Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Nov. 13, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | MELR | |
Entity Registrant Name | MELROSE BANCORP, INC. | |
Entity Central Index Key | 1,600,890 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 2,600,743 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Cash and due from banks | $ 15,678 | $ 11,715 |
Money market funds | 3,201 | 2,077 |
Federal funds sold | 4,212 | |
Cash and cash equivalents | 23,091 | 13,792 |
Investments in available-for-sale securities, at fair value | 29,392 | 31,831 |
Federal Home Loan Bank stock, at cost | 1,680 | 964 |
Loans, net of allowance for loan losses of $984 at September 30, 2017 and $890 at December 31, 2016 | 234,757 | 213,165 |
Premises and equipment, net | 1,484 | 1,248 |
Co-operative Central Bank deposit | 886 | 881 |
Bank-owned life insurance | 6,048 | 5,874 |
Accrued interest receivable | 668 | 572 |
Deferred tax asset, net | 404 | 120 |
Other assets | 292 | 199 |
Total assets | 298,702 | 268,646 |
Deposits: | ||
Noninterest-bearing | 16,219 | 17,586 |
Interest-bearing | 210,925 | 197,180 |
Total deposits | 227,144 | 214,766 |
Federal Home Loan Bank advances | 26,000 | 10,000 |
Other liabilities | 737 | 576 |
Total liabilities | 253,881 | 225,342 |
Stockholders' equity: | ||
Common stock, par value $0.01 per share, authorized 15,000,000 shares; issued 2,600,743 shares at September 30, 2017 and 2,602,079 at December 31, 2016 | 26 | 26 |
Additional paid-in-capital | 23,437 | 23,292 |
Retained earnings | 23,491 | 21,912 |
Unearned compensation - ESOP (198,070 shares unallocated at September 30, 2017 and 203,728 shares at December 31, 2016) | (1,980) | (2,037) |
Unearned compensation - restricted stock | (484) | (585) |
Accumulated other comprehensive income | 331 | 696 |
Total stockholders' equity | 44,821 | 43,304 |
Total liabilities and stockholders' equity | $ 298,702 | $ 268,646 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Allowance for loan losses | $ 984 | $ 890 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 15,000,000 | 15,000,000 |
Common stock, shares issued | 2,600,743 | 2,602,079 |
ESOP number of shares unallocated | 198,070 | 203,728 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Interest and dividend income: | ||||
Interest and fees on loans | $ 2,139 | $ 1,737 | $ 6,025 | $ 4,753 |
Interest and dividends on securities: | ||||
Taxable | 129 | 164 | 398 | 587 |
Tax-exempt | 18 | 15 | 51 | 44 |
Other interest | 62 | 13 | 112 | 41 |
Total interest and dividend income | 2,348 | 1,929 | 6,586 | 5,425 |
Interest expense: | ||||
Interest on deposits | 479 | 429 | 1,339 | 1,186 |
Interest on Federal Home Loan Bank advances | 112 | 217 | ||
Total interest expense | 591 | 429 | 1,556 | 1,186 |
Net interest and dividend income | 1,757 | 1,500 | 5,030 | 4,239 |
Provision for loan losses | 3 | 117 | 94 | 279 |
Net interest and dividend income after provision for loan losses | 1,754 | 1,383 | 4,936 | 3,960 |
Noninterest income: | ||||
Fees and service charges | 22 | 21 | 62 | 57 |
Gain on sales of available-for-sale securities, net | 388 | 279 | 1,195 | 572 |
Income on bank-owned life insurance | 84 | 22 | 133 | 68 |
Other income | 2 | 4 | 9 | |
Total noninterest income | 494 | 324 | 1,394 | 706 |
Noninterest expense: | ||||
Salaries and employee benefits | 807 | 708 | 2,428 | 2,071 |
Occupancy expense | 155 | 80 | 307 | 227 |
Equipment expense | 11 | 9 | 32 | 27 |
Data processing expense | 100 | 97 | 297 | 269 |
Advertising expense | 45 | 36 | 146 | 114 |
Printing and supplies | 9 | 8 | 38 | 26 |
FDIC assessment | 15 | 30 | 55 | 86 |
Audits and examinations | 50 | 67 | 150 | 163 |
Other professional services | 80 | 35 | 230 | 278 |
Other expense | 45 | 29 | 151 | 104 |
Total noninterest expense | 1,317 | 1,099 | 3,834 | 3,365 |
Income before income tax expense | 931 | 608 | 2,496 | 1,301 |
Income tax expense | 300 | 222 | 917 | 448 |
Net income | $ 631 | $ 386 | $ 1,579 | $ 853 |
Weighted average common shares outstanding: | ||||
Basic | 2,368,989 | 2,366,802 | 2,365,661 | 2,450,698 |
Diluted | 2,377,491 | 2,367,225 | 2,370,063 | 2,450,920 |
Earnings per share: | ||||
Basic | $ 0.27 | $ 0.16 | $ 0.67 | $ 0.35 |
Diluted | $ 0.27 | $ 0.16 | $ 0.67 | $ 0.35 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 631 | $ 386 | $ 1,579 | $ 853 |
Other comprehensive (loss) income, net of tax: | ||||
Net unrealized holding gain on available-for-sale securities | 48 | 31 | 545 | 721 |
Reclassification adjustment for net realized gain included in net income | (388) | (279) | (1,195) | (572) |
Other comprehensive (loss) income before income tax effect | (340) | (248) | (650) | 149 |
Income tax benefit (expense) | 133 | 86 | 285 | (13) |
Other comprehensive (loss) income, net of tax | (207) | (162) | (365) | 136 |
Comprehensive income | $ 424 | $ 224 | $ 1,214 | $ 989 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in-Capital [Member] | Retained Earnings [Member] | Unearned Compensation - ESOP [Member] | Unearned Compensation - RSA [Member] | Accumulated Other Comprehensive Income [Member] |
Beginning balance at Dec. 31, 2015 | $ 45,545 | $ 28 | $ 25,994 | $ 20,490 | $ (2,113) | $ 1,146 | |
Beginning balance, shares at Dec. 31, 2015 | 2,787,579 | ||||||
Net income | 853 | 853 | |||||
Other comprehensive income (loss), net of tax | 136 | 136 | |||||
Restricted stock awarded | 670 | $ (670) | |||||
Restricted stock awarded, shares | 44,300 | ||||||
Restricted stock award expense | 56 | 56 | |||||
Stock option expense | 64 | 64 | |||||
Buyback of common stock | $ (3,465) | $ (2) | (3,463) | ||||
Buyback of common stock, shares | (226,300) | (226,300) | |||||
Common stock held by ESOP committed to be allocated (7,546 shares annually) | $ 85 | 28 | 57 | ||||
Ending balance at Sep. 30, 2016 | 43,274 | $ 26 | 23,293 | 21,343 | (2,056) | (614) | 1,282 |
Ending balance, shares at Sep. 30, 2016 | 2,605,579 | ||||||
Beginning balance at Dec. 31, 2016 | 43,304 | $ 26 | 23,292 | 21,912 | (2,037) | (585) | 696 |
Beginning balance, shares at Dec. 31, 2016 | 2,602,079 | ||||||
Net income | 1,579 | 1,579 | |||||
Other comprehensive income (loss), net of tax | (365) | (365) | |||||
Shares repurchased for tax withholdings on stock-based compensation | (22) | (22) | |||||
Shares repurchased for tax withholdings on stock-based compensation, shares | (1,336) | ||||||
Restricted stock award expense | 101 | 101 | |||||
Stock option expense | $ 124 | 124 | |||||
Buyback of common stock, shares | (1,336) | ||||||
Common stock held by ESOP committed to be allocated (7,546 shares annually) | $ 100 | 43 | 57 | ||||
Ending balance at Sep. 30, 2017 | $ 44,821 | $ 26 | $ 23,437 | $ 23,491 | $ (1,980) | $ (484) | $ 331 |
Ending balance, shares at Sep. 30, 2017 | 2,600,743 |
Consolidated Statements of Cha7
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - shares | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Statement of Stockholders' Equity [Abstract] | ||
Common stock held by ESOP committed to be allocated, shares | 7,546 | 7,546 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Cash flows from operating activities: | ||
Net income | $ 1,579 | $ 853 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Amortization of securities, net of accretion | 100 | 38 |
Gain on sales of available-for-sale securities, net | (1,195) | (572) |
Provision for loan losses | 94 | 279 |
Change in net deferred loan costs | 4 | (281) |
Change in unamortized premiums | (74) | |
Depreciation | 160 | 63 |
Increase in accrued interest receivable | (96) | (102) |
Increase/decrease in other assets | (93) | 16 |
Increase/decrease in other liabilities | 161 | (91) |
Income on bank-owned life insurance | (133) | (68) |
ESOP expense | 100 | 85 |
Stock-based compensation expense | 225 | 120 |
Net cash provided by operating activities | 832 | 340 |
Cash flows from investing activities: | ||
Purchases of available-for-sale securities | (3,193) | (3,670) |
Proceeds from sales of available-for-sale securities | 2,264 | 8,439 |
Proceeds from maturities and calls of available-for-sale securities | 3,814 | 8,958 |
Purchase of Federal Home Loan Bank stock | (716) | (302) |
Increase in Cooperative Central Bank Deposit | (5) | |
Loan originations and principal collections, net | (9,011) | (15,969) |
Loans purchased | (12,605) | (29,248) |
Capital expenditures | (396) | (43) |
Premiums paid on bank-owned life insurance | (41) | (39) |
Net cash used in investing activities | (19,889) | (31,874) |
Cash flows from financing activities: | ||
Net increase in demand deposits, NOW and savings accounts | 1,951 | 3,528 |
Net increase in time deposits | 10,427 | 29,822 |
Proceeds from Federal Home Loan Bank advances | 16,000 | 5,000 |
Payment of income taxes for shares withheld in stock based award activity | (22) | |
Repurchase of Melrose Bancorp, Inc. common stock | (3,465) | |
Net cash provided by financing activities | 28,356 | 34,885 |
Net increase in cash and cash equivalents | 9,299 | 3,351 |
Cash and cash equivalents at beginning of the period | 13,792 | 16,854 |
Cash and cash equivalents at end of the period | 23,091 | 20,205 |
Supplemental disclosures: | ||
Interest paid | 1,551 | 1,186 |
Income taxes paid | $ 785 | $ 478 |
Nature of Operations
Nature of Operations | 9 Months Ended |
Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations | NOTE 1 - NATURE OF OPERATIONS Melrose Bancorp, Inc. (the “Company”) was incorporated in February 2014 under the laws of the State of Maryland. The Company’s activity consists of owning and supervising its subsidiary, Melrose Cooperative Bank (the “Bank”). The Bank provides financial services to individuals, families and businesses through our full-service banking office. Our primary business activity consists of taking deposits from the general public in our market area and investing those deposits, together with funds generated from operations, in one- to- The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying unaudited interim, consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and Rule 10-01 S-X. 10-K The significant accounting policies are summarized below to assist the reader in better understanding the condensed consolidated financial statements and other data contained herein. BASIS OF PRESENTATION: The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, the Bank, and the Bank’s wholly-owned subsidiary, MCBSC, Inc., which is used to hold investment securities. All significant intercompany accounts and transactions have been eliminated in the consolidation. USE OF ESTIMATES: In preparing consolidated financial statements in conformity with U.S. generally accepted accounting principles, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated balance sheet and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, impairment of securities and the valuation of deferred tax assets. CASH AND CASH EQUIVALENTS: For purposes of reporting cash flows, cash and cash equivalents include cash, amounts due from banks, money market funds and federal funds sold. SECURITIES: Investments in debt securities are adjusted for amortization of premiums and accretion of discounts computed so as to approximate the interest method. Gains or losses on sales of investment securities are computed on a specific identification basis. The Company classifies all debt and equity securities as available-for-sale. Available-for-sale For any debt security with a fair value less than its amortized cost basis, the Company will determine whether it has the intent to sell the debt security or whether it is more likely than not it will be required to sell the debt security before the recovery of its amortized cost basis. If either condition is met, the Company will recognize a full impairment charge to earnings. For all other debt securities that are considered other-than-temporarily impaired and do not meet either condition, the credit loss portion of impairment will be recognized in earnings as realized losses. The other-than-temporary impairment related to all other factors will be recorded in other comprehensive income. Declines in marketable equity securities below their cost that are deemed other-than-temporary are reflected in earnings as realized losses. FEDERAL HOME LOAN BANK STOCK: As a member of the Federal Home Loan Bank of Boston (FHLB), the Company is required to invest in $100 par value stock of the FHLB. The FHLB capital structure mandates that members must own stock as determined by their Total Stock Investment Requirement which is the sum of a member’s Membership Stock Investment Requirement and Activity-Based Stock Investment Requirement. Management evaluates the Company’s investment in FHLB stock for other-than-temporary impairment at least on a quarterly basis and more frequently when economic or market conditions warrant such evaluation. Based on its most recent analysis of the FHLB as of September 30, 2017, management deems its investment in FHLB stock to be not other-than-temporarily impaired. LOANS: Loans receivable that management has the intent and ability to hold until maturity or payoff are reported at their outstanding principal balances adjusted for amounts due to borrowers on outstanding home equity lines of credit, commercial lines of credit and construction loans, any charge-offs, the allowance for loan losses and any deferred fees or costs on originated loans, or unamortized premiums or discounts on purchased loans. Loan origination and commitment fees and certain direct origination costs are deferred, and the net amount amortized as an adjustment of the related loan’s yield. The Company is amortizing these amounts over the expected lives of the related loans. Residential real estate loans are generally placed on nonaccrual when reaching 90 days past due or are in the process of foreclosure. All closed-end Cash receipts of interest income on impaired loans are credited to principal to the extent necessary to eliminate doubt as to the collectability of the net carrying amount of the loan. Some or all of the cash receipts of interest income on impaired loans are recognized as interest income if the remaining net carrying amount of the loan is deemed to be fully collectible. When recognition of interest income on an impaired loan on a cash basis is appropriate, the amount of income that is recognized is limited to that which would have been accrued on the net carrying amount of the loan at the contractual interest rate. Any cash interest payments received in excess of the limit and not applied to reduce the net carrying amount of the loan are recorded as recoveries of charge-offs until the charge-offs are fully recovered. ALLOWANCE FOR LOAN LOSSES: The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes the uncollectability of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. The allowance for loan losses is evaluated on a regular basis by management and is based upon management’s periodic review of the collectability of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral and prevailing economic conditions. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. BANK-OWNED LIFE INSURANCE: The Company has purchased insurance policies on the lives of certain directors, executive officers and employees. Bank-owned life insurance policies are reflected on the consolidated balance sheets at cash surrender value. Changes in net cash surrender value of the policies, as well as insurance proceeds received, are reflected in non-interest PREMISES AND EQUIPMENT: Land is carried at cost. Buildings and equipment are stated at cost, less accumulated depreciation and amortization. Cost and related allowances for depreciation and amortization of premises and equipment retired or otherwise disposed of are removed from the respective accounts with any gain or loss included in income or expense. Depreciation and amortization are calculated principally on the straight-line method over the estimated useful lives of the assets. Estimated lives are 15 to 40 years for buildings and 3 to 10 years for furniture and equipment. Premises and equipment are periodically evaluated for impairment when events or changes in circumstances indicate the carrying amount may not be recoverable. ADVERTISING: The Company directly expenses costs associated with advertising as they are incurred. INCOME TAXES: The Company recognizes income taxes under the asset and liability method. Under this method, deferred tax assets and liabilities are established for the temporary differences between the accounting basis and the tax basis of the Company’s assets and liabilities at enacted tax rates expected to be in effect when the amounts related to such temporary differences are realized or settled. EMPLOYEE STOCK OWNERSHIP PLAN: Compensation expense for the Employee Stock Ownership Plan (“ESOP”) is recorded at an amount equal to the shares allocated by the ESOP multiplied by the average fair value of the shares during the period. Unearned compensation applicable to the ESOP is reflected as a reduction of stockholders’ equity in the consolidated balance sheets. The difference between the average fair value and the cost of shares allocated by the ESOP is recorded as an adjustment to additional paid-in-capital. STOCK-BASED COMPENSATION: The Company recognizes stock-based compensation based on the grant-date fair value of the award. Forfeitures will be recognized when they occur. The Company values share-based stock option awards granted using the Black-Scholes option-pricing model. The Company recognizes compensation expense for its awards on a straight-line basis over the requisite service period for the entire award (straight-line attribution method), ensuring that the amount of compensation cost recognized at any date at least equals the portion of the grant-date fair value of the award that is vested at that time. EARNINGS PER SHARE (EPS): Basic EPS is calculated by dividing net income by the weighted average number of common shares outstanding adjusted to exclude the weighted average number of unallocated shares held by the ESOP and weighted average shares unearned restricted stock. Diluted EPS reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in earnings of the entity. For the purposes of computing diluted EPS, the treasury stock method is used. The calculation of basic and diluted EPS (unaudited) is presented below. Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended (In Thousands, except share data) Net income $ 631 $ 386 $ 1,579 $ 853 Basic Common Shares: Weighted average common shares outstanding 2,600,743 2,573,360 2,601,485 2,658,828 Weighted average shares - unearned restricted stock (32,741 ) — (34,925 ) — Weighted average unallocated ESOP shares (199,013 ) (206,558 ) (200,899 ) (208,130 ) Basic weighted average shares outstanding 2,368,989 2,366,802 2,365,661 2,450,698 Diluted effect of unvested stock options 3,329 — — — Dilutive effect of unvested restricted stock awards 8,502 423 4,402 222 Diluted weighted average shares outstanding 2,380,730 2,367,225 2,370,063 2,450,920 Basic earnings per share $ 0.27 $ 0.16 $ 0.67 $ 0.35 Diluted earnings per share (1) $ 0.27 $ 0.16 $ 0.67 $ 0.35 (1) Options to purchase 224,200 shares, representing all outstanding options, were not included in the computation of diluted earnings per share for the nine months ended September 30, 2017 and the three and nine months ended September, 30 2016, because the effect is anti-dilutive. FAIR VALUES OF FINANCIAL INSTRUMENTS: Accounting Standards Codification (ASC) 825, “Financial Instruments,” requires that the Company disclose the estimated fair value for its financial instruments. Fair value methods and assumptions used by the Company in estimating its fair value disclosures are as follows: Cash and cash equivalents: The carrying amounts reported in the consolidated balance sheets for cash and cash equivalents approximate fair value. Securities: Fair values for securities are based on quoted market prices, where available. If quoted market prices are not available, fair values are based on quoted market prices of comparable instruments. Loans receivable: For variable-rate loans that reprice frequently and with no significant change in credit risk, fair values are based on carrying values. The fair values for other loans are estimated using discounted cash flow analyses, using interest rates currently being offered for loans with similar terms to borrowers of similar credit quality. Accrued interest receivable: The carrying amount of accrued interest receivable approximates fair value. Deposit liabilities: The fair values for demand deposits (e.g., interest and non-interest Federal Home Loan Bank advances: Fair values for Federal Home Loan Bank advances are estimated using a discounted cash flow technique that applies interest rates currently being offered on advances to a schedule of aggregate expected monthly maturities on Federal Home Loan Bank advances. RECENT ACCOUNTING PRONOUNCEMENTS: As an “emerging growth company,” as defined in Title 1 of Jumpstart Our Business Startups (JOBS) Act, the Company has elected to use the extended transition period to delay adoption of new or reissued accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. Accordingly, the consolidated financial statements may not be comparable to the financial statements of public companies that comply with such new or revised accounting standards. As of September 30, 2017, there is no significant difference in the comparability of the financial statements as a result of this extended transition period. The extended transition period under the “emerging growth company” is five years the Company’s emerging growth status will end December 31, 2019. In January 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-01, 825-10): 1. Require equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income. However, the entity may choose to measure equity investments that do not have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same manner. 2. Simplify the impairment assessment of equity investments without determinable fair values by requiring a qualitative assessment to identify impairment. When a qualitative assessment indicates that impairment exists, an entity is required to measure the investment at fair value. 3. Eliminate the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet. 4. Require public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes. 5. Require an entity to present separately in other comprehensive income the portion of the total change in fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. 6. Require separate presentation of financial assets and financial liabilities by measurement category and form of financial assets (that is, securities or loans and receivables) on the balance sheet or the accompanying notes to the financial statements. 7. Clarify that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale Under the extended transition period for an emerging growth company, the amendments in this Update are effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption of item 5 above is permitted as of the beginning of fiscal years or interim periods for which financial statements have not been issued. Early adoption of all other amendments in this ASU is not permitted. The Company is currently evaluating the amendments of ASU No. 2016-01 In February 2016, the FASB issued ASU 2016-02, In March 2016, the FASB issued ASU No. 2016-09, paid-in-capital No. 2016-09 No. 2016-09 In June 2016, the FASB issued ASU No. 2016-13, available-for-sale No. 2016-13 In March 2017, the FASB issued ASU 2017-08, No. 2017-08 No. 2017-08 |
Investments in Available-For-Sa
Investments in Available-For-Sale Securities | 9 Months Ended |
Sep. 30, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in Available-For-Sale Securities | NOTE 3 - INVESTMENTS IN AVAILABLE-FOR-SALE Debt and equity securities have been classified in the consolidated balance sheets according to management’s intent. The amortized cost basis of securities and their approximate fair values are as follows as of September 30, 2017 (unaudited) and December 31, 2016: Amortized Gross Gross Fair Value (In Thousands) September 30, 2017: U.S. Government and federal agency obligations $ 6,220 $ — $ 78 $ 6,142 Debt securities issued by states of the United States and political subdivisions of the states 2,905 20 24 2,901 Corporate bonds and notes 11,033 31 38 11,026 Preferred stock 3,000 36 — 3,036 Mortgage-backed securities 1,594 — 41 1,553 Marketable equity securities 4,080 654 — 4,734 $ 28,832 $ 741 $ 181 $ 29,392 December 31, 2016: U.S. Government and federal agency obligations $ 5,819 $ — $ 131 $ 5,688 Debt securities issued by states of the United States and political subdivisions of the states 2,695 2 41 2,656 Corporate bonds and notes 12,537 17 61 12,493 Preferred stock 3,000 20 82 2,938 Mortgage-backed securities 1,498 — 66 1,432 Marketable equity securities 5,072 1,557 5 6,624 $ 30,621 $ 1,596 $ 386 $ 31,831 The scheduled maturities of debt securities were as follows as of September 30, 2017 (unaudited): Fair (In Thousands) Due within one year $ 4,669 Due after one year through five years 10,617 Due after five years through ten years 2,258 Due after ten years 3,050 Mortgage-backed securities 1,553 Asset-backed securities 1,506 $ 23,653 Not included in the maturity table above is preferred stock with no stated maturity of $1.0 million at September 30, 2017 (unaudited). There were no securities of issuers whose aggregate carrying amount exceeded 10% of stockholders’ equity as of September 30, 2017 (unaudited) and December 31, 2016. During the three and nine months ended September 30, 2017 (unaudited) proceeds from the sales of available-for-sale available-for-sale The Company had no pledged securities as of September 30, 2017 (unaudited) and December 31, 2016. The aggregate fair value and unrealized losses of securities that have been in a continuous unrealized loss position for less than twelve months and for twelve months or more, and are not other-than-temporarily impaired, are as follows as of September 30, 2017 (unaudited) and December 31, 2016: Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized (In Thousands) September 30, 2017 U.S. government and federal agency obligations $ 1,002 $ 4 $ 4,399 $ 74 $ 5,401 $ 78 Debt securities issued by states of the United States and political subdivisions of the states 1,030 8 241 16 1,271 24 Corporate bonds and notes 1,987 10 2,971 28 4,958 38 Mortgage-backed securities 459 1 1,094 40 1,553 41 Total temporarily impaired securities $ 4,478 $ 23 $ 8,705 $ 158 $ 13,183 $ 181 December 31, 2016 U.S. government and federal agency obligations $ 4,359 $ 59 $ 1,328 $ 72 $ 5,687 $ 131 Debt securities issued by states of the United States and political subdivisions of the states 1,760 28 245 13 2,005 41 Corporate bonds and notes 5,784 61 — — 5,784 61 Preferred stock 1,918 82 — — 1,918 82 Mortgage-backed securities 370 8 1,062 58 1,432 66 Marketable equity securities 2,235 5 — — 2,235 5 Total temporarily impaired securities $ 16,426 $ 243 $ 2,635 $ 143 $ 19,061 $ 386 The Company conducts periodic reviews of investment securities with unrealized losses to evaluate whether the impairment is other-than-temporary. The Company’s review for impairment generally includes a determination of the cause, severity and duration of the impairment; and an analysis of both positive and negative evidence available. The Company also determines if it has the ability and intent to hold the investment for a period of time sufficient to allow for anticipated recovery to cost basis. In regard to corporate debt, the Company also considers the issuer’s current financial condition and its ability to make future scheduled interest and principal payments on a timely basis in assessing other-than-temporary impairment. During the three and nine months ended September 30, 2017 and 2016, the Company had no writedowns of securities. A summary of the Company’s reviews of investment securities deemed to be temporarily impaired is as follows: Unrealized losses on U.S. Government and federal agency obligations amounted to $78,000 and consisted of eleven securities. The unrealized losses on all but three of these debt securities were individually less than 3.0% of amortized cost basis, with three of these U.S. government and federal agency obligations between 3.40% and 4.6% of amortized cost basis. Unrealized losses on municipal bonds amounted to $24,000 and consisted of three securities. The unrealized losses on these three debt securities were individually 0.1%, 1.9% and 6.1% of amortized cost basis. Unrealized losses on corporate bonds amounted to $38,000 and consisted of eight securities. The unrealized losses on all but one of these debt securities were individually less than 2.0% of amortized cost basis, with one of these corporate bonds at 2.4%. Unrealized losses on mortgage-backed securities amounted to $41,000 and consisted of five securities. The unrealized losses on these debt securities range from 0.3% to 6.6% of amortized cost basis. These unrealized losses relate principally to the effect of interest rate changes on the fair value of debt securities and not to an increase in credit risk of the issuers. As the Company does not intend to sell the securities and it is more likely than not that the Company will not be required to sell the securities before recovery of their amortized cost basis, which may be at maturity, the Company does not consider these securities to be other-than-temporarily impaired at September 30, 2017. |
Loans
Loans | 9 Months Ended |
Sep. 30, 2017 | |
Receivables [Abstract] | |
Loans | NOTE 4 - LOANS Loans consisted of the following at: September 30, December 31, 2017 2016 (In Thousands) (unaudited) Real estate loans: One-to $ 184,007 $ 168,111 Home equity loans and lines of credit 12,111 10,720 Commercial 26,712 23,011 Construction 12,392 11,738 Consumer loans 45 71 Total loans 235,267 213,651 Allowance for loan losses (984 ) (890 ) Deferred loan costs, net 28 32 Unamortized premiums 446 372 Net loans $ 234,757 $ 213,165 The following tables set forth information on loans and the allowance for loan losses at and for the periods ending September 30, 2017 and 2016 (unaudited) and as of December 31, 2016: Real Estate: One- to four- Home Equity Loans Commercial Construction Consumer Unallocated Total (In Thousands) At September 30, 2017 (unaudited) Allowance for loan losses: Ending Balance: Individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — Ending balance: Collectively evaluated for impairment 457 55 349 93 1 29 984 Total allowance for loan losses ending balance $ 457 $ 55 $ 349 $ 93 $ 1 $ 29 $ 984 Loans: Ending balance: Individually evaluated for impairment $ 100 $ — $ — $ — $ — $ — $ 100 Ending balance: Collectively evaluated for impairment 183,907 12,111 26,712 12,392 45 — 235,167 Total loans ending balance $ 184,007 $ 12,111 $ 26,712 $ 12,392 $ 45 $ — $ 235,267 Real Estate: One- Home Equity Loans Commercial Construction Consumer Unallocated Total (In Thousands) December 31, 2016 Allowance for loan losses: Ending Balance: Individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — Ending balance: Collectively evaluated for impairment 418 49 276 117 1 29 890 Total allowance for loan losses ending balance $ 418 $ 49 $ 276 $ 117 $ 1 $ 29 $ 890 Loans: Ending balance: Individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — Ending balance: Collectively evaluated for impairment 168,111 10,720 23,011 11,738 71 — 213,651 Total loans ending balance $ 168,111 $ 10,720 $ 23,011 $ 11,738 $ 71 $ — $ 213,651 Real Estate: One- to four- Home Equity Loans Commercial Construction Consumer Unallocated Total (In Thousands) Nine Months Ended September 30, 2017 (unaudited) Allowance for loan losses: Beginning balance $ 418 $ 49 $ 276 $ 117 $ 1 $ 29 $ 890 Charge offs — — — — — — — Recoveries — — — — — — — Provision (benefit) 39 6 73 (24 ) — — 94 Ending balance $ 457 $ 55 $ 349 $ 93 $ 1 $ 29 $ 984 Real Estate: One- Home Equity Loans Commercial Construction Consumer Unallocated Total (In Thousands) Nine Months Ended September 30, 2016 (unaudited) Allowance for loan losses: Beginning balance $ 331 $ 49 $ 150 $ 40 $ 1 $ 9 $ 580 Charge offs — — — — — — — Recoveries — — — — — — — Provision (benefit) 74 (2 ) 104 83 — 20 279 Ending balance $ 405 $ 47 $ 254 $ 123 $ 1 $ 29 $ 859 Real Estate: One- Home Equity Loans Commercial Construction Consumer Unallocated Total (In Thousands) Three Months Ended September 30, 2017 (unaudited) Allowance for loan losses: Beginning balance $ 451 $ 52 $ 317 $ 131 $ 1 $ 29 $ 981 Charge offs — — — — — — — Recoveries — — — — — — — Provision (benefit) 6 3 32 (38 ) — — 3 Ending balance $ 457 $ 55 $ 349 $ 93 $ 1 $ 29 $ 984 Real Estate: One- Home Equity Loans Commercial Construction Consumer Unallocated Total (In Thousands) Three Months Ended September 30, 2016 (unaudited) Allowance for loan losses: Beginning balance $ 366 $ 49 $ 252 $ 68 $ 1 $ 6 $ 742 Charge offs — — — — — — — Recoveries — — — — — — — Provision (benefit) 39 (2 ) 2 55 — 23 117 Ending balance $ 405 $ 47 $ 254 $ 123 $ 1 $ 29 $ 859 The following tables set forth information regarding nonaccrual loans and past-due 30 - 59 60 - 89 90 Days or Total Past Total Total 90 Days or More Non- (In Thousands) At September 30, 2017 (unaudited) Real estate loans: One-to $ 178 $ — $ — $ 178 $ 183,829 $ 184,007 $ — $ 191 Home equity loans and lines of credit — — — — 12,111 12,111 — — Commercial — — — — 26,712 26,712 — — Construction — — — — 12,392 12,392 — — Consumer loans — — — — 45 45 — — Total $ 178 $ — $ — $ 178 $ 235,089 $ 235,267 $ — $ 191 At December 31, 2016 Real estate loans: One-to $ 518 $ 9 $ — $ 527 $ 167,584 $ 168,111 $ — $ 9 Home equity loans and lines of credit — — — — 10,720 10,720 — — Commercial — — — — 23,011 23,011 — — Construction — — — — 11,738 11,738 — — Consumer loans — — — — 71 71 — — Total $ 518 $ 9 $ — $ 527 $ 213,124 $ 213,651 $ — $ 9 As of and during the three and nine months ended September 30, 2017 (unaudited) there was one, one- 310-10-35. During the three and nine months ended September 30, 2017 (unaudited) there was one, one- 310-40. As of September 30, 2017 (unaudited) there were no loans in the process of foreclosure. As of December 31, 2016 the Bank had one consumer mortgage loan with a recorded balance of $321,000 in the process of foreclosure. Credit Quality Information The Company has established an 11 point internal loan rating system for commercial real estate, construction and commercial loans. For residential real estate and consumer loans, the Company initially assesses credit quality based upon the borrower’s ability to pay and subsequently monitors these loans based on the borrower’s ability to pay. The risk rating system will assist the Company in better understanding the risk inherent in each loan. The loan ratings are as follows: Loans rated 1: Secured by cash collateral or highly liquid diversified marketable securities. Loans rated 2 – 3: Strongest quality loans in the portfolio not secured by cash. Defined by consistent, solid profits, strong cash flow and are well secured. Very little vulnerability to changing economic conditions and compare favorably to their industry. Loans rated 4 – 5: These loans are pass rated. Borrower will show average to strong cash flow, strong to adequate collateral coverage, and will have a generally sound balance sheet. Inclusive in the 5 rating are all open and closed – end residential and retail loans which are paying as agreed. Loans rated 6: Loans with above average risk but still considered pass. Generally this rating is reserved for projects currently under construction or borrowers with modest cash flow, although still meeting all loan covenants. Loans rated 6W: Contain all the risks of a 6 rated credit but have an inherent weakness that requires close monitoring. This rating also generally includes open and closed-end Loans rated 7: Potential weaknesses which warrant management’s close attention. If weaknesses are uncorrected, repayment prospects may be weakened. This is typically a transitional rating. Loans rated 8: Considered substandard. There is a likelihood of loss if the deficiencies are not corrected. Generally, open and closed – end retail loans, as well as automotive and other consumer loans past 90 cumulative days from the contractual due date should be classified as an 8. Loans rated 9: Borrower has a pronounced weakness and all current information indicates collection or liquidation of all debts in full is improbable and highly questionable. Loans rated 10: Uncollectable and a loss will be taken. Open and closed – end loans secured by residential real estate that are beyond 180 days past due will be assessed for value and any outstanding loan balance in excess of said value, less cost to sell, will be classified as a 10. On an annual basis, or more often if needed, the Company formally reviews the ratings on all commercial real estate and construction loans over $350,000. As of September 30, 2017 (unaudited), there were no one- one- As of December 31, 2016, one- |
Premises and Equipment
Premises and Equipment | 9 Months Ended |
Sep. 30, 2017 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | NOTE 5 - PREMISES AND EQUIPMENT The following is a summary of premises and equipment: September 30, December 31, 2017 2016 (In Thousands) (unaudited) Land $ 393 $ 393 Building and improvements 2,180 1,840 Furniture and equipment 553 549 Data processing equipment 355 303 3,481 3,085 Accumulated depreciation (1,997 ) (1,837 ) $ 1,484 $ 1,248 |
Deposits
Deposits | 9 Months Ended |
Sep. 30, 2017 | |
Banking and Thrift [Abstract] | |
Deposits | NOTE 6 - DEPOSITS The aggregate amount of time deposit amounts in denominations that meet or exceed the Federal Deposit Insurance Corporation (FDIC) insurance limit of $250,000 as of September 30, 2017 (unaudited) and December 31, 2016 amounted to $27,384,000 and $23,434,000, respectively. For time deposits as of September 30, 2017 (unaudited) the scheduled maturities for each of the following periods ending September 30 are as follows: (In Thousands) 2018 $ 100,461 2019 12,347 2020 1,467 2021 8,184 2022 1,574 $ 124,033 Deposits from related parties held by the Bank as of September 30, 2017 (unaudited) and December 31, 2016 amounted to $3,521,000 and $3,782,000, respectively. |
Borrowed Funds
Borrowed Funds | 9 Months Ended |
Sep. 30, 2017 | |
Brokers and Dealers [Abstract] | |
Borrowed Funds | NOTE 7 - BORROWED FUNDS The Bank is a member of the Federal Home Loan Bank of Boston (FHLB). Borrowings from the FHLB are secured by a blanket lien on qualified collateral, consisting primarily of loans with first mortgages secured by one-to-four Co-Operative The following is a summary of FHLB borrowings as of September 30, 2017 (unaudited) and December 31, 2016: At September 30, At December 31, 2017 2016 (Dollars in thousands) Balance $ 26,000 $ 10,000 Average balance during the year 19,888 2,363 Maximum outstanding at any month end 26,000 10,000 Weighted average interest rate at period end 1.71 % 1.45 % |
Financial Instruments
Financial Instruments | 9 Months Ended |
Sep. 30, 2017 | |
Investments, All Other Investments [Abstract] | |
Financial Instruments | NOTE 8 - FINANCIAL INSTRUMENTS The Company is party to financial instruments with off-balance The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for loan commitments is represented by the contractual amounts of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance Commitments to originate loans are agreements to lend to a customer provided there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. The Company evaluates each customer’s creditworthiness on a case-by-case Amounts of financial instrument liabilities with off-balance September 30, December 31, 2017 2016 (In Thousands) Commitments to originate loans $ 5,206 $ 7,864 Unused lines of credit 16,515 13,742 Due to borrowers on unadvanced construction loans 3,121 3,852 $ 24,842 $ 25,458 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | NOTE 9 - FAIR VALUE MEASUREMENTS ASC 820-10, contract-by-contract In accordance with ASC 820-10, Level 1 - Valuations for assets and liabilities traded in active exchange markets, such as the New York Stock Exchange. Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities. Level 2 - Valuations for assets and liabilities traded in less active dealer or broker markets. Valuations are obtained from third party pricing services for identical or comparable assets or liabilities. Level 3 - Valuations for assets and liabilities that are derived from other methodologies, including option pricing models, discounted cash flow models and similar techniques, are not based on market exchange, dealer, or broker traded transactions. Level 3 valuations incorporate certain assumptions and projections in determining the fair value assigned to such assets and liabilities. A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. A description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. These valuation methodologies were applied to all of the Company’s financial assets and financial liabilities carried at fair value for September 30, 2017 (unaudited) and December 31, 2016. The Company did not have any significant transfers of assets between levels 1 and 2 of the fair value hierarchy during the three and nine months ended September 30, 2017 (unaudited) and the year ended December 31, 2016. The Company’s investments in preferred stock and marketable equity securities are generally classified within level 1 of the fair value hierarchy because they are valued using quoted market prices. The Company’s investment in debt securities available-for-sale Level 3 is for positions that are not traded in active markets or are subject to transfer restrictions, valuations are adjusted to reflect illiquidity and/or non-transferability, The following summarizes assets measured at fair value on a recurring basis as of September 30, 2017 (unaudited) and December 31, 2016: Fair Value Measurements at Reporting Date Using: Total Quoted Prices in Significant Significant (In Thousands) September 30, 2017: U.S. Government and federal agency obligations $ 6,142 $ — $ 6,142 $ — Debt securities issued by states of the United States and political subdivisions of the states 2,901 — 2,901 — Corporate bonds and notes 11,026 — 11,026 — Preferred stock 3,036 3,036 — — Mortgage-backed securities 1,553 — 1,553 — Marketable equity securities 4,734 4,734 — — Totals $ 29,392 $ 7,770 $ 21,622 $ — December 31, 2016: U.S. Government and federal agency obligations $ 5,688 $ — $ 5,688 $ — Debt securities issued by states of the United States and political subdivisions of the states 2,656 — 2,656 — Corporate bonds and notes 12,493 — 12,493 — Preferred stock 2,938 2,938 — — Mortgage-backed securities 1,432 — 1,432 — Marketable equity securities 6,624 6,624 — — Totals $ 31,831 $ 9,562 $ 22,269 $ — Under certain circumstances the Company makes adjustments to fair value for its assets and liabilities although they are not measured at fair value on a recurring basis. At September 30, 2017 (unaudited) and December 31, 2016, there were no assets or liabilities carried on the consolidated balance sheets for which a nonrecurring change in fair value has been recorded. The estimated fair values of the Company’s financial instruments, all of which are held or issued for purposes other than trading, are as follows: September 30, 2017 (unaudited) Carrying Fair Value Level 1 Level 2 Level 3 Total (In Thousands) Financial assets: Cash and cash equivalents $ 23,091 $ 23,091 $ — $ — $ 23,091 Available-for-sale 29,392 7,770 21,622 — 29,392 Federal Home Loan Bank stock 1,680 1,680 — — 1,680 Loans, net 234,757 — — 235,605 235,605 Co-operative 886 886 — — 886 Accrued interest receivable 668 668 — — 668 Financial liabilities: Deposits 227,144 — 227,445 — 227,445 FHLB advances 26,000 — 25,939 — 25,939 December 31, 2016 Carrying Fair Value Level 1 Level 2 Level 3 Total (In Thousands) Financial assets: Cash and cash equivalents $ 13,792 $ 13,792 $ — $ — $ 13,792 Available-for-sale 31,831 9,562 22,269 — 31,831 Federal Home Loan Bank stock 964 964 — — 964 Loans, net 213,165 — — 213,582 213,582 Co-operative 881 881 — — 881 Accrued interest receivable 572 572 — — 572 Financial liabilities: Deposits 214,766 — 215,443 — 215,443 FHLB advances 10,000 — 9,930 — 9,930 The carrying amounts of financial instruments shown in the above tables are included in the consolidated balance sheets under the indicated captions. Accounting policies related to financial instruments are described in Note 2. |
Other Comprehensive (Loss) Inco
Other Comprehensive (Loss) Income | 9 Months Ended |
Sep. 30, 2017 | |
Equity [Abstract] | |
Other Comprehensive (Loss) Income | NOTE 10 - OTHER COMPREHENSIVE (LOSS) INCOME Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities are reported as a separate component of the stockholders’ equity section of the consolidated balance sheets, such items, along with net income, are components of comprehensive income. The components of other comprehensive (loss) income, included in stockholders’ equity, are as follows: Three months ended September 30, Nine months ended September 30, 2017 2016 2017 2016 (In Thousands) (unaudited) Net unrealized holding gain on available-for-sale $ 48 $ 31 $ 545 $ 721 Reclassification adjustment for net realized gain included in net income (1) (388 ) (279 ) (1,195 ) (572 ) Other comprehensive (loss) income before income tax effect (340 ) (248 ) (650 ) 149 Income tax benefit (expense) 133 86 285 (13 ) Other comprehensive (loss) income, net of tax $ (207 ) $ (162 ) $ (365 ) $ 136 (1) Reclassification adjustments include net realized securities gains. Realized gains have been reclassified out of accumulated other comprehensive income and affect certain captions in the consolidated statements of income as follows: pre-tax available-for-sale Pre-tax Accumulated other comprehensive income as of September 30, 2017 (unaudited) and December 31, 2016 consists of net unrealized holding gains on available-for-sale |
Regulatory Matters
Regulatory Matters | 9 Months Ended |
Sep. 30, 2017 | |
Banking and Thrift [Abstract] | |
Regulatory Matters | NOTE 11 - REGULATORY MATTERS The Bank is subject to various regulatory capital requirements administered by the federal 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 Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities and certain off-balance Effective January 1, 2015, (with a phase-in Management believes, as of September 30, 2017, that the Bank meets all capital adequacy requirements to which it is subject. As of September 30, 2017, the most recent notification from the FDIC categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized the Bank must maintain minimum Common Equity Tier 1 risk-based, total risk-based, Tier 1 risk-based and Tier 1 leverage capital ratios as set forth in the following table. There were no conditions or events since that notification that management believes have changed the Bank’s category. The Bank’s actual capital amounts and ratios as of September 30, 2017 (unaudited) and December 31, 2016 are presented in the following table. Actual For Capital Adequacy Purposes To Be Well Capitalized Under Amount Ratio Amount Ratio Amount Ratio (Dollars In Thousands) As of September 30, 2017 (unaudited): Total Capital (to Risk Weighted Assets) $ 36,715 19.83 % $ 14,977 8.0 % $ 18,721 10.0 % Tier 1 Capital (to Risk Weighted Assets) 35,437 19.14 11,233 6.0 14,977 8.0 Common Equity Tier 1 Capital (to Risk Weighted Assets) 35,437 19.14 8,424 4.5 12,169 6.5 Tier 1 Capital (to Average Assets) 35,437 12.98 11,186 4.0 13,983 5.0 As of December 31, 2016: Total Capital (to Risk Weighted Assets) $ 35,236 21.09 % $ 13,368 8.0 % $ 16,710 10.0 % Tier 1 Capital (to Risk Weighted Assets) 33,648 20.14 10,026 6.0 13,368 8.0 Common Equity Tier 1 Capital (to Risk Weighted Assets) 33,648 20.14 7,519 4.5 10,861 6.5 Tier 1 Capital (to Average Assets) 33,648 13.58 9,909 4.0 12,386 5.0 |
Common Stock Repurchases
Common Stock Repurchases | 9 Months Ended |
Sep. 30, 2017 | |
Equity [Abstract] | |
Common Stock Repurchases | NOTE 12 – COMMON STOCK REPURCHASES From time to time, our board of directors authorizes stock repurchase plans. In general, stock repurchase plans allow us to proactively manage our capital position and return excess capital to shareholders. Shares purchased under such plans also provide us with shares of common stock necessary to satisfy obligations related to stock compensation awards. On September 14, 2017, the board of directors of the Company authorized an increase in the number of shares that may be repurchased pursuant to the Company’s stock repurchase plan that was previously announced on November 12, 2015. Under the expanded repurchase plan, the Company is authorized to repurchase an additional 130,037 shares, representing approximately 5.0% of the Company’s issued and outstanding shares of common stock as of September 14, 2017. As of September 14, 2017, the Company had 11,200 shares remaining to be purchased under its previously announced share repurchase plan of 283,000. The actual amount and timing of future share repurchases, if any, will depend on market conditions, applicable SEC rules and various other factors. During the nine months ended September 30, 2017 (unaudited), 1,336 shares of common stock were repurchased, as a result of the first annual installment of the stock awards vesting. The Company was required to purchase these shares for the payment of income taxes withheld in the stock based award activity. During the nine months ended September 30, 2016 (unaudited), a total of 226,300 shares of common stock were repurchased at an average cost of $15.31. |
Stock Based Compensation
Stock Based Compensation | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Based Compensation | NOTE 13 – STOCK BASED COMPENSATION Melrose Bancorp, Inc. adopted the Melrose Bancorp, Inc. 2015 Equity Incentive Plan (the “2015 Equity Incentive Plan”) to provide directors, officers, and employees of the Company and Melrose Cooperative Bank with additional incentives to promote growth and performance of the Company and Melrose Cooperative Bank. The 2015 Equity Incentive Plan authorizes the issuance or delivery to participants of up to 396,140 shares of Melrose Bancorp, Inc. common stock pursuant to grants of incentive and non-statutory On May 12, 2016, the Company issued 44,300 shares of common stock restricted stock awards. The restricted stock award expense is based on $15.13 per share, and shares vest over 5 years commencing one year from the grant date. The total expense recognized for the three and nine months ended September 30, 2017, in connection with the restricted stock awards was $34,000, and $101,000 (unaudited), respectively, and the recognized tax benefit was $12,000 and $35,000 (unaudited), respectively. During the three and nine month periods ending September 30, 2016, the expense was $31,000 and $56,000 (unaudited), respectively. The recognized tax benefit was $11,000 and $19,000 (unaudited), respectively. On May 12, 2016, the Company granted 224,200 stock options. The stock options have an exercise price of $15.13 per share, and vest ratably over 5 years commencing one year from the date of the grant. The stock option expense is equal to the number of options expected to vest each year times the grant date fair value of the shares as determined using the Black-Scholes option pricing model. The Company completed an analysis of seven peer banks to determine the expected volatility of 20.24%. The exercise price used in the pricing model was $15.13, the closing price of the stock on the grant date. The expected life was estimated to be 6.5 years and the 7 year treasury rate of 1.54% was used as the annual risk free interest rate. The expected forfeiture rate is 0%. Using these variables, the estimated fair value is $3.71 per share. The aggregate intrinsic value is $1.1 million as of September 30, 2017. The total expense recognized for the three and nine months ended September 30, 2017, in connection with the stock options was $42,000 and $124,000 (unaudited), respectively, and the recognized tax benefit was $4,000 and $13,000 (unaudited), respectively. During the three and nine month periods ending September 30, 2016 the stock option expense was $42,000 and $64,000, respectively. The recognized tax benefit was $4,000 and $7,000, respectively. At September 30, 2017 (unaudited), the unrecognized share based compensation expense related to the 35,440 unvested restricted stock awards amounted to $484,000. The unrecognized expense will be recognized over a weighted average life of 3.6 years. At September 30, 2017 (unaudited), 44,840 of the 224,200 stock options outstanding are exercisable, and the remaining contractual life is 8.6 years. The unrecognized expense related to the unvested options is $600,000 and will be recognized over a weighted average life of 3.6 years. The Company adopted ASU 2016-09, paid-in-capital |
Summary of Significant Accoun22
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION: The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, the Bank, and the Bank’s wholly-owned subsidiary, MCBSC, Inc., which is used to hold investment securities. All significant intercompany accounts and transactions have been eliminated in the consolidation. |
USE OF ESTIMATES | USE OF ESTIMATES: In preparing consolidated financial statements in conformity with U.S. generally accepted accounting principles, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated balance sheet and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, impairment of securities and the valuation of deferred tax assets. |
CASH AND CASH EQUIVALENTS | CASH AND CASH EQUIVALENTS: For purposes of reporting cash flows, cash and cash equivalents include cash, amounts due from banks, money market funds and federal funds sold. |
SECURITIES | SECURITIES: Investments in debt securities are adjusted for amortization of premiums and accretion of discounts computed so as to approximate the interest method. Gains or losses on sales of investment securities are computed on a specific identification basis. The Company classifies all debt and equity securities as available-for-sale. Available-for-sale For any debt security with a fair value less than its amortized cost basis, the Company will determine whether it has the intent to sell the debt security or whether it is more likely than not it will be required to sell the debt security before the recovery of its amortized cost basis. If either condition is met, the Company will recognize a full impairment charge to earnings. For all other debt securities that are considered other-than-temporarily impaired and do not meet either condition, the credit loss portion of impairment will be recognized in earnings as realized losses. The other-than-temporary impairment related to all other factors will be recorded in other comprehensive income. Declines in marketable equity securities below their cost that are deemed other-than-temporary are reflected in earnings as realized losses. |
FEDERAL HOME LOAN BANK STOCK | FEDERAL HOME LOAN BANK STOCK: As a member of the Federal Home Loan Bank of Boston (FHLB), the Company is required to invest in $100 par value stock of the FHLB. The FHLB capital structure mandates that members must own stock as determined by their Total Stock Investment Requirement which is the sum of a member’s Membership Stock Investment Requirement and Activity-Based Stock Investment Requirement. Management evaluates the Company’s investment in FHLB stock for other-than-temporary impairment at least on a quarterly basis and more frequently when economic or market conditions warrant such evaluation. Based on its most recent analysis of the FHLB as of September 30, 2017, management deems its investment in FHLB stock to be not other-than-temporarily impaired. |
LOANS | LOANS: Loans receivable that management has the intent and ability to hold until maturity or payoff are reported at their outstanding principal balances adjusted for amounts due to borrowers on outstanding home equity lines of credit, commercial lines of credit and construction loans, any charge-offs, the allowance for loan losses and any deferred fees or costs on originated loans, or unamortized premiums or discounts on purchased loans. Loan origination and commitment fees and certain direct origination costs are deferred, and the net amount amortized as an adjustment of the related loan’s yield. The Company is amortizing these amounts over the expected lives of the related loans. Residential real estate loans are generally placed on nonaccrual when reaching 90 days past due or are in the process of foreclosure. All closed-end Cash receipts of interest income on impaired loans are credited to principal to the extent necessary to eliminate doubt as to the collectability of the net carrying amount of the loan. Some or all of the cash receipts of interest income on impaired loans are recognized as interest income if the remaining net carrying amount of the loan is deemed to be fully collectible. When recognition of interest income on an impaired loan on a cash basis is appropriate, the amount of income that is recognized is limited to that which would have been accrued on the net carrying amount of the loan at the contractual interest rate. Any cash interest payments received in excess of the limit and not applied to reduce the net carrying amount of the loan are recorded as recoveries of charge-offs until the charge-offs are fully recovered. |
ALLOWANCE FOR LOAN LOSSES | ALLOWANCE FOR LOAN LOSSES: The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes the uncollectability of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. The allowance for loan losses is evaluated on a regular basis by management and is based upon management’s periodic review of the collectability of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral and prevailing economic conditions. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. |
BANK-OWNED LIFE INSURANCE | BANK-OWNED LIFE INSURANCE: The Company has purchased insurance policies on the lives of certain directors, executive officers and employees. Bank-owned life insurance policies are reflected on the consolidated balance sheets at cash surrender value. Changes in net cash surrender value of the policies, as well as insurance proceeds received, are reflected in non-interest |
PREMISES AND EQUIPMENT | PREMISES AND EQUIPMENT: Land is carried at cost. Buildings and equipment are stated at cost, less accumulated depreciation and amortization. Cost and related allowances for depreciation and amortization of premises and equipment retired or otherwise disposed of are removed from the respective accounts with any gain or loss included in income or expense. Depreciation and amortization are calculated principally on the straight-line method over the estimated useful lives of the assets. Estimated lives are 15 to 40 years for buildings and 3 to 10 years for furniture and equipment. Premises and equipment are periodically evaluated for impairment when events or changes in circumstances indicate the carrying amount may not be recoverable. |
ADVERTISING | ADVERTISING: The Company directly expenses costs associated with advertising as they are incurred. |
INCOME TAXES | INCOME TAXES: The Company recognizes income taxes under the asset and liability method. Under this method, deferred tax assets and liabilities are established for the temporary differences between the accounting basis and the tax basis of the Company’s assets and liabilities at enacted tax rates expected to be in effect when the amounts related to such temporary differences are realized or settled. |
EMPLOYEE STOCK OWNERSHIP PLAN | EMPLOYEE STOCK OWNERSHIP PLAN: Compensation expense for the Employee Stock Ownership Plan (“ESOP”) is recorded at an amount equal to the shares allocated by the ESOP multiplied by the average fair value of the shares during the period. Unearned compensation applicable to the ESOP is reflected as a reduction of stockholders’ equity in the consolidated balance sheets. The difference between the average fair value and the cost of shares allocated by the ESOP is recorded as an adjustment to additional paid-in-capital. |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION: The Company recognizes stock-based compensation based on the grant-date fair value of the award. Forfeitures will be recognized when they occur. The Company values share-based stock option awards granted using the Black-Scholes option-pricing model. The Company recognizes compensation expense for its awards on a straight-line basis over the requisite service period for the entire award (straight-line attribution method), ensuring that the amount of compensation cost recognized at any date at least equals the portion of the grant-date fair value of the award that is vested at that time. |
EARNINGS PER SHARE (EPS) | EARNINGS PER SHARE (EPS): Basic EPS is calculated by dividing net income by the weighted average number of common shares outstanding adjusted to exclude the weighted average number of unallocated shares held by the ESOP and weighted average shares unearned restricted stock. Diluted EPS reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in earnings of the entity. For the purposes of computing diluted EPS, the treasury stock method is used. The calculation of basic and diluted EPS (unaudited) is presented below. Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended (In Thousands, except share data) Net income $ 631 $ 386 $ 1,579 $ 853 Basic Common Shares: Weighted average common shares outstanding 2,600,743 2,573,360 2,601,485 2,658,828 Weighted average shares - unearned restricted stock (32,741 ) — (34,925 ) — Weighted average unallocated ESOP shares (199,013 ) (206,558 ) (200,899 ) (208,130 ) Basic weighted average shares outstanding 2,368,989 2,366,802 2,365,661 2,450,698 Diluted effect of unvested stock options 3,329 — — — Dilutive effect of unvested restricted stock awards 8,502 423 4,402 222 Diluted weighted average shares outstanding 2,380,730 2,367,225 2,370,063 2,450,920 Basic earnings per share $ 0.27 $ 0.16 $ 0.67 $ 0.35 Diluted earnings per share (1) $ 0.27 $ 0.16 $ 0.67 $ 0.35 (1) Options to purchase 224,200 shares, representing all outstanding options, were not included in the computation of diluted earnings per share for the nine months ended September 30, 2017 and the three and nine months ended September, 30 2016, because the effect is anti-dilutive. |
FAIR VALUES OF FINANCIAL INSTRUMENTS | FAIR VALUES OF FINANCIAL INSTRUMENTS: Accounting Standards Codification (ASC) 825, “Financial Instruments,” requires that the Company disclose the estimated fair value for its financial instruments. Fair value methods and assumptions used by the Company in estimating its fair value disclosures are as follows: Cash and cash equivalents: The carrying amounts reported in the consolidated balance sheets for cash and cash equivalents approximate fair value. Securities: Fair values for securities are based on quoted market prices, where available. If quoted market prices are not available, fair values are based on quoted market prices of comparable instruments. Loans receivable: For variable-rate loans that reprice frequently and with no significant change in credit risk, fair values are based on carrying values. The fair values for other loans are estimated using discounted cash flow analyses, using interest rates currently being offered for loans with similar terms to borrowers of similar credit quality. Accrued interest receivable: The carrying amount of accrued interest receivable approximates fair value. Deposit liabilities: The fair values for demand deposits (e.g., interest and non-interest Federal Home Loan Bank advances: Fair values for Federal Home Loan Bank advances are estimated using a discounted cash flow technique that applies interest rates currently being offered on advances to a schedule of aggregate expected monthly maturities on Federal Home Loan Bank advances. |
RECENT ACCOUNTING PRONOUNCEMENTS | RECENT ACCOUNTING PRONOUNCEMENTS: As an “emerging growth company,” as defined in Title 1 of Jumpstart Our Business Startups (JOBS) Act, the Company has elected to use the extended transition period to delay adoption of new or reissued accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. Accordingly, the consolidated financial statements may not be comparable to the financial statements of public companies that comply with such new or revised accounting standards. As of September 30, 2017, there is no significant difference in the comparability of the financial statements as a result of this extended transition period. The extended transition period under the “emerging growth company” is five years the Company’s emerging growth status will end December 31, 2019. In January 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-01, 825-10): 1. Require equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income. However, the entity may choose to measure equity investments that do not have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same manner. 2. Simplify the impairment assessment of equity investments without determinable fair values by requiring a qualitative assessment to identify impairment. When a qualitative assessment indicates that impairment exists, an entity is required to measure the investment at fair value. 3. Eliminate the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet. 4. Require public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes. 5. Require an entity to present separately in other comprehensive income the portion of the total change in fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. 6. Require separate presentation of financial assets and financial liabilities by measurement category and form of financial assets (that is, securities or loans and receivables) on the balance sheet or the accompanying notes to the financial statements. 7. Clarify that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale Under the extended transition period for an emerging growth company, the amendments in this Update are effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption of item 5 above is permitted as of the beginning of fiscal years or interim periods for which financial statements have not been issued. Early adoption of all other amendments in this ASU is not permitted. The Company is currently evaluating the amendments of ASU No. 2016-01 In February 2016, the FASB issued ASU 2016-02, In March 2016, the FASB issued ASU No. 2016-09, paid-in-capital No. 2016-09 No. 2016-09 In June 2016, the FASB issued ASU No. 2016-13, available-for-sale No. 2016-13 In March 2017, the FASB issued ASU 2017-08, No. 2017-08 No. 2017-08 |
Summary of Significant Accoun23
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Summary of Calculation of Basic and Diluted EPS | The calculation of basic and diluted EPS (unaudited) is presented below. Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended (In Thousands, except share data) Net income $ 631 $ 386 $ 1,579 $ 853 Basic Common Shares: Weighted average common shares outstanding 2,600,743 2,573,360 2,601,485 2,658,828 Weighted average shares - unearned restricted stock (32,741 ) — (34,925 ) — Weighted average unallocated ESOP shares (199,013 ) (206,558 ) (200,899 ) (208,130 ) Basic weighted average shares outstanding 2,368,989 2,366,802 2,365,661 2,450,698 Diluted effect of unvested stock options 3,329 — — — Dilutive effect of unvested restricted stock awards 8,502 423 4,402 222 Diluted weighted average shares outstanding 2,380,730 2,367,225 2,370,063 2,450,920 Basic earnings per share $ 0.27 $ 0.16 $ 0.67 $ 0.35 Diluted earnings per share (1) $ 0.27 $ 0.16 $ 0.67 $ 0.35 (1) Options to purchase 224,200 shares, representing all outstanding options, were not included in the computation of diluted earnings per share for the nine months ended September 30, 2017 and the three and nine months ended September, 30 2016, because the effect is anti-dilutive. |
Investments in Available-For-24
Investments in Available-For-Sale Securities (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Amortized Cost Basis of Securities and Their Approximate Fair Values | The amortized cost basis of securities and their approximate fair values are as follows as of September 30, 2017 (unaudited) and December 31, 2016: Amortized Gross Gross Fair Value (In Thousands) September 30, 2017: U.S. Government and federal agency obligations $ 6,220 $ — $ 78 $ 6,142 Debt securities issued by states of the United States and political subdivisions of the states 2,905 20 24 2,901 Corporate bonds and notes 11,033 31 38 11,026 Preferred stock 3,000 36 — 3,036 Mortgage-backed securities 1,594 — 41 1,553 Marketable equity securities 4,080 654 — 4,734 $ 28,832 $ 741 $ 181 $ 29,392 December 31, 2016: U.S. Government and federal agency obligations $ 5,819 $ — $ 131 $ 5,688 Debt securities issued by states of the United States and political subdivisions of the states 2,695 2 41 2,656 Corporate bonds and notes 12,537 17 61 12,493 Preferred stock 3,000 20 82 2,938 Mortgage-backed securities 1,498 — 66 1,432 Marketable equity securities 5,072 1,557 5 6,624 $ 30,621 $ 1,596 $ 386 $ 31,831 |
Scheduled Maturities of Debt Securities | The scheduled maturities of debt securities were as follows as of September 30, 2017 (unaudited): Fair (In Thousands) Due within one year $ 4,669 Due after one year through five years 10,617 Due after five years through ten years 2,258 Due after ten years 3,050 Mortgage-backed securities 1,553 Asset-backed securities 1,506 $ 23,653 |
Aggregate Fair Value and Unrealized Losses of Securities in Continuous Unrealized Loss Position | The aggregate fair value and unrealized losses of securities that have been in a continuous unrealized loss position for less than twelve months and for twelve months or more, and are not other-than-temporarily impaired, are as follows as of September 30, 2017 (unaudited) and December 31, 2016: Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized (In Thousands) September 30, 2017 U.S. government and federal agency obligations $ 1,002 $ 4 $ 4,399 $ 74 $ 5,401 $ 78 Debt securities issued by states of the United States and political subdivisions of the states 1,030 8 241 16 1,271 24 Corporate bonds and notes 1,987 10 2,971 28 4,958 38 Mortgage-backed securities 459 1 1,094 40 1,553 41 Total temporarily impaired securities $ 4,478 $ 23 $ 8,705 $ 158 $ 13,183 $ 181 December 31, 2016 U.S. government and federal agency obligations $ 4,359 $ 59 $ 1,328 $ 72 $ 5,687 $ 131 Debt securities issued by states of the United States and political subdivisions of the states 1,760 28 245 13 2,005 41 Corporate bonds and notes 5,784 61 — — 5,784 61 Preferred stock 1,918 82 — — 1,918 82 Mortgage-backed securities 370 8 1,062 58 1,432 66 Marketable equity securities 2,235 5 — — 2,235 5 Total temporarily impaired securities $ 16,426 $ 243 $ 2,635 $ 143 $ 19,061 $ 386 |
Loans (Tables)
Loans (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Receivables [Abstract] | |
Summary of Loans | Loans consisted of the following at: September 30, December 31, 2017 2016 (In Thousands) (unaudited) Real estate loans: One-to $ 184,007 $ 168,111 Home equity loans and lines of credit 12,111 10,720 Commercial 26,712 23,011 Construction 12,392 11,738 Consumer loans 45 71 Total loans 235,267 213,651 Allowance for loan losses (984 ) (890 ) Deferred loan costs, net 28 32 Unamortized premiums 446 372 Net loans $ 234,757 $ 213,165 |
Information Regarding Nonaccrual Loans and Past-due Loans | The following tables set forth information on loans and the allowance for loan losses at and for the periods ending September 30, 2017 and 2016 (unaudited) and as of December 31, 2016: Real Estate: One- to four- Home Equity Loans Commercial Construction Consumer Unallocated Total (In Thousands) At September 30, 2017 (unaudited) Allowance for loan losses: Ending Balance: Individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — Ending balance: Collectively evaluated for impairment 457 55 349 93 1 29 984 Total allowance for loan losses ending balance $ 457 $ 55 $ 349 $ 93 $ 1 $ 29 $ 984 Loans: Ending balance: Individually evaluated for impairment $ 100 $ — $ — $ — $ — $ — $ 100 Ending balance: Collectively evaluated for impairment 183,907 12,111 26,712 12,392 45 — 235,167 Total loans ending balance $ 184,007 $ 12,111 $ 26,712 $ 12,392 $ 45 $ — $ 235,267 Real Estate: One- Home Equity Loans Commercial Construction Consumer Unallocated Total (In Thousands) December 31, 2016 Allowance for loan losses: Ending Balance: Individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — Ending balance: Collectively evaluated for impairment 418 49 276 117 1 29 890 Total allowance for loan losses ending balance $ 418 $ 49 $ 276 $ 117 $ 1 $ 29 $ 890 Loans: Ending balance: Individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — Ending balance: Collectively evaluated for impairment 168,111 10,720 23,011 11,738 71 — 213,651 Total loans ending balance $ 168,111 $ 10,720 $ 23,011 $ 11,738 $ 71 $ — $ 213,651 Real Estate: One- to four- Home Equity Loans Commercial Construction Consumer Unallocated Total (In Thousands) Nine Months Ended September 30, 2017 (unaudited) Allowance for loan losses: Beginning balance $ 418 $ 49 $ 276 $ 117 $ 1 $ 29 $ 890 Charge offs — — — — — — — Recoveries — — — — — — — Provision (benefit) 39 6 73 (24 ) — — 94 Ending balance $ 457 $ 55 $ 349 $ 93 $ 1 $ 29 $ 984 Real Estate: One- Home Equity Loans Commercial Construction Consumer Unallocated Total (In Thousands) Nine Months Ended September 30, 2016 (unaudited) Allowance for loan losses: Beginning balance $ 331 $ 49 $ 150 $ 40 $ 1 $ 9 $ 580 Charge offs — — — — — — — Recoveries — — — — — — — Provision (benefit) 74 (2 ) 104 83 — 20 279 Ending balance $ 405 $ 47 $ 254 $ 123 $ 1 $ 29 $ 859 Real Estate: One- Home Equity Loans Commercial Construction Consumer Unallocated Total (In Thousands) Three Months Ended September 30, 2017 (unaudited) Allowance for loan losses: Beginning balance $ 451 $ 52 $ 317 $ 131 $ 1 $ 29 $ 981 Charge offs — — — — — — — Recoveries — — — — — — — Provision (benefit) 6 3 32 (38 ) — — 3 Ending balance $ 457 $ 55 $ 349 $ 93 $ 1 $ 29 $ 984 Real Estate: One- Home Equity Loans Commercial Construction Consumer Unallocated Total (In Thousands) Three Months Ended September 30, 2016 (unaudited) Allowance for loan losses: Beginning balance $ 366 $ 49 $ 252 $ 68 $ 1 $ 6 $ 742 Charge offs — — — — — — — Recoveries — — — — — — — Provision (benefit) 39 (2 ) 2 55 — 23 117 Ending balance $ 405 $ 47 $ 254 $ 123 $ 1 $ 29 $ 859 |
Summary of Changes in Allowance for Loan Losses | The following tables set forth information regarding nonaccrual loans and past-due 30 - 59 60 - 89 90 Days or Total Past Total Total 90 Days or More Non- (In Thousands) At September 30, 2017 (unaudited) Real estate loans: One-to $ 178 $ — $ — $ 178 $ 183,829 $ 184,007 $ — $ 191 Home equity loans and lines of credit — — — — 12,111 12,111 — — Commercial — — — — 26,712 26,712 — — Construction — — — — 12,392 12,392 — — Consumer loans — — — — 45 45 — — Total $ 178 $ — $ — $ 178 $ 235,089 $ 235,267 $ — $ 191 At December 31, 2016 Real estate loans: One-to $ 518 $ 9 $ — $ 527 $ 167,584 $ 168,111 $ — $ 9 Home equity loans and lines of credit — — — — 10,720 10,720 — — Commercial — — — — 23,011 23,011 — — Construction — — — — 11,738 11,738 — — Consumer loans — — — — 71 71 — — Total $ 518 $ 9 $ — $ 527 $ 213,124 $ 213,651 $ — $ 9 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Property, Plant and Equipment [Abstract] | |
Summary of Premises and Equipment | The following is a summary of premises and equipment: September 30, December 31, 2017 2016 (In Thousands) (unaudited) Land $ 393 $ 393 Building and improvements 2,180 1,840 Furniture and equipment 553 549 Data processing equipment 355 303 3,481 3,085 Accumulated depreciation (1,997 ) (1,837 ) $ 1,484 $ 1,248 |
Deposits (Tables)
Deposits (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Banking and Thrift [Abstract] | |
Scheduled Maturities of Time Deposits | For time deposits as of September 30, 2017 (unaudited) the scheduled maturities for each of the following periods ending September 30 are as follows: (In Thousands) 2018 $ 100,461 2019 12,347 2020 1,467 2021 8,184 2022 1,574 $ 124,033 |
Borrowed Funds (Tables)
Borrowed Funds (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Brokers and Dealers [Abstract] | |
Summary of FHLB Borrowings | The following is a summary of FHLB borrowings as of September 30, 2017 (unaudited) and December 31, 2016: At September 30, At December 31, 2017 2016 (Dollars in thousands) Balance $ 26,000 $ 10,000 Average balance during the year 19,888 2,363 Maximum outstanding at any month end 26,000 10,000 Weighted average interest rate at period end 1.71 % 1.45 % |
Financial Instruments (Tables)
Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Investments, All Other Investments [Abstract] | |
Summary of Amounts of Financial Instrument Liabilities with off-Balance Sheet Credit Risk | Amounts of financial instrument liabilities with off-balance September 30, December 31, 2017 2016 (In Thousands) Commitments to originate loans $ 5,206 $ 7,864 Unused lines of credit 16,515 13,742 Due to borrowers on unadvanced construction loans 3,121 3,852 $ 24,842 $ 25,458 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Summary of Assets Measured at Fair Value on Recurring Basis | The following summarizes assets measured at fair value on a recurring basis as of September 30, 2017 (unaudited) and December 31, 2016: Fair Value Measurements at Reporting Date Using: Total Quoted Prices in Significant Significant (In Thousands) September 30, 2017: U.S. Government and federal agency obligations $ 6,142 $ — $ 6,142 $ — Debt securities issued by states of the United States and political subdivisions of the states 2,901 — 2,901 — Corporate bonds and notes 11,026 — 11,026 — Preferred stock 3,036 3,036 — — Mortgage-backed securities 1,553 — 1,553 — Marketable equity securities 4,734 4,734 — — Totals $ 29,392 $ 7,770 $ 21,622 $ — December 31, 2016: U.S. Government and federal agency obligations $ 5,688 $ — $ 5,688 $ — Debt securities issued by states of the United States and political subdivisions of the states 2,656 — 2,656 — Corporate bonds and notes 12,493 — 12,493 — Preferred stock 2,938 2,938 — — Mortgage-backed securities 1,432 — 1,432 — Marketable equity securities 6,624 6,624 — — Totals $ 31,831 $ 9,562 $ 22,269 $ — |
Summary of Estimated Fair Values of Bank's Financial Instruments | The estimated fair values of the Company’s financial instruments, all of which are held or issued for purposes other than trading, are as follows: September 30, 2017 (unaudited) Carrying Fair Value Level 1 Level 2 Level 3 Total (In Thousands) Financial assets: Cash and cash equivalents $ 23,091 $ 23,091 $ — $ — $ 23,091 Available-for-sale 29,392 7,770 21,622 — 29,392 Federal Home Loan Bank stock 1,680 1,680 — — 1,680 Loans, net 234,757 — — 235,605 235,605 Co-operative 886 886 — — 886 Accrued interest receivable 668 668 — — 668 Financial liabilities: Deposits 227,144 — 227,445 — 227,445 FHLB advances 26,000 — 25,939 — 25,939 December 31, 2016 Carrying Fair Value Level 1 Level 2 Level 3 Total (In Thousands) Financial assets: Cash and cash equivalents $ 13,792 $ 13,792 $ — $ — $ 13,792 Available-for-sale 31,831 9,562 22,269 — 31,831 Federal Home Loan Bank stock 964 964 — — 964 Loans, net 213,165 — — 213,582 213,582 Co-operative 881 881 — — 881 Accrued interest receivable 572 572 — — 572 Financial liabilities: Deposits 214,766 — 215,443 — 215,443 FHLB advances 10,000 — 9,930 — 9,930 |
Other Comprehensive (Loss) In31
Other Comprehensive (Loss) Income (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Equity [Abstract] | |
Components of Other Comprehensive (Loss) Income Included in Stockholders' Equity | The components of other comprehensive (loss) income, included in stockholders’ equity, are as follows: Three months ended September 30, Nine months ended September 30, 2017 2016 2017 2016 (In Thousands) (unaudited) Net unrealized holding gain on available-for-sale $ 48 $ 31 $ 545 $ 721 Reclassification adjustment for net realized gain included in net income (1) (388 ) (279 ) (1,195 ) (572 ) Other comprehensive (loss) income before income tax effect (340 ) (248 ) (650 ) 149 Income tax benefit (expense) 133 86 285 (13 ) Other comprehensive (loss) income, net of tax $ (207 ) $ (162 ) $ (365 ) $ 136 (1) Reclassification adjustments include net realized securities gains. Realized gains have been reclassified out of accumulated other comprehensive income and affect certain captions in the consolidated statements of income as follows: pre-tax available-for-sale Pre-tax |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Banking and Thrift [Abstract] | |
Summary of Actual Capital Amounts and Ratios | The Bank’s actual capital amounts and ratios as of September 30, 2017 (unaudited) and December 31, 2016 are presented in the following table. Actual For Capital Adequacy Purposes To Be Well Capitalized Under Amount Ratio Amount Ratio Amount Ratio (Dollars In Thousands) As of September 30, 2017 (unaudited): Total Capital (to Risk Weighted Assets) $ 36,715 19.83 % $ 14,977 8.0 % $ 18,721 10.0 % Tier 1 Capital (to Risk Weighted Assets) 35,437 19.14 11,233 6.0 14,977 8.0 Common Equity Tier 1 Capital (to Risk Weighted Assets) 35,437 19.14 8,424 4.5 12,169 6.5 Tier 1 Capital (to Average Assets) 35,437 12.98 11,186 4.0 13,983 5.0 As of December 31, 2016: Total Capital (to Risk Weighted Assets) $ 35,236 21.09 % $ 13,368 8.0 % $ 16,710 10.0 % Tier 1 Capital (to Risk Weighted Assets) 33,648 20.14 10,026 6.0 13,368 8.0 Common Equity Tier 1 Capital (to Risk Weighted Assets) 33,648 20.14 7,519 4.5 10,861 6.5 Tier 1 Capital (to Average Assets) 33,648 13.58 9,909 4.0 12,386 5.0 |
Nature of Operations - Addition
Nature of Operations - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Entity incorporation date | Feb. 1, 2014 |
Summary of Significant Accoun34
Summary of Significant Accounting Policies - Additional Information (Detail) - $ / shares | 9 Months Ended | |
Sep. 30, 2017 | Dec. 31, 2016 | |
Significant Accounting Policies [Line Items] | ||
Par value stock | $ 0.01 | $ 0.01 |
Building [Member] | Minimum [Member] | ||
Significant Accounting Policies [Line Items] | ||
Estimated useful lives | 15 years | |
Building [Member] | Maximum [Member] | ||
Significant Accounting Policies [Line Items] | ||
Estimated useful lives | 40 years | |
Furniture and Equipment [Member] | Minimum [Member] | ||
Significant Accounting Policies [Line Items] | ||
Estimated useful lives | 3 years | |
Furniture and Equipment [Member] | Maximum [Member] | ||
Significant Accounting Policies [Line Items] | ||
Estimated useful lives | 10 years | |
Federal Home Loan Bank of Boston [Member] | ||
Significant Accounting Policies [Line Items] | ||
Par value stock | $ 100 |
Summary of Significant Accoun35
Summary of Significant Accounting Policies - Summary of Calculation of Basic and Diluted EPS (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Net income | $ 631 | $ 386 | $ 1,579 | $ 853 |
Basic Common Shares: | ||||
Weighted average common shares outstanding | 2,600,743 | 2,573,360 | 2,601,485 | 2,658,828 |
Weighted average shares - unearned restricted stock | (32,741) | (34,925) | ||
Weighted average unallocated ESOP shares | (199,013) | (206,558) | (200,899) | (208,130) |
Basic weighted average shares outstanding | 2,368,989 | 2,366,802 | 2,365,661 | 2,450,698 |
Diluted weighted average shares outstanding | 2,377,491 | 2,367,225 | 2,370,063 | 2,450,920 |
Basic earnings per share | $ 0.27 | $ 0.16 | $ 0.67 | $ 0.35 |
Diluted earnings per share | $ 0.27 | $ 0.16 | $ 0.67 | $ 0.35 |
Unvested Stock Options [Member] | ||||
Basic Common Shares: | ||||
Diluted effect of unvested stock | 3,329 | |||
Unvested Restricted Stock Awards [Member] | ||||
Basic Common Shares: | ||||
Diluted effect of unvested stock | 8,502 | 423 | 4,402 | 222 |
Summary of Significant Accoun36
Summary of Significant Accounting Policies - Summary of Calculation of Basic and Diluted EPS (Parenthetical) (Detail) - shares | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |||
Anti-dilutive securities excluded from computation of diluted earnings | 224,200 | 224,200 | 224,200 |
Investments in Available-For-37
Investments in Available-For-Sale Securities - Amortized Cost Basis of Securities and Their Approximate Fair Values (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost Basis | $ 28,832 | $ 30,621 |
Gross Unrealized Gains | 741 | 1,596 |
Gross Unrealized Losses | 181 | 386 |
Fair Value | 29,392 | 31,831 |
U.S. Government and Federal Agency Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost Basis | 6,220 | 5,819 |
Gross Unrealized Losses | 78 | 131 |
Fair Value | 6,142 | 5,688 |
Debt Securities Issued by States of the United States and Political Subdivisions of the States [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost Basis | 2,905 | 2,695 |
Gross Unrealized Gains | 20 | 2 |
Gross Unrealized Losses | 24 | 41 |
Fair Value | 2,901 | 2,656 |
Corporate Bonds and Notes [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost Basis | 11,033 | 12,537 |
Gross Unrealized Gains | 31 | 17 |
Gross Unrealized Losses | 38 | 61 |
Fair Value | 11,026 | 12,493 |
Preferred Stock [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost Basis | 3,000 | 3,000 |
Gross Unrealized Gains | 36 | 20 |
Gross Unrealized Losses | 82 | |
Fair Value | 3,036 | 2,938 |
Mortgage-backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost Basis | 1,594 | 1,498 |
Gross Unrealized Losses | 41 | 66 |
Fair Value | 1,553 | 1,432 |
Marketable Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost Basis | 4,080 | 5,072 |
Gross Unrealized Gains | 654 | 1,557 |
Gross Unrealized Losses | 5 | |
Fair Value | $ 4,734 | $ 6,624 |
Investments in Available-For-38
Investments in Available-For-Sale Securities - Scheduled Maturities of Debt Securities (Detail) $ in Thousands | Sep. 30, 2017USD ($) |
Schedule of Available-for-sale Securities [Line Items] | |
Due within one year | $ 4,669 |
Due after one year through five years | 10,617 |
Due after five years through ten years | 2,258 |
Due after ten years | 3,050 |
Debt security, fair value | 23,653 |
Mortgage-backed Securities [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Debt securities | 1,553 |
Asset-backed Securities [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Debt securities | $ 1,506 |
Investments in Available-For-39
Investments in Available-For-Sale Securities - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017USD ($)Securitiesshares | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($)Securitiesshares | Sep. 30, 2016USD ($) | Dec. 31, 2016USD ($)shares | |
Schedule of Available-for-sale Securities [Line Items] | |||||
Number of securities with aggregate carrying value exceeding 10% of stockholders' equity | shares | 0 | 0 | 0 | ||
Proceeds from sales of available-for-sale securities | $ 718,000 | $ 576,000 | $ 2,264,000 | $ 8,439,000 | |
Gain on sales of available-for-sale securities, net | 388,000 | 279,000 | 1,195,000 | 572,000 | |
Tax expense applicable to net realized gain | 136,000 | 92,000 | 420,000 | 188,000 | |
Pledged securities | 0 | 0 | $ 0 | ||
Loss recognized on write down of securities | 0 | $ 0 | 0 | $ 0 | |
U.S. Government and Federal Agency Obligations [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Unrealized losses | $ 78,000 | $ 78,000 | |||
Unrealized losses, securities | Securities | 11 | 11 | |||
U.S. Government and Federal Agency Obligations [Member] | Minimum [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Percentage of unrealized losses of debt securities with amortized cost | 3.40% | 3.40% | |||
U.S. Government and Federal Agency Obligations [Member] | Maximum [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Percentage of unrealized losses of debt securities with amortized cost | 4.60% | 4.60% | |||
Corporate Bonds and Notes [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Percentage of unrealized losses of debt securities with amortized cost | 3.00% | 3.00% | |||
Mortgage-backed Securities [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Unrealized losses | $ 41,000 | $ 41,000 | |||
Unrealized losses, securities | Securities | 5 | 5 | |||
Mortgage-backed Securities [Member] | Minimum [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Percentage of unrealized losses of debt securities with amortized cost | 0.30% | 0.30% | |||
Mortgage-backed Securities [Member] | Maximum [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Percentage of unrealized losses of debt securities with amortized cost | 6.60% | 6.60% | |||
Preferred Stock [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Preferred stock, no stated maturity | $ 1 | $ 1 | |||
Municipal Bond One [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Percentage of unrealized losses of debt securities with amortized cost | 0.10% | 0.10% | |||
Municipal Bond Two [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Percentage of unrealized losses of debt securities with amortized cost | 1.90% | 1.90% | |||
Municipal Bond Three [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Percentage of unrealized losses of debt securities with amortized cost | 6.10% | 6.10% | |||
Corporate Bond One [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Percentage of unrealized losses of debt securities with amortized cost | 2.00% | 2.00% | |||
Corporate Bond Two [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Percentage of unrealized losses of debt securities with amortized cost | 2.40% | 2.40% | |||
Corporate Bond Securities [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Unrealized losses | $ 38,000 | $ 38,000 | |||
Unrealized losses, securities | Securities | 8 | 8 | |||
Municipal Bonds [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Unrealized losses | $ 24,000 | $ 24,000 | |||
Unrealized losses, securities | Securities | 3 | 3 |
Investments in Available-For-40
Investments in Available-For-Sale Securities - Aggregate Fair Value and Unrealized Losses of Securities in Continuous Unrealized Loss Position (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months Fair Value | $ 4,478 | $ 16,426 |
Less than 12 Months Unrealized Losses | 23 | 243 |
12 Months or Longer Fair Value | 8,705 | 2,635 |
12 Months or Longer Unrealized Losses | 158 | 143 |
Total Fair Value | 13,183 | 19,061 |
Total Unrealized Losses | 181 | 386 |
U.S. Government and Federal Agency Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months Fair Value | 1,002 | 4,359 |
Less than 12 Months Unrealized Losses | 4 | 59 |
12 Months or Longer Fair Value | 4,399 | 1,328 |
12 Months or Longer Unrealized Losses | 74 | 72 |
Total Fair Value | 5,401 | 5,687 |
Total Unrealized Losses | 78 | 131 |
Debt Securities Issued by States of the United States and Political Subdivisions of the States [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months Fair Value | 1,030 | 1,760 |
Less than 12 Months Unrealized Losses | 8 | 28 |
12 Months or Longer Fair Value | 241 | 245 |
12 Months or Longer Unrealized Losses | 16 | 13 |
Total Fair Value | 1,271 | 2,005 |
Total Unrealized Losses | 24 | 41 |
Corporate Bonds and Notes [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months Fair Value | 1,987 | 5,784 |
Less than 12 Months Unrealized Losses | 10 | 61 |
12 Months or Longer Fair Value | 2,971 | |
12 Months or Longer Unrealized Losses | 28 | |
Total Fair Value | 4,958 | 5,784 |
Total Unrealized Losses | 38 | 61 |
Preferred Stock [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months Fair Value | 1,918 | |
Less than 12 Months Unrealized Losses | 82 | |
Total Fair Value | 1,918 | |
Total Unrealized Losses | 82 | |
Mortgage-backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months Fair Value | 459 | 370 |
Less than 12 Months Unrealized Losses | 1 | 8 |
12 Months or Longer Fair Value | 1,094 | 1,062 |
12 Months or Longer Unrealized Losses | 40 | 58 |
Total Fair Value | 1,553 | 1,432 |
Total Unrealized Losses | $ 41 | 66 |
Marketable Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months Fair Value | 2,235 | |
Less than 12 Months Unrealized Losses | 5 | |
Total Fair Value | 2,235 | |
Total Unrealized Losses | $ 5 |
Loans - Summary of Loans (Detai
Loans - Summary of Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and leases receivable | $ 235,267 | $ 213,651 | ||||
Allowance for loan losses | (984) | $ (981) | (890) | $ (859) | $ (742) | $ (580) |
Deferred loan costs, net | 28 | 32 | ||||
Unamortized premiums | 446 | 372 | ||||
Net loans | 234,757 | 213,165 | ||||
One- to Four- Family Residential [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and leases receivable | 184,007 | 168,111 | ||||
Allowance for loan losses | (457) | (451) | (418) | (405) | (366) | (331) |
Home Equity Loans and Lines of Credit [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and leases receivable | 12,111 | 10,720 | ||||
Allowance for loan losses | (55) | (52) | (49) | (47) | (49) | (49) |
Commercial [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and leases receivable | 26,712 | 23,011 | ||||
Allowance for loan losses | (349) | (317) | (276) | (254) | (252) | (150) |
Construction Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and leases receivable | 12,392 | 11,738 | ||||
Allowance for loan losses | (93) | (131) | (117) | (123) | (68) | (40) |
Consumer Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and leases receivable | 45 | 71 | ||||
Allowance for loan losses | $ (1) | $ (1) | $ (1) | $ (1) | $ (1) | $ (1) |
Loans - Summary of Changes in A
Loans - Summary of Changes in Allowance for Loan Losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Schedule Of Allowance For Loan Losses [Line Items] | |||||
Individually evaluated for impairment | $ 0 | $ 0 | $ 0 | ||
Collectively evaluated for impairment | 984 | 984 | 890 | ||
Total allowance for loan losses ending balance | 984 | 984 | 890 | ||
Individually evaluated for impairment | 100 | 100 | 0 | ||
Collectively evaluated for impairment | 235,167 | 235,167 | 213,651 | ||
Total | 235,267 | 235,267 | 213,651 | ||
Beginning balance | 981 | $ 742 | 890 | $ 580 | |
Charge offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Provision (benefit) | 3 | 117 | 94 | 279 | |
Ending balance | 984 | 859 | 984 | 859 | |
One- to Four- Family Residential [Member] | |||||
Schedule Of Allowance For Loan Losses [Line Items] | |||||
Individually evaluated for impairment | 0 | 0 | 0 | ||
Collectively evaluated for impairment | 457 | 457 | 418 | ||
Total allowance for loan losses ending balance | 457 | 457 | 418 | ||
Individually evaluated for impairment | 100 | 100 | 0 | ||
Collectively evaluated for impairment | 183,907 | 183,907 | 168,111 | ||
Total | 184,007 | 184,007 | 168,111 | ||
Beginning balance | 451 | 366 | 418 | 331 | |
Charge offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Provision (benefit) | 6 | 39 | 39 | 74 | |
Ending balance | 457 | 405 | 457 | 405 | |
Home Equity Loans and Lines of Credit [Member] | |||||
Schedule Of Allowance For Loan Losses [Line Items] | |||||
Individually evaluated for impairment | 0 | 0 | 0 | ||
Collectively evaluated for impairment | 55 | 55 | 49 | ||
Total allowance for loan losses ending balance | 55 | 55 | 49 | ||
Individually evaluated for impairment | 0 | 0 | 0 | ||
Collectively evaluated for impairment | 12,111 | 12,111 | 10,720 | ||
Total | 12,111 | 12,111 | 10,720 | ||
Beginning balance | 52 | 49 | 49 | 49 | |
Charge offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Provision (benefit) | 3 | (2) | 6 | (2) | |
Ending balance | 55 | 47 | 55 | 47 | |
Commercial [Member] | |||||
Schedule Of Allowance For Loan Losses [Line Items] | |||||
Individually evaluated for impairment | 0 | 0 | 0 | ||
Collectively evaluated for impairment | 349 | 349 | 276 | ||
Total allowance for loan losses ending balance | 349 | 349 | 276 | ||
Individually evaluated for impairment | 0 | 0 | 0 | ||
Collectively evaluated for impairment | 26,712 | 26,712 | 23,011 | ||
Total | 26,712 | 26,712 | 23,011 | ||
Beginning balance | 317 | 252 | 276 | 150 | |
Charge offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Provision (benefit) | 32 | 2 | 73 | 104 | |
Ending balance | 349 | 254 | 349 | 254 | |
Construction Loans [Member] | |||||
Schedule Of Allowance For Loan Losses [Line Items] | |||||
Individually evaluated for impairment | 0 | 0 | 0 | ||
Collectively evaluated for impairment | 93 | 93 | 117 | ||
Total allowance for loan losses ending balance | 93 | 93 | 117 | ||
Individually evaluated for impairment | 0 | 0 | 0 | ||
Collectively evaluated for impairment | 12,392 | 12,392 | 11,738 | ||
Total | 12,392 | 12,392 | 11,738 | ||
Beginning balance | 131 | 68 | 117 | 40 | |
Charge offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Provision (benefit) | (38) | 55 | (24) | 83 | |
Ending balance | 93 | 123 | 93 | 123 | |
Consumer Loans [Member] | |||||
Schedule Of Allowance For Loan Losses [Line Items] | |||||
Individually evaluated for impairment | 0 | 0 | 0 | ||
Collectively evaluated for impairment | 1 | 1 | 1 | ||
Total allowance for loan losses ending balance | 1 | 1 | 1 | ||
Individually evaluated for impairment | 0 | 0 | 0 | ||
Collectively evaluated for impairment | 45 | 45 | 71 | ||
Total | 45 | 45 | 71 | ||
Beginning balance | 1 | 1 | 1 | 1 | |
Charge offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Provision (benefit) | 0 | 0 | |||
Ending balance | 1 | 1 | 1 | 1 | |
Unallocated [Member] | |||||
Schedule Of Allowance For Loan Losses [Line Items] | |||||
Individually evaluated for impairment | 0 | 0 | 0 | ||
Collectively evaluated for impairment | 29 | 29 | 29 | ||
Total allowance for loan losses ending balance | 29 | 29 | 29 | ||
Individually evaluated for impairment | 0 | 0 | 0 | ||
Collectively evaluated for impairment | 0 | 0 | 0 | ||
Total | 0 | 0 | $ 0 | ||
Beginning balance | 29 | 6 | 29 | 9 | |
Charge offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Provision (benefit) | 23 | 20 | |||
Ending balance | $ 29 | $ 29 | $ 29 | $ 29 |
Loans - Information Regarding N
Loans - Information Regarding Nonaccrual Loans and Past-due Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 178 | $ 527 |
Total Current | 235,089 | 213,124 |
Total | 235,267 | 213,651 |
90 Days Or More Past Due and Accruing | 0 | 0 |
Non-Accrual | 191 | 9 |
30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 178 | 518 |
60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 9 | |
One- to Four- Family Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 178 | 527 |
Total Current | 183,829 | 167,584 |
Total | 184,007 | 168,111 |
90 Days Or More Past Due and Accruing | 0 | 0 |
Non-Accrual | 191 | 9 |
One- to Four- Family Residential [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 178 | 518 |
One- to Four- Family Residential [Member] | 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 9 | |
Home Equity Loans and Lines of Credit [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Current | 12,111 | 10,720 |
Total | 12,111 | 10,720 |
90 Days Or More Past Due and Accruing | 0 | 0 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Current | 26,712 | 23,011 |
Total | 26,712 | 23,011 |
90 Days Or More Past Due and Accruing | 0 | 0 |
Construction Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Current | 12,392 | 11,738 |
Total | 12,392 | 11,738 |
90 Days Or More Past Due and Accruing | 0 | 0 |
Consumer Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Current | 45 | 71 |
Total | 45 | 71 |
90 Days Or More Past Due and Accruing | $ 0 | $ 0 |
Loans - Additional Information
Loans - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017USD ($)SecurityLoan | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($)SecurityLoan | Sep. 30, 2016USD ($) | Dec. 31, 2016USD ($)SecurityLoan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Impaired loan | $ 0 | $ 0 | |||
Troubled debt restructured loan | $ 0 | $ 0 | |||
Amount of consumer mortgage loan in foreclosure process | $ 0 | $ 0 | $ 321,000 | ||
Number of consumer mortgage loans in foreclosure process | SecurityLoan | 0 | 0 | 1 | ||
Credit quality information requirement description | On an annual basis, or more often if needed, the Company formally reviews the ratings on all commercial real estate and construction loans over $350,000. | ||||
One Four Family Residential Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Number of Impaired loan | SecurityLoan | 1 | 1 | |||
Impaired loan | $ 100,000 | $ 100,000 | |||
One to Four Family Residential Real Estate Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Troubled debt restructured, Number of loan | SecurityLoan | 1 | 1 | |||
Troubled debt restructured loan | $ 100,000 | $ 100,000 | |||
One- to Four- Family Residential [Member] | Substandard [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans acquired with deteriorated credit quality | $ 287,000 | ||||
One- to Four- Family Residential [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | Risk Rating 6 W [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans acquired with deteriorated credit quality | 369,000 | $ 369,000 | |||
Number of loans | SecurityLoan | 2 | ||||
One- to Four- Family Residential [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | Substandard [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans acquired with deteriorated credit quality | 0 | $ 0 | |||
Commercial Real Estate And Construction Loans Portfolio [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | Minimum [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans acquired with deteriorated credit quality | $ 350,000 | $ 350,000 |
Premises and Equipment - Summar
Premises and Equipment - Summary of Premises and Equipment (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | $ 3,481 | $ 3,085 |
Accumulated depreciation | (1,997) | (1,837) |
Premises and equipment, net | 1,484 | 1,248 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 393 | 393 |
Building and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 2,180 | 1,840 |
Furniture and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 553 | 549 |
Data Processing Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | $ 355 | $ 303 |
Deposits - Additional Informati
Deposits - Additional Information (Detail) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Banking and Thrift [Abstract] | ||
FDIC insurance limit | $ 250,000 | $ 250,000 |
Aggregate amount of time deposit | 27,384,000 | 23,434,000 |
Deposits from related parties held by bank | $ 3,521,000 | $ 3,782,000 |
Deposits - Scheduled Maturities
Deposits - Scheduled Maturities of Time Deposits (Detail) $ in Thousands | Sep. 30, 2017USD ($) |
Banking and Thrift [Abstract] | |
2,018 | $ 100,461 |
2,019 | 12,347 |
2,020 | 1,467 |
2,021 | 8,184 |
2,022 | 1,574 |
Total | $ 124,033 |
Borrowed Funds - Additional Inf
Borrowed Funds - Additional Information (Detail) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
FHLB Borrowings | $ 26,000,000 | $ 10,000,000 |
Cooperative Central Bank [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Maximum borrowing capacity | 5,000,000 | |
Federal Home Loan Bank of Boston [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Federal Home Loan Bank, remaining maximum borrowing capacity | 84,800,000 | |
FHLB Borrowings | $ 26,000,000 |
Borrowed Funds - Summary of FHL
Borrowed Funds - Summary of FHLB Borrowings (Detail) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Federal Home Loan Banks [Abstract] | ||
Balance | $ 26,000,000 | $ 10,000,000 |
Average balance during the year | 19,888,000 | 2,363,000 |
Maximum outstanding at any month end | $ 26,000,000 | $ 10,000,000 |
Weighted average interest rate at period end | 1.71% | 1.45% |
Financial Instruments - Summary
Financial Instruments - Summary of Amounts of Financial Instrument Liabilities with off-Balance Sheet Credit Risk (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial instrument liabilities with off-balance sheet credit risk | $ 24,842 | $ 25,458 |
Commitments to Originate Loans [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial instrument liabilities with off-balance sheet credit risk | 5,206 | 7,864 |
Unused Lines of Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial instrument liabilities with off-balance sheet credit risk | 16,515 | 13,742 |
Due to Borrowers on Unadvanced Construction Loans [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial instrument liabilities with off-balance sheet credit risk | $ 3,121 | $ 3,852 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Assets Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value on a recurring basis | $ 29,392 | $ 31,831 |
U.S. Government and Federal Agency Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value on a recurring basis | 6,142 | 5,688 |
Debt Securities Issued by States of the United States and Political Subdivisions of the States [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value on a recurring basis | 2,901 | 2,656 |
Corporate Bonds and Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value on a recurring basis | 11,026 | 12,493 |
Preferred Stock [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value on a recurring basis | 3,036 | 2,938 |
Mortgage-backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value on a recurring basis | 1,553 | 1,432 |
Marketable Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value on a recurring basis | 4,734 | 6,624 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value on a recurring basis | 7,770 | 9,562 |
Level 1 [Member] | Preferred Stock [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value on a recurring basis | 3,036 | 2,938 |
Level 1 [Member] | Marketable Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value on a recurring basis | 4,734 | 6,624 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value on a recurring basis | 21,622 | 22,269 |
Level 2 [Member] | U.S. Government and Federal Agency Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value on a recurring basis | 6,142 | 5,688 |
Level 2 [Member] | Debt Securities Issued by States of the United States and Political Subdivisions of the States [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value on a recurring basis | 2,901 | 2,656 |
Level 2 [Member] | Corporate Bonds and Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value on a recurring basis | 11,026 | 12,493 |
Level 2 [Member] | Mortgage-backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value on a recurring basis | $ 1,553 | $ 1,432 |
Fair Value Measurements - Sum52
Fair Value Measurements - Summary of Estimated Fair Values of Bank's Financial Instruments (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Financial assets: | ||
Available-for-sale securities | $ 29,392 | $ 31,831 |
Federal Home Loan Bank stock | 1,680 | 964 |
Co-operative Central Bank deposit | 886 | 881 |
Accrued interest receivable | 668 | 572 |
Carrying Amount [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 23,091 | 13,792 |
Available-for-sale securities | 29,392 | 31,831 |
Federal Home Loan Bank stock | 1,680 | 964 |
Loans, net | 234,757 | 213,165 |
Co-operative Central Bank deposit | 886 | 881 |
Accrued interest receivable | 668 | 572 |
Financial liabilities: | ||
Deposits | 227,144 | 214,766 |
FHLB advances | 26,000 | 10,000 |
Estimate of Fair Value Measurement [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 23,091 | 13,792 |
Available-for-sale securities | 29,392 | 31,831 |
Federal Home Loan Bank stock | 1,680 | 964 |
Loans, net | 235,605 | 213,582 |
Co-operative Central Bank deposit | 886 | 881 |
Accrued interest receivable | 668 | 572 |
Financial liabilities: | ||
Deposits | 227,445 | 215,443 |
FHLB advances | 25,939 | 9,930 |
Level 1 [Member] | Estimate of Fair Value Measurement [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 23,091 | 13,792 |
Available-for-sale securities | 7,770 | 9,562 |
Federal Home Loan Bank stock | 1,680 | 964 |
Co-operative Central Bank deposit | 886 | 881 |
Accrued interest receivable | 668 | 572 |
Level 2 [Member] | Estimate of Fair Value Measurement [Member] | ||
Financial assets: | ||
Available-for-sale securities | 21,622 | 22,269 |
Financial liabilities: | ||
Deposits | 227,445 | 215,443 |
FHLB advances | 25,939 | 9,930 |
Level 3 [Member] | Estimate of Fair Value Measurement [Member] | ||
Financial assets: | ||
Loans, net | $ 235,605 | $ 213,582 |
Other Comprehensive (Loss) In53
Other Comprehensive (Loss) Income - Components of Other Comprehensive (Loss) Income Included in Stockholders' Equity (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract] | ||||
Net unrealized holding gain on available-for-sale securities | $ 48 | $ 31 | $ 545 | $ 721 |
Reclassification adjustment for net realized gain included in net income | (388) | (279) | (1,195) | (572) |
Other comprehensive (loss) income before income tax effect | (340) | (248) | (650) | 149 |
Income tax benefit (expense) | 133 | 86 | 285 | (13) |
Other comprehensive (loss) income, net of tax | $ (207) | $ (162) | $ (365) | $ 136 |
Other Comprehensive (Loss) In54
Other Comprehensive (Loss) Income - Components of Other Comprehensive (Loss) Income Included in Stockholders' Equity (Parenthetical) (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Reclassification adjustment for net realized gain in net income | $ 388,000 | $ 279,000 | $ 1,195,000 | $ 572,000 |
Reclassified Out of Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Reclassification adjustment for net realized gain in net income | 388,000 | 279,000 | 1,200,000 | 572,000 |
Tax benefit, included in income tax expense | $ 136,000 | $ 92,000 | $ 420,000 | $ 188,000 |
Regulatory Matters - Additional
Regulatory Matters - Additional Information (Detail) | 9 Months Ended | |
Sep. 30, 2017 | Dec. 31, 2016 | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common equity tier 1 capital, minimum capital requirement ratio | 4.50% | 4.50% |
Tier 1 capital to risk weighted assets, minimum capital requirement ratio | 6.00% | 6.00% |
Tier 1 leverage ratio, minimum capital requirement ratio | 4.00% | 4.00% |
Common equity tier 1 capital, minimum to be well capitalized ratio | 6.50% | 6.50% |
Total capital to risk weighted assets, minimum to be well capitalized ratio | 10.00% | 10.00% |
Tier 1 capital to risk weighted assets, minimum to be well capitalized ratio | 8.00% | 8.00% |
Tier 1 leverage ratio, minimum to be well capitalized ratio | 5.00% | 5.00% |
Tier 1 capital to risk-weighted assets capital conservation buffer above the required capital ratios Annual Increase | 0.625% | |
Tier 1 capital to risk-weighted assets capital conservation buffer above the required capital ratios that phases in beginning January 1, 2016 | 0.625% | |
Tier 1 capital to risk-weighted assets capital conservation buffer above the required capital ratios Annual fully phased in effective January 1, 2019 | 2.50% | |
Maximum [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Phase in period term | 4 years | |
Minimum [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Phase in period term | 2 years | |
Capital Regulations [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common equity tier 1 capital, minimum capital requirement ratio | 4.50% | |
Total capital to risk weighted assets, minimum capital requirement ratio | 8.00% | |
Tier 1 capital to risk weighted assets, minimum capital requirement ratio | 6.00% | |
Tier 1 leverage ratio, minimum capital requirement ratio | 4.00% | |
Common equity tier 1 capital, minimum to be well capitalized ratio | 6.50% | |
Total capital to risk weighted assets, minimum to be well capitalized ratio | 10.00% | |
Tier 1 capital to risk weighted assets, minimum to be well capitalized ratio | 8.00% | |
Tier 1 leverage ratio, minimum to be well capitalized ratio | 5.00% |
Regulatory Matters - Summary of
Regulatory Matters - Summary of Actual Capital Amounts and Ratios (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Debt Instrument Fair Value Carrying Value [Abstract] | ||
Total Capital (to Risk Weighted Assets), Actual | $ 36,715 | $ 35,236 |
Tier 1 Capital (to Risk Weighted Assets), Actual | 35,437 | 33,648 |
Common Equity Tier 1 Capital (to Risk Weighted Assets), Actual | 35,437 | 33,648 |
Tier 1 Capital (to Average Assets), Actual | $ 35,437 | $ 33,648 |
Total Capital (to Risk Weighted Assets), Actual Ratio | 19.83% | 21.09% |
Tier 1 Capital (to Risk Weighted Assets), Actual Ratio | 19.14% | 20.14% |
Common Equity Tier 1 Capital (to Risk Weighted Assets), Actual Ratio | 19.14% | 20.14% |
Tier 1 Capital (to Average Assets), Actual Ratio | 12.98% | 13.58% |
Total Capital (to Risk Weighted Assets), For Capital Adequacy purpose Amount | $ 14,977 | $ 13,368 |
Tier 1 Capital (to Risk Weighted Assets) For Capital Adequacy purpose Amount | 11,233 | 10,026 |
Common Equity Tier 1 Capital (to Risk Weighted Assets) For Capital Adequacy purpose Amount | 8,424 | 7,519 |
Tier 1 Capital (to Average Assets) For Capital Adequacy purpose Amount | $ 11,186 | $ 9,909 |
Total Capital (to Risk Weighted Assets), For Capital Adequacy purpose Ratio | 8.00% | 8.00% |
Tier 1 Capital (to Risk Weighted Assets) For Capital Adequacy purpose Ratio | 6.00% | 6.00% |
Common Equity Tier 1 Capital (to Risk Weighted Assets), For Capital Adequacy purpose Ratio | 4.50% | 4.50% |
Tier 1 Capital (to Average Assets) For Capital Adequacy purpose Ratio | 4.00% | 4.00% |
Total Capital (to Risk Weighted Assets), Capitalized Under Prompt Corrective Action Provisions Amount | $ 18,721 | $ 16,710 |
Tier 1 Capital (to Risk Weighted Assets), Capitalized Under Prompt Corrective Action Provisions Amount | 14,977 | 13,368 |
Common Equity Tier 1 Capital (to Risk Weighted Assets), Capitalized Under Prompt Corrective Action Provisions Amount | 12,169 | 10,861 |
Tier 1 Capital (to Average Assets), Capitalized Under Prompt Corrective Action Provisions Amount | $ 13,983 | $ 12,386 |
Total Capital (to Risk Weighted Assets), To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 10.00% | 10.00% |
Tier 1 Capital (to Risk Weighted Assets), To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 8.00% | 8.00% |
Common Equity Tier 1 Capital (to Risk Weighted Assets), To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 6.50% | 6.50% |
Tier 1 Capital (to Average Assets), To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 5.00% | 5.00% |
Common Stock Repurchases - Addi
Common Stock Repurchases - Additional Information (Detail) - $ / shares | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 14, 2017 | |
Equity, Class of Treasury Stock [Line Items] | |||
Additional number of shares authorized for repurchase | 130,037 | ||
Additional number of shares authorized for repurchase, percentage | 5.00% | ||
Remaining number of shares authorized to be repurchased | 11,200 | ||
Total number of shares repurchased | 1,336 | 226,300 | |
Average cost of shares repurchased | $ 15.31 | ||
Maximum [Member] | |||
Equity, Class of Treasury Stock [Line Items] | |||
Number of shares authorized to be repurchased | 283,000 |
Stock Based Compensation - Addi
Stock Based Compensation - Additional Information (Detail) - 2015 Equity Incentive Plan [Member] - USD ($) | May 12, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares authorized under plan | 396,140 | 396,140 | |||
Employee Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares authorized under plan | 282,957 | 282,957 | |||
Award vesting period | 5 years | ||||
Minimum vesting period from date of grant | 1 year | ||||
Stock-based compensation expense | $ 42,000 | $ 42,000 | $ 124,000 | $ 64,000 | |
Stock-based compensation expense, related tax benefits | 4,000 | 4,000 | 13,000 | 7,000 | |
Number of shares granted | 224,200 | ||||
Stock options granted, exercise price | $ 15.13 | ||||
Expected volatility | 20.24% | ||||
Expected option life | 6 years 6 months | ||||
Period of U.S. Treasury rate | 7 years | ||||
Annual risk free interest rate | 1.54% | ||||
Estimated fair value of award determined by Black-Scholes option pricing model | $ 3.71 | ||||
Expected forfeiture rate | 0.00% | ||||
Aggregate intrinsic value | $ 1,100,000 | $ 1,100,000 | |||
Unrecognized compensation costs, weighted-average recognition period | 3 years 7 months 6 days | ||||
Number of shares outstanding | 224,200 | 224,200 | |||
Number of shares exercisable | 44,840 | 44,840 | |||
Weighted average remaining contractual terms, Exercisable | 8 years 7 months 6 days | ||||
Unrecognized compensation costs | $ 600,000 | $ 600,000 | |||
Restricted Stock Awards And Restricted Stock Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares authorized under plan | 113,183 | 113,183 | |||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares awarded | 44,300 | ||||
Weighted-average grant-date fair values of options granted per share | $ 15.13 | ||||
Award vesting period | 5 years | ||||
Minimum vesting period from date of grant | 1 year | ||||
Stock-based compensation expense | $ 34,000 | 31,000 | $ 101,000 | 56,000 | |
Stock-based compensation expense, related tax benefits | $ 12,000 | $ 11,000 | $ 35,000 | $ 19,000 | |
Number of unvested restricted stock awarded | 35,440 | 35,440 | |||
Unrecognized share based compensation expense | $ 484,000 | $ 484,000 | |||
Unrecognized compensation costs, weighted-average recognition period | 3 years 7 months 6 days |