in shares) at Jun. 30, 2018 | 3,125,233 | ||||
Balance at Jun. 30, 2018 | $ 31 | 38,098 | 10,729 | (922) | $ 47,936 |
Balance (in shares) at Dec. 31, 2018 | 3,138,945 | 3,138,945 | |||
Balance at Dec. 31, 2018 | $ 31 | 38,330 | 13,015 | (556) | $ 50,820 |
Net earnings | 867 | 867 | |||
Dividends paid (unaudited) | (377) | (377) | |||
Net change in unrealized loss on securities available for sale, net of income tax benefit (unaudited) | 320 | 320 | |||
Common stock issued as compensation to directors (unaudited) (in shares) | 595 | ||||
Common stock issued as compensation to directors (unaudited) | 12 | 12 | |||
Stock-based compensation (unaudited) | 42 | 42 | |||
Issuance of restricted stock (unaudited) (in shares) | 3,600 | ||||
Issuance of restricted stock (unaudited) | |||||
Balance (in shares) at Mar. 31, 2019 | 3,143,140 | ||||
Balance at Mar. 31, 2019 | $ 31 | 38,384 | 13,505 | (236) | $ 51,684 |
Balance (in shares) at Dec. 31, 2018 | 3,138,945 | 3,138,945 | |||
Balance at Dec. 31, 2018 | $ 31 | 38,330 | 13,015 | (556) | $ 50,820 |
Net earnings | 1,631 | ||||
Net change in unrealized loss on securities available for sale, net of income tax benefit (unaudited) | $ 802 | ||||
Stock options exercised (unaudited) (in shares) | 300 | ||||
Stock options exercised (unaudited) (in shares) | 300 | ||||
Balance (in shares) at Jun. 30, 2019 | 3,144,456 | 3,144,456 | |||
Balance at Jun. 30, 2019 | $ 31 | 38,450 | 14,269 | 246 | $ 52,996 |
Balance (in shares) at Mar. 31, 2019 | 3,143,140 | ||||
Balance at Mar. 31, 2019 | $ 31 | 38,384 | 13,505 | (236) | 51,684 |
Net earnings | 764 | 764 | |||
Net change in unrealized loss on securities available for sale, net of income tax benefit (unaudited) | 482 | 482 | |||
Stock options exercised (unaudited) (in shares) | 300 | ||||
Stock options exercised (unaudited) | 3 | 3 | |||
Common stock issued as compensation to directors (unaudited) (in shares) | 1,016 | ||||
Common stock issued as compensation to directors (unaudited) | 19 | 19 | |||
Stock-based compensation (unaudited) | 44 | $ 44 | |||
Stock options exercised (unaudited) (in shares) | 300 | ||||
Balance (in shares) at Jun. 30, 2019 | 3,144,456 | 3,144,456 | |||
Balance at Jun. 30, 2019 | $ 31 | $ 38,450 | $ 14,269 | $ 246 | $ 52,996 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flow (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash flows from operating activities: | ||
Net earnings | $ 1,631 | $ 1,756 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 319 | 265 |
Provision for loan losses | 344 | 409 |
Net amortization of deferred loan fees | (2) | (15) |
Gain on sale of securities available for sale | (7) | |
Amortization of premiums and discounts on securities available for sale | 142 | 205 |
Gain on sale of loans held for sale | (303) | (168) |
Proceeds from the sale of loans held for sale | 39,414 | 37,011 |
Loans originated as held for sale | (40,567) | (38,284) |
Stock-based compensation expense | 117 | 98 |
Income from bank-owned life insurance | (90) | (21) |
Net increase in accrued interest receivable | (66) | (49) |
Net change in operating leases | 59 | |
Net increase in other assets | (326) | (13) |
Net increase (decrease) in other liabilities and official checks | 995 | (664) |
Net cash provided by operating activities | 1,660 | 530 |
Cash flows from investing activities: | ||
Loan originations, net of principal repayments | (10,178) | (35,608) |
Purchase of securities available for sale | (13,806) | (1,003) |
Principal repayments of securities available for sale | 2,680 | 3,083 |
Proceeds from sale of securities available for sale | 4,245 | |
Maturities and calls of securities available for sale | 773 | 29 |
Purchase of Federal Home Loan Bank stock | (49) | (39) |
Purchase of premises and equipment | (2,974) | (221) |
Net cash used in investing activities | (19,309) | (33,759) |
Cash flows from financing activities: | ||
Net increase in deposits | 41,257 | 33,526 |
Change in other borrowings | 770 | |
Proceeds from stock options exercised | 3 | 47 |
Common stock dividends paid | (377) | (312) |
Net cash provided by financing activities | 41,653 | 33,261 |
Net increase in cash and cash equivalents | 24,004 | 32 |
Cash and cash equivalents at beginning of period | 48,038 | 32,397 |
Cash and cash equivalents at end of period | 72,042 | 32,429 |
Supplemental disclosure of cash flow information | ||
Interest | 1,656 | 875 |
Income taxes | 750 | 610 |
Noncash transactions: | ||
Accumulated other comprehensive income (loss), net change in unrealized gain (loss) on securities available for sale, net of taxes | 802 | (626) |
Right of use lease assets obtained in exchange for operating lease liabilities | $ 3,818 |
Note 1 - General
Note 1 - General | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | ( 1 General Prime Meridian Holding Company (“PMHG”) owns 100% three fourth April 16, 2019. The accounting and financial reporting policies of the Company 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 not 10 not December 31, 2018 10 March 21, 2019. three six June 30, 2019 not Comprehensive Incom e . S tock - Based Compensation. Mortgage Banking Revenue. Reclassifications. Recent Accounting Standards Update. In February 2016, No. 2016 2, Leases (Topic 842 twelve December 15, 2018. $288,000 January 1, 2019. In June 2016, No. 2016 13, Financial Instruments-Credit Losses (Topic 326 Recent Accounting Standards Update , Continued. The new guidance was originally set to be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, July 17, 2019, January, 2023. August, 2019 In March 2017, No. 2018 08, No December 15, 2018. In June 2018, No. 2018 07, 718 718. 505 50, December 15, 2018, no 606, no |
Note 2 - Securities Available f
Note 2 - Securities Available for Sale | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | ( 2 Securities Available for Sale Securities are classified according to management's intent. The amortized cost of securities and fair values are as follows: Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (in thousands) At June 30, 2019 U.S. Government agency securities $ 529 $ - $ - $ 529 Municipal securities 7,000 59 - 7,059 Mortgage-backed securities 42,348 364 (85 ) 42,627 Asset-backed securities 2,224 - (8 ) 2,216 Total $ 52,101 $ 423 $ (93 ) $ 52,431 At December 31, 2018 U.S. Government agency securities $ 815 $ - $ (16 ) $ 799 Municipal securities 11,580 62 (113 ) 11,529 Mortgage-backed securities 33,733 33 (710 ) 33,056 Total $ 46,128 $ 95 $ (839 ) $ 45,384 The following table summarizes the sale of securities available for sale. Three Months Ended Six Months Ended June 30, June 30, (in thousands) 2019 2018 2019 2018 Proceeds from sale of securities $ - $ - $ 4,245 $ - Gross gains - - 27 - Gross losses - - (20 ) - Net gain on sale of securities $ - $ - $ 7 $ - 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, 2019 Mortgage-backed securities $ (1 ) $ 1,794 $ (84 ) $ 12,931 Asset-backed securities (8 ) 2,216 - - Total $ (9 ) $ 4,010 $ (84 ) $ 12,931 At December 31, 2018 U.S. Government agency securities $ (2 ) $ 242 $ (14 ) $ 557 Municipal securities - - (113 ) 5,760 Mortgage-backed securities (19 ) 983 (691 ) 30,061 Total $ (21 ) $ 1,225 $ (818 ) $ 36,378 The unrealized losses at June 30, 2019 December 31, 2018 twelve thirty-nine not not not Fair Value Measurements Using Quoted Prices In Active Significant Markets for Other Significant Identical Observable Unobservable Fair Assets Inputs Inputs Value (Level 1) (Level 2) (Level 3) (in thousands) At June 30, 2019 U.S. Government agency securities $ 529 $ - $ 529 $ - Municipal securities 7,059 - 7,059 - Mortgage-backed securities 42,627 - 42,627 Asset-backed securities 2,216 - 2,216 - Total $ 52,431 $ - $ 52,431 $ - At December 31, 2018 U.S. Government agency securities $ 799 $ - $ 799 $ - Municipal securities 11,529 - 11,529 - Mortgage-backed securities 33,056 - 33,056 - Total $ 45,384 $ - $ 45,384 $ - During the three six June 30, 2019 2018 no 1, 2 3. The scheduled maturities of securities are as follows: At June 30, 2019 Amortized Fair Cost Value (in thousands) Due in one to five years $ 1,881 $ 1,892 Due in five to ten years 3,360 3,380 Due after ten years 4,512 4,532 Mortgage-backed securities 42,348 42,627 Total $ 52,101 $ 52,431 |
Note 3 - Loans
Note 3 - Loans | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | ( 3 Loans Segments and classes of loans, excluding loans held for sale, are as follows: At June 30, At December 31, (in thousands) 2019 2018 Real estate mortgage loans: Commercial $ 73,807 $ 82,494 Residential and home equity 127,425 121,454 Construction 35,069 31,601 Total real estate mortgage loans 236,301 235,549 Commercial loans 59,601 51,018 Consumer and other loans 7,582 6,747 Total loans 303,484 293,314 Add (deduct): Net deferred loan costs 471 460 Allowance for loan losses (4,006 ) (3,661 ) Loans, net $ 299,949 $ 290,113 An analysis of the change in allowance for loan losses follows: Real Estate Mortgage Loans Residential Consumer and Home Commercial and Other (in thousands) Commercial Equity Construction Loans Loans Total Three Month Period Ended June 30, 2019 Beginning balance $ 847 $ 1,429 $ 362 $ 1,068 $ 94 $ 3,800 Provision (credit) for loan losses (34 ) 29 63 133 (12 ) 179 Net (charge-offs) recoveries - - - 24 3 27 Ending balance $ 813 $ 1,458 $ 425 $ 1,225 $ 85 $ 4,006 Three Month Period Ended June 30, 2018 Beginning balance $ 977 $ 1,208 $ 372 $ 745 $ 83 $ 3,385 Provision (credit) 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 Six Month Period Ended June 30, 2019 Beginning balance $ 917 $ 1,397 $ 391 $ 876 $ 80 $ 3,661 Provision (credit) for loan losses (104 ) 61 34 347 6 344 Net (charge-offs) recoveries - - - 2 (1 ) 1 Ending balance $ 813 $ 1,458 $ 425 $ 1,225 $ 85 $ 4,006 Six Month Period Ended June 30, 2018 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 At June 30, 2019 Individually evaluated for impairment: Recorded investment $ 611 $ 1,067 $ - $ 1,122 $ 8 $ 2,808 Balance in allowance for loan losses $ - $ - $ - $ 435 $ 8 $ 443 Collectively evaluated for impairment: Recorded investment $ 73,196 $ 126,358 $ 35,069 $ 58,479 $ 7,574 $ 300,676 Balance in allowance for loan losses $ 813 $ 1,458 $ 425 $ 790 $ 77 $ 3,563 At December 31, 2018 Individually evaluated for impairment: Recorded investment $ 611 $ 409 $ - $ 205 $ 6 $ 1,231 Balance in allowance for loan losses $ - $ - $ - $ 205 $ 6 $ 211 Collectively evaluated for impairment: Recorded investment $ 81,883 $ 121,045 $ 31,601 $ 50,813 $ 6,741 $ 292,083 Balance in allowance for loan losses $ 917 $ 1,397 $ 391 $ 671 $ 74 $ 3,450 The Company has divided the loan portfolio into three five Real Estate Mortgage Loans. three Commercial. three five may five may five Residential and Home Equity. first second one four may 1 3 5 7 15 30 Construction. one two one ten not third may Commercial Loans. not third five may not one 504 7A 504 7A may Other factors of risk could include changes in the borrower's management and fluctuations in collateral value. Additionally, there may Cons umer and Other Loans . may not not The following summarizes the loan credit quality: Real Estate Mortgage Loans Residential Consumer and Home Commercial and Other (in thousands) Commercial Equity Construction Loans Loans Total At June 30, 2019: Grade: Pass $ 71,586 $ 123,673 $ 34,589 $ 56,178 $ 7,550 $ 293,576 Special mention 1,610 2,634 480 1,172 32 5,928 Substandard 611 1,118 - 2,251 - 3,980 Doubtful - - - - - - Loss - - - - - - Total $ 73,807 $ 127,425 $ 35,069 $ 59,601 $ 7,582 $ 303,484 At December 31, 2018: Grade: Pass $ 77,650 $ 118,368 $ 31,601 $ 47,858 $ 6,657 $ 282,134 Special mention 4,233 2,875 - 2,184 84 9,376 Substandard 611 211 - 976 6 1,804 Doubtful - - - - - - Loss - - - - - - Total $ 82,494 $ 121,454 $ 31,601 $ 51,018 $ 6,747 $ 293,314 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 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. The Company uses the following definitions for risk ratings: Pass Special Mention may not not Substandard not Doubtful one Loss not not no Age analysis of past due loans is as follows: Accruing Loans Greater Than 30-59 Days 60-89 Days 90 Days Total Past Nonaccrual Total (in thousands) Past Due Past Due Past Due Due Current Loans Loans At June 30, 2019: Real estate mortgage loans: Commercial $ - $ - $ - $ - $ 73,807 $ - $ 73,807 Residential and home equity 50 - - 50 126,308 1,067 127,425 Construction - - - - 35,069 - 35,069 Commercial loans - 638 - 638 58,068 895 59,601 Consumer and other loans - - - - 7,582 - 7,582 Total $ 50 $ 638 $ - $ 688 $ 300,834 $ 1,962 $ 303,484 At December 31, 2018: Real estate mortgage loans: Commercial $ - $ - $ - $ - $ 82,494 $ - $ 82,494 Residential and home equity 134 30 - 164 121,129 161 121,454 Construction - - - - 31,601 - 31,601 Commercial loans 98 - - 98 50,745 175 51,018 Consumer and other loans - - - - 6,741 6 6,747 Total $ 232 $ 30 $ - $ 262 $ 292,710 $ 342 $ 293,314 The following summarizes the amount of impaired loans: With No Related Allowance Recorded With an Allowance Recorded Total Unpaid Unpaid Unpaid Contractual Contractual Contractual Recorded Principal Recorded Principal Related Recorded Principal Related (in thousands) Investment Balance Investment Balance Allowance Investment Balance Allowance At June 30, 2019: Real estate mortgage loans: Commercial $ 611 $ 611 $ - $ - $ - $ 611 $ 611 $ - Residential and home equity 1,067 1,067 - - - 1,067 1,067 - Commercial loans - - 1,122 1,122 435 1,122 1,122 435 Consumer and other loans - - 8 8 8 8 8 8 $ 1,678 $ 1,678 $ 1,130 $ 1,130 $ 443 $ 2,808 $ 2,808 $ 443 At December 31, 2018: Real estate mortgage loans: Commercial real estate $ 611 $ 611 $ - $ - $ - $ 611 $ 611 $ - Residential and home equity 409 409 - - - 409 409 - Commercial loans - - 205 205 205 205 205 205 Consumer and other loans - - 6 6 6 6 6 6 Total $ 1,020 $ 1,020 $ 211 $ 211 $ 211 $ 1,231 $ 1,231 $ 211 The average net investment in impaired loans and interest income recognized and received on impaired loans are as follows: Three Months Ended June 30, 2019 2018 Average Interest Interest Average Interest Interest Recorded Income Income Recorded Income Income (in thousands) Investment Recognized Received Investment Recognized Received Real estate mortgage loans: Commercial $ 611 $ 8 $ 8 $ 611 $ - $ - Residential and home equity 439 - 2 251 1 - Commercial loans 455 4 6 156 - - Consumer 19 - - - - - Total $ 1,524 $ 12 $ 16 $ 1,018 $ 1 $ - Six Months Ended June 30, 2019 2018 Average Interest Interest Average Interest Interest Recorded Income Income Recorded Income Income (in thousands) Investment Recognized Received Investment Recognized Received Real estate mortgage loans: Commercial $ 611 $ 16 $ 16 $ 328 $ - $ - Residential and home equity 430 4 5 212 1 - Construction - 1 1 - - 2 Commercial loans 343 4 6 152 - - Consumer 14 - - - - - Total $ 1,398 $ 25 $ 28 $ 692 $ 1 $ 2 There were no June 30, 2019 2018 The restructuring of a loan constitutes a troubled debt restructuring (“TDR”) if the creditor grants a concession to the debtor that it would not may not two three six June 30, 2019 one three six June 30, 2018 Three Months Ended June 30, 2019 2018 Pre- Post- Current Pre- Post- Current Modification Modification Modification Modification Modification Modification Number Outstanding Outstanding Outstanding Number Outstanding Outstanding Outstanding of Recorded Recorded Recorded of Recorded Recorded Recorded Contracts Investment Investment Investment Contracts Investment Investment Investment ( dollars in thousands) Troubled Debt Restructurings - Modified principal Commercial real estate - $ - $ - $ - 1 $ 619 $ 611 $ 611 Residential and home equity 1 66 66 66 - - - - Commercial 1 60 60 60 - - - - Total 2 $ 126 $ 126 $ 126 1 $ 619 $ 611 $ 611 Six Months Ended June 30, 2019 2018 Pre- Post- Current Pre- Post- Current Modification Modification Modification Modification Modification Modification Number Outstanding Outstanding Outstanding Number Outstanding Outstanding Outstanding of Recorded Recorded Recorded of Recorded Recorded Recorded Contracts Investment Investment Investment Contracts Investment Investment Investment ( dollars in thousands) Troubled Debt Restructurings - Modified principal Commercial real estate - $ - $ - $ - 1 $ 619 $ 611 $ 611 Residential and home equity 1 66 66 66 - - - - Commercial 1 60 60 60 - - - - Total 2 $ 126 $ 126 $ 126 1 $ 619 $ 611 $ 611 At June 30, 2019 $757,000 three six June 30, 2019 2018 not |
Note 4 - Regulatory Capital
Note 4 - Regulatory Capital | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | ( 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 sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. The Bank is subject to the Basel III capital level threshold requirements under the Prompt Corrective Action regulations. These regulations were designed to ensure that banks maintain strong capital positions even in the event of severe economic downturns or unforeseen losses. The Bank is 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, 2019 2.50%. 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 1 June 30, 2019 As of June 30, 2019 1 1 no For Capital Adequacy For Well Capitalized Actual Purposes Purposes (dollars in thousands) Amount Percentage Amount Percentage Amount Percentage As of June 30, 2019 Tier 1 Leverage Capital $ 39,727 9.10 % $ 17,461 4.00 % $ 21,826 5.00 % Common Equity Tier 1 Risk-based Capital 39,727 12.69 14,093 4.50 20,356 6.50 Tier 1 Risk-based Capital 39,727 12.69 18,791 6.00 25,054 8.00 Total Risk-based Capital 43,643 13.94 25,054 8.00 31,318 10.00 As of December 31, 2018 Tier 1 Leverage Capital $ 37,805 9.28 % $ 16,288 4.00 % $ 20,360 5.00 % Common Equity Tier 1 Risk-based Capital 37,805 12.90 13,190 4.50 19,052 6.50 Tier 1 Risk-based Capital 37,805 12.90 17,587 6.00 23,449 8.00 Total Risk-based Capital 41,466 14.15 23,449 8.00 29,311 10.00 |
Note 5 - Earnings Per Share
Note 5 - Earnings Per Share | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | ( 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 six June 30, 2019 2018 2019 2018 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 $ 764 3,144,068 $ 0.24 $ 1,002 3,123,594 $ 0.32 Effect of dilutive securities-incremental shares from assumed conversion of options 6,068 2,428 Diluted EPS: Net earnings $ 764 3,150,136 $ 0.24 $ 1,002 3,126,022 $ 0.32 Six Months Ending June 30: Basic EPS: Net earnings $ 1,631 3,142,244 $ 0.52 $ 1,756 3,122,112 $ 0.56 Effect of dilutive securities-incremental shares from assumed conversion of options 4,634 5,375 Diluted EPS: Net earnings $ 1,631 3,146,878 $ 0.52 $ 1,756 3,127,487 $ 0.56 |
Note 6 - Stock Option Plans
Note 6 - Stock Option Plans | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | ( 6 ) Stock Option Plans 2015 The 2015 “2015 May 20, 2015 2015 may 500,000, no 15% As of June 30, 2019 263,457 3,600 2015 217,051 six June 30, 2019 2018 Weighted- Weighted- Average Average Remaining Aggregate Number of Exercise Contractual Intrinsic Options Price Term (years) Value Outstanding at December 31, 2017 11,540 $ 17.03 Options granted 252,917 19.79 Outstanding at June 30, 2018 264,457 $ 19.79 Outstanding at December 31, 2018 263,457 $ 19.78 Options forfeited (12,440 ) $ 20.09 Outstanding at June 30, 2019 251,017 $ 19.77 8.14 $ 18,000 Exercisable at June 30, 2019 72,457 $ 18.98 6.61 $ 62,000 The fair value of shares vested and recognized as compensation expense was $36,000 $41,000 three June 30, 2019 2018, $78,000 $64,000 six June 30, 2019 2018 three June 30, 2019 2018 $6,000 six June 30, 2019 2018 $10,000 $11,000, June 30, 2019, $559,000 2015 3.7 The fair value of each option granted during the six June 30, 2018 June 30, 2018 Weighted average risk-free interest rate 1.47 % Expected dividend yield 0.41 % Expected stock volatility 11.9 % Expected life in years 2.5 Per share fair value of options issued during period $ 1.49 The Company used the guidance in Staff Accounting Bulletin No. 107 2007 As of May 20, 2015, no 2007 “2007 2007 2007 six June 30, 2019 2018 Weighted- Weighted- Average Average Remaining Aggregate Number of Exercise Contractual Intrinsic Options Price Term (years) Value Outstanding at December 31, 2017 22,200 $ 10.31 Options exercised (4,700 ) 10.00 Outstanding at June 30, 2018 17,500 $ 10.39 Outstanding at December 31, 2018 4,700 $ 11.37 Options exercised (300 ) 10.00 Outstanding at June 30, 2019 4,400 $ 11.46 0.54 $ 37,000 Exercisable at June 30, 2019 4,400 $ 11.46 0.54 $ 37,000 At June 30, 2019 no 2007 Director s’ Plan In 2012, 110% no 74,805 three June 30, 2019 2018, 1,016 764 110% $19,000 $17,000, six June 30, 2019 2018 1,611 1,556 110% $31,000 $34,000, June 30, 2019 53,673 Restricted Stock The Company issued 3,600 first 2019 2018 third 1,200 February 21, 2020. Wtd-Avg Grant-Date Number of Fair Value Grant-Date Fair Shares per Share Value Non-vested restricted stock issued in 2019 3,600 $ 18.52 $ 67,000 Non-vested restricted stock outstanding at June 30, 2019 3,600 During the three six June 30, 2019 $8,000 June 30, 2019, $59,000 2.67 |
Note 7 - Federal Home Loan Bank
Note 7 - Federal Home Loan Bank Advances | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Federal Home Loan Bank, Advances [Text Block] | ( 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 $51.3 June 30, 2019 June 30, 2019 December 31, 2018 no |
Note 8 - Fair Value of Financia
Note 8 - Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | ( 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, 2019 At December 31, 2018 Carrying Fair Carrying Fair (in thousands) Level Amount Value Amount Value Financial assets: Cash and cash equivalents 1 $ 72,042 $ 72,042 $ 48,038 $ 48,038 Securities available for sale 2 52,431 52,431 45,384 45,384 Loans held for sale 3 6,223 6,329 4,767 4,842 Loans, net 3 299,949 293,778 290,113 283,068 Federal Home Loan Bank stock 3 404 404 355 355 Accrued interest receivable 3 1,100 1,100 1,034 1,034 Financial liabilities- Deposits 3 390,324 390,887 349,067 349,416 Other borrowings 3 770 770 - - Off-Balance Sheet Items 3 - - - - Discussion regarding the assumptions used to compute the estimated fair values of financial instruments can be found in Note 1 10 December 31, 2018 |
Note 9 - Off-balance Sheet Fina
Note 9 - Off-balance Sheet Financial Instruments | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Off-balance Sheet Financial Instruments [Text Block] | ( 9 ) Off- B alance S heet Financial Instruments The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its clients. These financial instruments are commitments to extend credit, construction loans in process, unused lines of credit, standby letters of credit, and guaranteed accounts and may The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for available lines of credit, construction loans in process and standby letters of credit is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments as it does for on-balance sheet instruments. 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 may not Standby letters of credit are written conditional commitments issued by the Company to guarantee the performance of a client to a third third one not third $650,000 June 30, 2019 Guaranteed accounts are irrevocable standby letters of credit issued by us to guarantee a client’s credit line with our third 10%. 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 sheet financial instruments is represented by the dollar amount disclosed in the table below. At June 30, 2019 (in thousands) Commitments to extend credit $ 8,089 Construction loans in process $ 21,578 Unused lines of credit $ 36,577 Standby financial letters of credit $ 1,965 Standby performance letters of credit $ 378 Guaranteed accounts $ 1,391 |
Note 10 - Premises and Equipmen
Note 10 - Premises and Equipment | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | ( 10 Premises and Equipment The Company adopted ASU 2016 02, January 1, 2019 2019 not The Company's operating lease obligations are for the Company's office facilities located at its Timberlane Road, Tallahassee, Florida location. The term of the Lease is 15 four five third June 30, 2019 $500,000. The components of lease expense and other lease information as of and during the three six June 30, 2019 (in thousands) Three-Month Period Ended June 30, 2019 Six-Month Period Ended June 30, 2019 Operating lease cost $ 59 $ 59 Cash paid for amount included in the measurement of lease liabilities operating cash flows from operating leases $ 21 $ 21 (in thousands) At June 30, 2019 Operating lease right of use assets $ 3,768 Operating lease liabilities $ 3,827 Weighted average remaining lease term-operating leases (in years) 15 Weighted average discount rate 3.17 % Future minimum lease payments under non-cancellable leases as of June 30, 2019, (in thousands) At June 30, 2019 Remainder of 2019 $ 130 2020 294 2021 294 2022 294 2023 294 Thereafter 3,567 Total future minimum lease payments 4,873 Less interest (1,046 ) Total operating lease liability $ 3,827 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Prime Meridian Holding Company (“PMHG”) owns 100% three fourth April 16, 2019. The accounting and financial reporting policies of the Company 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 not 10 not December 31, 2018 10 March 21, 2019. three six June 30, 2019 not |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Incom e . |
Share-based Payment Arrangement, Director [Policy Text Block] | S tock - Based Compensation. |
Mortgage Banking Activity [Policy Text Block] | Mortgage Banking Revenue. |
Reclassification, Policy [Policy Text Block] | Reclassifications. Certain reclassifications of prior period amounts have been made to conform to the current period presentation. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Standards Update. In February 2016, No. 2016 2, Leases (Topic 842 twelve December 15, 2018. $288,000 January 1, 2019. In June 2016, No. 2016 13, Financial Instruments-Credit Losses (Topic 326 Recent Accounting Standards Update , Continued. The new guidance was originally set to be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, July 17, 2019, January, 2023. August, 2019 In March 2017, No. 2018 08, No December 15, 2018. In June 2018, No. 2018 07, 718 718. 505 50, December 15, 2018, no 606, no |
Note 2 - Securities Available_2
Note 2 - Securities Available for Sale (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (in thousands) At June 30, 2019 U.S. Government agency securities $ 529 $ - $ - $ 529 Municipal securities 7,000 59 - 7,059 Mortgage-backed securities 42,348 364 (85 ) 42,627 Asset-backed securities 2,224 - (8 ) 2,216 Total $ 52,101 $ 423 $ (93 ) $ 52,431 At December 31, 2018 U.S. Government agency securities $ 815 $ - $ (16 ) $ 799 Municipal securities 11,580 62 (113 ) 11,529 Mortgage-backed securities 33,733 33 (710 ) 33,056 Total $ 46,128 $ 95 $ (839 ) $ 45,384 |
Schedule of Realized Gain (Loss) [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, (in thousands) 2019 2018 2019 2018 Proceeds from sale of securities $ - $ - $ 4,245 $ - Gross gains - - 27 - Gross losses - - (20 ) - Net gain on sale of securities $ - $ - $ 7 $ - |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block] | Less Than Twelve Months Over Twelve Months Gross Gross Unrealized Fair Unrealized Fair Losses Value Losses Value (in thousands) At June 30, 2019 Mortgage-backed securities $ (1 ) $ 1,794 $ (84 ) $ 12,931 Asset-backed securities (8 ) 2,216 - - Total $ (9 ) $ 4,010 $ (84 ) $ 12,931 At December 31, 2018 U.S. Government agency securities $ (2 ) $ 242 $ (14 ) $ 557 Municipal securities - - (113 ) 5,760 Mortgage-backed securities (19 ) 983 (691 ) 30,061 Total $ (21 ) $ 1,225 $ (818 ) $ 36,378 |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Fair Value Measurements Using Quoted Prices In Active Significant Markets for Other Significant Identical Observable Unobservable Fair Assets Inputs Inputs Value (Level 1) (Level 2) (Level 3) (in thousands) At June 30, 2019 U.S. Government agency securities $ 529 $ - $ 529 $ - Municipal securities 7,059 - 7,059 - Mortgage-backed securities 42,627 - 42,627 Asset-backed securities 2,216 - 2,216 - Total $ 52,431 $ - $ 52,431 $ - At December 31, 2018 U.S. Government agency securities $ 799 $ - $ 799 $ - Municipal securities 11,529 - 11,529 - Mortgage-backed securities 33,056 - 33,056 - Total $ 45,384 $ - $ 45,384 $ - |
Available-for-sale Securities [Table Text Block] | At June 30, 2019 Amortized Fair Cost Value (in thousands) Due in one to five years $ 1,881 $ 1,892 Due in five to ten years 3,360 3,380 Due after ten years 4,512 4,532 Mortgage-backed securities 42,348 42,627 Total $ 52,101 $ 52,431 |
Note 3 - Loans (Tables)
Note 3 - Loans (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Portfolio of Loans [Table Text Block] | At June 30, At December 31, (in thousands) 2019 2018 Real estate mortgage loans: Commercial $ 73,807 $ 82,494 Residential and home equity 127,425 121,454 Construction 35,069 31,601 Total real estate mortgage loans 236,301 235,549 Commercial loans 59,601 51,018 Consumer and other loans 7,582 6,747 Total loans 303,484 293,314 Add (deduct): Net deferred loan costs 471 460 Allowance for loan losses (4,006 ) (3,661 ) Loans, net $ 299,949 $ 290,113 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Real Estate Mortgage Loans Residential Consumer and Home Commercial and Other (in thousands) Commercial Equity Construction Loans Loans Total Three Month Period Ended June 30, 2019 Beginning balance $ 847 $ 1,429 $ 362 $ 1,068 $ 94 $ 3,800 Provision (credit) for loan losses (34 ) 29 63 133 (12 ) 179 Net (charge-offs) recoveries - - - 24 3 27 Ending balance $ 813 $ 1,458 $ 425 $ 1,225 $ 85 $ 4,006 Three Month Period Ended June 30, 2018 Beginning balance $ 977 $ 1,208 $ 372 $ 745 $ 83 $ 3,385 Provision (credit) 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 Six Month Period Ended June 30, 2019 Beginning balance $ 917 $ 1,397 $ 391 $ 876 $ 80 $ 3,661 Provision (credit) for loan losses (104 ) 61 34 347 6 344 Net (charge-offs) recoveries - - - 2 (1 ) 1 Ending balance $ 813 $ 1,458 $ 425 $ 1,225 $ 85 $ 4,006 Six Month Period Ended June 30, 2018 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 At June 30, 2019 Individually evaluated for impairment: Recorded investment $ 611 $ 1,067 $ - $ 1,122 $ 8 $ 2,808 Balance in allowance for loan losses $ - $ - $ - $ 435 $ 8 $ 443 Collectively evaluated for impairment: Recorded investment $ 73,196 $ 126,358 $ 35,069 $ 58,479 $ 7,574 $ 300,676 Balance in allowance for loan losses $ 813 $ 1,458 $ 425 $ 790 $ 77 $ 3,563 At December 31, 2018 Individually evaluated for impairment: Recorded investment $ 611 $ 409 $ - $ 205 $ 6 $ 1,231 Balance in allowance for loan losses $ - $ - $ - $ 205 $ 6 $ 211 Collectively evaluated for impairment: Recorded investment $ 81,883 $ 121,045 $ 31,601 $ 50,813 $ 6,741 $ 292,083 Balance in allowance for loan losses $ 917 $ 1,397 $ 391 $ 671 $ 74 $ 3,450 |
Financing Receivable Credit Quality Indicators [Table Text Block] | Real Estate Mortgage Loans Residential Consumer and Home Commercial and Other (in thousands) Commercial Equity Construction Loans Loans Total At June 30, 2019: Grade: Pass $ 71,586 $ 123,673 $ 34,589 $ 56,178 $ 7,550 $ 293,576 Special mention 1,610 2,634 480 1,172 32 5,928 Substandard 611 1,118 - 2,251 - 3,980 Doubtful - - - - - - Loss - - - - - - Total $ 73,807 $ 127,425 $ 35,069 $ 59,601 $ 7,582 $ 303,484 At December 31, 2018: Grade: Pass $ 77,650 $ 118,368 $ 31,601 $ 47,858 $ 6,657 $ 282,134 Special mention 4,233 2,875 - 2,184 84 9,376 Substandard 611 211 - 976 6 1,804 Doubtful - - - - - - Loss - - - - - - Total $ 82,494 $ 121,454 $ 31,601 $ 51,018 $ 6,747 $ 293,314 |
Financing Receivable, Past Due [Table Text Block] | Accruing Loans Greater Than 30-59 Days 60-89 Days 90 Days Total Past Nonaccrual Total (in thousands) Past Due Past Due Past Due Due Current Loans Loans At June 30, 2019: Real estate mortgage loans: Commercial $ - $ - $ - $ - $ 73,807 $ - $ 73,807 Residential and home equity 50 - - 50 126,308 1,067 127,425 Construction - - - - 35,069 - 35,069 Commercial loans - 638 - 638 58,068 895 59,601 Consumer and other loans - - - - 7,582 - 7,582 Total $ 50 $ 638 $ - $ 688 $ 300,834 $ 1,962 $ 303,484 At December 31, 2018: Real estate mortgage loans: Commercial $ - $ - $ - $ - $ 82,494 $ - $ 82,494 Residential and home equity 134 30 - 164 121,129 161 121,454 Construction - - - - 31,601 - 31,601 Commercial loans 98 - - 98 50,745 175 51,018 Consumer and other loans - - - - 6,741 6 6,747 Total $ 232 $ 30 $ - $ 262 $ 292,710 $ 342 $ 293,314 |
Impaired Financing Receivables [Table Text Block] | With No Related Allowance Recorded With an Allowance Recorded Total Unpaid Unpaid Unpaid Contractual Contractual Contractual Recorded Principal Recorded Principal Related Recorded Principal Related (in thousands) Investment Balance Investment Balance Allowance Investment Balance Allowance At June 30, 2019: Real estate mortgage loans: Commercial $ 611 $ 611 $ - $ - $ - $ 611 $ 611 $ - Residential and home equity 1,067 1,067 - - - 1,067 1,067 - Commercial loans - - 1,122 1,122 435 1,122 1,122 435 Consumer and other loans - - 8 8 8 8 8 8 $ 1,678 $ 1,678 $ 1,130 $ 1,130 $ 443 $ 2,808 $ 2,808 $ 443 At December 31, 2018: Real estate mortgage loans: Commercial real estate $ 611 $ 611 $ - $ - $ - $ 611 $ 611 $ - Residential and home equity 409 409 - - - 409 409 - Commercial loans - - 205 205 205 205 205 205 Consumer and other loans - - 6 6 6 6 6 6 Total $ 1,020 $ 1,020 $ 211 $ 211 $ 211 $ 1,231 $ 1,231 $ 211 |
Impaired Financing Receivables, Average Recorded Investment, and Interest Income Recognized [Table Text Block] | Three Months Ended June 30, 2019 2018 Average Interest Interest Average Interest Interest Recorded Income Income Recorded Income Income (in thousands) Investment Recognized Received Investment Recognized Received Real estate mortgage loans: Commercial $ 611 $ 8 $ 8 $ 611 $ - $ - Residential and home equity 439 - 2 251 1 - Commercial loans 455 4 6 156 - - Consumer 19 - - - - - Total $ 1,524 $ 12 $ 16 $ 1,018 $ 1 $ - Six Months Ended June 30, 2019 2018 Average Interest Interest Average Interest Interest Recorded Income Income Recorded Income Income (in thousands) Investment Recognized Received Investment Recognized Received Real estate mortgage loans: Commercial $ 611 $ 16 $ 16 $ 328 $ - $ - Residential and home equity 430 4 5 212 1 - Construction - 1 1 - - 2 Commercial loans 343 4 6 152 - - Consumer 14 - - - - - Total $ 1,398 $ 25 $ 28 $ 692 $ 1 $ 2 |
Financing Receivable, Troubled Debt Restructuring [Table Text Block] | Three Months Ended June 30, 2019 2018 Pre- Post- Current Pre- Post- Current Modification Modification Modification Modification Modification Modification Number Outstanding Outstanding Outstanding Number Outstanding Outstanding Outstanding of Recorded Recorded Recorded of Recorded Recorded Recorded Contracts Investment Investment Investment Contracts Investment Investment Investment ( dollars in thousands) Troubled Debt Restructurings - Modified principal Commercial real estate - $ - $ - $ - 1 $ 619 $ 611 $ 611 Residential and home equity 1 66 66 66 - - - - Commercial 1 60 60 60 - - - - Total 2 $ 126 $ 126 $ 126 1 $ 619 $ 611 $ 611 Six Months Ended June 30, 2019 2018 Pre- Post- Current Pre- Post- Current Modification Modification Modification Modification Modification Modification Number Outstanding Outstanding Outstanding Number Outstanding Outstanding Outstanding of Recorded Recorded Recorded of Recorded Recorded Recorded Contracts Investment Investment Investment Contracts Investment Investment Investment ( dollars in thousands) Troubled Debt Restructurings - Modified principal Commercial real estate - $ - $ - $ - 1 $ 619 $ 611 $ 611 Residential and home equity 1 66 66 66 - - - - Commercial 1 60 60 60 - - - - Total 2 $ 126 $ 126 $ 126 1 $ 619 $ 611 $ 611 |
Note 4 - Regulatory Capital (Ta
Note 4 - Regulatory Capital (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | For Capital Adequacy For Well Capitalized Actual Purposes Purposes (dollars in thousands) Amount Percentage Amount Percentage Amount Percentage As of June 30, 2019 Tier 1 Leverage Capital $ 39,727 9.10 % $ 17,461 4.00 % $ 21,826 5.00 % Common Equity Tier 1 Risk-based Capital 39,727 12.69 14,093 4.50 20,356 6.50 Tier 1 Risk-based Capital 39,727 12.69 18,791 6.00 25,054 8.00 Total Risk-based Capital 43,643 13.94 25,054 8.00 31,318 10.00 As of December 31, 2018 Tier 1 Leverage Capital $ 37,805 9.28 % $ 16,288 4.00 % $ 20,360 5.00 % Common Equity Tier 1 Risk-based Capital 37,805 12.90 13,190 4.50 19,052 6.50 Tier 1 Risk-based Capital 37,805 12.90 17,587 6.00 23,449 8.00 Total Risk-based Capital 41,466 14.15 23,449 8.00 29,311 10.00 |
Note 5 - Earnings Per Share (Ta
Note 5 - Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 2019 2018 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 $ 764 3,144,068 $ 0.24 $ 1,002 3,123,594 $ 0.32 Effect of dilutive securities-incremental shares from assumed conversion of options 6,068 2,428 Diluted EPS: Net earnings $ 764 3,150,136 $ 0.24 $ 1,002 3,126,022 $ 0.32 Six Months Ending June 30: Basic EPS: Net earnings $ 1,631 3,142,244 $ 0.52 $ 1,756 3,122,112 $ 0.56 Effect of dilutive securities-incremental shares from assumed conversion of options 4,634 5,375 Diluted EPS: Net earnings $ 1,631 3,146,878 $ 0.52 $ 1,756 3,127,487 $ 0.56 |
Note 6 - Stock Option Plans (Ta
Note 6 - Stock Option Plans (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | June 30, 2018 Weighted average risk-free interest rate 1.47 % Expected dividend yield 0.41 % Expected stock volatility 11.9 % Expected life in years 2.5 Per share fair value of options issued during period $ 1.49 |
Nonvested Restricted Stock Shares Activity [Table Text Block] | Wtd-Avg Grant-Date Number of Fair Value Grant-Date Fair Shares per Share Value Non-vested restricted stock issued in 2019 3,600 $ 18.52 $ 67,000 Non-vested restricted stock outstanding at June 30, 2019 3,600 |
The 2007 Stock Option Plan [Member] | |
Notes Tables | |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Weighted- Weighted- Average Average Remaining Aggregate Number of Exercise Contractual Intrinsic Options Price Term (years) Value Outstanding at December 31, 2017 22,200 $ 10.31 Options exercised (4,700 ) 10.00 Outstanding at June 30, 2018 17,500 $ 10.39 Outstanding at December 31, 2018 4,700 $ 11.37 Options exercised (300 ) 10.00 Outstanding at June 30, 2019 4,400 $ 11.46 0.54 $ 37,000 Exercisable at June 30, 2019 4,400 $ 11.46 0.54 $ 37,000 |
The 2015 Stock Incentive Compensation Plan [Member] | |
Notes Tables | |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Weighted- Weighted- Average Average Remaining Aggregate Number of Exercise Contractual Intrinsic Options Price Term (years) Value Outstanding at December 31, 2017 11,540 $ 17.03 Options granted 252,917 19.79 Outstanding at June 30, 2018 264,457 $ 19.79 Outstanding at December 31, 2018 263,457 $ 19.78 Options forfeited (12,440 ) $ 20.09 Outstanding at June 30, 2019 251,017 $ 19.77 8.14 $ 18,000 Exercisable at June 30, 2019 72,457 $ 18.98 6.61 $ 62,000 |
Note 8 - Fair Value of Financ_2
Note 8 - Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | At June 30, 2019 At December 31, 2018 Carrying Fair Carrying Fair (in thousands) Level Amount Value Amount Value Financial assets: Cash and cash equivalents 1 $ 72,042 $ 72,042 $ 48,038 $ 48,038 Securities available for sale 2 52,431 52,431 45,384 45,384 Loans held for sale 3 6,223 6,329 4,767 4,842 Loans, net 3 299,949 293,778 290,113 283,068 Federal Home Loan Bank stock 3 404 404 355 355 Accrued interest receivable 3 1,100 1,100 1,034 1,034 Financial liabilities- Deposits 3 390,324 390,887 349,067 349,416 Other borrowings 3 770 770 - - Off-Balance Sheet Items 3 - - - - |
Note 9 - Off-balance Sheet Fi_2
Note 9 - Off-balance Sheet Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Fair Value, Off-balance Sheet Risks [Table Text Block] | At June 30, 2019 (in thousands) Commitments to extend credit $ 8,089 Construction loans in process $ 21,578 Unused lines of credit $ 36,577 Standby financial letters of credit $ 1,965 Standby performance letters of credit $ 378 Guaranteed accounts $ 1,391 |
Note 10 - Premises and Equipm_2
Note 10 - Premises and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Lease, Cost [Table Text Block] | (in thousands) Three-Month Period Ended June 30, 2019 Six-Month Period Ended June 30, 2019 Operating lease cost $ 59 $ 59 Cash paid for amount included in the measurement of lease liabilities operating cash flows from operating leases $ 21 $ 21 (in thousands) At June 30, 2019 Operating lease right of use assets $ 3,768 Operating lease liabilities $ 3,827 Weighted average remaining lease term-operating leases (in years) 15 Weighted average discount rate 3.17 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | (in thousands) At June 30, 2019 Remainder of 2019 $ 130 2020 294 2021 294 2022 294 2023 294 Thereafter 3,567 Total future minimum lease payments 4,873 Less interest (1,046 ) Total operating lease liability $ 3,827 |
Note 1 - General (Details Textu
Note 1 - General (Details Textual) | 6 Months Ended | |||
Jun. 30, 2019USD ($) | Mar. 31, 2019 | Jan. 01, 2019USD ($) | Dec. 31, 2018USD ($) | |
Subsidiary, Ownership Percentage By Parent | 100.00% | |||
Number of Banking Offices | 3 | |||
Assets, Total | $ 450,727,000 | $ 401,702,000 | ||
Liabilities, Total | $ 397,731,000 | $ 350,882,000 | ||
Accounting Standards Update 2016-02 [Member] | ||||
Assets, Total | $ 288,000 | |||
Liabilities, Total | $ 288,000 |
Note 2 - Securities Available_3
Note 2 - Securities Available for Sale (Details Textual) | Jun. 30, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 12 | 39 |
Note 2 - Securities Available_4
Note 2 - Securities Available for Sale - Summary of Carrying Amount and Fair Values of Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Amortized Cost | $ 52,101 | $ 46,128 |
Gross Unrealized Gains | 423 | 95 |
Gross Unrealized Losses | (93) | (839) |
Securities available for sale | 52,431 | 45,384 |
US Government Agencies Debt Securities [Member] | ||
Amortized Cost | 529 | 815 |
Gross Unrealized Gains | ||
Gross Unrealized Losses | (16) | |
Securities available for sale | 529 | 799 |
US States and Political Subdivisions Debt Securities [Member] | ||
Amortized Cost | 7,000 | 11,580 |
Gross Unrealized Gains | 59 | 62 |
Gross Unrealized Losses | (113) | |
Securities available for sale | 7,059 | 11,529 |
Collateralized Mortgage Backed Securities [Member] | ||
Amortized Cost | 42,348 | 33,733 |
Gross Unrealized Gains | 364 | 33 |
Gross Unrealized Losses | (85) | (710) |
Securities available for sale | 42,627 | $ 33,056 |
Asset-backed Securities [Member] | ||
Amortized Cost | 2,224 | |
Gross Unrealized Gains | ||
Gross Unrealized Losses | (8) | |
Securities available for sale | $ 2,216 |
Note 2 - Securities Available_5
Note 2 - Securities Available for Sale - Summary of Sale of Securities Available for Sale (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Proceeds from sale of securities | $ 4,245 | |||
Gross gains | 27 | |||
Gross losses | (20) | |||
Net gain on sale of securities | $ 7 |
Note 2 - Securities Available_6
Note 2 - Securities Available for Sale - Summary of Securities in Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Gross Unrealized Losses, Less Than Twelve Months | $ (9) | $ (21) |
Fair Value, Less Than Twelve Months | 4,010 | 1,225 |
Gross Unrealized Losses, Over Twelve Months | (84) | (818) |
Fair Value, Over Twelve Months | 12,931 | 36,378 |
Gross Unrealized Losses, Over Twelve Months | 84 | 818 |
Collateralized Mortgage Backed Securities [Member] | ||
Gross Unrealized Losses, Less Than Twelve Months | (1) | (19) |
Fair Value, Less Than Twelve Months | 1,794 | 983 |
Gross Unrealized Losses, Over Twelve Months | (84) | (691) |
Fair Value, Over Twelve Months | 12,931 | 30,061 |
Gross Unrealized Losses, Over Twelve Months | 84 | 691 |
Asset-backed Securities [Member] | ||
Gross Unrealized Losses, Less Than Twelve Months | (8) | |
Fair Value, Less Than Twelve Months | 2,216 | |
Gross Unrealized Losses, Over Twelve Months | ||
Fair Value, Over Twelve Months | ||
Gross Unrealized Losses, Over Twelve Months | ||
US Government Agencies Debt Securities [Member] | ||
Gross Unrealized Losses, Less Than Twelve Months | (2) | |
Fair Value, Less Than Twelve Months | 242 | |
Gross Unrealized Losses, Over Twelve Months | (14) | |
Fair Value, Over Twelve Months | 557 | |
Gross Unrealized Losses, Over Twelve Months | 14 | |
US States and Political Subdivisions Debt Securities [Member] | ||
Gross Unrealized Losses, Less Than Twelve Months | ||
Fair Value, Less Than Twelve Months | ||
Gross Unrealized Losses, Over Twelve Months | (113) | |
Fair Value, Over Twelve Months | 5,760 | |
Gross Unrealized Losses, Over Twelve Months | $ 113 |
Note 2 - Securities Available_7
Note 2 - Securities Available for Sale - Securities Available for Sale Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Securities available for sale | $ 52,431 | $ 45,384 |
US Government Agencies Debt Securities [Member] | ||
Securities available for sale | 529 | 799 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities available for sale | 7,059 | 11,529 |
Collateralized Mortgage Backed Securities [Member] | ||
Securities available for sale | 42,627 | 33,056 |
Asset-backed Securities [Member] | ||
Securities available for sale | 2,216 | |
Fair Value, Recurring [Member] | ||
Securities available for sale | 52,431 | 45,384 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale | 52,431 | 45,384 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale | ||
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | ||
Securities available for sale | 529 | 799 |
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale | ||
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale | 529 | 799 |
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale | ||
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Securities available for sale | 7,059 | 11,529 |
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale | ||
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale | 7,059 | 11,529 |
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale | ||
Fair Value, Recurring [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Securities available for sale | 42,627 | 33,056 |
Fair Value, Recurring [Member] | Collateralized Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale | ||
Fair Value, Recurring [Member] | Collateralized Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale | 42,627 | 33,056 |
Fair Value, Recurring [Member] | Collateralized Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale | ||
Fair Value, Recurring [Member] | Asset-backed Securities [Member] | ||
Securities available for sale | 2,216 | |
Fair Value, Recurring [Member] | Asset-backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale | ||
Fair Value, Recurring [Member] | Asset-backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale | 2,216 | |
Fair Value, Recurring [Member] | Asset-backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale |
Note 2 - Securities Available_8
Note 2 - Securities Available for Sale - Scheduled Maturities of Securities with Fair Value and Amortized Cost (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Due in one to five years, amortized cost | $ 1,881 | |
Due in one to five years, Fair value | 1,892 | |
Due in five to ten years, amortized cost | 3,360 | |
Due in five to ten years, Fair value | 3,380 | |
Due after ten years, amortized cost | 4,512 | |
Due after ten years, Fair value | 4,532 | |
Mortgage-backed securities, amortized cost | 42,348 | |
Mortgage-backed securities, Fair value | 42,627 | |
Total, amortized cost | 52,101 | $ 46,128 |
Total, Fair value | $ 52,431 | $ 45,384 |
Note 3 - Loans (Details Textual
Note 3 - Loans (Details Textual) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019USD ($) | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019USD ($) | Jun. 30, 2018 | Dec. 31, 2018USD ($) | |
Number of Loan Portfolio Segments | 3 | 3 | ||||
Number of Portfolio Classes | 5 | 5 | ||||
Impairment Valuation Loan Limit | $ 500,000 | |||||
Financing Receivable, Modifications, Number of Contracts | 2 | 1 | 2 | 1 | ||
Financing Receivable, Troubled Debt Restructuring | $ 757,000 | $ 757,000 | ||||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 0 | 0 | ||||
Nonperforming Financial Instruments [Member] | Collateral Pledged [Member] | Fair Value, Nonrecurring [Member] | ||||||
Loans Receivable, Fair Value Disclosure | $ 0 | $ 0 | $ 0 | |||
Minimum [Member] | Loans Receivable [Member] | ||||||
Loan Maturity Period | 1 year | |||||
Maximum [Member] | Loans Receivable [Member] | ||||||
Loan Maturity Period | 10 years | |||||
Real Estate Mortgage Loans [Member] | ||||||
Number of Portfolio Classes | 3 | 3 | ||||
Commercial Real Estate Portfolio Segment [Member] | ||||||
Period of Fixed Interest Rate | 5 years | |||||
Commercial Real Estate Portfolio Segment [Member] | Minimum [Member] | ||||||
Loan Maturity Period | 3 years | |||||
Commercial Real Estate Portfolio Segment [Member] | Maximum [Member] | ||||||
Loan Maturity Period | 5 years | |||||
Residential Portfolio Segment [Member] | Period 1 [Member] | ||||||
Period of Fixed Interest Rate | 15 years | |||||
Period of Adjustment of Interest Rate | 1 year | |||||
Residential Portfolio Segment [Member] | Period 2 [Member] | ||||||
Period of Fixed Interest Rate | 30 years | |||||
Period of Adjustment of Interest Rate | 3 years | |||||
Residential Portfolio Segment [Member] | Period 3 [Member] | ||||||
Period of Adjustment of Interest Rate | 5 years | |||||
Residential Portfolio Segment [Member] | Period 4 [Member] | ||||||
Period of Adjustment of Interest Rate | 7 years | |||||
Real Estate Construction Loan [Member] | Minimum [Member] | ||||||
Loan Maturity Period | 1 year | |||||
Real Estate Construction Loan [Member] | Maximum [Member] | ||||||
Loan Maturity Period | 2 years | |||||
Commercial Portfolio Segment [Member] | Maximum [Member] | Equipment Loans [Member] | ||||||
Loan Maturity Period | 5 years |
Note 3 - Loans - Composition of
Note 3 - Loans - Composition of Company's Loan Portfolio, Excluding Loans Held for Sale (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Total loans | $ 303,484 | $ 293,314 | ||||
Net deferred loan costs | 471 | 460 | ||||
Allowance for loan losses | (4,006) | $ (3,800) | (3,661) | $ (3,541) | $ (3,385) | $ (3,136) |
Loans, net | 299,949 | 290,113 | ||||
Mortgage Receivable [Member] | ||||||
Total loans | 236,301 | 235,549 | ||||
Mortgage Receivable [Member] | Commercial Real Estate Portfolio Segment [Member] | ||||||
Total loans | 73,807 | 82,494 | ||||
Allowance for loan losses | (813) | (847) | (917) | (1,001) | (977) | (894) |
Mortgage Receivable [Member] | Residential Portfolio Segment [Member] | ||||||
Total loans | 127,425 | 121,454 | ||||
Allowance for loan losses | (1,458) | (1,429) | (1,397) | (1,309) | (1,208) | (1,097) |
Mortgage Receivable [Member] | Real Estate Construction Loan [Member] | ||||||
Total loans | 35,069 | 31,601 | ||||
Allowance for loan losses | (425) | (362) | (391) | (400) | (372) | (331) |
Loans and Finance Receivables [Member] | Commercial Portfolio Segment [Member] | ||||||
Total loans | 59,601 | 51,018 | ||||
Allowance for loan losses | (1,225) | (1,068) | (876) | (749) | (745) | (724) |
Loans and Finance Receivables [Member] | Consumer Portfolio Segment [Member] | ||||||
Total loans | 7,582 | 6,747 | ||||
Allowance for loan losses | $ (85) | $ (94) | $ (80) | $ (82) | $ (83) | $ (90) |
Note 3 - Loans - Summary of Cha
Note 3 - Loans - Summary of Changes in Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Beginning balance | $ 3,800 | $ 3,385 | $ 3,661 | $ 3,136 | |
Provision (credit) for loan losses | 179 | 155 | 344 | 409 | |
Net (charge-offs) recoveries | 27 | 1 | 1 | (4) | |
Provision (credit) for loan losses | 179 | 155 | 344 | 409 | |
Recorded investment, individually evaluated for impairment | 2,808 | 2,808 | $ 1,231 | ||
Balance in allowance for loan losses, individually evaluated for impairment | 443 | 443 | 211 | ||
Recorded investment, collectively evaluated for impairment | 300,676 | 300,676 | 292,083 | ||
Balance in allowance for loan losses, collectively evaluated for impairment | 3,563 | 3,563 | 3,450 | ||
Mortgage Receivable [Member] | Commercial Real Estate Portfolio Segment [Member] | |||||
Beginning balance | 847 | 977 | 917 | 894 | |
Provision (credit) for loan losses | (34) | 24 | (104) | 107 | |
Net (charge-offs) recoveries | |||||
Provision (credit) for loan losses | (34) | 24 | (104) | 107 | |
Recorded investment, individually evaluated for impairment | 611 | 611 | 611 | ||
Balance in allowance for loan losses, individually evaluated for impairment | |||||
Recorded investment, collectively evaluated for impairment | 73,196 | 73,196 | 81,883 | ||
Balance in allowance for loan losses, collectively evaluated for impairment | 813 | 813 | 917 | ||
Mortgage Receivable [Member] | Residential Portfolio Segment [Member] | |||||
Beginning balance | 1,429 | 1,208 | 1,397 | 1,097 | |
Provision (credit) for loan losses | 29 | 101 | 61 | 212 | |
Net (charge-offs) recoveries | |||||
Provision (credit) for loan losses | 29 | 101 | 61 | 212 | |
Recorded investment, individually evaluated for impairment | 1,067 | 1,067 | 409 | ||
Balance in allowance for loan losses, individually evaluated for impairment | |||||
Recorded investment, collectively evaluated for impairment | 126,358 | 126,358 | 121,045 | ||
Balance in allowance for loan losses, collectively evaluated for impairment | 1,458 | 1,458 | 1,397 | ||
Mortgage Receivable [Member] | Real Estate Construction Loan [Member] | |||||
Beginning balance | 362 | 372 | 391 | 331 | |
Provision (credit) for loan losses | 63 | 28 | 34 | 69 | |
Net (charge-offs) recoveries | |||||
Provision (credit) for loan losses | 63 | 28 | 34 | 69 | |
Recorded investment, individually evaluated for impairment | |||||
Balance in allowance for loan losses, individually evaluated for impairment | |||||
Recorded investment, collectively evaluated for impairment | 35,069 | 35,069 | 31,601 | ||
Balance in allowance for loan losses, collectively evaluated for impairment | 425 | 425 | 391 | ||
Loans and Finance Receivables [Member] | Commercial Portfolio Segment [Member] | |||||
Beginning balance | 1,068 | 745 | 876 | 724 | |
Provision (credit) for loan losses | 133 | 2 | 347 | 22 | |
Net (charge-offs) recoveries | 24 | 2 | 2 | 3 | |
Provision (credit) for loan losses | 133 | 2 | 347 | 22 | |
Recorded investment, individually evaluated for impairment | 1,122 | 1,122 | 205 | ||
Balance in allowance for loan losses, individually evaluated for impairment | 435 | 435 | 205 | ||
Recorded investment, collectively evaluated for impairment | 58,479 | 58,479 | 50,813 | ||
Balance in allowance for loan losses, collectively evaluated for impairment | 790 | 790 | 671 | ||
Loans and Finance Receivables [Member] | Consumer Portfolio Segment [Member] | |||||
Beginning balance | 94 | 83 | 80 | 90 | |
Provision (credit) for loan losses | (12) | 6 | (1) | ||
Net (charge-offs) recoveries | 3 | (1) | (1) | (7) | |
Provision (credit) for loan losses | (12) | 6 | $ (1) | ||
Recorded investment, individually evaluated for impairment | 8 | 8 | 6 | ||
Balance in allowance for loan losses, individually evaluated for impairment | 8 | 8 | 6 | ||
Recorded investment, collectively evaluated for impairment | 7,574 | 7,574 | 6,741 | ||
Balance in allowance for loan losses, collectively evaluated for impairment | $ 77 | $ 77 | $ 74 |
Note 3 - Loans - Summary of Loa
Note 3 - Loans - Summary of Loan Credit Quality (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Loans by credit quality | $ 303,484 | $ 293,314 |
Pass [Member] | ||
Loans by credit quality | 293,576 | 282,134 |
Special Mention [Member] | ||
Loans by credit quality | 5,928 | 9,376 |
Substandard [Member] | ||
Loans by credit quality | 3,980 | 1,804 |
Doubtful [Member] | ||
Loans by credit quality | ||
Unlikely to be Collected Financing Receivable [Member] | ||
Loans by credit quality | ||
Mortgage Receivable [Member] | ||
Loans by credit quality | 236,301 | 235,549 |
Mortgage Receivable [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Loans by credit quality | 73,807 | 82,494 |
Mortgage Receivable [Member] | Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | ||
Loans by credit quality | 71,586 | 77,650 |
Mortgage Receivable [Member] | Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||
Loans by credit quality | 1,610 | 4,233 |
Mortgage Receivable [Member] | Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | ||
Loans by credit quality | 611 | 611 |
Mortgage Receivable [Member] | Commercial Real Estate Portfolio Segment [Member] | Doubtful [Member] | ||
Loans by credit quality | ||
Mortgage Receivable [Member] | Commercial Real Estate Portfolio Segment [Member] | Unlikely to be Collected Financing Receivable [Member] | ||
Loans by credit quality | ||
Mortgage Receivable [Member] | Residential Portfolio Segment [Member] | ||
Loans by credit quality | 127,425 | 121,454 |
Mortgage Receivable [Member] | Residential Portfolio Segment [Member] | Pass [Member] | ||
Loans by credit quality | 123,673 | 118,368 |
Mortgage Receivable [Member] | Residential Portfolio Segment [Member] | Special Mention [Member] | ||
Loans by credit quality | 2,634 | 2,875 |
Mortgage Receivable [Member] | Residential Portfolio Segment [Member] | Substandard [Member] | ||
Loans by credit quality | 1,118 | 211 |
Mortgage Receivable [Member] | Residential Portfolio Segment [Member] | Doubtful [Member] | ||
Loans by credit quality | ||
Mortgage Receivable [Member] | Residential Portfolio Segment [Member] | Unlikely to be Collected Financing Receivable [Member] | ||
Loans by credit quality | ||
Mortgage Receivable [Member] | Real Estate Construction Loan [Member] | ||
Loans by credit quality | 35,069 | 31,601 |
Mortgage Receivable [Member] | Real Estate Construction Loan [Member] | Pass [Member] | ||
Loans by credit quality | 34,589 | 31,601 |
Mortgage Receivable [Member] | Real Estate Construction Loan [Member] | Special Mention [Member] | ||
Loans by credit quality | 480 | |
Mortgage Receivable [Member] | Real Estate Construction Loan [Member] | Substandard [Member] | ||
Loans by credit quality | ||
Mortgage Receivable [Member] | Real Estate Construction Loan [Member] | Doubtful [Member] | ||
Loans by credit quality | ||
Mortgage Receivable [Member] | Real Estate Construction Loan [Member] | Unlikely to be Collected Financing Receivable [Member] | ||
Loans by credit quality | ||
Loans and Finance Receivables [Member] | Commercial Portfolio Segment [Member] | ||
Loans by credit quality | 59,601 | 51,018 |
Loans and Finance Receivables [Member] | Commercial Portfolio Segment [Member] | Pass [Member] | ||
Loans by credit quality | 56,178 | 47,858 |
Loans and Finance Receivables [Member] | Commercial Portfolio Segment [Member] | Special Mention [Member] | ||
Loans by credit quality | 1,172 | 2,184 |
Loans and Finance Receivables [Member] | Commercial Portfolio Segment [Member] | Substandard [Member] | ||
Loans by credit quality | 2,251 | 976 |
Loans and Finance Receivables [Member] | Commercial Portfolio Segment [Member] | Doubtful [Member] | ||
Loans by credit quality | ||
Loans and Finance Receivables [Member] | Commercial Portfolio Segment [Member] | Unlikely to be Collected Financing Receivable [Member] | ||
Loans by credit quality | ||
Loans and Finance Receivables [Member] | Consumer Portfolio Segment [Member] | ||
Loans by credit quality | 7,582 | 6,747 |
Loans and Finance Receivables [Member] | Consumer Portfolio Segment [Member] | Pass [Member] | ||
Loans by credit quality | 7,550 | 6,657 |
Loans and Finance Receivables [Member] | Consumer Portfolio Segment [Member] | Special Mention [Member] | ||
Loans by credit quality | 32 | 84 |
Loans and Finance Receivables [Member] | Consumer Portfolio Segment [Member] | Substandard [Member] | ||
Loans by credit quality | 6 | |
Loans and Finance Receivables [Member] | Consumer Portfolio Segment [Member] | Doubtful [Member] | ||
Loans by credit quality | ||
Loans and Finance Receivables [Member] | Consumer Portfolio Segment [Member] | Unlikely to be Collected Financing Receivable [Member] | ||
Loans by credit quality |
Note 3 - Loans - Summary of Pas
Note 3 - Loans - Summary of Past Due Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Accruing Loans, Past Due | $ 688 | $ 262 |
Accruing Loans, Current | 300,834 | 292,710 |
Nonaccrual Loans | 1,962 | 342 |
Loans by credit quality | 303,484 | 293,314 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Accruing Loans, Past Due | 50 | 232 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Accruing Loans, Past Due | 638 | 30 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Accruing Loans, Past Due | ||
Mortgage Receivable [Member] | ||
Loans by credit quality | 236,301 | 235,549 |
Mortgage Receivable [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Accruing Loans, Past Due | ||
Accruing Loans, Current | 73,807 | 82,494 |
Nonaccrual Loans | ||
Loans by credit quality | 73,807 | 82,494 |
Mortgage Receivable [Member] | Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Accruing Loans, Past Due | ||
Mortgage Receivable [Member] | Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Accruing Loans, Past Due | ||
Mortgage Receivable [Member] | Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Accruing Loans, Past Due | ||
Mortgage Receivable [Member] | Residential Portfolio Segment [Member] | ||
Accruing Loans, Past Due | 50 | 164 |
Accruing Loans, Current | 126,308 | 121,129 |
Nonaccrual Loans | 1,067 | 161 |
Loans by credit quality | 127,425 | 121,454 |
Mortgage Receivable [Member] | Residential Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Accruing Loans, Past Due | 50 | 134 |
Mortgage Receivable [Member] | Residential Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Accruing Loans, Past Due | 30 | |
Mortgage Receivable [Member] | Residential Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Accruing Loans, Past Due | ||
Mortgage Receivable [Member] | Real Estate Construction Loan [Member] | ||
Accruing Loans, Past Due | ||
Accruing Loans, Current | 35,069 | 31,601 |
Nonaccrual Loans | ||
Loans by credit quality | 35,069 | 31,601 |
Mortgage Receivable [Member] | Real Estate Construction Loan [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Accruing Loans, Past Due | ||
Mortgage Receivable [Member] | Real Estate Construction Loan [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Accruing Loans, Past Due | ||
Mortgage Receivable [Member] | Real Estate Construction Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Accruing Loans, Past Due | ||
Loans and Finance Receivables [Member] | Commercial Portfolio Segment [Member] | ||
Accruing Loans, Past Due | 638 | 98 |
Accruing Loans, Current | 58,068 | 50,745 |
Nonaccrual Loans | 895 | 175 |
Loans by credit quality | 59,601 | 51,018 |
Loans and Finance Receivables [Member] | Commercial Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Accruing Loans, Past Due | 98 | |
Loans and Finance Receivables [Member] | Commercial Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Accruing Loans, Past Due | 638 | |
Loans and Finance Receivables [Member] | Commercial Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Accruing Loans, Past Due | ||
Loans and Finance Receivables [Member] | Consumer Portfolio Segment [Member] | ||
Accruing Loans, Past Due | ||
Accruing Loans, Current | 7,582 | 6,741 |
Nonaccrual Loans | 6 | |
Loans by credit quality | 7,582 | 6,747 |
Loans and Finance Receivables [Member] | Consumer Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Accruing Loans, Past Due | ||
Loans and Finance Receivables [Member] | Consumer Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Accruing Loans, Past Due | ||
Loans and Finance Receivables [Member] | Consumer Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Accruing Loans, Past Due |
Note 3 - Loans - Summary of Imp
Note 3 - Loans - Summary of Impaired Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
With No Related Allowance Recorded, Recorded Investment | $ 1,678 | $ 1,020 |
With No Related Allowance Recorded, Unpaid Contractual Principal Balance | 1,678 | 1,020 |
With an Allowance Recorded, Recorded Investment | 1,130 | 211 |
With an Allowance Recorded, Unpaid Contractual Principal Balance | 1,130 | 211 |
Related Allowance | 443 | 211 |
Total Recorded Investment | 2,808 | 1,231 |
Total Unpaid Contractual Principal Balance | 2,808 | 1,231 |
Mortgage Receivable [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
With No Related Allowance Recorded, Recorded Investment | 611 | 611 |
With No Related Allowance Recorded, Unpaid Contractual Principal Balance | 611 | 611 |
With an Allowance Recorded, Recorded Investment | ||
With an Allowance Recorded, Unpaid Contractual Principal Balance | ||
Related Allowance | ||
Total Recorded Investment | 611 | 611 |
Total Unpaid Contractual Principal Balance | 611 | 611 |
Mortgage Receivable [Member] | Residential Portfolio Segment [Member] | ||
With No Related Allowance Recorded, Recorded Investment | 1,067 | 409 |
With No Related Allowance Recorded, Unpaid Contractual Principal Balance | 1,067 | 409 |
With an Allowance Recorded, Recorded Investment | ||
With an Allowance Recorded, Unpaid Contractual Principal Balance | ||
Related Allowance | ||
Total Recorded Investment | 1,067 | 409 |
Total Unpaid Contractual Principal Balance | 1,067 | 409 |
Loans and Finance Receivables [Member] | Commercial Portfolio Segment [Member] | ||
With No Related Allowance Recorded, Recorded Investment | ||
With No Related Allowance Recorded, Unpaid Contractual Principal Balance | ||
With an Allowance Recorded, Recorded Investment | 1,122 | 205 |
With an Allowance Recorded, Unpaid Contractual Principal Balance | 1,122 | 205 |
Related Allowance | 435 | 205 |
Total Recorded Investment | 1,122 | 205 |
Total Unpaid Contractual Principal Balance | 1,122 | 205 |
Loans and Finance Receivables [Member] | Consumer Portfolio Segment [Member] | ||
With No Related Allowance Recorded, Recorded Investment | ||
With No Related Allowance Recorded, Unpaid Contractual Principal Balance | ||
With an Allowance Recorded, Recorded Investment | 8 | 6 |
With an Allowance Recorded, Unpaid Contractual Principal Balance | 8 | 6 |
Related Allowance | 8 | 6 |
Total Recorded Investment | 8 | 6 |
Total Unpaid Contractual Principal Balance | $ 8 | $ 6 |
Note 3 - Loans - Summary of Ave
Note 3 - Loans - Summary of Average Net Investment in Impaired Loans and Interest Income Recognized and Received on Impaired Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Average recorded investment | $ 1,524 | $ 1,018 | $ 1,398 | $ 692 |
Interest income recognized | 12 | 1 | 25 | 1 |
Interest income received | 16 | 28 | 2 | |
Mortgage Receivable [Member] | Commercial Real Estate Portfolio Segment [Member] | ||||
Average recorded investment | 611 | 611 | 611 | 328 |
Interest income recognized | 8 | 16 | ||
Interest income received | 8 | 16 | ||
Mortgage Receivable [Member] | Residential Portfolio Segment [Member] | ||||
Average recorded investment | 439 | 251 | 430 | 212 |
Interest income recognized | 1 | 4 | 1 | |
Interest income received | 2 | 5 | ||
Mortgage Receivable [Member] | Real Estate Construction Loan [Member] | ||||
Average recorded investment | ||||
Interest income recognized | 1 | |||
Interest income received | 1 | 2 | ||
Loans and Finance Receivables [Member] | Commercial Portfolio Segment [Member] | ||||
Average recorded investment | 455 | 156 | 343 | 152 |
Interest income recognized | 4 | 4 | ||
Interest income received | 6 | 6 | ||
Loans and Finance Receivables [Member] | Consumer Portfolio Segment [Member] | ||||
Average recorded investment | 19 | 14 | ||
Interest income recognized | ||||
Interest income received |
Note 3 - Loans - Summary of L_2
Note 3 - Loans - Summary of Loans Determined to Be Troubled Debt Restructurings (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | |
Number of Contracts | 2 | 1 | 2 | 1 |
Current Modification Outstanding Recorded Investment | $ 757,000 | $ 757,000 | ||
Modified Principal [Member] | ||||
Number of Contracts | 2 | 1 | 2 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 126,000 | $ 619,000 | $ 126,000 | $ 619,000 |
Post-Modification Outstanding Recorded Investment | 126,000 | 611,000 | 126,000 | 611,000 |
Current Modification Outstanding Recorded Investment | $ 126,000 | $ 611,000 | $ 126,000 | $ 611,000 |
Commercial Real Estate Portfolio Segment [Member] | Modified Principal [Member] | ||||
Number of Contracts | 1 | 1 | ||
Pre-Modification Outstanding Recorded Investment | $ 619,000 | $ 619,000 | ||
Post-Modification Outstanding Recorded Investment | 611,000 | 611,000 | ||
Current Modification Outstanding Recorded Investment | $ 611,000 | $ 611,000 | ||
Residential Portfolio Segment [Member] | Modified Principal [Member] | ||||
Number of Contracts | 1 | 1 | ||
Pre-Modification Outstanding Recorded Investment | $ 66,000 | $ 66,000 | ||
Post-Modification Outstanding Recorded Investment | 66,000 | 66,000 | ||
Current Modification Outstanding Recorded Investment | $ 66,000 | $ 66,000 | ||
Commercial Portfolio Segment [Member] | Modified Principal [Member] | ||||
Number of Contracts | 1 | 1 | ||
Pre-Modification Outstanding Recorded Investment | $ 60,000 | $ 60,000 | ||
Post-Modification Outstanding Recorded Investment | 60,000 | 60,000 | ||
Current Modification Outstanding Recorded Investment | $ 60,000 | $ 60,000 |
Note 4 - Regulatory Capital (De
Note 4 - Regulatory Capital (Details Textual) | 6 Months Ended |
Jun. 30, 2019 | |
Capital Conservation Buffer Rate | 2.50% |
Note 4 - Regulatory Capital - S
Note 4 - Regulatory Capital - Summary of Regulatory Capital Requirements and Bank's Capital Position (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Tier 1 Leverage Capital, actual amount | $ 39,727 | $ 37,805 |
Tier 1 Leverage Capital, actual percentage | 9.10% | 9.28% |
Tier 1 Leverage Capital, For Capital Adequacy Purposes, Amount | $ 17,461 | $ 16,288 |
Tier 1 Leverage Capital, For Capital Adequacy Purposes, Percentage | 4.00% | 4.00% |
Tier 1 Leverage Capital, For Well Capitalized Purposes, Amount | $ 21,826 | $ 20,360 |
Tier 1 Leverage Capital, For Well Capitalized Purposes, Percentage | 5.00% | 5.00% |
Common Equity Tier 1 Risk-based Capital, actual amount | $ 39,727 | $ 37,805 |
Common Equity Tier 1 Risk-based Capital, actual percentage | 12.69% | 12.90% |
Common Equity Tier 1 Risk-based Capital, For Capital Adequacy Purposes, Amount | $ 14,093 | $ 13,190 |
Common Equity Tier 1 Risk-based Capital, For Capital Adequacy Purposes, Percentage | 4.50% | 4.50% |
Common Equity Tier 1 Risk-based Capital, For Well Capitalized Purposes, Amount | $ 20,356 | $ 19,052 |
Common Equity Tier 1 Risk-based Capital, For Well Capitalized Purposes, Percentage | 6.50% | 6.50% |
Tier 1 Risk-based Capital, actual amount | $ 39,727 | $ 37,805 |
Tier 1 Risk-based Capital, actual percentage | 12.69% | 12.90% |
Tier 1 Risk-based Capital, For Capital Adequacy Purposes, Amount | $ 18,791 | $ 17,587 |
Tier 1 Risk-based Capital, For Capital Adequacy Purposes, Percentage | 6.00% | 6.00% |
Tier 1 Risk-based Capital, For Well Capitalized Purposes, Amount | $ 25,054 | $ 23,449 |
Tier 1 Risk-based Capital, For Well Capitalized Purposes, Percentage | 8.00% | 8.00% |
Total Risk-based Capital, actual amount | $ 43,643 | $ 41,466 |
Total Risk-based Capital, actual percentage | 13.94% | 14.15% |
Total Risk-based Capital, For Capital Adequacy Purposes, Amount | $ 25,054 | $ 23,449 |
Total Risk-based Capital, For Well Capitalized Purposes, Amount | $ 31,318 | $ 29,311 |
Total Risk-based Capital, For Well Capitalized Purposes, Percentage | 10.00% | 10.00% |
Note 5 - Earnings Per Share - C
Note 5 - Earnings Per Share - Computation of Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Net earnings, basic | $ 764 | $ 1,002 | $ 1,631 | $ 1,756 |
Weighted-average Shares, basic (in shares) | 3,144,068 | 3,123,594 | 3,142,244 | 3,122,112 |
Net earnings, per share amount, basic (in dollars per share) | $ 0.24 | $ 0.32 | $ 0.52 | $ 0.56 |
Effect of dilutive securities-incremental shares from assumed conversion of options (in shares) | 6,068 | 2,428 | 4,634 | 5,375 |
Net earnings, diluted | $ 764 | $ 1,002 | $ 1,631 | $ 1,756 |
Weighted-average Shares, diluted (in shares) | 3,150,136 | 3,126,022 | 3,146,878 | 3,127,487 |
Net earnings, per share amount, diluted (in dollars per share) | $ 0.24 | $ 0.32 | $ 0.52 | $ 0.56 |
Basic (in dollars per share) | 0.24 | 0.32 | 0.52 | 0.56 |
Diluted (in dollars per share) | $ 0.24 | $ 0.32 | $ 0.52 | $ 0.56 |
Note 6 - Stock Option Plans (De
Note 6 - Stock Option Plans (Details Textual) - USD ($) | Feb. 21, 2022 | Feb. 21, 2021 | Feb. 21, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Mar. 31, 2019 | May 20, 2015 |
Restricted Stock [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 3,600 | ||||||||
Share-based Payment Arrangement, Expense | $ 8,000 | $ 7,000 | |||||||
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 59,000 | $ 59,000 | |||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years 244 days | ||||||||
Restricted Stock [Member] | Share-based Payment Arrangement, Tranche Three [Member] | Forecast [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.33% | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 1,200 | ||||||||
Restricted Stock [Member] | Share-based Payment Arrangement, Tranche One [Member] | Forecast [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.33% | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 1,200 | ||||||||
Restricted Stock [Member] | Share-based Payment Arrangement, Tranche Two [Member] | Forecast [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.33% | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 1,200 | ||||||||
The 2015 Stock Incentive Compensation Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 263,457 | 263,457 | |||||||
Share-based Payment Arrangement, Expense | $ 36,000 | $ 41,000 | $ 78,000 | $ 64,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 252,917 | ||||||||
The 2015 Stock Incentive Compensation Plan [Member] | Share-based Payment Arrangement, Option [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 500,000 | 500,000 | |||||||
Maximum Percentage of Shares Issued | 15.00% | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 217,051 | 217,051 | |||||||
Share-based Payment Arrangement, Expense, Tax Benefit | $ 6,000 | 6,000 | $ 10,000 | $ 11,000 | |||||
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 559,000 | $ 559,000 | |||||||
Share-based Compensation Arrangement By Share-based Payment Award, Options, Nonvested, Weighted Average Remaining Contractual Term | 3 years 255 days | ||||||||
The 2015 Stock Incentive Compensation Plan [Member] | Restricted Stock [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 3,600 | ||||||||
The 2007 Stock Option Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 0 | ||||||||
The 2007 Stock Option Plan [Member] | Share-based Payment Arrangement, Option [Member] | |||||||||
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 0 | ||||||||
Directors' Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 74,805 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 53,673 | 53,673 | |||||||
Share-based Payment Arrangement, Expense | $ 19,000 | $ 17,000 | $ 31,000 | $ 34,000 | |||||
Stock Consideration on Percentage of Common Stock Received Upon Cash Fees | 110.00% | 110.00% | 110.00% | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 1,016 | 764 | 1,611 | 1,556 |
Note 6 - Stock Option Plans - S
Note 6 - Stock Option Plans - Summary of the 2015 Plan (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |
Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Number of Options, Outstanding, ending balance (in shares) | 4,400 | ||
Weighted-average Exercise Price, Outstanding, ending balance (in dollars per share) | $ 11.46 | ||
Weighted-average Remaining Contractual Term, Outstanding (Year) | 197 days | ||
Aggregate Intrinsic Value, Outstanding | $ 37,000 | ||
The 2015 Stock Incentive Compensation Plan [Member] | |||
Number of Options, Outstanding, beginning balance (in shares) | 11,540 | 263,457 | 11,540 |
Weighted-average Exercise Price, Outstanding, beginning balance (in dollars per share) | $ 17.03 | $ 19.78 | $ 17.03 |
Number of Options, granted (in shares) | 252,917 | ||
Weighted-average Exercise Price, Options granted (in dollars per share) | $ 19.79 | ||
Number of Options, Outstanding, ending balance (in shares) | 251,017 | 264,457 | |
Weighted-average Exercise Price, Outstanding, ending balance (in dollars per share) | $ 19.77 | $ 19.79 | |
Options forfeited (in shares) | (12,440) | ||
Options forfeited (in dollars per share) | $ 20.09 | ||
Weighted-average Remaining Contractual Term, Outstanding (Year) | 8 years 51 days | ||
Aggregate Intrinsic Value, Outstanding | $ 18,000 | ||
Number of Options, Exercisable (in shares) | 72,457 | ||
Weighted-average Exercise Price, Exercisable (in dollars per share) | $ 18.98 | ||
Weighted-average Remaining Contractual Term, Exercisable (Year) | 6 years 222 days | ||
Aggregate Intrinsic Value, Exercisable | $ 62,000 |
Note 6 - Stock Option Plans - B
Note 6 - Stock Option Plans - Black-Scholes Option-pricing Model Assumptions (Details) - Minimum [Member] | 6 Months Ended |
Jun. 30, 2018$ / shares | |
Weighted average risk-free interest rate | 1.47% |
Expected dividend yield | 0.41% |
Expected stock volatility | 11.90% |
Expected life in years (Year) | 2 years 182 days |
Per share fair value of options issued during period (in dollars per share) | $ 1.49 |
Note 6 - Stock Option Plans -_2
Note 6 - Stock Option Plans - Summary of the 2007 Stock Option Plan (Details) | 6 Months Ended | |
Jun. 30, 2019USD ($)$ / sharesshares | Jun. 30, 2018$ / sharesshares | |
Number of Options, exercised (in shares) | shares | (300) | |
Weighted-average Exercise Price, Options exercised (in dollars per share) | $ / shares | $ 10 | |
Number of Options, Outstanding, ending balance (in shares) | shares | 4,400 | |
Weighted-average Exercise Price, Outstanding, ending balance (in dollars per share) | $ / shares | $ 11.46 | |
Weighted-average Remaining Contractual Term, Outstanding (Year) | 197 days | |
Aggregate Intrinsic Value, Outstanding | $ | $ 37,000 | |
The 2007 Stock Option Plan [Member] | ||
Number of Options, Outstanding, beginning balance (in shares) | shares | 4,700 | 22,200 |
Weighted-average Exercise Price, Outstanding, beginning balance (in dollars per share) | $ / shares | $ 11.37 | $ 10.31 |
Number of Options, exercised (in shares) | shares | (4,700) | |
Weighted-average Exercise Price, Options exercised (in dollars per share) | $ / shares | $ 10 | |
Number of Options, Outstanding, ending balance (in shares) | shares | 17,500 | |
Weighted-average Exercise Price, Outstanding, ending balance (in dollars per share) | $ / shares | $ 10.39 | |
Weighted-average Remaining Contractual Term, Outstanding (Year) | 197 days | |
Number of Options, Exercisable (in shares) | shares | 4,400 | |
Weighted-average Exercise Price, Exercisable (in dollars per share) | $ / shares | $ 11.46 | |
Aggregate Intrinsic Value, Exercisable | $ | $ 37,000 |
Note 6 - Stock Option Plans - R
Note 6 - Stock Option Plans - Restricted Stock Activity (Details) - Restricted Stock [Member] | 6 Months Ended |
Jun. 30, 2019USD ($)$ / sharesshares | |
Non-vested restricted stock issued, shares (in shares) | shares | 3,600 |
Non-vested restricted stock issued, weighted average grant date fair value (in dollars per share) | $ / shares | $ 18.52 |
Non-vested restricted stock issued, grant date fair value | $ | $ 67,000 |
Non-vested restricted stock outstanding, shares (in shares) | shares | 3,600 |
Non-vested restricted stock outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | |
Non-vested restricted stock outstanding, grant date fair value | $ |
Note 7 - Federal Home Loan Ba_2
Note 7 - Federal Home Loan Bank Advances (Details Textual) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Federal Home Loan Bank, Advances, General Debt Obligations, Maximum Amount Available | $ 51,300 | |
Federal Home Loan Bank Advances, Total | $ 0 | $ 0 |
Note 8 - Fair Value of Financ_3
Note 8 - Fair Value of Financial Instruments - Fair Values and Fair Value Measurement Method of Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Securities available for sale | $ 52,431 | $ 45,384 |
Loans held for sale | 6,223 | 4,767 |
Accrued interest receivable | 1,100 | 1,034 |
Other borrowings | 770 | |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 72,042 | 48,038 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale | 52,431 | 45,384 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Loans held for sale | 6,223 | 4,767 |
Loans Receivable, Fair Value Disclosure | 299,949 | 290,113 |
Federal Home Loan Bank stock | 404 | 355 |
Accrued interest receivable | 1,100 | 1,034 |
Deposits | 390,324 | 349,067 |
Other borrowings | 770 | |
Off-Balance Sheet Items | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 72,042 | 48,038 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale | 52,431 | 45,384 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Loans held for sale | 6,329 | 4,842 |
Loans Receivable, Fair Value Disclosure | 293,778 | 283,068 |
Federal Home Loan Bank stock | 404 | 355 |
Accrued interest receivable | 1,100 | 1,034 |
Deposits | 390,887 | 349,416 |
Other borrowings | 770 | |
Off-Balance Sheet Items |
Note 9 - Off-balance Sheet Fi_3
Note 9 - Off-balance Sheet Financial Instruments (Details Textual) - Standby Financial Letters of Credit [Member] | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Debt Instrument, Term | 1 year |
Debt Instrument, Collateral Amount | $ 650,000 |
Credit Availability Concentration Risk [Member] | Swap Liabilities [Member] | |
Concentration Risk, Percentage | 10.00% |
Note 9 - Off-balance Sheet Fi_4
Note 9 - Off-balance Sheet Financial Instruments - Summary of Off-balance Sheet Financial Instruments (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Commitments to Extend Credit [Member] | |
Contractual amounts with off-balance-sheet risk | $ 8,089 |
Construction Loans In Process [Member] | |
Contractual amounts with off-balance-sheet risk | 21,578 |
Unused lines of Credit [Member] | |
Contractual amounts with off-balance-sheet risk | 36,577 |
Standby Financial Letters of Credit [Member] | |
Contractual amounts with off-balance-sheet risk | 1,965 |
Performance Standby Letters Of Credit [Member] | |
Contractual amounts with off-balance-sheet risk | 378 |
Guaranteed Accounts [Member] | |
Contractual amounts with off-balance-sheet risk | $ 1,391 |
Note 10 - Premises and Equipm_3
Note 10 - Premises and Equipment (Details Textual) | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Lessee, Operating Lease, Term of Contract | 15 years |
Lessee, Operating Lease, Number of Renewal Options | 4 |
Lessee, Operating Lease, Renewal Term | 5 years |
Lessee, Operating Lease, Improvement Expenditures, Estimate Amount | $ 500,000 |
Note 10 - Premises and Equipm_4
Note 10 - Premises and Equipment - Lease Expense and Other Lease Informaion (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | |
Operating lease cost | $ 59 | $ 59 | |
Cash paid for amount included in the measurement of lease liabilities operating cash flows from operating leases | 21 | 21 | |
Operating lease right of use assets | 3,768 | 3,768 | |
Operating lease liabilities | $ 3,827 | $ 3,827 | |
Weighted average remaining lease term-operating leases (in years) (Year) | 15 years | 15 years | |
Weighted average discount rate | 3.17% | 3.17% |
Note 10 - Premises and Equipm_5
Note 10 - Premises and Equipment - Operating Lease Liability Future Minimum Lease Payment (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Remainder of 2019 | $ 130 | |
2020 | 294 | |
2021 | 294 | |
2022 | 294 | |
2023 | 294 | |
Thereafter | 3,567 | |
Total future minimum lease payments | 4,873 | |
Less interest | (1,046) | |
Operating lease liabilities | $ 3,827 |