Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Nov. 14, 2016 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | Pilgrim Bancshares, Inc. | |
Entity Central Index Key | 1,601,347 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Trading Symbol | PLRM | |
Entity Common Stock, Shares Outstanding | 2,253,439 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
ASSETS | ||
Cash and due from banks | $ 2,264 | $ 2,351 |
Interest-bearing demand deposits with other banks | 9,637 | 8,319 |
Total cash and cash equivalents | 11,901 | 10,670 |
Interest-bearing time deposits with other banks | 1,092 | 1,087 |
Investments in available-for-sale securities (at fair value) | 17,595 | 16,556 |
Investments in held-to-maturity securities (fair value of $139 at September 30, 2016, and $155 at December 31, 2015) | 107 | 120 |
Federal Home Loan Bank stock, at cost | 2,231 | 971 |
Investment in The Co-operative Central Reserve Fund, at cost | 384 | 384 |
Loans, net of allowance for loan losses of $1,013 at September 30, 2016, and $886 at December 31, 2015 | 207,515 | 170,427 |
Premises and equipment, net | 4,979 | 5,177 |
Investment in real estate, net | 1,545 | 1,578 |
Accrued interest receivable | 581 | 508 |
Deferred income tax asset, net | 426 | 496 |
Bank-owned life insurance | 2,307 | 2,276 |
Other assets | 217 | 257 |
Total assets | 250,880 | 210,507 |
Deposits: | ||
Noninterest-bearing | 18,506 | 15,290 |
Interest-bearing | 162,975 | 154,082 |
Total deposits | 181,481 | 169,372 |
Federal Home Loan Bank advances | 36,372 | 8,500 |
Other liabilities | 715 | 666 |
Total liabilities | 218,568 | 178,538 |
Stockholders' equity: | ||
Common stock $.01 par value per share: 10,000,000 shares authorized, 2,253,439 shares issued at September 30, 2016 and 2,224,489 shares issued at December 31, 2015 | 23 | 22 |
Additional paid-in capital | 20,876 | 20,466 |
Retained earnings | 13,870 | 13,253 |
Unearned compensation - ESOP (163,324 shares unallocated at September 30, 2016 and 167,819 shares unallocated at December 31, 2015) | (1,634) | (1,679) |
Unearned compensation - Restricted Stock | (852) | 0 |
Accumulated other comprehensive income (loss) | 29 | (93) |
Total stockholders' equity | 32,312 | 31,969 |
Total liabilities and stockholders' equity | $ 250,880 | $ 210,507 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Securities held-to-maturity, fair value (in dollars) | $ 139 | $ 155 |
Allowance for loan losses (in dollars) | $ 1,013 | $ 886 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | 2,253,439 | 2,224,489 |
Employee stock ownership plan, shares unallocated | 163,324 | 167,819 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 70,950 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | ||
Interest and dividend income: | |||||
Interest and fees on loans | $ 2,119 | $ 1,696 | $ 5,730 | $ 4,839 | |
Interest on debt securities: | |||||
Taxable | 46 | 47 | 152 | 133 | |
Tax-exempt | 8 | 17 | 34 | 51 | |
Other interest and dividends | 21 | 12 | 72 | 37 | |
Total interest and dividend income | 2,194 | 1,772 | 5,988 | 5,060 | |
Interest expense: | |||||
Interest on deposits | 357 | 250 | 1,033 | 730 | |
Interest on Federal Home Loan Bank advances | 69 | 18 | 119 | 45 | |
Total interest expense | 426 | 268 | 1,152 | 775 | |
Net interest and dividend income | 1,768 | 1,504 | 4,836 | 4,285 | |
Provision for loan losses | 62 | 36 | 134 | 96 | |
Net interest and dividend income after provision for loan losses | 1,706 | 1,468 | 4,702 | 4,189 | |
Noninterest income: | |||||
Service charges on deposit accounts | 27 | 30 | 81 | 90 | |
Gain on sales/calls of securities, net | 25 | 16 | 28 | 17 | |
Writedown of securities (includes losses of $3 for the three and nine month periods ended September 30, 2015, no amounts recognized in other comprehensive income in any of the periods before taxes) | 0 | (3) | (3) | ||
Gain on sales of loans, net | 9 | 17 | 43 | 54 | |
Rental income | 62 | 63 | 196 | 194 | |
Other income | 32 | 33 | 100 | 96 | |
Total noninterest income | 155 | 156 | 448 | 448 | |
Noninterest expense: | |||||
Salaries and employee benefits | 847 | 749 | 2,467 | 2,259 | |
Occupancy expense | 106 | 120 | 366 | 418 | |
Equipment expense | 49 | 45 | 143 | 138 | |
Data processing expense | 107 | 100 | 304 | 277 | |
Professional fees | 112 | 104 | 311 | 300 | |
Federal Deposit Insurance Corporation assessment | 38 | 36 | 112 | 106 | |
Communications expense | 27 | 31 | 91 | 90 | |
Advertising and public relations expense | 33 | 36 | 96 | 92 | |
Insurance expense | 15 | 20 | 46 | 61 | |
Supplies expense | 13 | 14 | 41 | 47 | |
Other expense | 54 | 49 | 167 | 173 | |
Total noninterest expense | 1,401 | 1,304 | 4,144 | 3,961 | |
Income before income taxes | 460 | 320 | 1,006 | 676 | |
Income tax expense | 184 | 117 | 389 | 238 | |
Net income | $ 276 | $ 203 | $ 617 | $ 438 | |
Weighted-average number of common shares outstanding: | |||||
Basic | 2,025,166 | 2,077,522 | 2,026,604 | 2,076,024 | |
Diluted | 2,025,829 | 2,077,522 | 2,026,809 | 2,076,024 | |
Earnings per share: | |||||
Basic | $ 0.14 | $ 0.1 | $ 0.3 | $ 0.21 | |
Diluted | [1] | $ 0.14 | $ 0.1 | $ 0.3 | $ 0.21 |
[1] | Options to purchase 169,500 shares, representing all outstanding options, were not included in the computation of diluted earnings per share for the three and nine months ended September 30, 2016 because the effect is anti-dilutive. |
CONSOLIDATED STATEMENTS OF INC5
CONSOLIDATED STATEMENTS OF INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2015 | Sep. 30, 2015 | |
Losses recognized in other comprehensive income, before taxes | $ 3 | $ 3 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | ||
Net income | $ 276 | $ 203 | $ 617 | $ 438 | |
Other comprehensive (loss) income, net of tax: | |||||
Net unrealized holding (loss) gain on available-for-sale securities | (36) | 110 | 220 | 63 | |
Reclassification adjustment for net realized gains in net income | [1] | (25) | (16) | (28) | (16) |
Other comprehensive (loss) income before income tax effect | (61) | 94 | 192 | 47 | |
Income tax expense | 23 | (35) | (70) | (17) | |
Other comprehensive (loss) income, net of tax | (38) | 59 | 122 | 30 | |
Comprehensive income | $ 238 | $ 262 | $ 739 | $ 468 | |
[1] | Reclassification adjustments are comprised of realized security gains. The realized gains have been reclassified out of accumulated other comprehensive income (loss) and have affected certain lines in the consolidated statements of income as follows: the pre-tax amount is included in gain on sales/calls of securities, net; the tax expense amount which was $9,000 and $5,000 for the three months ended September 30, 2016 and 2015, respectively, and $10,000 and $6,000 for the nine months ended September 30, 2016 and 2015, respectively, is included in income tax expense. The after tax amount included in net income was $16,000 and $11,000 for the three months ended September 30, 2016 and 2015, respectively, and $18,000 and $10,000 for the nine months ended September 30, 2016 and 2015, respectively. |
CONSOLIDATED STATEMENTS OF COM7
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax | $ 9,000 | $ 5,000 | $ 10,000 | $ 6,000 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | $ 16,000 | $ 11,000 | $ 18,000 | $ 10,000 |
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-Restricted Stock [Member] | Accumulated Other Comprehensive (Loss) [Member] |
Balance at Dec. 31, 2014 | $ 31,602 | $ 22 | $ 20,770 | $ 12,599 | $ (1,738) | $ 0 | $ (51) |
Balance (in Shares) at Dec. 31, 2014 | 2,247,589 | ||||||
Net income | 438 | $ 0 | 0 | 438 | 0 | 0 | 0 |
Common stock held by ESOP committed to be allocated (4,495 shares) | 53 | 0 | 8 | 0 | 45 | 0 | 0 |
Other comprehensive income, net of tax effect | 30 | 0 | 0 | 0 | 0 | 0 | 30 |
Issuance costs related to initial public offering | (17) | 0 | (17) | 0 | 0 | 0 | 0 |
Balance at Sep. 30, 2015 | 32,106 | $ 22 | 20,761 | 13,037 | (1,693) | 0 | (21) |
Balance (in Shares) at Sep. 30, 2015 | 2,247,589 | ||||||
Shares purchased and retired (in shares) | (23,100) | ||||||
Balance at Dec. 31, 2015 | 31,969 | $ 22 | 20,466 | 13,253 | (1,679) | 0 | (93) |
Balance (in Shares) at Dec. 31, 2015 | 2,224,489 | ||||||
Net income | 617 | $ 0 | 0 | 617 | 0 | 0 | 0 |
Common stock held by ESOP committed to be allocated (4,495 shares) | 58 | 0 | 13 | 0 | 45 | 0 | 0 |
Restricted stock granted in connection with equity incentive plan | 0 | $ 1 | 911 | 0 | 0 | (912) | 0 |
Restricted stock granted in connection with equity incentive plan (shares) | 70,950 | ||||||
Share based compensation-restricted stock | 60 | $ 0 | 0 | 0 | 0 | 60 | 0 |
Share based compensation-options | 36 | 0 | 36 | 0 | 0 | 0 | 0 |
Shares purchased and retired | (550) | $ 0 | (550) | 0 | 0 | 0 | 0 |
Shares purchased and retired (in shares) | (42,000) | ||||||
Other comprehensive income, net of tax effect | 122 | $ 0 | 0 | 0 | 0 | 0 | 122 |
Balance at Sep. 30, 2016 | $ 32,312 | $ 23 | $ 20,876 | $ 13,870 | $ (1,634) | $ (852) | $ 29 |
Balance (in Shares) at Sep. 30, 2016 | 2,253,439 |
CONSOLIDATED STATEMENTS OF CHA9
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - shares | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Common Stock [Member] | ||
Number of shares committed to be allocated | 4,495 | 4,495 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Cash flows from operating activities: | ||
Net income | $ 617 | $ 438 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan losses | 134 | 96 |
Capitalized interest on interest-bearing time deposits | (5) | (9) |
Amortization of securities, net | 65 | 63 |
Gain on sales/calls of securities, net | (28) | (17) |
Loans originated for sale | (2,205) | (2,631) |
Proceeds from sales of loans originated for sale | 2,248 | 2,685 |
Gain on sales of loans, net | (43) | (54) |
Change in deferred origination fees, costs and discounts | (224) | (47) |
Writedown of securities | 0 | 3 |
Depreciation and amortization | 254 | 255 |
Stock based compensation expense | 154 | 53 |
Increase in accrued interest receivable | (73) | (33) |
Increase in bank-owned life insurance | (31) | (35) |
Decrease in other assets | 40 | 121 |
Increase in other liabilities | 49 | 99 |
Net cash provided by operating activities | 952 | 987 |
Cash flows from investing activities: | ||
Proceeds from redemption and maturities of interest-bearing time deposits | 0 | 1,500 |
Purchase of Federal Home Loan Bank stock | (1,339) | (251) |
Redemption of Federal Home Loan Bank stock | 79 | 0 |
Purchases of available-for-sale securities | (6,342) | (4,384) |
Proceeds from maturities/calls/pay downs of available-for-sale securities | 4,245 | 2,438 |
Proceeds from sales of available-for-sale securities | 1,208 | 0 |
Proceeds from maturities of held-to-maturity securities | 18 | 28 |
Loan principal originations and collections, net | (12,875) | (13,284) |
Loans purchased | (29,158) | (8,558) |
Loan participations sold | 5,035 | 1,650 |
Capital expenditures | (23) | (52) |
Net cash used in investing activities | (39,152) | (20,913) |
Cash flows from financing activities: | ||
Net increase (decrease) in demand deposits, NOW and savings accounts | 3,660 | (1,909) |
Net increase in time deposits | 8,449 | 7,004 |
Payments on Federal Home Loan Bank long-term advances | (2,728) | (1,000) |
Proceeds from Federal Home Loan Bank long-term advances | 30,600 | 5,500 |
Net change in short-term Federal Home Loan Bank advances | 0 | (500) |
Issuance costs related to initial public offering | 0 | (17) |
Purchase and retirement of common stock | (550) | 0 |
Net cash provided by financing activities | 39,431 | 9,078 |
Net increase (decrease) in cash and cash equivalents | 1,231 | (10,848) |
Cash and cash equivalents at beginning of period | 10,670 | 18,295 |
Cash and cash equivalents at end of period | 11,901 | 7,447 |
Supplemental disclosures: | ||
Interest paid | 1,133 | 773 |
Income taxes paid | $ 500 | $ 149 |
NATURE OF OPERATIONS
NATURE OF OPERATIONS | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
NATURE OF OPERATIONS | NOTE 1 - NATURE OF OPERATIONS Pilgrim Bancshares, Inc. (the “Company”), was incorporated in February 2014 under the laws of the State of Maryland |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION | NOTE 2 - 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 subsidiaries, 48 South Main Street Corporation, which was formed to hold securities for its own account; 40 South Main Street Realty Trust, which was formed to hold our main office; and 800 CJC Realty Corporation, which was formed to invest in and develop residential and commercial property. All significant intercompany accounts and transactions have been eliminated in consolidation. The accompanying unaudited interim consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and accompanying notes required by GAAP for complete financial statements. Information included herein as of September 30, 2016 and for the interim periods ended September 30, 2016 and 2015 is unaudited; however, in the opinion of management, all adjustments considered necessary for a fair presentation have been included and were of a normal recurring nature. The results of operations for the three and nine months ended September 30, 2016 are not necessarily indicative of the results that may be expected for the entire year or any other interim period. These statements should be read in conjunction with the audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. In preparing consolidated financial statements in conformity with GAAP, 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 sheets and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, impairment of securities and the valuation of deferred tax assets. |
RECENT ACCOUNTING PRONOUNCEMENT
RECENT ACCOUNTING PRONOUNCEMENTS | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
RECENT ACCOUNTING PRONOUNCEMENTS OPEN | NOTE 3 - RECENT ACCOUNTING PRONOUNCEMENTS In January 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-01, “Financial Instruments Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.” The amendments in this ASU address certain aspects of recognition, measurement, presentation, and disclosure of financial instruments and make targeted improvements to GAAP as follows: 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, an 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 securities in combination with the entity’s other deferred tax assets. 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 anticipates that the adoption of this ASU will not have a material impact on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842).” This ASU was issued to increase transparency and comparability among organizations by requiring reporting entities to recognize all leases, including operating, as lease assets and lease liabilities on the balance sheet and disclose key information about leasing arrangements. Under the extended transition period for an emerging growth company, the amendments in this ASU are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. The Company anticipates that the adoption of this ASU will not have a material impact on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, “Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-based Payment Accounting.” The ASU simplifies several aspects of the accounting for share-based payment award transactions, including: (a) income tax consequences; (b) classification of awards as either equity or liabilities; and (c) classification on the statement of cash flows. Under the extended transition period for an emerging growth company, the amendments in this ASU are effective for annual periods beginning after December 15, 2017, and interim periods within annual periods beginning after December 15, 2018. The Company is currently reviewing this ASU to determine if it will have an impact on its consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326).” The amendments in this ASU affect entities holding financial assets and net investments in leases that are not accounted for at fair value through net income. The main objective of this ASU is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. To achieve this objective, the amendments in this ASU replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. This ASU also requires enhanced disclosures to help investors and other financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of a reporting entity’s portfolio. Additionally, this ASU amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. Under the extended transition period for an emerging growth company, the amendments in this ASU are effective for fiscal years beginning after December 15, 2020, and interim periods within fiscal years beginning after December 15, 2021. All entities may adopt the amendments in this ASU earlier as of the fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. An entity will apply the amendments in this ASU through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (that is, a modified-retrospective approach). The Company is currently reviewing the amendments in this ASU to determine the impact on its consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, “Classification of Certain Cash Receipts and Cash Payments.” Current GAAP is unclear or does not include specific guidance on how to classify certain transactions in the statement of cash flows. This ASU is intended to reduce diversity in practice in how eight particular transactions are classified in the statement of cash flows. Under the extended transition period for an emerging growth company, the amendments in ASU 2016-15 are effective for fiscal years beginning after December 15, 2018 and interim periods within fiscal years beginning after December 15, 2019. Early adoption is permitted, provided that all of the amendments are adopted in the same period. Entities will be required to apply the guidance retrospectively. If it is impracticable to apply the guidance retrospectively for an issue, the amendments related to that issue would be applied prospectively. As this guidance only affects the classification within the statement of cash flows, ASU No. 2016-15 is not expected to have a material impact on the Company’s consolidated financial statements. |
EARNINGS PER SHARE (EPS)
EARNINGS PER SHARE (EPS) | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE (EPS) | NOTE 4 - EARNINGS PER SHARE (EPS) The Company has adopted the EPS guidance included in Accounting Standards Codification (“ASC”) 260-10. As presented below, basic earnings per share is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding for the period. 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 the earnings of the entity. For purposes of computing diluted EPS, the treasury stock method is used. Unallocated ESOP shares are not deemed outstanding for earnings per share calculations. Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Net income (In thousands) $ 276 $ 203 $ 617 $ 438 Basic and diluted common shares: Weighted average common shares outstanding 2,189,239 2,247,589 2,192,175 2,247,589 Weighted average unallocated ESOP shares (164,073) (170,067) (165,571) (171,565) Basic weighted average shares outstanding 2,025,166 2,077,522 2,026,604 2,076,024 Dilutive effect of unearned restricted stock 663 - 205 - Diluted weighted average shares outstanding 2,025,829 2,077,522 2,026,809 2,076,024 Basic earnings per share $ 0.14 $ 0.10 $ 0.30 $ 0.21 Diluted earnings per share (1) $ 0.14 $ 0.10 $ 0.30 $ 0.21 (1) Options to purchase 169,500 |
INVESTMENTS IN SECURITIES
INVESTMENTS IN SECURITIES | 9 Months Ended |
Sep. 30, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENTS IN SECURITIES | NOTE 5 - INVESTMENTS IN SECURITIES Investments in 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: Amortized Gross Gross Cost Unrealized Unrealized Fair Basis Gains Losses Value (In Thousands) Available-for-sale securities: September 30, 2016 (unaudited): Debt securities issued by U.S. government corporations and agencies $ 8,879 $ 25 $ 2 $ 8,902 Debt securities issued by states of the United States and political subdivisions of the states 2,706 31 14 2,723 Mortgage-backed securities 5,965 37 32 5,970 $ 17,550 $ 93 $ 48 $ 17,595 December 31, 2015: Debt securities issued by U.S. government corporations and agencies $ 6,339 $ 6 $ 34 $ 6,311 Debt securities issued by states of the United States and political subdivisions of the states 2,456 7 19 2,444 Mortgage-backed securities 7,908 6 113 7,801 $ 16,703 $ 19 $ 166 $ 16,556 Amortized Gross Gross Cost Unrealized Unrealized Fair Basis Gains Losses Value (In Thousands) Held-to-maturity securities: September 30, 2016 (unaudited): Mortgage-backed securities $ 107 $ 32 $ - $ 139 $ 107 $ 32 $ - $ 139 December 31, 2015: Mortgage-backed securities $ 120 $ 35 $ - $ 155 $ 120 $ 35 $ - $ 155 Available-For-Sale Held-To-Maturity Amortized Fair Cost Fair Value Basis Value (In Thousands) Due within one year $ - $ - $ - Due after one year through five years 10,043 - - Due after five years through ten years 1,314 - - Due after ten years 268 - - Mortgage-backed securities 5,970 107 139 $ 17,595 $ 107 $ 139 Proceeds from sales of available-for-sale securities during the nine months ended September 30, 2016 (unaudited) were $ 1.2 24,000 9,000 As of September 30, 2016 (unaudited) and December 31, 2015, there were no securities of issuers whose aggregate carrying amount exceeded 10 Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (In Thousands) September 30, 2016 (unaudited): Debt securities issued by U.S. government corporations and agencies $ 1,997 $ 2 $ - $ - $ 1,997 $ 2 Debt securities issued by states of the United States and political subdivisions of the states 203 - 436 14 639 14 Mortgage-backed securities 586 3 1,477 29 2,063 32 Total temporarily impaired securities $ 2,786 $ 5 $ 1,913 $ 43 $ 4,699 $ 48 December 31, 2015: Debt securities issued by U.S. government corporations and agencies $ 5,320 $ 21 $ 487 $ 13 $ 5,807 $ 34 Debt securities issued by states of the United States and political subdivisions of the states - - 912 19 912 19 Mortgage-backed securities 4,302 46 2,101 67 6,403 113 Total temporarily impaired securities $ 9,622 $ 67 $ 3,500 $ 99 $ 13,122 $ 166 As of September 30, 2016 (unaudited), investment securities with unrealized losses consist of 4 debt securities issued by U.S. government agencies and government-sponsored enterprises, 3 debt securities issued by states of the United States and political subdivisions of the states and 12 mortgage-backed securities. The Company reviews investments for other-than-temporary impairment using a number of factors including the length of time and the extent to which the market value has been less than cost and by examining any credit deterioration or ratings downgrades. The unrealized losses in the above tables are primarily attributable to changes in market interest rates. As Company management has the intent and ability to hold impaired debt securities until maturity, or for the foreseeable future if classified as available-for-sale, no declines are deemed to be other-than-temporary. For those debt securities for which the fair value of the security is less than its amortized cost basis and the Company does not intend to sell such security and it is more likely than not that it will not be required to sell such security prior to the recovery of its amortized cost basis less any credit losses, ASC 320-10, “Investments - Debt and Equity Securities,” requires that the credit component of the other-than-temporary impairment losses be recognized in earnings while the noncredit component is recognized in other comprehensive income, net of related taxes. Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Non-Agency Non-Agency Non-Agency Non-Agency Mortgage-Backed Mortgage-Backed Mortgage-Backed Mortgage-Backed Securities Securities Securities Securities (In Thousands) (In Thousands) Total other-than-temporary impairment losses $ - $ 3 $ - $ 3 Less: unrealized other-than-temporary losses recognized in other comprehensive income (loss) (1) - - - - Net impairment losses recognized in earnings (2) $ - $ 3 $ - $ 3 (1) Represents the noncredit component of the other-than-temporary impairment on the securities. (2) Represents the credit component of the other-than-temporary impairment on securities No other-than-temporary impairment losses were recognized for the nine months ended September 30, 2016. For the three and nine months ended September 30, 2015, debt securities with other-than-temporary impairment losses related to credit quality that were recognized in earnings consisted of non-agency mortgage-backed securities. The Company estimated the credit component portion of loss for the non-agency mortgage-backed securities using a discounted cash flow model. Significant inputs for the non-agency mortgage-backed securities included estimated cash flows of the underlying collateral based on key assumptions such as default rate, loss severity and prepayment rate. The present value of the expected cash flows was compared to the Company’s holdings to determine the credit-related impairment loss. Based on the expected cash flows derived from the model, the Company expects to recover the remaining unrealized losses on non-agency mortgage-backed securities. |
LOANS
LOANS | 9 Months Ended |
Sep. 30, 2016 | |
Receivables [Abstract] | |
LOANS | NOTE 6 - LOANS September 30, December 31, 2016 2015 (unaudited) (In Thousands) Real estate loans: One-to four- family residential $ 132,440 $ 104,861 Commercial 25,521 21,848 Multi-family 18,850 16,559 Home equity loans and lines of credit 2,230 2,093 Construction 23,952 18,755 Commercial and industrial loans 2,975 3,964 Consumer loans: Consumer lines of credit 17 20 Other consumer loans 2,166 3,060 208,151 171,160 Net deferred loan origination fees, costs and discounts 377 153 Allowance for loan losses (1,013) (886) Net loans $ 207,515 $ 170,427 Real Estate: Consumer One- to four-family Home Equity Loans Commercial and Consumer Residential Commercial Multi-family and Lines of Credit Construction Industrial Loans Line of Credit Other Consumer Unallocated Total (In Thousands) Nine months ended September 30, 2016 (unaudited): Allowance for loan losses: Beginning balance $ 373 $ 146 $ 62 $ 14 $ 216 $ 13 $ 1 $ 29 $ 32 $ 886 Charge-offs - - - - - - - (7) - (7) Recoveries - - - - - - - - - - Provision (benefit) 72 1 9 (2) 60 (3) - (1) (2) 134 Ending balance $ 445 $ 147 $ 71 $ 12 $ 276 $ 10 $ 1 $ 21 $ 30 $ 1,013 Nine months ended September 30, 2015 (unaudited): Allowance for loan losses: Beginning balance $ 362 $ 134 $ 36 $ 27 $ 121 $ 8 $ 1 $ 20 $ 34 $ 743 Charge-offs - - - - - - - - - - Recoveries - - - - - - - - - - Provision (benefit) 8 (14) 19 (13) 99 9 - 12 (24) 96 Ending balance $ 370 $ 120 $ 55 $ 14 $ 220 $ 17 $ 1 $ 32 $ 10 $ 839 At September 30, 2016 (unaudited): Allowance for loan losses: Ending balance: Individually evaluated for impairment $ 21 $ - $ - $ - $ - $ - $ - $ - $ - $ 21 Ending balance: Collectively evaluated for impairment 424 147 71 12 276 10 1 21 30 992 Total allowance for loan losses ending balance $ 445 $ 147 $ 71 $ 12 $ 276 $ 10 $ 1 $ 21 $ 30 $ 1,013 Loans: Ending balance: Individually evaluated for impairment $ 3,423 $ 659 $ - $ 6 $ - $ - $ - $ - $ - $ 4,088 Ending balance: Collectively evaluated for impairment 129,017 24,862 18,850 2,224 23,952 2,975 17 2,166 - 204,063 Total loans ending balance $ 132,440 $ 25,521 $ 18,850 $ 2,230 $ 23,952 $ 2,975 $ 17 $ 2,166 $ - $ 208,151 Real Estate: Consumer One- to four-family Home Equity Loans Commercial and Consumer Residential Commercial Multi-family and Lines of Credit Construction Industrial Loans Line of Credit Other Consumer Unallocated Total At December 31, 2015: Allowance for loan losses: Ending balance: Individually evaluated for impairment $ 21 $ - $ - $ - $ - $ - $ - $ - $ - $ 21 Ending balance: Collectively evaluated for impairment 352 146 62 14 216 13 1 29 32 865 Total allowance for loan losses ending balance $ 373 $ 146 $ 62 $ 14 $ 216 $ 13 $ 1 $ 29 $ 32 $ 886 Loans: Ending balance: Individually evaluated for impairment $ 5,665 $ 679 $ - $ 59 $ - $ - $ - $ - $ - $ 6,403 Ending balance: Collectively evaluated for impairment 99,196 21,169 16,559 2,034 18,755 3,964 20 3,060 - 164,757 Total loans ending balance $ 104,861 $ 21,848 $ 16,559 $ 2,093 $ 18,755 $ 3,964 $ 20 $ 3,060 $ - $ 171,160 90 Days 90 Days or More or More Total Total Past Due Nonaccrual 30-59 Days 60-89 Days Past Due Past Due Current Total and Accruing Loans (In Thousands) September 30, 2016 (unaudited): Real estate loans: One- to four-family residential $ 567 $ - $ - $ 567 $ 131,873 $ 132,440 $ - $ 11 Commercial - - - 25,521 25,521 - - Multi-family - - - - 18,850 18,850 - - Home equity loans and lines of credit 6 - - 6 2,224 2,230 - - Construction - - - - 23,952 23,952 - - Commercial and industrial loans - - - - 2,975 2,975 - - Consumer loans: Consumer lines of credit - - - - 17 17 - - Other consumer - - - 2,166 2,166 - - Total $ 573 $ - $ - $ 573 $ 207,578 $ 208,151 $ - $ 11 December 31, 2015: Real estate loans: One- to four-family residential $ 1,088 $ 18 $ 1,393 $ 2,499 $ 102,362 $ 104,861 $ - $ 1,410 Commercial - - - - 21,848 21,848 - - Multi-family - - - - 16,559 16,559 - - Home equity loans and lines of credit - 59 - 59 2,034 2,093 - - Construction - - - - 18,755 18,755 - - Commercial and industrial loans - - - - 3,964 3,964 - - Consumer loans: Consumer lines of credit - - - - 20 20 - - Other consumer 16 - - 16 3,044 3,060 - - Total $ 1,104 $ 77 $ 1,393 $ 2,574 $ 168,586 $ 171,160 $ - $ 1,410 Unpaid Recorded Principal Related Investment Balance Allowance (In Thousands) September 30, 2016 (unaudited): With no related allowance recorded: Real estate loans: One- to four-family residential $ 2,856 $ 2,856 $ - Commercial 659 659 - Home equity loans and lines of credit 6 88 - Total impaired with no related allowance $ 3,521 $ 3,603 $ - With an allowance recorded: Real estate loans: One- to four-family residential $ 567 $ 567 $ 21 Commercial - - - Home equity loans and lines of credit - - - Total impaired with an allowance recorded $ 567 $ 567 $ 21 Total Real estate loans: One- to four-family residential $ 3,423 $ 3,423 $ 21 Commercial 659 659 - Home equity loans and lines of credit 6 88 - Total impaired loans $ 4,088 $ 4,170 $ 21 December 31, 2015: With no related allowance recorded: Real estate loans: One- to four-family residential $ 5,098 $ 5,098 $ - Commercial 679 679 - Home equity loans and lines of credit 59 141 - Total impaired with no related allowance $ 5,836 $ 5,918 $ - With an allowance recorded: Real estate loans: One- to four-family residential $ 567 $ 567 $ 21 Commercial - - - Home equity loans and lines of credit - - - Total impaired with an allowance recorded $ 567 $ 567 $ 21 Total Real estate loans: One- to four-family residential $ 5,665 $ 5,665 $ 21 Commercial 679 679 - Home equity loans and lines of credit 59 141 - Total impaired loans $ 6,403 $ 6,485 $ 21 Nine Months Ended Nine Months Ended September 30, 2016 September 30, 2015 Average Interest Average Interest Recorded Income Recorded Income Investment Recognized Investment Recognized With no related allowance recorded: Real estate loans: One- to four-family residential $ 3,607 $ 135 $ 5,840 $ 147 Commercial 670 28 691 29 Home equity loans and lines of credit 48 4 53 1 Total impaired with no related allowance $ 4,325 $ 167 $ 6,584 $ 177 With an allowance recorded: Real estate loans: One- to four-family residential $ 567 $ 17 $ 573 $ 17 Commercial - - - - Home equity loans and lines of credit - - - - Total impaired with an allowance recorded $ 567 $ 17 $ 573 $ 17 Total Real estate loans: One- to four-family residential $ 4,174 $ 152 $ 6,413 $ 164 Commercial 670 28 691 29 Home equity loans and lines of credit 48 4 53 1 Total impaired loans $ 4,892 $ 184 $ 7,157 $ 194 The following tables present the Company’s loans by risk rating: Real Estate: Consumer One- to four-family Home Equity Loans Commercial and Consumer Residential Commercial Multi-family and Lines of Credit Construction Industrial Loans Lines of Credit Other Consumer Total (In Thousands) September 30, 2016 (unaudited): Grade: Pass $ - $ 24,862 $ 18,850 $ - $ 23,952 $ 2,975 $ - $ - $ 70,639 Special mention 2,026 659 - - - - - 2,685 Substandard 567 - - 6 - - - - 573 Loans not formally rated 129,847 - - 2,224 - - 17 2,166 134,254 Total $ 132,440 $ 25,521 $ 18,850 $ 2,230 $ 23,952 $ 2,975 $ 17 $ 2,166 $ 208,151 December 31, 2015: Grade: Pass $ - $ 21,169 $ 16,559 $ - $ 18,755 $ 3,964 $ - $ - $ 60,447 Special mention 539 - - 53 - - - - 592 Substandard 3,796 679 - 6 - - - - 4,481 Loans not formally rated 100,526 - - 2,034 - - 20 3,060 105,640 Total $ 104,861 $ 21,848 $ 16,559 $ 2,093 $ 18,755 $ 3,964 $ 20 $ 3,060 $ 171,160 At September 30, 2016 (unaudited) and December 31, 2015, there were no loans rated “doubtful” or “loss.” Credit Quality Information The Company utilizes a seven grade internal loan rating system for commercial real estate, construction and commercial loans as follows: Loans rated 1 - 3: Loans in these categories are considered “pass” rated loans with low to average risk. Loans rated 4: Loans in this category are considered “special mention.” These loans are starting to show signs of potential weakness and are being closely monitored by management. Loans rated 5: Loans in this category are considered “substandard.” Generally, a loan is considered substandard if it is inadequately protected by the current net worth and paying capacity of the obligors and/or the collateral pledged. There is a distinct possibility that the Company will sustain some loss if the weakness is not corrected. Loans rated 6: Loans in this category are considered “doubtful.” Loans classified as doubtful have all the weaknesses inherent in those classified substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, highly questionable and improbable. Loans rated 7: Loans in this category are considered uncollectible (“loss”) and of such little value that their continuance as loans is not warranted. On an annual basis, or more often if needed, the Company formally reviews the ratings on all 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 payment activity. The Company classifies loans modified as troubled debt restructurings (TDRs) as impaired loans with an allowance established as part of the allocated component of the allowance for loan losses when the discounted cash flows or value of the underlying collateral of the impaired loan is lower than its carrying value. During the three months ended September 30, 2016 (unaudited), there were no loans modified as TDRs. During the nine months ended September 30, 2016 (unaudited), five loans were modified as TDRs. Three of the modified loans paid off by September 30, 2016. During the nine months ended September 30, 2015 (unaudited), there were no loans modified as TDRs. The following table sets forth information regarding the remaining loans modified as TDRs during the nine months ended September 30, 2016. Pre-Modification Post-Modification Number of Outstanding Recorded Outstanding Recorded Contracts Investment Investment (Dollars In Thousands) September 30, 2016: Troubled Debt Restructurings: Real estate loans: One- to four- family residential 1 $ 567 $ 567 Home equity loans and lines of credit 1 6 6 2 $ 573 $ 573 At September 30, 2016 (unaudited) there were no loans modified as TDRs that subsequently defaulted. As of September 30, 2016 (unaudited), there were no commitments to lend additional funds to borrowers whose loans were modified as troubled debt restructurings. Rate Interest Only Rate Reduction and Reduction Period Interest Only Period (In Thousands) September 30, 2016 (unaudited): Real estate loans: One- to four- family residential $ - $ 567 $ - Home equity loans and lines of credit - 6 - Total $ - $ 573 $ - An analysis of the loans modified as TDRs was performed as of September 30, 2016 (unaudited). An allowance of $ 21,000 Loans serviced for others are not included in the accompanying consolidated balance sheets. The unpaid principal balances of mortgage and other loans serviced for others were $ 27.5 21.8 On March 25, 2016, the Company entered into an agreement to purchase $ 20.0 50 50 1 17.8 |
DEPOSITS
DEPOSITS | 9 Months Ended |
Sep. 30, 2016 | |
Banking and Thrift [Abstract] | |
DEPOSITS | NOTE 7 DEPOSITS The aggregate amount of time deposits in denominations that meet or exceed the Federal Deposit Insurance Corporation (FDIC) insurance limit of $250,000 at September 30, 2016 (unaudited) and December 31, 2015 was $ 24.4 20.9 5.0 (In Thousands) 2017 $ 59,008 2018 17,444 2019 3,949 2020 3,410 2021 7,888 Total $ 91,699 |
FEDERAL HOME LOAN BANK ADVANCES
FEDERAL HOME LOAN BANK ADVANCES | 9 Months Ended |
Sep. 30, 2016 | |
Banking and Thrift [Abstract] | |
FEDERAL HOME LOAN BANK ADVANCES | NOTE 8 - FEDERAL HOME LOAN BANK ADVANCES (In Thousands) 2017 $ 3,600 2018 4,500 2019 4,377 2020 - 2021 7,895 Thereafter 16,000 $ 36,372 Interest rates range from 0.39 1.41 0.91 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 family properties, certain unencumbered investment securities and other qualified assets |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | NOTE 9 - FAIR VALUE MEASUREMENTS ASC 820-10, “Fair Value Measurement - Overall,” provides a framework for measuring fair value under generally accepted accounting principles. This guidance also allows an entity the irrevocable option to elect fair value for the initial and subsequent measurement for certain financial assets and liabilities on a contract-by-contract basis. In accordance with ASC 820-10, the Company groups its financial assets and financial liabilities measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. 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 as of September 30, 2016 (unaudited) and December 31, 2015. The Company did not have any significant transfers between level 1 and level 2 of the fair value hierarchy during the nine months ended September 30, 2016 (unaudited) and the year ended December 31, 2015. The Company’s investment in mortgage-backed securities and other debt securities available-for-sale is generally classified within level 2 of the fair value hierarchy. For these securities, we obtain fair value measurements from independent pricing services. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. treasury yield curve, trading levels, market consensus prepayment speeds, credit information and the instrument’s terms and conditions. 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, and such adjustments are generally based on available market evidence. In the absence of such evidence, management’s best estimate is used. Subsequent to inception, management only changes level 3 inputs and assumptions when corroborated by evidence such as transactions in similar instruments, completed or pending third-party transactions in the underlying investment or comparable entities, subsequent rounds of financing, recapitalization and other transactions across the capital structure, offerings in the equity or debt markets, and changes in financial ratios or cash flows. The Company’s impaired loans are reported at the fair value of the underlying collateral if repayment is expected solely from the collateral. Collateral values are estimated using level 2 inputs based upon appraisals of similar properties obtained from a third party. For level 3 inputs, fair value is based upon management estimates of the value of the underlying collateral or the present value of the expected cash flows. The following summarizes assets measured at fair value as of September 30, 2016 (unaudited) and December 31, 2015. ASSETS MEASURED AT FAIR VALUE ON A RECURRING BASIS Fair Value Measurements at Reporting Date Using: Quoted Prices in Significant Significant Active Markets for Other Observable Unobservable Identical Assets Inputs Inputs Total Level 1 Level 2 Level 3 (In Thousands) September 30, 2016 (unaudited) : Debt securities issued by U.S. government corporations and agencies $ 8,902 $ - $ 8,902 $ - Debt securities issued by states of the United States and political subdivisions of the states 2,723 - 2,723 - Mortgage-backed securities 5,970 - 5,970 - Totals $ 17,595 $ - $ 17,595 $ - December 31, 2015 : Debt securities issued by U.S. government corporations and agencies $ 6,311 $ - $ 6,311 $ - Debt securities issued by states of the United States and political subdivisions of the states 2,444 - 2,444 - Mortgage-backed securities 7,801 - 7,801 - Totals $ 16,556 $ - $ 16,556 $ - ASSETS MEASURED AT FAIR VALUE ON A NONRECURRING BASIS Under certain circumstances we make adjustments to fair value for certain assets and liabilities although they are not measured at fair value on an ongoing basis. The following table presents assets carried on the consolidated balance sheets by caption and by level in the fair value hierarchy at September 30, 2016 (unaudited) and December 31, 2015, for which a nonrecurring change in fair value has been recorded: Fair Value Measurements at Reporting Date Using: Quoted Prices in Significant Significant Active Markets for Other Observable Unobservable Identical Assets Inputs Inputs Total Level 1 Level 2 Level 3 (In Thousands) September 30, 2016 (unaudited): Impaired loans $ 546 $ - $ - $ 546 Totals $ 546 $ - $ - $ 546 December 31, 2015: Impaired loans $ 546 $ - $ - $ 546 Totals $ 546 $ - $ - $ 546 The estimated fair values of the Company’s financial instruments, all of which are held or issued for purposes other than trading, are as follows: September 30, 2016 (unaudited) Carrying Fair Value Amount Level 1 Level 2 Level 3 Total (In Thousands) Financial assets: Cash and cash equivalents $ 11,901 $ 11,901 $ - $ - $ 11,901 Interest-bearing time deposits with other banks 1,092 - 1,094 - 1,094 Available-for-sale securities 17,595 - 17,595 - 17,595 Held-to-maturity securities 107 - 139 - 139 Federal Home Loan Bank stock 2,231 2,231 - - 2,231 Investment in The Co-operative Central Reserve Fund 384 384 - - 384 Loans, net 207,515 - - 209,319 209,319 Accrued interest receivable 581 581 - - 581 Financial liabilities: Deposits 181,481 - 182,267 - 182,267 FHLB advances 36,372 - 36,242 - 36,242 December 31, 2015 Carrying Fair Value Amount Level 1 Level 2 Level 3 Total (In Thousands) Financial assets: Cash and cash equivalents $ 10,670 $ 10,670 $ - $ - $ 10,670 Interest-bearing time deposits with other banks 1,087 - 1,086 - 1,086 Available-for-sale securities 16,556 - 16,556 - 16,556 Held-to-maturity securities 120 - 155 - 155 Federal Home Loan Bank stock 971 971 - - 971 Investment in The Co-operative Central Reserve Fund 384 384 - - 384 Loans, net 170,427 - - 171,150 171,150 Accrued interest receivable 508 508 - - 508 Financial liabilities: Deposits 169,372 - 170,134 - 170,134 FHLB advances 8,500 - 8,458 - 8,458 The carrying amounts of financial instruments shown in the above table are included in the consolidated balance sheets as of September 30, 2016 (unaudited) and December 31, 2015 under the indicated captions. Accounting policies related to financial instruments are described below. ASC 825, “Financial Instruments,” requires that the Company disclose estimated fair values 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 those assets' fair values. Interest-bearing time deposits with other banks: The fair value of interest-bearing time deposits with other banks was determined by discounting the cash flows associated with these instruments using current market rates for deposits with similar characteristics. 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 by discounting the future cash flows, 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 its fair value. Deposit liabilities: The fair values disclosed for demand deposits, regular savings, NOW accounts, and money market accounts are equal to the amount payable on demand at the reporting date (i.e., their carrying amounts). Fair values for certificates of deposit are estimated using a discounted cash flow calculation that applies interest rates currently being offered on certificates to a schedule of aggregated expected monthly maturities on time deposits. 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 aggregated expected monthly maturities on Federal Home Loan Bank advances. Off-balance sheet instruments: The fair value of commitments to originate loans is estimated using the fees currently charged to enter similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties. For fixed-rate loan commitments and the unadvanced portion of loans, fair value also considers the difference between current levels of interest rates and the committed rates. |
REGULATORY CAPITAL
REGULATORY CAPITAL | 9 Months Ended |
Sep. 30, 2016 | |
Banking and Thrift [Abstract] | |
REGULATORY CAPITAL | NOTE 10 REGULATORY CAPITAL 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 sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Effective January 1, 2015 (with a phase-in period of two to four years for certain components), the Bank became subject to new capital regulations adopted by the Board of Governors of the Federal Reserve System (“FRB”) and the FDIC, which implement the Basel III regulatory capital reforms and the changes required by the Dodd-Frank Act. The new regulations require a new common equity Tier 1 (“CET1”) capital ratio of 4.5 6.0 4.0 8.0 4.0 6.5 6.0 10.0 5.0 0.625 0.625 2.5 The new regulations changed what constitutes regulatory capital. Certain instruments will no longer constitute qualifying capital, subject to phase-out periods. In addition, Tier 2 capital is no longer limited to the amount of Tier 1 capital included in total capital. Mortgage servicing rights, certain deferred tax assets and investments in unconsolidated subsidiaries over designated percentages of CET1 will be deducted from capital. The new regulations also changed the risk weights of certain assets, including an increase in the risk weight of certain high volatility commercial real estate acquisition, development and construction loans and non-residential mortgage loans that are 90 days past due or on non-accrual status to 150 100 20 0 250 100 600 100 Management believes, as of September 30, 2016, that the Bank meets all capital adequacy requirements to which it is subject. As of September 30, 2016 (unaudited), 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 total risk-based, Tier 1 risk-based, Common Equity risk-based, and Tier 1 leverage ratios as set forth in the following table. There are no conditions or events since that notification that management believes have changed the Bank’s category. To Be Well Capitalized Under For Capital Prompt Corrective Actual Adequacy Purposes Action Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars In Thousands) As of September 30, 2016 (unaudited) : Total Capital (to Risk Weighted Assets) $ 23,998 14.4 % $ 13,350 8.0 % $ 16,687 10.0 % Tier 1 Capital (to Risk Weighted Assets) 22,974 13.8 10,012 6.0 13,350 8.0 Common Equity Tier 1 Capital (to Risk Weighted Assets) 22,974 13.8 7,509 4.5 10,846 6.5 Tier 1 Capital (to Average Assets) 22,974 9.5 9,721 4.0 12,151 5.0 As of December 31, 2015: Total Capital (to Risk Weighted Assets) $ 23,066 16.2 % $ 11,408 8.0 % $ 14,260 10.0 % Tier 1 Capital (to Risk Weighted Assets) 22,171 15.6 8,556 6.0 11,408 8.0 Common Equity Tier 1 Capital (to Risk Weighted Assets) 22,171 15.6 6,417 4.5 9,269 6.5 Tier 1 Capital (to Average Assets) 22,171 10.9 8,169 4.0 10,211 5.0 |
COMMON STOCK REPURCHASES
COMMON STOCK REPURCHASES | 9 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
COMMON STOCK REPURCHASES | NOTE 11 COMMON STOCK REPURCHASES On November 24, 2015, the Board of Directors of the Company authorized a stock repurchase program pursuant to which the Company may purchase up to 89,903 4.0 During the fourth quarter of 2015, the Company repurchased 23,100 12.89 During the nine month period ending September 30, 2016 (unaudited), a total of 42,000 13.10 |
EQUITY INCENTIVE PLANS
EQUITY INCENTIVE PLANS | 9 Months Ended |
Sep. 30, 2016 | |
Equity Incentive Plans [Abstract] | |
EQUITY INCENTIVE PLANS | NOTE 12 EQUITY INCENTIVE PLANS On November 24, 2015, stockholders of the Company approved the 2015 Equity Incentive Plan (“2015 EIP”). The 2015 EIP provides for the award of up to 314,661 70,950 169,500 70,950 47,600 23,350 169,500 122,500 47,000 18,953 55,258 The fair value of each option awarded for the 2015 EIP is estimated on the date of the grant using the Black-Scholes Option-Pricing Model. The expected life represents the period of time that the option is expected to be outstanding, taking into account the contractual term and the vesting period. The expected volatility is based on peer group volatility because the Company does not have sufficient trading history. The dividend yield is based on the Company’s expectation of no dividend payouts. The risk-free rate was based on the U.S. Treasury yield curve in effect at the date of the grant for a period equivalent to the expected life of the option. Stock Option Assumptions Expected life (years) 6.40 years Expected dividend yield 0% Expected volatility 20.24% Expected forfeiture rate 0% Risk free rate 1.67% Fair value per option $3.17 Stock Options 2016 Number of Shares Outstanding at beginning of period - Granted 169,500 Outstanding at end of period 169,500 Exercisable at end of period - Weighted average fair value of options granted during the period $ 3.17 Weighted average contractual life remaining 9.6 years Weighted average exercise price $ 12.85 Non-vested Restricted Stock 2016 Number of Shares Outstanding at beginning of period - Granted 70,950 Outstanding at end of period 70,950 Weighted average grant date fair value $ 12.85 As of September 30, 2016 (unaudited), unrecognized share-based compensation expense related to non-vested options amounted to $ 501,000 852,000 4.4 For the three months ended September 30, 2016 (unaudited), the Company recognized stock option related compensation expense of $ 26,000 3,000 36,000 4,000 46,000 18,000 60,000 24,000 |
ACCOUNTING POLICIES (Policies)
ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | As an “emerging growth company,” as defined in Title 1 of the Jumpstart Our Business Startups (JOBS) Act, the Company has elected to use the extended transition period to delay adoption of new or reissued accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. Accordingly, the consolidated financial statements may not be comparable to the financial statements of public companies that comply with such new or revised accounting standards. As of September 30, 2016, there is no significant difference in the comparability of the financial statements as a result of this extended transition period. In January 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-01, “Financial Instruments Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.” The amendments in this ASU address certain aspects of recognition, measurement, presentation, and disclosure of financial instruments and make targeted improvements to GAAP as follows: 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, an 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 securities in combination with the entity’s other deferred tax assets. 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 anticipates that the adoption of this ASU will not have a material impact on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842).” This ASU was issued to increase transparency and comparability among organizations by requiring reporting entities to recognize all leases, including operating, as lease assets and lease liabilities on the balance sheet and disclose key information about leasing arrangements. Under the extended transition period for an emerging growth company, the amendments in this ASU are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. The Company anticipates that the adoption of this ASU will not have a material impact on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, “Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-based Payment Accounting.” The ASU simplifies several aspects of the accounting for share-based payment award transactions, including: (a) income tax consequences; (b) classification of awards as either equity or liabilities; and (c) classification on the statement of cash flows. Under the extended transition period for an emerging growth company, the amendments in this ASU are effective for annual periods beginning after December 15, 2017, and interim periods within annual periods beginning after December 15, 2018. The Company is currently reviewing this ASU to determine if it will have an impact on its consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326).” The amendments in this ASU affect entities holding financial assets and net investments in leases that are not accounted for at fair value through net income. The main objective of this ASU is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. To achieve this objective, the amendments in this ASU replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. This ASU also requires enhanced disclosures to help investors and other financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of a reporting entity’s portfolio. Additionally, this ASU amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. Under the extended transition period for an emerging growth company, the amendments in this ASU are effective for fiscal years beginning after December 15, 2020, and interim periods within fiscal years beginning after December 15, 2021. All entities may adopt the amendments in this ASU earlier as of the fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. An entity will apply the amendments in this ASU through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (that is, a modified-retrospective approach). The Company is currently reviewing the amendments in this ASU to determine the impact on its consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, “Classification of Certain Cash Receipts and Cash Payments.” Current GAAP is unclear or does not include specific guidance on how to classify certain transactions in the statement of cash flows. This ASU is intended to reduce diversity in practice in how eight particular transactions are classified in the statement of cash flows. Under the extended transition period for an emerging growth company, the amendments in ASU 2016-15 are effective for fiscal years beginning after December 15, 2018 and interim periods within fiscal years beginning after December 15, 2019. Early adoption is permitted, provided that all of the amendments are adopted in the same period. Entities will be required to apply the guidance retrospectively. If it is impracticable to apply the guidance retrospectively for an issue, the amendments related to that issue would be applied prospectively. As this guidance only affects the classification within the statement of cash flows, ASU No. 2016-15 is not expected to have a material impact on the Company’s consolidated financial statements. |
EARNINGS PER SHARE (EPS) (Table
EARNINGS PER SHARE (EPS) (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Summary of Earnings Per Share | EPS for the three and nine months ended September 30, 2016 and 2015 (unaudited) have been computed based on the following: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Net income (In thousands) $ 276 $ 203 $ 617 $ 438 Basic and diluted common shares: Weighted average common shares outstanding 2,189,239 2,247,589 2,192,175 2,247,589 Weighted average unallocated ESOP shares (164,073) (170,067) (165,571) (171,565) Basic weighted average shares outstanding 2,025,166 2,077,522 2,026,604 2,076,024 Dilutive effect of unearned restricted stock 663 - 205 - Diluted weighted average shares outstanding 2,025,829 2,077,522 2,026,809 2,076,024 Basic earnings per share $ 0.14 $ 0.10 $ 0.30 $ 0.21 Diluted earnings per share (1) $ 0.14 $ 0.10 $ 0.30 $ 0.21 (1) Options to purchase 169,500 |
INVESTMENTS IN SECURITIES (Tabl
INVESTMENTS IN SECURITIES (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Amortized Cost and Fair Values of Securities | Investments in 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: Amortized Gross Gross Cost Unrealized Unrealized Fair Basis Gains Losses Value (In Thousands) Available-for-sale securities: September 30, 2016 (unaudited): Debt securities issued by U.S. government corporations and agencies $ 8,879 $ 25 $ 2 $ 8,902 Debt securities issued by states of the United States and political subdivisions of the states 2,706 31 14 2,723 Mortgage-backed securities 5,965 37 32 5,970 $ 17,550 $ 93 $ 48 $ 17,595 December 31, 2015: Debt securities issued by U.S. government corporations and agencies $ 6,339 $ 6 $ 34 $ 6,311 Debt securities issued by states of the United States and political subdivisions of the states 2,456 7 19 2,444 Mortgage-backed securities 7,908 6 113 7,801 $ 16,703 $ 19 $ 166 $ 16,556 Amortized Gross Gross Cost Unrealized Unrealized Fair Basis Gains Losses Value (In Thousands) Held-to-maturity securities: September 30, 2016 (unaudited): Mortgage-backed securities $ 107 $ 32 $ - $ 139 $ 107 $ 32 $ - $ 139 December 31, 2015: Mortgage-backed securities $ 120 $ 35 $ - $ 155 $ 120 $ 35 $ - $ 155 |
Scheduled Maturities of Debt Securities | The scheduled maturities of debt securities were as follows as of September 30, 2016 (unaudited): Available-For-Sale Held-To-Maturity Amortized Fair Cost Fair Value Basis Value (In Thousands) Due within one year $ - $ - $ - Due after one year through five years 10,043 - - Due after five years through ten years 1,314 - - Due after ten years 268 - - Mortgage-backed securities 5,970 107 139 $ 17,595 $ 107 $ 139 |
Schedule of Aggregate Fair Value and Unrealized Losses of Securities | 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: Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (In Thousands) September 30, 2016 (unaudited): Debt securities issued by U.S. government corporations and agencies $ 1,997 $ 2 $ - $ - $ 1,997 $ 2 Debt securities issued by states of the United States and political subdivisions of the states 203 - 436 14 639 14 Mortgage-backed securities 586 3 1,477 29 2,063 32 Total temporarily impaired securities $ 2,786 $ 5 $ 1,913 $ 43 $ 4,699 $ 48 December 31, 2015: Debt securities issued by U.S. government corporations and agencies $ 5,320 $ 21 $ 487 $ 13 $ 5,807 $ 34 Debt securities issued by states of the United States and political subdivisions of the states - - 912 19 912 19 Mortgage-backed securities 4,302 46 2,101 67 6,403 113 Total temporarily impaired securities $ 9,622 $ 67 $ 3,500 $ 99 $ 13,122 $ 166 |
Schedule of Other-than-Temporary Impairment Losses on Securities | Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Non-Agency Non-Agency Non-Agency Non-Agency Mortgage-Backed Mortgage-Backed Mortgage-Backed Mortgage-Backed Securities Securities Securities Securities (In Thousands) (In Thousands) Total other-than-temporary impairment losses $ - $ 3 $ - $ 3 Less: unrealized other-than-temporary losses recognized in other comprehensive income (loss) (1) - - - - Net impairment losses recognized in earnings (2) $ - $ 3 $ - $ 3 (1) Represents the noncredit component of the other-than-temporary impairment on the securities. (2) Represents the credit component of the other-than-temporary impairment on securities |
LOANS (Tables)
LOANS (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Receivables [Abstract] | |
Schedule of Loans | Loans consisted of the following: September 30, December 31, 2016 2015 (unaudited) (In Thousands) Real estate loans: One-to four- family residential $ 132,440 $ 104,861 Commercial 25,521 21,848 Multi-family 18,850 16,559 Home equity loans and lines of credit 2,230 2,093 Construction 23,952 18,755 Commercial and industrial loans 2,975 3,964 Consumer loans: Consumer lines of credit 17 20 Other consumer loans 2,166 3,060 208,151 171,160 Net deferred loan origination fees, costs and discounts 377 153 Allowance for loan losses (1,013) (886) Net loans $ 207,515 $ 170,427 |
Schedule of Allowance for Loan Losses | The following tables set forth information regarding the allowance for loan losses for the nine months ended September 30, 2016 and 2015 (unaudited) and at September 30, 2016 (unaudited) and December 31, 2015: Real Estate: Consumer One- to four-family Home Equity Loans Commercial and Consumer Residential Commercial Multi-family and Lines of Credit Construction Industrial Loans Line of Credit Other Consumer Unallocated Total (In Thousands) Nine months ended September 30, 2016 (unaudited): Allowance for loan losses: Beginning balance $ 373 $ 146 $ 62 $ 14 $ 216 $ 13 $ 1 $ 29 $ 32 $ 886 Charge-offs - - - - - - - (7) - (7) Recoveries - - - - - - - - - - Provision (benefit) 72 1 9 (2) 60 (3) - (1) (2) 134 Ending balance $ 445 $ 147 $ 71 $ 12 $ 276 $ 10 $ 1 $ 21 $ 30 $ 1,013 Nine months ended September 30, 2015 (unaudited): Allowance for loan losses: Beginning balance $ 362 $ 134 $ 36 $ 27 $ 121 $ 8 $ 1 $ 20 $ 34 $ 743 Charge-offs - - - - - - - - - - Recoveries - - - - - - - - - - Provision (benefit) 8 (14) 19 (13) 99 9 - 12 (24) 96 Ending balance $ 370 $ 120 $ 55 $ 14 $ 220 $ 17 $ 1 $ 32 $ 10 $ 839 At September 30, 2016 (unaudited): Allowance for loan losses: Ending balance: Individually evaluated for impairment $ 21 $ - $ - $ - $ - $ - $ - $ - $ - $ 21 Ending balance: Collectively evaluated for impairment 424 147 71 12 276 10 1 21 30 992 Total allowance for loan losses ending balance $ 445 $ 147 $ 71 $ 12 $ 276 $ 10 $ 1 $ 21 $ 30 $ 1,013 Loans: Ending balance: Individually evaluated for impairment $ 3,423 $ 659 $ - $ 6 $ - $ - $ - $ - $ - $ 4,088 Ending balance: Collectively evaluated for impairment 129,017 24,862 18,850 2,224 23,952 2,975 17 2,166 - 204,063 Total loans ending balance $ 132,440 $ 25,521 $ 18,850 $ 2,230 $ 23,952 $ 2,975 $ 17 $ 2,166 $ - $ 208,151 Real Estate: Consumer One- to four-family Home Equity Loans Commercial and Consumer Residential Commercial Multi-family and Lines of Credit Construction Industrial Loans Line of Credit Other Consumer Unallocated Total At December 31, 2015: Allowance for loan losses: Ending balance: Individually evaluated for impairment $ 21 $ - $ - $ - $ - $ - $ - $ - $ - $ 21 Ending balance: Collectively evaluated for impairment 352 146 62 14 216 13 1 29 32 865 Total allowance for loan losses ending balance $ 373 $ 146 $ 62 $ 14 $ 216 $ 13 $ 1 $ 29 $ 32 $ 886 Loans: Ending balance: Individually evaluated for impairment $ 5,665 $ 679 $ - $ 59 $ - $ - $ - $ - $ - $ 6,403 Ending balance: Collectively evaluated for impairment 99,196 21,169 16,559 2,034 18,755 3,964 20 3,060 - 164,757 Total loans ending balance $ 104,861 $ 21,848 $ 16,559 $ 2,093 $ 18,755 $ 3,964 $ 20 $ 3,060 $ - $ 171,160 |
Schedule of Nonaccrual Loans and Past-Due Loans | The following tables set forth information regarding nonaccrual loans and past-due loans at September 30, 2016 (unaudited) and December 31, 2015: 90 Days 90 Days or More or More Total Total Past Due Nonaccrual 30-59 Days 60-89 Days Past Due Past Due Current Total and Accruing Loans (In Thousands) September 30, 2016 (unaudited): Real estate loans: One- to four-family residential $ 567 $ - $ - $ 567 $ 131,873 $ 132,440 $ - $ 11 Commercial - - - 25,521 25,521 - - Multi-family - - - - 18,850 18,850 - - Home equity loans and lines of credit 6 - - 6 2,224 2,230 - - Construction - - - - 23,952 23,952 - - Commercial and industrial loans - - - - 2,975 2,975 - - Consumer loans: Consumer lines of credit - - - - 17 17 - - Other consumer - - - 2,166 2,166 - - Total $ 573 $ - $ - $ 573 $ 207,578 $ 208,151 $ - $ 11 December 31, 2015: Real estate loans: One- to four-family residential $ 1,088 $ 18 $ 1,393 $ 2,499 $ 102,362 $ 104,861 $ - $ 1,410 Commercial - - - - 21,848 21,848 - - Multi-family - - - - 16,559 16,559 - - Home equity loans and lines of credit - 59 - 59 2,034 2,093 - - Construction - - - - 18,755 18,755 - - Commercial and industrial loans - - - - 3,964 3,964 - - Consumer loans: Consumer lines of credit - - - - 20 20 - - Other consumer 16 - - 16 3,044 3,060 - - Total $ 1,104 $ 77 $ 1,393 $ 2,574 $ 168,586 $ 171,160 $ - $ 1,410 |
Schedule of Impaired Loan | Information about loans that meet the definition of an impaired loan in ASC 310-10-35, “Receivables Overall Subsequent Measurement,” is as follows at September 30, 2016 and December 31, 2015. Unpaid Recorded Principal Related Investment Balance Allowance (In Thousands) September 30, 2016 (unaudited): With no related allowance recorded: Real estate loans: One- to four-family residential $ 2,856 $ 2,856 $ - Commercial 659 659 - Home equity loans and lines of credit 6 88 - Total impaired with no related allowance $ 3,521 $ 3,603 $ - With an allowance recorded: Real estate loans: One- to four-family residential $ 567 $ 567 $ 21 Commercial - - - Home equity loans and lines of credit - - - Total impaired with an allowance recorded $ 567 $ 567 $ 21 Total Real estate loans: One- to four-family residential $ 3,423 $ 3,423 $ 21 Commercial 659 659 - Home equity loans and lines of credit 6 88 - Total impaired loans $ 4,088 $ 4,170 $ 21 December 31, 2015: With no related allowance recorded: Real estate loans: One- to four-family residential $ 5,098 $ 5,098 $ - Commercial 679 679 - Home equity loans and lines of credit 59 141 - Total impaired with no related allowance $ 5,836 $ 5,918 $ - With an allowance recorded: Real estate loans: One- to four-family residential $ 567 $ 567 $ 21 Commercial - - - Home equity loans and lines of credit - - - Total impaired with an allowance recorded $ 567 $ 567 $ 21 Total Real estate loans: One- to four-family residential $ 5,665 $ 5,665 $ 21 Commercial 679 679 - Home equity loans and lines of credit 59 141 - Total impaired loans $ 6,403 $ 6,485 $ 21 Nine Months Ended Nine Months Ended September 30, 2016 September 30, 2015 Average Interest Average Interest Recorded Income Recorded Income Investment Recognized Investment Recognized With no related allowance recorded: Real estate loans: One- to four-family residential $ 3,607 $ 135 $ 5,840 $ 147 Commercial 670 28 691 29 Home equity loans and lines of credit 48 4 53 1 Total impaired with no related allowance $ 4,325 $ 167 $ 6,584 $ 177 With an allowance recorded: Real estate loans: One- to four-family residential $ 567 $ 17 $ 573 $ 17 Commercial - - - - Home equity loans and lines of credit - - - - Total impaired with an allowance recorded $ 567 $ 17 $ 573 $ 17 Total Real estate loans: One- to four-family residential $ 4,174 $ 152 $ 6,413 $ 164 Commercial 670 28 691 29 Home equity loans and lines of credit 48 4 53 1 Total impaired loans $ 4,892 $ 184 $ 7,157 $ 194 |
Schedule of Loans by Risk Rating | The following tables present the Company’s loans by risk rating: Real Estate: Consumer One- to four-family Home Equity Loans Commercial and Consumer Residential Commercial Multi-family and Lines of Credit Construction Industrial Loans Lines of Credit Other Consumer Total (In Thousands) September 30, 2016 (unaudited): Grade: Pass $ - $ 24,862 $ 18,850 $ - $ 23,952 $ 2,975 $ - $ - $ 70,639 Special mention 2,026 659 - - - - - 2,685 Substandard 567 - - 6 - - - - 573 Loans not formally rated 129,847 - - 2,224 - - 17 2,166 134,254 Total $ 132,440 $ 25,521 $ 18,850 $ 2,230 $ 23,952 $ 2,975 $ 17 $ 2,166 $ 208,151 December 31, 2015: Grade: Pass $ - $ 21,169 $ 16,559 $ - $ 18,755 $ 3,964 $ - $ - $ 60,447 Special mention 539 - - 53 - - - - 592 Substandard 3,796 679 - 6 - - - - 4,481 Loans not formally rated 100,526 - - 2,034 - - 20 3,060 105,640 Total $ 104,861 $ 21,848 $ 16,559 $ 2,093 $ 18,755 $ 3,964 $ 20 $ 3,060 $ 171,160 |
Schedule of Troubled Debt Restructuring, Current Period | During the three months ended September 30, 2016 (unaudited), there were no loans modified as TDRs. During the nine months ended September 30, 2016 (unaudited), five loans were modified as TDRs. Three of the modified loans paid off by September 30, 2016. During the nine months ended September 30, 2015 (unaudited), there were no loans modified as TDRs. The following table sets forth information regarding the remaining loans modified as TDRs during the nine months ended September 30, 2016. Pre-Modification Post-Modification Number of Outstanding Recorded Outstanding Recorded Contracts Investment Investment (Dollars In Thousands) September 30, 2016: Troubled Debt Restructurings: Real estate loans: One- to four- family residential 1 $ 567 $ 567 Home equity loans and lines of credit 1 6 6 2 $ 573 $ 573 The following table provides information on how loans outstanding as of September 30, 2016 were modified as TDRs: Rate Interest Only Rate Reduction and Reduction Period Interest Only Period (In Thousands) September 30, 2016 (unaudited): Real estate loans: One- to four- family residential $ - $ 567 $ - Home equity loans and lines of credit - 6 - Total $ - $ 573 $ - |
DEPOSITS (Tables)
DEPOSITS (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Banking and Thrift [Abstract] | |
Summary of Scheduled Maturities of Time Deposits | (In Thousands) 2017 $ 59,008 2018 17,444 2019 3,949 2020 3,410 2021 7,888 Total $ 91,699 |
FEDERAL HOME LOAN BANK ADVANC28
FEDERAL HOME LOAN BANK ADVANCES (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Banking and Thrift [Abstract] | |
Summary of Maturities of Advances from the Federal Home Loan Bank ("FHLB") of Boston | Maturities of advances from the Federal Home Loan Bank of Boston (“FHLB”) for the years ending after September 30, 2016 (unaudited) are summarized as follows: (In Thousands) 2017 $ 3,600 2018 4,500 2019 4,377 2020 - 2021 7,895 Thereafter 16,000 $ 36,372 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Summary of Assets Measured at Fair Value on a Recurring Basis | ASSETS MEASURED AT FAIR VALUE ON A RECURRING BASIS Fair Value Measurements at Reporting Date Using: Quoted Prices in Significant Significant Active Markets for Other Observable Unobservable Identical Assets Inputs Inputs Total Level 1 Level 2 Level 3 (In Thousands) September 30, 2016 (unaudited) : Debt securities issued by U.S. government corporations and agencies $ 8,902 $ - $ 8,902 $ - Debt securities issued by states of the United States and political subdivisions of the states 2,723 - 2,723 - Mortgage-backed securities 5,970 - 5,970 - Totals $ 17,595 $ - $ 17,595 $ - December 31, 2015 : Debt securities issued by U.S. government corporations and agencies $ 6,311 $ - $ 6,311 $ - Debt securities issued by states of the United States and political subdivisions of the states 2,444 - 2,444 - Mortgage-backed securities 7,801 - 7,801 - Totals $ 16,556 $ - $ 16,556 $ - |
Summary of Assets Measured at Fair Value on a Nonrecurring Basis | ASSETS MEASURED AT FAIR VALUE ON A NONRECURRING BASIS Under certain circumstances we make adjustments to fair value for certain assets and liabilities although they are not measured at fair value on an ongoing basis. The following table presents assets carried on the consolidated balance sheets by caption and by level in the fair value hierarchy at September 30, 2016 (unaudited) and December 31, 2015, for which a nonrecurring change in fair value has been recorded: Fair Value Measurements at Reporting Date Using: Quoted Prices in Significant Significant Active Markets for Other Observable Unobservable Identical Assets Inputs Inputs Total Level 1 Level 2 Level 3 (In Thousands) September 30, 2016 (unaudited): Impaired loans $ 546 $ - $ - $ 546 Totals $ 546 $ - $ - $ 546 December 31, 2015: Impaired loans $ 546 $ - $ - $ 546 Totals $ 546 $ - $ - $ 546 |
Schedule of Estimated Fair Values of Financial Instruments Held or Issued for Purposes Other Than Trading | The estimated fair values of the Company’s financial instruments, all of which are held or issued for purposes other than trading, are as follows: September 30, 2016 (unaudited) Carrying Fair Value Amount Level 1 Level 2 Level 3 Total (In Thousands) Financial assets: Cash and cash equivalents $ 11,901 $ 11,901 $ - $ - $ 11,901 Interest-bearing time deposits with other banks 1,092 - 1,094 - 1,094 Available-for-sale securities 17,595 - 17,595 - 17,595 Held-to-maturity securities 107 - 139 - 139 Federal Home Loan Bank stock 2,231 2,231 - - 2,231 Investment in The Co-operative Central Reserve Fund 384 384 - - 384 Loans, net 207,515 - - 209,319 209,319 Accrued interest receivable 581 581 - - 581 Financial liabilities: Deposits 181,481 - 182,267 - 182,267 FHLB advances 36,372 - 36,242 - 36,242 December 31, 2015 Carrying Fair Value Amount Level 1 Level 2 Level 3 Total (In Thousands) Financial assets: Cash and cash equivalents $ 10,670 $ 10,670 $ - $ - $ 10,670 Interest-bearing time deposits with other banks 1,087 - 1,086 - 1,086 Available-for-sale securities 16,556 - 16,556 - 16,556 Held-to-maturity securities 120 - 155 - 155 Federal Home Loan Bank stock 971 971 - - 971 Investment in The Co-operative Central Reserve Fund 384 384 - - 384 Loans, net 170,427 - - 171,150 171,150 Accrued interest receivable 508 508 - - 508 Financial liabilities: Deposits 169,372 - 170,134 - 170,134 FHLB advances 8,500 - 8,458 - 8,458 |
REGULATORY CAPITAL (Tables)
REGULATORY CAPITAL (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Banking and Thrift [Abstract] | |
Schedule of Bank's Actual Capital Amounts and Ratios | The Bank’s actual capital amounts and ratios are presented in the table below. To Be Well Capitalized Under For Capital Prompt Corrective Actual Adequacy Purposes Action Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars In Thousands) As of September 30, 2016 (unaudited) : Total Capital (to Risk Weighted Assets) $ 23,998 14.4 % $ 13,350 8.0 % $ 16,687 10.0 % Tier 1 Capital (to Risk Weighted Assets) 22,974 13.8 10,012 6.0 13,350 8.0 Common Equity Tier 1 Capital (to Risk Weighted Assets) 22,974 13.8 7,509 4.5 10,846 6.5 Tier 1 Capital (to Average Assets) 22,974 9.5 9,721 4.0 12,151 5.0 As of December 31, 2015: Total Capital (to Risk Weighted Assets) $ 23,066 16.2 % $ 11,408 8.0 % $ 14,260 10.0 % Tier 1 Capital (to Risk Weighted Assets) 22,171 15.6 8,556 6.0 11,408 8.0 Common Equity Tier 1 Capital (to Risk Weighted Assets) 22,171 15.6 6,417 4.5 9,269 6.5 Tier 1 Capital (to Average Assets) 22,171 10.9 8,169 4.0 10,211 5.0 |
EQUITY INCENTIVE PLANS (Tables)
EQUITY INCENTIVE PLANS (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Equity Incentive Plans [Abstract] | |
Schedule of Weighted Average Assumptions | The weighted average assumptions used and fair value for options granted during the nine months ended September 30, 2016 (unaudited) are as follows: Stock Option Assumptions Expected life (years) 6.40 years Expected dividend yield 0% Expected volatility 20.24% Expected forfeiture rate 0% Risk free rate 1.67% Fair value per option $3.17 |
Schedule of Equity Incentive Plan | A summary of activity for the 2015 Equity Incentive Plan as of and for the nine months ended September 30, 2016 (unaudited) is as follows: Stock Options 2016 Number of Shares Outstanding at beginning of period - Granted 169,500 Outstanding at end of period 169,500 Exercisable at end of period - Weighted average fair value of options granted during the period $ 3.17 Weighted average contractual life remaining 9.6 years Weighted average exercise price $ 12.85 |
Schedule of Non-vested Restricted Stock | Non-vested Restricted Stock 2016 Number of Shares Outstanding at beginning of period - Granted 70,950 Outstanding at end of period 70,950 Weighted average grant date fair value $ 12.85 |
NATURE OF OPERATIONS - Addition
NATURE OF OPERATIONS - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2016 | |
Organization and Nature of Operations [Line Items] | |
Entity Incorporation, State Country Name | Maryland |
Entity Incorporation, Date of Incorporation | Feb. 28, 2014 |
EARNINGS PER SHARE (EPS) - Summ
EARNINGS PER SHARE (EPS) - Summary of Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | ||
Net income (In thousands) | $ 276 | $ 203 | $ 617 | $ 438 | |
Basic and diluted common shares: | |||||
Weighted average common shares outstanding | 2,189,239 | 2,247,589 | 2,192,175 | 2,247,589 | |
Weighted average unallocated ESOP shares | (164,073) | (170,067) | (165,571) | (171,565) | |
Basic weighted average shares outstanding | 2,025,166 | 2,077,522 | 2,026,604 | 2,076,024 | |
Diluted weighted average shares outstanding | 2,025,829 | 2,077,522 | 2,026,809 | 2,076,024 | |
Basic earnings per share | $ 0.14 | $ 0.1 | $ 0.3 | $ 0.21 | |
Diluted earnings per share | [1] | $ 0.14 | $ 0.1 | $ 0.3 | $ 0.21 |
Restricted Stock [Member] | |||||
Basic and diluted common shares: | |||||
Weighted Average Number Diluted Shares Outstanding Adjustment | 663 | 0 | 205 | 0 | |
[1] | Options to purchase 169,500 shares, representing all outstanding options, were not included in the computation of diluted earnings per share for the three and nine months ended September 30, 2016 because the effect is anti-dilutive. |
EARNINGS PER SHARE (EPS) - Addi
EARNINGS PER SHARE (EPS) - Additional Information (Detail) - shares | 3 Months Ended | 9 Months Ended |
Sep. 30, 2016 | Sep. 30, 2016 | |
Employee Stock Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 169,500 | 169,500 |
INVESTMENTS IN SECURITIES - Sch
INVESTMENTS IN SECURITIES - Schedule of Amortized Cost and Fair Values of Securities (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Amortized Cost Basis | $ 17,550 | $ 16,703 |
Available-for-sale securities, Gross Unrealized Gains | 93 | 19 |
Available-for-sale securities, Gross Unrealized Losses | 48 | 166 |
Available-for-sale securities, Fair Value | 17,595 | 16,556 |
Held-to-maturity securities, Amortized Cost Basis | 107 | 120 |
Held-to-maturity securities, Gross Unrealized Gains | 32 | 35 |
Held-to-maturity securities, Gross Unrealized Losses | 0 | 0 |
Held-to-maturity securities, Fair Value | 139 | 155 |
Debt securities issued by U.S. government corporations and agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Amortized Cost Basis | 8,879 | 6,339 |
Available-for-sale securities, Gross Unrealized Gains | 25 | 6 |
Available-for-sale securities, Gross Unrealized Losses | 2 | 34 |
Available-for-sale securities, Fair Value | 8,902 | 6,311 |
Debt Securities Issued by States of the United States and Political Subdivisions of the States [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Amortized Cost Basis | 2,706 | 2,456 |
Available-for-sale securities, Gross Unrealized Gains | 31 | 7 |
Available-for-sale securities, Gross Unrealized Losses | 14 | 19 |
Available-for-sale securities, Fair Value | 2,723 | 2,444 |
Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Amortized Cost Basis | 5,965 | 7,908 |
Available-for-sale securities, Gross Unrealized Gains | 37 | 6 |
Available-for-sale securities, Gross Unrealized Losses | 32 | 113 |
Available-for-sale securities, Fair Value | 5,970 | 7,801 |
Held-to-maturity securities, Amortized Cost Basis | 107 | 120 |
Held-to-maturity securities, Gross Unrealized Gains | 32 | 35 |
Held-to-maturity securities, Gross Unrealized Losses | 0 | 0 |
Held-to-maturity securities, Fair Value | $ 139 | $ 155 |
INVESTMENTS IN SECURITIES - S36
INVESTMENTS IN SECURITIES - Scheduled Maturities of Debt Securities (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Due within one year, Available-For-Sale Securities Fair Value | $ 0 | |
Due after one year through five years, Available-For-Sale Securities Fair Value | 10,043 | |
Due after five years through ten years, Available-For-Sale Securities Fair Value | 1,314 | |
Due after ten years, Available-For-Sale Securities Fair Value | 268 | |
Mortgage-backed securities, Available-For-Sale Securities Fair Value | 5,970 | |
Available-For-Sale Securities Fair Value Total | 17,595 | |
Due within one year, Held-To-Maturity Securities Amortized Cost Basis | 0 | |
Due after one year through five years, Held-To-Maturity Securities Amortized Cost Basis | 0 | |
Due after five years through ten years, Held-To-Maturity Securities Amortized Cost Basis | 0 | |
Due after ten years, Held-To-Maturity Securities Amortized Cost Basis | 0 | |
Mortgage-backed securities, Held-To-Maturity Securities Amortized Cost Basis | 107 | |
Held-To-Maturity Securities Amortized Cost Basis Total | 107 | $ 120 |
Due within one year, Held-To-Maturity Securities Fair Value | 0 | |
Due after one year through five years, Held-To-Maturity Securities Fair Value | 0 | |
Due after five years through ten years, Held-To-Maturity Securities Fair Value | 0 | |
Due after ten years, Held-To-Maturity Securities Fair Value | 0 | |
Mortgage-backed securities, Held-To-Maturity Securities Fair Value | 139 | |
Held-To-Maturity Securities Fair Value Total | $ 139 | $ 155 |
INVESTMENTS IN SECURITIES - S37
INVESTMENTS IN SECURITIES - Schedule of Aggregate Fair Value and Unrealized Losses of Securities (Detail) - Temporarily Impaired Securities [Member] - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | $ 2,786 | $ 9,622 |
Less than 12 Months, Unrealized Losses | 5 | 67 |
12 Months or Longer, Fair Value | 1,913 | 3,500 |
12 Months or Longer, Unrealized Losses | 43 | 99 |
Fair Value, Total | 4,699 | 13,122 |
Unrealized Losses, Total | 48 | 166 |
Debt securities issued by U.S. government corporations and agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 1,997 | 5,320 |
Less than 12 Months, Unrealized Losses | 2 | 21 |
12 Months or Longer, Fair Value | 0 | 487 |
12 Months or Longer, Unrealized Losses | 0 | 13 |
Fair Value, Total | 1,997 | 5,807 |
Unrealized Losses, Total | 2 | 34 |
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 | 203 | 0 |
Less than 12 Months, Unrealized Losses | 0 | 0 |
12 Months or Longer, Fair Value | 436 | 912 |
12 Months or Longer, Unrealized Losses | 14 | 19 |
Fair Value, Total | 639 | 912 |
Unrealized Losses, Total | 14 | 19 |
Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 586 | 4,302 |
Less than 12 Months, Unrealized Losses | 3 | 46 |
12 Months or Longer, Fair Value | 1,477 | 2,101 |
12 Months or Longer, Unrealized Losses | 29 | 67 |
Fair Value, Total | 2,063 | 6,403 |
Unrealized Losses, Total | $ 32 | $ 113 |
INVESTMENTS IN SECURITIES - S38
INVESTMENTS IN SECURITIES - Schedule of Other-Than-Temporary Impairment Losses on Securities (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | ||
Gain (Loss) on Investments [Line Items] | |||||
Total other-than-temporary impairment losses | $ 0 | $ 3 | |||
NonAgency Mortgage Backed Securities [Member] | |||||
Gain (Loss) on Investments [Line Items] | |||||
Total other-than-temporary impairment losses | $ 0 | $ 3 | 0 | 3 | |
Less: unrealized other-than-temporary losses recognized in other comprehensive income | [1] | 0 | 0 | 0 | 0 |
Net impairment losses recognized in earnings | [2] | $ 0 | $ 3 | $ 0 | $ 3 |
[1] | Represents the noncredit component of the other-than-temporary impairment on the securities. | ||||
[2] | Represents the credit component of the other-than-temporary impairment on securities |
INVESTMENTS IN SECURITIES - Add
INVESTMENTS IN SECURITIES - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Proceeds from sales of available-for-sale securities | $ 1,208 | $ 0 | |
Percentage of stockholders' equity | 10.00% | 10.00% | |
Available-for-sale Securities, Gross Realized Gain (Loss) | $ 24,000 | ||
Other Comprehensive Income (Loss), Available-for-sale Securities, Tax | $ 9,000 |
LOANS - Schedule of Loan (Detai
LOANS - Schedule of Loan (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases receivable, gross | $ 208,151 | $ 171,160 | ||
Net deferred loan origination fees, costs and discounts | 377 | 153 | ||
Allowance for loan losses | (1,013) | (886) | $ (839) | $ (743) |
Net loans | 207,515 | 170,427 | ||
Commercial and Industrial Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases receivable, gross | 2,975 | 3,964 | ||
Allowance for loan losses | (10) | (13) | (17) | (8) |
Real Estate Loans [Member] | One-to Four-Family Residential [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases receivable, gross | 132,440 | 104,861 | ||
Allowance for loan losses | (445) | (373) | (370) | (362) |
Real Estate Loans [Member] | Commercial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases receivable, gross | 25,521 | 21,848 | ||
Allowance for loan losses | (147) | (146) | (120) | (134) |
Real Estate Loans [Member] | Multi-Family [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases receivable, gross | 18,850 | 16,559 | ||
Allowance for loan losses | (71) | (62) | (55) | (36) |
Real Estate Loans [Member] | Home Equity Loans and Lines of Credit [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases receivable, gross | 2,230 | 2,093 | ||
Allowance for loan losses | (12) | (14) | (14) | (27) |
Real Estate Loans [Member] | Construction [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases receivable, gross | 23,952 | 18,755 | ||
Allowance for loan losses | (276) | (216) | (220) | (121) |
Consumer Loans [Member] | Consumer Line of Credit [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases receivable, gross | 17 | 20 | ||
Allowance for loan losses | (1) | (1) | (1) | (1) |
Consumer Loans [Member] | Other Consumer Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases receivable, gross | 2,166 | 3,060 | ||
Allowance for loan losses | $ (21) | $ (29) | $ (32) | $ (20) |
LOANS - Schedule of Allowance f
LOANS - Schedule of Allowance for Loan Losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Beginning balance | $ 886 | $ 743 | |||
Charge-offs | (7) | 0 | |||
Recoveries | 0 | 0 | |||
Provision (benefit) | $ 62 | $ 36 | 134 | 96 | |
Ending balance | 1,013 | 839 | 1,013 | 839 | |
Individually evaluated for impairment | 21 | 21 | $ 21 | ||
Collectively evaluated for impairment | 992 | 992 | 865 | ||
Total allowance for loan losses ending balance | 1,013 | 1,013 | 886 | ||
Individually evaluated for impairment | 4,088 | 4,088 | 6,403 | ||
Collectively evaluated for impairment | 204,063 | 204,063 | 164,757 | ||
Total loans ending balance | 208,151 | 208,151 | 171,160 | ||
Commercial and Industrial Loans [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Beginning balance | 13 | 8 | |||
Charge-offs | 0 | 0 | |||
Recoveries | 0 | 0 | |||
Provision (benefit) | (3) | 9 | |||
Ending balance | 10 | 17 | 10 | 17 | |
Individually evaluated for impairment | 0 | 0 | 0 | ||
Collectively evaluated for impairment | 10 | 10 | 13 | ||
Total allowance for loan losses ending balance | 10 | 10 | 13 | ||
Individually evaluated for impairment | 0 | 0 | 0 | ||
Collectively evaluated for impairment | 2,975 | 2,975 | 3,964 | ||
Total loans ending balance | 2,975 | 2,975 | 3,964 | ||
Unallocated [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Beginning balance | 32 | 34 | |||
Charge-offs | 0 | 0 | |||
Recoveries | 0 | 0 | |||
Provision (benefit) | (2) | (24) | |||
Ending balance | 30 | 10 | 30 | 10 | |
Individually evaluated for impairment | 0 | 0 | 0 | ||
Collectively evaluated for impairment | 30 | 30 | 32 | ||
Total allowance for loan losses ending balance | 30 | 30 | 32 | ||
Individually evaluated for impairment | 0 | 0 | 0 | ||
Collectively evaluated for impairment | 0 | 0 | 0 | ||
Total loans ending balance | 0 | 0 | 0 | ||
Real Estate Loans [Member] | One-to Four-Family Residential [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Beginning balance | 373 | 362 | |||
Charge-offs | 0 | 0 | |||
Recoveries | 0 | 0 | |||
Provision (benefit) | 72 | 8 | |||
Ending balance | 445 | 370 | 445 | 370 | |
Individually evaluated for impairment | 21 | 21 | 21 | ||
Collectively evaluated for impairment | 424 | 424 | 352 | ||
Total allowance for loan losses ending balance | 445 | 445 | 373 | ||
Individually evaluated for impairment | 3,423 | 3,423 | 5,665 | ||
Collectively evaluated for impairment | 129,017 | 129,017 | 99,196 | ||
Total loans ending balance | 132,440 | 132,440 | 104,861 | ||
Real Estate Loans [Member] | Commercial [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Beginning balance | 146 | 134 | |||
Charge-offs | 0 | 0 | |||
Recoveries | 0 | 0 | |||
Provision (benefit) | 1 | (14) | |||
Ending balance | 147 | 120 | 147 | 120 | |
Individually evaluated for impairment | 0 | 0 | 0 | ||
Collectively evaluated for impairment | 147 | 147 | 146 | ||
Total allowance for loan losses ending balance | 147 | 147 | 146 | ||
Individually evaluated for impairment | 659 | 659 | 679 | ||
Collectively evaluated for impairment | 24,862 | 24,862 | 21,169 | ||
Total loans ending balance | 25,521 | 25,521 | 21,848 | ||
Real Estate Loans [Member] | Multi-Family [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Beginning balance | 62 | 36 | |||
Charge-offs | 0 | 0 | |||
Recoveries | 0 | 0 | |||
Provision (benefit) | 9 | 19 | |||
Ending balance | 71 | 55 | 71 | 55 | |
Individually evaluated for impairment | 0 | 0 | 0 | ||
Collectively evaluated for impairment | 71 | 71 | 62 | ||
Total allowance for loan losses ending balance | 71 | 71 | 62 | ||
Individually evaluated for impairment | 0 | 0 | 0 | ||
Collectively evaluated for impairment | 18,850 | 18,850 | 16,559 | ||
Total loans ending balance | 18,850 | 18,850 | 16,559 | ||
Real Estate Loans [Member] | Home Equity Loans and Lines of Credit [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Beginning balance | 14 | 27 | |||
Charge-offs | 0 | 0 | |||
Recoveries | 0 | 0 | |||
Provision (benefit) | (2) | (13) | |||
Ending balance | 12 | 14 | 12 | 14 | |
Individually evaluated for impairment | 0 | 0 | 0 | ||
Collectively evaluated for impairment | 12 | 12 | 14 | ||
Total allowance for loan losses ending balance | 12 | 12 | 14 | ||
Individually evaluated for impairment | 6 | 6 | 59 | ||
Collectively evaluated for impairment | 2,224 | 2,224 | 2,034 | ||
Total loans ending balance | 2,230 | 2,230 | 2,093 | ||
Real Estate Loans [Member] | Construction [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Beginning balance | 216 | 121 | |||
Charge-offs | 0 | 0 | |||
Recoveries | 0 | 0 | |||
Provision (benefit) | 60 | 99 | |||
Ending balance | 276 | 220 | 276 | 220 | |
Individually evaluated for impairment | 0 | 0 | 0 | ||
Collectively evaluated for impairment | 276 | 276 | 216 | ||
Total allowance for loan losses ending balance | 276 | 276 | 216 | ||
Individually evaluated for impairment | 0 | 0 | 0 | ||
Collectively evaluated for impairment | 23,952 | 23,952 | 18,755 | ||
Total loans ending balance | 23,952 | 23,952 | 18,755 | ||
Consumer Loans [Member] | Consumer Line of Credit [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Beginning balance | 1 | 1 | |||
Charge-offs | 0 | 0 | |||
Recoveries | 0 | 0 | |||
Provision (benefit) | 0 | 0 | |||
Ending balance | 1 | 1 | 1 | 1 | |
Individually evaluated for impairment | 0 | 0 | 0 | ||
Collectively evaluated for impairment | 1 | 1 | 1 | ||
Total allowance for loan losses ending balance | 1 | 1 | 1 | ||
Individually evaluated for impairment | 0 | 0 | 0 | ||
Collectively evaluated for impairment | 17 | 17 | 20 | ||
Total loans ending balance | 17 | 17 | 20 | ||
Consumer Loans [Member] | Other Consumer Loans [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Beginning balance | 29 | 20 | |||
Charge-offs | (7) | 0 | |||
Recoveries | 0 | 0 | |||
Provision (benefit) | (1) | 12 | |||
Ending balance | 21 | $ 32 | 21 | $ 32 | |
Individually evaluated for impairment | 0 | 0 | 0 | ||
Collectively evaluated for impairment | 21 | 21 | 29 | ||
Total allowance for loan losses ending balance | 21 | 21 | 29 | ||
Individually evaluated for impairment | 0 | 0 | 0 | ||
Collectively evaluated for impairment | 2,166 | 2,166 | 3,060 | ||
Total loans ending balance | $ 2,166 | $ 2,166 | $ 3,060 |
LOANS - Schedule of Nonaccrual
LOANS - Schedule of Nonaccrual Loans and Past-Due Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 573 | $ 2,574 |
Total Current | 207,578 | 168,586 |
Total | 208,151 | 171,160 |
90 Days or More Past Due and Accruing | 0 | 0 |
Nonaccrual Loans | 11 | 1,410 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 573 | 1,104 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 77 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 1,393 |
Commercial and Industrial Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Total Current | 2,975 | 3,964 |
Total | 2,975 | 3,964 |
90 Days or More Past Due and Accruing | 0 | 0 |
Nonaccrual Loans | 0 | 0 |
Commercial and Industrial Loans [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial and Industrial Loans [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial and Industrial Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Real Estate Loans [Member] | One-to Four-Family Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 567 | 2,499 |
Total Current | 131,873 | 102,362 |
Total | 132,440 | 104,861 |
90 Days or More Past Due and Accruing | 0 | 0 |
Nonaccrual Loans | 11 | 1,410 |
Real Estate Loans [Member] | One-to Four-Family Residential [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 567 | 1,088 |
Real Estate Loans [Member] | One-to Four-Family Residential [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 18 |
Real Estate Loans [Member] | One-to Four-Family Residential [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 1,393 |
Real Estate Loans [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Total Current | 25,521 | 21,848 |
Total | 25,521 | 21,848 |
90 Days or More Past Due and Accruing | 0 | 0 |
Nonaccrual Loans | 0 | 0 |
Real Estate Loans [Member] | Commercial [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | |
Real Estate Loans [Member] | Commercial [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Real Estate Loans [Member] | Commercial [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Real Estate Loans [Member] | Multi-Family [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Total Current | 18,850 | 16,559 |
Total | 18,850 | 16,559 |
90 Days or More Past Due and Accruing | 0 | 0 |
Nonaccrual Loans | 0 | 0 |
Real Estate Loans [Member] | Multi-Family [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Real Estate Loans [Member] | Multi-Family [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Real Estate Loans [Member] | Multi-Family [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Real Estate Loans [Member] | Home Equity Loans and Lines of Credit [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 6 | 59 |
Total Current | 2,224 | 2,034 |
Total | 2,230 | 2,093 |
90 Days or More Past Due and Accruing | 0 | 0 |
Nonaccrual Loans | 0 | 0 |
Real Estate Loans [Member] | Home Equity Loans and Lines of Credit [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 6 | 0 |
Real Estate Loans [Member] | Home Equity Loans and Lines of Credit [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 59 |
Real Estate Loans [Member] | Home Equity Loans and Lines of Credit [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Real Estate Loans [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Total Current | 23,952 | 18,755 |
Total | 23,952 | 18,755 |
90 Days or More Past Due and Accruing | 0 | 0 |
Nonaccrual Loans | 0 | 0 |
Real Estate Loans [Member] | Construction [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Real Estate Loans [Member] | Construction [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Real Estate Loans [Member] | Construction [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Consumer Loans [Member] | Consumer Line of Credit [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Total Current | 17 | 20 |
Total | 17 | 20 |
90 Days or More Past Due and Accruing | 0 | 0 |
Nonaccrual Loans | 0 | 0 |
Consumer Loans [Member] | Consumer Line of Credit [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Consumer Loans [Member] | Consumer Line of Credit [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Consumer Loans [Member] | Consumer Line of Credit [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Consumer Loans [Member] | Other Consumer Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 16 |
Total Current | 2,166 | 3,044 |
Total | 2,166 | 3,060 |
90 Days or More Past Due and Accruing | 0 | 0 |
Nonaccrual Loans | 0 | 0 |
Consumer Loans [Member] | Other Consumer Loans [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 16 | |
Consumer Loans [Member] | Other Consumer Loans [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Consumer Loans [Member] | Other Consumer Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 0 | $ 0 |
LOANS - Schedule of Impaired Lo
LOANS - Schedule of Impaired Loan (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Financing Receivable, Impaired [Line Items] | ||
With no related allowance recorded, Recorded Investment | $ 3,521 | $ 5,836 |
With no related allowance recorded, Unpaid Principal Balance | 3,603 | 5,918 |
With no related allowance recorded, Related Allowance | 0 | 0 |
With an allowance recorded, Recorded Investment | 567 | 573 |
With an allowance recorded, Unpaid Principal Balance | 567 | 567 |
With an allowance recorded, Related Allowance | 21 | 21 |
Total, Recorded Investment | 4,088 | 6,403 |
Total, Unpaid Principal Balance | 4,170 | 6,485 |
Total, Related Allowance | 21 | 21 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 567 | 573 |
Impaired Financing Receivable, Average Recorded Investment | 4,892 | 7,157 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 17 | 17 |
Impaired Financing Receivable, Interest Income, Accrual Method | 184 | 194 |
Real Estate Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 4,325 | 6,584 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 167 | 177 |
Real Estate Loans [Member] | One-to Four-Family Residential [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With no related allowance recorded, Recorded Investment | 2,856 | 5,098 |
With no related allowance recorded, Unpaid Principal Balance | 2,856 | 5,098 |
With no related allowance recorded, Related Allowance | 0 | 0 |
With an allowance recorded, Recorded Investment | 567 | 573 |
With an allowance recorded, Unpaid Principal Balance | 567 | 567 |
With an allowance recorded, Related Allowance | 21 | 21 |
Total, Recorded Investment | 3,423 | 5,665 |
Total, Unpaid Principal Balance | 3,423 | 5,665 |
Total, Related Allowance | 21 | 21 |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 3,607 | 5,840 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 567 | 573 |
Impaired Financing Receivable, Average Recorded Investment | 4,174 | 6,413 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 135 | 147 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 17 | 17 |
Impaired Financing Receivable, Interest Income, Accrual Method | 152 | 164 |
Real Estate Loans [Member] | Commercial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With no related allowance recorded, Recorded Investment | 659 | 679 |
With no related allowance recorded, Unpaid Principal Balance | 659 | 679 |
With no related allowance recorded, Related Allowance | 0 | 0 |
With an allowance recorded, Recorded Investment | 0 | 0 |
With an allowance recorded, Unpaid Principal Balance | 0 | 0 |
With an allowance recorded, Related Allowance | 0 | 0 |
Total, Recorded Investment | 659 | 679 |
Total, Unpaid Principal Balance | 659 | 679 |
Total, Related Allowance | 0 | 0 |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 670 | 691 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 0 |
Impaired Financing Receivable, Average Recorded Investment | 670 | 691 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 28 | 29 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | 0 |
Impaired Financing Receivable, Interest Income, Accrual Method | 28 | 29 |
Real Estate Loans [Member] | Home Equity Loans and Lines of Credit [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With no related allowance recorded, Recorded Investment | 6 | 59 |
With no related allowance recorded, Unpaid Principal Balance | 88 | 141 |
With no related allowance recorded, Related Allowance | 0 | 0 |
With an allowance recorded, Recorded Investment | 0 | 0 |
With an allowance recorded, Unpaid Principal Balance | 0 | 0 |
With an allowance recorded, Related Allowance | 0 | 0 |
Total, Recorded Investment | 6 | 59 |
Total, Unpaid Principal Balance | 88 | 141 |
Total, Related Allowance | 0 | 0 |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 48 | 53 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 0 |
Impaired Financing Receivable, Average Recorded Investment | 48 | 53 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 4 | 1 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | 0 |
Impaired Financing Receivable, Interest Income, Accrual Method | $ 4 | $ 1 |
LOANS - Schedule of Loans by Ri
LOANS - Schedule of Loans by Risk Rating (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | $ 208,151 | $ 171,160 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 70,639 | 60,447 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 2,685 | 592 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 573 | 4,481 |
Loans Not Formally Rated [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 134,254 | 105,640 |
Commercial and Industrial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 2,975 | 3,964 |
Commercial and Industrial Loans [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 2,975 | 3,964 |
Commercial and Industrial Loans [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 0 | 0 |
Commercial and Industrial Loans [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 0 | 0 |
Commercial and Industrial Loans [Member] | Loans Not Formally Rated [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 0 | 0 |
Real Estate Loans [Member] | One-to Four-Family Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 132,440 | 104,861 |
Real Estate Loans [Member] | One-to Four-Family Residential [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 0 | 0 |
Real Estate Loans [Member] | One-to Four-Family Residential [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 2,026 | 539 |
Real Estate Loans [Member] | One-to Four-Family Residential [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 567 | 3,796 |
Real Estate Loans [Member] | One-to Four-Family Residential [Member] | Loans Not Formally Rated [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 129,847 | 100,526 |
Real Estate Loans [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 25,521 | 21,848 |
Real Estate Loans [Member] | Commercial [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 24,862 | 21,169 |
Real Estate Loans [Member] | Commercial [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 659 | 0 |
Real Estate Loans [Member] | Commercial [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 0 | 679 |
Real Estate Loans [Member] | Commercial [Member] | Loans Not Formally Rated [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 0 | 0 |
Real Estate Loans [Member] | Multi-Family [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 18,850 | 16,559 |
Real Estate Loans [Member] | Multi-Family [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 18,850 | 16,559 |
Real Estate Loans [Member] | Multi-Family [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 0 | 0 |
Real Estate Loans [Member] | Multi-Family [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 0 | 0 |
Real Estate Loans [Member] | Multi-Family [Member] | Loans Not Formally Rated [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 0 | 0 |
Real Estate Loans [Member] | Home Equity Loans and Lines of Credit [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 2,230 | 2,093 |
Real Estate Loans [Member] | Home Equity Loans and Lines of Credit [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 0 | 0 |
Real Estate Loans [Member] | Home Equity Loans and Lines of Credit [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 53 | |
Real Estate Loans [Member] | Home Equity Loans and Lines of Credit [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 6 | 6 |
Real Estate Loans [Member] | Home Equity Loans and Lines of Credit [Member] | Loans Not Formally Rated [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 2,224 | 2,034 |
Real Estate Loans [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 23,952 | 18,755 |
Real Estate Loans [Member] | Construction [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 23,952 | 18,755 |
Real Estate Loans [Member] | Construction [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 0 | 0 |
Real Estate Loans [Member] | Construction [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 0 | 0 |
Real Estate Loans [Member] | Construction [Member] | Loans Not Formally Rated [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 0 | 0 |
Consumer Loans [Member] | Consumer Line of Credit [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 17 | 20 |
Consumer Loans [Member] | Consumer Line of Credit [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 0 | 0 |
Consumer Loans [Member] | Consumer Line of Credit [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 0 | 0 |
Consumer Loans [Member] | Consumer Line of Credit [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 0 | 0 |
Consumer Loans [Member] | Consumer Line of Credit [Member] | Loans Not Formally Rated [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 17 | 20 |
Consumer Loans [Member] | Other Consumer Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 2,166 | 3,060 |
Consumer Loans [Member] | Other Consumer Loans [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 0 | 0 |
Consumer Loans [Member] | Other Consumer Loans [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 0 | 0 |
Consumer Loans [Member] | Other Consumer Loans [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 0 | 0 |
Consumer Loans [Member] | Other Consumer Loans [Member] | Loans Not Formally Rated [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | $ 2,166 | $ 3,060 |
LOANS - Schedule of Loans Modif
LOANS - Schedule of Loans Modified as Troubled Debt Restructuring (Detail) - Real Estate [Member] $ in Thousands | 9 Months Ended |
Sep. 30, 2016USD ($) | |
Financing Receivable, Modifications [Line Items] | |
Troubled Debt Restructuring, Number of Contracts | 2 |
Troubled Debt Restructuring, Pre-Modification Outstanding Recorded Investment | $ 573 |
Troubled Debt Restructuring, Post-Modification Outstanding Recorded Investment | $ 573 |
One To Four Family Residential [Member] | |
Financing Receivable, Modifications [Line Items] | |
Troubled Debt Restructuring, Number of Contracts | 1 |
Troubled Debt Restructuring, Pre-Modification Outstanding Recorded Investment | $ 567 |
Troubled Debt Restructuring, Post-Modification Outstanding Recorded Investment | $ 567 |
Home Equity Line of Credit [Member] | |
Financing Receivable, Modifications [Line Items] | |
Troubled Debt Restructuring, Number of Contracts | 1 |
Troubled Debt Restructuring, Pre-Modification Outstanding Recorded Investment | $ 6 |
Troubled Debt Restructuring, Post-Modification Outstanding Recorded Investment | $ 6 |
LOANS - Summary of Pre-Modified
LOANS - Summary of Pre-Modified Loans Modified as Troubled Debt Restructuring (Detail) - Real Estate [Member] $ in Thousands | Sep. 30, 2016USD ($) |
Financing Receivable, Modifications [Line Items] | |
Rate Reduction | $ 0 |
Interest Only Period | 573 |
Rate Reduction and Interest Only Period | 0 |
One To Four Family Residential [Member] | |
Financing Receivable, Modifications [Line Items] | |
Rate Reduction | 0 |
Interest Only Period | 567 |
Rate Reduction and Interest Only Period | 0 |
Home Equity Line of Credit [Member] | |
Financing Receivable, Modifications [Line Items] | |
Rate Reduction | 0 |
Interest Only Period | 6 |
Rate Reduction and Interest Only Period | $ 0 |
LOANS - Additional Information
LOANS - Additional Information (Detail) - USD ($) | 1 Months Ended | 9 Months Ended | ||
Mar. 25, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Loans serviced for others | $ 207,515,000 | $ 170,427,000 | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | $ 20,000,000 | |||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 17,800,000 | |||
Financing Receivables Purchased During the Period, Premium Percentage | 1.00% | |||
Financing Receivable, Allowance for Credit Losses, Write-downs | 7,000 | $ 0 | ||
Mortgage And Other Loans [Member] | ||||
Loans serviced for others | 27,500,000 | $ 21,800,000 | ||
Fixed Rate Residential Mortgage [Member] | ||||
Financing Receivables Purchased During the Period, Percentage | 50.00% | |||
Adjustable Rate Residential Mortgage [Member] | ||||
Financing Receivables Purchased During the Period, Percentage | 50.00% | |||
One To Four Family [Member] | Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses, Write-downs | $ 21,000 |
DEPOSITS - Summary of Scheduled
DEPOSITS - Summary of Scheduled Maturities of Time Deposits (Detail) $ in Thousands | Sep. 30, 2016USD ($) |
2,017 | $ 59,008 |
2,018 | 17,444 |
2,019 | 3,949 |
2,020 | 3,410 |
2,021 | 7,888 |
Total | $ 91,699 |
DEPOSITS - Additional Informati
DEPOSITS - Additional Information (Detail) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Interest-bearing Domestic Deposit, Brokered | $ 5 | $ 5 |
Cash, FDIC Insured Amount | $ 24.4 | $ 20.9 |
FEDERAL HOME LOAN BANK ADVANC50
FEDERAL HOME LOAN BANK ADVANCES - Summary of Maturities of Advances from the Federal Home Loan Bank ("FHLB") of Boston (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Maturities Federal Home Loan Bank Advances [Line Items] | ||
2,017 | $ 3,600 | |
2,018 | 4,500 | |
2,019 | 4,377 | |
2,020 | 0 | |
2,021 | 7,895 | |
Thereafter | 16,000 | |
Maturities of advances from FHLB, total | $ 36,372 | $ 8,500 |
FEDERAL HOME LOAN BANK ADVANC51
FEDERAL HOME LOAN BANK ADVANCES - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2016 | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |
Weighted-average interest rate | 0.91% |
Federal Home Loan Bank Collateral Debt Advances [Member] | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |
Borrowings from FHLB, description | 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 family properties, certain unencumbered investment securities and other qualified assets |
Minimum [Member] | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |
Interest rates | 0.39% |
Maximum [Member] | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |
Interest rates | 1.41% |
FAIR VALUE MEASUREMENTS - Summa
FAIR VALUE MEASUREMENTS - Summary of Assets Measured at Fair Value on a Recurring Basis (Detail) - Fair Value Measurements Recurring [Member] - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | $ 17,595 | $ 16,556 |
Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 0 | 0 |
Significant Other Observable Inputs Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 17,595 | 16,556 |
Significant Unobservable Inputs Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 0 | 0 |
Debt Securities Issued by U.S. Government Corporations and Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 8,902 | 6,311 |
Debt Securities Issued by U.S. Government Corporations and Agencies [Member] | Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 0 | 0 |
Debt Securities Issued by U.S. Government Corporations and Agencies [Member] | Significant Other Observable Inputs Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 8,902 | 6,311 |
Debt Securities Issued by U.S. Government Corporations and Agencies [Member] | Significant Unobservable Inputs Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 0 | 0 |
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] | ||
Total assets at fair value | 2,723 | 2,444 |
Debt Securities Issued by States of the United States and Political Subdivisions of the States [Member] | Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 0 | 0 |
Debt Securities Issued by States of the United States and Political Subdivisions of the States [Member] | Significant Other Observable Inputs Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 2,723 | 2,444 |
Debt Securities Issued by States of the United States and Political Subdivisions of the States [Member] | Significant Unobservable Inputs Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 0 | 0 |
Mortgage-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 5,970 | 7,801 |
Mortgage-Backed Securities [Member] | Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 0 | 0 |
Mortgage-Backed Securities [Member] | Significant Other Observable Inputs Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 5,970 | 7,801 |
Mortgage-Backed Securities [Member] | Significant Unobservable Inputs Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | $ 0 | $ 0 |
FAIR VALUE MEASUREMENTS - Sum53
FAIR VALUE MEASUREMENTS - Summary of Assets Measured at Fair Value on a Nonrecurring Basis (Detail) - Fair Value Measurements Nonrecurring [Member] - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | $ 546 | $ 546 |
Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 0 | 0 |
Significant Other Observable Inputs Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 0 | 0 |
Significant Unobservable Inputs Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 546 | 546 |
Impaired Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 546 | 546 |
Impaired Loans [Member] | Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 0 | 0 |
Impaired Loans [Member] | Significant Other Observable Inputs Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 0 | 0 |
Impaired Loans [Member] | Significant Unobservable Inputs Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | $ 546 | $ 546 |
FAIR VALUE MEASUREMENTS - Sched
FAIR VALUE MEASUREMENTS - Schedule of Estimated Fair Values of Financial Instruments Held or Issued for Purposes Other Than Trading (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 |
Financial assets: | ||||
Cash and cash equivalents | $ 11,901 | $ 10,670 | $ 7,447 | $ 18,295 |
Interest-bearing time deposits with other banks | 1,092 | 1,087 | ||
Available-for-sale securities | 17,595 | 16,556 | ||
Held-to-maturity securities | 107 | 120 | ||
Federal Home Loan Bank stock | 2,231 | 971 | ||
Investment in The Co-operative Central Reserve Fund | 384 | 384 | ||
Loans, net | 207,515 | 170,427 | ||
Accrued interest receivable | 581 | 508 | ||
Financial liabilities: | ||||
Deposits | 181,481 | 169,372 | ||
FHLB advances | 36,372 | 8,500 | ||
Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | ||||
Financial assets: | ||||
Cash and cash equivalents | 11,901 | 10,670 | ||
Interest-bearing time deposits with other banks | 0 | 0 | ||
Available-for-sale securities | 0 | 0 | ||
Held-to-maturity securities | 0 | 0 | ||
Federal Home Loan Bank stock | 2,231 | 971 | ||
Investment in The Co-operative Central Reserve Fund | 384 | 384 | ||
Loans, net | 0 | 0 | ||
Accrued interest receivable | 581 | 508 | ||
Financial liabilities: | ||||
Deposits | 0 | 0 | ||
FHLB advances | 0 | 0 | ||
Significant Other Observable Inputs Level 2 [Member] | ||||
Financial assets: | ||||
Cash and cash equivalents | 0 | 0 | ||
Interest-bearing time deposits with other banks | 1,094 | 1,086 | ||
Available-for-sale securities | 17,595 | 16,556 | ||
Held-to-maturity securities | 139 | 155 | ||
Federal Home Loan Bank stock | 0 | 0 | ||
Investment in The Co-operative Central Reserve Fund | 0 | 0 | ||
Loans, net | 0 | 0 | ||
Accrued interest receivable | 0 | 0 | ||
Financial liabilities: | ||||
Deposits | 182,267 | 170,134 | ||
FHLB advances | 36,242 | 8,458 | ||
Significant Unobservable Inputs Level 3 [Member] | ||||
Financial assets: | ||||
Cash and cash equivalents | 0 | 0 | ||
Interest-bearing time deposits with other banks | 0 | 0 | ||
Available-for-sale securities | 0 | 0 | ||
Held-to-maturity securities | 0 | 0 | ||
Federal Home Loan Bank stock | 0 | 0 | ||
Investment in The Co-operative Central Reserve Fund | 0 | 0 | ||
Loans, net | 209,319 | 171,150 | ||
Accrued interest receivable | 0 | 0 | ||
Financial liabilities: | ||||
Deposits | 0 | 0 | ||
FHLB advances | 0 | 0 | ||
Carrying Amount [Member] | ||||
Financial assets: | ||||
Cash and cash equivalents | 11,901 | 10,670 | ||
Interest-bearing time deposits with other banks | 1,092 | 1,087 | ||
Available-for-sale securities | 17,595 | 16,556 | ||
Held-to-maturity securities | 107 | 120 | ||
Federal Home Loan Bank stock | 2,231 | 971 | ||
Investment in The Co-operative Central Reserve Fund | 384 | 384 | ||
Loans, net | 207,515 | 170,427 | ||
Accrued interest receivable | 581 | 508 | ||
Financial liabilities: | ||||
Deposits | 181,481 | 169,372 | ||
FHLB advances | 36,372 | 8,500 | ||
Estimated Fair Value [Member] | ||||
Financial assets: | ||||
Cash and cash equivalents | 11,901 | 10,670 | ||
Interest-bearing time deposits with other banks | 1,094 | 1,086 | ||
Available-for-sale securities | 17,595 | 16,556 | ||
Held-to-maturity securities | 139 | 155 | ||
Federal Home Loan Bank stock | 2,231 | 971 | ||
Investment in The Co-operative Central Reserve Fund | 384 | 384 | ||
Loans, net | 209,319 | 171,150 | ||
Accrued interest receivable | 581 | 508 | ||
Financial liabilities: | ||||
Deposits | 182,267 | 170,134 | ||
FHLB advances | $ 36,242 | $ 8,458 |
REGULATORY CAPITAL - Additional
REGULATORY CAPITAL - Additional Information (Detail) | Sep. 30, 2016 | Dec. 31, 2015 | Jan. 02, 2015 | Dec. 31, 2014 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Common equity tier 1 capital required to be well capitalized to risk-weighted assets | 6.50% | 6.50% | ||
Tier 1 capital required to be well capitalized to risk-weighted assets | 8.00% | 8.00% | ||
Capital required to be well capitalized to risk weighted assets | 10.00% | 10.00% | ||
Tier 1 leverage capital required to be well capitalized to average assets | 5.00% | 5.00% | ||
Financing receivable non-accrual status percentage | 100.00% | |||
Credit conversion factor for unused portion of commitments | 0.00% | |||
Risk weight for mortgage servicing and deferred tax assets | 100.00% | |||
Risk weight for equity exposures | 100.00% | |||
Common Equity Tier One Risk Based Capital To Risk Weighted Assets | 13.80% | 15.60% | ||
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 6.00% | 6.00% | ||
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 4.00% | 4.00% | ||
New Capital Regulations [Member] | ||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Common equity tier 1 capital required to be well capitalized to risk-weighted assets | 6.50% | |||
Tier 1 capital required to be well capitalized to risk-weighted assets | 8.00% | 6.00% | ||
Capital required to be well capitalized to risk weighted assets | 10.00% | |||
Tier 1 leverage capital required to be well capitalized to average assets | 5.00% | |||
Tier 1 capital to risk-weighted assets, year one | 0.625% | |||
Tier 1 capital to risk-weighted assets, multiple period increase | 0.625% | |||
Tier 1 capital to risk-weighted assets, year four | 2.50% | |||
Financing receivable non-accrual status percentage | 150.00% | |||
Credit conversion factor for unused portion of commitments | 20.00% | |||
Risk weight for mortgage servicing and deferred tax assets | 250.00% | |||
Risk weight for equity exposures | 600.00% | |||
Common Equity Tier One Risk Based Capital To Risk Weighted Assets | 4.50% | |||
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 6.00% | 4.00% | ||
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 4.00% |
REGULATORY CAPITAL - Schedule o
REGULATORY CAPITAL - Schedule of Bank's Actual Capital Amounts and Ratios (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Regulatory Capital | ||
Total Regulatory Capital | $ 23,998 | $ 23,066 |
Key Regulatory Ratios | ||
Common Equity Tier 1 Capital (to Risk Weighted Assets), Actual, Amount | $ 22,974 | $ 22,171 |
Common Equity Tier 1 Capital (to Risk Weighted Assets), Actual, Ratio | 13.80% | 15.60% |
Common Equity Tier 1 Capital (to Risk Weighted Assets), For Capital Adequacy Purposes, Amount | $ 7,509 | $ 6,417 |
Common Equity Tier 1 Capital (to Risk Weighted Assets), For Capital Adequacy Purposes, Ratio | 4.50% | 4.50% |
Common Equity Tier 1 Capital (to Risk Weighted Assets), To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 10,846 | $ 9,269 |
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 Risk Weighted Assets), Actual Amount | $ 22,974 | $ 22,171 |
Tier 1 Capital (to Average Assets), Actual Amount | $ 22,974 | $ 22,171 |
Total Capital (to Risk Weighted Assets), Actual Ratio | 14.40% | 16.20% |
Tier 1 Capital (to Risk Weighted Assets), Actual Ratio | 13.80% | 15.60% |
Tier 1 Capital (to Average Assets), Actual Ratio | 9.50% | 10.90% |
Total Capital (to Risk Weighted Assets), For Capital Adequacy Purposes, Amount | $ 13,350 | $ 11,408 |
Tier 1 Capital (to Risk Weighted Assets), For Capital Adequacy Purposes, Amount | 10,012 | 8,556 |
Tier 1 Capital (to Average Assets), For Capital Adequacy Purposes, Amount | $ 9,721 | $ 8,169 |
Total Capital (to Risk Weighted Assets), For Capital Adequacy Purposes, Ratio | 8.00% | 8.00% |
Tier 1 Capital (to Risk Weighted Assets), For Capital Adequacy Purposes, Ratio | 6.00% | 6.00% |
Tier 1 Capital (to Average Assets), For Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
Total Capital (to Risk Weighted Assets), To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 16,687 | $ 14,260 |
Tier 1 Capital (to Risk Weighted Assets), To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | 13,350 | 11,408 |
Tier 1 Capital (to Average Assets), To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 12,151 | $ 10,211 |
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% |
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 | 1 Months Ended | 3 Months Ended | 9 Months Ended |
Nov. 24, 2015 | Dec. 31, 2015 | Sep. 30, 2016 | |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 89,903 | ||
Stock Repurchase Program Common Stock Repurchased Percentage | 4.00% | ||
Common Stock [Member] | |||
Stock Repurchased and Retired During Period, Shares | 23,100 | 42,000 | |
Treasury Stock Acquired, Average Cost Per Share | $ 12.89 | $ 13.10 |
EQUITY INCENTIVE PLANS - Weight
EQUITY INCENTIVE PLANS - Weighted Average Assumptions (Detail) | 9 Months Ended |
Sep. 30, 2016$ / shares | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Expected life (years) | 6 years 4 months 24 days |
Expected dividend yield | 0.00% |
Expected volatility | 20.24% |
Expected forfeiture rate | 0.00% |
Risk free rate | 1.67% |
Fair value per option | $ 3.17 |
EQUITY INCENTIVE PLANS - Schedu
EQUITY INCENTIVE PLANS - Schedule of Equity Incentive Plan (Detail) - $ / shares | 1 Months Ended | 9 Months Ended | |
Jun. 01, 2016 | Nov. 24, 2015 | Sep. 30, 2016 | |
Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Shares, Granted | 169,500 | ||
2015 Equity Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Shares, Granted | 314,661 | ||
2015 Equity Incentive Plan [Member] | Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Shares, Outstanding at beginning of period | 0 | ||
Number of Shares, Granted | 169,500 | 169,500 | |
Number of Shares, Outstanding at end of period | 169,500 | ||
Number of Shares, Exercisable at end of period | 0 | ||
Number of Shares, Weighted average fair value of options granted during the period (in dollars per share) | $ 3.17 | ||
Number of Shares, Weighted average contractual life remaining | 9 years 7 months 6 days | ||
Number of Shares, Weighted average exercise price (in dollars per share) | $ 12.85 |
EQUITY INCENTIVE PLANS - Non-ve
EQUITY INCENTIVE PLANS - Non-vested Restricted Stock (Detail) - $ / shares | 1 Months Ended | 9 Months Ended | |
Jun. 01, 2016 | Nov. 24, 2015 | Sep. 30, 2016 | |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Shares, Granted | 70,950 | ||
Equity Incentive Plan 2015 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Shares, Granted | 314,661 | ||
Equity Incentive Plan 2015 [Member] | Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Shares, Outstanding at beginning of period | 0 | ||
Number of Shares, Granted | 70,950 | 70,950 | |
Number of Shares, Outstanding at end of period | 70,950 | ||
Number of Shares, Weighted average grant date fair value (in dollars per share) | $ 12.85 |
EQUITY INCENTIVE PLANS - Additi
EQUITY INCENTIVE PLANS - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Jun. 01, 2016 | Nov. 24, 2015 | Sep. 30, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation | $ 154,000 | $ 53,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 4 years 4 months 24 days | ||||
2015 Equity Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 314,661 | ||||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 70,950 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 18,953 | 18,953 | |||
Share-based Compensation | $ 46,000 | $ 60,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 852,000 | 852,000 | |||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 18,000 | $ 24,000 | |||
Restricted Stock [Member] | 2015 Equity Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 70,950 | 70,950 | |||
Employee Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 169,500 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 55,258 | 55,258 | |||
Share-based Compensation | $ 26,000 | $ 36,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 501,000 | 501,000 | |||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 3,000 | $ 4,000 | |||
Employee Stock Option [Member] | 2015 Equity Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 169,500 | 169,500 | |||
Five Year Period [Member] | Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 47,600 | ||||
Five Year Period [Member] | Employee Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 122,500 | ||||
Four Year Period [Member] | Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 23,350 | ||||
Four Year Period [Member] | Employee Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 47,000 |