Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2018 | Nov. 07, 2018 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | Pilgrim Bancshares, Inc. | |
Entity Central Index Key | 1,601,347 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Trading Symbol | PLRM | |
Entity Common Stock, Shares Outstanding | 2,261,619 | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Small Business | true |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
ASSETS | ||
Cash and due from banks | $ 1,382 | $ 1,391 |
Interest-bearing demand deposits with other banks | 11,070 | 13,579 |
Total cash and cash equivalents | 12,452 | 14,970 |
Interest-bearing time deposits with other banks | 1,111 | 1,106 |
Investments in available-for-sale securities (at fair value) | 15,920 | 16,607 |
Investments in held-to-maturity securities (fair value of $114 at September 30, 2018, and $121 at December 31, 2017) | 72 | 83 |
Federal Home Loan Bank stock, at cost | 2,296 | 2,296 |
Investment in The Co-operative Central Reserve Fund, at cost | 384 | 384 |
Loans, net of allowance for loan losses of $1,319 at September 30, 2018,and $1,229 at December 31, 2017 | 222,615 | 219,975 |
Premises and equipment, net | 4,674 | 4,758 |
Investment in real estate, net | 1,515 | 1,547 |
Accrued interest receivable | 709 | 625 |
Deferred income tax asset, net | 592 | 559 |
Bank-owned life insurance | 2,373 | 2,349 |
Other assets | 349 | 249 |
Total assets | 265,062 | 265,508 |
Deposits: | ||
Noninterest-bearing | 21,923 | 17,559 |
Interest-bearing | 169,038 | 172,688 |
Total deposits | 190,961 | 190,247 |
Federal Home Loan Bank advances | 38,588 | 40,209 |
Other liabilities | 1,005 | 933 |
Total liabilities | 230,554 | 231,389 |
Stockholders' equity: | ||
Common stock $.01 par value per share: 10,000,000 shares authorized, 2,261,619 shares issued at September 30, 2018 and 2,255,450 shares issued at December 31, 2017 | 23 | 23 |
Additional paid-in capital | 21,347 | 21,093 |
Retained earnings | 15,624 | 15,369 |
Unearned compensation - ESOP (151,337 shares unallocated at September 30, 2018 and 155,833 shares unallocated at December 31, 2017) | (1,513) | (1,559) |
Unearned compensation - Restricted Stock | (688) | (675) |
Accumulated other comprehensive loss | (285) | (132) |
Total stockholders' equity | 34,508 | 34,119 |
Total liabilities and stockholders' equity | $ 265,062 | $ 265,508 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Securities held-to-maturity, fair value | $ 114 | $ 121 |
Allowance for loan losses | $ 1,319 | $ 1,229 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | 2,261,619 | 2,255,450 |
Employee stock ownership plan, shares unallocated | 151,337 | 155,833 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | ||
Interest and dividend income: | |||||
Interest and fees on loans | $ 2,588 | $ 2,327 | $ 7,400 | $ 6,752 | |
Interest on debt securities: | |||||
Taxable | 61 | 48 | 175 | 149 | |
Tax-exempt | 15 | 11 | 46 | 32 | |
Other interest and dividends | 102 | 70 | 280 | 189 | |
Total interest and dividend income | 2,766 | 2,456 | 7,901 | 7,122 | |
Interest expense: | |||||
Interest on deposits | 518 | 388 | 1,339 | 1,123 | |
Interest on Federal Home Loan Bank advances | 156 | 115 | 452 | 311 | |
Total interest expense | 674 | 503 | 1,791 | 1,434 | |
Net interest and dividend income | 2,092 | 1,953 | 6,110 | 5,688 | |
Provision for loan losses | 45 | 45 | 90 | 135 | |
Net interest and dividend income after provision for loan losses | 2,047 | 1,908 | 6,020 | 5,553 | |
Noninterest income: | |||||
Service charges on deposit accounts | 31 | 31 | 95 | 84 | |
Gain on sales/calls of securities, net | 1 | 0 | 3 | 2 | |
Gain on sales of loans, net | 0 | 14 | 1 | 20 | |
Rental income | 56 | 52 | 170 | 165 | |
Other income | 21 | 31 | 92 | 89 | |
Total noninterest income | 109 | 128 | 361 | 360 | |
Noninterest expense: | |||||
Salaries and employee benefits | 927 | 874 | 2,778 | 2,691 | |
Occupancy expense | 112 | 116 | 361 | 355 | |
Equipment expense | 40 | 40 | 123 | 125 | |
Data processing expense | 122 | 107 | 354 | 311 | |
Professional fees | 90 | 93 | 275 | 277 | |
Federal Deposit Insurance Corporation assessment | 19 | 42 | 101 | 129 | |
Communications expense | 22 | 22 | 86 | 75 | |
Advertising and public relations expense | 33 | 25 | 113 | 88 | |
Insurance expense | 16 | 16 | 47 | 48 | |
Supplies expense | 15 | 16 | 45 | 46 | |
Merger related expense | 456 | 0 | 456 | 0 | |
Other expense | 42 | 54 | 149 | 178 | |
Total noninterest expense | 1,894 | 1,405 | 4,888 | 4,323 | |
Income before income taxes | 262 | 631 | 1,493 | 1,590 | |
Income tax expense | 208 | 257 | 558 | 620 | |
Net income | $ 54 | $ 374 | $ 935 | $ 970 | |
Weighted-average number of common shares outstanding: | |||||
Basic | 2,058,910 | 2,039,792 | 2,055,104 | 2,035,678 | |
Diluted | 2,130,979 | 2,090,449 | 2,116,574 | 2,066,640 | |
Earnings per share: | |||||
Basic | $ 0.03 | $ 0.18 | $ 0.46 | $ 0.48 | |
Diluted | [1],[2] | $ 0.03 | $ 0.18 | $ 0.44 | $ 0.47 |
[1] | Options to purchase 10,000 shares were not included in the computation of diluted earnings per share for the three and nine months ended September 30, 2018 because the effect was anti-dilutive. | ||||
[2] | Options to purchase 7,500 shares were not included in the computation of diluted earnings per share for the nine months ended September 30, 2017 because the effect was anti-dilutive. |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Net income | $ 54 | $ 374 | $ 935 | $ 970 |
Other comprehensive (loss) income, net of tax: | ||||
Net unrealized holding (loss) gain on available-for-sale securities | (7) | 17 | (183) | 92 |
Reclassification adjustment for net realized gains in net income | (1) | 0 | (3) | (2) |
Other comprehensive (loss) income before income tax effect | (8) | 17 | (186) | 90 |
Income tax (expense) benefit | (9) | (6) | 33 | (33) |
Other comprehensive (loss) income, net of tax | (17) | 11 | (153) | 57 |
Comprehensive income | $ 37 | $ 385 | $ 782 | $ 1,027 |
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, 2016 | $ 32,647 | $ 23 | $ 20,910 | $ 14,260 | $ (1,619) | $ (806) | $ (121) |
Balance (in Shares) at Dec. 31, 2016 | 2,253,439 | ||||||
Net income | 970 | $ 0 | 0 | 970 | 0 | 0 | 0 |
Restricted shares surrendered and retired | (58) | $ 0 | (58) | 0 | 0 | 0 | 0 |
Restricted shares surrendered and retired (in shares) | (3,339) | ||||||
Restricted stock granted in connection with the equity incentive plan | 0 | $ 0 | 58 | 0 | 0 | (58) | 0 |
Restricted stock granted in connection with the equity incentive plan (in shares) | 3,350 | ||||||
Stock options exercised | 19 | $ 0 | 19 | 0 | 0 | 0 | 0 |
Stock options exercised (in shares) | 1,500 | ||||||
Common stock held by ESOP committed to be allocated | 75 | $ 0 | 30 | 0 | 45 | 0 | 0 |
Share based compensation-restricted stock | 141 | 0 | 0 | 0 | 0 | 141 | 0 |
Share based compensation-options | 84 | 0 | 84 | 0 | 0 | 0 | 0 |
Other comprehensive income (loss), net of tax effect | 57 | 0 | 0 | 0 | 0 | 0 | 57 |
Balance at Sep. 30, 2017 | 33,935 | $ 23 | 21,043 | 15,230 | (1,574) | (723) | (64) |
Balance (in Shares) at Sep. 30, 2017 | 2,254,950 | ||||||
Balance at Dec. 31, 2017 | 34,119 | $ 23 | 21,093 | 15,369 | (1,559) | (675) | (132) |
Balance (in Shares) at Dec. 31, 2017 | 2,255,450 | ||||||
Net income | 935 | $ 0 | 0 | 935 | 0 | 0 | 0 |
Restricted shares surrendered and retired | (67) | $ 0 | (67) | 0 | 0 | 0 | 0 |
Restricted shares surrendered and retired (in shares) | (3,331) | ||||||
Restricted stock granted in connection with the equity incentive plan | 0 | $ 0 | 183 | 0 | 0 | (183) | 0 |
Restricted stock granted in connection with the equity incentive plan (in shares) | 9,500 | ||||||
Common stock held by ESOP committed to be allocated | 93 | $ 0 | 47 | 0 | 46 | 0 | 0 |
Share based compensation-restricted stock | 170 | 0 | 0 | 0 | 0 | 170 | 0 |
Share based compensation-options | 91 | 0 | 91 | 0 | 0 | 0 | 0 |
Dividend declared | (680) | 0 | 0 | (680) | 0 | 0 | 0 |
Other comprehensive income (loss), net of tax effect | (153) | 0 | 0 | 0 | 0 | 0 | (153) |
Balance at Sep. 30, 2018 | $ 34,508 | $ 23 | $ 21,347 | $ 15,624 | $ (1,513) | $ (688) | $ (285) |
Balance (in Shares) at Sep. 30, 2018 | 2,261,619 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - shares | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Number of shares committed to be allocated | 4,496 | 4,495 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Cash flows from operating activities: | ||
Net income | $ 935 | $ 970 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan losses | 90 | 135 |
Capitalized interest on interest-bearing time deposits | (5) | (6) |
Amortization of securities, net | 44 | 65 |
Gain on sales/calls of securities, net | (3) | (2) |
Loans originated for sale | (280) | (1,122) |
Proceeds from sales of loans originated for sale | 281 | 1,142 |
Gains on sales of loans, net | (1) | (20) |
Change in net deferred origination fees, costs, premiums and discounts | 41 | (51) |
Depreciation and amortization | 245 | 242 |
Stock based compensation expense | 354 | 300 |
Increase in accrued interest receivable | (84) | (63) |
Increase in bank-owned life insurance | (24) | (26) |
(Increase) decrease in other assets | (100) | 13 |
Increase (decrease) in other liabilities | 72 | (64) |
Net cash provided by operating activities | 1,565 | 1,513 |
Cash flows from investing activities: | ||
Purchase of Federal Home Loan Bank stock | 0 | (135) |
Redemption of Federal Home Loan Bank stock | 0 | 138 |
Purchases of available-for-sale securities | (893) | (852) |
Proceeds from maturities/calls/pay downs of available-for-sale securities | 1,353 | 1,443 |
Proceeds from maturities of held-to-maturity securities | 11 | 18 |
Loan principal originations and collections, net | (2,376) | 2,393 |
Loans purchased | (395) | (11,514) |
Capital expenditures | (129) | (99) |
Net cash used in investing activities | (2,429) | (8,608) |
Cash flows from financing activities: | ||
Net increase (decrease) in demand deposits, NOW and savings accounts | 1,651 | (2,246) |
Net (decrease) increase in time deposits | (937) | 5,814 |
Payments on Federal Home Loan Bank long-term advances | (9,621) | (17,545) |
Proceeds from Federal Home Loan Bank long-term advances | 8,000 | 22,500 |
Restricted shares surrendered and retired | (67) | (58) |
Stock options exercised | 0 | 19 |
Dividends paid to stockholders | (680) | 0 |
Net cash (used in) provided by financing activities | (1,654) | 8,484 |
Net (decrease) increase in cash and cash equivalents | (2,518) | 1,389 |
Cash and cash equivalents at beginning of period | 14,970 | 11,188 |
Cash and cash equivalents at end of period | 12,452 | 12,577 |
Supplemental disclosures: | ||
Interest paid | 1,785 | 1,425 |
Income taxes paid | $ 634 | $ 793 |
NATURE OF OPERATIONS
NATURE OF OPERATIONS | 9 Months Ended |
Sep. 30, 2018 | |
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 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”). |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION | NOTE 2 - BASIS OF PRESENTATION The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, the Bank, and the Bank’s wholly-owned subsidiaries, 48 South Main Street Corporation, which was formed to hold securities for its own account; 40 South Main Street Realty Trust, which was formed to hold our main office; and 800 CJC Realty Corporation, which was formed to invest in and develop residential and commercial property. All significant intercompany accounts and transactions have been eliminated in consolidation. The accompanying unaudited interim consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and accompanying notes required by GAAP for complete financial statements. Financial information as of September 30, 2018 and for the interim periods ended September 30, 2018 and 2017 is unaudited; however, in the opinion of management, reflects all adjustments considered necessary for a fair presentation of such information. Such adjustments were of a normal recurring nature. The results of operations for the three and nine months ended September 30, 2018 are not necessarily indicative of the results that may be expected for the entire year or any other interim period. These statements should be read in conjunction with the audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017. In preparing consolidated financial statements in conformity with GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated balance sheets and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses. Certain previously reported amounts have been reclassified to conform to the current period’s presentation. |
RECENT ACCOUNTING PRONOUNCEMENT
RECENT ACCOUNTING PRONOUNCEMENTS | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Changes and Error Corrections [Abstract] | |
RECENT ACCOUNTING PRONOUNCEMENTS | NOTE 3 - RECENT ACCOUNTING PRONOUNCEMENTS As an “emerging growth company,” as defined in Title 1 of Jumpstart Our Business Startups (JOBS) Act, the Company has elected to use the extended transition period to delay adoption of new or reissued accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. Accordingly, the consolidated financial statements may not be comparable to the financial statements of public companies that comply with such new or revised accounting standards. As of September 30, 2018, there is no significant difference in the comparability of the consolidated financial statements as a result of this extended transition period. The Company’s status as an “emerging growth company” will end on December 31, 2019. 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 15, 2018, and interim periods within that period. Earlier application is permitted only as of an annual reporting period beginning after December 15, 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. We have evaluated the impact of adopting the update and concluded that it will not have a significant impact on our consolidated financial statements. The Company’s revenue streams that are in-scope of the update include: deposit fees, (including ATM fees, overdraft fees, maintenance fees and dormancy fees); and debit card fees. For in-scope revenue streams, our current revenue recognition would not be different than revenue recognition under the update. Financing the sale of OREO would be included in the scope of the update; however, the Company has not been involved in the financing of any OREO sales. Our customer contracts generally do not have performance obligations and fees are assessed and collected as the transaction occurs. The Company’s fee income, from service charges on deposit accounts and bankcard fees, is not material for any one individual income stream. 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, 2018. 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. The amendments in this ASU are effective for fiscal years beginning after December 15, 2018, and interim periods therein. 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. The Company adopted ASU 2016-09 during the reporting period that ended September 30, 2017. As a result of the adoption of ASU 2016-09, the Company recognized an excess tax benefit of $26,000 in the income tax expense section of the consolidated statements of income, for the year ended December 31, 2017. Following the adoption of ASU 2016-09, the Company continues to estimate zero forfeitures. 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. This update will be effective for fiscal years beginning after December 15, 2019, 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, 2018. 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, 2018. 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. In March 2017, the FASB issued ASU 2017-08, “Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20).” The amendments in this update require shortening the amortization period for certain callable debt securities held at a premium. Specifically, the amendments require the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. The amendments in this ASU are effective for fiscal years beginning after December 15, 2018 and interim periods therein. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. ASU 2017-08 is not expected to have a material impact on the Company’s consolidated financial statements. In February 2018, the FASB issued ASU 2018-02, “Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.” ASU 2018-02 was issued to address the income tax accounting treatment of the stranded tax effects within accumulated other comprehensive income due to the prohibition of backward tracing due to an income tax rate change that was initially recorded in other comprehensive income. This issue came about from the enactment of the Tax Cuts and Jobs Act on December 22, 2017 that changed the Company’s federal tax rate from 34% to 21%. The ASU changed the current accounting whereby an entity may elect to reclassify the stranded tax effect from accumulated other comprehensive income to retained earnings. The ASU is effective for periods beginning after December 15, 2018 although early adoption is permitted. The Company elected to early adopt ASU 2018-02 and reclassified stranded taxes of $22,000 within accumulated other comprehensive loss to retained earnings, for the year ended December 31, 2017. In August 2018, the FASB issued ASU 2018-13, “Changes to the Disclosure Requirements for Fair Value Measurement (Topic 820).” This ASU modifies the disclosure requirements for fair value measurements by removing, modifying, or adding certain disclosures. The amendments in this ASU are effective for fiscal years beginning after December 15, 2019 and interim periods therein and are to be applied prospectively for all new disclosures, and retrospectively for existing disclosures that were modified or removed. Early adoption is permitted. An entity is permitted to early adopt any removed or modified disclosures and delay adoption of additional disclosures until their effective date. The Company is evaluating the impact of adopting ASU 2018-13 on its financial statements. |
EARNINGS PER SHARE (EPS)
EARNINGS PER SHARE (EPS) | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE (EPS) | NOTE 4 - EARNINGS PER SHARE (EPS) The Company has adopted the EPS guidance included in Accounting Standards Codification (ASC) 260-10. As presented below, basic earnings per share is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity. For purposes of computing diluted EPS, the treasury stock method is used. Unallocated ESOP shares and unearned shares of restricted stock are not deemed outstanding for earnings per share calculations. EPS for the three and nine months ended September 30, 2018 and 2017 have been computed based on the following: Three Months Ended September 30 , Nine Months Ended September 30 , 2018 2017 2018 2017 Net income (In thousands) $ 54 $ 374 $ 935 $ 970 Basic and diluted common shares: Weighted average common shares outstanding 2,261,619 2,254,950 2,262,669 2,254,070 Weighted average unearned shares-restricted stock (50,629 ) (57,060 ) (53,982 ) (58,808 ) Weighted average unallocated ESOP shares (152,080 ) (158,098 ) (153,583 ) (159,584 ) Basic weighted average shares outstanding 2,058,910 2,039,792 2,055,104 2,035,678 Dilutive potential common shares-options 54,510 32,934 44,875 16,668 Dilutive effect of unearned restricted stock 17,559 17,723 16,595 14,294 Diluted weighted average shares outstanding 2,130,979 2,090,449 2,116,574 2,066,640 Basic earnings per share $ 0.03 $ 0.18 $ 0.46 $ 0.48 Diluted earnings per share (1) (2) $ 0.03 $ 0.18 $ 0.44 $ 0.47 (1) Options to purchase 10,000 shares were not included in the computation of diluted earnings per share for the three and nine months ended September 30, 2018 because the effect was anti-dilutive. (2) Options to purchase 7,500 shares were not included in the computation of diluted earnings per share for the nine months ended September 30, 2017 because the effect was anti-dilutive. |
INVESTMENTS IN SECURITIES
INVESTMENTS IN SECURITIES | 9 Months Ended |
Sep. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENTS IN SECURITIES | NOTE 5 - INVESTMENTS IN SECURITIES Investments in securities have been classified in the consolidated balance sheets according to management’s intent. The amortized cost basis of securities and their approximate fair values are as follows as of September 30, 2018 and December 31, 2017: Amortized Gross Gross Cost Unrealized Unrealized Fair Basis Gains Losses Value (In Thousands) Available-for-sale securities: September 30, 2018: Debt securities issued by U.S. government corporations and agencies $ 9,252 $ - $ 149 $ 9,103 Debt securities issued by states of the United States and political subdivisions of the states 2,741 - 43 2,698 Mortgage-backed securities 4,288 3 172 4,119 $ 16,281 $ 3 $ 364 $ 15,920 December 31, 2017: Debt securities issued by U.S. government corporations and agencies $ 8,350 $ - $ 70 $ 8,280 Debt securities issued by states of the United States and political subdivisions of the states 3,258 15 20 3,253 Mortgage-backed securities 5,174 3 103 5,074 $ 16,782 $ 18 $ 193 $ 16,607 Amortized Gross Gross Cost Unrealized Unrealized Fair Basis Gains Losses Value (In Thousands) Held-to-maturity securities: September 30, 2018: Mortgage-backed securities $ 72 $ 42 $ - $ 114 $ 72 $ 42 $ - $ 114 December 31, 2017: Mortgage-backed securities $ 83 $ 38 $ - $ 121 $ 83 $ 38 $ - $ 121 The scheduled maturities of debt securities were as follows as of September 30, 2018: Available-For-Sale Held-To-Maturity Amortized Fair Cost Fair Value Basis Value (In Thousands) Due within one year $ 3,026 $ - $ - Due after one year through five years 7,181 - - Due after five years through ten years 1,022 - - Due after ten years 572 - - Mortgage-backed securities 4,119 72 114 $ 15,920 $ 72 $ 114 No available-for-sale securities were sold during the three and nine months ended September 30, 2018 and 2017. As of September 30, 2018 and December 31, 2017, there were no securities of issuers whose aggregate carrying amount exceeded 10% of stockholders’ equity. The aggregate fair value and unrealized losses of securities that have been in a continuous unrealized loss position for less than twelve months and for twelve months or more, and are not other-than-temporarily impaired, are as follows: Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (In Thousands) September 30, 2018: Debt securities issued by U.S. government corporations and agencies $ 5,105 $ 100 3,998 $ 49 $ 9,103 $ 149 Debt securities issued by states of the United States and political subdivisions of the states 2,143 21 555 22 2,698 43 Mortgage-backed securities 1,319 45 2,511 127 3,830 172 Total temporarily impaired securities $ 8,567 $ 166 $ 7,064 $ 198 $ 15,631 $ 364 December 31, 2017: Debt securities issued by U.S. government corporations and agencies $ 4,025 $ 30 $ 3,755 $ 40 $ 7,780 $ 70 Debt securities issued by states of the United States and political subdivisions of the states 990 7 1,073 13 2,063 20 Mortgage-backed securities 1,512 10 3,228 93 4,740 103 Total temporarily impaired securities $ 6,527 $ 47 $ 8,056 $ 146 $ 14,583 $ 193 As of September 30, 2018, investment securities with unrealized losses consist of 21 debt securities issued by U.S. government corporations and government-sponsored agencies, 11 debt securities issued by states of the United States and political subdivisions of the states and mortgage-backed securities consisting of 26 government agencies and government sponsored enterprises. 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. No other-than-temporary impairment losses were recognized for the three and nine months ended September 30, 2018 and 2017. |
LOANS
LOANS | 9 Months Ended |
Sep. 30, 2018 | |
Receivables [Abstract] | |
LOANS | NOTE 6 - LOANS Loans consisted of the following: September 30, December 31, 2018 2017 (In Thousands) Real estate loans: One-to four- family residential $ 137,685 $ 143,413 Commercial 24,042 24,360 Multi-family 27,334 21,402 Home equity loans and lines of credit 3,346 2,553 Construction 27,813 25,279 Commercial and industrial loans 2,761 2,802 Consumer loans: Consumer lines of credit 19 12 Other consumer loans 586 994 223,586 220,815 Net deferred loan origination fees, costs, premiums and discounts 348 389 Allowance for loan losses (1,319 ) (1,229 ) Net loans $ 222,615 $ 219,975 The following tables set forth information regarding the allowance for loan losses as of and for the three and nine months ended September 30, 2018 and 2017: Real Estate: Consumer One- to four-family Home Equity Loans Commercial and Consumer Other Residential Commercial Multi-family and Lines of Credit Construction Industrial Loans Lines of Credit Consumer Unallocated Total (In Thousands) Three Months ended September 30, 2018: Allowance for loan losses: Beginning balance $ 581 $ 120 $ 87 $ 17 $ 392 $ 9 $ - $ 6 $ 62 $ 1,274 Charge-offs - - - - - - - - - - Recoveries - - - - - - - - - - (Benefit) provision (25 ) 15 36 (1 ) 6 - (1 ) 15 45 Ending balance $ 556 $ 135 $ 123 $ 16 $ 398 $ 9 $ - $ 5 $ 77 $ 1,319 Three Months ended September 30, 2017: Allowance for loan losses: Beginning balance $ 524 $ 131 $ 85 $ 11 $ 349 $ 9 $ 1 $ 10 $ 19 $ 1,139 Charge-offs - - - - - - - - - - Recoveries - - - - - - - - - - Provision (benefit) 44 (6 ) 1 2 10 - - (2 ) (4 ) 45 Ending balance $ 568 $ 125 $ 86 $ 13 $ 359 $ 9 $ 1 $ 8 $ 15 $ 1,184 Real Estate: Consumer One- to four-family Home Equity Loans Commercial and Consumer Other Residential Commercial Multi-family and Lines of Credit Construction Industrial Loans Lines of Credit Consumer Unallocated Total (In Thousands) Nine Months ended September 30, 2018: Allowance for loan losses: Beginning balance $ 612 $ 124 $ 86 $ 12 $ 348 $ 9 $ - $ 8 $ 30 $ 1,229 Charge-offs - - - - - - - - - - Recoveries - - - - - - - - - - (Benefit) provision (56 ) 11 37 4 50 - - (3 ) 47 90 Ending balance $ 556 $ 135 $ 123 $ 16 $ 398 $ 9 $ - $ 5 $ 77 $ 1,319 Nine Months ended September 30, 2017: Allowance for loan losses: Beginning balance $ 449 $ 134 $ 74 $ 12 $ 340 $ 10 $ 1 $ 15 $ 14 $ 1,049 Charge-offs - - - - - - - - - - Recoveries - - - - - - - - - - Provision (benefit) 119 (9 ) 12 1 19 (1 ) - (7 ) 1 135 Ending balance $ 568 $ 125 $ 86 $ 13 $ 359 $ 9 $ 1 $ 8 $ 15 $ 1,184 The following tables set forth information regarding the allowance for loan losses at September 30, 2018 and December 31, 2017: Real Estate: Consumer One- to four-family Home Equity Loans Commercial and Consumer Other Residential Commercial Multi-family and Lines of Credit Construction Industrial Loans Lines of Credit Consumer Unallocated Total At September 30, 2018 Allowance for loan losses: Ending balance: Individually evaluated for impairment $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - Ending balance: Collectively evaluated for impairment 556 135 123 16 398 9 - 5 77 1,319 Total allowance for loan losses ending balance $ 556 $ 135 $ 123 $ 16 $ 398 $ 9 $ - $ 5 $ 77 $ 1,319 Loans: Ending balance: Individually evaluated for impairment $ 4,830 $ 602 $ - $ 5 $ - $ - $ - $ - $ - $ 5,437 Ending balance: Collectively evaluated for impairment 132,855 23,440 27,334 3,341 27,813 2,761 19 586 - 218,149 Total loans ending balance $ 137,685 $ 24,042 $ 27,334 $ 3,346 $ 27,813 $ 2,761 $ 19 $ 586 $ - $ 223,586 Real Estate: Consumer One- to four-family Home Equity Loans Commercial and Consumer Other Residential Commercial Multi-family and Lines of Credit Construction Industrial Loans Lines of Credit Consumer Unallocated Total At December 31, 2017: Allowance for loan losses: Ending balance: Individually evaluated for impairment $ 21 $ - $ - $ - $ - $ - $ - $ - $ - $ 21 Ending balance: Collectively evaluated for impairment 591 124 86 12 348 9 - 8 30 1,208 Total allowance for loan losses ending balance $ 612 $ 124 $ 86 $ 12 $ 348 $ 9 $ - $ 8 $ 30 $ 1,229 Loans: Ending balance: Individually evaluated for impairment $ 2,882 $ 622 $ - $ 6 $ - $ - $ - $ - $ - $ 3,510 Ending balance: Collectively evaluated for impairment 140,531 23,738 21,402 2,547 25,279 2,802 12 994 - 217,305 Total loans ending balance $ 143,413 $ 24,360 $ 21,402 $ 2,553 $ 25,279 $ 2,802 $ 12 $ 994 $ - $ 220,815 The following tables set forth information regarding nonaccrual loans and past-due loans as of September 30, 2018 and December 31, 2017: 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) September 30, 2018: Real estate loans: One- to four-family residential $ - $ - $ 567 $ 567 $ 137,118 $ 137,685 $ - $ 567 Commercial - - - - 24,042 24,042 - - Multi-family - - - - 27,334 27,334 - - Home equity loans and lines of credit - - 5 5 3,341 3,346 - 5 Construction - - - - 27,813 27,813 - - Commercial and industrial loans - - - - 2,761 2,761 - - Consumer loans: Consumer lines of credit - - - - 19 19 - - Other consumer - - - - 586 586 - - Total $ - $ - $ 572 $ 572 $ 223,014 $ 223,586 $ - $ 572 December 31, 2017: Real estate loans: One- to four-family residential $ - $ - $ 112 $ 112 $ 143,301 $ 143,413 $ - $ 112 Commercial - - - - 24,360 24,360 - - Multi-family - - - - 21,402 21,402 - - Home equity loans and lines of credit - - - - 2,553 2,553 - - Construction - - - - 25,279 25,279 - - Commercial and industrial loans - - - - 2,802 2,802 - - Consumer loans: Consumer lines of credit - - - - 12 12 - - Other consumer 12 - - 12 982 994 - - Total $ 12 $ - $ 112 $ 124 $ 220,691 $ 220,815 $ - $ 112 Information about loans that meet the definition of an impaired loan in ASC 310-10-35, “Receivables – Overall Subsequent Measurement,” is as follows at September 30, 2018 and December 31, 2017: Unpaid Recorded Principal Related Investment Balance Allowance (In Thousands) September 30, 2018: With no related allowance recorded: Real estate loans: One- to four-family residential $ 4,830 $ 4,830 $ - Commercial 602 602 - Home equity loans and lines of credit 5 87 - Total impaired with no related allowance 5,437 5,519 - With an allowance recorded: Real estate loans: One- to four-family residential - - - Commercial - - - Home equity loans and lines of credit - - - Total impaired with an allowance recorded - - - Total Real estate loans: One- to four-family residential 4,830 4,830 - Commercial 602 602 - Home equity loans and lines of credit 5 87 - Total impaired loans $ 5,437 $ 5,519 $ - December 31, 2017: With no related allowance recorded: Real estate loans: One- to four-family residential $ 2,315 $ 2,315 $ - Commercial 622 622 - Home equity loans and lines of credit 6 88 - Total impaired with no related allowance 2,943 3,025 - 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 2,882 2,882 21 Commercial 622 622 - Home equity loans and lines of credit 6 88 - Total impaired loans $ 3,510 $ 3,592 $ 21 The following table presents, by class, information related to average recorded investment and interest income recognized on impaired loans for the nine months ended September 30, 2018 and September 30, 2017. Nine Months Ended Nine Months Ended September 30, 2018 September 30, 2017 Average Interest Average Interest Recorded Income Recorded Income Investment Recognized Investment Recognized (In Thousands) With no related allowance recorded: Real estate loans: One- to four-family residential $ 3,076 $ 76 $ 2,757 $ 87 Commercial 611 35 642 27 Home equity loans and lines of credit 5 - 6 2 Total impaired with no related allowance 3,692 111 3,405 116 With an allowance recorded: Real estate loans: One- to four-family residential - - 643 41 Commercial - - - - Home equity loans and lines of credit - - - - Total impaired with an allowance recorded - - 643 41 Total Real estate loans: One- to four-family residential 3,076 76 3,400 128 Commercial 611 35 642 27 Home equity loans and lines of credit 5 - 6 2 Total impaired loans $ 3,692 $ 111 $ 4,048 $ 157 The following tables present the Company’s loans by risk rating: Real Estate: Consumer One- to four-family Home Equity Loans Commercial and Consumer Residential Commercial Multi-family and Lines of Credit Construction Industrial Loans Lines of Credit Other Consumer Total (In Thousands) September 30, 2018: Grade: Pass $ - $ 18,504 $ 27,334 $ - $ 27,813 $ 2,761 $ - $ - $ 76,412 Special mention 2,000 5,538 - - - - - 7,538 Substandard 567 - - 5 - - - - 572 Loans not formally rated 135,118 - 3,341 - - 19 586 139,064 Total $ 137,685 $ 24,042 $ 27,334 $ 3,346 $ 27,813 $ 2,761 $ 19 $ 586 $ 223,586 December 31, 2017: Grade: Pass $ - $ 22,818 $ 21,402 $ - $ 23,649 $ 2,802 $ - $ - $ 70,671 Special mention - 1,542 - - 1,630 - - - 3,172 Substandard 679 - - 6 - - - - 685 Loans not formally rated 142,734 - - 2,547 - - 12 994 146,287 Total $ 143,413 $ 24,360 $ 21,402 $ 2,553 $ 25,279 $ 2,802 $ 12 $ 994 $ 220,815 At September 30, 2018 and December 31, 2017, there were no loans rated “doubtful” or “loss.” Credit Quality Information The Company utilizes an eight grade internal loan rating system for commercial and multi-family real estate, construction and commercial loans as follows: Loans rated 1 – 3W: 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, based on 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 nine months ended September 30, 2018, there were two loans modified as TDRs. During the nine months ended September 30, 2017, there were two loans (one relationship) modified as TDRs. Pre-Modification Post-Modification Number of Outstanding Recorded Outstanding Recorded Contracts Investment Investment (Dollars In Thousands) September 30, 2018 Troubled Debt Restructurings: Real estate loans: One- to four- family residential 2 $ 1,788 $ 2,150 2 $ 1,788 $ 2,150 September 30, 2017: Troubled Debt Restructurings: Real estate loans: One- to four- family residential 1 $ 567 $ 567 Home equity loans and lines of credit 1 6 6 2 $ 573 $ 573 Term Extensions and Rate Interest Only Rate Reduction and Capitalization of Reduction Period Interest Only Period Payments and Fees (Dollars in Thousands) September 30, 2018 Real estate loans: One- to four- family residential $ - $ 150 $ - $ 2,000 Total $ - $ 150 $ - $ 2,000 December 31, 2017: Real estate loans: One- to four- family residential $ - $ 567 $ - $ - Home equity loans and lines of credit - 6 - - Total $ - $ 573 $ - $ - As of September 30, 2018 there were two consumer mortgage loans (one relationship) collateralized by residential real estate in the process of foreclosure. These loans, which were modified as troubled debt restructures within the past twelve months, amount to $654,000 on a gross basis and previously had a partial charge off of $82,000 resulting in a combined net loan balance of $572,000. As of September 30, 2018, there was no commitment to lend additional funds to this borrower. As of December 31, 2017, there were no consumer mortgage loans collateralized by residential real estate in the process of foreclosure. As of September 30, 2018 and December 31, 2017, there were no commitments to lend additional funds to borrowers whose loans were modified in troubled debt restructurings. 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 $23.0 million and $22.7 million at September 30, 2018 and December 31, 2017, respectively. |
DEPOSITS
DEPOSITS | 9 Months Ended |
Sep. 30, 2018 | |
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 September 30, 2018 and December 31, 2017 was $27.0 million and $28.4 million, respectively. The totals exclude $5.0 million of brokered time deposits, which were bifurcated into amounts below the FDIC insurance limit, as of September 30, 2018 and December 31, 2017. For time deposits as of September 30, 2018, the scheduled maturities for each of the following five years ended September 30 are: (In Thousands) 2019 $ 43,072 2020 31,633 2021 16,331 2022 5,214 2023 732 Total $ 96,982 There were $8.3 million of brokered certificates of deposit and $8.6 million of listing service deposits at September 30, 2018. There were $9.1 million of broker certificates of deposit and $9.1 million of listing service deposits at December 31, 2017. |
FEDERAL HOME LOAN BANK ADVANCES
FEDERAL HOME LOAN BANK ADVANCES | 9 Months Ended |
Sep. 30, 2018 | |
Banking and Thrift [Abstract] | |
FEDERAL HOME LOAN BANK ADVANCES | NOTE 8 - FEDERAL HOME LOAN BANK ADVANCES Maturities of advances from the FHLB for the years ending after September 30, 2018 are summarized as follows: (In Thousands) 2019 $ 10,208 2020 7,572 2021 2,405 2022 9,833 2023 70 Thereafter 8,500 $ 38,588 Interest rates ranged from 1.01% to 2.71% with a weighted-average interest rate of 1.74% at September 30, 2018. Interest rates ranged from 1.01% to 2.08% with a weighted-average interest rate of 1.48% at December 31, 2017. Borrowings from the FHLB are secured by a blanket lien on qualified collateral, consisting primarily of loans with first mortgages secured by one-to-four family properties, certain unencumbered investment securities and other qualified assets. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | NOTE 9 - FAIR VALUE MEASUREMENTS ASC 820-10, “Fair Value Measurement - Overall,” provides a framework for measuring fair value under generally accepted accounting principles. This guidance also allows an entity the irrevocable option to elect fair value for the initial and subsequent measurement for certain financial assets and liabilities on a contract-by-contract basis. In accordance with ASC 820-10, the Company groups its financial assets and financial liabilities measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. Level 1 - Valuations for assets and liabilities traded in active exchange markets, such as the New York Stock Exchange. 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 September 30, 2018 and December 31, 2017. The Company did not have any significant transfers between level 1 and level 2 of the fair value hierarchy during the nine months ended September 30, 2018. The Company’s investment in mortgage-backed securities and other debt securities available-for-sale is generally classified within level 2 of the fair value hierarchy. For these securities, we obtain fair value measurements from independent pricing services. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. treasury yield curve, trading levels, market consensus prepayment speeds, credit information and the instrument’s terms and conditions. Level 3 is for positions that are not traded in active markets or are subject to transfer restrictions, valuations are adjusted to reflect illiquidity and/or non-transferability, and such adjustments are generally based on available market evidence. In the absence of such evidence, management’s best estimate is used. Subsequent to inception, management only changes level 3 inputs and assumptions when corroborated by evidence such as transactions in similar instruments, completed or pending third-party transactions in the underlying investment or comparable entities, subsequent rounds of financing, recapitalization and other transactions across the capital structure, offerings in the equity or debt markets, and changes in financial ratios or cash flows. The Company’s impaired loans are reported at the fair value of the underlying collateral if repayment is expected solely from the collateral. Collateral values are estimated using level 2 inputs based upon appraisals of similar properties obtained from a third party. For level 3 inputs, fair value is based upon management estimates of the value of the underlying collateral or the present value of the expected cash flows. The following tables summarize assets measured at fair value on a recurring basis as of September 30, 2018 and December 31, 2017: Fair Value Measurements at Reporting Date Using: Quoted Prices in Significant Significant Active Markets for Other Observable Unobservable Identical Assets Inputs Inputs Total Level 1 Level 2 Level 3 (In Thousands) September 30, 2018 : Debt securities issued by U.S. government corporations and agencies $ 9,103 $ - $ 9,103 $ - Debt securities issued by states of the United States and political subdivisions of the states 2,698 - 2,698 - Mortgage-backed securities 4,119 - 4,119 - Totals $ 15,920 $ - $ 15,920 $ - December 31, 2017 : Debt securities issued by U.S. government corporations and agencies $ 8,280 $ - $ 8,280 $ - Debt securities issued by states of the United States and political subdivisions of the states 3,253 - 3,253 - Mortgage-backed securities 5,074 - 5,074 - Totals $ 16,607 $ - $ 16,607 $ - Under certain circumstances, we make adjustments to fair value for certain assets and liabilities although they are not measured at fair value on an ongoing basis. The following table presents assets carried on the consolidated balance sheet by caption and by level in the fair value hierarchy at September 30, 2018 and December 31, 2017 for which a nonrecurring change in fair value has been recorded: Fair Value Measurements at Reporting Date Using: Quoted Prices in Significant Significant Active Markets for Other Observable Unobservable Identical Assets Inputs Inputs Total Level 1 Level 2 Level 3 (In Thousands) September 30, 2018: Impaired loans $ 572 $ - $ - $ 572 Totals $ 572 $ - $ - $ 572 December 31, 2017: Impaired loans $ 552 $ - $ - $ 552 Totals $ 552 $ - $ - $ 552 The estimated fair values of the Company’s financial instruments, all of which are held or issued for purposes other than trading, are as follows: September 30, 2018 Carrying Fair Value Amount Level 1 Level 2 Level 3 Total (In Thousands) Financial assets: Cash and cash equivalents $ 12,452 $ 12,452 $ - $ - $ 12,452 Interest-bearing time deposits with other banks 1,111 - 1,111 - 1,111 Available-for-sale securities 15,920 - 15,920 - 15,920 Held-to-maturity securities 72 - 114 - 114 Federal Home Loan Bank stock 2,296 2,296 - - 2,296 Investment in The Co-operative Central Reserve Fund 384 384 - - 384 Loans, net 222,615 - - 224,360 224,360 Accrued interest receivable 709 709 - - 709 Financial liabilities: Deposits 190,961 - 190,977 - 190,977 FHLB advances 38,588 - 36,716 - 36,716 December 31, 2017 Carrying Fair Value Amount Level 1 Level 2 Level 3 Total (In Thousands) Financial assets: Cash and cash equivalents $ 14,970 $ 14,970 $ - $ - $ 14,970 Interest-bearing time deposits with other banks 1,106 - 1,106 - 1,106 Available-for-sale securities 16,607 - 16,607 - 16,607 Held-to-maturity securities 83 - 121 - 121 Federal Home Loan Bank stock 2,296 2,296 - - 2,296 Investment in The Co-operative Central Reserve Fund 384 384 - - 384 Loans, net 219,975 - - 221,238 221,238 Accrued interest receivable 625 625 - - 625 Financial liabilities: Deposits 190,247 - 190,748 - 190,748 FHLB advances 40,209 - 38,212 - 38,212 The carrying amounts of financial instruments shown in the above table are included in the consolidated balance sheets as of September 30, 2018 and December 31, 2017 under the indicated captions. Accounting policies related to financial instruments are described below. ASC 825, “Financial Instruments,” requires that the Company disclose estimated fair values for its financial instruments. Fair value methods and assumptions used by the Company in estimating its fair value disclosures are as follows: Cash and cash equivalents: The carrying amounts reported in the consolidated balance sheets for cash and cash equivalents approximate those assets' fair values. Interest-bearing time deposits with other banks: The fair value of interest-bearing time deposits with other banks was determined by discounting the cash flows associated with these instruments using current market rates for deposits with similar characteristics. Securities: Fair values for securities are based on quoted market prices, where available. If quoted market prices are not available, fair values are based on quoted market prices of comparable instruments. Federal Home Loan Bank stock: The carrying amount of the stock is based on redemption provisions of the Federal Home Loan Bank and approximates those assets’ fair values. Investment in the Co-operative Central Reserve Fund: the carrying amount is based on redemption provisions of the Reserve Fund and approximates those assets’ fair values. 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. |
REGULATORY CAPITAL
REGULATORY CAPITAL | 9 Months Ended |
Sep. 30, 2018 | |
Banking and Thrift [Abstract] | |
REGULATORY CAPITAL | NOTE 10 - REGULATORY CAPITAL The Bank is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Bank’s consolidated 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%, a minimum Tier 1 capital to risk-weighted assets ratio of 6.0%, a minimum total capital to risk-weighted assets ratio of 8.0% and a minimum Tier 1 leverage ratio of 4.0%. CET1 generally consists of common stock and retained earnings, subject to applicable adjustments and deductions. Under prompt corrective action regulations, in order to be considered “well capitalized,” the Bank must maintain a CET1 capital ratio of 6.5%, a Tier 1 risk-based capital ratio of 8.0%, a total risk-based capital ratio of 10.0% and a Tier 1 leverage ratio of 5.0%. In addition, the regulations establish a capital conservation buffer above the required capital ratios that began phasing in beginning January 1, 2016 at 0.625% of risk-weighted assets and increases each year by 0.625% until it is fully phased in at 2.5% effective January 1, 2019. Beginning January 1, 2016, failure to maintain the capital conservation buffer will limit the ability of the Bank and the Company to pay dividends, repurchase shares or pay discretionary bonuses. At September 30, 2018, the Bank exceeded the fully phased in regulatory requirement for the capital conservation buffer. Management believes, as of September 30, 2018, that the Bank meets all capital adequacy requirements to which it is subject. As of September 30, 2018, the most recent notification from the FDIC categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized the Bank must maintain minimum Common Equity Tier 1, 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. The Bank’s actual capital amounts and ratios are also presented in the table as of September 30, 2018 and December 31, 2017. To Be Well Capitalized Under For Capital Prompt Corrective Actual Adequacy Purposes Action Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars In Thousands) As of September 30, 2018: Total Capital (to Risk Weighted Assets) $ 27,900 15.72 % $ 14,201 8.0 % $ 17,751 10.0 % Tier 1 Capital (to Risk Weighted Assets) 26,572 14.97 10,651 6.0 14,201 8.0 Common Equity Tier 1 Capital (to Risk Weighted Assets) 26,572 14.97 7,988 4.5 11,538 6.5 Tier 1 Capital (to Average Assets) 26,572 10.04 10,588 4.0 13,234 5.0 As of December 31, 2017: Total Capital (to Risk Weighted Assets) $ 26,097 15.15 % $ 13,782 8.0 % $ 17,227 10.0 % Tier 1 Capital (to Risk Weighted Assets) 24,859 14.43 10,336 6.0 13,782 8.0 Common Equity Tier 1 Capital (to Risk Weighted Assets) 24,859 14.43 7,752 4.5 11,198 6.5 Tier 1 Capital (to Average Assets) 24,859 9.45 10,521 4.0 13,151 5.0 |
COMMON STOCK REPURCHASES
COMMON STOCK REPURCHASES | 9 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
COMMON STOCK REPURCHASES | NOTE 11 - COMMON STOCK REPURCHASES On November 24, 2015, the Board of Directors of the Company authorized a stock repurchase program pursuant to which the Company may purchase up to 89,903 shares of the Company’s common stock, equal to 4.0% of the Company’s outstanding common stock at the time. The program allows the Company to repurchase common stock at various prices in the open market or through private transactions. The actual amount and timing of future repurchases, if any, will depend on market conditions, applicable SEC rules and various other factors. The Company did not repurchase any shares of common stock during the nine months ended September 30, 2018 and 2017. |
EQUITY INCENTIVE PLAN
EQUITY INCENTIVE PLAN | 9 Months Ended |
Sep. 30, 2018 | |
Retirement Benefits [Abstract] | |
EQUITY INCENTIVE PLAN | NOTE 12 - EQUITY INCENTIVE PLAN On November 24, 2015, stockholders of the Company approved the 2015 Equity Incentive Plan (“2015 EIP”). The 2015 EIP provided for the award of up to 314,661 shares of common stock pursuant to grants of restricted stock awards and stock options. All stock options have a ten year life. Pursuant to the terms of the 2015 EIP, on June 1, 2016, the Board of Directors granted 70,950 shares of restricted stock and 169,500 stock options to certain employees and directors. Of the 70,950 shares of restricted stock granted, 47,600 shares vest evenly over a five year period and 23,350 shares vest over a four year period. Of the 169,500 stock options granted, 122,500 options vest evenly over a five year period and 47,000 options vest over a four year period. On June 1, 2018, 3,331 shares of restricted stock were surrendered for payment of tax obligations related to the vesting process. On June 1, 2017, 3,339 shares of restricted stock were surrendered for payment of tax obligations related to the vesting process. Pursuant to the terms of the 2015 EIP, on June 1, 2017, the Board of Directors granted 3,350 shares of restricted stock and 7,500 stock options to a director. The 3,350 shares of restricted stock granted and 7,500 stock options vest evenly over a five year period. Pursuant to the terms of the 2015 EIP, on January 23, 2018, the Board of Directors granted 9,500 shares of restricted stock and 10,000 stock options to certain employees. Of the 9,500 shares of restricted stock granted, 8,500 vest evenly over a five year period and the remaining 1,000 vest over a three year period. The 10,000 stock options vest over a five year period. At September 30, 2018, there were 6,103 restricted stock awards and 37,758 stock options available for future grants pursuant to the 2015 EIP. The fair value of each option awarded under 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 for the 2016 and 2017 awards is based on peer group volatility because the Company did not have sufficient trading history. The expected volatility for the 2018 awards is based on Pilgrim Bancshares, Inc.’s 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 and fair value used for options granted are as follows: Stock Option Assumptions Grant 1/23/2018 Grant 6/1/2017 Grant 6/1/2016 Expected life 6.40 years 6.40 years 6.40 years Expected dividend yield 0 % 0 % 0 % Expected volatility 13.74 % 23.93 % 20.24 % Expected forfeiture rate 0 % 0 % 0 % Risk free rate 2.55 % 2.02 % 1.67 % Fair value per option $ 4.18 $ 5.04 $ 3.17 A summary of activity for the 2015 Equity Incentive Plan as of and for the nine months ended September 30, 2018 and September 30, 2017 is as follows: 2018 2017 Number of Weighted Avg. Number of Weighted Avg. Options Exercise Price Options Exercise Price Outstanding at beginning of period 175,000 $ 13.05 169,500 $ 12.85 Granted 10,000 $ 19.30 7,500 $ 17.45 Exercised - $ - (1,500 ) $ 12.85 Outstanding at end of period 185,000 $ 13.39 175,500 $ 13.05 Exercisable at end of period 31,900 $ 12.85 32,400 $ 12.85 Weighted average fair value of 169,500 options granted 6/1/2016 $ 3.17 Weighted average contractual life remaining 7.7 years Weighted average exercise price $ 12.85 Aggregate intrinsic value as of September 30, 2018 ($ in thousands) $ 1,590 Weighted average fair value of 7,500 options granted 6/1/2017 $ 5.04 Weighted average contractual life remaining 8.7 years Weighted average exercise price $ 17.45 Aggregate intrinsic value as of September 30, 2018 ($ in thousands) $ 37 Weighted average fair value of 10,000 options granted 1/23/2018 $ 4.18 Weighted average contractual life remaining 9.4 years Weighted average exercise price $ 19.30 Aggregate intrinsic value as of September 30, 2018 ($ in thousands) $ 31 Restricted Stock 2018 2017 Number of Weighted Average Number of Weighted Average Shares Grant Date Fair Value Shares Grant Date Fair Value Unvested outstanding at beginning of period 60,110 $ 13.11 70,950 $ 12.85 Granted 9,500 $ 19.30 3,350 $ 17.45 Shares surrendered (3,331 ) $ 12.85 (3,339 ) $ 12.85 Shares vested (11,529 ) $ 13.12 (10,851 ) $ 12.85 Unvested oustanding at end of period 54,750 $ 14.19 60,110 $ 13.11 As of September 30, 2018, unrecognized share-based compensation expense related to non-vested options granted on June 1, 2016 amounted to $287,000 and the unrecognized share-based compensation expense related to non-vested restricted stock granted on June 1, 2016 amounted to $486,000. The unrecognized expense related to the non-vested options and non-vested restricted stock will be recognized over a weighted average period of 2.5 years. As of September 30, 2018, unrecognized share-based compensation expense related to non-vested options granted on June 1, 2017 amounted to $28,000 and the unrecognized share-based compensation expense related to non-vested restricted stock granted on June 1, 2017 amounted to $43,000. The unrecognized expense related to the non-vested options and non-vested restricted stock will be recognized over a weighted average period of 3.6 years. As of September 30, 2018, unrecognized share-based compensation expense related to non-vested options granted on January 23, 2018 amounted to $36,000 and the unrecognized share-based compensation expense related to non-vested restricted stock granted on January 23, 2018 amounted to $159,000. The unrecognized expense related to the non-vested options and non-vested restricted stock will be recognized over a weighted average period of 4.4 years. For the three months ended September 30, 2018, the Company recognized stock option related compensation expense of $31,000, and the recognized tax benefit related to this expense was $3,000. For the nine months ended September 30, 2018, the Company recognized stock option related compensation expense of $91,000, and the recognized tax benefit related to this expense was $9,000. For the three months ended September 30, 2017, the Company recognized stock option related compensation expense of $29,000, and the recognized tax benefit related to this expense was $3,000. For the nine months ended September 30, 2017, the Company recognized stock option related compensation expense of $84,000, and the recognized tax benefit related to this expense was $10,000. For the three months ended September 30, 2018, the Company recognized restricted stock related compensation expense of $58,000, and the recognized tax benefit related to this expense was $16,000. For the nine months ended September 30, 2018, the Company recognized restricted stock related compensation expense of $170,000, and the recognized tax benefit related to this expense was $47,000. For the three months ended September 30, 2017, the Company recognized restricted stock related compensation expense of $49,000, and the recognized tax benefit related to this expense was $20,000. For the nine months ended September 30, 2017, the Company recognized restricted stock related compensation expense of $141,000, and the recognized tax benefit related to this expense was $55,000. |
MERGER ANNOUNCEMENT
MERGER ANNOUNCEMENT | 9 Months Ended |
Sep. 30, 2018 | |
Disclosure Text Block Supplement [Abstract] | |
MERGER ANNOUNCEMENT | NOTE 13 – MERGER ANNOUNCEMENT On July 25, 2018, the Company announced that it has entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Hometown Financial Group, MHC and Hometown Financial Group, Inc. pursuant to which the Company will merge with a to-be-formed wholly owned subsidiary of Hometown Financial Group, Inc., in an all cash transaction valued at approximately $53.9 million. Under the terms of the agreement, shareholders of the Company will receive $23.00 in cash in exchange for each share of Company common stock. The respective boards of each of the parties to the Merger Agreement have unanimously approved the transaction. The transaction is subject to receipt of state and federal regulatory approvals and approval by shareholders of the Company and is expected to close in the first quarter of 2019. The definitive agreement provides for a termination fee of $1,625,000 that would be payable to Hometown Financial Group, Inc. by the Company under certain circumstances, which are described in detail in the Merger Agreement. For the three and nine months ended September 30, 2018, the Company incurred $456,000 . |
EARNINGS PER SHARE (EPS) (Table
EARNINGS PER SHARE (EPS) (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Summary of Earnings Per Share | EPS for the three and nine months ended September 30, 2018 and 2017 have been computed based on the following: Three Months Ended September 30 , Nine Months Ended September 30 , 2018 2017 2018 2017 Net income (In thousands) $ 54 $ 374 $ 935 $ 970 Basic and diluted common shares: Weighted average common shares outstanding 2,261,619 2,254,950 2,262,669 2,254,070 Weighted average unearned shares-restricted stock (50,629 ) (57,060 ) (53,982 ) (58,808 ) Weighted average unallocated ESOP shares (152,080 ) (158,098 ) (153,583 ) (159,584 ) Basic weighted average shares outstanding 2,058,910 2,039,792 2,055,104 2,035,678 Dilutive potential common shares-options 54,510 32,934 44,875 16,668 Dilutive effect of unearned restricted stock 17,559 17,723 16,595 14,294 Diluted weighted average shares outstanding 2,130,979 2,090,449 2,116,574 2,066,640 Basic earnings per share $ 0.03 $ 0.18 $ 0.46 $ 0.48 Diluted earnings per share (1) (2) $ 0.03 $ 0.18 $ 0.44 $ 0.47 (1) Options to purchase 10,000 shares were not included in the computation of diluted earnings per share for the three and nine months ended September 30, 2018 because the effect was anti-dilutive. (2) Options to purchase 7,500 shares were not included in the computation of diluted earnings per share for the nine months ended September 30, 2017 because the effect was anti-dilutive. |
INVESTMENTS IN SECURITIES (Tabl
INVESTMENTS IN SECURITIES (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Amortized Cost and Fair Values of Securities | Investments in securities have been classified in the consolidated balance sheets according to management’s intent. The amortized cost basis of securities and their approximate fair values are as follows as of September 30, 2018 and December 31, 2017: Amortized Gross Gross Cost Unrealized Unrealized Fair Basis Gains Losses Value (In Thousands) Available-for-sale securities: September 30, 2018: Debt securities issued by U.S. government corporations and agencies $ 9,252 $ - $ 149 $ 9,103 Debt securities issued by states of the United States and political subdivisions of the states 2,741 - 43 2,698 Mortgage-backed securities 4,288 3 172 4,119 $ 16,281 $ 3 $ 364 $ 15,920 December 31, 2017: Debt securities issued by U.S. government corporations and agencies $ 8,350 $ - $ 70 $ 8,280 Debt securities issued by states of the United States and political subdivisions of the states 3,258 15 20 3,253 Mortgage-backed securities 5,174 3 103 5,074 $ 16,782 $ 18 $ 193 $ 16,607 Amortized Gross Gross Cost Unrealized Unrealized Fair Basis Gains Losses Value (In Thousands) Held-to-maturity securities: September 30, 2018: Mortgage-backed securities $ 72 $ 42 $ - $ 114 $ 72 $ 42 $ - $ 114 December 31, 2017: Mortgage-backed securities $ 83 $ 38 $ - $ 121 $ 83 $ 38 $ - $ 121 |
Scheduled Maturities of Debt Securities | The scheduled maturities of debt securities were as follows as of September 30, 2018: Available-For-Sale Held-To-Maturity Amortized Fair Cost Fair Value Basis Value (In Thousands) Due within one year $ 3,026 $ - $ - Due after one year through five years 7,181 - - Due after five years through ten years 1,022 - - Due after ten years 572 - - Mortgage-backed securities 4,119 72 114 $ 15,920 $ 72 $ 114 |
Schedule of Aggregate Fair Value and Unrealized Losses of Securities | The aggregate fair value and unrealized losses of securities that have been in a continuous unrealized loss position for less than twelve months and for twelve months or more, and are not other-than-temporarily impaired, are as follows: Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (In Thousands) September 30, 2018: Debt securities issued by U.S. government corporations and agencies $ 5,105 $ 100 3,998 $ 49 $ 9,103 $ 149 Debt securities issued by states of the United States and political subdivisions of the states 2,143 21 555 22 2,698 43 Mortgage-backed securities 1,319 45 2,511 127 3,830 172 Total temporarily impaired securities $ 8,567 $ 166 $ 7,064 $ 198 $ 15,631 $ 364 December 31, 2017: Debt securities issued by U.S. government corporations and agencies $ 4,025 $ 30 $ 3,755 $ 40 $ 7,780 $ 70 Debt securities issued by states of the United States and political subdivisions of the states 990 7 1,073 13 2,063 20 Mortgage-backed securities 1,512 10 3,228 93 4,740 103 Total temporarily impaired securities $ 6,527 $ 47 $ 8,056 $ 146 $ 14,583 $ 193 |
LOANS (Tables)
LOANS (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Receivables [Abstract] | |
Schedule of Loans | Loans consisted of the following: September 30, December 31, 2018 2017 (In Thousands) Real estate loans: One-to four- family residential $ 137,685 $ 143,413 Commercial 24,042 24,360 Multi-family 27,334 21,402 Home equity loans and lines of credit 3,346 2,553 Construction 27,813 25,279 Commercial and industrial loans 2,761 2,802 Consumer loans: Consumer lines of credit 19 12 Other consumer loans 586 994 223,586 220,815 Net deferred loan origination fees, costs, premiums and discounts 348 389 Allowance for loan losses (1,319 ) (1,229 ) Net loans $ 222,615 $ 219,975 |
Schedule of Allowance for Loan Losses | The following tables set forth information regarding the allowance for loan losses as of and for the three and nine months ended September 30, 2018 and 2017: Real Estate: Consumer One- to four-family Home Equity Loans Commercial and Consumer Other Residential Commercial Multi-family and Lines of Credit Construction Industrial Loans Lines of Credit Consumer Unallocated Total (In Thousands) Three Months ended September 30, 2018: Allowance for loan losses: Beginning balance $ 581 $ 120 $ 87 $ 17 $ 392 $ 9 $ - $ 6 $ 62 $ 1,274 Charge-offs - - - - - - - - - - Recoveries - - - - - - - - - - (Benefit) provision (25 ) 15 36 (1 ) 6 - (1 ) 15 45 Ending balance $ 556 $ 135 $ 123 $ 16 $ 398 $ 9 $ - $ 5 $ 77 $ 1,319 Three Months ended September 30, 2017: Allowance for loan losses: Beginning balance $ 524 $ 131 $ 85 $ 11 $ 349 $ 9 $ 1 $ 10 $ 19 $ 1,139 Charge-offs - - - - - - - - - - Recoveries - - - - - - - - - - Provision (benefit) 44 (6 ) 1 2 10 - - (2 ) (4 ) 45 Ending balance $ 568 $ 125 $ 86 $ 13 $ 359 $ 9 $ 1 $ 8 $ 15 $ 1,184 Real Estate: Consumer One- to four-family Home Equity Loans Commercial and Consumer Other Residential Commercial Multi-family and Lines of Credit Construction Industrial Loans Lines of Credit Consumer Unallocated Total (In Thousands) Nine Months ended September 30, 2018: Allowance for loan losses: Beginning balance $ 612 $ 124 $ 86 $ 12 $ 348 $ 9 $ - $ 8 $ 30 $ 1,229 Charge-offs - - - - - - - - - - Recoveries - - - - - - - - - - (Benefit) provision (56 ) 11 37 4 50 - - (3 ) 47 90 Ending balance $ 556 $ 135 $ 123 $ 16 $ 398 $ 9 $ - $ 5 $ 77 $ 1,319 Nine Months ended September 30, 2017: Allowance for loan losses: Beginning balance $ 449 $ 134 $ 74 $ 12 $ 340 $ 10 $ 1 $ 15 $ 14 $ 1,049 Charge-offs - - - - - - - - - - Recoveries - - - - - - - - - - Provision (benefit) 119 (9 ) 12 1 19 (1 ) - (7 ) 1 135 Ending balance $ 568 $ 125 $ 86 $ 13 $ 359 $ 9 $ 1 $ 8 $ 15 $ 1,184 The following tables set forth information regarding the allowance for loan losses at September 30, 2018 and December 31, 2017: Real Estate: Consumer One- to four-family Home Equity Loans Commercial and Consumer Other Residential Commercial Multi-family and Lines of Credit Construction Industrial Loans Lines of Credit Consumer Unallocated Total At September 30, 2018 Allowance for loan losses: Ending balance: Individually evaluated for impairment $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - Ending balance: Collectively evaluated for impairment 556 135 123 16 398 9 - 5 77 1,319 Total allowance for loan losses ending balance $ 556 $ 135 $ 123 $ 16 $ 398 $ 9 $ - $ 5 $ 77 $ 1,319 Loans: Ending balance: Individually evaluated for impairment $ 4,830 $ 602 $ - $ 5 $ - $ - $ - $ - $ - $ 5,437 Ending balance: Collectively evaluated for impairment 132,855 23,440 27,334 3,341 27,813 2,761 19 586 - 218,149 Total loans ending balance $ 137,685 $ 24,042 $ 27,334 $ 3,346 $ 27,813 $ 2,761 $ 19 $ 586 $ - $ 223,586 Real Estate: Consumer One- to four-family Home Equity Loans Commercial and Consumer Other Residential Commercial Multi-family and Lines of Credit Construction Industrial Loans Lines of Credit Consumer Unallocated Total At December 31, 2017: Allowance for loan losses: Ending balance: Individually evaluated for impairment $ 21 $ - $ - $ - $ - $ - $ - $ - $ - $ 21 Ending balance: Collectively evaluated for impairment 591 124 86 12 348 9 - 8 30 1,208 Total allowance for loan losses ending balance $ 612 $ 124 $ 86 $ 12 $ 348 $ 9 $ - $ 8 $ 30 $ 1,229 Loans: Ending balance: Individually evaluated for impairment $ 2,882 $ 622 $ - $ 6 $ - $ - $ - $ - $ - $ 3,510 Ending balance: Collectively evaluated for impairment 140,531 23,738 21,402 2,547 25,279 2,802 12 994 - 217,305 Total loans ending balance $ 143,413 $ 24,360 $ 21,402 $ 2,553 $ 25,279 $ 2,802 $ 12 $ 994 $ - $ 220,815 |
Schedule of Nonaccrual Loans and Past-Due Loans | The following tables set forth information regarding nonaccrual loans and past-due loans as of September 30, 2018 and December 31, 2017: 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) September 30, 2018: Real estate loans: One- to four-family residential $ - $ - $ 567 $ 567 $ 137,118 $ 137,685 $ - $ 567 Commercial - - - - 24,042 24,042 - - Multi-family - - - - 27,334 27,334 - - Home equity loans and lines of credit - - 5 5 3,341 3,346 - 5 Construction - - - - 27,813 27,813 - - Commercial and industrial loans - - - - 2,761 2,761 - - Consumer loans: Consumer lines of credit - - - - 19 19 - - Other consumer - - - - 586 586 - - Total $ - $ - $ 572 $ 572 $ 223,014 $ 223,586 $ - $ 572 December 31, 2017: Real estate loans: One- to four-family residential $ - $ - $ 112 $ 112 $ 143,301 $ 143,413 $ - $ 112 Commercial - - - - 24,360 24,360 - - Multi-family - - - - 21,402 21,402 - - Home equity loans and lines of credit - - - - 2,553 2,553 - - Construction - - - - 25,279 25,279 - - Commercial and industrial loans - - - - 2,802 2,802 - - Consumer loans: Consumer lines of credit - - - - 12 12 - - Other consumer 12 - - 12 982 994 - - Total $ 12 $ - $ 112 $ 124 $ 220,691 $ 220,815 $ - $ 112 |
Schedule of Impaired Loan | Information about loans that meet the definition of an impaired loan in ASC 310-10-35, “Receivables – Overall Subsequent Measurement,” is as follows at September 30, 2018 and December 31, 2017: Unpaid Recorded Principal Related Investment Balance Allowance (In Thousands) September 30, 2018: With no related allowance recorded: Real estate loans: One- to four-family residential $ 4,830 $ 4,830 $ - Commercial 602 602 - Home equity loans and lines of credit 5 87 - Total impaired with no related allowance 5,437 5,519 - With an allowance recorded: Real estate loans: One- to four-family residential - - - Commercial - - - Home equity loans and lines of credit - - - Total impaired with an allowance recorded - - - Total Real estate loans: One- to four-family residential 4,830 4,830 - Commercial 602 602 - Home equity loans and lines of credit 5 87 - Total impaired loans $ 5,437 $ 5,519 $ - December 31, 2017: With no related allowance recorded: Real estate loans: One- to four-family residential $ 2,315 $ 2,315 $ - Commercial 622 622 - Home equity loans and lines of credit 6 88 - Total impaired with no related allowance 2,943 3,025 - 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 2,882 2,882 21 Commercial 622 622 - Home equity loans and lines of credit 6 88 - Total impaired loans $ 3,510 $ 3,592 $ 21 The following table presents, by class, information related to average recorded investment and interest income recognized on impaired loans for the nine months ended September 30, 2018 and September 30, 2017. Nine Months Ended Nine Months Ended September 30, 2018 September 30, 2017 Average Interest Average Interest Recorded Income Recorded Income Investment Recognized Investment Recognized (In Thousands) With no related allowance recorded: Real estate loans: One- to four-family residential $ 3,076 $ 76 $ 2,757 $ 87 Commercial 611 35 642 27 Home equity loans and lines of credit 5 - 6 2 Total impaired with no related allowance 3,692 111 3,405 116 With an allowance recorded: Real estate loans: One- to four-family residential - - 643 41 Commercial - - - - Home equity loans and lines of credit - - - - Total impaired with an allowance recorded - - 643 41 Total Real estate loans: One- to four-family residential 3,076 76 3,400 128 Commercial 611 35 642 27 Home equity loans and lines of credit 5 - 6 2 Total impaired loans $ 3,692 $ 111 $ 4,048 $ 157 |
Schedule of Loans by Risk Rating | The following tables present the Company’s loans by risk rating: Real Estate: Consumer One- to four-family Home Equity Loans Commercial and Consumer Residential Commercial Multi-family and Lines of Credit Construction Industrial Loans Lines of Credit Other Consumer Total (In Thousands) September 30, 2018: Grade: Pass $ - $ 18,504 $ 27,334 $ - $ 27,813 $ 2,761 $ - $ - $ 76,412 Special mention 2,000 5,538 - - - - - 7,538 Substandard 567 - - 5 - - - - 572 Loans not formally rated 135,118 - 3,341 - - 19 586 139,064 Total $ 137,685 $ 24,042 $ 27,334 $ 3,346 $ 27,813 $ 2,761 $ 19 $ 586 $ 223,586 December 31, 2017: Grade: Pass $ - $ 22,818 $ 21,402 $ - $ 23,649 $ 2,802 $ - $ - $ 70,671 Special mention - 1,542 - - 1,630 - - - 3,172 Substandard 679 - - 6 - - - - 685 Loans not formally rated 142,734 - - 2,547 - - 12 994 146,287 Total $ 143,413 $ 24,360 $ 21,402 $ 2,553 $ 25,279 $ 2,802 $ 12 $ 994 $ 220,815 |
Schedule of Troubled Debt Restructuring, Current Period | During the nine months ended September 30, 2018, there were two loans modified as TDRs. During the nine months ended September 30, 2017, there were two loans (one relationship) modified as TDRs. Pre-Modification Post-Modification Number of Outstanding Recorded Outstanding Recorded Contracts Investment Investment (Dollars In Thousands) September 30, 2018 Troubled Debt Restructurings: Real estate loans: One- to four- family residential 2 $ 1,788 $ 2,150 2 $ 1,788 $ 2,150 September 30, 2017: Troubled Debt Restructurings: Real estate loans: One- to four- family residential 1 $ 567 $ 567 Home equity loans and lines of credit 1 6 6 2 $ 573 $ 573 Term Extensions and Rate Interest Only Rate Reduction and Capitalization of Reduction Period Interest Only Period Payments and Fees (Dollars in Thousands) September 30, 2018 Real estate loans: One- to four- family residential $ - $ 150 $ - $ 2,000 Total $ - $ 150 $ - $ 2,000 December 31, 2017: Real estate loans: One- to four- family residential $ - $ 567 $ - $ - Home equity loans and lines of credit - 6 - - Total $ - $ 573 $ - $ - |
DEPOSITS (Tables)
DEPOSITS (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Banking and Thrift [Abstract] | |
Summary of Scheduled Maturities of Time Deposits | For time deposits as of September 30, 2018, the scheduled maturities for each of the following five years ended September 30 are: (In Thousands) 2019 $ 43,072 2020 31,633 2021 16,331 2022 5,214 2023 732 Total $ 96,982 |
FEDERAL HOME LOAN BANK ADVANC_2
FEDERAL HOME LOAN BANK ADVANCES (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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 September 30, 2018 are summarized as follows: (In Thousands) 2019 $ 10,208 2020 7,572 2021 2,405 2022 9,833 2023 70 Thereafter 8,500 $ 38,588 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Summary of Assets Measured at Fair Value on a Recurring Basis | The following tables summarize assets measured at fair value on a recurring basis as of September 30, 2018 and December 31, 2017: Fair Value Measurements at Reporting Date Using: Quoted Prices in Significant Significant Active Markets for Other Observable Unobservable Identical Assets Inputs Inputs Total Level 1 Level 2 Level 3 (In Thousands) September 30, 2018 : Debt securities issued by U.S. government corporations and agencies $ 9,103 $ - $ 9,103 $ - Debt securities issued by states of the United States and political subdivisions of the states 2,698 - 2,698 - Mortgage-backed securities 4,119 - 4,119 - Totals $ 15,920 $ - $ 15,920 $ - December 31, 2017 : Debt securities issued by U.S. government corporations and agencies $ 8,280 $ - $ 8,280 $ - Debt securities issued by states of the United States and political subdivisions of the states 3,253 - 3,253 - Mortgage-backed securities 5,074 - 5,074 - Totals $ 16,607 $ - $ 16,607 $ - |
Summary of Assets Measured at Fair Value on a Nonrecurring Basis | Under certain circumstances, we make adjustments to fair value for certain assets and liabilities although they are not measured at fair value on an ongoing basis. The following table presents assets carried on the consolidated balance sheet by caption and by level in the fair value hierarchy at September 30, 2018 and December 31, 2017 for which a nonrecurring change in fair value has been recorded: Fair Value Measurements at Reporting Date Using: Quoted Prices in Significant Significant Active Markets for Other Observable Unobservable Identical Assets Inputs Inputs Total Level 1 Level 2 Level 3 (In Thousands) September 30, 2018: Impaired loans $ 572 $ - $ - $ 572 Totals $ 572 $ - $ - $ 572 December 31, 2017: 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: September 30, 2018 Carrying Fair Value Amount Level 1 Level 2 Level 3 Total (In Thousands) Financial assets: Cash and cash equivalents $ 12,452 $ 12,452 $ - $ - $ 12,452 Interest-bearing time deposits with other banks 1,111 - 1,111 - 1,111 Available-for-sale securities 15,920 - 15,920 - 15,920 Held-to-maturity securities 72 - 114 - 114 Federal Home Loan Bank stock 2,296 2,296 - - 2,296 Investment in The Co-operative Central Reserve Fund 384 384 - - 384 Loans, net 222,615 - - 224,360 224,360 Accrued interest receivable 709 709 - - 709 Financial liabilities: Deposits 190,961 - 190,977 - 190,977 FHLB advances 38,588 - 36,716 - 36,716 December 31, 2017 Carrying Fair Value Amount Level 1 Level 2 Level 3 Total (In Thousands) Financial assets: Cash and cash equivalents $ 14,970 $ 14,970 $ - $ - $ 14,970 Interest-bearing time deposits with other banks 1,106 - 1,106 - 1,106 Available-for-sale securities 16,607 - 16,607 - 16,607 Held-to-maturity securities 83 - 121 - 121 Federal Home Loan Bank stock 2,296 2,296 - - 2,296 Investment in The Co-operative Central Reserve Fund 384 384 - - 384 Loans, net 219,975 - - 221,238 221,238 Accrued interest receivable 625 625 - - 625 Financial liabilities: Deposits 190,247 - 190,748 - 190,748 FHLB advances 40,209 - 38,212 - 38,212 |
REGULATORY CAPITAL (Tables)
REGULATORY CAPITAL (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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 September 30, 2018 and December 31, 2017. To Be Well Capitalized Under For Capital Prompt Corrective Actual Adequacy Purposes Action Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars In Thousands) As of September 30, 2018: Total Capital (to Risk Weighted Assets) $ 27,900 15.72 % $ 14,201 8.0 % $ 17,751 10.0 % Tier 1 Capital (to Risk Weighted Assets) 26,572 14.97 10,651 6.0 14,201 8.0 Common Equity Tier 1 Capital (to Risk Weighted Assets) 26,572 14.97 7,988 4.5 11,538 6.5 Tier 1 Capital (to Average Assets) 26,572 10.04 10,588 4.0 13,234 5.0 As of December 31, 2017: Total Capital (to Risk Weighted Assets) $ 26,097 15.15 % $ 13,782 8.0 % $ 17,227 10.0 % Tier 1 Capital (to Risk Weighted Assets) 24,859 14.43 10,336 6.0 13,782 8.0 Common Equity Tier 1 Capital (to Risk Weighted Assets) 24,859 14.43 7,752 4.5 11,198 6.5 Tier 1 Capital (to Average Assets) 24,859 9.45 10,521 4.0 13,151 5.0 |
EQUITY INCENTIVE PLAN (Tables)
EQUITY INCENTIVE PLAN (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Retirement Benefits [Abstract] | |
Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | The weighted average assumptions and fair value used for options granted are as follows: Stock Option Assumptions Grant 1/23/2018 Grant 6/1/2017 Grant 6/1/2016 Expected life 6.40 years 6.40 years 6.40 years Expected dividend yield 0 % 0 % 0 % Expected volatility 13.74 % 23.93 % 20.24 % Expected forfeiture rate 0 % 0 % 0 % Risk free rate 2.55 % 2.02 % 1.67 % Fair value per option $ 4.18 $ 5.04 $ 3.17 |
Schedule of Share-based Compensation, Stock Options, Activity | A summary of activity for the 2015 Equity Incentive Plan as of and for the nine months ended September 30, 2018 and September 30, 2017 is as follows: 2018 2017 Number of Weighted Avg. Number of Weighted Avg. Options Exercise Price Options Exercise Price Outstanding at beginning of period 175,000 $ 13.05 169,500 $ 12.85 Granted 10,000 $ 19.30 7,500 $ 17.45 Exercised - $ - (1,500 ) $ 12.85 Outstanding at end of period 185,000 $ 13.39 175,500 $ 13.05 Exercisable at end of period 31,900 $ 12.85 32,400 $ 12.85 Weighted average fair value of 169,500 options granted 6/1/2016 $ 3.17 Weighted average contractual life remaining 7.7 years Weighted average exercise price $ 12.85 Aggregate intrinsic value as of September 30, 2018 ($ in thousands) $ 1,590 Weighted average fair value of 7,500 options granted 6/1/2017 $ 5.04 Weighted average contractual life remaining 8.7 years Weighted average exercise price $ 17.45 Aggregate intrinsic value as of September 30, 2018 ($ in thousands) $ 37 Weighted average fair value of 10,000 options granted 1/23/2018 $ 4.18 Weighted average contractual life remaining 9.4 years Weighted average exercise price $ 19.30 Aggregate intrinsic value as of September 30, 2018 ($ in thousands) $ 31 |
Restricted Stock Shares Activity | Restricted Stock 2018 2017 Number of Weighted Average Number of Weighted Average Shares Grant Date Fair Value Shares Grant Date Fair Value Unvested outstanding at beginning of period 60,110 $ 13.11 70,950 $ 12.85 Granted 9,500 $ 19.30 3,350 $ 17.45 Shares surrendered (3,331 ) $ 12.85 (3,339 ) $ 12.85 Shares vested (11,529 ) $ 13.12 (10,851 ) $ 12.85 Unvested oustanding at end of period 54,750 $ 14.19 60,110 $ 13.11 |
RECENT ACCOUNTING PRONOUNCEME_2
RECENT ACCOUNTING PRONOUNCEMENTS - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Excess Tax Benefit from Share-based Compensation, Operating Activities | $ 26,000 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 34.00% | |
Reclassification Adjustment Due To Change In Tax Rate | $ 22,000 | |
Scenario, Plan [Member] | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% |
EARNINGS PER SHARE (EPS) - Summ
EARNINGS PER SHARE (EPS) - Summary of Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | ||
Net income (In thousands) | $ 54 | $ 374 | $ 935 | $ 970 | |
Basic and diluted common shares: | |||||
Weighted average common shares outstanding | 2,261,619 | 2,254,950 | 2,262,669 | 2,254,070 | |
Weighted average unearned shares-restricted stock | (50,629) | (57,060) | (53,982) | (58,808) | |
Weighted average unallocated ESOP shares | (152,080) | (158,098) | (153,583) | (159,584) | |
Basic weighted average shares | 2,058,910 | 2,039,792 | 2,055,104 | 2,035,678 | |
Dilutive potential common shares-options | 54,510 | 32,934 | 44,875 | 16,668 | |
Diluted weighted average shares outstanding | 2,130,979 | 2,090,449 | 2,116,574 | 2,066,640 | |
Basic earnings per share | $ 0.03 | $ 0.18 | $ 0.46 | $ 0.48 | |
Diluted earnings per share | [1],[2] | $ 0.03 | $ 0.18 | $ 0.44 | $ 0.47 |
Restricted Stock [Member] | |||||
Basic and diluted common shares: | |||||
Dilutive effect of unearned restricted stock | 17,559 | 17,723 | 16,595 | 14,294 | |
[1] | Options to purchase 10,000 shares were not included in the computation of diluted earnings per share for the three and nine months ended September 30, 2018 because the effect was anti-dilutive. | ||||
[2] | Options to purchase 7,500 shares were not included in the computation of diluted earnings per share for the nine months ended September 30, 2017 because the effect was anti-dilutive. |
EARNINGS PER SHARE (EPS) - Addi
EARNINGS PER SHARE (EPS) - Additional Information (Detail) - shares | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 10,000 | 10,000 | 7,500 |
INVESTMENTS IN SECURITIES - Sch
INVESTMENTS IN SECURITIES - Schedule of Amortized Cost and Fair Values of Securities (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Amortized Cost Basis | $ 16,281 | $ 16,782 |
Available-for-sale securities, Gross Unrealized Gains | 3 | 18 |
Available-for-sale securities, Gross Unrealized Losses | 364 | 193 |
Available-for-sale securities, Fair Value | 15,920 | 16,607 |
Held-to-maturity securities, Amortized Cost Basis | 72 | 83 |
Held-to-maturity securities, Gross Unrealized Gains | 42 | 38 |
Held-to-maturity securities, Gross Unrealized Losses | 0 | 0 |
Held-to-maturity securities, Fair Value | 114 | 121 |
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 | 9,252 | 8,350 |
Available-for-sale securities, Gross Unrealized Gains | 0 | 0 |
Available-for-sale securities, Gross Unrealized Losses | 149 | 70 |
Available-for-sale securities, Fair Value | 9,103 | 8,280 |
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 | 2,741 | 3,258 |
Available-for-sale securities, Gross Unrealized Gains | 0 | 15 |
Available-for-sale securities, Gross Unrealized Losses | 43 | 20 |
Available-for-sale securities, Fair Value | 2,698 | 3,253 |
Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Amortized Cost Basis | 4,288 | 5,174 |
Available-for-sale securities, Gross Unrealized Gains | 3 | 3 |
Available-for-sale securities, Gross Unrealized Losses | 172 | 103 |
Available-for-sale securities, Fair Value | 4,119 | 5,074 |
Held-to-maturity securities, Amortized Cost Basis | 72 | 83 |
Held-to-maturity securities, Gross Unrealized Gains | 42 | 38 |
Held-to-maturity securities, Gross Unrealized Losses | 0 | 0 |
Held-to-maturity securities, Fair Value | $ 114 | $ 121 |
INVESTMENTS IN SECURITIES - S_2
INVESTMENTS IN SECURITIES - Scheduled Maturities of Debt Securities (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Due within one year, Available-For-Sale Securities Fair Value | $ 3,026 | |
Due after one year through five years, Available-For-Sale Securities Fair Value | 7,181 | |
Due after five years through ten years, Available-For-Sale Securities Fair Value | 1,022 | |
Due after ten years, Available-For-Sale Securities Fair Value | 572 | |
Mortgage-backed securities, Available-For-Sale Securities Fair Value | 4,119 | |
Available-For-Sale Securities Fair Value Total | 15,920 | |
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 | 72 | |
Held-To-Maturity Securities Amortized Cost Basis Total | 72 | $ 83 |
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 | 114 | |
Held-To-Maturity Securities Fair Value Total | $ 114 | $ 121 |
INVESTMENTS IN SECURITIES - S_3
INVESTMENTS IN SECURITIES - Schedule of Aggregate Fair Value and Unrealized Losses of Securities (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Temporarily Impaired Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | $ 8,567 | $ 6,527 |
Less than 12 Months, Unrealized Losses | 166 | 47 |
12 Months or Longer, Fair Value | 7,064 | 8,056 |
12 Months or Longer, Unrealized Losses | 198 | 146 |
Fair Value, Total | 15,631 | 14,583 |
Unrealized Losses, Total | 364 | 193 |
Debt Securities Issued By U.S. Government Corporations And Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 5,105 | 4,025 |
Less than 12 Months, Unrealized Losses | 100 | 30 |
12 Months or Longer, Fair Value | 3,998 | 3,755 |
12 Months or Longer, Unrealized Losses | 49 | 40 |
Fair Value, Total | 9,103 | 7,780 |
Unrealized Losses, Total | 149 | 70 |
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 | 2,143 | 990 |
Less than 12 Months, Unrealized Losses | 21 | 7 |
12 Months or Longer, Fair Value | 555 | 1,073 |
12 Months or Longer, Unrealized Losses | 22 | 13 |
Fair Value, Total | 2,698 | 2,063 |
Unrealized Losses, Total | 43 | 20 |
Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 1,319 | 1,512 |
Less than 12 Months, Unrealized Losses | 45 | 10 |
12 Months or Longer, Fair Value | 2,511 | 3,228 |
12 Months or Longer, Unrealized Losses | 127 | 93 |
Fair Value, Total | 3,830 | 4,740 |
Unrealized Losses, Total | $ 172 | $ 103 |
INVESTMENTS IN SECURITIES - Add
INVESTMENTS IN SECURITIES - Additional Information (Detail) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2018 | Sep. 30, 2017 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Percentage of stockholders' equity | 10.00% | 10.00% |
LOANS - Schedule of Loan (Detai
LOANS - Schedule of Loan (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total Loans | $ 223,586 | $ 220,815 | ||||
Net deferred loan origination fees, costs, premiums and discounts | 348 | 389 | ||||
Allowance for loan losses | (1,319) | $ (1,274) | (1,229) | $ (1,184) | $ (1,139) | $ (1,049) |
Net loans | 222,615 | 219,975 | ||||
Commercial and Industrial Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total Loans | 2,761 | 2,802 | ||||
Allowance for loan losses | (9) | (9) | (9) | (9) | (9) | (10) |
Real Estate Loans [Member] | One-to Four-Family Residential [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total Loans | 137,685 | 143,413 | ||||
Allowance for loan losses | (556) | (581) | (612) | (568) | (524) | (449) |
Real Estate Loans [Member] | Commercial [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total Loans | 24,042 | 24,360 | ||||
Allowance for loan losses | (135) | (120) | (124) | (125) | (131) | (134) |
Real Estate Loans [Member] | Multi-Family [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total Loans | 27,334 | 21,402 | ||||
Allowance for loan losses | (123) | (87) | (86) | (86) | (85) | (74) |
Real Estate Loans [Member] | Home Equity Loans and Lines of Credit [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total Loans | 3,346 | 2,553 | ||||
Allowance for loan losses | (16) | (17) | (12) | (13) | (11) | (12) |
Real Estate Loans [Member] | Construction [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total Loans | 27,813 | 25,279 | ||||
Allowance for loan losses | (398) | (392) | (348) | (359) | (349) | (340) |
Consumer Loans [Member] | Consumer lines of credit [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total Loans | 19 | 12 | ||||
Allowance for loan losses | 0 | 0 | 0 | (1) | (1) | (1) |
Consumer Loans [Member] | Other Consumer Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total Loans | 586 | 994 | ||||
Allowance for loan losses | $ (5) | $ (6) | $ (8) | $ (8) | $ (10) | $ (15) |
LOANS - Schedule of Allowance f
LOANS - Schedule of Allowance for Loan Losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Beginning balance | $ 1,274 | $ 1,139 | $ 1,229 | $ 1,049 | |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
(Benefit) provision | 45 | 45 | 90 | 135 | |
Ending balance | 1,319 | 1,184 | 1,319 | 1,184 | |
Individually evaluated for impairment | 0 | 0 | $ 21 | ||
Collectively evaluated for impairment | 1,319 | 1,319 | 1,208 | ||
Total allowance for loan losses ending balance | 1,319 | 1,319 | 1,229 | ||
Individually evaluated for impairment | 5,437 | 5,437 | 3,510 | ||
Collectively evaluated for impairment | 218,149 | 218,149 | 217,305 | ||
Total loans ending balance | 223,586 | 223,586 | 220,815 | ||
Commercial and Industrial Loans [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Beginning balance | 9 | 9 | 9 | 10 | |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
(Benefit) provision | 0 | 0 | (1) | ||
Ending balance | 9 | 9 | 9 | 9 | |
Individually evaluated for impairment | 0 | 0 | 0 | ||
Collectively evaluated for impairment | 9 | 9 | 9 | ||
Total allowance for loan losses ending balance | 9 | 9 | 9 | ||
Individually evaluated for impairment | 0 | 0 | 0 | ||
Collectively evaluated for impairment | 2,761 | 2,761 | 2,802 | ||
Total loans ending balance | 2,761 | 2,761 | 2,802 | ||
Unallocated [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Beginning balance | 62 | 19 | 30 | 14 | |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
(Benefit) provision | 15 | (4) | 47 | 1 | |
Ending balance | 77 | 15 | 77 | 15 | |
Individually evaluated for impairment | 0 | 0 | 0 | ||
Collectively evaluated for impairment | 77 | 77 | 30 | ||
Total allowance for loan losses ending balance | 77 | 77 | 30 | ||
Individually evaluated for impairment | 0 | 0 | 0 | ||
Collectively evaluated for impairment | 0 | 0 | 0 | ||
Total loans ending balance | 0 | 0 | 0 | ||
Real Estate Loans [Member] | One-to Four-Family Residential [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Beginning balance | 581 | 524 | 612 | 449 | |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
(Benefit) provision | (25) | 44 | (56) | 119 | |
Ending balance | 556 | 568 | 556 | 568 | |
Individually evaluated for impairment | 0 | 0 | 21 | ||
Collectively evaluated for impairment | 556 | 556 | 591 | ||
Total allowance for loan losses ending balance | 556 | 556 | 612 | ||
Individually evaluated for impairment | 4,830 | 4,830 | 2,882 | ||
Collectively evaluated for impairment | 132,855 | 132,855 | 140,531 | ||
Total loans ending balance | 137,685 | 137,685 | 143,413 | ||
Real Estate Loans [Member] | Commercial [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Beginning balance | 120 | 131 | 124 | 134 | |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
(Benefit) provision | 15 | (6) | 11 | (9) | |
Ending balance | 135 | 125 | 135 | 125 | |
Individually evaluated for impairment | 0 | 0 | 0 | ||
Collectively evaluated for impairment | 135 | 135 | 124 | ||
Total allowance for loan losses ending balance | 135 | 135 | 124 | ||
Individually evaluated for impairment | 602 | 602 | 622 | ||
Collectively evaluated for impairment | 23,440 | 23,440 | 23,738 | ||
Total loans ending balance | 24,042 | 24,042 | 24,360 | ||
Real Estate Loans [Member] | Multi-Family [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Beginning balance | 87 | 85 | 86 | 74 | |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
(Benefit) provision | 36 | 1 | 37 | 12 | |
Ending balance | 123 | 86 | 123 | 86 | |
Individually evaluated for impairment | 0 | 0 | 0 | ||
Collectively evaluated for impairment | 123 | 123 | 86 | ||
Total allowance for loan losses ending balance | 123 | 123 | 86 | ||
Individually evaluated for impairment | 0 | 0 | 0 | ||
Collectively evaluated for impairment | 27,334 | 27,334 | 21,402 | ||
Total loans ending balance | 27,334 | 27,334 | 21,402 | ||
Real Estate Loans [Member] | Home Equity Loans and Lines of Credit [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Beginning balance | 17 | 11 | 12 | 12 | |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
(Benefit) provision | (1) | 2 | 4 | 1 | |
Ending balance | 16 | 13 | 16 | 13 | |
Individually evaluated for impairment | 0 | 0 | 0 | ||
Collectively evaluated for impairment | 16 | 16 | 12 | ||
Total allowance for loan losses ending balance | 16 | 16 | 12 | ||
Individually evaluated for impairment | 5 | 5 | 6 | ||
Collectively evaluated for impairment | 3,341 | 3,341 | 2,547 | ||
Total loans ending balance | 3,346 | 3,346 | 2,553 | ||
Real Estate Loans [Member] | Construction [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Beginning balance | 392 | 349 | 348 | 340 | |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
(Benefit) provision | 6 | 10 | 50 | 19 | |
Ending balance | 398 | 359 | 398 | 359 | |
Individually evaluated for impairment | 0 | 0 | 0 | ||
Collectively evaluated for impairment | 398 | 398 | 348 | ||
Total allowance for loan losses ending balance | 398 | 398 | 348 | ||
Individually evaluated for impairment | 0 | 0 | 0 | ||
Collectively evaluated for impairment | 27,813 | 27,813 | 25,279 | ||
Total loans ending balance | 27,813 | 27,813 | 25,279 | ||
Consumer Loans [Member] | Consumer Lines of Credit [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Beginning balance | 0 | 1 | 0 | 1 | |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
(Benefit) provision | 0 | 0 | 0 | 0 | |
Ending balance | 0 | 1 | 0 | 1 | |
Individually evaluated for impairment | 0 | 0 | 0 | ||
Collectively evaluated for impairment | 0 | 0 | 0 | ||
Total allowance for loan losses ending balance | 0 | 0 | 0 | ||
Individually evaluated for impairment | 0 | 0 | 0 | ||
Collectively evaluated for impairment | 19 | 19 | 12 | ||
Total loans ending balance | 19 | 19 | 12 | ||
Consumer Loans [Member] | Other Consumer Loans [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Beginning balance | 6 | 10 | 8 | 15 | |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
(Benefit) provision | (1) | (2) | (3) | (7) | |
Ending balance | 5 | $ 8 | 5 | $ 8 | |
Individually evaluated for impairment | 0 | 0 | 0 | ||
Collectively evaluated for impairment | 5 | 5 | 8 | ||
Total allowance for loan losses ending balance | 5 | 5 | 8 | ||
Individually evaluated for impairment | 0 | 0 | 0 | ||
Collectively evaluated for impairment | 586 | 586 | 994 | ||
Total loans ending balance | $ 586 | $ 586 | $ 994 |
LOANS - Schedule of Nonaccrual
LOANS - Schedule of Nonaccrual Loans and Past-Due Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 572 | $ 124 |
Total Current | 223,014 | 220,691 |
Total | 223,586 | 220,815 |
90 Days or More Past Due and Accruing | 0 | 0 |
Nonaccrual Loans | 572 | 112 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 12 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 572 | 112 |
Commercial and industrial loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Total Current | 2,761 | 2,802 |
Total | 2,761 | 2,802 |
90 Days or More Past Due and Accruing | 0 | 0 |
Nonaccrual Loans | 0 | 0 |
Commercial and industrial loans [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial and industrial loans [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial and industrial loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Real Estate Loans [Member] | One-to Four-Family Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 567 | 112 |
Total Current | 137,118 | 143,301 |
Total | 137,685 | 143,413 |
90 Days or More Past Due and Accruing | 0 | 0 |
Nonaccrual Loans | 567 | 112 |
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 | 0 | 0 |
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 | 0 |
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 | 567 | 112 |
Real Estate Loans [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Total Current | 24,042 | 24,360 |
Total | 24,042 | 24,360 |
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 | 27,334 | 21,402 |
Total | 27,334 | 21,402 |
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 | 5 | 0 |
Total Current | 3,341 | 2,553 |
Total | 3,346 | 2,553 |
90 Days or More Past Due and Accruing | 0 | 0 |
Nonaccrual Loans | 5 | 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 | 0 |
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 | 5 | 0 |
Real Estate Loans [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Total Current | 27,813 | 25,279 |
Total | 27,813 | 25,279 |
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 lines of credit [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Total Current | 19 | 12 |
Total | 19 | 12 |
90 Days or More Past Due and Accruing | 0 | 0 |
Nonaccrual Loans | 0 | 0 |
Consumer Loans [Member] | Consumer 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 |
Consumer Loans [Member] | Consumer 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 | 0 |
Consumer Loans [Member] | Consumer 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 |
Consumer Loans [Member] | Other consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 12 |
Total Current | 586 | 982 |
Total | 586 | 994 |
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 | 12 |
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 | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Financing Receivable, Impaired [Line Items] | |||
With no related allowance recorded, Recorded Investment | $ 5,437 | $ 2,943 | |
With no related allowance recorded, Unpaid Principal Balance | 5,519 | 3,025 | |
With no related allowance recorded, Related Allowance | 0 | 0 | |
With no related allowance recorded, Average Recorded Investment | 3,692 | $ 3,405 | |
With no related allowance recorded, Interest Income Recognized | 111 | 116 | |
With an allowance recorded, Recorded Investment | 0 | 567 | |
With an allowance recorded, Unpaid Principal Balance | 0 | 567 | |
With an allowance recorded, Related Allowance | 0 | 21 | |
With an allowance recorded, Average Recorded Investment | 0 | 643 | |
With an allowance recorded, Interest Income Recognized | 0 | 41 | |
Total, Recorded Investment | 5,437 | 3,510 | |
Total, Unpaid Principal Balance | 5,519 | 3,592 | |
Total, Related Allowance | 0 | 21 | |
Total, Average Recorded Investment | 3,692 | 4,048 | |
Total, Interest Income Recognized | 111 | 157 | |
Real estate loans [Member] | One-to Four-Family Residential [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
With no related allowance recorded, Recorded Investment | 4,830 | 2,315 | |
With no related allowance recorded, Unpaid Principal Balance | 4,830 | 2,315 | |
With no related allowance recorded, Related Allowance | 0 | 0 | |
With no related allowance recorded, Average Recorded Investment | 3,076 | 2,757 | |
With no related allowance recorded, Interest Income Recognized | 76 | 87 | |
With an allowance recorded, Recorded Investment | 0 | 567 | |
With an allowance recorded, Unpaid Principal Balance | 0 | 567 | |
With an allowance recorded, Related Allowance | 0 | 21 | |
With an allowance recorded, Average Recorded Investment | 0 | 643 | |
With an allowance recorded, Interest Income Recognized | 0 | 41 | |
Total, Recorded Investment | 4,830 | 2,882 | |
Total, Unpaid Principal Balance | 4,830 | 2,882 | |
Total, Related Allowance | 0 | 21 | |
Total, Average Recorded Investment | 3,076 | 3,400 | |
Total, Interest Income Recognized | 76 | 128 | |
Real estate loans [Member] | Commercial [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
With no related allowance recorded, Recorded Investment | 602 | 622 | |
With no related allowance recorded, Unpaid Principal Balance | 602 | 622 | |
With no related allowance recorded, Related Allowance | 0 | 0 | |
With no related allowance recorded, Average Recorded Investment | 611 | 642 | |
With no related allowance recorded, Interest Income Recognized | 35 | 27 | |
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 | 602 | 622 | |
Total, Unpaid Principal Balance | 602 | 622 | |
Total, Related Allowance | 0 | 0 | |
Total, Average Recorded Investment | 611 | 642 | |
Total, Interest Income Recognized | 35 | 27 | |
Real estate loans [Member] | Home equity loans and lines of credit [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
With no related allowance recorded, Recorded Investment | 5 | 6 | |
With no related allowance recorded, Unpaid Principal Balance | 87 | 88 | |
With no related allowance recorded, Related Allowance | 0 | 0 | |
With no related allowance recorded, Average Recorded Investment | 5 | 6 | |
With no related allowance recorded, Interest Income Recognized | 0 | 2 | |
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 | 5 | 6 | |
Total, Unpaid Principal Balance | 87 | 88 | |
Total, Related Allowance | 0 | $ 0 | |
Total, Average Recorded Investment | 5 | 6 | |
Total, Interest Income Recognized | $ 0 | $ 2 |
LOANS - Schedule of Loans by Ri
LOANS - Schedule of Loans by Risk Rating (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | $ 223,586 | $ 220,815 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 76,412 | 70,671 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 7,538 | 3,172 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 572 | 685 |
Loans Not Formally Rated [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 139,064 | 146,287 |
Commercial and Industrial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 2,761 | 2,802 |
Commercial and Industrial Loans [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 2,761 | 2,802 |
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 | 137,685 | 143,413 |
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 | 2,000 | 0 |
Real Estate Loans [Member] | One-to Four-Family Residential [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 567 | 679 |
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 | 135,118 | 142,734 |
Real Estate Loans [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 24,042 | 24,360 |
Real Estate Loans [Member] | Commercial [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 18,504 | 22,818 |
Real Estate Loans [Member] | Commercial [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 5,538 | 1,542 |
Real Estate Loans [Member] | Commercial [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 0 | 0 |
Real Estate Loans [Member] | Commercial [Member] | Loans Not Formally Rated [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 0 | |
Real Estate Loans [Member] | Multi-Family [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 27,334 | 21,402 |
Real Estate Loans [Member] | Multi-Family [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 27,334 | 21,402 |
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 | 3,346 | 2,553 |
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 | 0 | 0 |
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 | 5 | 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 | 3,341 | 2,547 |
Real Estate Loans [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 27,813 | 25,279 |
Real Estate Loans [Member] | Construction [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 27,813 | 23,649 |
Real Estate Loans [Member] | Construction [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 1,630 | |
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 lines of credit [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 19 | 12 |
Consumer Loans [Member] | Consumer lines of credit [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 0 | 0 |
Consumer Loans [Member] | Consumer lines of credit [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 0 | 0 |
Consumer Loans [Member] | Consumer lines of credit [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 0 | 0 |
Consumer Loans [Member] | Consumer lines of credit [Member] | Loans Not Formally Rated [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 19 | 12 |
Consumer Loans [Member] | Other Consumer Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases receivable | 586 | 994 |
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 | $ 586 | $ 994 |
LOANS - Schedule of Loans Modif
LOANS - Schedule of Loans Modified as Troubled Debt Restructuring (Detail) pure in Thousands, $ in Thousands | 9 Months Ended | |
Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | |
Home equity loans and lines of credit [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructuring, Number of contracts | 1 | |
Troubled debt restructuring, Pre-modification outstanding recorded investment | $ 6 | |
Troubled debt restructuring, Post-modification outstanding recorded investment | $ 6 | |
Real estate loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructuring, Number of contracts | 2 | 2 |
Troubled debt restructuring, Pre-modification outstanding recorded investment | $ 1,788 | $ 573 |
Troubled debt restructuring, Post-modification outstanding recorded investment | $ 2,150 | $ 573 |
One-to Four-Family Residential [Member] | Real estate loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructuring, Number of contracts | 2 | 1 |
Troubled debt restructuring, Pre-modification outstanding recorded investment | $ 1,788 | $ 567 |
Troubled debt restructuring, Post-modification outstanding recorded investment | $ 2,150 | $ 567 |
LOANS - Summary of Pre-Modified
LOANS - Summary of Pre-Modified Loans Modified as Troubled Debt Restructuring (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Home equity loans and lines of credit [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Rate Reduction | $ 0 | |
Interest Only Period | 6 | |
Rate Reduction and Interest Only Period | 0 | |
Term Extensions and Capitalization of Payments and Fees | 0 | |
Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Rate Reduction | $ 0 | 0 |
Interest Only Period | 150 | 573 |
Rate Reduction and Interest Only Period | 0 | 0 |
Term Extensions and Capitalization of Payments and Fees | 2,000 | 0 |
One-to Four-Family Residential [Member] | Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Rate Reduction | 0 | 0 |
Interest Only Period | 150 | 567 |
Rate Reduction and Interest Only Period | 0 | |
Term Extensions and Capitalization of Payments and Fees | $ 2,000 | $ 0 |
LOANS - Additional Information
LOANS - Additional Information (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Loans and Leases Receivable, Net Amount | $ 222,615 | $ 219,975 |
Financing Receivable, Allowance for Credit Losses | 1,319 | 1,229 |
Mortgage And Other Loans [Member] | ||
Loans and Leases Receivable, Net Amount | 23,000 | $ 22,700 |
Mortgage Loans [Member] | ||
Financing Receivable, Gross | 654,000 | |
Financing Receivable, Allowance for Credit Losses | 82,000 | |
Financing Receivable, Net | $ 572,000 |
DEPOSITS - Summary of Scheduled
DEPOSITS - Summary of Scheduled Maturities of Time Deposits (Detail) $ in Thousands | Sep. 30, 2018USD ($) |
2,019 | $ 43,072 |
2,020 | 31,633 |
2,021 | 16,331 |
2,022 | 5,214 |
2,023 | 732 |
Total | $ 96,982 |
DEPOSITS - Additional Informati
DEPOSITS - Additional Information (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Interest-bearing Domestic Deposit, Brokered | $ 5,000 | $ 5,000 |
Cash, FDIC Insured Amount | 27,000 | 28,400 |
Time Deposits, at or Above FDIC Insurance Limit | 250,000 | 250,000 |
Certificates of Deposit [Member] | ||
Interest-bearing Domestic Deposit, Brokered | $ 8,300 | $ 9,100 |
FEDERAL HOME LOAN BANK ADVANC_3
FEDERAL HOME LOAN BANK ADVANCES - Summary of Maturities of Advances from the Federal Home Loan Bank ("FHLB") of Boston (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Maturities Federal Home Loan Bank Advances [Line Items] | ||
2,019 | $ 10,208 | |
2,020 | 7,572 | |
2,021 | 2,405 | |
2,022 | 9,833 | |
2,023 | 70 | |
Thereafter | 8,500 | |
Maturities of advances from FHLB, total | $ 38,588 | $ 40,209 |
FEDERAL HOME LOAN BANK ADVANC_4
FEDERAL HOME LOAN BANK ADVANCES - Additional Information (Detail) | Sep. 30, 2018 | Dec. 31, 2017 |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Weighted-average interest rate | 1.74% | 1.48% |
Minimum [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Interest rates | 1.01% | 1.01% |
Maximum [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Interest rates | 2.71% | 2.08% |
FAIR VALUE MEASUREMENTS - Summa
FAIR VALUE MEASUREMENTS - Summary of Assets Measured at Fair Value on a Recurring Basis (Detail) - Fair Value Measurements Recurring [Member] - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | $ 15,920 | $ 16,607 |
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 | 15,920 | 16,607 |
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 | 9,103 | 8,280 |
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 | 9,103 | 8,280 |
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 | 2,698 | 3,253 |
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 | 2,698 | 3,253 |
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 | 4,119 | 5,074 |
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 | 4,119 | 5,074 |
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 - Sum_2
FAIR VALUE MEASUREMENTS - Summary of Assets Measured at Fair Value on a Nonrecurring Basis (Detail) - Fair Value Measurements Nonrecurring [Member] - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | $ 572 | $ 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 | 572 | 552 |
Impaired Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 572 | 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 | $ 572 | $ 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 | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2016 |
Financial assets: | ||||
Cash and cash equivalents | $ 12,452 | $ 14,970 | $ 12,577 | $ 11,188 |
Interest-bearing time deposits with other banks | 1,111 | 1,106 | ||
Available-for-sale securities | 15,920 | 16,607 | ||
Held-to-maturity securities | 72 | 83 | ||
Federal Home Loan Bank stock | 2,296 | 2,296 | ||
Investment in The Co-operative Central Reserve Fund | 384 | 384 | ||
Loans, net | 222,615 | 219,975 | ||
Accrued interest receivable | 709 | 625 | ||
Financial liabilities: | ||||
Deposits | 190,961 | 190,247 | ||
FHLB advances | 38,588 | 40,209 | ||
Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | ||||
Financial assets: | ||||
Cash and cash equivalents | 12,452 | 14,970 | ||
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 | 2,296 | 2,296 | ||
Investment in The Co-operative Central Reserve Fund | 384 | 384 | ||
Loans, net | 0 | 0 | ||
Accrued interest receivable | 709 | 625 | ||
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 | 1,111 | 1,106 | ||
Available-for-sale securities | 15,920 | 16,607 | ||
Held-to-maturity securities | 114 | 121 | ||
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 | 190,977 | 190,748 | ||
FHLB advances | 36,716 | 38,212 | ||
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 | 224,360 | 221,238 | ||
Accrued interest receivable | 0 | 0 | ||
Financial liabilities: | ||||
Deposits | 0 | 0 | ||
FHLB advances | 0 | 0 | ||
Carrying Amount [Member] | ||||
Financial assets: | ||||
Cash and cash equivalents | 12,452 | 14,970 | ||
Interest-bearing time deposits with other banks | 1,111 | 1,106 | ||
Available-for-sale securities | 15,920 | 16,607 | ||
Held-to-maturity securities | 72 | 83 | ||
Federal Home Loan Bank stock | 2,296 | 2,296 | ||
Investment in The Co-operative Central Reserve Fund | 384 | 384 | ||
Loans, net | 222,615 | 219,975 | ||
Accrued interest receivable | 709 | 625 | ||
Financial liabilities: | ||||
Deposits | 190,961 | 190,247 | ||
FHLB advances | 38,588 | 40,209 | ||
Estimated Fair Value [Member] | ||||
Financial assets: | ||||
Cash and cash equivalents | 12,452 | 14,970 | ||
Interest-bearing time deposits with other banks | 1,111 | 1,106 | ||
Available-for-sale securities | 15,920 | 16,607 | ||
Held-to-maturity securities | 114 | 121 | ||
Federal Home Loan Bank stock | 2,296 | 2,296 | ||
Investment in The Co-operative Central Reserve Fund | 384 | 384 | ||
Loans, net | 224,360 | 221,238 | ||
Accrued interest receivable | 709 | 625 | ||
Financial liabilities: | ||||
Deposits | 190,977 | 190,748 | ||
FHLB advances | $ 36,716 | $ 38,212 |
REGULATORY CAPITAL - Schedule o
REGULATORY CAPITAL - Schedule of Bank's Actual Capital Amounts and Ratios (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Total Capital (to Risk Weighted Assets), Actual Amount | $ 27,900 | $ 26,097 |
Tier 1 Capital (to Risk Weighted Assets), Actual Amount | 26,572 | 24,859 |
Common Equity Tier 1 Capital (to Risk Weighted Assets), Actual, Amount | 26,572 | 24,859 |
Tier 1 Capital (to Average Assets), Actual Amount | $ 26,572 | $ 24,859 |
Total Capital (to Risk Weighted Assets), Actual Ratio | 15.72% | 15.15% |
Tier 1 Capital (to Risk Weighted Assets), Actual Ratio | 14.97% | 14.43% |
Common Equity Tier 1 Capital (to Risk Weighted Assets), Actual, Ratio | 14.97% | 14.43% |
Tier 1 Capital (to Average Assets), Actual Ratio | 10.04% | 9.45% |
Total Capital (to Risk Weighted Assets), For Capital Adequacy Purposes, Amount | $ 14,201 | $ 13,782 |
Tier 1 Capital (to Risk Weighted Assets), For Capital Adequacy Purposes, Amount | 10,651 | 10,336 |
Common Equity Tier 1 Capital (to Risk Weighted Assets), For Capital Adequacy Purposes, Amount | 7,988 | 7,752 |
Tier 1 Capital (to Average Assets), For Capital Adequacy Purposes, Amount | $ 10,588 | $ 10,521 |
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% |
Common Equity Tier 1 Capital (to Risk Weighted Assets), For Capital Adequacy Purposes, Ratio | 4.50% | 4.50% |
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 | $ 17,751 | $ 17,227 |
Tier 1 Capital (to Risk Weighted Assets), To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | 14,201 | 13,782 |
Common Equity Tier 1 Capital (to Risk Weighted Assets), To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | 11,538 | 11,198 |
Tier 1 Capital (to Average Assets), To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 13,234 | $ 13,151 |
Total Capital (to Risk Weighted Assets), To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 10.00% | 10.00% |
Tier 1 Capital (to Risk Weighted Assets), To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 8.00% | 8.00% |
Common Equity Tier 1 Capital (to Risk Weighted Assets), To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 6.50% | 6.50% |
Tier 1 Capital (to Average Assets), To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 5.00% | 5.00% |
REGULATORY CAPITAL - Additional
REGULATORY CAPITAL - Additional Information (Detail) | Sep. 30, 2018 | Dec. 31, 2017 | Jan. 02, 2015 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Tier 1 capital to risk-weighted assets | 14.97% | 14.43% | |
Total Capital (to Risk Weighted Assets), Actual Ratio | 15.72% | 15.15% | |
Tier 1 Leverage Ratio | 10.04% | 9.45% | |
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% |
COMMON STOCK REPURCHASES - Addi
COMMON STOCK REPURCHASES - Additional Information (Detail) | 1 Months Ended |
Nov. 24, 2015shares | |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 89,903 |
Stock Repurchase Program Common Stock Repurchased Percentage | 4.00% |
EQUITY INCENTIVE PLAN - Weighte
EQUITY INCENTIVE PLAN - Weighted Average Assumptions (Detail) | 9 Months Ended |
Sep. 30, 2018 | |
Options Granted On 01 June 2016 [Member] | |
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 |
Options Granted On 01 June 2017 [Member] | |
Expected life | 6 years 4 months 24 days |
Expected dividend yield | 0.00% |
Expected volatility | 23.93 |
Expected forfeiture rate | 0.00% |
Risk free rate | 2.02% |
Fair value per option | 5.04 |
Options Granted On 23 January 2018 [Member] | |
Expected life | 6 years 4 months 24 days |
Expected dividend yield | 0.00% |
Expected volatility | 13.74 |
Expected forfeiture rate | 0.00% |
Risk free rate | 2.55% |
Fair value per option | 4.18 |
EQUITY INCENTIVE PLAN - Schedul
EQUITY INCENTIVE PLAN - Schedule of Equity Incentive Plan (Detail) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Options Granted On 01 June 2016 [Member] | ||
Weighted average contractual life remaining | 7 years 8 months 12 days | |
Options Granted On 01 June 2017 [Member] | ||
Weighted average contractual life remaining | 8 years 8 months 12 days | |
Options Granted On 23 January 2018 [Member] | ||
Weighted average contractual life remaining | 9 years 4 months 24 days | |
Equity Incentive Plan 2015 [Member] | ||
Outstanding at beginning of period | 175,000 | 169,500 |
Granted | 10,000 | 7,500 |
Exercised | 0 | (1,500) |
Outstanding at end of period | 185,000 | 175,500 |
Exercisable at end of period | 31,900 | 32,400 |
Weighted average exercise price | $ 19.30 | $ 17.45 |
Outstanding at beginning of period, Weighted Avg. Exercise Price | 13.05 | 12.85 |
Granted, Weighted Avg. Exercise Price | 19.30 | 17.45 |
Exercised, Weighted Avg. Exercise Price | 0 | 12.85 |
Outstanding at end of period, Weighted Avg. Exercise Price | 13.39 | 13.05 |
Exercisable at end of period, Weighted Avg. Exercise Price | 12.85 | $ 12.85 |
Equity Incentive Plan 2015 [Member] | Options Granted On 01 June 2016 [Member] | ||
Weighted average fair value of options granted | 3.17 | |
Weighted average exercise price | $ 12.85 | |
Aggregate intrinsic value | $ 1,590 | |
Granted, Weighted Avg. Exercise Price | $ 12.85 | |
Equity Incentive Plan 2015 [Member] | Options Granted On 01 June 2017 [Member] | ||
Weighted average fair value of options granted | 5.04 | |
Weighted average exercise price | $ 17.45 | |
Aggregate intrinsic value | $ 37 | |
Granted, Weighted Avg. Exercise Price | $ 17.45 | |
Equity Incentive Plan 2015 [Member] | Options Granted On 23 January 2018 [Member] | ||
Weighted average fair value of options granted | 4.18 | |
Weighted average exercise price | $ 19.30 | |
Aggregate intrinsic value | $ 31 | |
Granted, Weighted Avg. Exercise Price | $ 19.30 |
EQUITY INCENTIVE PLAN - Restric
EQUITY INCENTIVE PLAN - Restricted Stock (Detail) - Restricted Stock [Member] - $ / shares | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Number of Shares, Unvested outstanding at beginning of period | 60,110 | 70,950 |
Number of Shares, Granted | 9,500 | 3,350 |
Number of Shares, Shares surrendered | (3,331) | (3,339) |
Number of Shares, Shares vested | (11,529) | (10,851) |
Number of Shares, Outstanding at end of period | 54,750 | 60,110 |
Weighted Average Grant Date Fair Value at beginning of period | $ 13.11 | $ 12.85 |
Weighted Average Grant Date Fair Value, Granted | 19.30 | 17.45 |
Weighted Average Grant Date Fair Value, Shares surrendered | 12.85 | 12.85 |
Weighted Average Grant Date Fair Value, Shares vested | 13.12 | 12.85 |
Weighted Average Grant Date Fair Value at end of period | $ 14.19 | $ 13.11 |
EQUITY INCENTIVE PLAN - Additio
EQUITY INCENTIVE PLAN - Additional Information (Detail) - USD ($) | Jan. 23, 2018 | Jun. 01, 2017 | Nov. 24, 2015 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 |
Multiemployer Plans [Line Items] | |||||||
Share-based Compensation | $ 354,000 | $ 300,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Forfeitures | 3,339 | ||||||
Options Granted On 01 June 2016 [Member] | |||||||
Multiemployer Plans [Line Items] | |||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 6 months | ||||||
Options Granted On 01 June 2017 [Member] | |||||||
Multiemployer Plans [Line Items] | |||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 7 months 6 days | ||||||
Options Granted On 23 January 2018 [Member] | |||||||
Multiemployer Plans [Line Items] | |||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 4 years 4 months 24 days | ||||||
Equity Incentive Plan 2015 [Member] | |||||||
Multiemployer Plans [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 314,661 | ||||||
Restricted Stock [Member] | |||||||
Multiemployer Plans [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 70,950 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 6,103 | 6,103 | |||||
Share-based Compensation | $ 58,000 | $ 49,000 | $ 170,000 | 141,000 | |||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 16,000 | 20,000 | 47,000 | 55,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Forfeitures | 3,331 | ||||||
Restricted Stock [Member] | Options Granted On 01 June 2016 [Member] | |||||||
Multiemployer Plans [Line Items] | |||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 486,000 | 486,000 | |||||
Restricted Stock [Member] | Options Granted On 01 June 2017 [Member] | |||||||
Multiemployer Plans [Line Items] | |||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 43,000 | 43,000 | |||||
Restricted Stock [Member] | Options Granted On 23 January 2018 [Member] | |||||||
Multiemployer Plans [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 9,500 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 159,000 | $ 159,000 | |||||
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 | 8,500 | 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 | 23,350 | ||||||
Restricted Stock [Member] | Three Year Period [Member] | |||||||
Multiemployer Plans [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 1,000 | ||||||
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 | 70,950 | ||||||
Restricted Stock [Member] | Equity Incentive Plan 2015 [Member] | Options Granted On 01 June 2017 [Member] | |||||||
Multiemployer Plans [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 3,350 | ||||||
Restricted Stock [Member] | Equity Incentive Plan 2015 [Member] | Director [Member] | |||||||
Multiemployer Plans [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 3,350 | ||||||
Employee Stock Option [Member] | |||||||
Multiemployer Plans [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 9,500 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 169,500 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 37,758 | 37,758 | |||||
Share-based Compensation | $ 31,000 | 29,000 | $ 91,000 | 84,000 | |||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 3,000 | $ 3,000 | 9,000 | $ 10,000 | |||
Employee Stock Option [Member] | Options Granted On 01 June 2016 [Member] | |||||||
Multiemployer Plans [Line Items] | |||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 287,000 | 287,000 | |||||
Employee Stock Option [Member] | Options Granted On 01 June 2017 [Member] | |||||||
Multiemployer Plans [Line Items] | |||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 28,000 | 28,000 | |||||
Employee Stock Option [Member] | Options Granted On 23 January 2018 [Member] | |||||||
Multiemployer Plans [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 10,000 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 36,000 | $ 36,000 | |||||
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 | 10,000 | 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 | 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 | 169,500 | ||||||
Employee Stock Option [Member] | Equity Incentive Plan 2015 [Member] | Options Granted On 01 June 2017 [Member] | |||||||
Multiemployer Plans [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 7,500 | ||||||
Employee Stock Option [Member] | Equity Incentive Plan 2015 [Member] | Director [Member] | |||||||
Multiemployer Plans [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 7,500 |
MERGER ANNOUNCEMENT - Addition
MERGER ANNOUNCEMENT - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Jul. 25, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Merger Related Expenses | $ 456,000 | $ 0 | $ 456,000 | $ 0 | |
Hometown Financial Group MHC [Member] | |||||
Business Acquisition, Share Price | $ 23 | ||||
Payments to Acquire Businesses, Gross | $ 53,900,000 | ||||
Hometown Financial Group Inc [Member] | |||||
Termination Fee Payable | $ 1,625,000 |