Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | May 11, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
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 | Mar. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Cash and due from banks | $ 11,512 | $ 8,903 |
Money market funds | 3,184 | 3,963 |
Federal funds sold | 4,459 | 4,737 |
Cash and cash equivalents | 19,155 | 17,603 |
Investments in available-for-sale securities, at fair value | 26,945 | 26,496 |
Federal Home Loan Bank stock, at cost | 2,200 | 1,800 |
Loans, net of allowance for loan losses of $1,175 at March 31, 2018 and $1,134 at December 31, 2017 | 251,690 | 251,317 |
Premises and equipment, net | 2,645 | 1,993 |
Co-operative Central Bank deposit | 891 | 886 |
Bank-owned life insurance | 6,132 | 6,090 |
Accrued interest receivable | 743 | 702 |
Deferred tax asset, net | 438 | 364 |
Other assets | 266 | 275 |
Total assets | 311,105 | 307,526 |
Deposits: | ||
Noninterest-bearing | 15,646 | 16,180 |
Interest-bearing | 211,423 | 216,741 |
Total deposits | 227,069 | 232,921 |
Federal Home Loan Bank advances | 39,000 | 29,000 |
Other liabilities | 600 | 612 |
Total liabilities | 266,669 | 262,533 |
Stockholders' equity: | ||
Common stock, par value $0.01 per share, authorized 15,000,000 shares; issued 2,600,743 shares at March 31, 2018 and December 31, 2017 | 26 | 26 |
Additional paid-in-capital | 23,555 | 23,496 |
Retained earnings | 23,273 | 23,674 |
Unearned compensation - ESOP (194,298 shares unallocated at March 31, 2018 and 196,184 shares unallocated at December 31, 2017) | (1,943) | (1,961) |
Unearned compensation - restricted stock | (417) | (451) |
Accumulated other comprehensive (loss)/income | (58) | 209 |
Total stockholders' equity | 44,436 | 44,993 |
Total liabilities and stockholders' equity | $ 311,105 | $ 307,526 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Allowance for loan losses | $ 1,175 | $ 1,134 |
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 | 2,600,743 |
ESOP number of shares unallocated | 194,298 | 196,184 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Interest and dividend income: | ||
Interest and fees on loans | $ 2,314 | $ 1,876 |
Interest and dividends on securities: | ||
Taxable | 122 | 129 |
Tax-exempt | 16 | 17 |
Other interest | 53 | 21 |
Total interest and dividend income | 2,505 | 2,043 |
Interest expense: | ||
Interest on deposits | 511 | 423 |
Interest on Federal Home Loan Bank advances | 134 | 44 |
Total interest expense | 645 | 467 |
Net interest and dividend income | 1,860 | 1,576 |
Provision/(Benefit) for loan losses | 41 | (20) |
Net interest and dividend income after provision (benefit) for loan losses | 1,819 | 1,596 |
Noninterest income: | ||
Fees and service charges | 24 | 19 |
Gain on sales of available-for-sale securities, net | 106 | 464 |
Income on bank-owned life insurance | 30 | 22 |
Other income | 6 | 2 |
Total noninterest income | 166 | 507 |
Noninterest expense: | ||
Salaries and employee benefits | 828 | 807 |
Occupancy expense | 78 | 70 |
Equipment expense | 15 | 11 |
Data processing expense | 106 | 95 |
Advertising expense | 49 | 45 |
Printing and supplies | 16 | 18 |
FDIC assessment | 22 | 25 |
Audits and examinations | 57 | 50 |
Other professional services | 80 | 75 |
Other expense | 72 | 44 |
Total noninterest expense | 1,322 | 1,240 |
Income before income tax expense | 663 | 863 |
Income tax expense | 180 | 337 |
Net income | $ 483 | $ 526 |
Weighted average common shares outstanding: | ||
Basic | 2,377,196 | 2,362,136 |
Diluted | 2,406,259 | 2,366,169 |
Earnings per share: | ||
Basic | $ 0.20 | $ 0.22 |
Diluted | 0.20 | $ 0.22 |
Dividends per share | $ 0.34 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 483 | $ 526 |
Other comprehensive loss, net of tax: | ||
Net unrealized holding (loss) gain on available-for-sale securities | (235) | 297 |
Reclassification adjustment for net realized gains included in net income | (106) | (464) |
Other comprehensive loss before income tax effect | (341) | (167) |
Income tax benefit | 74 | 77 |
Other comprehensive loss, net of tax | (267) | (90) |
Comprehensive income | $ 216 | $ 436 |
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 Loss/Income [Member] |
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 | 526 | 526 | |||||
Other comprehensive loss, net of tax | (90) | (90) | |||||
Restricted stock award expense | 34 | 34 | |||||
Stock option expense | 42 | 42 | |||||
Common stock held by ESOP committed to be allocated | 33 | 14 | 19 | ||||
Ending balance at Mar. 31, 2017 | 43,849 | $ 26 | 23,348 | 22,438 | (2,018) | (551) | 606 |
Ending balance, shares at Mar. 31, 2017 | 2,602,079 | ||||||
Beginning balance at Dec. 31, 2017 | 44,993 | $ 26 | 23,496 | 23,674 | (1,961) | (451) | 209 |
Beginning balance, shares at Dec. 31, 2017 | 2,600,743 | ||||||
Net income | 483 | 483 | |||||
Other comprehensive loss, net of tax | (267) | (267) | |||||
Dividends Paid | (884) | (884) | |||||
Restricted stock award expense | 34 | 34 | |||||
Stock option expense | 42 | 42 | |||||
Common stock held by ESOP committed to be allocated | 35 | 17 | 18 | ||||
Ending balance at Mar. 31, 2018 | $ 44,436 | $ 26 | $ 23,555 | $ 23,273 | $ (1,943) | $ (417) | $ (58) |
Ending balance, shares at Mar. 31, 2018 | 2,600,743 |
Consolidated Statements of Cha7
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - shares | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
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 | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Cash flows from operating activities: | ||
Net income | $ 483 | $ 526 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Amortization of securities, net of accretion | 71 | 45 |
Gain on sales of available-for-sale securities, net | (106) | (464) |
Provision/(Benefit) for loan losses | 41 | (20) |
Change in net deferred loan costs | 13 | 3 |
Change in unamortized premiums | 4 | (24) |
Depreciation | 29 | 23 |
Increase in accrued interest receivable | (42) | (42) |
Decrease in other assets | 9 | |
Decrease in other liabilities | (62) | (57) |
Decrease in income taxes receivable | 50 | 178 |
Income on bank-owned life insurance | (30) | (22) |
ESOP expense | 35 | 33 |
Stock-based compensation expense | 76 | 76 |
Net cash provided by operating activities | 571 | 255 |
Cash flows from investing activities: | ||
Purchases of available-for-sale securities | (3,512) | (1,529) |
Proceeds from sales of available-for-sale securities | 194 | 896 |
Proceeds from maturities and calls of available-for-sale securities | 2,563 | 1,766 |
Purchases of Federal Home Loan Bank stock | (400) | (135) |
Increase in Cooperative Central Bank deposit | (5) | (5) |
Loan originations and principal collections, net | (430) | (305) |
Loans purchased | (5,819) | |
Capital expenditures | (681) | (5) |
Premiums paid on bank-owned life insurance | (12) | (14) |
Net cash used in investing activities | (2,283) | (5,150) |
Cash flows from financing activities: | ||
Net decrease/increase in demand deposits, NOW and savings accounts | (2,353) | 278 |
Net decrease/increase in time deposits | (3,499) | 3,510 |
Proceeds from Federal Home Loan Bank advances | 10,000 | 3,000 |
Dividends Paid | (884) | |
Net cash provided by financing activities | 3,264 | 6,788 |
Net increase in cash and cash equivalents | 1,552 | 1,893 |
Cash and cash equivalents at beginning of the period | 17,603 | 13,792 |
Cash and cash equivalents at end of the period | 19,155 | 15,685 |
Supplemental disclosures: | ||
Interest paid | $ 645 | 467 |
Income taxes paid | $ 160 |
Nature of Operations
Nature of Operations | 3 Months Ended |
Mar. 31, 2018 | |
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 | 3 Months Ended |
Mar. 31, 2018 | |
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 Regulation S-X. Form 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. 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, as defined. 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 March 31, 2018, management deems its investment in FHLB stock to be not other-than-temporarily impaired. CO-OPERATIVE All Massachusetts-chartered co-operative Co-operative co-operative Co-operative co-operative 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. 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. 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 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 of 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 (In Thousands, except share data) Net income $ 483 $ 526 Basic Common Shares: Weighted average common shares outstanding 2,600,743 2,602,079 Weighted average shares – unearned restricted stock (28,308 ) (37,158 ) Weighted average unallocated ESOP shares (195,239 ) (202,785 ) Basic weighted average shares outstanding 2,377,196 2,362,136 Dilutive effect of unvested restricted stock awards 6,092 4,033 Dilutive effect stock options 22,971 — Diluted weighted average shares outstanding 2,406,259 2,366,169 Basic earnings per share $ 0.20 $ 0.22 Diluted earnings per share (1) $ 0.20 $ 0.22 (1) For the three months ended March 31, 2018, options to purchase and restricted stock awards were included in the computation of dilutive earnings per share, because the effect is dilutive. Options to purchase 224,200 shares, representing all outstanding options, were not included in the computation of diluted earnings per share for the three months ended March 31, 2017, 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 March 31, 2018, there is no significant difference in the comparability of the financial statements as a result of this extended transition period. The extended transition period for an emerging growth company is five years, and the Company’s emerging growth status will end on December 31, 2019. In May 2014 and August 2015, respectively, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update ASU 2014-09 ASU 2015-14, ASU 2014-09 ASU 2015-14 ASU 2014-09 ASU 2014-09, non-interest In January 2016, the FASB issued ASU 2016-01, (Subtopic 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 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 In February 2018, the FASB issued ASU 2018-02, ASU 2018-02 ASU 2018-02 |
Investments in Available-For-Sa
Investments in Available-For-Sale Securities | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31, 2018 (unaudited) and December 31, 2017: Amortized Gross Gross Fair Value (In Thousands) March 31, 2018: U.S. Government and federal agency obligations $ 4,823 $ — $ 89 $ 4,734 Debt securities issued by states of the United 2,640 — 56 2,584 Corporate bonds and notes 12,849 3 166 12,686 Preferred stock 2,000 8 33 1,975 Asset-backed securities 1,285 23 25 1,283 Mortgage-backed securities 1,417 — 52 1,365 Marketable equity securities 1,969 358 9 2,318 $ 26,983 $ 392 $ 430 $ 26,945 December 31, 2017: U.S. Government and federal agency obligations $ 5,390 $ — $ 65 $ 5,325 Debt securities issued by states of the United 2,898 12 29 2,881 Corporate bonds and notes 11,364 7 77 11,294 Preferred stock 3,000 13 — 3,013 Mortgage-backed securities 1,495 — 47 1,448 Marketable equity securities 2,046 490 1 2,535 $ 26,193 $ 522 $ 219 $ 26,496 The scheduled maturities of debt securities were as follows as of March 31, 2018 (unaudited): Fair Value (In Thousands) Due within one year $ 3,986 Due after one year through five years 13,413 Due after five years through ten years 2,107 Due after ten years 1,506 Mortgage-backed securities 1,365 Asset-backed securities 1,283 $ 23,660 Not included in the maturity table above is preferred stock with no stated maturity of $967,000 at March 31, 2018 (unaudited). There were no securities of issuers whose aggregate carrying amount exceeded 10% of stockholders’ equity as of March 31, 2018 (unaudited) and December 31, 2017. During the three months ended March 31, 2018 (unaudited) proceeds from the sales of available-for-sale available-for-sale The Company had no pledged securities as of March 31, 2018 (unaudited) and December 31, 2017. 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 March 31, 2018 (unaudited) and December 31, 2017: Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized (In Thousands) March 31, 2018 U.S. Government and federal agency obligations $ 1,865 $ 30 $ 2,869 $ 59 $ 4,734 $ 89 Debt securities issued by states of the United 2,296 41 288 15 2,584 56 Corporate bonds and notes 8,255 98 3,432 68 11,687 166 Preferred stock 967 33 — — 967 33 Asset-backed securities 746 25 — — 746 25 Mortgage-backed securities 444 12 920 40 1,364 52 Marketable equity securities 1,683 9 — — 1,683 9 Total temporarily impaired securities $ 16,256 $ 248 $ 7,509 $ 182 $ 23,765 $ 430 December 31, 2017 U.S. Government and federal agency obligations $ 2,855 $ 20 $ 2,470 $ 45 $ 5,325 $ 65 Debt securities issued by states of the United 991 6 535 23 1,526 29 Corporate bonds and notes 4,467 24 3,946 53 8,413 77 Mortgage-backed securities 453 6 995 41 1,448 47 Marketable equity securities 485 1 — — 485 1 Total temporarily impaired securities $ 9,251 $ 57 $ 7,946 $ 162 $ 17,197 $ 219 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. 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 $89,000 and consisted of 11 securities. The unrealized losses on all but one of these debt securities were individually less than 3.0% of amortized cost basis, with one of these U.S. government and federal agency obligations at 5.8% of amortized cost basis. Unrealized losses on municipal bonds amounted to $56,000 and consisted of seven securities. The unrealized losses on six of these debt securities were individually less than 3% of amortized cost basis, with one of these municipal bonds at 4.8% of amortized cost basis. Unrealized losses on corporate bonds amounted to $166,000 and consisted of twenty securities. The unrealized losses on fifteen of these debt securities were individually less than 2.0% of amortized cost basis, with five of these corporate bonds between 2.0% and 5.0%. Unrealized losses on preferred stock amounted to $33,000 and consisted of one security, the unrealized loss on this one security was 3.3% of amortized cost basis. Unrealized losses on asset-backed securities amounted to $25,000 and consisted of one security, with an unrealized loss of 3.2% of amortized cost basis. Unrealized losses on mortgage-backed securities amounted to $52,000 and consisted of five securities. The unrealized losses on these debt securities range from 2.3% to 6.2% 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. Unrealized losses on marketable equity securities amounted to $9,000 and consisted of two securities. The unrealized losses on these marketable equity securities were less than 1.0% of amortized cost basis. These unrealized losses relate principally to the effect of fluctuations in market value 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 March 31, 2018. |
Loans
Loans | 3 Months Ended |
Mar. 31, 2018 | |
Receivables [Abstract] | |
Loans | NOTE 4 – LOANS Loans consisted of the following at: March 31, December 31, (In Thousands) (unaudited) Real estate loans: One-to $ 186,969 $ 189,763 Home equity loans and lines of credit 11,368 11,585 Commercial 37,411 34,686 Construction 16,581 15,853 Consumer loans 33 44 Total loans 252,362 251,931 Allowance for loan losses (1,175 ) (1,134 ) Deferred loan costs, net 22 35 Unamortized premiums 481 485 Net loans $ 251,690 $ 251,317 The following tables set forth information on loans and the allowance for loan losses at and for the periods ending March 31, 2018 and 2017 (unaudited) and as of December 31, 2017: Real Estate: One- to four- family Home Equity Loans Commercial Construction Consumer Unallocated Total (In Thousands) Three months ended March 31, 2018 (unaudited) Allowance for loan losses: Beginning balance $ 481 $ 52 $ 472 $ 107 $ 1 $ 21 $ 1,134 Charge offs — — — — — — Recoveries — — — — — — — (Benefit)/provision (7 ) (1 ) 38 2 — 9 41 Ending balance $ 474 $ 51 $ 510 $ 109 $ 1 $ 30 $ 1,175 Real Estate: One- to four- family Home Equity Loans Commercial Construction Consumer Unallocated Total (In Thousands) At March 31, 2018 (unaudited) Allowance for loan losses: Ending Balance Individually evaluated for impairment $ 8 $ — $ — $ — $ — $ — $ 8 Ending balance: Collectively evaluated for impairment 466 51 510 109 1 30 1,167 Total allowance for loan losses ending balance $ 474 $ 51 $ 510 $ 109 $ 1 $ 30 $ 1,175 Loans: Ending balance: Individually evaluated for impairment $ 99 $ — $ — $ — $ — $ — $ 99 Ending balance: Collectively evaluated for impairment 186,870 11,368 37,411 16,581 33 $ — 252,263 Total loans ending balance $ 186,969 $ 11,368 $ 37,411 $ 16,581 $ 33 $ — $ 252,362 At December 31, 2017 Allowance for loan losses: Ending Balance: Individually evaluated for impairment $ 8 $ — $ — $ — $ — $ — $ 8 Ending balance: Collectively evaluated for impairment 473 52 472 107 1 21 1,126 Total allowance for loan losses ending balance $ 481 $ 52 $ 472 $ 107 $ 1 $ 21 $ 1,134 Loans: Ending balance: Individually evaluated for impairment $ 100 $ — $ — $ — $ — $ — $ 100 Ending balance: Collectively evaluated for impairment 189,663 11,585 34,686 15,853 44 — 251,831 Total loans ending balance $ 189,763 $ 11,585 $ 34,686 $ 15,853 $ 44 $ — $ 251,931 Real Estate: One- to four- family Home Equity Loans Commercial Construction Consumer Unallocated Total (In Thousands) Three Months Ended March 31, 2017 (unaudited) Allowance for loan losses: Beginning balance $ 418 $ 49 $ 276 $ 117 $ 1 $ 29 $ 890 Charge offs — — — — — — — Recoveries — — — — — — — Provision/(benefit) 24 1 (16 ) (19 ) — (10 ) (20 ) Ending balance $ 442 $ 50 $ 260 $ 98 $ 1 $ 19 $ 870 The following tables set forth information regarding nonaccrual loans and past-due 30 – 59 60 – 89 90 Days or Total Total Total 90 Days or More Non- (In Thousands) At March 31, 2018 (unaudited) Real estate loans: One-to $ 875 $ — $ — $ 875 $ 186,094 $ 186,969 $ — $ 187 Home equity loans and lines of credit — — — — 11,368 11,368 — 18 Commercial — — — — 37,411 37,411 — — Construction — — — — 16,581 16,581 — — Consumer loans — — — — 33 33 — — Total $ 875 $ — $ — $ 875 $ 251,487 $ 252,362 $ — $ 205 At December 31, 2107 Real estate loans: One-to $ 295 $ 177 $ — $ 472 $ 189,291 $ 189,763 $ — $ 189 Home equity loans and lines of credit 189 — — 189 11,396 11,585 — — Commercial — — — — 34,686 34,686 — — Construction — — — — 15,853 15,853 — — Consumer loans — — — — 44 44 — — Total $ 484 $ 177 $ — $ 661 $ 251,270 $ 251,931 $ — $ 189 As of and during the three months ended March 31, 2018 (unaudited) there was one, one- ASC 310-10-35. During the three months ended March 31, 2018 (unaudited) there was one, one- ASC 310-40. As of March 31, 2018 (unaudited) there were no loans in the process of foreclosure. As of December 31, 2017 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 March 31, 2018 (unaudited), there was one one- to four- family residential real estate loan with a total balance of $99,000 with a risk rating of “7 – special mention.” There were three, one- As of December 31, 2017, there were no one- one- one- |
Premises and Equipment
Premises and Equipment | 3 Months Ended |
Mar. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | NOTE 5 – PREMISES AND EQUIPMENT The following is a summary of premises and equipment: March 31, December 31, (In Thousands) (unaudited) Land $ 393 $ 393 Building 2,070 2,070 Construction in process 1,231 641 Furniture and equipment 562 553 Data processing equipment 442 360 4,698 4,017 Accumulated depreciation (2,053 ) (2,024 ) $ 2,645 $ 1,993 |
Deposits
Deposits | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31, 2018 (unaudited) and December 31, 2017 amounted to $27,456,000 and $27,781,000, respectively. For time deposits as of March 31, 2018 (unaudited) the scheduled maturities for each of the following periods ending March 31 are as follows: (In Thousands) 2019 $ 84,594 2020 26,531 2021 4,126 2022 5,959 2023 1,411 $ 122,621 Deposits from related parties held by the Bank as of March 31, 2018 (unaudited) and December 31, 2017 amounted to $3,898,000 and $3,603,000, respectively. |
Borrowed Funds
Borrowed Funds | 3 Months Ended |
Mar. 31, 2018 | |
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 Maturities of advances from the FHLB for the period ending after March 31, 2018 (unaudited) are summarized as follows (in thousands): 2019 $ 10,000 2020 19,000 2021 10,000 $ 39,000 |
Financial Instruments
Financial Instruments | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31, December 31, (In Thousands) Commitments to originate loans $ 4,943 $ 2,401 Unused lines of credit 18,054 17,611 Due to borrowers on unadvanced construction loans 1,592 2,320 $ 24,589 $ 22,332 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31, 2018 (unaudited) and December 31, 2017. The Company did not have any significant transfers of assets between levels 1 and 2 of the fair value hierarchy during the three months ended March 31, 2018 (unaudited) and the year ended December 31, 2017. 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 March 31, 2018 (unaudited) and December 31, 2017: Fair Value Measurements at Reporting Date Using: Total Quoted Prices in Significant Significant (In Thousands) March 31, 2018: U.S. Government and federal agency obligations $ 4,734 $ — $ 4,734 $ — Debt securities issued by states of the United States and political subdivisions of the states 2,584 — 2,584 — Corporate bonds and notes 12,686 — 12,686 — Preferred stock 1,975 1,975 — — Asset-backed securities 1,283 — 1,283 Mortgage-backed securities 1,365 — 1,365 — Marketable equity securities 2,318 2,318 — — Totals $ 26,945 $ 4,293 $ 22,652 $ — December 31, 2017: U.S. Government and federal agency obligations $ 5,325 $ — $ 5,325 $ — Debt securities issued by states of the United States and political subdivisions of the states 2,881 — 2,881 — Corporate bonds and notes 11,294 — 11,294 — Preferred stock 3,013 3,013 — — Mortgage-backed securities 1,448 — 1,448 — Marketable equity securities 2,535 2,535 — — Totals $ 26,496 $ 5,548 $ 20,948 $ — 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 March 31, 2018 (unaudited) and December 31, 2017, 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: March 31, 2018 (unaudited) Carrying Fair Value Level 1 Level 2 Level 3 Total (In Thousands) Financial assets: Cash and cash equivalents $ 19,155 $ 19,155 $ — $ — $ 19,155 Available-for-sale 26,945 4,293 22,652 — 26,945 Federal Home Loan Bank stock 2,200 2,200 — — 2,200 Loans, net 251,690 — — 252,946 252,946 Co-operative 891 891 — — 891 Accrued interest receivable 743 743 — — 743 Financial liabilities: Deposits 227,069 — 227,134 — 227,134 FHLB advances 39,000 — 38,139 — 38,139 December 31, 2017 Carrying Fair Value Level 1 Level 2 Level 3 Total (In Thousands) Financial assets: Cash and cash equivalents $ 17,603 $ 17,603 $ — $ — $ 17,603 Available-for-sale 26,496 5,548 20,948 — 26,496 Federal Home Loan Bank stock 1,800 1,800 — — 1,800 Loans, net 251,317 — — 252,792 252,792 Co-operative 886 886 — — 886 Accrued interest receivable 702 702 — — 702 Financial liabilities: Deposits 232,921 — 232,899 — 232,899 FHLB advances 29,000 — 28,660 — 28,660 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
Other Comprehensive Loss | 3 Months Ended |
Mar. 31, 2018 | |
Equity [Abstract] | |
Other Comprehensive Loss | NOTE 10 – OTHER COMPREHENSIVE LOSS 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, included in stockholders’ equity, are as follows: Three months 2018 2017 (In Thousands) (unaudited) Net unrealized holding (loss)/gain on available-for-sale $ (235 ) $ 297 Reclassification adjustment for net realized gains included in net income (1) (106 ) (464 ) Other comprehensive loss before income tax effect (341 ) (167 ) Income tax benefit 74 77 Other comprehensive loss, net of tax $ (267 ) $ (90 ) (1) Reclassification adjustments include net realized securities gains. Realized gains have been reclassified out of accumulated other comprehensive loss and affect certain captions in the consolidated statements of income as follows: pre-tax available-for-sale Pre-tax available-for-sale Accumulated other comprehensive (loss)/income as of March 31, 2018 (unaudited) and December 31, 2017 consists of net unrealized holding (losses)/gains on available-for-sale |
Regulatory Matters
Regulatory Matters | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31, 2018, that the Bank meets all capital adequacy requirements to which it is subject. As of March 31, 2018, 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 March 31, 2018 (unaudited) and December 31, 2017 are presented in the following table. Actual For Capital To Be Well Amount Ratio Amount Ratio Amount Ratio (Dollars In Thousands) At March 31, 2018 (unaudited): Total Capital (to Risk Weighted Assets) $ 37,648 18.42 % $ 16,354 8.0 % $ 20,443 10.0 % Tier 1 Capital (to Risk Weighted Assets) 36,315 17.76 12,266 6.0 16,354 8.0 Common Equity Tier 1 Capital (to Risk Weighted Assets) 36,315 17.76 9,199 4.5 13,288 6.5 Tier 1 Capital (to Average Assets) 36,315 12.07 12,034 4.0 15,043 5.0 As of December 31, 2017: Total Capital (to Risk Weighted Assets) $ 37,141 19.80 % $ 15,007 8.0 % $ 18,759 10.0 % Tier 1 Capital (to Risk Weighted Assets) 35,786 19.08 11,255 6.0 15,007 8.0 Common Equity Tier 1 Capital (to Risk Weighted Assets) 35,786 19.08 8,441 4.5 12,193 6.5 Tier 1 Capital (to Average Assets) 35,786 12.59 11,373 4.0 14,216 5.0 |
Common Stock Repurchases
Common Stock Repurchases | 3 Months Ended |
Mar. 31, 2018 | |
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. As of March 31, 2018, the Company had 141,237 shares remaining to be repurchased pursuant to its repurchase plans. During the three months ended March 31, 2018 and 2017 (unaudited), no shares of common stock were repurchased. |
Stock Based Compensation
Stock Based Compensation | 3 Months Ended |
Mar. 31, 2018 | |
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 months ended March 31, 2018, in connection with the restricted stock awards was $34,000 (unaudited), and the recognized tax benefit was $8,000 (unaudited). There were no forfeitures during the three month period ending March 31, 2018. During the three month period ending March 31, 2017, the expense was $34,000 (unaudited), and the recognized tax benefit was $13,000 (unaudited). There were no forfeitures during the three month period ending March 31, 2017. 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 of outstanding stock options is $1.2 million as of March 31, 2018. The total expense recognized for the three months ended March 31, 2018, in connection with the stock options was $42,000 (unaudited), and the recognized tax benefit was $3,000 (unaudited). There were no forfeitures or options exercised during the three month period ending March 31, 2018. During the three month period ending March 31, 2017 the stock option expense was $42,000 (unaudited), and the recognized tax benefit was $5,000 (unaudited). There were no forfeitures or options exercised during the three month period ending March 31, 2017. At March 31, 2018 (unaudited), the unrecognized share based compensation expense related to the 35,440 unvested restricted stock awards amounted to $417,000. The unrecognized expense will be recognized over a weighted average period of 3.0 years. At March 31, 2018 (unaudited), 44,840 of the 224,200 stock options outstanding are exercisable, and the remaining contractual life is 8.0 years. The unrecognized expense related to the unvested options is $517,000 and will be recognized over a weighted average period of 3.0 years. |
Summary of Significant Accoun22
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
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. |
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, as defined. 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 March 31, 2018, management deems its investment in FHLB stock to be not other-than-temporarily impaired. |
CO-OPERATIVE CENTRAL BANK AND SHARE INSURANCE FUND | CO-OPERATIVE All Massachusetts-chartered co-operative Co-operative co-operative Co-operative co-operative |
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. |
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. |
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 |
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 of 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 (In Thousands, except share data) Net income $ 483 $ 526 Basic Common Shares: Weighted average common shares outstanding 2,600,743 2,602,079 Weighted average shares – unearned restricted stock (28,308 ) (37,158 ) Weighted average unallocated ESOP shares (195,239 ) (202,785 ) Basic weighted average shares outstanding 2,377,196 2,362,136 Dilutive effect of unvested restricted stock awards 6,092 4,033 Dilutive effect stock options 22,971 — Diluted weighted average shares outstanding 2,406,259 2,366,169 Basic earnings per share $ 0.20 $ 0.22 Diluted earnings per share (1) $ 0.20 $ 0.22 (1) For the three months ended March 31, 2018, options to purchase and restricted stock awards were included in the computation of dilutive earnings per share, because the effect is dilutive. Options to purchase 224,200 shares, representing all outstanding options, were not included in the computation of diluted earnings per share for the three months ended March 31, 2017, 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 March 31, 2018, there is no significant difference in the comparability of the financial statements as a result of this extended transition period. The extended transition period for an emerging growth company is five years, and the Company’s emerging growth status will end on December 31, 2019. In May 2014 and August 2015, respectively, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update ASU 2014-09 ASU 2015-14, ASU 2014-09 ASU 2015-14 ASU 2014-09 ASU 2014-09, non-interest In January 2016, the FASB issued ASU 2016-01, (Subtopic 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 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 In February 2018, the FASB issued ASU 2018-02, ASU 2018-02 ASU 2018-02 |
Summary of Significant Accoun23
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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 (In Thousands, except share data) Net income $ 483 $ 526 Basic Common Shares: Weighted average common shares outstanding 2,600,743 2,602,079 Weighted average shares – unearned restricted stock (28,308 ) (37,158 ) Weighted average unallocated ESOP shares (195,239 ) (202,785 ) Basic weighted average shares outstanding 2,377,196 2,362,136 Dilutive effect of unvested restricted stock awards 6,092 4,033 Dilutive effect stock options 22,971 — Diluted weighted average shares outstanding 2,406,259 2,366,169 Basic earnings per share $ 0.20 $ 0.22 Diluted earnings per share (1) $ 0.20 $ 0.22 (1) For the three months ended March 31, 2018, options to purchase and restricted stock awards were included in the computation of dilutive earnings per share, because the effect is dilutive. Options to purchase 224,200 shares, representing all outstanding options, were not included in the computation of diluted earnings per share for the three months ended March 31, 2017, because the effect is anti-dilutive. |
Investments in Available-For-24
Investments in Available-For-Sale Securities (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in Available-For-Sale Securities | The amortized cost basis of securities and their approximate fair values are as follows as of March 31, 2018 (unaudited) and December 31, 2017: Amortized Gross Gross Fair Value (In Thousands) March 31, 2018: U.S. Government and federal agency obligations $ 4,823 $ — $ 89 $ 4,734 Debt securities issued by states of the United 2,640 — 56 2,584 Corporate bonds and notes 12,849 3 166 12,686 Preferred stock 2,000 8 33 1,975 Asset-backed securities 1,285 23 25 1,283 Mortgage-backed securities 1,417 — 52 1,365 Marketable equity securities 1,969 358 9 2,318 $ 26,983 $ 392 $ 430 $ 26,945 December 31, 2017: U.S. Government and federal agency obligations $ 5,390 $ — $ 65 $ 5,325 Debt securities issued by states of the United 2,898 12 29 2,881 Corporate bonds and notes 11,364 7 77 11,294 Preferred stock 3,000 13 — 3,013 Mortgage-backed securities 1,495 — 47 1,448 Marketable equity securities 2,046 490 1 2,535 $ 26,193 $ 522 $ 219 $ 26,496 |
Scheduled Maturities of Debt Securities | The scheduled maturities of debt securities were as follows as of March 31, 2018 (unaudited): Fair Value (In Thousands) Due within one year $ 3,986 Due after one year through five years 13,413 Due after five years through ten years 2,107 Due after ten years 1,506 Mortgage-backed securities 1,365 Asset-backed securities 1,283 $ 23,660 |
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 March 31, 2018 (unaudited) and December 31, 2017: Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized (In Thousands) March 31, 2018 U.S. Government and federal agency obligations $ 1,865 $ 30 $ 2,869 $ 59 $ 4,734 $ 89 Debt securities issued by states of the United 2,296 41 288 15 2,584 56 Corporate bonds and notes 8,255 98 3,432 68 11,687 166 Preferred stock 967 33 — — 967 33 Asset-backed securities 746 25 — — 746 25 Mortgage-backed securities 444 12 920 40 1,364 52 Marketable equity securities 1,683 9 — — 1,683 9 Total temporarily impaired securities $ 16,256 $ 248 $ 7,509 $ 182 $ 23,765 $ 430 December 31, 2017 U.S. Government and federal agency obligations $ 2,855 $ 20 $ 2,470 $ 45 $ 5,325 $ 65 Debt securities issued by states of the United 991 6 535 23 1,526 29 Corporate bonds and notes 4,467 24 3,946 53 8,413 77 Mortgage-backed securities 453 6 995 41 1,448 47 Marketable equity securities 485 1 — — 485 1 Total temporarily impaired securities $ 9,251 $ 57 $ 7,946 $ 162 $ 17,197 $ 219 |
Loans (Tables)
Loans (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Receivables [Abstract] | |
Summary of Loans | Loans consisted of the following at: March 31, December 31, (In Thousands) (unaudited) Real estate loans: One-to $ 186,969 $ 189,763 Home equity loans and lines of credit 11,368 11,585 Commercial 37,411 34,686 Construction 16,581 15,853 Consumer loans 33 44 Total loans 252,362 251,931 Allowance for loan losses (1,175 ) (1,134 ) Deferred loan costs, net 22 35 Unamortized premiums 481 485 Net loans $ 251,690 $ 251,317 |
Summary of Changes in Loan and Allowance for Loan Losses | The following tables set forth information on loans and the allowance for loan losses at and for the periods ending March 31, 2018 and 2017 (unaudited) and as of December 31, 2017: Real Estate: One- to four- family Home Equity Loans Commercial Construction Consumer Unallocated Total (In Thousands) Three months ended March 31, 2018 (unaudited) Allowance for loan losses: Beginning balance $ 481 $ 52 $ 472 $ 107 $ 1 $ 21 $ 1,134 Charge offs — — — — — — Recoveries — — — — — — — (Benefit)/provision (7 ) (1 ) 38 2 — 9 41 Ending balance $ 474 $ 51 $ 510 $ 109 $ 1 $ 30 $ 1,175 Real Estate: One- to four- family Home Equity Loans Commercial Construction Consumer Unallocated Total (In Thousands) At March 31, 2018 (unaudited) Allowance for loan losses: Ending Balance Individually evaluated for impairment $ 8 $ — $ — $ — $ — $ — $ 8 Ending balance: Collectively evaluated for impairment 466 51 510 109 1 30 1,167 Total allowance for loan losses ending balance $ 474 $ 51 $ 510 $ 109 $ 1 $ 30 $ 1,175 Loans: Ending balance: Individually evaluated for impairment $ 99 $ — $ — $ — $ — $ — $ 99 Ending balance: Collectively evaluated for impairment 186,870 11,368 37,411 16,581 33 $ — 252,263 Total loans ending balance $ 186,969 $ 11,368 $ 37,411 $ 16,581 $ 33 $ — $ 252,362 At December 31, 2017 Allowance for loan losses: Ending Balance: Individually evaluated for impairment $ 8 $ — $ — $ — $ — $ — $ 8 Ending balance: Collectively evaluated for impairment 473 52 472 107 1 21 1,126 Total allowance for loan losses ending balance $ 481 $ 52 $ 472 $ 107 $ 1 $ 21 $ 1,134 Loans: Ending balance: Individually evaluated for impairment $ 100 $ — $ — $ — $ — $ — $ 100 Ending balance: Collectively evaluated for impairment 189,663 11,585 34,686 15,853 44 — 251,831 Total loans ending balance $ 189,763 $ 11,585 $ 34,686 $ 15,853 $ 44 $ — $ 251,931 Real Estate: One- to four- family Home Equity Loans Commercial Construction Consumer Unallocated Total (In Thousands) Three Months Ended March 31, 2017 (unaudited) Allowance for loan losses: Beginning balance $ 418 $ 49 $ 276 $ 117 $ 1 $ 29 $ 890 Charge offs — — — — — — — Recoveries — — — — — — — Provision/(benefit) 24 1 (16 ) (19 ) — (10 ) (20 ) Ending balance $ 442 $ 50 $ 260 $ 98 $ 1 $ 19 $ 870 |
Information Regarding Nonaccrual Loans and Past-due Loans | The following tables set forth information regarding nonaccrual loans and past-due 30 – 59 60 – 89 90 Days or Total Total Total 90 Days or More Non- (In Thousands) At March 31, 2018 (unaudited) Real estate loans: One-to $ 875 $ — $ — $ 875 $ 186,094 $ 186,969 $ — $ 187 Home equity loans and lines of credit — — — — 11,368 11,368 — 18 Commercial — — — — 37,411 37,411 — — Construction — — — — 16,581 16,581 — — Consumer loans — — — — 33 33 — — Total $ 875 $ — $ — $ 875 $ 251,487 $ 252,362 $ — $ 205 At December 31, 2107 Real estate loans: One-to $ 295 $ 177 $ — $ 472 $ 189,291 $ 189,763 $ — $ 189 Home equity loans and lines of credit 189 — — 189 11,396 11,585 — — Commercial — — — — 34,686 34,686 — — Construction — — — — 15,853 15,853 — — Consumer loans — — — — 44 44 — — Total $ 484 $ 177 $ — $ 661 $ 251,270 $ 251,931 $ — $ 189 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Summary of Premises and Equipment | The following is a summary of premises and equipment: March 31, December 31, (In Thousands) (unaudited) Land $ 393 $ 393 Building 2,070 2,070 Construction in process 1,231 641 Furniture and equipment 562 553 Data processing equipment 442 360 4,698 4,017 Accumulated depreciation (2,053 ) (2,024 ) $ 2,645 $ 1,993 |
Deposits (Tables)
Deposits (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Banking and Thrift [Abstract] | |
Scheduled Maturities of Time Deposits | For time deposits as of March 31, 2018 (unaudited) the scheduled maturities for each of the following periods ending March 31 are as follows: (In Thousands) 2019 $ 84,594 2020 26,531 2021 4,126 2022 5,959 2023 1,411 $ 122,621 |
Borrowed Funds (Tables)
Borrowed Funds (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Brokers and Dealers [Abstract] | |
Maturities of advances from FHLB | Maturities of advances from the FHLB for the period ending after March 31, 2018 (unaudited) are summarized as follows (in thousands): 2019 $ 10,000 2020 19,000 2021 10,000 $ 39,000 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Investments, All Other Investments [Abstract] | |
Summary of Financial Instrument Liabilities with off-Balance Sheet Credit Risk | Amounts of financial instrument liabilities with off-balance March 31, December 31, (In Thousands) Commitments to originate loans $ 4,943 $ 2,401 Unused lines of credit 18,054 17,611 Due to borrowers on unadvanced construction loans 1,592 2,320 $ 24,589 $ 22,332 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31, 2018 (unaudited) and December 31, 2017: Fair Value Measurements at Reporting Date Using: Total Quoted Prices in Significant Significant (In Thousands) March 31, 2018: U.S. Government and federal agency obligations $ 4,734 $ — $ 4,734 $ — Debt securities issued by states of the United States and political subdivisions of the states 2,584 — 2,584 — Corporate bonds and notes 12,686 — 12,686 — Preferred stock 1,975 1,975 — — Asset-backed securities 1,283 — 1,283 Mortgage-backed securities 1,365 — 1,365 — Marketable equity securities 2,318 2,318 — — Totals $ 26,945 $ 4,293 $ 22,652 $ — December 31, 2017: U.S. Government and federal agency obligations $ 5,325 $ — $ 5,325 $ — Debt securities issued by states of the United States and political subdivisions of the states 2,881 — 2,881 — Corporate bonds and notes 11,294 — 11,294 — Preferred stock 3,013 3,013 — — Mortgage-backed securities 1,448 — 1,448 — Marketable equity securities 2,535 2,535 — — Totals $ 26,496 $ 5,548 $ 20,948 $ — |
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: March 31, 2018 (unaudited) Carrying Fair Value Level 1 Level 2 Level 3 Total (In Thousands) Financial assets: Cash and cash equivalents $ 19,155 $ 19,155 $ — $ — $ 19,155 Available-for-sale 26,945 4,293 22,652 — 26,945 Federal Home Loan Bank stock 2,200 2,200 — — 2,200 Loans, net 251,690 — — 252,946 252,946 Co-operative 891 891 — — 891 Accrued interest receivable 743 743 — — 743 Financial liabilities: Deposits 227,069 — 227,134 — 227,134 FHLB advances 39,000 — 38,139 — 38,139 December 31, 2017 Carrying Fair Value Level 1 Level 2 Level 3 Total (In Thousands) Financial assets: Cash and cash equivalents $ 17,603 $ 17,603 $ — $ — $ 17,603 Available-for-sale 26,496 5,548 20,948 — 26,496 Federal Home Loan Bank stock 1,800 1,800 — — 1,800 Loans, net 251,317 — — 252,792 252,792 Co-operative 886 886 — — 886 Accrued interest receivable 702 702 — — 702 Financial liabilities: Deposits 232,921 — 232,899 — 232,899 FHLB advances 29,000 — 28,660 — 28,660 |
Other Comprehensive Loss (Table
Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Equity [Abstract] | |
Components of Other Comprehensive Loss Included in Stockholders' Equity | The components of other comprehensive loss, included in stockholders’ equity, are as follows: Three months 2018 2017 (In Thousands) (unaudited) Net unrealized holding (loss)/gain on available-for-sale $ (235 ) $ 297 Reclassification adjustment for net realized gains included in net income (1) (106 ) (464 ) Other comprehensive loss before income tax effect (341 ) (167 ) Income tax benefit 74 77 Other comprehensive loss, net of tax $ (267 ) $ (90 ) (1) Reclassification adjustments include net realized securities gains. Realized gains have been reclassified out of accumulated other comprehensive loss and affect certain captions in the consolidated statements of income as follows: pre-tax available-for-sale Pre-tax available-for-sale |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Banking and Thrift [Abstract] | |
Summary of Actual Capital Amounts and Ratios | The Bank’s actual capital amounts and ratios as of March 31, 2018 (unaudited) and December 31, 2017 are presented in the following table. Actual For Capital To Be Well Amount Ratio Amount Ratio Amount Ratio (Dollars In Thousands) At March 31, 2018 (unaudited): Total Capital (to Risk Weighted Assets) $ 37,648 18.42 % $ 16,354 8.0 % $ 20,443 10.0 % Tier 1 Capital (to Risk Weighted Assets) 36,315 17.76 12,266 6.0 16,354 8.0 Common Equity Tier 1 Capital (to Risk Weighted Assets) 36,315 17.76 9,199 4.5 13,288 6.5 Tier 1 Capital (to Average Assets) 36,315 12.07 12,034 4.0 15,043 5.0 As of December 31, 2017: Total Capital (to Risk Weighted Assets) $ 37,141 19.80 % $ 15,007 8.0 % $ 18,759 10.0 % Tier 1 Capital (to Risk Weighted Assets) 35,786 19.08 11,255 6.0 15,007 8.0 Common Equity Tier 1 Capital (to Risk Weighted Assets) 35,786 19.08 8,441 4.5 12,193 6.5 Tier 1 Capital (to Average Assets) 35,786 12.59 11,373 4.0 14,216 5.0 |
Nature of Operations - Addition
Nature of Operations - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2018 | |
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) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Significant Accounting Policies [Line Items] | ||
Par value stock | $ 0.01 | $ 0.01 |
Company tax rate | 21.00% | 34.00% |
Retained Earnings [Member] | ||
Significant Accounting Policies [Line Items] | ||
Reclassified from accumulated other comprehensive income to retained earnings | $ (42) | |
Accumulated Other Comprehensive Loss/Income [Member] | ||
Significant Accounting Policies [Line Items] | ||
Reclassified from accumulated other comprehensive income to retained earnings | $ 42 | |
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 | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Net income | $ 483 | $ 526 |
Basic Common Shares: | ||
Weighted average common shares outstanding | 2,600,743 | 2,602,079 |
Weighted average shares - unearned restricted stock | (28,308) | (37,158) |
Weighted average unallocated ESOP shares | (195,239) | (202,785) |
Basic weighted average shares outstanding | 2,377,196 | 2,362,136 |
Diluted weighted average shares outstanding | 2,406,259 | 2,366,169 |
Basic earnings per share | $ 0.20 | $ 0.22 |
Diluted earnings per share | $ 0.20 | $ 0.22 |
Restricted Stock [Member] | ||
Basic Common Shares: | ||
Dilutive effect of shares based payment arrangements | 6,092 | 4,033 |
Employee Stock Option [Member] | ||
Basic Common Shares: | ||
Dilutive effect of shares based payment arrangements | 22,971 |
Summary of Significant Accoun36
Summary of Significant Accounting Policies - Summary of Calculation of Basic and Diluted EPS (Parenthetical) (Detail) | 3 Months Ended |
Mar. 31, 2017shares | |
Earnings Per Share [Abstract] | |
Anti-dilutive securities excluded from computation of diluted earnings | 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 | Mar. 31, 2018 | Dec. 31, 2017 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost Basis | $ 26,983 | $ 26,193 |
Gross Unrealized Gains | 392 | 522 |
Gross Unrealized Losses | 430 | 219 |
Fair Value | 26,945 | 26,496 |
U.S. Government and Federal Agency Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost Basis | 4,823 | 5,390 |
Gross Unrealized Losses | 89 | 65 |
Fair Value | 4,734 | 5,325 |
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 | 2,640 | 2,898 |
Gross Unrealized Gains | 12 | |
Gross Unrealized Losses | 56 | 29 |
Fair Value | 2,584 | 2,881 |
Corporate Bonds and Notes [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost Basis | 12,849 | 11,364 |
Gross Unrealized Gains | 3 | 7 |
Gross Unrealized Losses | 166 | 77 |
Fair Value | 12,686 | 11,294 |
Preferred Stock [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost Basis | 2,000 | 3,000 |
Gross Unrealized Gains | 8 | 13 |
Gross Unrealized Losses | 33 | |
Fair Value | 1,975 | 3,013 |
Asset-backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost Basis | 1,285 | |
Gross Unrealized Gains | 23 | |
Gross Unrealized Losses | 25 | |
Fair Value | 1,283 | |
Mortgage-backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost Basis | 1,417 | 1,495 |
Gross Unrealized Losses | 52 | 47 |
Fair Value | 1,365 | 1,448 |
Marketable Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost Basis | 1,969 | 2,046 |
Gross Unrealized Gains | 358 | 490 |
Gross Unrealized Losses | 9 | 1 |
Fair Value | $ 2,318 | $ 2,535 |
Investments in Available-For-38
Investments in Available-For-Sale Securities - Scheduled Maturities of Debt Securities (Detail) $ in Thousands | Mar. 31, 2018USD ($) |
Schedule of Available-for-sale Securities [Line Items] | |
Due within one year | $ 3,986 |
Due after one year through five years | 13,413 |
Due after five years through ten years | 2,107 |
Due after ten years | 1,506 |
Debt security, fair value | 23,660 |
Mortgage-backed Securities [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Debt securities | 1,365 |
Asset-backed Securities [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Debt securities | $ 1,283 |
Investments in Available-For-39
Investments in Available-For-Sale Securities - Additional Information (Detail) | 3 Months Ended | ||
Mar. 31, 2018USD ($)Securitiesshares | Mar. 31, 2017USD ($) | Dec. 31, 2017USD ($)shares | |
Schedule of Available-for-sale Securities [Line Items] | |||
Number of securities with aggregate carrying value exceeding 10% of stockholders' equity | shares | 0 | 0 | |
Proceeds from sales of available-for-sale securities | $ 194,000 | $ 896,000 | |
Gross realized gains on sales of available-for-sale securities | 121,000 | 464,000 | |
Tax expense applicable to net realized gain | 26,000 | 181,000 | |
Realized losses on available for sale securities | 15,000 | $ 0 | |
Pledged securities | $ 0 | $ 0 | |
Preferred Stock [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Unrealized losses, securities | Securities | 1 | ||
Percentage of unrealized losses of debt securities with amortized cost | 3.30% | ||
Unrealized losses | $ 33,000 | ||
Municipal Bonds [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Unrealized losses | $ 56,000 | ||
Unrealized losses, securities | Securities | 7 | ||
Corporate Bond Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Unrealized losses | $ 166,000 | ||
Unrealized losses, securities | Securities | 20 | ||
Debt Security One [Member] | Municipal Bonds [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Unrealized losses, securities | Securities | 1 | ||
Percentage of unrealized losses of debt securities with amortized cost | 4.80% | ||
Debt Security Six [Member] | Municipal Bonds [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Percentage of unrealized losses of debt securities with amortized cost | 600.00% | ||
Debt Security Six [Member] | Municipal Bonds [Member] | Maximum [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Percentage of unrealized losses of debt securities with amortized cost | 3.00% | ||
Debt Security Fifteen [Member] | Corporate Bond Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Unrealized losses, securities | Securities | 15 | ||
Debt Security Fifteen [Member] | Corporate Bond Securities [Member] | Maximum [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Percentage of unrealized losses of debt securities with amortized cost | 2.00% | ||
Debt Security Five [Member] | Corporate Bond Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Unrealized losses, securities | Securities | 5 | ||
Debt Security Five [Member] | Corporate Bond Securities [Member] | Maximum [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Percentage of unrealized losses of debt securities with amortized cost | 5.00% | ||
Debt Security Five [Member] | Corporate Bond Securities [Member] | Minimum [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Percentage of unrealized losses of debt securities with amortized cost | 2.00% | ||
Preferred Stock [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Preferred stock, no stated maturity | $ 967,000 | ||
U.S. Government and Federal Agency Obligations [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Unrealized losses | $ 89,000 | ||
Unrealized losses, securities | Securities | 11 | ||
Percentage of unrealized losses of debt securities with amortized cost | 5.80% | ||
U.S. Government and Federal Agency Obligations [Member] | Debt Security One [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Unrealized losses, securities | Securities | 1 | ||
U.S. Government and Federal Agency Obligations [Member] | Debt Security One [Member] | Maximum [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Percentage of unrealized losses of debt securities with amortized cost | 3.00% | ||
Asset-backed Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Unrealized losses | $ 25,000 | ||
Unrealized losses, securities | Securities | 1 | ||
Percentage of unrealized losses of debt securities with amortized cost | 3.20% | ||
Mortgage-backed Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Unrealized losses | $ 52,000 | ||
Unrealized losses, securities | Securities | 5 | ||
Mortgage-backed Securities [Member] | Maximum [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Percentage of unrealized losses of debt securities with amortized cost | 6.20% | ||
Mortgage-backed Securities [Member] | Minimum [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Percentage of unrealized losses of debt securities with amortized cost | 2.30% | ||
Marketable Equity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Unrealized losses, securities | Securities | 2 | ||
Unrealized losses | $ 9,000 | ||
Marketable Equity Securities [Member] | Maximum [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Percentage of unrealized losses of debt securities with amortized cost | 1.00% |
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 | Mar. 31, 2018 | Dec. 31, 2017 |
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months Fair Value | $ 16,256 | $ 9,251 |
Less than 12 Months Unrealized Losses | 248 | 57 |
12 Months or Longer Fair Value | 7,509 | 7,946 |
12 Months or Longer Unrealized Losses | 182 | 162 |
Total Fair Value | 23,765 | 17,197 |
Total Unrealized Losses | 430 | 219 |
U.S. Government and Federal Agency Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months Fair Value | 1,865 | 2,855 |
Less than 12 Months Unrealized Losses | 30 | 20 |
12 Months or Longer Fair Value | 2,869 | 2,470 |
12 Months or Longer Unrealized Losses | 59 | 45 |
Total Fair Value | 4,734 | 5,325 |
Total Unrealized Losses | 89 | 65 |
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 | 2,296 | 991 |
Less than 12 Months Unrealized Losses | 41 | 6 |
12 Months or Longer Fair Value | 288 | 535 |
12 Months or Longer Unrealized Losses | 15 | 23 |
Total Fair Value | 2,584 | 1,526 |
Total Unrealized Losses | 56 | 29 |
Corporate Bonds and Notes [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months Fair Value | 8,255 | 4,467 |
Less than 12 Months Unrealized Losses | 98 | 24 |
12 Months or Longer Fair Value | 3,432 | 3,946 |
12 Months or Longer Unrealized Losses | 68 | 53 |
Total Fair Value | 11,687 | 8,413 |
Total Unrealized Losses | 166 | 77 |
Preferred Stock [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months Fair Value | 967 | |
Less than 12 Months Unrealized Losses | 33 | |
Total Fair Value | 967 | |
Total Unrealized Losses | 33 | |
Asset-backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months Fair Value | 746 | |
Less than 12 Months Unrealized Losses | 25 | |
Total Fair Value | 746 | |
Total Unrealized Losses | 25 | |
Mortgage-backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months Fair Value | 444 | 453 |
Less than 12 Months Unrealized Losses | 12 | 6 |
12 Months or Longer Fair Value | 920 | 995 |
12 Months or Longer Unrealized Losses | 40 | 41 |
Total Fair Value | 1,364 | 1,448 |
Total Unrealized Losses | 52 | 47 |
Marketable Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months Fair Value | 1,683 | 485 |
Less than 12 Months Unrealized Losses | 9 | 1 |
Total Fair Value | 1,683 | 485 |
Total Unrealized Losses | $ 9 | $ 1 |
Loans - Summary of Loans (Detai
Loans - Summary of Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases receivable | $ 252,362 | $ 251,931 | ||
Allowance for loan losses | (1,175) | (1,134) | $ (870) | $ (890) |
Deferred loan costs, net | 22 | 35 | ||
Unamortized premiums | 481 | 485 | ||
Net loans | 251,690 | 251,317 | ||
One- to Four- Family Residential [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases receivable | 186,969 | 189,763 | ||
Allowance for loan losses | (474) | (481) | (442) | (418) |
Home Equity Loans and Lines of Credit [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases receivable | 11,368 | 11,585 | ||
Allowance for loan losses | (51) | (52) | (50) | (49) |
Commercial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases receivable | 37,411 | 34,686 | ||
Allowance for loan losses | (510) | (472) | (260) | (276) |
Construction Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases receivable | 16,581 | 15,853 | ||
Allowance for loan losses | (109) | (107) | (98) | (117) |
Consumer Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases receivable | 33 | 44 | ||
Allowance for loan losses | $ (1) | $ (1) | $ (1) | $ (1) |
Loans - Summary of Changes in L
Loans - Summary of Changes in Loan and Allowance for Loan Losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Schedule Of Allowance For Loan Losses [Line Items] | |||
Beginning balance | $ 1,134 | $ 890 | |
Charge offs | 0 | 0 | |
Recoveries | 0 | 0 | |
(Benefit)/provision | 41 | (20) | |
Ending balance | 1,175 | 870 | |
Individually evaluated for impairment | 8 | $ 8 | |
Collectively evaluated for impairment | 1,167 | 1,126 | |
Total allowance for loan losses ending balance | 1,175 | 1,134 | |
Individually evaluated for impairment | 99 | 100 | |
Collectively evaluated for impairment | 252,263 | 251,831 | |
Total | 252,362 | 251,931 | |
One- to Four- Family Residential [Member] | |||
Schedule Of Allowance For Loan Losses [Line Items] | |||
Beginning balance | 481 | 418 | |
Charge offs | 0 | 0 | |
Recoveries | 0 | 0 | |
(Benefit)/provision | (7) | 24 | |
Ending balance | 474 | 442 | |
Individually evaluated for impairment | 8 | 8 | |
Collectively evaluated for impairment | 466 | 473 | |
Total allowance for loan losses ending balance | 474 | 481 | |
Individually evaluated for impairment | 99 | 100 | |
Collectively evaluated for impairment | 186,870 | 189,663 | |
Total | 186,969 | 189,763 | |
Home Equity Loans and Lines of Credit [Member] | |||
Schedule Of Allowance For Loan Losses [Line Items] | |||
Beginning balance | 52 | 49 | |
Charge offs | 0 | 0 | |
Recoveries | 0 | 0 | |
(Benefit)/provision | (1) | 1 | |
Ending balance | 51 | 50 | |
Collectively evaluated for impairment | 51 | 52 | |
Total allowance for loan losses ending balance | 51 | 52 | |
Collectively evaluated for impairment | 11,368 | 11,585 | |
Total | 11,368 | 11,585 | |
Commercial [Member] | |||
Schedule Of Allowance For Loan Losses [Line Items] | |||
Beginning balance | 472 | 276 | |
Charge offs | 0 | 0 | |
Recoveries | 0 | 0 | |
(Benefit)/provision | 38 | (16) | |
Ending balance | 510 | 260 | |
Collectively evaluated for impairment | 510 | 472 | |
Total allowance for loan losses ending balance | 510 | 472 | |
Collectively evaluated for impairment | 37,411 | 34,686 | |
Total | 37,411 | 34,686 | |
Construction Loans [Member] | |||
Schedule Of Allowance For Loan Losses [Line Items] | |||
Beginning balance | 107 | 117 | |
Charge offs | 0 | 0 | |
Recoveries | 0 | 0 | |
(Benefit)/provision | 2 | (19) | |
Ending balance | 109 | 98 | |
Collectively evaluated for impairment | 109 | 107 | |
Total allowance for loan losses ending balance | 109 | 107 | |
Collectively evaluated for impairment | 16,581 | 15,853 | |
Total | 16,581 | 15,853 | |
Consumer Loans [Member] | |||
Schedule Of Allowance For Loan Losses [Line Items] | |||
Beginning balance | 1 | 1 | |
Charge offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Ending balance | 1 | 1 | |
Collectively evaluated for impairment | 1 | 1 | |
Total allowance for loan losses ending balance | 1 | 1 | |
Collectively evaluated for impairment | 33 | 44 | |
Total | 33 | 44 | |
Unallocated [Member] | |||
Schedule Of Allowance For Loan Losses [Line Items] | |||
Beginning balance | 21 | 29 | |
Charge offs | 0 | 0 | |
Recoveries | 0 | 0 | |
(Benefit)/provision | 9 | (10) | |
Ending balance | 30 | $ 19 | |
Collectively evaluated for impairment | 30 | 21 | |
Total allowance for loan losses ending balance | $ 30 | $ 21 |
Loans - Information Regarding N
Loans - Information Regarding Nonaccrual Loans and Past-due Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 875 | $ 661 |
Total Current | 251,487 | 251,270 |
Total | 252,362 | 251,931 |
90 Days Or More Past Due and Accruing | 0 | 0 |
Non-Accrual | 205 | 189 |
30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 875 | 484 |
60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 177 | |
One- to Four- Family Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 875 | 472 |
Total Current | 186,094 | 189,291 |
Total | 186,969 | 189,763 |
90 Days Or More Past Due and Accruing | 0 | 0 |
Non-Accrual | 187 | 189 |
One- to Four- Family Residential [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 875 | 295 |
One- to Four- Family Residential [Member] | 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 177 | |
Home Equity Loans and Lines of Credit [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 189 | |
Total Current | 11,368 | 11,396 |
Total | 11,368 | 11,585 |
90 Days Or More Past Due and Accruing | 0 | 0 |
Non-Accrual | 18 | |
Home Equity Loans and Lines of Credit [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 189 | |
Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Current | 37,411 | 34,686 |
Total | 37,411 | 34,686 |
90 Days Or More Past Due and Accruing | 0 | 0 |
Construction Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Current | 16,581 | 15,853 |
Total | 16,581 | 15,853 |
90 Days Or More Past Due and Accruing | 0 | 0 |
Consumer Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Current | 33 | 44 |
Total | 33 | 44 |
90 Days Or More Past Due and Accruing | $ 0 | $ 0 |
Loans - Additional Information
Loans - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018USD ($)SecurityLoan | Mar. 31, 2017USD ($) | Dec. 31, 2017USD ($)SecurityLoan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Amount of consumer mortgage loan in foreclosure process | $ 0 | $ 321,000 | |
Number of consumer mortgage loans in foreclosure process | SecurityLoan | 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 | 1 | ||
Impaired loan | $ 99,000 | $ 0 | |
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 | ||
Troubled debt restructured loan | $ 99,000 | $ 0 | |
One- to Four- Family Residential [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | Risk Rate 7 [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans acquired with deteriorated credit quality | $ 99,000 | $ 99,000 | |
Number of loans | SecurityLoan | 1 | ||
One- to Four- Family Residential [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | Substandard [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of loans | SecurityLoan | 0 | ||
One- to Four- Family Residential [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | Risk Rating 6 W - Pass Watch [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans acquired with deteriorated credit quality | $ 465,000 | $ 472,000 | |
Number of loans | SecurityLoan | 3 | 3 | |
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 |
Premises and Equipment - Summar
Premises and Equipment - Summary of Premises and Equipment (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | $ 4,698 | $ 4,017 |
Accumulated depreciation | (2,053) | (2,024) |
Premises and equipment, net | 2,645 | 1,993 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 393 | 393 |
Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 2,070 | 2,070 |
Construction in Process [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 1,231 | 641 |
Furniture and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 562 | 553 |
Data Processing Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | $ 442 | $ 360 |
Deposits - Additional Informati
Deposits - Additional Information (Detail) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Banking and Thrift [Abstract] | ||
FDIC insurance limit | $ 250,000 | $ 250,000 |
Aggregate amount of time deposit | 27,456,000 | 27,781,000 |
Deposits from related parties held by bank | $ 3,898,000 | $ 3,603,000 |
Deposits - Scheduled Maturities
Deposits - Scheduled Maturities of Time Deposits (Detail) $ in Thousands | Mar. 31, 2018USD ($) |
Banking and Thrift [Abstract] | |
2,019 | $ 84,594 |
2,020 | 26,531 |
2,021 | 4,126 |
2,022 | 5,959 |
2,023 | 1,411 |
Total | $ 122,621 |
Borrowed Funds - Additional Inf
Borrowed Funds - Additional Information (Detail) | 3 Months Ended | |
Mar. 31, 2018USD ($)Advance | Dec. 31, 2017USD ($) | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
FHLB Borrowings | $ 39,000,000 | $ 29,000,000 |
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 | 69,300,000 | |
FHLB Borrowings | $ 39,000,000 | |
Number of FHLB advances | Advance | 9 | |
FHLB advances, maturity period | 3 years | |
Federal Home Loan Bank of Boston [Member] | Minimum [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Interest rates on FHLB advances | 1.42% | |
Federal Home Loan Bank of Boston [Member] | Maximum [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Interest rates on FHLB advances | 2.78% |
Borrowed Funds - Maturities of
Borrowed Funds - Maturities of Advances from FHLB (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Federal Home Loan Banks [Abstract] | ||
2,019 | $ 10,000 | |
2,020 | 19,000 | |
2,021 | 10,000 | |
Total | $ 39,000 | $ 29,000 |
Financial Instruments - Summary
Financial Instruments - Summary of Financial Instrument Liabilities with off-Balance Sheet Credit Risk (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial instrument liabilities with off-balance sheet credit risk | $ 24,589 | $ 22,332 |
Commitments to Originate Loans [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial instrument liabilities with off-balance sheet credit risk | 4,943 | 2,401 |
Unused Lines of Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial instrument liabilities with off-balance sheet credit risk | 18,054 | 17,611 |
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 | $ 1,592 | $ 2,320 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Assets Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value on a recurring basis | $ 26,945 | $ 26,496 |
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 | 4,734 | 5,325 |
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 | 2,584 | 2,881 |
Corporate Bonds and Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value on a recurring basis | 12,686 | 11,294 |
Preferred Stock [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value on a recurring basis | 1,975 | 3,013 |
Asset-backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value on a recurring basis | 1,283 | |
Mortgage-backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value on a recurring basis | 1,365 | 1,448 |
Marketable Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value on a recurring basis | 2,318 | 2,535 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value on a recurring basis | 4,293 | 5,548 |
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 | 1,975 | 3,013 |
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 | 2,318 | 2,535 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value on a recurring basis | 22,652 | 20,948 |
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 | 4,734 | 5,325 |
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 | 2,584 | 2,881 |
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 | 12,686 | 11,294 |
Level 2 [Member] | Asset-backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value on a recurring basis | 1,283 | |
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 | $ 1,365 | $ 1,448 |
Fair Value Measurements - Sum52
Fair Value Measurements - Summary of Estimated Fair Values of Bank's Financial Instruments (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Financial assets: | ||
Available-for-sale securities | $ 26,945 | $ 26,496 |
Federal Home Loan Bank stock | 2,200 | 1,800 |
Co-operative Central Bank deposit | 891 | 886 |
Accrued interest receivable | 743 | 702 |
Carrying Amount [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 19,155 | 17,603 |
Available-for-sale securities | 26,945 | 26,496 |
Federal Home Loan Bank stock | 2,200 | 1,800 |
Loans, net | 251,690 | 251,317 |
Co-operative Central Bank deposit | 891 | 886 |
Accrued interest receivable | 743 | 702 |
Financial liabilities: | ||
Deposits | 227,069 | 232,921 |
FHLB advances | 39,000 | 29,000 |
Estimate of Fair Value Measurement [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 19,155 | 17,603 |
Available-for-sale securities | 26,945 | 26,496 |
Federal Home Loan Bank stock | 2,200 | 1,800 |
Loans, net | 252,946 | 252,792 |
Co-operative Central Bank deposit | 891 | 886 |
Accrued interest receivable | 743 | 702 |
Financial liabilities: | ||
Deposits | 227,134 | 232,899 |
FHLB advances | 38,139 | 28,660 |
Level 1 [Member] | Estimate of Fair Value Measurement [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 19,155 | 17,603 |
Available-for-sale securities | 4,293 | 5,548 |
Federal Home Loan Bank stock | 2,200 | 1,800 |
Co-operative Central Bank deposit | 891 | 886 |
Accrued interest receivable | 743 | 702 |
Level 2 [Member] | Estimate of Fair Value Measurement [Member] | ||
Financial assets: | ||
Available-for-sale securities | 22,652 | 20,948 |
Financial liabilities: | ||
Deposits | 227,134 | 232,899 |
FHLB advances | 38,139 | 28,660 |
Level 3 [Member] | Estimate of Fair Value Measurement [Member] | ||
Financial assets: | ||
Loans, net | $ 252,946 | $ 252,792 |
Other Comprehensive Loss - Comp
Other Comprehensive Loss - Components of Other Comprehensive Loss Included in Stockholders' Equity (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract] | ||
Net unrealized holding (loss)/gain on available-for-sale securities | $ (235) | $ 297 |
Reclassification adjustment for net realized gains included in net income | (106) | (464) |
Other comprehensive loss before income tax effect | (341) | (167) |
Income tax benefit | 74 | 77 |
Other comprehensive loss, net of tax | $ (267) | $ (90) |
Other Comprehensive Loss - Co54
Other Comprehensive Loss - Components of Other Comprehensive Loss Included in Stockholders' Equity (Parenthetical) (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Reclassification adjustment for net realized gains in net income | $ 106,000 | $ 464,000 |
Reclassified Out of Accumulated Other Comprehensive Income (Loss) [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Reclassification adjustment for net realized gains in net income | 106,000 | 464,000 |
Tax benefit, included in income tax expense | $ 23,000 | $ 181,000 |
Regulatory Matters - Additional
Regulatory Matters - Additional Information (Detail) | 3 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | |
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 began phasing in 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 | Mar. 31, 2018 | Dec. 31, 2017 |
Debt Instrument Fair Value Carrying Value [Abstract] | ||
Total Capital (to Risk Weighted Assets), Actual | $ 37,648 | $ 37,141 |
Tier 1 Capital (to Risk Weighted Assets), Actual | 36,315 | 35,786 |
Common Equity Tier 1 Capital (to Risk Weighted Assets), Actual | 36,315 | 35,786 |
Tier 1 Capital (to Average Assets), Actual | $ 36,315 | $ 35,786 |
Total Capital (to Risk Weighted Assets), Actual Ratio | 18.42% | 19.80% |
Tier 1 Capital (to Risk Weighted Assets), Actual Ratio | 17.76% | 19.08% |
Common Equity Tier 1 Capital (to Risk Weighted Assets), Actual Ratio | 17.76% | 19.08% |
Tier 1 Capital (to Average Assets), Actual Ratio | 12.07% | 12.59% |
Total Capital (to Risk Weighted Assets), For Capital Adequacy purpose Amount | $ 16,354 | $ 15,007 |
Tier 1 Capital (to Risk Weighted Assets) For Capital Adequacy purpose Amount | 12,266 | 11,255 |
Common Equity Tier 1 Capital (to Risk Weighted Assets) For Capital Adequacy purpose Amount | 9,199 | 8,441 |
Tier 1 Capital (to Average Assets) For Capital Adequacy purpose Amount | $ 12,034 | $ 11,373 |
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 | $ 20,443 | $ 18,759 |
Tier 1 Capital (to Risk Weighted Assets), Capitalized Under Prompt Corrective Action Provisions Amount | 16,354 | 15,007 |
Common Equity Tier 1 Capital (to Risk Weighted Assets), Capitalized Under Prompt Corrective Action Provisions Amount | 13,288 | 12,193 |
Tier 1 Capital (to Average Assets), Capitalized Under Prompt Corrective Action Provisions Amount | $ 15,043 | $ 14,216 |
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 | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | 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 | 141,237 | 11,200 | |
Total number of shares repurchased | 0 | 0 | |
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 | Mar. 31, 2018 | Mar. 31, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized under plan | 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 | ||
Award vesting period | 5 years | ||
Minimum vesting period from date of grant | 1 year | ||
Stock-based compensation expense | $ 42,000 | $ 42,000 | |
Stock-based compensation expense, related tax benefits | 3,000 | $ 5,000 | |
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 of outstanding stock options | $ 1,200,000 | ||
Shares, forfeitures | 0 | 0 | |
Shares, exercised | 0 | 0 | |
Unrecognized compensation costs, weighted-average recognition period | 3 years | ||
Number of shares outstanding | 224,200 | ||
Number of shares exercisable | 44,840 | ||
Weighted average remaining contractual terms, Exercisable | 8 years | ||
Unrecognized compensation costs | $ 517,000 | ||
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 | ||
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 | $ 34,000 | |
Stock-based compensation expense, related tax benefits | $ 8,000 | $ 13,000 | |
Shares, forfeitures | 0 | 0 | |
Number of unvested restricted stock awarded | 35,440 | ||
Unrecognized share based compensation expense | $ 417,000 | ||
Unrecognized compensation costs, weighted-average recognition period | 3 years |