Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Aug. 11, 2016 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | Provident Bancorp, Inc. | |
Entity Central Index Key | 1,635,840 | |
Trading Symbol | pvbc | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 9,498,722 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2016 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Assets | ||
Cash and due from banks | $ 11,971 | $ 7,302 |
Interest-bearing demand deposits with other banks | 4,519 | 12,865 |
Money market mutual funds | 438 | 297 |
Cash and cash equivalents | 16,928 | 20,464 |
Investments in available-for-sale securities (at fair value) | 123,085 | 80,984 |
Investments in held-to-maturity securities (fair value of $46,474 as of December 31, 2015) | 44,623 | |
Federal Home Loan Bank stock, at cost | 2,367 | 3,310 |
Loans, net | 579,877 | 554,929 |
Bank owned life insurance | 19,105 | 18,793 |
Premises and equipment, net | 11,876 | 11,606 |
Accrued interest receivable | 2,183 | 2,251 |
Deferred tax asset, net | 3,496 | 5,056 |
Other assets | 1,508 | 1,381 |
Total assets | 760,425 | 743,397 |
Deposits: | ||
Noninterest-bearing | 158,612 | 153,093 |
Interest-bearing | 448,717 | 424,142 |
Total deposits | 607,329 | 577,235 |
Federal Home Loan Bank advances | 38,947 | 57,423 |
Other liabilities | 7,218 | 7,333 |
Total liabilities | 653,494 | 641,991 |
Shareholders' equity: | ||
Preferred stock; authorized 50,000 shares: senior non-cumulative perpetual, Series A, no par, 0 shares issued and outstanding; liquidation value $1,000 per share | ||
Common stock, no par value: 30,000,000 shares authorized; 9,498,722 shares issued and outstanding | ||
Additional paid-in capital | 43,202 | 43,159 |
Retained earnings | 62,740 | 59,890 |
Accumulated other comprehensive income | 4,203 | 1,690 |
Unearned compensation - ESOP | (3,214) | (3,333) |
Total shareholders' equity | 106,931 | 101,406 |
Total liabilities and shareholders' equity | $ 760,425 | $ 743,397 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Investments in held-to-maturity securities, fair value (in dollars) | $ 46,474 | |
Preferred stock shares authorized | 50,000 | 50,000 |
Senior non-cumulative perpetual, Series A no par value (in dollars per share) | $ 0 | $ 0 |
Senior non-cumulative perpetual, Series A shares issued | 0 | 0 |
Senior non-cumulative perpetual, Series A shares outstanding | 0 | 0 |
Senior non-cumulative perpetual, Series A liquidation value (in dollars per share) | $ 1,000 | $ 1,000 |
Common stock no par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized | 30,000,000 | 30,000,000 |
Common stock, shares issued | 9,498,722 | 9,498,722 |
Common stock, shares outstanding | 9,498,722 | 9,498,722 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Interest and dividend income: | ||||
Interest and fees on loans | $ 6,159 | $ 5,417 | $ 12,250 | $ 10,660 |
Interest and dividends on securities | 861 | 825 | 1,742 | 1,655 |
Interest on interest-bearing deposits | 6 | 10 | 14 | 11 |
Total interest and dividend income | 7,026 | 6,252 | 14,006 | 12,326 |
Interest expense: | ||||
Interest on deposits | 529 | 411 | 1,084 | 817 |
Interest on Federal Home Loan Bank advances | 152 | 139 | 294 | 280 |
Total interest expense | 681 | 550 | 1,378 | 1,097 |
Net interest and dividend income | 6,345 | 5,702 | 12,628 | 11,229 |
Provision for loan losses | 210 | 193 | 321 | 471 |
Net interest and dividend income after provision for loan losses | 6,135 | 5,509 | 12,307 | 10,758 |
Noninterest income: | ||||
Customer service fees on deposit accounts | 292 | 290 | 597 | 533 |
Service charges and fees - other | 448 | 440 | 866 | 821 |
Gain on sales, calls and donated securities, net | 17 | 21 | 37 | 102 |
Other income | 210 | 108 | 402 | 227 |
Total noninterest income | 967 | 859 | 1,902 | 1,683 |
Noninterest expense: | ||||
Salaries and employee benefits | 3,159 | 2,796 | 6,281 | 5,665 |
Occupancy expense | 417 | 394 | 782 | 787 |
Equipment expense | 164 | 135 | 309 | 268 |
FDIC assessment | 96 | 96 | 190 | 190 |
Data processing | 165 | 134 | 328 | 273 |
Marketing expense | 51 | 69 | 108 | 126 |
Professional fees | 313 | 228 | 578 | 445 |
Other | 715 | 827 | 1,428 | 1,591 |
Total noninterest expense | 5,080 | 4,679 | 10,004 | 9,345 |
Income before income tax expense | 2,022 | 1,689 | 4,205 | 3,096 |
Income tax expense | 659 | 460 | 1,355 | 854 |
Net income | 1,363 | 1,229 | 2,850 | 2,242 |
Net Income attributable to common shareholders | $ 1,363 | $ 1,189 | $ 2,850 | $ 2,157 |
Income per share: | ||||
Basic (in dollars per share) | $ 0.15 | $ 0.31 | ||
Diluted (in dollars per share) | $ 0.15 | $ 0.31 | ||
Weighted Average Shares: | ||||
Basic (in shares) | 9,173,317 | 9,170,340 | ||
Diluted (in shares) | 9,173,317 | 9,170,340 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 1,363 | $ 1,229 | $ 2,850 | $ 2,242 |
Other comprehensive income: | ||||
Change in net unrealized holding gains (losses) | 1,028 | (1,098) | 1,871 | (535) |
Reclassification adjustment for realized gains in net income | (17) | (21) | (37) | (102) |
Net change in unrealized gain (loss) | 1,011 | (1,119) | 1,834 | (637) |
Income tax effect | (348) | 440 | (666) | 252 |
Net of tax amount | 663 | (679) | 1,168 | (385) |
Change in net unrealized holding gains on securities transferred from held-to-maturity to available-for-sale | 2,239 | 2,239 | ||
Income tax effect | (894) | (894) | ||
Net of tax amount | 1,345 | 1,345 | ||
Other comprehensive income (loss) | 2,008 | (679) | 2,513 | (385) |
Total comprehensive income | $ 3,371 | $ 550 | $ 5,363 | $ 1,857 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) - USD ($) $ in Thousands | Shares of Common Stock | Preferred Stock | Additional Paid in Capital | Retained Earnings | Accumulated Other Comprehensive Income | Unearned Compensation ESOP | Total |
Balance at Dec. 31, 2014 | $ 17,145 | $ 275 | $ 55,959 | $ 2,412 | $ 75,791 | ||
Balance (in shares) at Dec. 31, 2014 | 275,000 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 2,242 | 2,242 | |||||
Net change in other comprehensive income | (385) | (385) | |||||
Preferred stock dividends | (85) | (85) | |||||
Balance at Jun. 30, 2015 | 17,145 | 275 | 58,116 | 2,027 | 77,563 | ||
Balance (in shares) at Jun. 30, 2015 | 275,000 | ||||||
Balance at Dec. 31, 2015 | 43,159 | 59,890 | 1,690 | (3,333) | 101,406 | ||
Balance (in shares) at Dec. 31, 2015 | 9,498,722 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 2,850 | 2,850 | |||||
Net change in other comprehensive income | 2,513 | 2,513 | |||||
ESOP shares earned | 43 | 119 | 162 | ||||
Balance at Jun. 30, 2016 | $ 43,202 | $ 62,740 | $ 4,203 | $ (3,214) | $ 106,931 | ||
Balance (in shares) at Jun. 30, 2016 | 9,498,722 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Cash flows from operating activities: | ||
Net income | $ 2,850 | $ 2,242 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Amortization of securities premiums, net of accretion | 413 | 438 |
ESOP expense | 162 | |
Gain on sales, calls and donations of securities, net | (37) | (102) |
Change in deferred loan fees, net | (27) | (51) |
Provision for loan losses | 321 | 471 |
Depreciation and amortization | 419 | 362 |
Decrease (Increase) in accrued interest receivable | 68 | (46) |
Increase in taxes receivable | (127) | (124) |
Increase in cash surrender value of life insurance | (312) | (192) |
Increase in other assets | (1,114) | |
Decrease in other liabilities | (115) | (361) |
Net cash provided by operating activities | 3,615 | 1,523 |
Cash flows from investing activities: | ||
Purchases of available-for-sale securities | (369) | (871) |
Proceeds from sales of available-for-sale securities | 400 | 237 |
Proceeds from pay downs, maturities and calls of available-for-sale securities | 5,968 | 5,678 |
Proceeds from pay downs, maturities and calls of held-to-maturity securities | 220 | |
Purchase of Federal Home Loan Bank Stock | (595) | |
Redemption of Federal Home Loan Bank Stock | 1,538 | |
Loan originations and principal collections, net | (24,995) | (8,348) |
Recoveries of loans previously charged off | 23 | 10 |
Loans purchased | (270) | |
Additions to premises and equipment | (689) | (127) |
Net cash used in investing activities | (18,769) | (3,421) |
Cash flows from financing activities: | ||
Net increase in demand deposits, NOW and savings accounts | 48,635 | 36,559 |
Net decrease in time deposits | (18,541) | (1,715) |
Proceeds from advances from the Federal Home Loan Bank | 11,500 | |
Net change in Federal Home Loan Bank short-term advances | (29,976) | (21,600) |
Stock subscriptions received | 32,990 | |
Preferred stock dividends | (85) | |
Net cash provided by financing activities | 11,618 | 46,149 |
Net (decrease) increase in cash and cash equivalents | (3,536) | 44,251 |
Cash and cash equivalents at beginning of year | 20,464 | 9,558 |
Cash and cash equivalents at end of year | 16,928 | 53,809 |
Supplemental disclosures: | ||
Interest paid | 1,375 | 1,087 |
Income taxes paid | 1,482 | 978 |
Held-to-maturity securities transferred to available-for-sale | $ 44,240 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | (1) Basis of Presentation The accompanying unaudited financial statements of Provident Bancorp, Inc., a Massachusetts corporation (the “Company”), were prepared in accordance with the instructions for Form 10-Q and with Regulation S-X and do not include information or footnotes necessary for a complete presentation of the financial condition, results of operations, and cash flows in conformity with generally accepted accounting principles (GAAP). However, in the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the financial statements have been included. The results of operations for the three and six-month periods ended June 30, 2016 are not necessarily indicative of the results that may be expected for future periods, including the entire fiscal year. These financial statements should be read in conjunction with the annual financial statements and notes thereto included in the annual report on Form 10-K the Company filed with the Securities and Exchange Commission on March 30, 2016. The consolidated financial statements include the accounts of Provident Bancorp, Inc., its wholly owned subsidiary, The Provident Bank (the “Bank”), and the Bank’s wholly owned subsidiaries, Provident Security Corporation and 5 Market Street Security Corporation. Provident Security Corporation and 5 Market Street Security Corporation were established to buy, sell, and hold investments for their own account. All significant inter-company balances and transactions have been eliminated in consolidation. These consolidated financial statements consider events that occurred through the date the consolidated financial statements were issued. |
Corporate Structure
Corporate Structure | 6 Months Ended |
Jun. 30, 2016 | |
Corporate Structure [Abstract] | |
Corporate Structure | (2) Corporate Structure On March 10, 2015, the Board of Directors of the Company adopted a plan of stock issuance (the “Plan”) pursuant to which the Company sold shares of common stock, representing a minority ownership of the estimated pro forma market value of the Company. On July 15, 2015, the Company issued 4,274,425 shares of common stock to the public at $10.00 per share, including 357,152 shares purchased by The Provident Bank Employee Stock Ownership Plan. In addition, the Company issued 5,034,323 shares to Provident Bancorp , the Company’s mutual holding company (the “MHC”), and 189,974 shares to The Provident Community Charitable Organization, Inc., a charitable foundation that was formed in connection with the stock offering and is dedicated to supporting charitable organizations operating in the Bank’s local community. A total of 9,498,722 shares of common stock were outstanding following the completion of the stock offering. Expenses incurred related to the offering were $1.5 million, and were recorded against offering proceeds. Upon the completion of the stock offering, a special “liquidation account” was established for the benefit of certain depositors of the Bank in an amount equal to the percentage ownership interest in the equity of the Company to be held by persons other than the MHC as of the date of the latest balance sheet contained in the prospectus utilized in connection with the offering. The Company is not permitted to pay dividends on its capital stock if the Company’s shareholders’ equity would be reduced below the amount of the liquidation account. The liquidation account will be reduced annually to the extent that eligible account holders have reduced their qualifying deposits. Subsequent increases will not restore an eligible account holder’s interest in the liquidation account. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2016 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | (3) Recent Accounting Pronouncements ASU (Accounting Standards Update) No. 2014-09 – Revenue from Contracts with Customers (Topic 606). which will mainly impact construction and high-tech industries. The most significant potential impact to banking entities relates to less prescriptive derecognition requirements on the sale of other real estate owned (OREO) property. In August 2015, the Financial Accounting Standards Board (FASB) issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date. The amendments in ASU 2015-14 defer the effective date of ASU 2014-09 for all entities by one year. Accordingly, the amendments are effective for annual and interim periods beginning after December 15, 2017. Early adoption is permitted for annual and interim reporting periods beginning after December 15, 2016. An entity may elect either a full retrospective or a modified retrospective application. The Company does not expect the application of this guidance to have a material impact on the Company’s financial statements. ASU No. 2014-14, Receivables-Troubled Debt Restructurings by Creditors (Subtopic 310-40) - “Classification of Certain Government-Guaranteed Residential Mortgage Loans upon Foreclosure (a consensus of the FASB Emerging Issues Task Force)”. ASU No. 2016-01, Financial Instruments – Overall (Subtopic 825-10): “Recognition and Measurement of Financial Assets and Financial Liabilities.” ASU 2016-02, Leases (Topic 842). ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): “Measurement of Credit Losses on Financial Instruments.” |
Investment Securities
Investment Securities | 6 Months Ended |
Jun. 30, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | (4) Investment Securities In May 2016, the Company reclassified its $44.2 million held-to-maturity investment portfolio to available-for-sale. Due to its strong outlook for loan growth and falling interest rates, the Company decided to proceed with the reclassification to provide liquidity. The reclassification increased total shareholders’ equity by $1.3 million associated with the recording of the net security gains on the portfolio, net of tax effect, to accumulated other comprehensive income. In accordance with regulatory and accounting requirements, the Company is prohibited from classifying security purchases as held-to-maturity for a period of two years. The following summarizes the amortized cost of investment securities classified as available-for-sale and their approximate fair values at June 30, 2016 and December 31, 2015: Amortized Gross Gross Cost Unrealized Unrealized Fair (In thousands) Basis Gains Losses Value June 30, 2016 U.S. Government and federal agency $ 1,998 $ 15 $ - $ 2,013 State and municipal 47,152 2,966 1 50,117 Corporate debt 1,000 56 - 1,056 Asset-backed securities 9,305 226 3 9,528 Government mortgage-backed securities 47,092 985 60 48,017 Trust preferred securities 1,368 33 468 933 Marketable equity securities 8,800 3,287 228 11,859 116,715 7,568 760 123,523 Money market mutual funds included in cash and cash equivalents (438 ) - - (438 ) Total available-for-sale securities $ 116,277 $ 7,568 $ 760 $ 123,085 December 31, 2015 U.S. Government and federal agency $ 1,996 $ 37 $ - $ 2,033 State and municipal 3,373 309 - 3,682 Corporate debt 1,000 71 - 1,071 Asset-backed securities 9,656 9 41 9,624 Government mortgage-backed securities 52,515 622 325 52,812 Trust preferred securities 1,368 55 307 1,116 Marketable equity securities 8,638 2,653 348 10,943 78,546 3,756 1,021 81,281 Money market mutual funds included in cash and cash equivalents (297 ) - - (297 ) Total available-for-sale securities $ 78,249 $ 3,756 $ 1,021 $ 80,984 The following summarizes the amortized cost of investment securities classified as held-to-maturity and their approximate fair values at June 30, 2016 and December 31, 2015: Amortized Gross Gross Cost Unrealized Unrealized Fair (In thousands) Basis Gains Losses Value June 30, 2016 State and municipal $ - $ - $ - $ - December 31, 2015 State and municipal $ 44,623 $ 1,905 $ 54 $ 46,474 The scheduled maturities of debt securities were as follows at June 30, 2016: Available-for- Fair (In thousands) Value Due within one year $ 2,806 Due after one year through five years 3,323 Due after five years through ten years 7,262 Due after ten years 40,728 Government mortgage-backed securities 48,017 Asset-backed securities 9,528 $ 111,664 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, are as follows at June 30, 2016 and December 31, 2015: Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized (In thousands) Value Losses Value Losses Value Losses June 30, 2016 Temporarily impaired securities: State and municipal $ - $ - $ 167 $ 1 $ 167 $ 1 Asset-backed securities - - 598 3 598 3 Government mortgage-backed securities - - 3,424 60 3,424 60 Trust preferred securities - - 856 468 856 468 Marketable equity securities 723 88 823 140 1,546 228 Total temporarily impaired securities $ 723 $ 88 $ 5,868 $ 672 $ 6,591 $ 760 December 31, 2015 Temporarily impaired securities: State and municipal $ 3,195 $ 28 $ 729 $ 26 $ 3,924 $ 54 Asset-backed securities 5,062 7 2,005 34 7,067 41 Government mortgage-backed securities 21,108 88 9,156 237 30,264 325 Trust preferred securities - - 1,017 307 1,017 307 Marketable equity securities 1,591 166 529 182 2,120 348 Total temporarily impaired securities $ 30,956 $ 289 $ 13,436 $ 786 $ 44,392 $ 1,075 Government mortgage-backed securities, state and municipal securities and asset-backed securities : Because the decline in fair value of the government mortgage-backed securities, asset backed securities and state and municipal securities is primarily attributable to changes in interest rates and not credit quality, and because the Company has the intent and ability to hold these investments until market price recovery or maturity, these investments are not considered other-than-temporarily impaired. Marketable equity securities : Management continuously monitors equity securities for impairment by reviewing the financial condition of the issuer, company-specific events, industry developments, and general economic conditions. Management reviews corporate financial reports, credit agency reports and other publicly available information. Based on these reviews, these securities are not considered to be other-than-temporarily impaired. Trust preferred securities : Management monitors its pooled-trust preferred securities for possible other-than-temporary impairment on a quarterly basis. This review includes an analysis of collateral reports, cash flows, stress default levels and financial ratios of the underlying issuers. Management utilizes a third party to compile this data and perform other-than-temporary impairment cash flow testing. Critical assumptions that go into the other-than-temporary impairment cash flow testing are prepayment speeds, default rates of the underlying issuers and discount margins. The result of the third-party other-than-temporary impairment cash flow testing indicated no other-than-temporary impairment as of June 30, 2016. |
Loans
Loans | 6 Months Ended |
Jun. 30, 2016 | |
Receivables [Abstract] | |
Loans | (5) Loans A summary of loans is as follows: At At June 30, December 31, (In thousands) 2016 2015 Amount Percent Amount Percent Commercial real estate $ 304,056 51.67 % $ 285,356 50.67 % Commercial 128,790 21.89 % 112,073 19.90 % Residential real estate 85,179 14.47 % 92,392 16.40 % Construction and land development 68,613 11.66 % 71,535 12.70 % Consumer 1,820 0.31 % 1,855 0.33 % 588,458 100.00 % 563,211 100.00 % Allowance for loan losses (8,231 ) (7,905 ) Deferred loan fees, net (350 ) (377 ) Net loans $ 579,877 $ 554,929 The following tables set forth information regarding the activity in the allowance for loan losses by portfolio segment for the three and six months ended June 30, 2016 and 2015: For the three months ended June 30, (In thousands) Commercial Commercial Residential Construction Consumer Unallocated Total Allowance for loan losses: Balance at March 31, 2016 $ 4,030 $ 2,084 $ 384 $ 1,184 $ 111 $ 227 $ 8,020 Charge-offs - - - - (8 ) - (8 ) Recoveries - - - - 9 - 9 Provision (benefit) (29 ) 213 (20 ) 102 (10 ) (46 ) 210 Balance at June 30, 2016 $ 4,001 $ 2,297 $ 364 $ 1,286 $ 102 $ 181 $ 8,231 Balance at March 31, 2015 $ 3,814 $ 2,002 $ 559 $ 582 $ 172 $ 266 $ 7,395 Charge-offs - - - - (27 ) - (27 ) Recoveries - 1 6 - 1 - 8 Provision (benefit) (304 ) 105 (24 ) 339 13 64 193 Balance at June 30, 2015 $ 3,510 $ 2,108 $ 541 $ 921 $ 159 $ 330 $ 7,569 For the six months ended June 30, (In thousands) Commercial Commercial Residential Construction Consumer Unallocated Total Allowance for loan losses: Balance at December 31, 2015 $ 3,827 $ 2,138 $ 412 $ 1,236 $ 119 $ 173 $ 7,905 Charge-offs - - - - (18 ) - (18 ) Recoveries - 1 12 - 10 - 23 Provision (benefit) 174 158 (60 ) 50 (9 ) 8 321 Balance at June 30, 2016 $ 4,001 $ 2,297 $ 364 $ 1,286 $ 102 $ 181 $ 8,231 Balance at December 31, 2014 $ 3,500 $ 1,751 $ 560 $ 872 $ 184 $ 357 $ 7,224 Charge-offs - (103 ) - - (33 ) - (136 ) Recoveries - 1 6 - 3 - 10 Provision (benefit) 10 459 (25 ) 49 5 (27 ) 471 Balance at June 30, 2015 $ 3,510 $ 2,108 $ 541 $ 921 $ 159 $ 330 $ 7,569 The following table sets forth information regarding the allowance for loan losses and related loan balances by segment at June 30, 2016 and December 31, 2015: (In thousands) Commercial Commercial Residential Construction Consumer Unallocated Total June 30, 2016 Allowance for loan losses: Ending balance: Individually evaluated for impairment $ - $ 443 $ - $ - $ - $ - $ 443 Ending balance: Collectively evaluated for impairment 4,001 1,854 364 1,286 102 181 7,788 Total allowance for loan losses ending balance $ 4,001 $ 2,297 $ 364 $ 1,286 $ 102 $ 181 $ 8,231 Loans: Ending balance: Individually evaluated for impairment $ 3,245 $ 1,651 $ 429 $ - $ - $ - $ 5,325 Ending balance: Collectively evaluated for impairment 300,811 127,139 84,750 68,613 1,820 - 583,133 Total loans ending balance $ 304,056 $ 128,790 $ 85,179 $ 68,613 $ 1,820 $ - $ 588,458 December 31, 2015 Allowance for loan losses: Ending balance: Individually evaluated for impairment $ - $ 488 $ - $ - $ - $ - $ 488 Ending balance: Collectively evaluated for impairment 3,827 1,650 412 1,236 119 173 7,417 Total allowance for loan losses ending balance $ 3,827 $ 2,138 $ 412 $ 1,236 $ 119 $ 173 $ 7,905 Loans: Ending balance: Individually evaluated for impairment $ 3,272 $ 1,755 $ 437 $ - $ - $ - $ 5,464 Ending balance: Collectively evaluated for impairment 282,084 110,318 91,955 71,535 1,855 - 557,747 Total loans ending balance $ 285,356 $ 112,073 $ 92,392 $ 71,535 $ 1,855 $ - $ 563,211 The following tables set forth information regarding non-accrual loans and loan delinquencies by portfolio segment at June 30, 2016 and December 31, 2015: 90 Days 90 Days Total or More 30 - 59 60 - 89 or More Past Total Total Past Due Non-accrual (In thousands) Days Days Past Due Due Current Loans and Accruing Loans June 30, 2016 Commercial real estate $ - $ - $ - $ - $ 304,056 $ 304,056 $ - $ - Commercial 57 - - 57 128,733 128,790 - 886 Residential real estate - 151 - 151 85,028 85,179 - 483 Construction and land development - - - - 68,613 68,613 - - Consumer - - - - 1,820 1,820 - - Total $ 57 $ 151 $ - $ 208 $ 588,250 $ 588,458 $ - $ 1,369 December 31, 2015 Commercial real estate $ - $ - $ - $ - $ 285,356 $ 285,356 $ - $ 106 Commercial - - - - 112,073 112,073 - 1,147 Residential real estate 130 173 365 668 91,724 92,392 1,031 Construction and land development - - - - 71,535 71,535 - - Consumer 1 1 - 2 1,853 1,855 - - Total $ 131 $ 174 $ 365 $ 670 $ 562,541 $ 563,211 $ - $ 2,284 Information about the Company’s impaired loans by portfolio segment was as follows at and for the period ended June 30, 2016 and at and for the year ended December 31, 2015: Unpaid Average Interest Recorded Principal Related Recorded Income (In thousands) Investment Balance Allowance Investment Recognized June 30, 2016 With no related allowance recorded: Commercial real estate $ 3,245 $ 3,245 $ - $ 3,259 $ 53 Commercial 765 765 - 783 20 Residential real estate 429 429 - 433 10 Construction and land development - - - - - Consumer - - - - - Total impaired with no related allowance 4,439 4,439 - 4,475 83 With an allowance recorded: Commercial real estate - - - - - Commercial 886 886 443 898 - Residential real estate - - - - - Construction and land development - - - - - Consumer - - - - - Total impaired with an allowance recorded 886 886 443 898 - Total Commercial real estate 3,245 3,245 - 3,259 53 Commercial 1,651 1,651 443 1,681 20 Residential real estate 429 429 - 433 10 Construction and land development - - - - - Consumer - - - - - Total impaired loans $ 5,325 $ 5,325 $ 443 $ 5,373 $ 83 December 31, 2015 With no related allowance recorded: Commercial real estate $ 3,272 $ 3,272 $ - $ 3,788 $ 149 Commercial 661 661 - 611 20 Residential real estate 437 437 - 323 17 Construction and land development - - - - - Consumer - - - - - Total impaired with no related allowance 4,370 4,370 - 4,722 186 With an allowance recorded: Commercial real estate - - - - - Commercial 1,094 1,094 488 901 2 Residential real estate - - - - - Construction and land development - - - - - Consumer - - - - - Total impaired with an allowance recorded 1,094 1,094 488 901 2 Total Commercial real estate 3,272 3,272 - 3,788 149 Commercial 1,755 1,755 488 1,512 22 Residential real estate 437 437 - 323 17 Construction and land development - - - - - Consumer - - - - - Total impaired loans $ 5,464 $ 5,464 $ 488 $ 5,623 $ 188 There were no troubled debt restructurings during the six months ended June 30, 2016. The following tables present the Company’s loans by risk rating and portfolio segment at June 30, 2016 and December 31, 2015: (In thousands) Commercial Commercial Residential Construction Consumer Total June 30, 2016 Grade: Pass $ 283,286 $ 123,263 $ - $ 68,613 $ - $ 475,162 Special mention 16,926 1,458 - - - 18,384 Substandard 3,844 3,183 958 - - 7,985 Doubtful - 886 - - - 886 Not formally rated - - 84,221 - 1,820 86,041 Total $ 304,056 $ 128,790 $ 85,179 $ 68,613 $ 1,820 $ 588,458 December 31, 2015 Grade: Pass $ 265,325 $ 106,677 $ - $ 71,535 $ - $ 443,537 Special mention 15,700 1,403 - - - 17,103 Substandard 4,331 3,083 1,329 - - 8,743 Doubtful - 910 - - - 910 Not formally rated - - 91,063 - 1,855 92,918 Total $ 285,356 $ 112,073 $ 92,392 $ 71,535 $ 1,855 $ 563,211 Credit Quality Information The Company utilizes a seven grade internal loan risk rating system for commercial real estate, construction and land development, and commercial loans as follows: Loans rated 1-3 : Loans in these categories are considered “pass” rated loans with low to average risk. Loans rated 4 : Loans in this category are considered “special mention.” These loans are starting to show signs of potential weakness and are being closely monitored by management. Loans rated 5 : Loans in this category are considered “substandard.” Generally, a loan is considered substandard if it is inadequately protected by the current net worth and paying capacity of the obligors and/or the collateral pledged. There is a distinct possibility that the Company will sustain some loss if the weakness is not corrected. Loans rated 6 : Loans in this category are considered “doubtful.” Loans classified as doubtful have all the weaknesses inherent in those classified substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, highly questionable and improbable. Loans rated 7 : Loans in this category are considered uncollectible loss and of such little value that their continuance as loans is not warranted. On an annual basis, or more often if needed, the Company formally reviews the ratings on all commercial real estate, construction and land development, and commercial loans. For residential real estate and consumer loans, the Company initially assesses credit quality based upon the borrower’s ability to pay and rates such loans as pass. Subsequent risk rating downgrades are based upon the borrower’s payment activity. All other residential and consumer loans are not formally rated. |
Federal Home Loan Bank Advances
Federal Home Loan Bank Advances | 6 Months Ended |
Jun. 30, 2016 | |
Advances from Federal Home Loan Banks [Abstract] | |
Federal Home Loan Bank Advances | (6) Federal Home Loan Bank Advances Borrowings from the Federal Home Loan Bank (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 commercial loans and other qualified assets. In August of 2015 the Bank modified $3.5 million of its FHLB borrowings and extended the maturity. The Bank incurred a prepayment penalty of $233,000. In accordance with ASC 470-50-40, the prepayment penalty is amortized over the life of the newly modified borrowing. Maturities of advances from the FHLB ending after June 30, 2016 are summarized as follows: (In thousands) 2016 $ 19,112 2017 5,000 2018 5,000 2020 6,335 Thereafter 3,500 Total $ 38,947 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | (7) Fair Value Measurements The Company reports certain assets at fair value in accordance with GAAP, which defines fair value and establishes a framework for measuring fair value in accordance with generally accepted accounting principles. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The guidance establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes six levels of inputs that may be used to measure fair values: Basis of Fair Value Measurements · Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; · Level 2 - Quoted prices in markets that are not active, or inputs that are observable either directly or indirectly, for substantially the full term of the asset or liability; · Level 3 - Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). 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. Fair Values of Financial Instruments Measured on a Recurring Basis The Company’s investments in U.S. Government and federal agency, state and municipal, corporate debt, asset-backed and government mortgage-backed securities available-for-sale are generally classified within Level 2 of the fair value hierarchy. For these investments, 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. The Company classifies its investments in trust preferred securities as Level 3 securities. 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 classified its investments in marketable equity securities as Level 1 securities. Such securities are classified as Level 1 securities because fair values are obtained through quoted market prices for identical securities in active exchange markets. The following summarizes financial instruments measured at fair value on a recurring basis at June 30, 2016 and December 31, 2015: Fair Value Measurements at Reporting Date Using Quoted Prices in Significant Significant Active Markets for Other Observable Unobservable Identical Assets Inputs Inputs (In thousands) Total Level 1 Level 2 Level 3 June 30, 2016 U.S. Government and federal agency $ 2,013 $ - $ 2,013 $ - State and municipal 50,117 - 50,117 - Corporate debt 1,056 - 1,056 - Asset-backed securities 9,528 - 9,528 - Mortgage-backed securities 48,017 - 48,017 - Trust preferred securities 933 - - 933 Marketable equity securities 11,421 11,421 - - Totals $ 123,085 $ 11,421 $ 110,731 $ 933 December 31, 2015 U.S. Government and federal agency $ 2,033 $ - $ 2,033 $ - State and municipal 3,682 - 3,682 - Corporate debt 1,071 - 1,071 - Asset-backed securities 9,624 - 9,624 - Mortgage-backed securities 52,812 - 52,812 - Trust preferred securities 1,116 - - 1,116 Marketable equity securities 10,646 10,646 - - Totals $ 80,984 $ 10,646 $ 69,222 $ 1,116 The following is a summary of activity for Level 3 financial instruments measured at fair value on a recurring basis for the six months periods ended June 30, 2016 and 2015. (In thousands) Available-for- Balance beginning January 1, 2016 $ 1,116 Total gains or (losses) (realized/unrealized) Included in earnings - Included in other comprehensive income (183 ) Paydowns - Ending balance, June 30, 2016 $ 933 Balance beginning January 1, 2015 $ 1,122 Total gains or (losses) (realized/unrealized) Included in earnings - Included in other comprehensive income 183 Paydowns (115 ) Ending balance, June 30, 2015 $ 1,190 Fair Values of Financial Instruments Measured on a Nonrecurring Basis 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. However, the Company generally discounts appraisals to arrive at fair value, therefore classifies such loans as Level 3 because the discounts are a significant input that is not observable. The following summarizes financial instruments measured at fair value on a nonrecurring basis at June 30, 2016 and December 31, 2015: Fair Value Measurements at Reporting Date Using: Quoted Prices in Significant Significant Active Markets for Other Observable Unobservable Identical Assets Inputs Inputs (In thousands) Total Level 1 Level 2 Level 3 June 30, 2016 Impaired loans $ 443 $ - $ - $ 443 December 31, 2015 Impaired loans $ 606 $ - $ - $ 606 The following is a summary of the valuation methodology and unobservable inputs for Level 3 assets measured at fair value on a nonrecurring basis at June 30, 2016 and December 31, 2015: (In thousands) Fair Value Valuation Technique Unobservable Input Range June 30, 2016 Impaired loans $ 443 Real estate appraisals Discount for dated appraisals 6-10% December 31, 2015 Impaired loans $ 606 Real estate appraisals Discount for dated appraisals 6-10% |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Of Financial Instrument [Abstract] | |
Fair Value of Financial Instruments | (8) Fair Value of Financial Instruments GAAP requires disclosure of fair value information about financial instruments, whether or not recognized in the balance sheet, for which it is practicable to estimate that value. Certain financial instruments and all nonfinancial instruments are excluded from the disclosure requirements. Accordingly, the aggregate fair value amounts presented do not represent the underlying value of the Company. The carrying amounts and estimated fair values of the Company’s financial instruments, all of which are held or issued for purposes other than trading, are as follows at June 30, 2016 and December 31, 2015: Carrying Fair Value (In thousands) Amount Level 1 Level 2 Level 3 Total June 30, 2016 Financial assets: Cash and cash equivalents $ 16,928 $ 16,928 $ - $ - $ 16,928 Available-for-sale securities 123,085 11,421 110,731 933 123,085 Federal Home Loan Bank of Boston stock 2,367 2,367 - - 2,367 Loans, net 579,877 - - 590,504 590,504 Accrued interest receivable 2,183 - 2,183 - 2,183 Financial liabilities: Deposits 607,329 - - 607,594 607,594 Federal Home Loan Bank advances 38,947 - 39,488 - 39,488 December 31, 2015 Financial assets: Cash and cash equivalents $ 20,464 $ 20,464 $ - $ - $ 20,464 Available-for-sale securities 80,984 10,646 69,222 1,116 80,984 Held-to-maturity securities 44,623 - 46,474 - 46,474 Federal Home Loan Bank of Boston stock 3,310 3,310 - - 3,310 Loans, net 554,929 - - 561,937 561,937 Accrued interest receivable 2,251 - 2,251 - 2,251 Financial liabilities: Deposits 577,235 - - 577,316 577,316 Federal Home Loan Bank advances 57,423 - 57,774 - 57,774 |
Regulatory Capital
Regulatory Capital | 6 Months Ended |
Jun. 30, 2016 | |
Banking and Thrift [Abstract] | |
Regulatory Capital | (9) Regulatory Capital The Bank is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Effective January 1, 2015 (with a phase-in period of two to four years for certain components), the Bank became subject to capital regulations adopted by the FDIC, which implement the Basel III regulatory capital reforms and the changes required by the Dodd-Frank Act. The new regulations require a new Common Equity Tier 1 (“CET1”) capital ratio of 4.5%, 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 new prompt corrective action regulations, in order to be considered “well capitalized,” the Bank must maintain a CET1 capital ratio of 6.5% and a Tier 1 ratio of 8.0%, a total risk based capital ratio of 10% and a Tier 1 leverage ratio of 5.0%. In addition, the regulations establish a capital conservation buffer above the required capital ratios that started phasing in on 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 repurchases shares or pay discretionary bonuses. The new regulations implemented changes to what constitutes regulatory capital. Certain instruments no longer constitute qualifying capital, subject to phase-out periods. In addition, Tier 2 capital is no longer limited to the amount of Tier 1 capital included in total capital. Mortgage servicing rights, certain deferred tax assets and investments in unconsolidated subsidiaries over designated percentages of CET1 must be deducted from capital. The Bank has elected to permanently opt-out of the inclusion of accumulated other comprehensive income in capital calculations, as permitted by the regulations. This opt-out will reduce the impact of market volatility on the Bank’s regulatory capital ratios. The new regulations also changed the risk weights of certain assets, including an increase in the risk weight of certain high volatility commercial real estate acquisition, development and construction loans and non-residential mortgage loans that are 90 days past due or on non-accrual status to 150% from 100%, a credit conversion factor for the unused portion of commitments with maturities of less than one year that are not cancellable to 20% from 0%, an increase in the risk weight for mortgage servicing rights and deferred tax assets that are not deducted from capital to 250% from 100%, and an increase in the risk weight for equity exposures to 600% from 0%. As of June 30, 2016 and December 31, 2015, the most recent notification from the FDIC categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. There are no conditions or events since that notification that management believes have changed the institution’s category. The completion of the stock offering has significantly enhanced the Bank’s Regulatory Capital. The Bank’s actual capital amounts and ratios are presented in the following table. To Be Well Capitalized Under For Capital Prompt Corrective Actual Adequacy Purposes Action Provisions (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio June 30, 2016 Total Capital (to Risk Weighted Assets) $ 107,656 17.0 % $ 50,537 > 8.0 % $ 63,172 > 10.0 % Tier 1 Capital (to Risk Weighted Assets) 98,380 15.6 37,903 > 6.0 50,537 > 8.0 Common Equity Tier 1 Capital (to Risk Weighted Assets) 98,380 15.6 28,427 > 4.5 41,062 > 6.5 Tier 1 Capital (to Average Assets) 98,380 13.4 29,484 > 4.0 36,855 > 5.0 December 31, 2015 Total Capital (to Risk Weighted Assets) $ 104,032 17.1 % $ 48,780 > 8.0 % $ 60,975 > 10.0 % Tier 1 Capital (to Risk Weighted Assets) 95,370 15.6 36,585 > 6.0 48,780 > 8.0 Common Equity Tier 1 Capital (to Risk Weighted Assets) 95,370 15.6 27,439 > 4.5 39,634 > 6.5 Tier 1 Capital (to Average Assets) 95,370 13.4 28,435 > 4.0 35,544 > 5.0 |
Employee Stock Ownership Plan
Employee Stock Ownership Plan | 6 Months Ended |
Jun. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Employee Stock Ownership Plan | (10) Employee Stock Ownership Plan The Bank maintains an Employee Stock Ownership Plan (“ESOP”) to provide eligible employees the opportunity to own Company stock. This plan is a tax-qualified retirement plan for the benefit of Bank employees. Contributions are allocated to eligible participants on the basis of compensation, subject to federal tax limits. The number of shares committed to be released per year through 2029 is 23,810. The Company contributed funds to a subsidiary to enable it to grant a loan to the ESOP for the purchase of 357,152 shares of the Company’s common stock at a price of $10.00 per share. The loan obtained by the ESOP from the Company’s subsidiary to purchase Company common stock is payable annually over 15 years at a rate per annum equal to the Prime Rate (3.50% at June 30, 2016). Loan payments are principally funded by cash contributions from the Bank. June 30, 2016 Shares held by the ESOP include the following: Allocated 23,810 Committed to be allocated 11,905 Unallocated 321,437 Total 357,152 The fair value of unallocated shares was approximately $5.0 million at June 30, 2016. Total compensation expense recognized in connection with the ESOP for the six months ended June 30, 2016 was $162,000. |
Earnings Per Common Share
Earnings Per Common Share | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | (11) Earnings Per Common Share Basic earnings per share represents income available to common stockholders divided by the weighted-average number of common shares outstanding during the period. Unallocated ESOP shares are not deemed outstanding for earnings per share calculation. There were no potentially dilutive common stock equivalents as of June 30, 2016. Earnings per share is not applicable for the period ended June 30, 2015. Three Months Ended Six Months Ended (Dollars in thousands) June 30, 2016 June 30, 2016 Net Income attributable to common shareholders $ 1,363 $ 2,850 Average number of common shares outstanding 9,498,722 9,498,722 Less: unallocated ESOP shares (325,405 ) (328,382 ) Average number of common shares outstanding 9,173,317 9,170,340 |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of amortized cost of investment securities classified as available-for-sale and their approximate fair values | Amortized Gross Gross Cost Unrealized Unrealized Fair (In thousands) Basis Gains Losses Value June 30, 2016 U.S. Government and federal agency $ 1,998 $ 15 $ - $ 2,013 State and municipal 47,152 2,966 1 50,117 Corporate debt 1,000 56 - 1,056 Asset-backed securities 9,305 226 3 9,528 Government mortgage-backed securities 47,092 985 60 48,017 Trust preferred securities 1,368 33 468 933 Marketable equity securities 8,800 3,287 228 11,859 116,715 7,568 760 123,523 Money market mutual funds included in cash and cash equivalents (438 ) - - (438 ) Total available-for-sale securities $ 116,277 $ 7,568 $ 760 $ 123,085 December 31, 2015 U.S. Government and federal agency $ 1,996 $ 37 $ - $ 2,033 State and municipal 3,373 309 - 3,682 Corporate debt 1,000 71 - 1,071 Asset-backed securities 9,656 9 41 9,624 Government mortgage-backed securities 52,515 622 325 52,812 Trust preferred securities 1,368 55 307 1,116 Marketable equity securities 8,638 2,653 348 10,943 78,546 3,756 1,021 81,281 Money market mutual funds included in cash and cash equivalents (297 ) - - (297 ) Total available-for-sale securities $ 78,249 $ 3,756 $ 1,021 $ 80,984 |
Schedule of amortized cost of investment securities classified as held-to-maturity and their approximate fair values | Amortized Gross Gross Cost Unrealized Unrealized Fair (In thousands) Basis Gains Losses Value June 30, 2016 State and municipal $ - $ - $ - $ - December 31, 2015 State and municipal $ 44,623 $ 1,905 $ 54 $ 46,474 |
Schedule of maturities of debt securities | Available-for- Fair (In thousands) Value Due within one year $ 2,806 Due after one year through five years 3,323 Due after five years through ten years 7,262 Due after ten years 40,728 Government mortgage-backed securities 48,017 Asset-backed securities 9,528 $ 111,664 |
Schedule of aggregate fair value and unrealized losses of securities that have been in a continuous unrealized-loss position | Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized (In thousands) Value Losses Value Losses Value Losses June 30, 2016 Temporarily impaired securities: State and municipal $ - $ - $ 167 $ 1 $ 167 $ 1 Asset-backed securities - - 598 3 598 3 Government mortgage-backed securities - - 3,424 60 3,424 60 Trust preferred securities - - 856 468 856 468 Marketable equity securities 723 88 823 140 1,546 228 Total temporarily impaired securities $ 723 $ 88 $ 5,868 $ 672 $ 6,591 $ 760 December 31, 2015 Temporarily impaired securities: State and municipal $ 3,195 $ 28 $ 729 $ 26 $ 3,924 $ 54 Asset-backed securities 5,062 7 2,005 34 7,067 41 Government mortgage-backed securities 21,108 88 9,156 237 30,264 325 Trust preferred securities - - 1,017 307 1,017 307 Marketable equity securities 1,591 166 529 182 2,120 348 Total temporarily impaired securities $ 30,956 $ 289 $ 13,436 $ 786 $ 44,392 $ 1,075 |
Loans (Tables)
Loans (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Receivables [Abstract] | |
Schedule of summary of loans | At At June 30, December 31, (In thousands) 2016 2015 Amount Percent Amount Percent Commercial real estate $ 304,056 51.67 % $ 285,356 50.67 % Commercial 128,790 21.89 % 112,073 19.90 % Residential real estate 85,179 14.47 % 92,392 16.40 % Construction and land development 68,613 11.66 % 71,535 12.70 % Consumer 1,820 0.31 % 1,855 0.33 % 588,458 100.00 % 563,211 100.00 % Allowance for loan losses (8,231 ) (7,905 ) Deferred loan fees, net (350 ) (377 ) Net loans $ 579,877 $ 554,929 |
Schedule of allowance for loan losses by portfolio segment | For the three months ended June 30, (In thousands) Commercial Commercial Residential Construction Consumer Unallocated Total Allowance for loan losses: Balance at March 31, 2016 $ 4,030 $ 2,084 $ 384 $ 1,184 $ 111 $ 227 $ 8,020 Charge-offs - - - - (8 ) - (8 ) Recoveries - - - - 9 - 9 Provision (benefit) (29 ) 213 (20 ) 102 (10 ) (46 ) 210 Balance at June 30, 2016 $ 4,001 $ 2,297 $ 364 $ 1,286 $ 102 $ 181 $ 8,231 Balance at March 31, 2015 $ 3,814 $ 2,002 $ 559 $ 582 $ 172 $ 266 $ 7,395 Charge-offs - - - - (27 ) - (27 ) Recoveries - 1 6 - 1 - 8 Provision (benefit) (304 ) 105 (24 ) 339 13 64 193 Balance at June 30, 2015 $ 3,510 $ 2,108 $ 541 $ 921 $ 159 $ 330 $ 7,569 For the six months ended June 30, (In thousands) Commercial Commercial Residential Construction Consumer Unallocated Total Allowance for loan losses: Balance at December 31, 2015 $ 3,827 $ 2,138 $ 412 $ 1,236 $ 119 $ 173 $ 7,905 Charge-offs - - - - (18 ) - (18 ) Recoveries - 1 12 - 10 - 23 Provision (benefit) 174 158 (60 ) 50 (9 ) 8 321 Balance at June 30, 2016 $ 4,001 $ 2,297 $ 364 $ 1,286 $ 102 $ 181 $ 8,231 Balance at December 31, 2014 $ 3,500 $ 1,751 $ 560 $ 872 $ 184 $ 357 $ 7,224 Charge-offs - (103 ) - - (33 ) - (136 ) Recoveries - 1 6 - 3 - 10 Provision (benefit) 10 459 (25 ) 49 5 (27 ) 471 Balance at June 30, 2015 $ 3,510 $ 2,108 $ 541 $ 921 $ 159 $ 330 $ 7,569 |
Schedule of loan balances by segment | (In thousands) Commercial Commercial Residential Construction Consumer Unallocated Total June 30, 2016 Allowance for loan losses: Ending balance: Individually evaluated for impairment $ - $ 443 $ - $ - $ - $ - $ 443 Ending balance: Collectively evaluated for impairment 4,001 1,854 364 1,286 102 181 7,788 Total allowance for loan losses ending balance $ 4,001 $ 2,297 $ 364 $ 1,286 $ 102 $ 181 $ 8,231 Loans: Ending balance: Individually evaluated for impairment $ 3,245 $ 1,651 $ 429 $ - $ - $ - $ 5,325 Ending balance: Collectively evaluated for impairment 300,811 127,139 84,750 68,613 1,820 - 583,133 Total loans ending balance $ 304,056 $ 128,790 $ 85,179 $ 68,613 $ 1,820 $ - $ 588,458 December 31, 2015 Allowance for loan losses: Ending balance: Individually evaluated for impairment $ - $ 488 $ - $ - $ - $ - $ 488 Ending balance: Collectively evaluated for impairment 3,827 1,650 412 1,236 119 173 7,417 Total allowance for loan losses ending balance $ 3,827 $ 2,138 $ 412 $ 1,236 $ 119 $ 173 $ 7,905 Loans: Ending balance: Individually evaluated for impairment $ 3,272 $ 1,755 $ 437 $ - $ - $ - $ 5,464 Ending balance: Collectively evaluated for impairment 282,084 110,318 91,955 71,535 1,855 - 557,747 Total loans ending balance $ 285,356 $ 112,073 $ 92,392 $ 71,535 $ 1,855 $ - $ 563,211 |
Schedule of non accrual loans and past-due loans by portfolio segment | 90 Days 90 Days Total or More 30 - 59 60 - 89 or More Past Total Total Past Due Non-accrual (In thousands) Days Days Past Due Due Current Loans and Accruing Loans June 30, 2016 Commercial real estate $ - $ - $ - $ - $ 304,056 $ 304,056 $ - $ - Commercial 57 - - 57 128,733 128,790 - 886 Residential real estate - 151 - 151 85,028 85,179 - 483 Construction and land development - - - - 68,613 68,613 - - Consumer - - - - 1,820 1,820 - - Total $ 57 $ 151 $ - $ 208 $ 588,250 $ 588,458 $ - $ 1,369 December 31, 2015 Commercial real estate $ - $ - $ - $ - $ 285,356 $ 285,356 $ - $ 106 Commercial - - - - 112,073 112,073 - 1,147 Residential real estate 130 173 365 668 91,724 92,392 1,031 Construction and land development - - - - 71,535 71,535 - - Consumer 1 1 - 2 1,853 1,855 - - Total $ 131 $ 174 $ 365 $ 670 $ 562,541 $ 563,211 $ - $ 2,284 |
Schedule of impaired loans by portfolio segment | Unpaid Average Interest Recorded Principal Related Recorded Income (In thousands) Investment Balance Allowance Investment Recognized June 30, 2016 With no related allowance recorded: Commercial real estate $ 3,245 $ 3,245 $ - $ 3,259 $ 53 Commercial 765 765 - 783 20 Residential real estate 429 429 - 433 10 Construction and land development - - - - - Consumer - - - - - Total impaired with no related allowance 4,439 4,439 - 4,475 83 With an allowance recorded: Commercial real estate - - - - - Commercial 886 886 443 898 - Residential real estate - - - - - Construction and land development - - - - - Consumer - - - - - Total impaired with an allowance recorded 886 886 443 898 - Total Commercial real estate 3,245 3,245 - 3,259 53 Commercial 1,651 1,651 443 1,681 20 Residential real estate 429 429 - 433 10 Construction and land development - - - - - Consumer - - - - - Total impaired loans $ 5,325 $ 5,325 $ 443 $ 5,373 $ 83 December 31, 2015 With no related allowance recorded: Commercial real estate $ 3,272 $ 3,272 $ - $ 3,788 $ 149 Commercial 661 661 - 611 20 Residential real estate 437 437 - 323 17 Construction and land development - - - - - Consumer - - - - - Total impaired with no related allowance 4,370 4,370 - 4,722 186 With an allowance recorded: Commercial real estate - - - - - Commercial 1,094 1,094 488 901 2 Residential real estate - - - - - Construction and land development - - - - - Consumer - - - - - Total impaired with an allowance recorded 1,094 1,094 488 901 2 Total Commercial real estate 3,272 3,272 - 3,788 149 Commercial 1,755 1,755 488 1,512 22 Residential real estate 437 437 - 323 17 Construction and land development - - - - - Consumer - - - - - Total impaired loans $ 5,464 $ 5,464 $ 488 $ 5,623 $ 188 |
Schedule of loans by risk rating and portfolio segment | (In thousands) Commercial Commercial Residential Construction Consumer Total June 30, 2016 Grade: Pass $ 283,286 $ 123,263 $ - $ 68,613 $ - $ 475,162 Special mention 16,926 1,458 - - - 18,384 Substandard 3,844 3,183 958 - - 7,985 Doubtful - 886 - - - 886 Not formally rated - - 84,221 - 1,820 86,041 Total $ 304,056 $ 128,790 $ 85,179 $ 68,613 $ 1,820 $ 588,458 December 31, 2015 Grade: Pass $ 265,325 $ 106,677 $ - $ 71,535 $ - $ 443,537 Special mention 15,700 1,403 - - - 17,103 Substandard 4,331 3,083 1,329 - - 8,743 Doubtful - 910 - - - 910 Not formally rated - - 91,063 - 1,855 92,918 Total $ 285,356 $ 112,073 $ 92,392 $ 71,535 $ 1,855 $ 563,211 |
Federal Home Loan Bank Advanc21
Federal Home Loan Bank Advances (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Advances from Federal Home Loan Banks [Abstract] | |
Schedule of maturities of advances from the FHLB | (In thousands) 2016 $ 19,112 2017 5,000 2018 5,000 2020 6,335 Thereafter 3,500 Total $ 38,947 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule of financial instruments measured at fair value on a recurring basis | Fair Value Measurements at Reporting Date Using Quoted Prices in Significant Significant Active Markets for Other Observable Unobservable Identical Assets Inputs Inputs (In thousands) Total Level 1 Level 2 Level 3 June 30, 2016 U.S. Government and federal agency $ 2,013 $ - $ 2,013 $ - State and municipal 50,117 - 50,117 - Corporate debt 1,056 - 1,056 - Asset-backed securities 9,528 - 9,528 - Mortgage-backed securities 48,017 - 48,017 - Trust preferred securities 933 - - 933 Marketable equity securities 11,421 11,421 - - Totals $ 123,085 $ 11,421 $ 110,731 $ 933 December 31, 2015 U.S. Government and federal agency $ 2,033 $ - $ 2,033 $ - State and municipal 3,682 - 3,682 - Corporate debt 1,071 - 1,071 - Asset-backed securities 9,624 - 9,624 - Mortgage-backed securities 52,812 - 52,812 - Trust preferred securities 1,116 - - 1,116 Marketable equity securities 10,646 10,646 - - Totals $ 80,984 $ 10,646 $ 69,222 $ 1,116 |
Schedule of summary of activity for Level 3 financial instruments measured at fair value on a recurring basis | (In thousands) Available-for- Balance beginning January 1, 2016 $ 1,116 Total gains or (losses) (realized/unrealized) Included in earnings - Included in other comprehensive income (183 ) Paydowns - Ending balance, June 30, 2016 $ 933 Balance beginning January 1, 2015 $ 1,122 Total gains or (losses) (realized/unrealized) Included in earnings - Included in other comprehensive income 183 Paydowns (115 ) Ending balance, June 30, 2015 $ 1,190 |
Schedule of financial instruments measured at fair value on a nonrecurring basis | Fair Value Measurements at Reporting Date Using: Quoted Prices in Significant Significant Active Markets for Other Observable Unobservable Identical Assets Inputs Inputs (In thousands) Total Level 1 Level 2 Level 3 June 30, 2016 Impaired loans $ 443 $ - $ - $ 443 December 31, 2015 Impaired loans $ 606 $ - $ - $ 606 |
Schedule of summary of the valuation methodology and unobservable inputs for Level 3 assets measured at fair value on a nonrecurring basis | (In thousands) Fair Value Valuation Technique Unobservable Input Range June 30, 2016 Impaired loans $ 443 Real estate appraisals Discount for dated appraisals 6-10% December 31, 2015 Impaired loans $ 606 Real estate appraisals Discount for dated appraisals 6-10% |
Fair Value of Financial Instr23
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Of Financial Instrument [Abstract] | |
Schedule of carrying amounts and estimated fair values of financial instruments, held or issued for purposes other than trading | Carrying Fair Value (In thousands) Amount Level 1 Level 2 Level 3 Total June 30, 2016 Financial assets: Cash and cash equivalents $ 16,928 $ 16,928 $ - $ - $ 16,928 Available-for-sale securities 123,085 11,421 110,731 933 123,085 Federal Home Loan Bank of Boston stock 2,367 2,367 - - 2,367 Loans, net 579,877 - - 590,504 590,504 Accrued interest receivable 2,183 - 2,183 - 2,183 Financial liabilities: Deposits 607,329 - - 607,594 607,594 Federal Home Loan Bank advances 38,947 - 39,488 - 39,488 December 31, 2015 Financial assets: Cash and cash equivalents $ 20,464 $ 20,464 $ - $ - $ 20,464 Available-for-sale securities 80,984 10,646 69,222 1,116 80,984 Held-to-maturity securities 44,623 - 46,474 - 46,474 Federal Home Loan Bank of Boston stock 3,310 3,310 - - 3,310 Loans, net 554,929 - - 561,937 561,937 Accrued interest receivable 2,251 - 2,251 - 2,251 Financial liabilities: Deposits 577,235 - - 577,316 577,316 Federal Home Loan Bank advances 57,423 - 57,774 - 57,774 |
Regulatory Capital (Table)
Regulatory Capital (Table) | 6 Months Ended |
Jun. 30, 2016 | |
Regulatory Capital [Abstract] | |
Schedule of actual capital amounts and ratios | To Be Well Capitalized Under For Capital Prompt Corrective Actual Adequacy Purposes Action Provisions (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio June 30, 2016 Total Capital (to Risk Weighted Assets) $ 107,656 17.0 % $ 50,537 > 8.0 % $ 63,172 > 10.0 % Tier 1 Capital (to Risk Weighted Assets) 98,380 15.6 37,903 > 6.0 50,537 > 8.0 Common Equity Tier 1 Capital (to Risk Weighted Assets) 98,380 15.6 28,427 > 4.5 41,062 > 6.5 Tier 1 Capital (to Average Assets) 98,380 13.4 29,484 > 4.0 36,855 > 5.0 December 31, 2015 Total Capital (to Risk Weighted Assets) $ 104,032 17.1 % $ 48,780 > 8.0 % $ 60,975 > 10.0 % Tier 1 Capital (to Risk Weighted Assets) 95,370 15.6 36,585 > 6.0 48,780 > 8.0 Common Equity Tier 1 Capital (to Risk Weighted Assets) 95,370 15.6 27,439 > 4.5 39,634 > 6.5 Tier 1 Capital (to Average Assets) 95,370 13.4 28,435 > 4.0 35,544 > 5.0 |
Employee Stock Ownership Plan (
Employee Stock Ownership Plan (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Employee Stock Ownership Plan | June 30, 2016 Shares held by the ESOP include the following: Allocated 23,810 Committed to be allocated 11,905 Unallocated 321,437 Total 357,152 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of earning per share | Three Months Ended Six Months Ended (Dollars in thousands) June 30, 2016 June 30, 2016 Net Income attributable to common shareholders $ 1,363 $ 2,850 Average number of common shares outstanding 9,498,722 9,498,722 Less: unallocated ESOP shares (325,405 ) (328,382 ) Average number of common shares outstanding 9,173,317 9,170,340 |
Corporate Structure (Detail Tex
Corporate Structure (Detail Textuals) - USD ($) $ / shares in Units, $ in Millions | Jul. 15, 2015 | Jun. 30, 2016 | Dec. 31, 2015 |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||
Number of shares issued | 5,034,323 | ||
Common stock, shares outstanding | 9,498,722 | 9,498,722 | 9,498,722 |
Offering expenses | $ 1.5 | ||
Provident Community Charitable Organization, Inc. | |||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||
Number of shares issued | 189,974 | ||
Provident Bank Employee Stock Ownership Plan | |||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||
Number of shares issued | 4,274,425 | ||
Price per share | $ 10 | ||
Number of shares purchased | 357,152 |
Investment Securities (Details)
Investment Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost Basis | $ 116,277 | $ 78,249 |
Gross Unrealized Gains | 7,568 | 3,756 |
Gross Unrealized Losses | 760 | 1,021 |
Fair Value | 123,085 | 80,984 |
U.S. Government and federal agency | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost Basis | 1,998 | 1,996 |
Gross Unrealized Gains | 15 | 37 |
Gross Unrealized Losses | ||
Fair Value | 2,013 | 2,033 |
State and municipal | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost Basis | 47,152 | 3,373 |
Gross Unrealized Gains | 2,966 | 309 |
Gross Unrealized Losses | 1 | |
Fair Value | 50,117 | 3,682 |
Corporate debt | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost Basis | 1,000 | 1,000 |
Gross Unrealized Gains | 56 | 71 |
Gross Unrealized Losses | ||
Fair Value | 1,056 | 1,071 |
Asset-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost Basis | 9,305 | 9,656 |
Gross Unrealized Gains | 226 | 9 |
Gross Unrealized Losses | 3 | 41 |
Fair Value | 9,528 | 9,624 |
Government mortgage-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost Basis | 47,092 | 52,515 |
Gross Unrealized Gains | 985 | 622 |
Gross Unrealized Losses | 60 | 325 |
Fair Value | 48,017 | 52,812 |
Trust preferred securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost Basis | 1,368 | 1,368 |
Gross Unrealized Gains | 33 | 55 |
Gross Unrealized Losses | 468 | 307 |
Fair Value | 933 | 1,116 |
Marketable equity securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost Basis | 8,800 | 8,638 |
Gross Unrealized Gains | 3,287 | 2,653 |
Gross Unrealized Losses | 228 | 348 |
Fair Value | 11,859 | 10,943 |
Available for sale securities excluded Money market mutual funds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost Basis | 116,715 | 78,546 |
Gross Unrealized Gains | 7,568 | 3,756 |
Gross Unrealized Losses | 760 | 1,021 |
Fair Value | 123,523 | 81,281 |
Money market mutual funds included in cash and cash equivalents | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost Basis | (438) | (297) |
Gross Unrealized Gains | ||
Gross Unrealized Losses | ||
Fair Value | $ (438) | $ (297) |
Investment Securities (Details
Investment Securities (Details 1) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair Value | $ 46,474 | |
State and municipal | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost Basis | 44,623 | |
Gross Unrealized Gains | 1,905 | |
Gross Unrealized Losses | 54 | |
Fair Value | $ 46,474 |
Investment Securities (Detail30
Investment Securities (Details 2) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Available-for-Sale Fair Value | ||
Fair Value | $ 123,085 | $ 80,984 |
Available-for-Sale | ||
Available-for-Sale Fair Value | ||
Due within one year | 2,806 | |
Due after one year through five years | 3,323 | |
Due after five years through ten years | 7,262 | |
Due after ten years | 40,728 | |
Government mortgage-backed securities | 48,017 | |
Asset-backed securities | 9,528 | |
Fair Value | $ 111,664 |
Investment Securities (Detail31
Investment Securities (Details 3) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less than 12 Months | $ 723 | $ 30,956 |
Unrealized Loss, Less than 12 Months | 88 | 289 |
Fair Value, 12 Months or Longer | 5,868 | 13,436 |
Unrealized Loss, 12 Months or Longer | 672 | 786 |
Fair Value, Total | 6,591 | 44,392 |
Unrealized Loss, Total | 760 | 1,075 |
State and municipal | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less than 12 Months | 3,195 | |
Unrealized Loss, Less than 12 Months | 28 | |
Fair Value, 12 Months or Longer | 167 | 729 |
Unrealized Loss, 12 Months or Longer | 1 | 26 |
Fair Value, Total | 167 | 3,924 |
Unrealized Loss, Total | 1 | 54 |
Asset-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less than 12 Months | 5,062 | |
Unrealized Loss, Less than 12 Months | 7 | |
Fair Value, 12 Months or Longer | 598 | 2,005 |
Unrealized Loss, 12 Months or Longer | 3 | 34 |
Fair Value, Total | 598 | 7,067 |
Unrealized Loss, Total | 3 | 41 |
Government mortgage-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less than 12 Months | 21,108 | |
Unrealized Loss, Less than 12 Months | 88 | |
Fair Value, 12 Months or Longer | 3,424 | 9,156 |
Unrealized Loss, 12 Months or Longer | 60 | 237 |
Fair Value, Total | 3,424 | 30,264 |
Unrealized Loss, Total | 60 | 325 |
Trust preferred securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less than 12 Months | ||
Unrealized Loss, Less than 12 Months | ||
Fair Value, 12 Months or Longer | 856 | 1,017 |
Unrealized Loss, 12 Months or Longer | 468 | 307 |
Fair Value, Total | 856 | 1,017 |
Unrealized Loss, Total | 468 | 307 |
Marketable equity securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less than 12 Months | 723 | 1,591 |
Unrealized Loss, Less than 12 Months | 88 | 166 |
Fair Value, 12 Months or Longer | 823 | 529 |
Unrealized Loss, 12 Months or Longer | 140 | 182 |
Fair Value, Total | 1,546 | 2,120 |
Unrealized Loss, Total | $ 228 | $ 348 |
Investment Securities (Detail T
Investment Securities (Detail Textuals) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Held-to-maturity securities transferred to available-for-sale | $ 44,240 | |||
Net security gains on portfolio, net of tax | $ 1,345 | $ 1,345 |
Loans (Details)
Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Gross loans, Amount | $ 588,458 | $ 563,211 | ||||
Gross loans, Percent | 100.00% | 100.00% | ||||
Allowance for loan losses | $ (8,231) | $ (8,020) | $ (7,905) | $ (7,569) | $ (7,395) | $ (7,224) |
Deferred loan fees, net | (350) | (377) | ||||
Net loans | 579,877 | 554,929 | ||||
Commercial real estate | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Gross loans, Amount | $ 304,056 | $ 285,356 | ||||
Gross loans, Percent | 51.67% | 50.67% | ||||
Allowance for loan losses | $ (4,001) | (4,030) | $ (3,827) | (3,510) | (3,814) | (3,500) |
Commercial | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Gross loans, Amount | $ 128,790 | $ 112,073 | ||||
Gross loans, Percent | 21.89% | 19.90% | ||||
Allowance for loan losses | $ (2,297) | (2,084) | $ (2,138) | (2,108) | (2,002) | (1,751) |
Residential real estate | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Gross loans, Amount | $ 85,179 | $ 92,392 | ||||
Gross loans, Percent | 14.47% | 16.40% | ||||
Allowance for loan losses | $ (364) | (384) | $ (412) | (541) | (559) | (560) |
Construction and land development | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Gross loans, Amount | $ 68,613 | $ 71,535 | ||||
Gross loans, Percent | 11.66% | 12.70% | ||||
Allowance for loan losses | $ (1,286) | (1,184) | $ (1,236) | (921) | (582) | (872) |
Consumer | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Gross loans, Amount | $ 1,820 | $ 1,855 | ||||
Gross loans, Percent | 0.31% | 0.33% | ||||
Allowance for loan losses | $ (102) | $ (111) | $ (119) | $ (159) | $ (172) | $ (184) |
Loans (Details 1)
Loans (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Dec. 31, 2015 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Beginning balance | $ 8,020 | $ 7,395 | $ 7,905 | $ 7,224 | ||
Charge-offs | (8) | (27) | (18) | (136) | ||
Recoveries | 9 | 8 | 23 | 10 | ||
Provision (benefit) | 210 | 193 | 321 | 471 | ||
Ending balance | 8,231 | 7,569 | 8,231 | 7,569 | ||
Allowance for loan losses: | ||||||
Individually evaluated for impairment | $ 443 | $ 488 | ||||
Collectively evaluated for impairment | 7,788 | 7,417 | ||||
Total allowance for loan losses ending balance | 8,020 | 7,395 | 7,905 | 7,569 | 8,231 | 7,905 |
Loans: | ||||||
Individually evaluated for impairment | 5,325 | 5,464 | ||||
Collectively evaluated for impairment | 583,133 | 557,747 | ||||
Total loans ending balance | 588,458 | 563,211 | ||||
Commercial Real Estate | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Beginning balance | 4,030 | 3,814 | 3,827 | 3,500 | ||
Charge-offs | ||||||
Recoveries | ||||||
Provision (benefit) | (29) | (304) | 174 | 10 | ||
Ending balance | 4,001 | 3,510 | 4,001 | 3,510 | ||
Allowance for loan losses: | ||||||
Individually evaluated for impairment | ||||||
Collectively evaluated for impairment | 4,001 | 3,827 | ||||
Total allowance for loan losses ending balance | 4,001 | 3,814 | 3,827 | 3,510 | 4,001 | 3,827 |
Loans: | ||||||
Individually evaluated for impairment | 3,245 | 3,272 | ||||
Collectively evaluated for impairment | 300,811 | 282,084 | ||||
Total loans ending balance | 304,056 | 285,356 | ||||
Commercial | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Beginning balance | 2,084 | 2,002 | 2,138 | 1,751 | ||
Charge-offs | (103) | |||||
Recoveries | 1 | 1 | 1 | |||
Provision (benefit) | 213 | 105 | 158 | 459 | ||
Ending balance | 2,297 | 2,108 | 2,297 | 2,108 | ||
Allowance for loan losses: | ||||||
Individually evaluated for impairment | 443 | 488 | ||||
Collectively evaluated for impairment | 1,854 | 1,650 | ||||
Total allowance for loan losses ending balance | 2,297 | 2,002 | 2,138 | 2,108 | 2,297 | 2,138 |
Loans: | ||||||
Individually evaluated for impairment | 1,651 | 1,755 | ||||
Collectively evaluated for impairment | 127,139 | 110,318 | ||||
Total loans ending balance | 128,790 | 112,073 | ||||
Residential Real Estate | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Beginning balance | 384 | 559 | 412 | 560 | ||
Charge-offs | ||||||
Recoveries | 6 | 12 | 6 | |||
Provision (benefit) | (20) | (24) | (60) | (25) | ||
Ending balance | 364 | 541 | 364 | 541 | ||
Allowance for loan losses: | ||||||
Individually evaluated for impairment | ||||||
Collectively evaluated for impairment | 364 | 412 | ||||
Total allowance for loan losses ending balance | 364 | 559 | 412 | 541 | 364 | 412 |
Loans: | ||||||
Individually evaluated for impairment | 429 | 437 | ||||
Collectively evaluated for impairment | 84,750 | 91,955 | ||||
Total loans ending balance | 85,179 | 92,392 | ||||
Construction and Land Development | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Beginning balance | 1,184 | 582 | 1,236 | 872 | ||
Charge-offs | ||||||
Recoveries | ||||||
Provision (benefit) | 102 | 339 | 50 | 49 | ||
Ending balance | 1,286 | 921 | 1,286 | 921 | ||
Allowance for loan losses: | ||||||
Individually evaluated for impairment | ||||||
Collectively evaluated for impairment | 1,286 | 1,236 | ||||
Total allowance for loan losses ending balance | 1,286 | 582 | 1,236 | 921 | 1,286 | 1,236 |
Loans: | ||||||
Individually evaluated for impairment | ||||||
Collectively evaluated for impairment | 68,613 | 71,535 | ||||
Total loans ending balance | 68,613 | 71,535 | ||||
Consumer | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Beginning balance | 111 | 172 | 119 | 184 | ||
Charge-offs | (8) | (27) | (18) | (33) | ||
Recoveries | 9 | 1 | 10 | 3 | ||
Provision (benefit) | (10) | 13 | (9) | 5 | ||
Ending balance | 102 | 159 | 102 | 159 | ||
Allowance for loan losses: | ||||||
Individually evaluated for impairment | ||||||
Collectively evaluated for impairment | 102 | 119 | ||||
Total allowance for loan losses ending balance | 102 | 172 | 119 | 159 | 102 | 119 |
Loans: | ||||||
Individually evaluated for impairment | ||||||
Collectively evaluated for impairment | 1,820 | 1,855 | ||||
Total loans ending balance | 1,820 | 1,855 | ||||
Unallocated | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Beginning balance | 227 | 266 | 173 | 357 | ||
Charge-offs | ||||||
Recoveries | ||||||
Provision (benefit) | (46) | 64 | 8 | (27) | ||
Ending balance | 181 | 330 | 181 | 330 | ||
Allowance for loan losses: | ||||||
Individually evaluated for impairment | ||||||
Collectively evaluated for impairment | 181 | 173 | ||||
Total allowance for loan losses ending balance | $ 181 | $ 266 | $ 173 | $ 330 | 181 | 173 |
Loans: | ||||||
Individually evaluated for impairment | ||||||
Collectively evaluated for impairment | ||||||
Total loans ending balance |
Loans (Details 2)
Loans (Details 2) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 208 | $ 670 |
Total Current | 588,250 | 562,541 |
Total Loans | 588,458 | 563,211 |
90 Days or More Past Due and Accruing | ||
Nonaccrual Loans | 1,369 | 2,284 |
30 - 59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 57 | 131 |
60 - 89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 151 | 174 |
90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 365 | |
Commercial real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Total Current | 304,056 | 285,356 |
Total Loans | 304,056 | 285,356 |
90 Days or More Past Due and Accruing | ||
Nonaccrual Loans | 106 | |
Commercial real estate | 30 - 59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Commercial real estate | 60 - 89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Commercial real estate | 90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 57 | |
Total Current | 128,733 | 112,073 |
Total Loans | 128,790 | 112,073 |
90 Days or More Past Due and Accruing | ||
Nonaccrual Loans | 886 | 1,147 |
Commercial | 30 - 59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 57 | |
Commercial | 60 - 89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Commercial | 90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Residential real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 151 | 668 |
Total Current | 85,028 | 91,724 |
Total Loans | 85,179 | 92,392 |
90 Days or More Past Due and Accruing | ||
Nonaccrual Loans | 483 | 1,031 |
Residential real estate | 30 - 59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 130 | |
Residential real estate | 60 - 89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 151 | 173 |
Residential real estate | 90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 365 | |
Construction and land development | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Total Current | 68,613 | 71,535 |
Total Loans | 68,613 | 71,535 |
90 Days or More Past Due and Accruing | ||
Nonaccrual Loans | ||
Construction and land development | 30 - 59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Construction and land development | 60 - 89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Construction and land development | 90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2 | |
Total Current | 1,820 | 1,853 |
Total Loans | 1,820 | 1,855 |
90 Days or More Past Due and Accruing | ||
Nonaccrual Loans | ||
Consumer | 30 - 59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1 | |
Consumer | 60 - 89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1 | |
Consumer | 90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due |
Loans (Details 3)
Loans (Details 3) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Dec. 31, 2015 | |
With no related allowance recorded: | ||
Recorded Investment | $ 4,439 | $ 4,370 |
Unpaid Principal Balance | 4,439 | 4,370 |
Average Recorded Investment | 4,475 | 4,722 |
Interest Income Recognized | 83 | 186 |
With an allowance recorded: | ||
Recorded Investment | 886 | 1,094 |
Unpaid Principal Balance | 886 | 1,094 |
Related Allowance | 443 | 488 |
Average Recorded Investment | 898 | 901 |
Interest Income Recognized | 2 | |
Loans With And Without Specific Valuation Allowance [Abstract] | ||
Recorded Investment | 5,325 | 5,464 |
Unpaid Principal Balance | 5,325 | 5,464 |
Related Allowance | 443 | 488 |
Average Recorded Investment | 5,373 | 5,623 |
Interest Income Recognized | 83 | 188 |
Commercial real estate | ||
With no related allowance recorded: | ||
Recorded Investment | 3,245 | 3,272 |
Unpaid Principal Balance | 3,245 | 3,272 |
Average Recorded Investment | 3,259 | 3,788 |
Interest Income Recognized | 53 | 149 |
With an allowance recorded: | ||
Recorded Investment | ||
Unpaid Principal Balance | ||
Related Allowance | ||
Average Recorded Investment | ||
Interest Income Recognized | ||
Loans With And Without Specific Valuation Allowance [Abstract] | ||
Recorded Investment | 3,245 | 3,272 |
Unpaid Principal Balance | 3,245 | 3,272 |
Related Allowance | ||
Average Recorded Investment | 3,259 | 3,788 |
Interest Income Recognized | 53 | 149 |
Commercial | ||
With no related allowance recorded: | ||
Recorded Investment | 765 | 661 |
Unpaid Principal Balance | 765 | 661 |
Average Recorded Investment | 783 | 611 |
Interest Income Recognized | 20 | 20 |
With an allowance recorded: | ||
Recorded Investment | 886 | 1,094 |
Unpaid Principal Balance | 886 | 1,094 |
Related Allowance | 443 | 488 |
Average Recorded Investment | 898 | 901 |
Interest Income Recognized | 2 | |
Loans With And Without Specific Valuation Allowance [Abstract] | ||
Recorded Investment | 1,651 | 1,755 |
Unpaid Principal Balance | 1,651 | 1,755 |
Related Allowance | 443 | 488 |
Average Recorded Investment | 1,681 | 1,512 |
Interest Income Recognized | 20 | 22 |
Residential real estate | ||
With no related allowance recorded: | ||
Recorded Investment | 429 | 437 |
Unpaid Principal Balance | 429 | 437 |
Average Recorded Investment | 433 | 323 |
Interest Income Recognized | 10 | 17 |
With an allowance recorded: | ||
Recorded Investment | ||
Unpaid Principal Balance | ||
Related Allowance | ||
Average Recorded Investment | ||
Interest Income Recognized | ||
Loans With And Without Specific Valuation Allowance [Abstract] | ||
Recorded Investment | 429 | 437 |
Unpaid Principal Balance | 429 | 437 |
Related Allowance | ||
Average Recorded Investment | 433 | 323 |
Interest Income Recognized | 10 | 17 |
Construction and land development | ||
With no related allowance recorded: | ||
Recorded Investment | ||
Unpaid Principal Balance | ||
Average Recorded Investment | ||
Interest Income Recognized | ||
With an allowance recorded: | ||
Recorded Investment | ||
Unpaid Principal Balance | ||
Related Allowance | ||
Average Recorded Investment | ||
Interest Income Recognized | ||
Loans With And Without Specific Valuation Allowance [Abstract] | ||
Recorded Investment | ||
Unpaid Principal Balance | ||
Related Allowance | ||
Average Recorded Investment | ||
Interest Income Recognized | ||
Consumer | ||
With no related allowance recorded: | ||
Recorded Investment | ||
Unpaid Principal Balance | ||
Average Recorded Investment | ||
Interest Income Recognized | ||
With an allowance recorded: | ||
Recorded Investment | ||
Unpaid Principal Balance | ||
Related Allowance | ||
Average Recorded Investment | ||
Interest Income Recognized | ||
Loans With And Without Specific Valuation Allowance [Abstract] | ||
Recorded Investment | ||
Unpaid Principal Balance | ||
Related Allowance | ||
Average Recorded Investment | ||
Interest Income Recognized |
Loans (Details 4)
Loans (Details 4) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | $ 588,458 | $ 563,211 |
Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 475,162 | 443,537 |
Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 18,384 | 17,103 |
Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 7,985 | 8,743 |
Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 886 | 910 |
Not formally rated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 86,041 | 92,918 |
Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 304,056 | 285,356 |
Commercial real estate | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 283,286 | 265,325 |
Commercial real estate | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 16,926 | 15,700 |
Commercial real estate | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 3,844 | 4,331 |
Commercial real estate | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | ||
Commercial real estate | Not formally rated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | ||
Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 128,790 | 112,073 |
Commercial | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 123,263 | 106,677 |
Commercial | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 1,458 | 1,403 |
Commercial | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 3,183 | 3,083 |
Commercial | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 886 | 910 |
Commercial | Not formally rated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | ||
Residential real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 85,179 | 92,392 |
Residential real estate | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | ||
Residential real estate | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | ||
Residential real estate | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 958 | 1,329 |
Residential real estate | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | ||
Residential real estate | Not formally rated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 84,221 | 91,063 |
Construction and land development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 68,613 | 71,535 |
Construction and land development | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 68,613 | 71,535 |
Construction and land development | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | ||
Construction and land development | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | ||
Construction and land development | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | ||
Construction and land development | Not formally rated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | ||
Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 1,820 | 1,855 |
Consumer | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | ||
Consumer | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | ||
Consumer | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | ||
Consumer | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | ||
Consumer | Not formally rated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | $ 1,820 | $ 1,855 |
Federal Home Loan Bank Advanc38
Federal Home Loan Bank Advances (Details) $ in Thousands | Jun. 30, 2016USD ($) |
Advances from Federal Home Loan Banks [Abstract] | |
2,016 | $ 19,112 |
2,017 | 5,000 |
2,018 | 5,000 |
2,020 | 6,335 |
Thereafter | 3,500 |
Total | $ 38,947 |
Federal Home Loan Bank Advanc39
Federal Home Loan Bank Advances (Detail Textuals) - Federal Home Loan Bank Advances | Aug. 31, 2015USD ($) |
Federal Home Loan Bank, Advances [Line Items] | |
Modified FHLB borrowings | $ 3,500,000 |
Prepayment penalty | $ 233,000 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | $ 123,085 | $ 80,984 |
U.S. Government and federal agency | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 2,013 | 2,033 |
State and municipal | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 50,117 | 3,682 |
Corporate debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 1,056 | 1,071 |
Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 9,528 | 9,624 |
Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 48,017 | 52,812 |
Trust preferred securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 933 | 1,116 |
Quoted Prices in Active Markets for Identical Assets Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 11,421 | 10,646 |
Significant Other Observable Inputs Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 110,731 | 69,222 |
Significant Unobservable Inputs Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 933 | 1,116 |
Recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 123,085 | 80,984 |
Recurring basis | U.S. Government and federal agency | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 2,013 | 2,033 |
Recurring basis | State and municipal | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 50,117 | 3,682 |
Recurring basis | Corporate debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 1,056 | 1,071 |
Recurring basis | Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 9,528 | 9,624 |
Recurring basis | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 48,017 | 52,812 |
Recurring basis | Trust preferred securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 933 | 1,116 |
Recurring basis | Marketable equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 11,421 | 10,646 |
Recurring basis | Quoted Prices in Active Markets for Identical Assets Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 11,421 | 10,646 |
Recurring basis | Quoted Prices in Active Markets for Identical Assets Level 1 | U.S. Government and federal agency | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | ||
Recurring basis | Quoted Prices in Active Markets for Identical Assets Level 1 | State and municipal | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | ||
Recurring basis | Quoted Prices in Active Markets for Identical Assets Level 1 | Corporate debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | ||
Recurring basis | Quoted Prices in Active Markets for Identical Assets Level 1 | Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | ||
Recurring basis | Quoted Prices in Active Markets for Identical Assets Level 1 | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | ||
Recurring basis | Quoted Prices in Active Markets for Identical Assets Level 1 | Trust preferred securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | ||
Recurring basis | Quoted Prices in Active Markets for Identical Assets Level 1 | Marketable equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 11,421 | 10,646 |
Recurring basis | Significant Other Observable Inputs Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 110,731 | 69,222 |
Recurring basis | Significant Other Observable Inputs Level 2 | U.S. Government and federal agency | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 2,013 | 2,033 |
Recurring basis | Significant Other Observable Inputs Level 2 | State and municipal | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 50,117 | 3,682 |
Recurring basis | Significant Other Observable Inputs Level 2 | Corporate debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 1,056 | 1,071 |
Recurring basis | Significant Other Observable Inputs Level 2 | Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 9,528 | 9,624 |
Recurring basis | Significant Other Observable Inputs Level 2 | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 48,017 | 52,812 |
Recurring basis | Significant Other Observable Inputs Level 2 | Trust preferred securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | ||
Recurring basis | Significant Other Observable Inputs Level 2 | Marketable equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | ||
Recurring basis | Significant Unobservable Inputs Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 933 | 1,116 |
Recurring basis | Significant Unobservable Inputs Level 3 | U.S. Government and federal agency | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | ||
Recurring basis | Significant Unobservable Inputs Level 3 | State and municipal | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | ||
Recurring basis | Significant Unobservable Inputs Level 3 | Corporate debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | ||
Recurring basis | Significant Unobservable Inputs Level 3 | Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | ||
Recurring basis | Significant Unobservable Inputs Level 3 | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | ||
Recurring basis | Significant Unobservable Inputs Level 3 | Trust preferred securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 933 | 1,116 |
Recurring basis | Significant Unobservable Inputs Level 3 | Marketable equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals |
Fair Value Measurements (Deta41
Fair Value Measurements (Details 1) - Recurring basis - Level 3 - Available-for-Sale Securities - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance beginning | $ 1,116 | $ 1,122 |
Total gains or (losses) (realized/unrealized) | ||
Included in earnings | ||
Included in other comprehensive income | (183) | 183 |
Paydowns | (115) | |
Ending balance | $ 933 | $ 1,190 |
Fair Value Measurements (Deta42
Fair Value Measurements (Details 2) - Nonrecurring basis - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | $ 443 | $ 606 |
Quoted Prices in Active Markets for Identical Assets Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | ||
Significant Other Observable Inputs Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | ||
Significant Unobservable Inputs Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | $ 443 | $ 606 |
Fair Value Measurements (Deta43
Fair Value Measurements (Details 3) - Nonrecurring basis - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Dec. 31, 2015 | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Impaired loans Fair Value | $ 443 | $ 606 |
Level 3 | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Impaired loans Fair Value | $ 443 | $ 606 |
Valuation Technique | Real estate appraisals | Real estate appraisals |
Unobservable Input | Discount for dated appraisals | Discount for dated appraisals |
Minimum | Level 3 | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range (Weighted Average) | 6.00% | 6.00% |
Maximum | Level 3 | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range (Weighted Average) | 10.00% | 10.00% |
Fair Value of Financial Instr44
Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Financial assets: | ||||
Cash and cash equivalents | $ 16,928 | $ 20,464 | $ 53,809 | $ 9,558 |
Available-for-sale securities | 123,085 | 80,984 | ||
Held-to-maturity securities | 44,623 | |||
Federal Home Loan Bank of Boston stock | 2,367 | 3,310 | ||
Loans, net | 579,877 | 554,929 | ||
Accrued interest receivable | 2,183 | 2,251 | ||
Level 1 | ||||
Financial assets: | ||||
Cash and cash equivalents | 16,928 | 20,464 | ||
Available-for-sale securities | 11,421 | 10,646 | ||
Held-to-maturity securities | ||||
Federal Home Loan Bank of Boston stock | 2,367 | 3,310 | ||
Loans, net | ||||
Accrued interest receivable | ||||
Financial liabilities: | ||||
Deposits | ||||
Federal Home Loan Bank advances | ||||
Level 2 | ||||
Financial assets: | ||||
Cash and cash equivalents | ||||
Available-for-sale securities | 110,731 | 69,222 | ||
Held-to-maturity securities | 46,474 | |||
Federal Home Loan Bank of Boston stock | ||||
Loans, net | ||||
Accrued interest receivable | 2,183 | 2,251 | ||
Financial liabilities: | ||||
Deposits | ||||
Federal Home Loan Bank advances | 39,488 | 57,774 | ||
Level 3 | ||||
Financial assets: | ||||
Cash and cash equivalents | ||||
Available-for-sale securities | 933 | 1,116 | ||
Held-to-maturity securities | ||||
Federal Home Loan Bank of Boston stock | ||||
Loans, net | 590,504 | 561,937 | ||
Accrued interest receivable | ||||
Financial liabilities: | ||||
Deposits | 607,594 | 577,316 | ||
Federal Home Loan Bank advances | ||||
Carrying Amount | ||||
Financial assets: | ||||
Cash and cash equivalents | 16,928 | 20,464 | ||
Available-for-sale securities | 123,085 | 80,984 | ||
Held-to-maturity securities | 44,623 | |||
Federal Home Loan Bank of Boston stock | 2,367 | 3,310 | ||
Loans, net | 579,877 | 554,929 | ||
Accrued interest receivable | 2,183 | 2,251 | ||
Financial liabilities: | ||||
Deposits | 607,329 | 577,235 | ||
Federal Home Loan Bank advances | 38,947 | 57,423 | ||
Fair Value | ||||
Financial assets: | ||||
Cash and cash equivalents | 16,928 | 20,464 | ||
Available-for-sale securities | 123,085 | 80,984 | ||
Held-to-maturity securities | 46,474 | |||
Federal Home Loan Bank of Boston stock | 2,367 | 3,310 | ||
Loans, net | 590,504 | 561,937 | ||
Accrued interest receivable | 2,183 | 2,251 | ||
Financial liabilities: | ||||
Deposits | 607,594 | 577,316 | ||
Federal Home Loan Bank advances | $ 39,488 | $ 57,774 |
Regulatory Capital (Details)
Regulatory Capital (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Banking and Thrift [Abstract] | ||
Total Capital to Risk-Weighted Assets, Actual Capital, Amount | $ 107,656 | $ 104,032 |
Total Capital to Risk-Weighted Assets, Actual Capital, Ratio | 17.00% | 17.10% |
Total Capital to Risk-Weighted Assets, For Capital Adequacy Purposes, Amount | $ 50,537 | $ 48,780 |
Total Capital to Risk-Weighted Assets, For Capital Adequacy Purposes, Ratio | 8.00% | 8.00% |
Total Capital to Risk-Weighted Assets, To be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 63,172 | $ 60,975 |
Total Capital to Risk-Weighted Assets, To be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 10.00% | 10.00% |
Tier I Capital to Risk-Weighted Assets, Actual Capital, Amount | $ 98,380 | $ 95,370 |
Tier I Capital to Risk-Weighted Assets, Actual Capital, Ratio | 15.60% | 15.60% |
Tier I Capital to Risk-Weighted Assets, For Capital Adequacy Purposes, Amount | $ 37,903 | $ 36,585 |
Tier I Capital to Risk-Weighted Assets, For Capital Adequacy Purposes, Ratio | 6.00% | 6.00% |
Tier I Capital to Risk-Weighted Assets, To be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 50,537 | $ 48,780 |
Tier I Capital to Risk-Weighted AssetsTo be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 8.00% | 8.00% |
Common Equity Tier 1 Capital to Risk-Weighted Assets, Actual Capital, Amount | $ 98,380 | $ 95,370 |
Common Equity Tier 1 Capital to Risk-Weighted Assets, Actual Capital, Ratio | 15.60% | 15.60% |
Common Equity Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Purposes, Amount | $ 28,427 | $ 27,439 |
Common Equity Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Purposes, Ratio | 4.50% | 4.50% |
Common Equity Tier 1 Capital to Risk-Weighted Assets, To be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 41,062 | $ 39,634 |
Common Equity Tier 1 Capital to Risk-Weighted Assets, To be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 6.50% | 6.50% |
Tier I Capital to Average Assets, Actual Capital, Amount | $ 98,380 | $ 95,370 |
Tier I Capital to Average Assets, Actual Capital, Ratio | 13.40% | 13.40% |
Tier I Capital to Average Assets, For Capital Adequacy Purposes, Amount | $ 29,484 | $ 28,435 |
Tier I Capital to Average Assets, For Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
Tier I Capital to Average Assets, To be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 36,855 | $ 35,544 |
Tier I Capital to Average Assets, To be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 5.00% | 5.00% |
Regulatory Capital (Detail Text
Regulatory Capital (Detail Textuals) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Dec. 31, 2015 | |
Banking and Thrift [Abstract] | ||
Common equity Tier 1 ("CETI") capital ratio | 4.50% | 4.50% |
Minimum Tier 1 capital to risk-weighted assets ratio | 6.00% | 6.00% |
Minimum total capital to risk-weighted assets ratio | 8.00% | 8.00% |
Minimum Tier 1 leverage ratio | 4.00% | 4.00% |
CETI capital ratio | 6.50% | 6.50% |
Tier 1 ratio | 8.00% | 8.00% |
Total risk based capital ratio | 10.00% | 10.00% |
Tier 1 leverage ratio | 5.00% | |
Capital conservation buffer above required capital ratios in beginning January 1, 2016 | 0.625% | |
Capital conservation buffer fully phased | 2.50% | |
90 days past due or on non-accrual status | 150.00% | 100.00% |
Non cancellable credit conversion factor for unused portion of commitments | 20.00% | 0.00% |
Risk weight for mortgage servicing rights and deferred tax assets | 250.00% | 100.00% |
Risk weight for equity exposures | 600.00% | 0.00% |
Employee Stock Ownership Plan47
Employee Stock Ownership Plan (Details) | Jun. 30, 2016shares |
Shares held by the ESOP include the following: | |
Allocated | 23,810 |
Committed to be allocated | 11,905 |
Unallocated | 321,437 |
Total | 357,152 |
Employee Stock Ownership Plan48
Employee Stock Ownership Plan (Detail Textuals)) | 6 Months Ended |
Jun. 30, 2016USD ($)$ / sharesshares | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Number of shares committed to be released per year through 2029 | shares | 23,810 |
ESOP shares | shares | 357,152 |
Share price | $ / shares | $ 10 |
ESOP payable term | 15 years |
ESOP prime rate percentage | 3.50% |
Fair value of unallocated shares | $ | $ 5,000,000 |
Compensation expense | $ | $ 162,000 |
Earnings Per Common Share (Deta
Earnings Per Common Share (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Earnings Per Share [Abstract] | ||||
Net Income attributable to common shareholders | $ 1,363 | $ 1,189 | $ 2,850 | $ 2,157 |
Average number of common shares outstanding | 9,498,722 | 9,498,722 | ||
Less: average unallocated ESOP shares | (325,405) | (328,382) | ||
Average number of common shares outstanding | 9,173,317 | 9,170,340 |