Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Mar. 22, 2017 | Jun. 30, 2016 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | Pilgrim Bancshares, Inc. | ||
Entity Central Index Key | 1,601,347 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Public Float | $ 24.3 | ||
Trading Symbol | PLRM | ||
Entity Common Stock, Shares Outstanding | 2,253,439 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
ASSETS | ||
Cash and due from banks | $ 2,036 | $ 2,351 |
Interest-bearing demand deposits with other banks | 9,152 | 8,319 |
Total cash and cash equivalents | 11,188 | 10,670 |
Interest-bearing time deposits with other banks | 1,092 | 1,087 |
Investments in available-for-sale securities (at fair value) | 17,041 | 16,556 |
Investments in held-to-maturity securities (fair value of $135 at December 31, 2016, and $155 at December 31, 2015) | 104 | 120 |
Federal Home Loan Bank stock, at cost | 2,299 | 971 |
Investment in The Co-operative Central Reserve Fund, at cost | 384 | 384 |
Loans, net of allowance for loan losses of $1,049 at December 31, 2016, and $886 at December 31, 2015 | 210,486 | 170,427 |
Premises and equipment, net | 4,919 | 5,177 |
Investment in real estate, net | 1,534 | 1,578 |
Accrued interest receivable | 599 | 508 |
Deferred income tax asset, net | 740 | 496 |
Bank-owned life insurance | 2,314 | 2,276 |
Other assets | 233 | 257 |
Total assets | 252,933 | 210,507 |
Deposits: | ||
Noninterest-bearing | 18,791 | 15,290 |
Interest-bearing | 163,295 | 154,082 |
Total deposits | 182,086 | 169,372 |
Federal Home Loan Bank advances | 37,329 | 8,500 |
Other liabilities | 871 | 666 |
Total liabilities | 220,286 | 178,538 |
Stockholders' equity: | ||
Common stock $.01 par value per share: 10,000,000 shares authorized, 2,253,439 shares issued at December 31, 2016 and 2,224,489 shares issued at December 31, 2015 | 23 | 22 |
Additional paid-in capital | 20,910 | 20,466 |
Retained earnings | 14,260 | 13,253 |
Unearned compensation - ESOP (161,826 shares unallocated at December 31, 2016 and 167,820 shares unallocated at December 31, 2015) | (1,619) | (1,679) |
Unearned compensation - Restricted Stock | (806) | 0 |
Accumulated other comprehensive loss | (121) | (93) |
Total stockholders' equity | 32,647 | 31,969 |
Total liabilities and stockholders' equity | $ 252,933 | $ 210,507 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Securities held-to-maturity, fair value | $ 135 | $ 155 |
Allowance for loan losses | $ 1,049 | $ 886 |
Common stock, par value | $ 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 | 161,826 | 167,820 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | ||
Interest and dividend income: | |||
Interest and fees on loans | $ 7,880 | $ 6,599 | |
Interest on debt securities: | |||
Taxable | 199 | 181 | |
Tax-exempt | 43 | 66 | |
Other interest and dividends | 101 | 51 | |
Total interest and dividend income | 8,223 | 6,897 | |
Interest expense: | |||
Interest on deposits | 1,372 | 1,020 | |
Interest on Federal Home Loan Bank advances | 209 | 65 | |
Total interest expense | 1,581 | 1,085 | |
Net interest and dividend income | 6,642 | 5,812 | |
Provision for loan losses | 170 | 144 | |
Net interest and dividend income after provision for loan losses | 6,472 | 5,668 | |
Noninterest income: | |||
Service charges on deposit accounts | 105 | 120 | |
Gain on sales/calls of securities, net | 30 | 29 | |
Writedown of securities (includes losses of $3 for the year ended December 31, 2015, no amounts recognized in other comprehensive income) | 0 | (3) | |
Gain on sales of loans, net | 43 | 64 | |
Rental income | 253 | 258 | |
Other income | 131 | 129 | |
Total noninterest income | 562 | 597 | |
Noninterest expense: | |||
Salaries and employee benefits | 3,298 | 3,035 | |
Occupancy expense | 486 | 533 | |
Equipment expense | 189 | 182 | |
Data processing expense | 415 | 394 | |
Professional fees | 400 | 374 | |
Federal Deposit Insurance Corporation assessment | 150 | 140 | |
Communications expense | 117 | 117 | |
Advertising and public relations expense | 140 | 129 | |
Insurance expense | 61 | 76 | |
Supplies expense | 55 | 58 | |
Other expense | 214 | 208 | |
Total noninterest expense | 5,525 | 5,246 | |
Income before income taxes | 1,509 | 1,019 | |
Income tax expense | 502 | 365 | |
Net income | $ 1,007 | $ 654 | |
Weighted-average number of common shares outstanding: | |||
Basic | 2,024,918 | 2,076,337 | |
Diluted | 2,026,099 | 2,076,337 | |
Earnings per share: | |||
Basic | $ 0.5 | $ 0.31 | |
Diluted | [1] | $ 0.5 | $ 0.31 |
[1] | Options to purchase 169,500 shares, representing all outstanding options, were not included in the computation of diluted earnings per share for the year ended December 31, 2016 because the impact was anti-dilutive. There were no options to purchase shares for the year ended December 31, 2015. |
CONSOLIDATED STATEMENTS OF INC5
CONSOLIDATED STATEMENTS OF INCOME (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Losses recognized in other comprehensive income, before taxes | $ 0 | $ 3 |
Losses recognized in other comprehensive income, net of taxes | $ 0 | $ 0 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | ||
Net income | $ 1,007 | $ 654 | |
Other comprehensive loss, net of tax: | |||
Net unrealized holding loss on available-for-sale securities | (15) | (36) | |
Reclassification adjustment for net realized gains in net income | [1] | (30) | (29) |
Other comprehensive loss before income tax effect | (45) | (65) | |
Income tax benefit | 17 | 23 | |
Other comprehensive loss, net of tax | (28) | (42) | |
Comprehensive income | $ 979 | $ 612 | |
[1] | Reclassification adjustments are comprised of realized security gains. The gains have been reclassified out of accumulated other comprehensive 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 $11,000 and $10,000 for the years ended December 31, 2016 and 2015, respectively, is included in income tax expense. The after tax amount included in net income was $19,000 and $19,000 for the years ended December 31, 2016 and 2015. |
CONSOLIDATED STATEMENTS OF COM7
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax | $ 11,000 | $ 10,000 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | $ 19,000 | $ 19,000 |
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 | 654 | $ 0 | 0 | 654 | 0 | 0 | 0 |
Shares purchased and retired | (298) | $ 0 | (298) | 0 | 0 | 0 | 0 |
Shares purchased and retired (in shares) | (23,100) | ||||||
Common stock held by ESOP committed to be allocated | 70 | $ 0 | 11 | 0 | 59 | 0 | 0 |
Other comprehensive loss, net of tax effect | (42) | 0 | 0 | 0 | 0 | 0 | (42) |
Issuance costs related to initial public offering | (17) | 0 | (17) | 0 | 0 | 0 | 0 |
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 | 1,007 | $ 0 | 0 | 1,007 | 0 | 0 | 0 |
Shares purchased and retired | (550) | $ 0 | (550) | 0 | 0 | 0 | 0 |
Shares purchased and retired (in shares) | (42,000) | ||||||
Common stock held by ESOP committed to be allocated | 80 | $ 0 | 20 | 0 | 60 | 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 | 106 | $ 0 | 0 | 0 | 0 | 106 | 0 |
Share based compensation-options | 63 | 0 | 63 | 0 | 0 | 0 | 0 |
Other comprehensive loss, net of tax effect | (28) | 0 | 0 | 0 | 0 | 0 | (28) |
Balance at Dec. 31, 2016 | $ 32,647 | $ 23 | $ 20,910 | $ 14,260 | $ (1,619) | $ (806) | $ (121) |
Balance (in Shares) at Dec. 31, 2016 | 2,253,439 |
CONSOLIDATED STATEMENTS OF CHA9
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - shares | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Number of shares committed to be allocated | 5,994 | 5,993 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities: | ||
Net income | $ 1,007 | $ 654 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan losses | 170 | 144 |
Capitalized interest on interest-bearing time deposits | (5) | (12) |
Amortization of securities, net | 88 | 86 |
Gain on sales/calls of securities, net | (30) | (29) |
Loans originated for sale | (2,205) | (3,544) |
Proceeds from sales of loans originated for sale | 2,248 | 3,608 |
Gain on sales of loans, net | (43) | (64) |
Change in net deferred origination fees, costs, premiums and discounts | (218) | (53) |
Writdown of securities | 0 | 3 |
Depreciation and amortization | 337 | 339 |
Increase in accrued interest receivable | (91) | (61) |
Increase in bank-owned life insurance | 24 | 159 |
Net cash provided by operating activities | (227) | (63) |
Increase in bank-owned life insurance | (38) | (46) |
Stock based compensation expense | 249 | 70 |
Increase in other liabilities | 205 | 105 |
Net cash provided by operating activities | 1,471 | 1,296 |
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 | (1,407) | (320) |
Redemption of Federal Home Loan Bank stock | 79 | 43 |
Purchases of available-for-sale securities | (7,241) | (8,597) |
Proceeds from maturities/calls/pay downs of available-for-sale securities | 5,435 | 3,251 |
Proceeds from sales of available-for-sale securities | 1,211 | 428 |
Proceeds from maturities of held-to-maturity securities | 23 | 33 |
Loan principal originations and collections, net | (8,999) | (19,836) |
Loans purchased | (36,047) | (8,558) |
Loan participations sold | 5,035 | 1,650 |
Capital expenditures | (35) | (62) |
Net cash used in investing activities | (41,946) | (30,468) |
Cash flows from financing activities: | ||
Net increase in demand deposits, NOW and savings accounts | 6,968 | 1,595 |
Net increase in time deposits | 5,746 | 16,767 |
Payments on Federal Home Loan Bank long-term advances | (6,171) | (1,000) |
Proceeds from Federal Home Loan Bank long-term advances | 36,100 | 8,500 |
Net change in short-term Federal Home Loan Bank advances | (1,100) | (4,000) |
Issuance costs related to initial public offering | 0 | (17) |
Purchase and retirement of common stock | (550) | (298) |
Net cash provided by financing activities | 40,993 | 21,547 |
Net increase (decrease) in cash and cash equivalents | 518 | (7,625) |
Cash and cash equivalents at beginning of period | 10,670 | 18,295 |
Cash and cash equivalents at end of period | 11,188 | 10,670 |
Supplemental disclosures: | ||
Interest paid | 1,554 | 1,080 |
Income taxes paid | $ 705 | $ 205 |
NATURE OF OPERATIONS
NATURE OF OPERATIONS | 12 Months Ended |
Dec. 31, 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. The Company owns all of the outstanding shares of common stock of Pilgrim Bank (the “Bank”). The Bank is a Massachusetts chartered stock bank which was incorporated in 1916 and is headquartered in Cohasset, Massachusetts. The Bank operates its business from three banking offices located in Massachusetts. The Bank is engaged principally in the business of attracting deposits from the general public and investing those deposits in residential and commercial real estate loans, and in commercial, consumer and small business loans. The Bank is subject to the regulations of, and periodic examination by, the Massachusetts Division of Banks (“DOB”) and the Federal Deposit Insurance Corporation (“the FDIC”). |
ACCOUNTING POLICIES
ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Accounting Policies | NOTE 2 - ACCOUNTING POLICIES The accounting and reporting policies of the Company and its subsidiary conform to accounting principles generally accepted in the United States of America and predominant practices within the banking industry. The consolidated financial statements were prepared using the accrual basis of accounting. The significant accounting policies are summarized below to assist the reader in better understanding the consolidated financial statements and other data contained herein. In preparing consolidated financial statements in conformity with accounting principles generally accepted in the United States of America, 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. Estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses and the valuation of deferred tax assets. 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. For purposes of reporting cash flows, cash and cash equivalents include cash on hand, cash items, due from banks and interest-bearing demand deposits with other banks. The Bank is required to maintain average balances on hand or with the Federal Reserve Bank. At December 31, 2016 and 2015, these reserve balances amounted to $ 836,000 820,000 Investments in debt securities are adjusted for amortization of premiums and accretion of discounts so as to approximate the interest method. Gains or losses on sales of investment securities are computed on a specific identification basis. The Company classifies debt and equity securities into one of three categories: held-to-maturity, available-for-sale, or trading. These security classifications may be modified after acquisition only under certain specified conditions. In general, securities may be classified as held-to-maturity only if the Company has the positive intent and ability to hold them to maturity. Trading securities are defined as those bought and held principally for the purpose of selling them in the near term. All other securities must be classified as available-for-sale. Held-to-maturity securities are measured at amortized cost in the consolidated balance sheets. Unrealized holding gains and losses are not included in earnings or in a separate component of stockholders’ equity. They are merely disclosed in the notes to the consolidated financial statements. Available-for-sale securities are carried at fair value on the consolidated balance sheets. Unrealized holding gains and losses are not included in earnings, but are reported as a net amount (less expected tax) in a separate component of stockholders’ equity until realized. Trading securities are carried at fair value on the consolidated balance sheets. Unrealized holding gains and losses for trading securities are included in earnings. For any debt security with a fair value less than its amortized cost basis, the Company will determine whether it has the intent to sell the debt security or whether it is more likely than not it will be required to sell the debt security before the recovery of its amortized cost basis. If either condition is met, the Company will recognize a full impairment charge to earnings. For all other debt securities that are considered other-than-temporarily impaired and do not meet either condition, the credit loss portion of impairment will be recognized in earnings as realized losses. The other-than-temporary impairment related to all other factors will be recorded in other comprehensive income. Declines in marketable equity securities below their cost that are deemed other than temporary are reflected in earnings as realized losses. The Company is required to own shares of capital stock in the Federal Home Loan Bank of Boston (FHLB) in order to borrow from the FHLB. The stock is carried at its cost and evaluated for impairment based on the ultimate recoverability of the cost basis of the FHLB stock. Loans receivable that management has the intent and ability to hold until maturity or payoff are reported at their outstanding principal balances adjusted for amounts due borrowers on unadvanced loans, any charge-offs, the allowance for loan losses and any deferred fees or costs on originated loans, or unamortized premiums or discounts on purchased loans. Interest on loans is recognized on a simple interest basis. Loan origination and commitment fees and certain direct origination costs are deferred, and the net amount amortized as an adjustment of the related loan's yield. The Company is amortizing these amounts over the contractual lives of the related loans. Residential real estate loans are generally placed on nonaccrual when reaching 90 90 120 180 90 Cash receipts of interest income on impaired loans are credited to principal to the extent necessary to eliminate doubt as to the collectibility of the net carrying amount of the loan. Some or all of the cash receipts of interest income on impaired loans are recognized as interest income if the remaining net carrying amount of the loan is deemed to be fully collectible. When recognition of interest income on an impaired loan on a cash basis is appropriate, the amount of income that is recognized is limited to that which would have been accrued on the net carrying amount of the loan at the contractual interest rate. Any cash interest payments received in excess of the limit and not applied to reduce the net carrying amount of the loan are recorded as recoveries of charge-offs until the charge-offs are fully recovered. The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. The allowance for loan losses is evaluated on a regular basis by management and is based upon management’s periodic review of the collectibility of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral and prevailing economic conditions. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. General Component: The general component of the allowance for loan losses is based on historical loss experience adjusted for qualitative factors stratified by the following loan segments: residential real estate, commercial real estate, multi-family real estate, home equity loans and lines of credit, construction, commercial and industrial, and consumer. Management uses a rolling average of historical losses based on a time frame appropriate to capture relevant loss data for each loan segment. This historical loss factor is adjusted for the following qualitative factors: levels/trends in delinquencies and underlying collateral values; trends in volume and terms of loans; effects of changes in risk selection and underwriting standards and other changes in lending policies, procedures and practices; experience/ability/depth of lending management and staff; and national and local economic trends and conditions. There were no changes in the Company’s policies or methodology pertaining to the general component of the allowance for loan losses during the years ended December 31, 2016 and 2015. The qualitative factors are determined based on the various risk characteristics of each loan segment. Risk characteristics relevant to each portfolio segment are as follows: Residential real estate: The Company generally does not originate loans with a loan-to-value ratio greater than 80 Commercial and multi-family real estate: Loans in this segment are primarily income-producing properties throughout Eastern Massachusetts, specifically the South Shore. The underlying cash flows generated by the properties are adversely impacted by a downturn in the economy as evidenced by increased vacancy rates, which in turn, will have an effect on the credit quality in this segment. Management periodically obtains rent rolls and continually monitors the cash flows of these loans. Construction loans: Loans in this segment include land, speculative residential properties, investment, multifamily, rehab to permanent investment properties and owner occupied residential properties. Payment is derived from sale of the property or long term rental cash flows once converted to permanent financing. Credit risk is affected by cost overruns, time to sell at an adequate price, vacancies and market conditions. Commercial and industrial loans: Loans in this segment are made to businesses, are generally secured by assets of the business and are primarily guaranteed by the United States Government. Repayment is expected from the cash flows of the business. A weakened economy, and resultant decreased consumer spending, will have an effect on the credit quality in this segment. Consumer loans: Loans in this segment are primarily secured by automobiles and repayment is dependent on the credit quality of the individual borrower. Allocated Component: The allocated component relates to loans that are classified as impaired. Impairment is measured on a loan by loan basis for commercial and industrial, commercial and multi-family real estate and construction loans by either the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral if the loan is collateral dependent. An allowance is established when the discounted cash flows (or collateral value) of the impaired loan are lower than the carrying value of that loan. Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Company does not separately identify individual consumer, home equity loans and lines of credit and residential real estate loans for impairment disclosures, unless such loans are subject to a troubled debt restructuring agreement. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. The Company periodically may agree to modify the contractual terms of loans on a temporary or permanent basis. When a loan is modified and a concession is made to a borrower experiencing financial difficulty, the modification is considered a troubled debt restructuring ("TDR"). All TDRs are initially classified as impaired. Unallocated Component: An unallocated component is maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating allocated and general reserves in the portfolio. Land is stated at cost. Premises, investment in real estate and equipment are stated at cost, less accumulated depreciation and amortization. Cost and related allowances for depreciation and amortization of premises, investment in real estate and equipment retired or otherwise disposed of are removed from the respective accounts with any gain or loss included in income or expense. Depreciation and amortization are calculated principally on a straight-line basis over the estimated useful lives of the assets. Useful lives are dependent upon the nature and condition of the asset and range from three years to 40 Premises and equipment and investment in real estate are periodically evaluated for impairment when events or changes in circumstances indicate that the carrying amount may not be recoverable. Impairment exists when the expected undiscounted future cash flows of premises and equipment and investment in real estate are less than their carrying amounts. In that event, the Company records a loss of the difference between the carrying amount and the fair value of the asset based on quoted market prices, if applicable, or a discounted cash flow analysis. Other real estate owned includes properties acquired through foreclosure and properties classified as in-substance foreclosures in accordance with Accounting Standards Codification (ASC) 310-40, “Receivables - Troubled Debt Restructurings by Creditors." These properties are initially recorded at their estimated fair value less estimated cost to sell at the date of foreclosure or transfer, establishing a new cost basis. Subsequent to foreclosure or transfer, valuations are periodically performed by management and assets are carried at the lower of carrying amount or fair value less cost to sell. Any write-down from cost to estimated fair value required at the time of foreclosure or classification as an in-substance foreclosure is charged to the allowance for loan losses. Expenses incurred in connection with maintaining these assets, subsequent write-downs and gains or losses recognized upon sale are included in other expense. The Company classifies commercial loans as in-substance repossessed or foreclosed if the Company receives physical possession of the debtor’s assets regardless of whether formal foreclosure proceedings take place. An in-substance repossession or foreclosure occurs, and the Company is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan upon either: (1) obtaining legal title to the residential real estate property upon completion of a foreclosure; or (2) the borrower conveying all interest in the residential real estate property to the Company to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. The Company has purchased insurance policies on the lives of certain directors, executive officers and employees. Bank-owned life insurance policies are reflected on the consolidated balance sheets at cash surrender value. Changes in net cash surrender value of the policies, as well as insurance proceeds received, are reflected in non-interest income on the consolidated statements of income and are not subject to income taxes. The Company directly expenses costs associated with advertising as they are incurred. Compensation expense for the Employee Stock Ownership Plan (“ESOP”) is recorded at an amount equal to the shares allocated by the ESOP multiplied by the average fair value of the shares during the period. The Company recognizes compensation expense ratably over the year based upon the Company’s estimate of the number of shares expected to be allocated by the ESOP. Unearned compensation applicable to the ESOP is reflected as a reduction of stockholders’ equity in the consolidated balance sheet. The difference between the average fair value and the cost of shares allocated by the ESOP is recorded as an adjustment to additional paid-in capital. The Company recognizes stock-based compensation on the grant-date fair value of the award adjusted for expected forfeitures. The Company values share-based stock option awards granted using the Black-Scholes option-pricing model. The Company recognizes compensation expense for its awards on a straight-line basis over the requisite service period for the entire award (straight-line attribution method), ensuring that the amount of compensation cost recognized at any date at least equals the portion of the grant-date fair value of the award that is vested at that time. The Company recognizes income taxes under the asset and liability method. Under this method, deferred tax assets and liabilities are established for the temporary differences between the accounting basis and the tax basis of the Company's assets and liabilities at enacted tax rates expected to be in effect when the amounts related to such temporary differences are realized or settled. It is the Company’s policy to provide for uncertain tax positions and the related interest and penalties based upon management’s assessment of whether a tax benefit is more likely than not to be sustained upon examination by tax authorities. As of December 31, 2016 and 2015, there were no material uncertain tax positions related to federal and state income tax matters. The Company is currently open to audit under the statute of limitations by the Internal Revenue Service and state taxing authorities for the years ended December 31, 2013 through December 31, 2016. Interest and penalties, if any, are recorded as income tax expense. 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. The Company has adopted the EPS guidance included in 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 and unearned shares of restricted stock are not deemed outstanding for earnings per share calculations. Years Ended December 31, 2016 2015 Net income (In thousands) $ 1,007 $ 654 Basic and diluted common shares: Weighted average common shares outstanding 2,225,397 2,247,153 Weighted average unearned shares-restricted stock (35,657) - Weighted average unallocated ESOP shares (164,822) (170,816) Basic weighted average shares outstanding 2,024,918 2,076,337 Dilutive effect of unearned restricted stock 1,181 - Diluted weighted average shares outstanding 2,026,099 2,076,337 Basic earnings per share $ 0.50 $ 0.31 Diluted earnings per share (1) $ 0.50 $ 0.31 (1) Options to purchase 169,500 shares, representing all outstanding options, were not included in the computation of diluted earnings per share for the year ended December 31, 2016 because the impact was anti-dilutive. There were no options to purchase shares for the year ended December 31, 2015. As an “emerging growth company,” as defined in Title 1 of Jumpstart Our Business Startups (JOBS) Act, the Company has elected to use the extended transition period to delay adoption of new or reissued accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. Accordingly, the consolidated financial statements may not be comparable to the financial statements of public companies that comply with such new or revised accounting standards. As of December 31, 2016, there is no significant difference in the comparability of the consolidated financial statements as a result of this extended transition period. In May 2014 and August 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, “Revenue from Contracts with Customers (Topic 606).” The objective of this ASU is to clarify principles for recognizing revenue and to develop a common revenue standard for Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards. The guidance in ASU 2014-09 affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards. The core principal of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Under the extended transition period for an emerging growth company, the amendments in ASU 2015-14 defer the effective date of ASU 2014-09 to annual reporting periods beginning after December 31, 2017, and interim periods within that period. Earlier application is permitted only as of an annual reporting period beginning after December 31, 2016, including interim reporting periods within that reporting period. The adoption of ASU 2014-09 is not expected to have a material impact on the Company’s consolidated financial statements. In May 2015, the FASB issued ASU 2015-07, “Fair Value Measurement (Topic 820) - Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent).” The objective of this update is to address the diversity in practice related to how certain investments measured at net asset value with redemption dates in the future are categorized within the fair value hierarchy. The amendments in this update remove the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. The amendments also remove the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using the net asset value per share practical expedient. Rather, those disclosures are limited to investments for which the entity has elected to measure the fair value using that practical expedient. Under the extended transition period for an emerging growth company, the amendments in this update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. Early adoption is permitted. The adoption of this ASU is not expected to have a material impact on the Company’s consolidated financial statements. In January 2016, the FASB issued 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 makes 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 fiscal years beginning after December 15, 2019. Early application of item 5 above is permitted for fiscal years, or interim periods for which financial statements have not yet been issued. Early application 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 No. 2016-13, “Financial Instruments Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” The ASU requires an organization to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better inform their credit loss estimates. Many of the loss estimation techniques applied today will still be permitted, although the inputs to those techniques will change to reflect the full amount of expected credit losses. Organizations will continue to use judgement to determine which loss estimation method is appropriate for their circumstances. Additionally, the 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, this update will be effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. Early adoption is permitted in interim and annual reporting periods beginning after December 15, 2018. The Company is currently evaluating the amendments of ASU No. 2016-13 to determine the potential impact the new standard will have on the Company’s 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 2016-15 is not expected to have a material impact on the Company’s consolidated financial statements. In November 2016, the FASB issued ASU 2016-18 “Statement of Cash Flows Restricted Cash (Topic 230).” The amendments in this update require that a statement of cash flows expla |
INVESTMENTS IN SECURITIES
INVESTMENTS IN SECURITIES | 12 Months Ended |
Dec. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in Securities | NOTE 3 - INVESTMENTS IN SECURITIES Investments in securities have been classified in the consolidated balance sheets according to management’s intent. Amortized Gross Gross Cost Unrealized Unrealized Fair Basis Gains Losses Value (In Thousands) Available-for-sale securities: December 31, 2016: Debt securities issued by U.S. government corporations and agencies $ 8,980 $ 7 $ 53 $ 8,934 Debt securities issued by states of the United States and political subdivisions of the states 2,696 - 50 2,646 Mortgage-backed securities 5,557 5 101 5,461 $ 17,233 $ 12 $ 204 $ 17,041 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: December 31, 2016: Mortgage-backed securities $ 104 $ 31 $ - $ 135 $ 104 $ 31 $ - $ 135 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 $ 499 $ - $ - Due after one year through five years 9,555 - - Due after five years through ten years 1,267 - - Due after ten years 259 - - Mortgage-backed securities 5,461 104 135 $ 17,041 $ 104 $ 135 During 2016, proceeds from sales of available-for-sale securities amounted to $ 1.2 27,000 428,000 10,000 10,000 4,000 As of December 31, 2016 and 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) December 31, 2016: Debt securities issued by U.S. government corporations and agencies $ 7,430 $ 53 $ - $ - $ 7,430 $ 53 Debt securities issued by states of the United States and political subdivisions of the states 2,215 35 431 15 2,646 50 Mortgage-backed securities 3,342 52 1,660 49 5,002 101 Total temporarily impaired securities $ 12,987 $ 140 $ 2,091 $ 64 $ 15,078 $ 204 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 December 31, 2016, investment securities with unrealized losses consist of 17 debt securities issued by U.S. government corporations and government-sponsored agencies, 12 debt securities issued by states of the United States and political subdivisions of the states and mortgage-backed securities consisting of 28 government agencies and government sponsored enterprises and 1 private label. 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 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. Upon acquisition of a security, the Company decides whether it is within the scope of the accounting guidance for beneficial interests in securitized financial assets or will be evaluated for impairment under the accounting guidance for investments in debt and equity securities. The accounting guidance for beneficial interests in securitized financial assets provides incremental impairment guidance for a subset of debt securities within the scope of the guidance for investments in debt and equity securities. For securities where the security is a beneficial interest in securitized financial assets, the Company uses the beneficial interests in securitized financial assets impairment model. For securities where the security is not a beneficial interest in securitized financial assets, the Company uses the debt and equity securities impairment model. No other-than-temporary impairment losses were recognized for the year ended December 31, 2016. For the year ended December 31, 2015, debt securities with other-than-temporary impairment losses related to credit quality that were recognized in earnings consisted of one non-agency mortgage-backed security. 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 were 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 | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
LOANS | NOTE 4 - LOANS December 31, December 31, 2016 2015 (In Thousands) Real estate loans: One-to four- family residential $ 133,997 $ 104,861 Commercial 23,368 21,848 Multi-family 19,503 16,559 Home equity loans and lines of credit 2,294 2,093 Construction 27,185 18,755 Commercial and industrial loans 2,885 3,964 Consumer loans: Consumer lines of credit 22 20 Other consumer loans 1,910 3,060 211,164 171,160 Net deferred loan origination fees, costs, premiums and discounts 371 153 Allowance for loan losses (1,049) (886) Net loans $ 210,486 $ 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 Lines of Credit Other Consumer Unallocated Total (In Thousands) December 31, 2016: Allowance for loan losses: Beginning balance $ 373 $ 146 $ 62 $ 14 $ 216 $ 13 $ 1 $ 29 $ 32 $ 886 Charge-offs - - - - - - - (8) - (8) Recoveries - - - - - - - 1 - 1 Provision (benefit) 76 (12) 12 (2) 124 (3) - (7) (18) 170 Ending balance $ 449 $ 134 $ 74 $ 12 $ 340 $ 10 $ 1 $ 15 $ 14 $ 1,049 Ending balance: Individually evaluated for impairment $ 21 $ - $ - $ - $ - $ - $ - $ - $ - $ 21 Ending balance: Collectively evaluated for impairment 428 134 74 12 340 10 1 15 14 1,028 Total allowance for loan losses ending balance $ 449 $ 134 $ 74 $ 12 $ 340 $ 10 $ 1 $ 15 $ 14 $ 1,049 Loans: Ending balance: Individually evaluated for impairment $ 3,406 $ 650 $ - $ 6 $ - $ - $ - $ - $ - $ 4,062 Ending balance: Collectively evaluated for impairment 130,591 22,718 19,503 2,288 27,185 2,885 22 1,910 - 207,102 Total loans ending balance $ 133,997 $ 23,368 $ 19,503 $ 2,294 $ 27,185 $ 2,885 $ 22 $ 1,910 $ - $ 211,164 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 Unallocated Total (In Thousands) December 31, 2015: Allowance for loan losses: Beginning balance $ 362 $ 134 $ 36 $ 27 $ 121 $ 8 $ 1 $ 20 $ 34 $ 743 Charge-offs - - - - - - - (1) - (1) Recoveries - - - - - - - - - - Provision (benefit) 11 12 26 (13) 95 5 - 10 (2) 144 Ending balance $ 373 $ 146 $ 62 $ 14 $ 216 $ 13 $ 1 $ 29 $ 32 $ 886 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 Certain directors and executive officers of the Company and companies in which they have significant ownership interest were customers of the Bank during 2016. Total loans to such persons and their companies amounted to $ 281,000 401,000 120,000 90 Days 90 Days or More 30-59 Days 60-89 Days or More Total Total Past Due Nonaccrual Past Due Past Due Past Due Past Due Current Total and Accruing Loans (In Thousands) December 31, 2016: Real estate loans: One- to four-family residential $ 118 $ - $ - $ 118 $ 133,879 $ 133,997 $ - $ - Commercial - - - - 23,368 23,368 - - Multi-family - - - - 19,503 19,503 - - Home equity loans and lines of credit - - - - 2,294 2,294 - - Construction - - - - 27,185 27,185 - - Commercial and industrial loans - - - - 2,885 2,885 - - Consumer loans: Consumer lines of credit - - - - 22 22 - - Other consumer - - - - 1,910 1,910 - - Total $ 118 $ - $ - $ 118 $ 211,046 $ 211,164 $ - $ - 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) December 31, 2016: With no related allowance recorded: Real estate loans: One- to four-family residential $ 2,839 $ 2,839 $ - Commercial 650 650 - Home equity loans and lines of credit 6 88 - Total impaired with no related allowance $ 3,495 $ 3,577 $ - 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 $ 3,406 $ 3,406 $ 21 Commercial 650 650 - Home equity loans and lines of credit 6 88 - Total impaired loans $ 4,062 $ 4,144 $ 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 Year Ended Year Ended December 31, 2016 December 31, 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 $ 3,417 $ 156 $ 5,657 $ 183 Commercial 666 42 689 44 Home equity loans and lines of credit 37 5 54 4 Total impaired with no related allowance $ 4,120 $ 203 $ 6,400 $ 231 With an allowance recorded: Real estate loans: One- to four-family residential $ 567 $ 24 $ 571 $ 19 Commercial - - - - Home equity loans and lines of credit - - - - Total impaired with an allowance recorded $ 567 $ 24 $ 571 $ 19 Total Real estate loans: One- to four-family residential $ 3,984 $ 180 $ 6,228 $ 202 Commercial 666 42 689 44 Home equity loans and lines of credit 37 5 54 4 Total impaired loans $ 4,687 $ 227 $ 6,971 $ 250 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) December 31, 2016: Grade: Pass $ - $ 22,718 $ 19,503 $ - $ 27,185 $ 2,885 $ - $ - $ 72,291 Special mention 2,016 650 - - - - - 2,666 Substandard 567 - - 6 - - - - 573 Loans not formally rated 131,414 - - 2,288 - - 22 1,910 135,634 Total $ 133,997 $ 23,368 $ 19,503 $ 2,294 $ 27,185 $ 2,885 $ 22 $ 1,910 $ 211,164 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 December 31, 2016 and 2015, there were no loans rated “doubtful” or “loss.” Credit Quality Information The Company utilizes a seven grade internal loan rating system for commercial and multi-family 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 and multi-family real estate, construction and commercial loans. For residential real estate, home equity loans and lines of credit 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 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 year ended December 31, 2016, there were five loans modified as TDRs. Three of the modified loans, with a total post-modification recorded investment of $ 1.6 Pre-Modification Post-Modification Number of Outstanding Recorded Outstanding Recorded Contracts Investment Investment (Dollars In Thousands) December 31, 2016: Troubled Debt Restructurings: Real estate loans: One- to four- family residential 3 $ 2,121 $ 2,121 Home equity loans and lines of credit 2 59 59 5 $ 2,180 $ 2,180 Pre-Modification Post-Modification Number of Outstanding Recorded Outstanding Recorded Contracts Investment Investment (Dollars In Thousands) December 31, 2015: Troubled Debt Restructurings: Real estate loans: One- to four- family residential 2 $ 1,088 $ 1,088 Home equity loans and lines of credit 2 59 59 4 $ 1,147 $ 1,147 There were no loans modified as TDRs As of December 31, 2016 and 2015, there were no commitments to lend additional funds to borrowers whose loans were modified as troubled debt restructurings. TDRs during the years ended Rate Interest Only Rate Reduction and Reduction Period Interest Only Period (In Thousands) December 31, 2016: Real estate loans: One- to four- family residential $ - $ 2,121 $ - Home equity loans and lines of credit - 59 - Total $ - $ 2,180 $ - December 31, 2015: Real estate loans: One- to four- family residential $ - $ 1,088 $ - Home equity loans and lines of credit - 59 - Total $ - $ 1,147 $ - An analysis of the loans modified as TDRs was performed as of December 31, 2016. An allowance of $ 21,000 As of December 31, 2016, there were no consumer mortgage loans collateralized by residential real estate in the process of foreclosure. Loans serviced for others are not included in the accompanying consolidated balance sheets. The unpaid balances of mortgage and other loans serviced for others were $ 24.3 21.8 On March 25, 2016, the Company entered into an agreement to purchase $ 20.0 50 50 1 |
PREMISES AND EQUIPMENT
PREMISES AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
PREMISES AND EQUIPMENT | NOTE 5 - PREMISES AND EQUIPMENT December 31, 2016 2015 (In Thousands) Land $ 864 $ 864 Buildings and improvements 5,383 5,380 Furniture and equipment 2,283 2,251 8,530 8,495 Accumulated depreciation and amortization (3,611) (3,318) $ 4,919 $ 5,177 |
INVESTMENT IN REAL ESTATE
INVESTMENT IN REAL ESTATE | 12 Months Ended |
Dec. 31, 2016 | |
Real Estate [Abstract] | |
INVESTMENT IN REAL ESTATE | NOTE 6 - INVESTMENT IN REAL ESTATE December 31, 2016 2015 (In Thousands) Land $ 453 $ 453 Buildings and improvements 1,489 1,489 1,942 1,942 Accumulated depreciation (408) (364) $ 1,534 $ 1,578 The Company’s rental income for the years ended December 31, 2016 and 2015, amounted to $ 253,000 258,000 |
DEPOSITS
DEPOSITS | 12 Months Ended |
Dec. 31, 2016 | |
Banking and Thrift [Abstract] | |
DEPOSITS | NOTE 7 - DEPOSITS The aggregate amount of time deposit accounts in denominations that meet or exceed the Federal Deposit Insurance Corporation (FDIC) insurance limit (currently $250,000) at December 31, 2016 and December 31, 2015 was $ 22.3 20.9 5.0 (In Thousands) 2017 $ 47,847 2018 25,303 2019 2,767 2020 9,349 2021 3,730 Total $ 88,996 There were $ 7.3 |
FEDERAL HOME LOAN BANK ADVANCES
FEDERAL HOME LOAN BANK ADVANCES | 12 Months Ended |
Dec. 31, 2016 | |
Banking and Thrift [Abstract] | |
FEDERAL HOME LOAN BANK ADVANCES | NOTE 8 - FEDERAL HOME LOAN BANK ADVANCES (In Thousands) 2017 $ 5,842 2018 8,911 2019 3,739 2020 1,713 2021 1,124 Thereafter 16,000 $ 37,329 Interest rates ranged from 0.39 1.51 0.99 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. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 9 - INCOME TAXES Years Ended December 31, 2016 2015 (In Thousands) Current: Federal $ 572 $ 338 State 157 90 729 428 Deferred: Federal (103) (46) State (32) (17) Change in valuation allowance (92) - (227) (63) Total income tax expense $ 502 $ 365 Years Ended December 31, 2016 2015 % of % of Income Income Statutory federal income tax rate 34.0 % 34.0 % Increase (decrease) in tax rates resulting from: Tax-exempt income (1.8) (3.7) Other 1.7 0.7 State taxes, net of federal tax 5.5 4.8 Change in valuation allowance (6.1) - Effective tax rates 33.3 % 35.8 % December 31, 2016 2015 (In Thousands) Deferred tax assets: Allowance for loan losses $ 423 $ 358 Securities capital loss carryforwards 37 46 Writedown of securities 17 16 Interest on nonaccrual loans - 46 Net unrealized holding loss on available-for-sale securities 71 54 Charitable contribution carryovers 178 249 Stock expense 50 - ESOP expense 11 2 Deferred compensation 73 - Other 7 - Gross deferred tax assets 867 771 Valuation allowance (37) (129) Gross deferred tax assets after valuation allowance 830 642 Deferred tax liabilities: Book basis in excess of tax basis of premises and equipment (90) (146) Gross deferred tax liabilities (90) (146) Net deferred tax asset $ 740 $ 496 As of December 31, 2016 and 2015, the Company had no operating loss and tax credit carryovers for tax purposes. As of December 31, 2016, the Company had capital loss carryovers of $ 110,000 2019 37,000 In connection with its initial public offering, the Company donated common stock and cash in the amount of $ 725,000 446,000 2019 178,000 83,000 In prior years, the Bank was allowed a special tax-basis bad debt deduction under certain provisions of the Internal Revenue Code. As a result, retained earnings of the Bank as of December 31, 2016 includes approximately $ 1,094,000 40 |
EMPLOYEE BENEFITS
EMPLOYEE BENEFITS | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
EMPLOYEE BENEFITS | NOTE 10 - EMPLOYEE BENEFITS 401(k) Plan The Company provides a savings and retirement plan for employees through the Co-operative Banks’ Employees Retirement Association (CBERA) 401(k) Plan, which is a multiple employer tax-qualified profit sharing plan with a salary deferral feature under Section 401(k) of the Internal Revenue Code (“401(k) Plan”). All employees who have attained age 21 250 The plan provides for voluntary contributions by participating employees ranging from 1 75 100 5 88,000 82,000 Incentive Plan The Company has a discretionary Incentive Plan whereby all employees are eligible to receive a payment if the Company meets or exceeds certain base performance standards for its fiscal year. The structure of the Incentive Plan is to be reviewed on an annual basis by the Board of Directors. Executive Annual Incentive Plan The Company adopted an executive incentive plan effective January 1, 2015, which superseded and replaced the discretionary bonus arrangement above for certain named executive officers. For each plan year (which is the calendar year), each participant will receive an award agreement, which will provide the annual bonus award amount, designated as a percentage of base salary, and the performance objectives that must be satisfied for the participant to receive the annual bonus award. The specific performance objectives will be determined annually by the Company, but generally include objective performance targets on financial performance, growth, asset quality and risk management and subjective performance objectives, such as particular qualitative factors for the participant, based on his or her duties to the Company. Each performance objective will specify level of achievements at “threshold,” “target” and “maximum” levels and will be weighted by priority as a percentage of the total annual bonus award payable to the participant. Incentive compensation expense for the Incentive and the Executive Annual Incentive Plans for the years ended December 31, 2016 and 2015 amounted to $ 126,000 132,000 Executive Supplemental Retirement Plan The Company adopted a supplemental executive retirement plan (“SERP”) effective January 1, 2014. The SERP is a non-qualified retirement plan that provides supplemental retirement benefits to participants who are key employees as designated by the Compensation Committee. The President and Chief Executive Officer is currently the only participant in the SERP. Total expense for the plan for the years ended December 31, 2016 and 2015 amounted to $ 48,000 46,000 Equity Incentive Plan 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. The weighted average assumptions used and fair value for options granted during the year ended December 31, 2016 are as follows: Stock Option Assumptions Expected life 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 A summary of activity for the 2015 Equity Incentive Plan as of and for the year ended December 31, 2016 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 9.4 years Weighted average exercise price $ 12.85 Aggregate intrinsic value $ 364,000 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 December 31, 2016, unrecognized share-based compensation expense related to non-vested options amounted to $ 474,000 806,000 4.1 For the year ended December 31, 2016, the Company recognized stock option related compensation expense of $ 63,000 8,000 106,000 42,000 Employee Stock Ownership Plan The Company adopted a tax-qualified employee stock ownership plan (“ESOP”) for the benefit of eligible employees. On October 10, 2014, in accordance with a Plan of Conversion (the “Conversion”), Conahasset Bancshares, MHC, the Bank’s former mutual holding company, completed a mutual-to-stock conversion pursuant to which the Bank became a wholly owned subsidiary of Pilgrim Bancshares, Inc., (the “Company”) a stock holding company incorporated in February 2014. The Company completed its initial public offering in connection with the conversion transaction by selling a total of 2,182,125 10.00 179,807 The ESOP funded its stock purchase through a loan from the Company equal to 100 28.2 The trustee will hold the shares purchased by the ESOP in an unallocated suspense account. Shares will be released from the suspense account on a pro-rata basis as the loan is repaid. The trustee will allocate the shares released among the participants’ accounts on the basis of each participant’s proportional share of compensation relative to all participants. Participants will vest in their benefit at a rate of 20 100 Under applicable accounting requirements, the Company will record a compensation expense for the ESOP equal to the fair market value of the shares when they are committed to be released from the suspense account to participants' accounts under the plan. At December 31, 2016 and 2015, the remaining principal balance on the ESOP debt was $ 1.6 1.7 Total compensation expense recognized in connection with the ESOP was $ 80,000 70,000 Years Ending December 31, Amount ( In Thousands) 2017 $ 36 2018 38 2019 39 2020 40 2021 42 Thereafter 1,451 $ 1,646 2016 2015 Allocated 11,987 5,994 Committed to be allocated 5,994 5,993 Unallocated 161,826 167,820 Paid out to participants (6) - Shares held by ESOP 179,801 179,807 The fair value of unallocated ESOP shares was $ 2.4 2.2 Employment Agreements The Bank has entered into an employment agreement with its President and Chief Executive Officer, with an initial term of three years. The agreement provides for a specified minimum annual compensation and the continuation of benefits currently received upon termination events, including a change in control, as defined in the agreement. The Bank has also entered into change in control agreements with two officers of the Bank with an initial term of two years, which provide for a lump sum severance payment, subject to limitations. These agreements must be approved by the Board of Directors on an annual basis after the initial term, with an extension for an additional year. If the Board of Directors determines not to extend the term, a notice of non-renewal must be issued. |
OFF-BALANCE SHEET ACTIVITIES
OFF-BALANCE SHEET ACTIVITIES | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
OFF-BALANCE SHEET ACTIVITIES | NOTE 11 - OFF-BALANCE SHEET ACTIVITIES The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit. Those instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amounts recognized in the consolidated balance sheets. The contract or notional amounts of those instruments reflect the extent of involvement the Company has in particular classes of financial instruments. The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit is represented by the contractual notional amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation of the borrower. Collateral held varies but usually includes income-producing commercial properties or residential real estate. At December 31, 2016 2015 (In Thousands) Commitments to originate loans $ 5,958 $ 5,747 Unadvanced funds on loans: Home equity lines of credit 4,087 4,257 Construction loans 12,608 13,006 Commercial lines of credit 3,816 1,513 Consumer 117 118 $ 26,586 $ 24,641 The Company accrues credit losses related to off-balance sheet financial instruments. Potential losses on off-balance sheet loan commitments are estimated using the same risk factors used to determine the allowance for loan losses. The allowance for off-balance sheet credit losses is recorded within other liabilities on the consolidated balance sheet. The balance as of December 31, 2016 and 2015 was $ 11,000 9,000 |
COMMITMENTS AND CONTINGENT LIAB
COMMITMENTS AND CONTINGENT LIABILITIES | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENT LIABILITIES | NOTE 12 - COMMITMENTS AND CONTINGENT LIABILITIES In April 2012, the Company amended its agreement originally dated March 10, 2007 |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | NOTE 13 - 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. Level 1 also includes U.S. Treasury, other U.S. Government and agency mortgage-backed securities that are traded by dealers or brokers in active markets. 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 December 31, 2016 and 2015. The Company did not have any significant transfers between level 1 and level 2 of the fair value hierarchy during the year ended December 31, 2016. 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. 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) December 31, 2016 : Debt securities issued by U.S. government corporations and agencies $ 8,934 $ - $ 8,934 $ - Debt securities issued by states of the United States and political subdivisions of the states 2,646 - 2,646 - Mortgage-backed securities 5,461 - 5,461 - Totals $ 17,041 $ - $ 17,041 $ - 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 $ - 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. 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) December 31, 2016: Impaired loans $ 552 $ - $ - $ 552 Totals $ 552 $ - $ - $ 552 December 31, 2015: Impaired loans $ 552 $ - $ - $ 552 Totals $ 552 $ - $ - $ 552 December 31, 2016 Carrying Fair Value Amount Level 1 Level 2 Level 3 Total (In Thousands) Financial assets: Cash and cash equivalents $ 11,188 $ 11,188 $ - $ - $ 11,188 Interest-bearing time deposits with other banks 1,092 - 1,098 - 1,098 Available-for-sale securities 17,041 - 17,041 - 17,041 Held-to-maturity securities 104 - 135 - 135 Federal Home Loan Bank stock 2,299 2,299 - - 2,299 Investment in The Co-operative Central Reserve Fund 384 384 - - 384 Loans, net 210,486 - - 211,328 211,328 Accrued interest receivable 599 599 - - 599 Financial liabilities: Deposits 182,086 - 182,676 - 182,676 FHLB advances 37,329 - 37,089 - 37,089 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 December 31, 2016 and 2015 under the indicated captions. Accounting policies related to financial instruments are described in Note 2. |
SIGNIFICANT GROUP CONCENTRATION
SIGNIFICANT GROUP CONCENTRATIONS OF CREDIT RISK | 12 Months Ended |
Dec. 31, 2016 | |
Risks and Uncertainties [Abstract] | |
SIGNIFICANT GROUP CONCENTRATIONS OF CREDIT RISK | NOTE 14 - SIGNIFICANT GROUP CONCENTRATIONS OF CREDIT RISK Most of the Bank’s business activity is with customers located within the Commonwealth of Massachusetts. There are no concentrations of credit to borrowers that have similar economic characteristics. The majority of the Bank’s loan portfolio is comprised of loans collateralized by real estate located in the Commonwealth of Massachusetts. |
REGULATORY MATTERS
REGULATORY MATTERS | 12 Months Ended |
Dec. 31, 2016 | |
Banking and Thrift [Abstract] | |
REGULATORY MATTERS | NOTE 15 - REGULATORY MATTERS The Bank is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities and certain off-balance 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 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 regulations require a common equity Tier 1 (“CET 1”) capital ratio of 4.5 6.0 8.0 4.0 6.5 8.0 10.0 5.0 0.625 0.625 2.5 Management believes, as of December 31, 2016, that the Bank meets all capital adequacy requirements to which it is subject. As of December 31, 2016, the most recent notification from the FDIC categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized the Bank must maintain minimum Common Equity Tier 1, total risk-based, Tier 1 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 December 31, 2016: Total Capital (to Risk Weighted Assets) $ 24,440 14.56 % $ 13,424 8.0 % $ 16,781 10.0 % Tier 1 Capital (to Risk Weighted Assets) 23,380 13.93 10,068 6.0 13,424 8.0 Common Equity Tier 1 Capital (to Risk Weighted Assets) 23,380 13.93 7,551 4.5 10,907 6.5 Tier 1 Capital (to Average Assets) 23,380 9.38 9,970 4.0 12,463 5.0 As of December 31, 2015: Total Capital (to Risk Weighted Assets) $ 23,066 16.18 % $ 11,408 8.0 % $ 14,260 10.0 % Tier 1 Capital (to Risk Weighted Assets) 22,171 15.55 8,556 6.0 11,408 8.0 Common Equity Tier 1 Capital (to Risk Weighted Assets) 22,171 15.55 6,417 4.5 9,269 6.5 Tier 1 Capital (to Average Assets) 22,171 10.86 8,169 4.0 10,211 5.0 |
RECLASSIFICATION
RECLASSIFICATION | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
RECLASSIFICATION | NOTE 16 - RECLASSIFICATION Certain amounts in the 2015 consolidated financial statements have been reclassified to be consistent with the current period presentation. |
CONDENSED PARENT COMPANY FINANC
CONDENSED PARENT COMPANY FINANCIAL STATEMENTS | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
CONDENSED PARENT COMPANY FINANCIAL STATEMENTS | NOTE 17 CONDENSED PARENT COMPANY FINANCIAL STATEMENTS Pilgrim Bancshares, Inc. BALANCE SHEETS At December 31, 2016 2015 (In Thousands) ASSETS Noninterest bearing deposits $ 7,702 $ 8,158 Loan to the ESOP 1,646 1,682 Investment in subsidiary 23,259 22,078 Other assets 353 221 Total assets $ 32,960 $ 32,139 LIABILITIES AND STOCKHOLDERS' EQUITY Other liabilities $ 313 $ 170 Stockholders' equity 32,647 31,969 Total liabilities and stockholders' equity $ 32,960 $ 32,139 Pilgrim Bancshares, Inc. STATEMENTS OF INCOME Years Ended December 31, 2016 2015 (In Thousands) Interest income from ESOP loan $ 59 $ 56 Other noninterest expense 119 137 Loss before income tax benefit and equity in undistributed net income of the Bank (60) (81) Income tax benefit (107) (32) Income (loss) before equity in undistributed net income of subsidiary 47 (49) Equity in undistributed net income of subsidiary 960 703 Net income $ 1,007 $ 654 Pilgrim Bancshares, Inc. STATEMENTS OF CASH FLOWS Years Ended December 31, 2016 2015 (In Thousands) Cash flows from operating activities: Net income $ 1,007 $ 654 Adustments to reconcile net income to net cash provided by operating activities: Repayment of principal on ESOP loan 36 37 Equity in undistributed income of subsidiary (960) (703) Deferred tax (benefit) expense (37) 40 Increase in other assets (95) (72) Increase in other liabilities 143 137 Net cash provided by operating activities 94 93 Cash flows from financing activities: Retirement of common stock (550) (298) Issuance costs related to initial public offering - (17) Net cash used in financing activities (550) (315) Net change in cash and cash equivalents (456) (222) Cash and cash equivalents at beginning of period 8,158 8,380 Cash and cash equivalents at end of period $ 7,702 $ 8,158 |
QUARTERLY DATA (UNAUDITED)
QUARTERLY DATA (UNAUDITED) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
QUARTERLY DATA (UNAUDITED) | NOTE 18 - QUARTERLY DATA (UNAUDITED) Years Ended December 31, 2016 2015 Fourth Third Second First Fourth Third Second First Quarter Quarter Quarter Quarter Quarter Quarter Quarter Quarter (In Thousands) Interest and dividend income $ 2,235 $ 2,194 $ 1,928 $ 1,866 $ 1,837 $ 1,772 $ 1,682 $ 1,606 Interest expense 429 426 374 352 310 268 253 254 Net interest and dividend income 1,806 1,768 1,554 1,514 1,527 1,504 1,429 1,352 Provision for loan losses 36 62 36 36 48 36 38 22 Net interest and dividend income, after provision for loan losses 1,770 1,706 1,518 1,478 1,479 1,468 1,391 1,330 Total noninterest income 114 155 146 147 149 156 133 159 Total noninterest expense 1,381 1,401 1,365 1,378 1,285 1,304 1,313 1,344 Income before income taxes 503 460 299 247 343 320 211 145 Provision for income taxes 113 184 114 91 127 117 77 44 Net income $ 390 $ 276 $ 185 $ 156 $ 216 $ 203 $ 134 $ 101 Earnings per share: Basic $ 0.19 $ 0.14 $ 0.09 $ 0.08 $ 0.10 $ 0.10 $ 0.06 $ 0.05 Diluted $ 0.19 $ 0.14 $ 0.09 $ 0.08 $ 0.10 $ 0.10 $ 0.06 $ 0.05 |
ACCOUNTING POLICIES (Policies)
ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Use of Estimates | USE OF ESTIMATES: In preparing consolidated financial statements in conformity with accounting principles generally accepted in the United States of America, 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. Estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses and the valuation of deferred tax assets. |
Basis of Presentation | BASIS OF PRESENTATION: The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, the Bank, and the Bank’s wholly-owned 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. |
Cash and Cash Equivalents | CASH AND CASH EQUIVALENTS: For purposes of reporting cash flows, cash and cash equivalents include cash on hand, cash items, due from banks and interest-bearing demand deposits with other banks. The Bank is required to maintain average balances on hand or with the Federal Reserve Bank. At December 31, 2016 and 2015, these reserve balances amounted to $ 836,000 820,000 |
Securities | SECURITIES: Investments in debt securities are adjusted for amortization of premiums and accretion of discounts so as to approximate the interest method. Gains or losses on sales of investment securities are computed on a specific identification basis. The Company classifies debt and equity securities into one of three categories: held-to-maturity, available-for-sale, or trading. These security classifications may be modified after acquisition only under certain specified conditions. In general, securities may be classified as held-to-maturity only if the Company has the positive intent and ability to hold them to maturity. Trading securities are defined as those bought and held principally for the purpose of selling them in the near term. All other securities must be classified as available-for-sale. Held-to-maturity securities are measured at amortized cost in the consolidated balance sheets. Unrealized holding gains and losses are not included in earnings or in a separate component of stockholders’ equity. They are merely disclosed in the notes to the consolidated financial statements. Available-for-sale securities are carried at fair value on the consolidated balance sheets. Unrealized holding gains and losses are not included in earnings, but are reported as a net amount (less expected tax) in a separate component of stockholders’ equity until realized. Trading securities are carried at fair value on the consolidated balance sheets. Unrealized holding gains and losses for trading securities are included in earnings. For any debt security with a fair value less than its amortized cost basis, the Company will determine whether it has the intent to sell the debt security or whether it is more likely than not it will be required to sell the debt security before the recovery of its amortized cost basis. If either condition is met, the Company will recognize a full impairment charge to earnings. For all other debt securities that are considered other-than-temporarily impaired and do not meet either condition, the credit loss portion of impairment will be recognized in earnings as realized losses. The other-than-temporary impairment related to all other factors will be recorded in other comprehensive income. Declines in marketable equity securities below their cost that are deemed other than temporary are reflected in earnings as realized losses. |
Federal Home Loan Bank Stock | FEDERAL HOME LOAN BANK STOCK: The Company is required to own shares of capital stock in the Federal Home Loan Bank of Boston (FHLB) in order to borrow from the FHLB. The stock is carried at its cost and evaluated for impairment based on the ultimate recoverability of the cost basis of the FHLB stock. |
Loans | LOANS: Loans receivable that management has the intent and ability to hold until maturity or payoff are reported at their outstanding principal balances adjusted for amounts due borrowers on unadvanced loans, any charge-offs, the allowance for loan losses and any deferred fees or costs on originated loans, or unamortized premiums or discounts on purchased loans. Interest on loans is recognized on a simple interest basis. Loan origination and commitment fees and certain direct origination costs are deferred, and the net amount amortized as an adjustment of the related loan's yield. The Company is amortizing these amounts over the contractual lives of the related loans. Residential real estate loans are generally placed on nonaccrual when reaching 90 90 120 180 90 Cash receipts of interest income on impaired loans are credited to principal to the extent necessary to eliminate doubt as to the collectibility of the net carrying amount of the loan. Some or all of the cash receipts of interest income on impaired loans are recognized as interest income if the remaining net carrying amount of the loan is deemed to be fully collectible. When recognition of interest income on an impaired loan on a cash basis is appropriate, the amount of income that is recognized is limited to that which would have been accrued on the net carrying amount of the loan at the contractual interest rate. Any cash interest payments received in excess of the limit and not applied to reduce the net carrying amount of the loan are recorded as recoveries of charge-offs until the charge-offs are fully recovered. |
Allowance for Loan Losses | ALLOWANCE FOR LOAN LOSSES: The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. The allowance for loan losses is evaluated on a regular basis by management and is based upon management’s periodic review of the collectibility of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral and prevailing economic conditions. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. General Component: The general component of the allowance for loan losses is based on historical loss experience adjusted for qualitative factors stratified by the following loan segments: residential real estate, commercial real estate, multi-family real estate, home equity loans and lines of credit, construction, commercial and industrial, and consumer. Management uses a rolling average of historical losses based on a time frame appropriate to capture relevant loss data for each loan segment. This historical loss factor is adjusted for the following qualitative factors: levels/trends in delinquencies and underlying collateral values; trends in volume and terms of loans; effects of changes in risk selection and underwriting standards and other changes in lending policies, procedures and practices; experience/ability/depth of lending management and staff; and national and local economic trends and conditions. There were no changes in the Company’s policies or methodology pertaining to the general component of the allowance for loan losses during the years ended December 31, 2016 and 2015. The qualitative factors are determined based on the various risk characteristics of each loan segment. Risk characteristics relevant to each portfolio segment are as follows: Residential real estate: The Company generally does not originate loans with a loan-to-value ratio greater than 80 Commercial and multi-family real estate: Loans in this segment are primarily income-producing properties throughout Eastern Massachusetts, specifically the South Shore. The underlying cash flows generated by the properties are adversely impacted by a downturn in the economy as evidenced by increased vacancy rates, which in turn, will have an effect on the credit quality in this segment. Management periodically obtains rent rolls and continually monitors the cash flows of these loans. Construction loans: Loans in this segment include land, speculative residential properties, investment, multifamily, rehab to permanent investment properties and owner occupied residential properties. Payment is derived from sale of the property or long term rental cash flows once converted to permanent financing. Credit risk is affected by cost overruns, time to sell at an adequate price, vacancies and market conditions. Commercial and industrial loans: Loans in this segment are made to businesses, are generally secured by assets of the business and are primarily guaranteed by the United States Government. Repayment is expected from the cash flows of the business. A weakened economy, and resultant decreased consumer spending, will have an effect on the credit quality in this segment. Consumer loans: Loans in this segment are primarily secured by automobiles and repayment is dependent on the credit quality of the individual borrower. Allocated Component: The allocated component relates to loans that are classified as impaired. Impairment is measured on a loan by loan basis for commercial and industrial, commercial and multi-family real estate and construction loans by either the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral if the loan is collateral dependent. An allowance is established when the discounted cash flows (or collateral value) of the impaired loan are lower than the carrying value of that loan. Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Company does not separately identify individual consumer, home equity loans and lines of credit and residential real estate loans for impairment disclosures, unless such loans are subject to a troubled debt restructuring agreement. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. The Company periodically may agree to modify the contractual terms of loans on a temporary or permanent basis. When a loan is modified and a concession is made to a borrower experiencing financial difficulty, the modification is considered a troubled debt restructuring ("TDR"). All TDRs are initially classified as impaired. Unallocated Component: An unallocated component is maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating allocated and general reserves in the portfolio. |
Premises and Equipment | PREMISES AND EQUIPMENT AND INVESTMENT IN REAL ESTATE: Land is stated at cost. Premises, investment in real estate and equipment are stated at cost, less accumulated depreciation and amortization. Cost and related allowances for depreciation and amortization of premises, investment in real estate and equipment retired or otherwise disposed of are removed from the respective accounts with any gain or loss included in income or expense. Depreciation and amortization are calculated principally on a straight-line basis over the estimated useful lives of the assets. Useful lives are dependent upon the nature and condition of the asset and range from three years to 40 Premises and equipment and investment in real estate are periodically evaluated for impairment when events or changes in circumstances indicate that the carrying amount may not be recoverable. Impairment exists when the expected undiscounted future cash flows of premises and equipment and investment in real estate are less than their carrying amounts. In that event, the Company records a loss of the difference between the carrying amount and the fair value of the asset based on quoted market prices, if applicable, or a discounted cash flow analysis. |
Other Real Estate Owned and In-Substance Foreclosures | OTHER REAL ESTATE OWNED AND IN-SUBSTANCE FORECLOSURES: Other real estate owned includes properties acquired through foreclosure and properties classified as in-substance foreclosures in accordance with Accounting Standards Codification (ASC) 310-40, “Receivables - Troubled Debt Restructurings by Creditors." These properties are initially recorded at their estimated fair value less estimated cost to sell at the date of foreclosure or transfer, establishing a new cost basis. Subsequent to foreclosure or transfer, valuations are periodically performed by management and assets are carried at the lower of carrying amount or fair value less cost to sell. Any write-down from cost to estimated fair value required at the time of foreclosure or classification as an in-substance foreclosure is charged to the allowance for loan losses. Expenses incurred in connection with maintaining these assets, subsequent write-downs and gains or losses recognized upon sale are included in other expense. The Company classifies commercial loans as in-substance repossessed or foreclosed if the Company receives physical possession of the debtor’s assets regardless of whether formal foreclosure proceedings take place. An in-substance repossession or foreclosure occurs, and the Company is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan upon either: (1) obtaining legal title to the residential real estate property upon completion of a foreclosure; or (2) the borrower conveying all interest in the residential real estate property to the Company to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. |
Bank-Owned Life Insurance | BANK-OWNED LIFE INSURANCE: The Company has purchased insurance policies on the lives of certain directors, executive officers and employees. Bank-owned life insurance policies are reflected on the consolidated balance sheets at cash surrender value. Changes in net cash surrender value of the policies, as well as insurance proceeds received, are reflected in non-interest income on the consolidated statements of income and are not subject to income taxes. |
Advertising | ADVERTISING: The Company directly expenses costs associated with advertising as they are incurred. |
Employee Stock Ownership Plan | EMPLOYEE STOCK OWNERSHIP PLAN: Compensation expense for the Employee Stock Ownership Plan (“ESOP”) is recorded at an amount equal to the shares allocated by the ESOP multiplied by the average fair value of the shares during the period. The Company recognizes compensation expense ratably over the year based upon the Company’s estimate of the number of shares expected to be allocated by the ESOP. Unearned compensation applicable to the ESOP is reflected as a reduction of stockholders’ equity in the consolidated balance sheet. The difference between the average fair value and the cost of shares allocated by the ESOP is recorded as an adjustment to additional paid-in capital. |
Share-based Compensation | STOCK BASED COMPENSATION: The Company recognizes stock-based compensation on the grant-date fair value of the award adjusted for expected forfeitures. The Company values share-based stock option awards granted using the Black-Scholes option-pricing model. The Company recognizes compensation expense for its awards on a straight-line basis over the requisite service period for the entire award (straight-line attribution method), ensuring that the amount of compensation cost recognized at any date at least equals the portion of the grant-date fair value of the award that is vested at that time. |
Income Taxes | INCOME TAXES: The Company recognizes income taxes under the asset and liability method. Under this method, deferred tax assets and liabilities are established for the temporary differences between the accounting basis and the tax basis of the Company's assets and liabilities at enacted tax rates expected to be in effect when the amounts related to such temporary differences are realized or settled. It is the Company’s policy to provide for uncertain tax positions and the related interest and penalties based upon management’s assessment of whether a tax benefit is more likely than not to be sustained upon examination by tax authorities. As of December 31, 2016 and 2015, there were no material uncertain tax positions related to federal and state income tax matters. The Company is currently open to audit under the statute of limitations by the Internal Revenue Service and state taxing authorities for the years ended December 31, 2013 through December 31, 2016. Interest and penalties, if any, are recorded as income tax expense. |
Fair Values of Financial Instruments | FAIR VALUES OF FINANCIAL INSTRUMENTS: 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. |
Pension Plan | EARNINGS PER SHARE (EPS): The Company has adopted the EPS guidance included in 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 and unearned shares of restricted stock are not deemed outstanding for earnings per share calculations. Years Ended December 31, 2016 2015 Net income (In thousands) $ 1,007 $ 654 Basic and diluted common shares: Weighted average common shares outstanding 2,225,397 2,247,153 Weighted average unearned shares-restricted stock (35,657) - Weighted average unallocated ESOP shares (164,822) (170,816) Basic weighted average shares outstanding 2,024,918 2,076,337 Dilutive effect of unearned restricted stock 1,181 - Diluted weighted average shares outstanding 2,026,099 2,076,337 Basic earnings per share $ 0.50 $ 0.31 Diluted earnings per share (1) $ 0.50 $ 0.31 (1) Options to purchase 169,500 shares, representing all outstanding options, were not included in the computation of diluted earnings per share for the year ended December 31, 2016 because the impact was anti-dilutive. There were no options to purchase shares for the year ended December 31, 2015. |
Recent Accounting Pronouncements | RECENT ACCOUNTING PRONOUNCEMENTS: As an “emerging growth company,” as defined in Title 1 of Jumpstart Our Business Startups (JOBS) Act, the Company has elected to use the extended transition period to delay adoption of new or reissued accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. Accordingly, the consolidated financial statements may not be comparable to the financial statements of public companies that comply with such new or revised accounting standards. As of December 31, 2016, there is no significant difference in the comparability of the consolidated financial statements as a result of this extended transition period. In May 2014 and August 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, “Revenue from Contracts with Customers (Topic 606).” The objective of this ASU is to clarify principles for recognizing revenue and to develop a common revenue standard for Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards. The guidance in ASU 2014-09 affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards. The core principal of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Under the extended transition period for an emerging growth company, the amendments in ASU 2015-14 defer the effective date of ASU 2014-09 to annual reporting periods beginning after December 31, 2017, and interim periods within that period. Earlier application is permitted only as of an annual reporting period beginning after December 31, 2016, including interim reporting periods within that reporting period. The adoption of ASU 2014-09 is not expected to have a material impact on the Company’s consolidated financial statements. In May 2015, the FASB issued ASU 2015-07, “Fair Value Measurement (Topic 820) - Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent).” The objective of this update is to address the diversity in practice related to how certain investments measured at net asset value with redemption dates in the future are categorized within the fair value hierarchy. The amendments in this update remove the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. The amendments also remove the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using the net asset value per share practical expedient. Rather, those disclosures are limited to investments for which the entity has elected to measure the fair value using that practical expedient. Under the extended transition period for an emerging growth company, the amendments in this update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. Early adoption is permitted. The adoption of this ASU is not expected to have a material impact on the Company’s consolidated financial statements. In January 2016, the FASB issued 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 makes 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 fiscal years beginning after December 15, 2019. Early application of item 5 above is permitted for fiscal years, or interim periods for which financial statements have not yet been issued. Early application 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 No. 2016-13, “Financial Instruments Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” The ASU requires an organization to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better inform their credit loss estimates. Many of the loss estimation techniques applied today will still be permitted, although the inputs to those techniques will change to reflect the full amount of expected credit losses. Organizations will continue to use judgement to determine which loss estimation method is appropriate for their circumstances. Additionally, the 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, this update will be effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. Early adoption is permitted in interim and annual reporting periods beginning after December 15, 2018. The Company is currently evaluating the amendments of ASU No. 2016-13 to determine the potential impact the new standard will have on the Company’s 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 2016-15 is not expected to have a material impact on the Company’s consolidated financial statements. In November 2016, the FASB issued ASU 2016-18 “Statement of Cash Flows Restricted Cash (Topic 230).” The amendments in this update require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The amendments in this update do not provide a definition of restricted cash or restricted cash equivalents. Under the extended transition period for an emerging growth company, the amendments in this ASU 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, including adoption in an interim period. As this guidance only affects the classification within the statement of cash flows, ASU 2016-18 is not expected to have a material impact on the Company’s consolidated financial statements. |
ACCOUNTING POLICIES (Tables)
ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Schedule of Earnings per Common Share | EPS for the years ended December 31, 2016 and 2015 have been computed based on the following: Years Ended December 31, 2016 2015 Net income (In thousands) $ 1,007 $ 654 Basic and diluted common shares: Weighted average common shares outstanding 2,225,397 2,247,153 Weighted average unearned shares-restricted stock (35,657) - Weighted average unallocated ESOP shares (164,822) (170,816) Basic weighted average shares outstanding 2,024,918 2,076,337 Dilutive effect of unearned restricted stock 1,181 - Diluted weighted average shares outstanding 2,026,099 2,076,337 Basic earnings per share $ 0.50 $ 0.31 Diluted earnings per share (1) $ 0.50 $ 0.31 (1) Options to purchase 169,500 shares, representing all outstanding options, were not included in the computation of diluted earnings per share for the year ended December 31, 2016 because the impact was anti-dilutive. There were no options to purchase shares for the year ended December 31, 2015. |
INVESTMENTS IN SECURITIES (Tabl
INVESTMENTS IN SECURITIES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Amortized Cost and Fair Values of Securities | The amortized cost basis of securities and their approximate fair values are as follows as of December 31: Amortized Gross Gross Cost Unrealized Unrealized Fair Basis Gains Losses Value (In Thousands) Available-for-sale securities: December 31, 2016: Debt securities issued by U.S. government corporations and agencies $ 8,980 $ 7 $ 53 $ 8,934 Debt securities issued by states of the United States and political subdivisions of the states 2,696 - 50 2,646 Mortgage-backed securities 5,557 5 101 5,461 $ 17,233 $ 12 $ 204 $ 17,041 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: December 31, 2016: Mortgage-backed securities $ 104 $ 31 $ - $ 135 $ 104 $ 31 $ - $ 135 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 December 31, 2016: Available-For-Sale Held-To-Maturity Amortized Fair Cost Fair Value Basis Value (In Thousands) Due within one year $ 499 $ - $ - Due after one year through five years 9,555 - - Due after five years through ten years 1,267 - - Due after ten years 259 - - Mortgage-backed securities 5,461 104 135 $ 17,041 $ 104 $ 135 |
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 as of December 31: Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (In Thousands) December 31, 2016: Debt securities issued by U.S. government corporations and agencies $ 7,430 $ 53 $ - $ - $ 7,430 $ 53 Debt securities issued by states of the United States and political subdivisions of the states 2,215 35 431 15 2,646 50 Mortgage-backed securities 3,342 52 1,660 49 5,002 101 Total temporarily impaired securities $ 12,987 $ 140 $ 2,091 $ 64 $ 15,078 $ 204 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 |
LOANS (Tables)
LOANS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Schedule of Loans | Loans consisted of the following: December 31, December 31, 2016 2015 (In Thousands) Real estate loans: One-to four- family residential $ 133,997 $ 104,861 Commercial 23,368 21,848 Multi-family 19,503 16,559 Home equity loans and lines of credit 2,294 2,093 Construction 27,185 18,755 Commercial and industrial loans 2,885 3,964 Consumer loans: Consumer lines of credit 22 20 Other consumer loans 1,910 3,060 211,164 171,160 Net deferred loan origination fees, costs, premiums and discounts 371 153 Allowance for loan losses (1,049) (886) Net loans $ 210,486 $ 170,427 |
Schedule of Allowance for Loan Losses | The following tables set forth information regarding the allowance for loan losses as of and for the years ended December 31: 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 Unallocated Total (In Thousands) December 31, 2016: Allowance for loan losses: Beginning balance $ 373 $ 146 $ 62 $ 14 $ 216 $ 13 $ 1 $ 29 $ 32 $ 886 Charge-offs - - - - - - - (8) - (8) Recoveries - - - - - - - 1 - 1 Provision (benefit) 76 (12) 12 (2) 124 (3) - (7) (18) 170 Ending balance $ 449 $ 134 $ 74 $ 12 $ 340 $ 10 $ 1 $ 15 $ 14 $ 1,049 Ending balance: Individually evaluated for impairment $ 21 $ - $ - $ - $ - $ - $ - $ - $ - $ 21 Ending balance: Collectively evaluated for impairment 428 134 74 12 340 10 1 15 14 1,028 Total allowance for loan losses ending balance $ 449 $ 134 $ 74 $ 12 $ 340 $ 10 $ 1 $ 15 $ 14 $ 1,049 Loans: Ending balance: Individually evaluated for impairment $ 3,406 $ 650 $ - $ 6 $ - $ - $ - $ - $ - $ 4,062 Ending balance: Collectively evaluated for impairment 130,591 22,718 19,503 2,288 27,185 2,885 22 1,910 - 207,102 Total loans ending balance $ 133,997 $ 23,368 $ 19,503 $ 2,294 $ 27,185 $ 2,885 $ 22 $ 1,910 $ - $ 211,164 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 Unallocated Total (In Thousands) December 31, 2015: Allowance for loan losses: Beginning balance $ 362 $ 134 $ 36 $ 27 $ 121 $ 8 $ 1 $ 20 $ 34 $ 743 Charge-offs - - - - - - - (1) - (1) Recoveries - - - - - - - - - - Provision (benefit) 11 12 26 (13) 95 5 - 10 (2) 144 Ending balance $ 373 $ 146 $ 62 $ 14 $ 216 $ 13 $ 1 $ 29 $ 32 $ 886 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 as of December 31: 90 Days 90 Days or More 30-59 Days 60-89 Days or More Total Total Past Due Nonaccrual Past Due Past Due Past Due Past Due Current Total and Accruing Loans (In Thousands) December 31, 2016: Real estate loans: One- to four-family residential $ 118 $ - $ - $ 118 $ 133,879 $ 133,997 $ - $ - Commercial - - - - 23,368 23,368 - - Multi-family - - - - 19,503 19,503 - - Home equity loans and lines of credit - - - - 2,294 2,294 - - Construction - - - - 27,185 27,185 - - Commercial and industrial loans - - - - 2,885 2,885 - - Consumer loans: Consumer lines of credit - - - - 22 22 - - Other consumer - - - - 1,910 1,910 - - Total $ 118 $ - $ - $ 118 $ 211,046 $ 211,164 $ - $ - 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 December 31, 2016 and 2015: Unpaid Recorded Principal Related Investment Balance Allowance (In Thousands) December 31, 2016: With no related allowance recorded: Real estate loans: One- to four-family residential $ 2,839 $ 2,839 $ - Commercial 650 650 - Home equity loans and lines of credit 6 88 - Total impaired with no related allowance $ 3,495 $ 3,577 $ - 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 $ 3,406 $ 3,406 $ 21 Commercial 650 650 - Home equity loans and lines of credit 6 88 - Total impaired loans $ 4,062 $ 4,144 $ 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 The following presents, by class, information related to average recorded investment and interest income recognized on impaired loans for the years ended December 31, 2016 and 2015. Year Ended Year Ended December 31, 2016 December 31, 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 $ 3,417 $ 156 $ 5,657 $ 183 Commercial 666 42 689 44 Home equity loans and lines of credit 37 5 54 4 Total impaired with no related allowance $ 4,120 $ 203 $ 6,400 $ 231 With an allowance recorded: Real estate loans: One- to four-family residential $ 567 $ 24 $ 571 $ 19 Commercial - - - - Home equity loans and lines of credit - - - - Total impaired with an allowance recorded $ 567 $ 24 $ 571 $ 19 Total Real estate loans: One- to four-family residential $ 3,984 $ 180 $ 6,228 $ 202 Commercial 666 42 689 44 Home equity loans and lines of credit 37 5 54 4 Total impaired loans $ 4,687 $ 227 $ 6,971 $ 250 |
Schedule of Loans by Risk Rating | The following tables present the Company’s loans by risk rating as of December 31: 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) December 31, 2016: Grade: Pass $ - $ 22,718 $ 19,503 $ - $ 27,185 $ 2,885 $ - $ - $ 72,291 Special mention 2,016 650 - - - - - 2,666 Substandard 567 - - 6 - - - - 573 Loans not formally rated 131,414 - - 2,288 - - 22 1,910 135,634 Total $ 133,997 $ 23,368 $ 19,503 $ 2,294 $ 27,185 $ 2,885 $ 22 $ 1,910 $ 211,164 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 | The following tables set forth information regarding loans modified as TDRs during the years ended December 31, 2016 and 2015: Pre-Modification Post-Modification Number of Outstanding Recorded Outstanding Recorded Contracts Investment Investment (Dollars In Thousands) December 31, 2016: Troubled Debt Restructurings: Real estate loans: One- to four- family residential 3 $ 2,121 $ 2,121 Home equity loans and lines of credit 2 59 59 5 $ 2,180 $ 2,180 Pre-Modification Post-Modification Number of Outstanding Recorded Outstanding Recorded Contracts Investment Investment (Dollars In Thousands) December 31, 2015: Troubled Debt Restructurings: Real estate loans: One- to four- family residential 2 $ 1,088 $ 1,088 Home equity loans and lines of credit 2 59 59 4 $ 1,147 $ 1,147 The following tables provide information on how loans were modified as TDRs during the years ended Rate Interest Only Rate Reduction and Reduction Period Interest Only Period (In Thousands) December 31, 2016: Real estate loans: One- to four- family residential $ - $ 2,121 $ - Home equity loans and lines of credit - 59 - Total $ - $ 2,180 $ - December 31, 2015: Real estate loans: One- to four- family residential $ - $ 1,088 $ - Home equity loans and lines of credit - 59 - Total $ - $ 1,147 $ - |
PREMISES AND EQUIPMENT (Tables)
PREMISES AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Summary of Premises and Equipment | The following is a summary of premises and equipment: December 31, 2016 2015 (In Thousands) Land $ 864 $ 864 Buildings and improvements 5,383 5,380 Furniture and equipment 2,283 2,251 8,530 8,495 Accumulated depreciation and amortization (3,611) (3,318) $ 4,919 $ 5,177 |
INVESTMENT IN REAL ESTATE (Tabl
INVESTMENT IN REAL ESTATE (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Real Estate [Abstract] | |
Summary of Investment in Real Estate | The following is a summary of investment in real estate: December 31, 2016 2015 (In Thousands) Land $ 453 $ 453 Buildings and improvements 1,489 1,489 1,942 1,942 Accumulated depreciation (408) (364) $ 1,534 $ 1,578 |
DEPOSITS (Tables)
DEPOSITS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Banking and Thrift [Abstract] | |
Summary of Scheduled Maturities of Time Deposits | For time deposits as of December 31, 2016, the scheduled maturities for each of the following five years ended December 31 are: (In Thousands) 2017 $ 47,847 2018 25,303 2019 2,767 2020 9,349 2021 3,730 Total $ 88,996 |
FEDERAL HOME LOAN BANK ADVANC36
FEDERAL HOME LOAN BANK ADVANCES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Banking and Thrift [Abstract] | |
Summary of Maturities of Advances from the Federal Home Loan Bank ("FHLB") of Boston | Maturities of advances from the FHLB for the years ending after December 31, 2016 are summarized as follows: (In Thousands) 2017 $ 5,842 2018 8,911 2019 3,739 2020 1,713 2021 1,124 Thereafter 16,000 $ 37,329 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The components of income tax expense are as follows: Years Ended December 31, 2016 2015 (In Thousands) Current: Federal $ 572 $ 338 State 157 90 729 428 Deferred: Federal (103) (46) State (32) (17) Change in valuation allowance (92) - (227) (63) Total income tax expense $ 502 $ 365 |
Schedule of Effective Income Tax Rate Reconciliation | The reasons for the differences between the statutory federal income tax rate and the effective tax rates are summarized as follows: Years Ended December 31, 2016 2015 % of % of Income Income Statutory federal income tax rate 34.0 % 34.0 % Increase (decrease) in tax rates resulting from: Tax-exempt income (1.8) (3.7) Other 1.7 0.7 State taxes, net of federal tax 5.5 4.8 Change in valuation allowance (6.1) - Effective tax rates 33.3 % 35.8 % |
Schedule of Deferred Tax Assets and Liabilities | The Company had gross deferred tax assets and gross deferred tax liabilities as follows: December 31, 2016 2015 (In Thousands) Deferred tax assets: Allowance for loan losses $ 423 $ 358 Securities capital loss carryforwards 37 46 Writedown of securities 17 16 Interest on nonaccrual loans - 46 Net unrealized holding loss on available-for-sale securities 71 54 Charitable contribution carryovers 178 249 Stock expense 50 - ESOP expense 11 2 Deferred compensation 73 - Other 7 - Gross deferred tax assets 867 771 Valuation allowance (37) (129) Gross deferred tax assets after valuation allowance 830 642 Deferred tax liabilities: Book basis in excess of tax basis of premises and equipment (90) (146) Gross deferred tax liabilities (90) (146) Net deferred tax asset $ 740 $ 496 |
EMPLOYEE BENEFITS (Tables)
EMPLOYEE BENEFITS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value [Table Text Block] | The weighted average assumptions used and fair value for options granted during the year ended December 31, 2016 are as follows: Stock Option Assumptions Expected life 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 Share-based Compensation, Stock Options, Activity [Table Text Block] | A summary of activity for the 2015 Equity Incentive Plan as of and for the year ended December 31, 2016 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 9.4 years Weighted average exercise price $ 12.85 Aggregate intrinsic value $ 364,000 |
Nonvested Restricted Stock Shares Activity [Table Text Block] | 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 |
Schedule Of Maturities Of Employee Stock Ownership Plan Esop Debt | The remaining principal balance on the ESOP debt as of December 31, 2016 is payable as follows: Years Ending December 31, Amount ( In Thousands) 2017 $ 36 2018 38 2019 39 2020 40 2021 42 Thereafter 1,451 $ 1,646 |
Employee Stock Ownership Plan (ESOP) Disclosures | Shares held by the ESOP are as follows as of December 31: 2016 2015 Allocated 11,987 5,994 Committed to be allocated 5,994 5,993 Unallocated 161,826 167,820 Paid out to participants (6) - Shares held by ESOP 179,801 179,807 |
OFF-BALANCE SHEET ACTIVITIES (T
OFF-BALANCE SHEET ACTIVITIES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
schedule off-balance sheet activities | Financial instrument liabilities whose contract amounts represent off-balance sheet credit risk are as follows: At December 31, 2016 2015 (In Thousands) Commitments to originate loans $ 5,958 $ 5,747 Unadvanced funds on loans: Home equity lines of credit 4,087 4,257 Construction loans 12,608 13,006 Commercial lines of credit 3,816 1,513 Consumer 117 118 $ 26,586 $ 24,641 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Summary of Assets Measured at Fair Value on a Recurring Basis | The following summarizes assets measured at fair value on a recurring basis as of December 31, 2016 and 2015: 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) December 31, 2016 : Debt securities issued by U.S. government corporations and agencies $ 8,934 $ - $ 8,934 $ - Debt securities issued by states of the United States and political subdivisions of the states 2,646 - 2,646 - Mortgage-backed securities 5,461 - 5,461 - Totals $ 17,041 $ - $ 17,041 $ - 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 | The following table presents assets carried on the consolidated balance sheet by caption and by level in the fair value hierarchy at December 31, 2016 and 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) December 31, 2016: Impaired loans $ 552 $ - $ - $ 552 Totals $ 552 $ - $ - $ 552 December 31, 2015: Impaired loans $ 552 $ - $ - $ 552 Totals $ 552 $ - $ - $ 552 |
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: December 31, 2016 Carrying Fair Value Amount Level 1 Level 2 Level 3 Total (In Thousands) Financial assets: Cash and cash equivalents $ 11,188 $ 11,188 $ - $ - $ 11,188 Interest-bearing time deposits with other banks 1,092 - 1,098 - 1,098 Available-for-sale securities 17,041 - 17,041 - 17,041 Held-to-maturity securities 104 - 135 - 135 Federal Home Loan Bank stock 2,299 2,299 - - 2,299 Investment in The Co-operative Central Reserve Fund 384 384 - - 384 Loans, net 210,486 - - 211,328 211,328 Accrued interest receivable 599 599 - - 599 Financial liabilities: Deposits 182,086 - 182,676 - 182,676 FHLB advances 37,329 - 37,089 - 37,089 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 MATTERS (Tables)
REGULATORY MATTERS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Banking and Thrift [Abstract] | |
Schedule of Bank's Actual Capital Amounts and Ratios | The Bank’s actual capital amounts and ratios are also presented in the table as of December 31. 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 December 31, 2016: Total Capital (to Risk Weighted Assets) $ 24,440 14.56 % $ 13,424 8.0 % $ 16,781 10.0 % Tier 1 Capital (to Risk Weighted Assets) 23,380 13.93 10,068 6.0 13,424 8.0 Common Equity Tier 1 Capital (to Risk Weighted Assets) 23,380 13.93 7,551 4.5 10,907 6.5 Tier 1 Capital (to Average Assets) 23,380 9.38 9,970 4.0 12,463 5.0 As of December 31, 2015: Total Capital (to Risk Weighted Assets) $ 23,066 16.18 % $ 11,408 8.0 % $ 14,260 10.0 % Tier 1 Capital (to Risk Weighted Assets) 22,171 15.55 8,556 6.0 11,408 8.0 Common Equity Tier 1 Capital (to Risk Weighted Assets) 22,171 15.55 6,417 4.5 9,269 6.5 Tier 1 Capital (to Average Assets) 22,171 10.86 8,169 4.0 10,211 5.0 |
CONDENSED PARENT COMPANY FINA42
CONDENSED PARENT COMPANY FINANCIAL STATEMENTS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Balance Sheets of Parent Company | The condensed balance sheets of the parent company only are as follows: Pilgrim Bancshares, Inc. BALANCE SHEETS At December 31, 2016 2015 (In Thousands) ASSETS Noninterest bearing deposits $ 7,702 $ 8,158 Loan to the ESOP 1,646 1,682 Investment in subsidiary 23,259 22,078 Other assets 353 221 Total assets $ 32,960 $ 32,139 LIABILITIES AND STOCKHOLDERS' EQUITY Other liabilities $ 313 $ 170 Stockholders' equity 32,647 31,969 Total liabilities and stockholders' equity $ 32,960 $ 32,139 |
Condensed Statements of Net (Loss) Income of Parent Company | The condensed statements of income of the parent company only are as follows: Pilgrim Bancshares, Inc. STATEMENTS OF INCOME Years Ended December 31, 2016 2015 (In Thousands) Interest income from ESOP loan $ 59 $ 56 Other noninterest expense 119 137 Loss before income tax benefit and equity in undistributed net income of the Bank (60) (81) Income tax benefit (107) (32) Income (loss) before equity in undistributed net income of subsidiary 47 (49) Equity in undistributed net income of subsidiary 960 703 Net income $ 1,007 $ 654 |
Condensed Statements of Cash Flows of Parent Company | The condensed statements of cash flows of the parent company only are as follows: Pilgrim Bancshares, Inc. STATEMENTS OF CASH FLOWS Years Ended December 31, 2016 2015 (In Thousands) Cash flows from operating activities: Net income $ 1,007 $ 654 Adustments to reconcile net income to net cash provided by operating activities: Repayment of principal on ESOP loan 36 37 Equity in undistributed income of subsidiary (960) (703) Deferred tax (benefit) expense (37) 40 Increase in other assets (95) (72) Increase in other liabilities 143 137 Net cash provided by operating activities 94 93 Cash flows from financing activities: Retirement of common stock (550) (298) Issuance costs related to initial public offering - (17) Net cash used in financing activities (550) (315) Net change in cash and cash equivalents (456) (222) Cash and cash equivalents at beginning of period 8,158 8,380 Cash and cash equivalents at end of period $ 7,702 $ 8,158 |
QUARTERLY DATA (UNAUDITED) (Tab
QUARTERLY DATA (UNAUDITED) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Unaudited Quarterly Financial Data | A summary of consolidated operating results on a quarterly basis is as follows: Years Ended December 31, 2016 2015 Fourth Third Second First Fourth Third Second First Quarter Quarter Quarter Quarter Quarter Quarter Quarter Quarter (In Thousands) Interest and dividend income $ 2,235 $ 2,194 $ 1,928 $ 1,866 $ 1,837 $ 1,772 $ 1,682 $ 1,606 Interest expense 429 426 374 352 310 268 253 254 Net interest and dividend income 1,806 1,768 1,554 1,514 1,527 1,504 1,429 1,352 Provision for loan losses 36 62 36 36 48 36 38 22 Net interest and dividend income, after provision for loan losses 1,770 1,706 1,518 1,478 1,479 1,468 1,391 1,330 Total noninterest income 114 155 146 147 149 156 133 159 Total noninterest expense 1,381 1,401 1,365 1,378 1,285 1,304 1,313 1,344 Income before income taxes 503 460 299 247 343 320 211 145 Provision for income taxes 113 184 114 91 127 117 77 44 Net income $ 390 $ 276 $ 185 $ 156 $ 216 $ 203 $ 134 $ 101 Earnings per share: Basic $ 0.19 $ 0.14 $ 0.09 $ 0.08 $ 0.10 $ 0.10 $ 0.06 $ 0.05 Diluted $ 0.19 $ 0.14 $ 0.09 $ 0.08 $ 0.10 $ 0.10 $ 0.06 $ 0.05 |
ACCOUNTING POLICIES - Summary o
ACCOUNTING POLICIES - Summary of Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |||
Net income (In thousands) | $ 390 | $ 276 | $ 185 | $ 156 | $ 216 | $ 203 | $ 134 | $ 101 | $ 1,007 | $ 654 | ||
Basic and diluted common shares: | ||||||||||||
Weighted average common shares outstanding | 2,225,397 | 2,247,153 | ||||||||||
Weighted average unearned shares-restricted stock | (35,657) | 0 | ||||||||||
Weighted average unallocated ESOP shares | (164,822) | (170,816) | ||||||||||
Basic weighted average shares outstanding | 2,024,918 | 2,076,337 | ||||||||||
Diluted weighted average shares outstanding | 2,026,099 | 2,076,337 | ||||||||||
Basic earnings per share | $ 0.19 | $ 0.14 | $ 0.09 | $ 0.08 | $ 0.1 | $ 0.1 | $ 0.06 | $ 0.05 | $ 0.5 | $ 0.31 | ||
Diluted earnings per share | $ 0.19 | $ 0.14 | $ 0.09 | $ 0.08 | $ 0.1 | $ 0.1 | $ 0.06 | $ 0.05 | $ 0.5 | [1] | $ 0.31 | [1] |
Restricted Stock [Member] | ||||||||||||
Basic and diluted common shares: | ||||||||||||
Dilutive effect of unearned restricted stock | 1,181 | 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 year ended December 31, 2016 because the impact was anti-dilutive. There were no options to purchase shares for the year ended December 31, 2015. |
ACCOUNTING POLICIES - Additiona
ACCOUNTING POLICIES - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Due from Banks | $ 836,000 | $ 820,000 |
Federal Home Loan Bank, Advances, Maturity Period, Variable Rate | 6 months | |
Employee Stock Option [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 169,500 | 0 |
Minimum [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Originate Loans With Loan To Value Ratio | 80.00% | |
Estimated Useful Life Of Long Lived Assets | 3 years | |
Maximum [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Estimated Useful Life Of Long Lived Assets | 40 years | |
Residential Real Estate Loans [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Non Accrual Status Of Loans Period | 90 days | |
Consumer Loan [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Non Accrual Status Of Loans Period | 90 days | |
Consumer Unsecured Loan [Member] | Minimum [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Non Accrual Status Of Loans Period | 120 days | |
Consumer Unsecured Loan [Member] | Maximum [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Non Accrual Status Of Loans Period | 180 days | |
Commercial Real Estate Loans [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Non Accrual Status Of Loans Period | 90 days |
INVESTMENTS IN SECURITIES - Sch
INVESTMENTS IN SECURITIES - Schedule of Amortized Cost and Fair Values of Securities (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Amortized Cost Basis | $ 17,233 | $ 16,703 |
Available-for-sale securities, Gross Unrealized Gains | 12 | 19 |
Available-for-sale securities, Gross Unrealized Losses | 204 | 166 |
Available-for-sale securities, Fair Value | 17,041 | 16,556 |
Held-to-maturity securities, Amortized Cost Basis | 104 | 120 |
Held-to-maturity securities, Gross Unrealized Gains | 31 | 35 |
Held-to-maturity securities, Gross Unrealized Losses | 0 | 0 |
Held-to-maturity securities, Fair Value | 135 | 155 |
Debt Securities Issued by the U.S. Treasury and Other U.S. Government Corporations and Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Amortized Cost Basis | 8,980 | 6,339 |
Available-for-sale securities, Gross Unrealized Gains | 7 | 6 |
Available-for-sale securities, Gross Unrealized Losses | 53 | 34 |
Available-for-sale securities, Fair Value | 8,934 | 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 | 2,696 | 2,456 |
Available-for-sale securities, Gross Unrealized Gains | 0 | 7 |
Available-for-sale securities, Gross Unrealized Losses | 50 | 19 |
Available-for-sale securities, Fair Value | 2,646 | 2,444 |
Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Amortized Cost Basis | 5,557 | 7,908 |
Available-for-sale securities, Gross Unrealized Gains | 5 | 6 |
Available-for-sale securities, Gross Unrealized Losses | 101 | 113 |
Available-for-sale securities, Fair Value | 5,461 | 7,801 |
Held-to-maturity securities, Amortized Cost Basis | 104 | 120 |
Held-to-maturity securities, Gross Unrealized Gains | 31 | 35 |
Held-to-maturity securities, Gross Unrealized Losses | 0 | 0 |
Held-to-maturity securities, Fair Value | $ 135 | $ 155 |
INVESTMENTS IN SECURITIES - S47
INVESTMENTS IN SECURITIES - Scheduled Maturities of Debt Securities (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Due within one year, Available-For-Sale Securities Fair Value | $ 499 | |
Due after one year through five years, Available-For-Sale Securities Fair Value | 9,555 | |
Due after five years through ten years, Available-For-Sale Securities Fair Value | 1,267 | |
Due after ten years, Available-For-Sale Securities Fair Value | 259 | |
Mortgage-backed securities, Available-For-Sale Securities Fair Value | 5,461 | |
Available-For-Sale Securities Fair Value Total | 17,041 | |
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 | 104 | |
Held-To-Maturity Securities Amortized Cost Basis Total | 104 | $ 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 | 135 | |
Held-To-Maturity Securities Fair Value Total | $ 135 | $ 155 |
INVESTMENTS IN SECURITIES - S48
INVESTMENTS IN SECURITIES - Schedule of Aggregate Fair Value and Unrealized Losses of Securities (Detail) - Temporarily Impaired Securities [Member] - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | $ 12,987 | $ 9,622 |
Less than 12 Months, Unrealized Losses | 140 | 67 |
12 Months or Longer, Fair Value | 2,091 | 3,500 |
12 Months or Longer, Unrealized Losses | 64 | 99 |
Fair Value, Total | 15,078 | 13,122 |
Unrealized Losses, Total | 204 | 166 |
Debt Securities Issued by the U.S. Treasury and Other U.S. Government Corporations and Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 7,430 | 5,320 |
Less than 12 Months, Unrealized Losses | 53 | 21 |
12 Months or Longer, Fair Value | 0 | 487 |
12 Months or Longer, Unrealized Losses | 0 | 13 |
Fair Value, Total | 7,430 | 5,807 |
Unrealized Losses, Total | 53 | 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 | 2,215 | 0 |
Less than 12 Months, Unrealized Losses | 35 | 0 |
12 Months or Longer, Fair Value | 431 | 912 |
12 Months or Longer, Unrealized Losses | 15 | 19 |
Fair Value, Total | 2,646 | 912 |
Unrealized Losses, Total | 50 | 19 |
Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 3,342 | 4,302 |
Less than 12 Months, Unrealized Losses | 52 | 46 |
12 Months or Longer, Fair Value | 1,660 | 2,101 |
12 Months or Longer, Unrealized Losses | 49 | 67 |
Fair Value, Total | 5,002 | 6,403 |
Unrealized Losses, Total | $ 101 | $ 113 |
INVESTMENTS IN SECURITIES - Add
INVESTMENTS IN SECURITIES - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Proceeds from sales of available-for-sale securities | $ 1,211,000 | $ 428,000 |
Tax expenses applicable to net realized gains | $ 11,000 | $ 10,000 |
Percentage of stockholders' equity | 10.00% | 10.00% |
Available-for-sale Securities, Gross Realized Gain (Loss) | $ 27,000 | $ 10,000 |
LOANS - Schedule of Loan (Detai
LOANS - Schedule of Loan (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases receivable, gross | $ 211,164 | $ 171,160 | |
Net deferred loan origination fees, costs, premiums and discounts | 371 | 153 | |
Allowance for loan losses | (1,049) | (886) | $ (743) |
Net loans | 210,486 | 170,427 | |
Commercial and Industrial Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases receivable, gross | 2,885 | 3,964 | |
Allowance for loan losses | (10) | (13) | (8) |
Real Estate Loans [Member] | One-to Four-Family Residential [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases receivable, gross | 133,997 | 104,861 | |
Allowance for loan losses | (449) | (373) | (362) |
Real Estate Loans [Member] | Commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases receivable, gross | 23,368 | 21,848 | |
Allowance for loan losses | (134) | (146) | (134) |
Real Estate Loans [Member] | Multi-Family [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases receivable, gross | 19,503 | 16,559 | |
Allowance for loan losses | (74) | (62) | (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 | 2,294 | 2,093 | |
Allowance for loan losses | (12) | (14) | (27) |
Real Estate Loans [Member] | Construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases receivable, gross | 27,185 | 18,755 | |
Allowance for loan losses | (340) | (216) | (121) |
Consumer Loans [Member] | Consumer Line of Credit [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases receivable, gross | 22 | 20 | |
Allowance for loan losses | (1) | (1) | (1) |
Consumer Loans [Member] | Other Consumer Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases receivable, gross | 1,910 | 3,060 | |
Allowance for loan losses | $ (15) | $ (29) | $ (20) |
LOANS - Schedule of Allowance f
LOANS - Schedule of Allowance for Loan Losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||
Beginning balance | $ 886 | $ 743 | $ 886 | $ 743 | ||||||
Charge-offs | (8) | (1) | ||||||||
Recoveries | 1 | 0 | ||||||||
Provision (benefit) | $ 36 | $ 62 | $ 36 | 36 | $ 48 | $ 36 | $ 38 | 22 | 170 | 144 |
Ending balance | 1,049 | 886 | 1,049 | 886 | ||||||
Individually evaluated for impairment | 21 | 21 | 21 | 21 | ||||||
Collectively evaluated for impairment | 1,028 | 865 | 1,028 | 865 | ||||||
Total allowance for loan losses ending balance | 1,049 | 886 | 1,049 | 886 | ||||||
Individually evaluated for impairment | 4,062 | 6,403 | 4,062 | 6,403 | ||||||
Collectively evaluated for impairment | 207,102 | 164,757 | 207,102 | 164,757 | ||||||
Total loans ending balance | 211,164 | 171,160 | 211,164 | 171,160 | ||||||
Commercial and Industrial Loans [Member] | ||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||
Beginning balance | 13 | 8 | 13 | 8 | ||||||
Charge-offs | 0 | 0 | ||||||||
Recoveries | 0 | 0 | ||||||||
Provision (benefit) | (3) | 5 | ||||||||
Ending balance | 10 | 13 | 10 | 13 | ||||||
Individually evaluated for impairment | 0 | 0 | 0 | 0 | ||||||
Collectively evaluated for impairment | 10 | 13 | 10 | 13 | ||||||
Total allowance for loan losses ending balance | 10 | 13 | 10 | 13 | ||||||
Individually evaluated for impairment | 0 | 0 | 0 | 0 | ||||||
Collectively evaluated for impairment | 2,885 | 3,964 | 2,885 | 3,964 | ||||||
Total loans ending balance | 2,885 | 3,964 | 2,885 | 3,964 | ||||||
Unallocated [Member] | ||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||
Beginning balance | 32 | 34 | 32 | 34 | ||||||
Charge-offs | 0 | 0 | ||||||||
Recoveries | 0 | 0 | ||||||||
Provision (benefit) | (18) | (2) | ||||||||
Ending balance | 14 | 32 | 14 | 32 | ||||||
Individually evaluated for impairment | 0 | 0 | 0 | 0 | ||||||
Collectively evaluated for impairment | 14 | 32 | 14 | 32 | ||||||
Total allowance for loan losses ending balance | 14 | 32 | 14 | 32 | ||||||
Individually evaluated for impairment | 0 | 0 | 0 | 0 | ||||||
Collectively evaluated for impairment | 0 | 0 | 0 | 0 | ||||||
Total loans ending balance | 0 | 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 | 373 | 362 | ||||||
Charge-offs | 0 | 0 | ||||||||
Recoveries | 0 | 0 | ||||||||
Provision (benefit) | 76 | 11 | ||||||||
Ending balance | 449 | 373 | 449 | 373 | ||||||
Individually evaluated for impairment | 21 | 21 | 21 | 21 | ||||||
Collectively evaluated for impairment | 428 | 352 | 428 | 352 | ||||||
Total allowance for loan losses ending balance | 449 | 373 | 449 | 373 | ||||||
Individually evaluated for impairment | 3,406 | 5,665 | 3,406 | 5,665 | ||||||
Collectively evaluated for impairment | 130,591 | 99,196 | 130,591 | 99,196 | ||||||
Total loans ending balance | 133,997 | 104,861 | 133,997 | 104,861 | ||||||
Real Estate Loans [Member] | Commercial [Member] | ||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||
Beginning balance | 146 | 134 | 146 | 134 | ||||||
Charge-offs | 0 | 0 | ||||||||
Recoveries | 0 | 0 | ||||||||
Provision (benefit) | (12) | 12 | ||||||||
Ending balance | 134 | 146 | 134 | 146 | ||||||
Individually evaluated for impairment | 0 | 0 | 0 | 0 | ||||||
Collectively evaluated for impairment | 134 | 146 | 134 | 146 | ||||||
Total allowance for loan losses ending balance | 134 | 146 | 134 | 146 | ||||||
Individually evaluated for impairment | 650 | 679 | 650 | 679 | ||||||
Collectively evaluated for impairment | 22,718 | 21,169 | 22,718 | 21,169 | ||||||
Total loans ending balance | 23,368 | 21,848 | 23,368 | 21,848 | ||||||
Real Estate Loans [Member] | Multi-Family [Member] | ||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||
Beginning balance | 62 | 36 | 62 | 36 | ||||||
Charge-offs | 0 | 0 | ||||||||
Recoveries | 0 | 0 | ||||||||
Provision (benefit) | 12 | 26 | ||||||||
Ending balance | 74 | 62 | 74 | 62 | ||||||
Individually evaluated for impairment | 0 | 0 | 0 | 0 | ||||||
Collectively evaluated for impairment | 74 | 62 | 74 | 62 | ||||||
Total allowance for loan losses ending balance | 74 | 62 | 74 | 62 | ||||||
Individually evaluated for impairment | 0 | 0 | 0 | 0 | ||||||
Collectively evaluated for impairment | 19,503 | 16,559 | 19,503 | 16,559 | ||||||
Total loans ending balance | 19,503 | 16,559 | 19,503 | 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 | 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 | 0 | ||||||
Collectively evaluated for impairment | 12 | 14 | 12 | 14 | ||||||
Total allowance for loan losses ending balance | 12 | 14 | 12 | 14 | ||||||
Individually evaluated for impairment | 6 | 59 | 6 | 59 | ||||||
Collectively evaluated for impairment | 2,288 | 2,034 | 2,288 | 2,034 | ||||||
Total loans ending balance | 2,294 | 2,093 | 2,294 | 2,093 | ||||||
Real Estate Loans [Member] | Construction [Member] | ||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||
Beginning balance | 216 | 121 | 216 | 121 | ||||||
Charge-offs | 0 | 0 | ||||||||
Recoveries | 0 | 0 | ||||||||
Provision (benefit) | 124 | 95 | ||||||||
Ending balance | 340 | 216 | 340 | 216 | ||||||
Individually evaluated for impairment | 0 | 0 | 0 | 0 | ||||||
Collectively evaluated for impairment | 340 | 216 | 340 | 216 | ||||||
Total allowance for loan losses ending balance | 340 | 216 | 340 | 216 | ||||||
Individually evaluated for impairment | 0 | 0 | 0 | 0 | ||||||
Collectively evaluated for impairment | 27,185 | 18,755 | 27,185 | 18,755 | ||||||
Total loans ending balance | 27,185 | 18,755 | 27,185 | 18,755 | ||||||
Consumer Loans [Member] | Consumer Line of Credit [Member] | ||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||
Beginning balance | 1 | 1 | 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 | 0 | ||||||
Collectively evaluated for impairment | 1 | 1 | 1 | 1 | ||||||
Total allowance for loan losses ending balance | 1 | 1 | 1 | 1 | ||||||
Individually evaluated for impairment | 0 | 0 | 0 | 0 | ||||||
Collectively evaluated for impairment | 22 | 20 | 22 | 20 | ||||||
Total loans ending balance | 22 | 20 | 22 | 20 | ||||||
Consumer Loans [Member] | Other Consumer Loans [Member] | ||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||
Beginning balance | $ 29 | $ 20 | 29 | 20 | ||||||
Charge-offs | (8) | (1) | ||||||||
Recoveries | 1 | 0 | ||||||||
Provision (benefit) | (7) | 10 | ||||||||
Ending balance | 15 | 29 | 15 | 29 | ||||||
Individually evaluated for impairment | 0 | 0 | 0 | 0 | ||||||
Collectively evaluated for impairment | 15 | 29 | 15 | 29 | ||||||
Total allowance for loan losses ending balance | 15 | 29 | 15 | 29 | ||||||
Individually evaluated for impairment | 0 | 0 | 0 | 0 | ||||||
Collectively evaluated for impairment | 1,910 | 3,060 | 1,910 | 3,060 | ||||||
Total loans ending balance | $ 1,910 | $ 3,060 | $ 1,910 | $ 3,060 |
LOANS - Schedule of Nonaccrual
LOANS - Schedule of Nonaccrual Loans and Past-Due Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 118 | $ 2,574 |
Total Current | 211,046 | 168,586 |
Total | 211,164 | 171,160 |
90 Days or More Past Due and Accruing | 0 | 0 |
Nonaccrual Loans | 0 | 1,410 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 118 | 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 | 2,885 | 3,964 |
Total | 2,885 | 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 | 118 | 2,499 |
Total Current | 133,879 | 102,362 |
Total | 133,997 | 104,861 |
90 Days or More Past Due and Accruing | 0 | 0 |
Nonaccrual Loans | 0 | 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 | 118 | 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 | 23,368 | 21,848 |
Total | 23,368 | 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 | 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 | 19,503 | 16,559 |
Total | 19,503 | 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 | 0 | 59 |
Total Current | 2,294 | 2,034 |
Total | 2,294 | 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 | 0 | 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 | 27,185 | 18,755 |
Total | 27,185 | 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 | 22 | 20 |
Total | 22 | 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 [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 16 |
Total Current | 1,910 | 3,044 |
Total | 1,910 | 3,060 |
90 Days or More Past Due and Accruing | 0 | 0 |
Nonaccrual Loans | 0 | 0 |
Consumer Loans [Member] | Other consumer [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 16 |
Consumer Loans [Member] | Other consumer [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 [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 | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Financing Receivable, Impaired [Line Items] | ||
With no related allowance recorded, Recorded Investment | $ 3,495 | $ 5,836 |
With no related allowance recorded, Unpaid Principal Balance | 3,577 | 5,918 |
With no related allowance recorded, Average Recorded Investment | 4,120 | 6,400 |
With no related allowance recorded, Interest Income Recognized | 203 | 231 |
With an allowance recorded, Recorded Investment | 567 | 567 |
With an allowance recorded, Unpaid Principal Balance | 567 | 567 |
With an allowance recorded, Related Allowance | 21 | 21 |
With an allowance recorded, Average Recorded Investment | 567 | 571 |
With an allowance recorded, Interest Income Recognized | 24 | 19 |
Total, Recorded Investment | 4,062 | 6,403 |
Total, Unpaid Principal Balance | 4,144 | 6,485 |
Total, Related Allowance | 21 | 21 |
Total, Average Recorded Investment | 4,687 | 6,971 |
Total, Interest Income Recognized | 227 | 250 |
Real estate loans [Member] | One-to four-family residential [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With no related allowance recorded, Recorded Investment | 2,839 | 5,098 |
With no related allowance recorded, Unpaid Principal Balance | 2,839 | 5,098 |
With no related allowance recorded, Average Recorded Investment | 3,417 | 5,657 |
With no related allowance recorded, Interest Income Recognized | 156 | 183 |
With an allowance recorded, Recorded Investment | 567 | 567 |
With an allowance recorded, Unpaid Principal Balance | 567 | 567 |
With an allowance recorded, Related Allowance | 21 | 21 |
With an allowance recorded, Average Recorded Investment | 567 | 571 |
With an allowance recorded, Interest Income Recognized | 24 | 19 |
Total, Recorded Investment | 3,406 | 5,665 |
Total, Unpaid Principal Balance | 3,406 | 5,665 |
Total, Related Allowance | 21 | 21 |
Total, Average Recorded Investment | 3,984 | 6,228 |
Total, Interest Income Recognized | 180 | 202 |
Real estate loans [Member] | Commercial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With no related allowance recorded, Recorded Investment | 650 | 679 |
With no related allowance recorded, Unpaid Principal Balance | 650 | 679 |
With no related allowance recorded, Average Recorded Investment | 666 | 689 |
With no related allowance recorded, Interest Income Recognized | 42 | 44 |
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 |
With an allowance recorded, Average Recorded Investment | 0 | 0 |
With an allowance recorded, Interest Income Recognized | 0 | 0 |
Total, Recorded Investment | 650 | 679 |
Total, Unpaid Principal Balance | 650 | 679 |
Total, Related Allowance | 0 | 0 |
Total, Average Recorded Investment | 666 | 689 |
Total, Interest Income Recognized | 42 | 44 |
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, Average Recorded Investment | 37 | 54 |
With no related allowance recorded, Interest Income Recognized | 5 | 4 |
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 |
With an allowance recorded, Average Recorded Investment | 0 | 0 |
With an allowance recorded, Interest Income Recognized | 0 | 0 |
Total, Recorded Investment | 6 | 59 |
Total, Unpaid Principal Balance | 88 | 141 |
Total, Related Allowance | 0 | 0 |
Total, Average Recorded Investment | 37 | 54 |
Total, Interest Income Recognized | $ 5 | $ 4 |
LOANS - Schedule of Loans by Ri
LOANS - Schedule of Loans by Risk Rating (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | $ 211,164 | $ 171,160 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 72,291 | 60,447 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 2,666 | 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 | 135,634 | 105,640 |
Commercial and Industrial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 2,885 | 3,964 |
Commercial and Industrial Loans [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 2,885 | 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 | 133,997 | 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 | 2,016 | 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 | 131,414 | 100,526 |
Real Estate Loans [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 23,368 | 21,848 |
Real Estate Loans [Member] | Commercial [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 22,718 | 21,169 |
Real Estate Loans [Member] | Commercial [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 650 | 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 | 19,503 | 16,559 |
Real Estate Loans [Member] | Multi-Family [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 19,503 | 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 | 2,294 | 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 | 2,288 | 2,034 |
Real Estate Loans [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 27,185 | 18,755 |
Real Estate Loans [Member] | Construction [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 27,185 | 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 | 22 | 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 | 22 | 20 |
Consumer Loans [Member] | Other Consumer Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 1,910 | 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 | $ 1,910 | $ 3,060 |
LOANS - Schedule of Loans Modif
LOANS - Schedule of Loans Modified as Troubled Debt Restructuring (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016USD ($)ContractsNumber | Dec. 31, 2015USD ($)ContractsNumber | |
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructuring, Post-modification outstanding recorded investment | $ 1,600 | |
Real estate loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructuring, Number of contracts | Number | 5 | 4 |
Troubled debt restructuring, Pre-modification outstanding recorded investment | $ 2,180 | $ 1,147 |
Troubled debt restructuring, Post-modification outstanding recorded investment | $ 2,180 | $ 1,147 |
One- to four- family residential [Member] | Real estate loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructuring, Number of contracts | Contracts | 3 | 2 |
Troubled debt restructuring, Pre-modification outstanding recorded investment | $ 2,121 | $ 1,088 |
Troubled debt restructuring, Post-modification outstanding recorded investment | $ 2,121 | $ 1,088 |
Home equity loans and lines of credit [Member] | Real estate loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructuring, Number of contracts | Contracts | 2 | 2 |
Troubled debt restructuring, Pre-modification outstanding recorded investment | $ 59 | $ 59 |
Troubled debt restructuring, Post-modification outstanding recorded investment | $ 59 | $ 59 |
LOANS - Summary of Pre-Modified
LOANS - Summary of Pre-Modified Loans Modified as Troubled Debt Restructuring (Detail) - Real Estate [Member] - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Modifications [Line Items] | ||
Rate Reduction | $ 0 | $ 0 |
Interest Only Period | 2,180 | 1,147 |
Rate Reduction and Interest Only Period | 0 | 0 |
One To Four Family Residential [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Rate Reduction | 0 | 0 |
Interest Only Period | 2,121 | 1,088 |
Rate Reduction and Interest Only Period | 0 | 0 |
Home Equity Line of Credit [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Rate Reduction | 0 | 0 |
Interest Only Period | 59 | 59 |
Rate Reduction and Interest Only Period | $ 0 | $ 0 |
LOANS - Additional Information
LOANS - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | |
Mar. 25, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 1,600,000 | ||
Financing Receivable, Allowance for Credit Losses, Write-downs | 8,000 | $ 1,000 | |
Loans and Leases Receivable, Net Amount, Total | 210,486,000 | 170,427,000 | |
Mortgage Loans on Real Estate, Face Amount of Mortgages | $ 20,000,000 | ||
Financing Receivables Purchased During Period Premium Percentage | 1.00% | ||
Real Estate [Member] | |||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 2,180,000 | 1,147,000 | |
Mortgage And Other Loans [Member] | |||
Loans and Leases Receivable, Net Amount, Total | 24,300,000 | 21,800,000 | |
Management [Member] | |||
Loans and Leases Receivable, Related Parties | 281,000 | $ 401,000 | |
Loans and Leases Receivable, Related Parties, Proceeds | 120,000 | ||
One To Four Family [Member] | Real Estate [Member] | |||
Financing Receivable, Allowance for Credit Losses, Write-downs | $ 21,000 | ||
Fixed Rate Residential Mortgage [Member] | |||
Financing Receivables Purchased During Period Percentage | 50.00% | ||
Adjustable Rate Residential Mortgage [Member] | |||
Financing Receivables Purchased During Period Percentage | 50.00% |
PREMISES AND EQUIPMENT (Detail)
PREMISES AND EQUIPMENT (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 8,530 | $ 8,495 |
Accumulated depreciation and amortization | (3,611) | (3,318) |
Property, Plant and Equipment, Net, Total | 4,919 | 5,177 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 864 | 864 |
Buildings and improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 5,383 | 5,380 |
Furniture and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 2,283 | $ 2,251 |
INVESTMENT IN REAL ESTATE (Deta
INVESTMENT IN REAL ESTATE (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Real Estate Properties [Line Items] | ||
Real Estate Investment Property, at Cost, Total | $ 1,942 | $ 1,942 |
Accumulated depreciation | (408) | (364) |
Real Estate Investment Property, Net, Total | 1,534 | 1,578 |
Land [Member] | ||
Real Estate Properties [Line Items] | ||
Real Estate Investment Property, at Cost, Total | 453 | 453 |
Buildings and improvements [Member] | ||
Real Estate Properties [Line Items] | ||
Real Estate Investment Property, at Cost, Total | $ 1,489 | $ 1,489 |
INVESTMENT IN REAL ESTATE -Addi
INVESTMENT IN REAL ESTATE -Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Rental Income, Nonoperating | $ 253 | $ 258 |
DEPOSITS - Summary of Scheduled
DEPOSITS - Summary of Scheduled Maturities of Time Deposits (Detail) $ in Thousands | Dec. 31, 2016USD ($) |
2,017 | $ 47,847 |
2,018 | 25,303 |
2,019 | 2,767 |
2,020 | 9,349 |
2,021 | 3,730 |
Total | $ 88,996 |
DEPOSITS - Additional Informati
DEPOSITS - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Interest-bearing Domestic Deposit, Brokered | $ 5 | $ 5 |
Cash, FDIC Insured Amount | 22.3 | 20.9 |
Certificates of Deposit [Member] | ||
Interest-bearing Domestic Deposit, Brokered | $ 7.3 | $ 7.3 |
FEDERAL HOME LOAN BANK ADVANC63
FEDERAL HOME LOAN BANK ADVANCES - Summary of Maturities of Advances from the Federal Home Loan Bank ("FHLB") of Boston (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Maturities Federal Home Loan Bank Advances [Line Items] | ||
2,017 | $ 5,842 | |
2,018 | 8,911 | |
2,019 | 3,739 | |
2,020 | 1,713 | |
2,021 | 1,124 | |
Thereafter | 16,000 | |
Maturities of advances from FHLB, total | $ 37,329 | $ 8,500 |
FEDERAL HOME LOAN BANK ADVANC64
FEDERAL HOME LOAN BANK ADVANCES - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Weighted-average interest rate | 0.99% | 1.12% |
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% | 0.80% |
Maximum [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Interest rates | 1.51% | 1.30% |
INCOME TAXES - Components of In
INCOME TAXES - Components of Income Tax Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Current: | ||||||||||
Federal | $ 572 | $ 338 | ||||||||
State | 157 | 90 | ||||||||
Current Income Tax Expense (Benefit), Total | 729 | 428 | ||||||||
Deferred: | ||||||||||
Federal | (103) | (46) | ||||||||
State | (32) | (17) | ||||||||
Change in valuation allowance | (92) | 0 | ||||||||
Deferred Income Tax Expense (Benefit) | (227) | (63) | ||||||||
Total income tax expense | $ 113 | $ 184 | $ 114 | $ 91 | $ 127 | $ 117 | $ 77 | $ 44 | $ 502 | $ 365 |
INCOME TAXES - Summary of Diffe
INCOME TAXES - Summary of Differences between Statutory Federal Income Tax Rate and Effective Tax Rates (Detail) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Income Taxes [Line Items] | ||
Statutory federal income tax rate | 34.00% | 34.00% |
Increase (decrease) in tax rates resulting from: | ||
Tax-exempt income | (1.80%) | (3.70%) |
Other | 1.70% | 0.70% |
State taxes, net of federal tax | 5.50% | 4.80% |
Change in valuation allowance | (6.10%) | 0.00% |
Effective tax rates | 33.30% | 35.80% |
INCOME TAXES - Schedule of Gros
INCOME TAXES - Schedule of Gross Deferred Tax Assets and Gross Deferred Tax Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred tax assets: | ||
Allowance for loan losses | $ 423 | $ 358 |
Securities capital loss carryforwards | 37 | 46 |
Writedown of securities | 17 | 16 |
Interest on nonaccrual loans | 0 | 46 |
Net unrealized holding loss on available-for-sale securities | 71 | 54 |
Charitable contribution carryovers | 178 | 249 |
Stock expense | 50 | 0 |
ESOP expense | 11 | 2 |
Deferred compensation | 73 | 0 |
Other | 7 | 0 |
Gross deferred tax assets | 867 | 771 |
Valuation allowance | (37) | (129) |
Gross deferred tax assets after valuation allowance | 830 | 642 |
Deferred tax liabilities: | ||
Book basis in excess of tax basis of premises and equipment | (90) | (146) |
Gross deferred tax liabilities | (90) | (146) |
Net deferred tax asset | $ 740 | $ 496 |
INCOME TAXES - Additional Infor
INCOME TAXES - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Income Taxes [Line Items] | ||
Deferred Tax Assets, Charitable Contribution Carryforwards | $ 178,000 | $ 249,000 |
Deferred Tax Assets, Valuation Allowance | 37,000 | $ 129,000 |
Bad Debt Reserve forTax Purposes of Qualified Lender | $ 1,094,000 | |
Bad Debt Reserve for Tax Purposes, Recapture Tax Rate | 40.00% | |
Pilgrim Bank Foundation [Member] | ||
Income Taxes [Line Items] | ||
Donation To Foundation | $ 725,000 | |
Deferred Tax Assets, Charitable Contribution Carryforwards | 178,000 | |
Deferred Tax Assets, Valuation Allowance | 83,000 | |
Capital Loss Carryforward [Member] | ||
Income Taxes [Line Items] | ||
Deferred Tax Assets, Tax Credit Carryforwards, Total | 110,000 | |
Tax Credit Carryforward, Valuation Allowance | $ 37,000 | |
Capital Loss Carryforward [Member] | Tax Year Two Thousand Nineteen [Member] | ||
Income Taxes [Line Items] | ||
Capital Loss Carryforwards Expiration Year | 2,019 | |
Charitable Contributions [Member] | ||
Income Taxes [Line Items] | ||
Tax Credit Carryforward, Amount | $ 446,000 |
EMPLOYEE BENEFITS - Weighted Av
EMPLOYEE BENEFITS - Weighted Average Assumptions (Detail) | 12 Months Ended |
Dec. 31, 2016$ / shares | |
Expected life | 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 |
EMPLOYEE BENEFITS - Schedule of
EMPLOYEE BENEFITS - Schedule of Equity Incentive Plan (Detail) - Equity Incentive Plan 2015 Member [Member] | 12 Months Ended |
Dec. 31, 2016USD ($)$ / sharesshares | |
Outstanding at beginning of period | 0 |
Granted | 169,500 |
Outstanding at end of period | 169,500 |
Exercisable at end of period | 0 |
Weighted average fair value of options granted during the period | $ / shares | $ 3.17 |
Weighted average contractual life remaining | 9 years 4 months 24 days |
Weighted average exercise price | $ / shares | $ 12.85 |
Aggregate intrinsic value | $ | $ 364,000 |
EMPLOYEE BENEFITS - Non-vested
EMPLOYEE BENEFITS - Non-vested Restricted Stock (Detail) - Restricted Stock [Member] - $ / shares | 1 Months Ended | 12 Months Ended |
Nov. 24, 2015 | Dec. 31, 2016 | |
Outstanding at beginning of period | 0 | |
Outstanding at beginning of period | 70,950 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 70,950 | 70,950 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value | $ 12.85 |
EMPLOYEE BENEFITS - Schedule 72
EMPLOYEE BENEFITS - Schedule of Remaining Principal Balance Payable on ESOP Debt (Detail) - Employee Stock [Member] $ in Thousands | Dec. 31, 2016USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
2,017 | $ 36 |
2,018 | 38 |
2,019 | 39 |
2,020 | 40 |
2,021 | 42 |
Thereafter | 1,451 |
Total | $ 1,646 |
EMPLOYEE BENEFITS - Schedule 73
EMPLOYEE BENEFITS - Schedule of Shares Held by ESOP (Detail) - shares | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Allocated | 11,987 | 5,994 | |
Committed to be allocated | 5,994 | 5,993 | |
Unallocated | 161,826 | 167,820 | |
Paid out to participants | (6) | 0 | |
Shares held by ESOP | 179,801 | 179,807 | 179,807 |
EMPLOYEE BENEFITS - Additional
EMPLOYEE BENEFITS - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | |||
Jun. 01, 2016shares | Nov. 24, 2015shares | Dec. 31, 2016USD ($)Officersshares | Dec. 31, 2015USD ($)shares | Dec. 31, 2014$ / sharesshares | |
Multiemployer Plans [Line Items] | |||||
Employee Stock Ownership Plan (ESOP), Shares in ESOP, Total | shares | 179,801 | 179,807 | 179,807 | ||
Employee Stock Ownership Plan Esop Loan Repayment Period | 28 years 2 months 12 days | ||||
Employee Stock Ownership Plan Esop Loan Principal Amount | $ | $ 1,600,000 | $ 1,700,000 | |||
Employee Stock Ownership Plan (ESOP), Compensation Expense | $ | 80,000 | 70,000 | |||
Employee Stock Ownership Plan (ESOP), Fair Value of Shares Subject to Repurchase Obligation | $ | $ 2,400,000 | 2,200,000 | |||
Employment Agreements Period | 3 years | ||||
Employment Agreements Initial Term | 2 years | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 4 years 1 month 6 days | ||||
Share-based Compensation | $ | $ 249,000 | 70,000 | |||
Equity Incentive Plan 2015 [Member] | |||||
Multiemployer Plans [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares | 314,661 | ||||
401(k) Plan | |||||
Multiemployer Plans [Line Items] | |||||
Defined Contribution Plan Minimum Working Periods Eligibility | 250 hours | ||||
Defined Contribution Plan Employer Matching Contribution Equal To Tax Contribution Percent | 5.00% | ||||
Defined Contribution Plan Minimum Eligible Age Of Employees | Officers | 21 | ||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 100.00% | ||||
Defined Contribution Plan, Administrative Expenses | $ | $ 88,000 | 82,000 | |||
Defined Contribution Plan Minimum Requisite Service Period | 3 months | ||||
401(k) Plan | Minimum [Member] | |||||
Multiemployer Plans [Line Items] | |||||
Defined Contribution Plan Annual Contribution Per Employee Percent | 1.00% | ||||
401(k) Plan | Maximum [Member] | |||||
Multiemployer Plans [Line Items] | |||||
Defined Contribution Plan Annual Contribution Per Employee Percent | 75.00% | ||||
Incentive Plan [Member] | |||||
Multiemployer Plans [Line Items] | |||||
Incentive Fee Expense | $ | $ 126,000 | 132,000 | |||
SERP | |||||
Multiemployer Plans [Line Items] | |||||
Other Postretirement Benefit Expense | $ | $ 48,000 | $ 46,000 | |||
IPO [Member] | |||||
Multiemployer Plans [Line Items] | |||||
Stock Issued During Period, Shares, New Issues | shares | 2,182,125 | ||||
Sale of Stock, Price Per Share | $ / shares | $ 10 | ||||
Employee Stock [Member] | |||||
Multiemployer Plans [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 100.00% | ||||
Employee Stock [Member] | After Second Year Service [Member] | |||||
Multiemployer Plans [Line Items] | |||||
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage | 20.00% | ||||
Employee Stock [Member] | After Six Year Service [Member] | |||||
Multiemployer Plans [Line Items] | |||||
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage | 100.00% | ||||
Restricted Stock [Member] | |||||
Multiemployer Plans [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares | 70,950 | 70,950 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | shares | 18,953 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ | $ 806,000 | ||||
Share-based Compensation | $ | 106,000 | ||||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ | $ 42,000 | ||||
Restricted Stock [Member] | Five Year Period [Member] | |||||
Multiemployer Plans [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | shares | 47,600 | ||||
Restricted Stock [Member] | Four Year Period [Member] | |||||
Multiemployer Plans [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | shares | 23,350 | ||||
Restricted Stock [Member] | Equity Incentive Plan 2015 [Member] | |||||
Multiemployer Plans [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares | 70,950 | ||||
Employee Stock Option [Member] | |||||
Multiemployer Plans [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares | 169,500 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | shares | 55,258 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ | $ 474,000 | ||||
Share-based Compensation | $ | 63,000 | ||||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ | $ 8,000 | ||||
Employee Stock Option [Member] | Five Year Period [Member] | |||||
Multiemployer Plans [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | shares | 122,500 | ||||
Employee Stock Option [Member] | Four Year Period [Member] | |||||
Multiemployer Plans [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | shares | 47,000 | ||||
Employee Stock Option [Member] | Equity Incentive Plan 2015 [Member] | |||||
Multiemployer Plans [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares | 169,500 |
OFF-BALANCE SHEET ACTIVITIES -
OFF-BALANCE SHEET ACTIVITIES - Notional Amounts of Financial Instrument Liabilities of Off-Balance Sheet Credit Risk (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Offsetting Liabilities [Line Items] | ||
Notional amounts of financial instrument liabilities | $ 26,586 | $ 24,641 |
Loan Origination Commitments [Member] | ||
Offsetting Liabilities [Line Items] | ||
Notional amounts of financial instrument liabilities | 5,958 | 5,747 |
Unadvanced Funds on Loans [Member] | Construction Loans [Member] | ||
Offsetting Liabilities [Line Items] | ||
Notional amounts of financial instrument liabilities | 12,608 | 13,006 |
Unadvanced Funds on Loans [Member] | Home Equity Line of Credit [Member] | ||
Offsetting Liabilities [Line Items] | ||
Notional amounts of financial instrument liabilities | 4,087 | 4,257 |
Unadvanced Funds on Loans [Member] | Commercial Lines Of Credit [Member] | ||
Offsetting Liabilities [Line Items] | ||
Notional amounts of financial instrument liabilities | 3,816 | 1,513 |
Unadvanced Funds on Loans [Member] | Consumer Loan [Member] | ||
Offsetting Liabilities [Line Items] | ||
Notional amounts of financial instrument liabilities | $ 117 | $ 118 |
OFF-BALANCE SHEET ACTIVITIES 76
OFF-BALANCE SHEET ACTIVITIES - Additional Information (Detail) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Loans and Leases Receivable, Allowance | $ 1,049,000 | $ 886,000 | $ 743,000 |
Other Liabilities [Member] | |||
Loans and Leases Receivable, Allowance | $ 11,000 | $ 9,000 |
COMMITMENTS AND CONTINGENT LI77
COMMITMENTS AND CONTINGENT LIABILITIES - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2016 | |
Loss Contingency, Settlement Agreement, Date | March 10, 2007 |
Long-term Purchase Commitment, Period | 7 years |
Amended Agreement Description | The effective date of the amendment was May 1, 2012 for a seven-year term and will automatically renew for successive seven-year terms unless either party notifies the other of its intention not to renew. |
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 | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | $ 17,041 | $ 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 | 17,041 | 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 | 8,934 | 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 | 8,934 | 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 | 2,646 | 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 | 2,646 | 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 | 5,461 | 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 | 5,461 | 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 - Sum79
FAIR VALUE MEASUREMENTS - Summary of Assets Measured at Fair Value on a Nonrecurring Basis (Detail) - Fair Value Measurements Nonrecurring [Member] - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | $ 552 | $ 552 |
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 | 552 | 552 |
Impaired Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 552 | 552 |
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 | $ 552 | $ 552 |
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 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Financial assets: | |||
Cash and cash equivalents | $ 11,188 | $ 10,670 | $ 18,295 |
Interest-bearing time deposits with other banks | 1,092 | 1,087 | |
Available-for-sale securities | 17,041 | 16,556 | |
Held-to-maturity securities | 104 | 120 | |
Federal Home Loan Bank stock | 2,299 | 971 | |
Investment in The Co-operative Central Reserve Fund | 384 | 384 | |
Loans, net | 210,486 | 170,427 | |
Accrued interest receivable | 599 | 508 | |
Financial liabilities: | |||
Deposits | 182,086 | 169,372 | |
FHLB advances | 37,329 | 8,500 | |
Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | |||
Financial assets: | |||
Cash and cash equivalents | 11,188 | 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 | 2,299 | 971 | |
Investment in The Co-operative Central Reserve Fund | 384 | 384 | |
Loans, net | 0 | 0 | |
Accrued interest receivable | 599 | 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 | 1,098 | 1,086 | |
Available-for-sale securities | 17,041 | 16,556 | |
Held-to-maturity securities | 135 | 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 | 182,676 | 170,134 | |
FHLB advances | 37,089 | 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 | 211,328 | 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 | 11,188 | 10,670 | |
Interest-bearing time deposits with other banks | 1,092 | 1,087 | |
Available-for-sale securities | 17,041 | 16,556 | |
Held-to-maturity securities | 104 | 120 | |
Federal Home Loan Bank stock | 2,299 | 971 | |
Investment in The Co-operative Central Reserve Fund | 384 | 384 | |
Loans, net | 210,486 | 170,427 | |
Accrued interest receivable | 599 | 508 | |
Financial liabilities: | |||
Deposits | 182,086 | 169,372 | |
FHLB advances | 37,329 | 8,500 | |
Estimated Fair Value [Member] | |||
Financial assets: | |||
Cash and cash equivalents | 11,188 | 10,670 | |
Interest-bearing time deposits with other banks | 1,098 | 1,086 | |
Available-for-sale securities | 17,041 | 16,556 | |
Held-to-maturity securities | 135 | 155 | |
Federal Home Loan Bank stock | 2,299 | 971 | |
Investment in The Co-operative Central Reserve Fund | 384 | 384 | |
Loans, net | 211,328 | 171,150 | |
Accrued interest receivable | 599 | 508 | |
Financial liabilities: | |||
Deposits | 182,676 | 170,134 | |
FHLB advances | $ 37,089 | $ 8,458 |
REGULATORY MATTERS - Schedule o
REGULATORY MATTERS - Schedule of Bank's Actual Capital Amounts and Ratios (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Key Regulatory Ratios | ||
Common Equity Tier 1 Capital (to Risk Weighted Assets), Actual, Amount | $ 23,380 | $ 22,171 |
Common Equity Tier 1 Capital (to Risk Weighted Assets), Actual, Ratio | 13.93% | 15.55% |
Common Equity Tier 1 Capital (to Risk Weighted Assets), For Capital Adequacy Purposes, Amount | $ 7,551 | $ 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 | $ 10,907 | $ 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% |
Total Capital (to Risk Weighted Assets), Actual Amount | $ 24,440 | $ 23,066 |
Tier 1 Capital (to Risk Weighted Assets), Actual Amount | 23,380 | 22,171 |
Tier 1 Capital (to Average Assets), Actual Amount | $ 23,380 | $ 22,171 |
Total Capital (to Risk Weighted Assets), Actual Ratio | 14.56% | 16.18% |
Tier 1 Capital (to Risk Weighted Assets), Actual Ratio | 13.93% | 15.55% |
Tier 1 Capital (to Average Assets), Actual Ratio | 9.38% | 10.86% |
Total Capital (to Risk Weighted Assets), For Capital Adequacy Purposes, Amount | $ 13,424 | $ 11,408 |
Tier 1 Capital (to Risk Weighted Assets), For Capital Adequacy Purposes, Amount | 10,068 | 8,556 |
Tier 1 Capital (to Average Assets), For Capital Adequacy Purposes, Amount | $ 9,970 | $ 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 | $ 16,781 | $ 14,260 |
Tier 1 Capital (to Risk Weighted Assets), To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | 13,424 | 11,408 |
Tier 1 Capital (to Average Assets), To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 12,463 | $ 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% |
REGULATORY MATTERS - Additional
REGULATORY MATTERS - Additional Information (Detail) | Dec. 31, 2016 | Dec. 31, 2015 | Jan. 02, 2015 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Tier 1 capital to risk-weighted assets | 13.93% | 15.55% | |
Total Capital (to Risk Weighted Assets), Actual Ratio | 14.56% | 16.18% | |
Tier 1 Leverage Ratio | 9.38% | 10.86% | |
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% | |
New Capital Regulations [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Tier 1 capital to risk-weighted assets | 4.50% | ||
Total Capital (to Risk Weighted Assets), Actual Ratio | 8.00% | ||
Common equity tier 1 capital required to be well capitalized to risk-weighted assets | 6.50% | ||
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% | ||
Minimum [Member] | New Capital Regulations [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Tier 1 Leverage Ratio | 4.00% | ||
Maximum [Member] | New Capital Regulations [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Tier 1 capital to risk-weighted assets | 6.00% | ||
Tier 1 capital required to be well capitalized to risk-weighted assets | 8.00% |
CONDENSED PARENT COMPANY FINA83
CONDENSED PARENT COMPANY FINANCIAL STATEMENTS - Condensed Balance Sheets of Parent Company (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
ASSETS | |||
Other assets | $ 233 | $ 257 | |
Total assets | 252,933 | 210,507 | |
LIABILITIES AND STOCKHOLDERS' EQUITY | |||
Other liabilities | 871 | 666 | |
Stockholders' equity | 32,647 | 31,969 | $ 31,602 |
Total liabilities and stockholders' equity | 252,933 | 210,507 | |
Parent Company [Member] | |||
ASSETS | |||
Noninterest bearing deposits | 7,702 | 8,158 | |
Loan to the ESOP | 1,646 | 1,682 | |
Investment in subsidiary | 23,259 | 22,078 | |
Other assets | 353 | 221 | |
Total assets | 32,960 | 32,139 | |
LIABILITIES AND STOCKHOLDERS' EQUITY | |||
Other liabilities | 313 | 170 | |
Stockholders' equity | 32,647 | 31,969 | |
Total liabilities and stockholders' equity | $ 32,960 | $ 32,139 |
CONDENSED PARENT COMPANY FINA84
CONDENSED PARENT COMPANY FINANCIAL STATEMENTS - Condensed Statements of Net Income (Loss) of Parent Company (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Parent Company Only Financial In formation [Line Items] | ||||||||||
Other noninterest expense | $ 214 | $ 208 | ||||||||
Loss before income tax benefit and equity in undistributed net income of the Bank | $ 503 | $ 460 | $ 299 | $ 247 | $ 343 | $ 320 | $ 211 | $ 145 | 1,509 | 1,019 |
Income tax benefit | (113) | (184) | (114) | (91) | (127) | (117) | (77) | (44) | (502) | (365) |
Net income | $ 390 | $ 276 | $ 185 | $ 156 | $ 216 | $ 203 | $ 134 | $ 101 | 1,007 | 654 |
Parent Company [Member] | ||||||||||
Parent Company Only Financial In formation [Line Items] | ||||||||||
Interest income from ESOP loan | 59 | 56 | ||||||||
Other noninterest expense | 119 | 137 | ||||||||
Loss before income tax benefit and equity in undistributed net income of the Bank | (60) | (81) | ||||||||
Income tax benefit | (107) | (32) | ||||||||
Income (loss) before equity in undistributed net income of subsidiary | 47 | (49) | ||||||||
Equity in undistributed net income of subsidiary | 960 | 703 | ||||||||
Net income | $ 1,007 | $ 654 |
CONDENSED PARENT COMPANY FINA85
CONDENSED PARENT COMPANY FINANCIAL STATEMENTS - Condensed Statements of Cash Flows of Parent Company (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities: | ||||||||||
Net income | $ (390) | $ (276) | $ (185) | $ (156) | $ (216) | $ (203) | $ (134) | $ (101) | $ (1,007) | $ (654) |
Adustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||||
Deferred tax (benefit) expense | (227) | (63) | ||||||||
Increase in other assets | 24 | 159 | ||||||||
Increase in other liabilities | 205 | 105 | ||||||||
Net cash provided by operating activities | 1,471 | 1,296 | ||||||||
Cash flows from financing activities: | ||||||||||
Retirement of common stock | (550) | (298) | ||||||||
Issuance costs related to initial public offering | 0 | (17) | ||||||||
Net cash used in financing activities | 40,993 | 21,547 | ||||||||
Net change in cash and cash equivalents | 518 | (7,625) | ||||||||
Cash and cash equivalents at beginning of period | 10,670 | 18,295 | 10,670 | 18,295 | ||||||
Cash and cash equivalents at end of period | 11,188 | 10,670 | 11,188 | 10,670 | ||||||
Parent Company [Member] | ||||||||||
Cash flows from operating activities: | ||||||||||
Net income | (1,007) | (654) | ||||||||
Adustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||||
Repayment of principal on ESOP loan | 36 | 37 | ||||||||
Equity in undistributed income of subsidiary | (960) | (703) | ||||||||
Deferred tax (benefit) expense | (37) | 40 | ||||||||
Increase in other assets | (95) | (72) | ||||||||
Increase in other liabilities | 143 | 137 | ||||||||
Net cash provided by operating activities | 94 | 93 | ||||||||
Cash flows from financing activities: | ||||||||||
Retirement of common stock | (550) | (298) | ||||||||
Issuance costs related to initial public offering | 0 | (17) | ||||||||
Net cash used in financing activities | (550) | (315) | ||||||||
Net change in cash and cash equivalents | (456) | (222) | ||||||||
Cash and cash equivalents at beginning of period | $ 8,158 | $ 8,380 | 8,158 | 8,380 | ||||||
Cash and cash equivalents at end of period | $ 7,702 | $ 8,158 | $ 7,702 | $ 8,158 |
QUARTERLY DATA (UNAUDITED) (Det
QUARTERLY DATA (UNAUDITED) (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |||
Interest and dividend income | $ 2,235 | $ 2,194 | $ 1,928 | $ 1,866 | $ 1,837 | $ 1,772 | $ 1,682 | $ 1,606 | $ 8,223 | $ 6,897 | ||
Interest expense | 429 | 426 | 374 | 352 | 310 | 268 | 253 | 254 | 1,581 | 1,085 | ||
Net interest and dividend income | 1,806 | 1,768 | 1,554 | 1,514 | 1,527 | 1,504 | 1,429 | 1,352 | 6,642 | 5,812 | ||
Provision for loan losses | 36 | 62 | 36 | 36 | 48 | 36 | 38 | 22 | 170 | 144 | ||
Net interest and dividend income, after provision for loan losses | 1,770 | 1,706 | 1,518 | 1,478 | 1,479 | 1,468 | 1,391 | 1,330 | 6,472 | 5,668 | ||
Total noninterest income | 114 | 155 | 146 | 147 | 149 | 156 | 133 | 159 | 562 | 597 | ||
Total noninterest expense | 1,381 | 1,401 | 1,365 | 1,378 | 1,285 | 1,304 | 1,313 | 1,344 | 5,525 | 5,246 | ||
Income before income taxes | 503 | 460 | 299 | 247 | 343 | 320 | 211 | 145 | 1,509 | 1,019 | ||
Provision for income taxes | 113 | 184 | 114 | 91 | 127 | 117 | 77 | 44 | 502 | 365 | ||
Net income | $ 390 | $ 276 | $ 185 | $ 156 | $ 216 | $ 203 | $ 134 | $ 101 | $ 1,007 | $ 654 | ||
Earnings per share: | ||||||||||||
Basic | $ 0.19 | $ 0.14 | $ 0.09 | $ 0.08 | $ 0.1 | $ 0.1 | $ 0.06 | $ 0.05 | $ 0.5 | $ 0.31 | ||
Diluted | $ 0.19 | $ 0.14 | $ 0.09 | $ 0.08 | $ 0.1 | $ 0.1 | $ 0.06 | $ 0.05 | $ 0.5 | [1] | $ 0.31 | [1] |
[1] | Options to purchase 169,500 shares, representing all outstanding options, were not included in the computation of diluted earnings per share for the year ended December 31, 2016 because the impact was anti-dilutive. There were no options to purchase shares for the year ended December 31, 2015. |